Business

(WASHINGTON) — Treasury Secretary Janet Yellen told Congress on Thursday the U.S. “banking system is sound” after two bank failures stirred economic fears. Yellen, testifying before the Senate Finance Committee, began her remarks by addressing the abrupt collapse of Silicon Valley Bank in California and Signature Bank in New York. “I can reassure the members […]

(NEW YORK) — The word “bailout” is sure to make anyone who remembers the 2008 financial crisis nostalgic in all the worst ways. At the time, the government used taxpayer money to keep some of the country’s largest financial institutions afloat. Two regional banks recently collapsed. As depositors of those banks feared for the money […]

(NEW YORK) — The failure of Silicon Valley Bank, the second-biggest bank collapse in U.S. history, called into doubt the fate of roughly $175 billion in customer deposits. Days later, the U.S. government guaranteed the protection of all Silicon Valley Bank deposits but the turmoil left Americans with a lingering question: Is my money safe in […]

(NEW YORK) — Bank stocks in the U.S. and Europe tumbled on Wednesday as the global financial system continued to reckon with the Silicon Valley Bank collapse, the largest bank failure since 2008. Shares of Credit Suisse fell more than 26% in early trading after a top backer said he would not be able to […]

(NEW YORK) — In the wake of last year’s collapse of cryptocurrency exchange FTX, the collapse this week of Silicon Valley Bank and Signature Bank — representing the second and third largest bank failures in U.S. history — has renewed lingering questions about what role cryptocurrency is playing in financial sector failures. Signature Bank, which […]

Dairy Queen (NEW YORK) — There’s a new sweet treat on the menu at Dairy Queen for a limited time. The ice cream chain, known for its soft serve cones dipped in a quick-hardening shell, has added a new churro-flavored option to the menu. For a limited time, customers can order the cinnamon-sugar-topped Churro Dipped […]

Kraft Heinz (NEW YORK) — Lunchables are ready for their first day of school. In tandem with the National School Lunch Program, the ready-to-eat packaged Lunchables kits, made by Kraft Heinz, have been approved to be served in schools for the first time. “Ahead of the 2023-2024 school year, school administrators are now able to […]

(NEW YORK) — OpenAI released the latest version of ChatGPT, the artificial intelligence language model making significant waves in the tech industry, on Tuesday. GPT-4, the latest model, can understand images as input, meaning it can look at a photo and give the user general information about the image. The language model also has a […]

(NEW YORK) — The closures of two of the nation’s largest banks over the past week have put many consumers on edge. Silicon Valley Bank, the nation’s 16th largest bank, struggled as the sharp rise in interest rates led to a decline in the value of the bank’s Treasuries and mortgage bonds. When the bank’s […]

(NEW YORK) — The collapse of Silicon Valley Bank, the second-biggest bank failure in U.S. history, took place over less than 48 hours. Customers withdrew $42 billion — nearly a quarter of the bank’s total deposits — within a single day last week. The speedy bank run has raised questions about the fragility of financial institutions […]