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By Matt Egan, CNN New York (CNN Business) — The FDIC mistakenly revealed to Bloomberg News details on the biggest customers at Silicon Valley Bank, the failed bank whose depositors were rescued through emergency action by regulators. An FDIC document posted online by Bloomberg News on Friday offers new insights into who benefited from that
Continue ReadingBy Elisabeth Buchwald, CNN New York (CNN) — The Securities and Exchange Commission fined JPMorgan Chase $4 million for mistakenly deleting 47 million emails, many of which the regulator was trying to access as part of multiple probes. The contents of some of the emails, which could not be recovered since they were permanently deleted,
Continue ReadingCNN By Brian Fung, CNN (CNN) — After staging a widespread blackout to protest Reddit’s plans for a controversial new pricing policy, some users are now trying a different tactic: flooding the social network with John Oliver pictures. Several of Reddit’s largest self-moderated communities, including r/pics and r/aww, have turned spaces that were once devoted
Continue ReadingBy Brian Fung, CNN (CNN) — After staging a widespread blackout to protest Reddit’s plans for a controversial new pricing policy, some users are now trying a different tactic: flooding the social network with John Oliver pictures. Several of Reddit’s largest self-moderated communities, including r/pics and r/aww, have turned spaces that were once devoted to
Continue ReadingBy Brian Fung, CNN (CNN) — After staging a widespread blackout to protest Reddit’s plans for a controversial new pricing policy, some users are now trying a different tactic: flooding the social network with John Oliver pictures. Several of Reddit’s largest self-moderated communities, including r/pics and r/aww, have turned spaces that were once devoted to
Continue ReadingCNN By Elisabeth Buchwald, CNN New York (CNN) — Central bankers across the globe are delivering a message: Slow and steady won’t win the race against inflation. “If we don’t raise rates now, high inflation can stay with us for longer,” Bank of England Governor Andrew Bailey said after raising interest rates unexpectedly by half
Continue ReadingBy Anna Cooban, CNN London (CNN) — The UK government and the country’s biggest banks met Friday in a bid to defuse a looming mortgage crisis that threatens hardship for millions and represents a huge political headache for Prime Minister Rishi Sunak. The lenders — which account for more than three-quarters of the UK mortgage
Continue ReadingBy Jordan Valinsky, CNN New York (CNN) — Workers at about 150 unionized Starbucks stores in the United States are going on strike Friday over a dispute about the coffee chain’s policy for Pride decorations in stores. Starbucks (SBUX) Workers United, the union representing organized stores, has claimed that Starbucks (SBUX) has restricted decorations celebrating
Continue ReadingBy Danielle Wiener-Bronner, CNN New York (CNN) — Soon, Americans are going to be able to try chicken that comes directly from chicken cells rather than, well, a chicken. On Wednesday, the USDA gave Upside Foods and Good Meat the green light to start producing and selling their lab-grown, or cultivated, chicken products in the
Continue ReadingBy Laura He and Olesya Dmitracova, CNN Hong Kong/London (CNN) — Stock markets in Europe and Asia fell Friday as investors became increasingly worried that more interest rate hikes by central banks would tip major economies into a prolonged recession. Hong Kong’s Hang Seng (HSI) Index led the losses, closing 1.7% down. Japan’s Nikkei 225
Continue ReadingBy Laura He, CNN Hong Kong (CNN) — China has signed letters of intent to cooperate with many European corporate giants, as it attempts to mend relations damaged by Beijing’s perceived support for Moscow throughout the war in Ukraine. The agreements were signed this week between China’s top economic planner and European manufacturing conglomerates, including
Continue ReadingBy Oliver Darcy, CNN (CNN) — Journalists could soon enjoy greater protections under federal law. A bipartisan group of US senators and congressmen united this week to reintroduce the Protect Reporters from Exploitive State Spying Act, or as it is more commonly known, the PRESS Act. The legislation, which passed the House last year but
Continue ReadingBy Samantha Delouya, CNN (CNN) — 3M announced Thursday that it had reached an agreement to settle lawsuits that claimed that toxic “forever chemicals” had contaminated water supplies in the United States. The company — which produces Post-It notes, Scotch Tape, and n95 masks, among other industrial products — said it would pay up to
Continue ReadingBy Brian Fung, CNN (CNN) — TikTok’s chief operating officer Vanessa Pappas is leaving the company, according to an internal memo obtained by CNN, after spending several tumultuous years as its top public advocate and a champion of TikTok creators in the face of accusations the platform poses a national security risk. Pappas, who is
Continue ReadingBy Brian Fung, CNN (CNN) — TikTok’s chief operating officer Vanessa Pappas is leaving the company, according to an internal memo obtained by CNN, after spending several tumultuous years as its top public advocate and a champion of TikTok creators in the face of accusations the platform poses a national security risk. Pappas, who is
Continue ReadingBy Nathaniel Meyersohn, CNN New York (CNN) — Taylor Swift, public transit savior? Public transit systems across the United States are getting a much-needed, if temporary, boost from Taylor Swift fans flooding trains, buses and subways to her sold-out Eras Tour. As transit agencies scramble to recover from the pandemic, transit experts say all those
Continue ReadingBy Peter Valdes-Dapena, CNN New York (CNN) — Ford and its South Korean battery manufacturing partner SK On have agreed to a loan of $9.2 billion from the US Department of Energy as part of President Joe Biden’s push to bring more electric vehicle production to the United States. Ford and SK’s joint venture, BlueOval
Continue ReadingBy Anna Bahney, CNN Washington, DC (CNN) — Mortgage rates ticked lower for the third week in a row as investors absorbed strong signals from the housing industry and last week’s pause on rate hikes by the Federal Reserve after 10 consecutive hikes. The 30-year fixed-rate mortgage averaged 6.67% in the week ending June 22,
Continue ReadingBy Oliver Darcy, CNN Business (CNN) — Vice Media, the once-high flying digital media company valued at billions of dollars, is set to be acquired out of bankruptcy by three investment companies, including Fortress Investment Group, for $350 million. The acquisition of the one-time media powerhouse by its three creditors — made up of Fortress,
Continue ReadingCNN By Hanna Ziady, CNN London (CNN) — Business rivalry seemingly isn’t enough for two of the tech industry’s most powerful billionaires. Now Elon Musk and Mark Zuckerberg say they want to settle their scores in a cage fight. Twitter owner and Tesla (TSLA) CEO Musk recently tweeted that he would be “up for a
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