CNN — Here’s a look at oil spill disasters. Spill estimates vary by source. 1. January 1991 – During the Gulf War, Iraqi forces intentionally release 252-336 million gallons of oil into the Persian Gulf. 2. April 20, 2010 – An explosion occurs on board the BP-contracted Transocean Ltd. Deepwater Horizon oil rig, releasing approximately … Read more
Washington, DC CNN — Spending at US retailers fell in March as consumers pulled back after the banking crisis fueled recession fears. Retail sales, which are adjusted for seasonality but not for inflation, fell by 1% in March from the prior month, the Commerce Department reported on Friday. That was steeper than an expected 0.4% … Read more
CNN — When customers at Silicon Valley Bank rushed to withdraw billions of dollars last month, venture capitalist Arlan Hamilton stepped in to help some of the founders of color who panicked about losing access to payroll funds. As a Black woman with nearly 10 years of business experience, Hamilton knew the options for those … Read more
Minneapolis CNN — US Treasury Secretary Janet Yellen said she believes the American economy remains strong and its banking system is resilient despite some recent turmoil among regional financial institutions. “I’ve not really seen evidence at this stage suggesting a contraction in credit, although that is a possibility,” Yellen said at a press conference Tuesday … Read more
New York CNN — Three stocks with ties to former President Donald Trump surged Friday after two sources familiar with the case told CNN that Trump faces 30 counts related to business fraud in an indictment from a Manhattan grand jury. It’s not clear why investors sent shares of those companies soaring Friday, although the … Read more
Hong Kong/London CNN — UBS is bringing back its former chief executive, Sergio Ermotti, to manage the hugely complex and risky task of completing the bank’s emergency takeover of rival Credit Suisse (CS). The surprise appointment, announced Wednesday, highlights the scale of the challenge facing the Swiss lender as it executes a first-of-its-kind merger of … Read more
Washington CNN — Mortgage rates have taken would-be buyers on a ride this year — and it’s only March. Generally, home buyers can anticipate mortgage rates to move down through the rest of this year as the banking crisis drags on, which could cool down inflation. But there are bound to be some bumps along … Read more
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — After Silicon Valley Bank and Signature Bank failed, the US government stepped in with … Read more
Editor’s Note: David A. Andelman, a contributor to CNN, twice winner of the Deadline Club Award, is a chevalier of the French Legion of Honor, author of “A Red Line in the Sand: Diplomacy, Strategy, and the History of Wars That Might Still Happen” and blogs at Andelman Unleashed. He formerly was a correspondent for … Read more
New York CNN — Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which its capital crisis set off fears of a meltdown across the banking industry. Its failure marks the largest shutdown of a US bank since 2008, when Washington Mutual fell during the financial crisis. California regulators closed down the … Read more