(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…
(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…
(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…
(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…
(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…
(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…
(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…
(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 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)…
(NEW YORK) -- Awkward dads and their eager children may not dance together on TikTok for much longer -- at least not in the U.S. The prospect of a nationwide TikTok ban has escalated from a theoretical possibility to a serious policy consideration, drawing growing support in Washington, D.C. However, scant…
