Business News
TikTok CEO Shou Zi Chew testimony updates: Company hopes to stave off possible ban
(WASHINGTON) -- A high-stakes standoff between the U.S. government and social media app TikTok over a potential ban is set for a reckoning on Thursday when TikTok CEO Shou Zi Chew testifies before a committee of House lawmakers. The China-based app, which counts more than 150 million U.S. users each…
Foot Locker announces plan to close 400 stores by 2026
(NEW YORK) -- Foot Locker plans to close 400 stores in North America by 2026 as it rebrands part of its business, the company announced Monday. The company plans to close many underperforming stores in shopping malls while focusing on strengthening its standalone stores with new concepts, Foot Locker said during…
US banking system ‘sound and resilient,’ Fed Chair Jerome Powell says
(WASHINGTON) -- Federal Reserve Chair Jerome Powell on Wednesday called the U.S. banking system "strong and resilient," voicing confidence in the nation's financial system and the safety of bank deposits less than two weeks after the failure of Silicon Valley Bank, the second-biggest bank collapse in U.S. history. "All depositors' savings…
Fed raises interest rates 0.25%, intensifying inflation fight despite banking fears
(WASHINGTON) -- The Federal Reserve on Wednesday raised its short-term borrowing rate another 0.25%, intensifying the central bank's fight against inflation despite concern that previous rate increases helped trigger the nation's banking crisis. The Fed's benchmark interest rate has contributed to the financial emergency facing U.S. banks. Inflation has fallen significantly…
Former Trump official calls TikTok a ‘digital virus’
(NEW YORK) -- TikTok is facing growing scrutiny from government officials over cybersecurity fears about Americans' data. U.S. officials are reportedly demanding that Chinese owners sell its stake in the app or risk a nationwide ban. Later this week, TikTok CEO Shou Zi Chew is set to face questions from congressional…
Yellen says bank ‘situation is stabilizing,’ smaller banks play important role
(WASHINGTON) -- Treasury Secretary Janet Yellen said Tuesday that "the situation is stabilizing and the U.S. banking system remains sound," after regional bank failures have shaken the U.S. banking system. "The Fed's facility and discount window lending are working as intended to provide liquidity to the banking system," she said…
Experts answer questions on home, car buying amid high interest rates and banking crisis
(NEW YORK) -- As fallout continues from the Silicon Valley Bank collapse -- the second-biggest bank failure in U.S. history -- people across the country are simultaneously feeling the impact of inflation in their pocketbooks. The Federal Reserve will meet Wednesday to decide whether to raise or pause interest rates…
The banking crisis threatens the Fed’s inflation fight. Here’s how.
(NEW YORK) -- The collapse of Silicon Valley Bank, the second-biggest bank failure in U.S. history, has thrust the financial system into distress, pulling attention away from a separate problem: sky-high inflation. The twin economic challenges pose a dilemma for the Federal Reserve because its strongest tool, the benchmark interest…
Fed was aware of Silicon Valley Bank problems more than a year before its collapse
(WASHINGTON) -- The Federal Reserve was aware of risks to Silicon Valley Bank more than a year before its collapse, ABC News confirmed on Monday following a New York Times report. Even more, ABC News has confirmed a Wall Street Journal report that the Fed cited risks to Silicon Valley…
New to electrification? Try a plug-in hybrid first
(NEW YORK) -- Let's be honest: electric vehicles can get a bad rap. Maybe it's range anxiety. Or the scarcity -- and uncertainty -- of public charging stations. Both are valid reasons why some Americans are dubious of electric vehicles. More industry watchers are now arguing a plug-in hybrid (PHEV)…