Business News

(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 details are known about how the policy would be implemented and what it would mean for more than 100 million […]

(NEW YORK) -- A string of bank collapses in recent days sent panic rippling through the financial sector, prompting an extraordinary U.S. government intervention to save depositors and a sharp drop for bank stocks in the U.S. and Europe. Some people and institutions, however, made money amid the turmoil. Silicon Valley Bank CEO Greg Becker sold $3.6 million worth of the company's shares less than two weeks before the bank's […]

(NEW YORK) -- SVB Financial Group and top executives have been named in a federal lawsuit amid the collapse of Silicon Valley Bank, the largest bank failure since the 2008 financial crisis. A shareholder from Wisconsin, who says he lost about $12,000, is named as a plaintiff in a federal lawsuit seeking class action status against SVB who announced a $1.8 billion loss on the sale of securities on March […]

(NEW YORK) -- An Ohio public pension fund for teachers revealed it lost millions by holding more than $27 million in Silicon Valley Bank shares before the bank’s collapse. The State Teachers Retirement System (STRS) of Ohio stated that the shares represented a minuscule portion of its overall holdings --.03% of the total fund -- which held over $88.8 billion in assets as of June 2022. The statement confirmed that […]

(NEW YORK) -- The CEO behind the company that created ChatGPT believes artificial intelligence technology will reshape society as we know it. He believes it comes with real dangers, but can also be "the greatest technology humanity has yet developed" to drastically improve our lives. "We've got to be careful here," said Sam Altman, CEO of OpenAI. "I think people should be happy that we are a little bit scared […]

Daniel Acker/Bloomberg via Getty Images (NEW YORK) -- Ford announced this week that it is recalling more than 1.2 million of its vehicles over a serious issue with its brake fluid hoses. The National Highway Traffic Safety Administration said Ford Fusions and Lincoln MKXs sold between 2013 and 2018 have an issue where the front brake hoses may rupture and leak brake fluid. "A brake fluid leak will increase brake […]

(WASHINGTON) -- A ban on TikTok in the United States or a sale of the app by its Chinese owner, ByteDance, will not resolve national security concerns or fears TikTok could be used to siphon Americans' data, according to a new cybersecurity report obtained by ABC News. The report, from the cybersecurity company Feroot, said the app still has your data even if you've never used TikTok. And it's collecting […]

(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 of the committee that our banking system remains sound, and that Americans can feel confident […]

(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 in their accounts, the Fed stepped in to replenish any of the money depositors would […]