Money

By Jeanne Sahadi Let’s be frank: If you have a US bank account, hearing about bank failures in the past couple of months hasn’t felt great. After all, a bank is supposed to be the safest, most boring place to keep your money, not the reason you reach for Advil. Well, guess what? A bank

By Jeanne Sahadi, CNN First Republic Bank was taken over by the Federal Deposit Insurance Corporation on Monday, with most of its assets sold to JPMorgan Chase. Here’s where things stand for customers. Will I lose any money? No. Chase is assuming all deposits of First Republic customers. “To protect depositors, the FDIC is entering

CNN By Elisabeth Buchwald, CNN The Federal Deposit Insurance Corporation is advocating for an increase in the deposit insurance limit for business payment accounts following the three recent bank failures. Currently, the FDIC insures up to $250,000 per depositor for each account ownership category. But the agency backed deposits exceeding that limit when Silicon Valley

By Chris Isidore, CNN The clock is ticking toward a costly strike that could shut down production on most television shows, pushing back the return of many programs now set for the fall. Last month, members of the Writers Guild of America voted 98% in favor of going on strike if no new deal is

By Chris Lau and Mengchen Zhang, CNN From the Great Wall to Shanghai’s waterfront Bund, China’s most famous destinations are being mobbed during the Labor Day holiday by throngs of domestic tourists who are traveling again in huge numbers after the country ended three years of strict pandemic controls. More than 240 million holidaymakers are

By Chris Isidore and Olesya Dmitracova, CNN JPMorgan Chase is buying most assets of First Republic Bank after the nation’s second-largest bank failure ever, in a deal announced early Monday that protects the deposits of First Republic’s customers. JPMorgan Chase said it had acquired “the substantial majority of assets” and assumed the deposits, insured and

By Michelle Toh, CNN The United States Chamber of Commerce has warned that rising scrutiny of American firms in China “dramatically increases” the uncertainties and risks of doing business in the country. The influential business lobby said Friday it was closely monitoring “heightened official scrutiny” of US firms by the Chinese authorities, following the questioning

By Danielle Wiener-Bronner, CNN For years, Bud Light leaned on jokey ad campaigns and its designation as a light beer to push sales. But recently, interest in beer has faltered, and beer brands have had to rethink their offerings and marketing strategies to reach new audiences. Now, Bud Light finds itself seeking younger drinkers, and

By Laura He, CNN As the jobless rate among China’s youth soars, the country’s richest province has offered a highly controversial solution: Send 300,000 unemployed young people to the countryside for two to three years to find work. Guangdong, the manufacturing powerhouse that abuts Hong Kong, said last month it will help college graduates and

CNN, POOL, WORLD ECONOMIC FORUM, BOSTON DYNAMICS, FOX NEWS SUNDAY By Julia Horowitz, CNN Huge disruptions will rock the global job market over the next five years as the economy weakens and companies boost adoption of technologies such as artificial intelligence. That finding comes from the World Economic Forum, which on Sunday published a report

By Julia Horowitz, CNN Huge disruptions will rock the global job market over the next five years as the economy weakens and companies boost adoption of technologies such as artificial intelligence. That finding comes from the World Economic Forum, which on Sunday published a report based on surveys of more than 800 companies. WEF —

By Krystal Hur, CNN After a jam-packed week of earnings, bank drama and mixed inflation data, Wall Street doesn’t have time for a breather just yet. A slate of economic events and data are on deck for next week. In the spotlight are the Federal Reserve’s May meeting and the April jobs report. What’s expected

By Ramishah Maruf, CNN Lyft’s new CEO David Risher announced another change for the ride-share company: Workers will soon have to return to the office. On Friday, Risher announced “the first steps in a plan for a flexible model with more regular in-office work,” a Lyft spokesperson said. “Personal connection matters and Lyft is about

By Chris Isidore and Matt Egan, CNN Federal regulators are holding an auction for ailing regional bank First Republic, a person familiar with the matter tells CNN. Final bids are due for First Republic Bank at 4 p.m. ET on Sunday, the source said. The Federal Deposit Insurance Corporation, the independent government agency that insures