In life, as they say, nothing is guaranteed. In this nation's financial system, however, it's increasingly looking like the opposite — with one big exception.
The big picture: Guarantees and assurances have poured in from the U.S. government since Silicon Valley Bank's bad bet gave way to a full-blown crisis of confidence in U.S. regional banks. Within days, uninsured depositors were rescued at SVB and Signature Bank — a firm message that depositors at other institutions didn't need to fret.
Microsoft’s Bing search engine and Edge browser are now equipped with an AI-powered image creator.
Why it matters: The tool uses OpenAI’s DALL-E to generate images from text prompts, and its rollout today reflects how quickly Microsoft has been building on its OpenAI partnership.
More than 158 million passengers are expected to travel for spring break this year — a volume that's expected to surpass 2019 levels, according to a forecast by the trade association Airlines for America.
Why it matters: Spring's travel season will mark the first time many Americans travel without COVID-related mandates and restrictions. The surge in demand comes as the industry continues to struggle with staffing shortages, logistical issues and aviation accidents.
The Supreme Court Tuesday kicked off its first case involving crypto, though the issue at hand has nothing to do with cryptocurrencies.
Why it matters: The eventual ruling in the case brought by Coinbase, a crypto exchange, will have much broader implications — a bellwether case that could mark a new era for consumer protection across the business landscape, experts tell Axios.
Latinas have been making inroads in the venture capital world, but they fear economic uncertainty will undo the gains they’ve made in diversifying who gets to decide who and what types ofenterprises receive funds.
Why it matters: Latinos have for years started businesses at higher rates than other groups in the U.S., with Latinas especially having an entrepreneurial drive. But less than 1% of money doled out by the biggest VC and private equity firms has gone to Latino-led enterprises.
More restaurants, including big chains and small mom-and-pop shops, are using subscription programs to build loyalty and drive sales.
Driving the news: Consumers are increasingly willing to buy multiple subscription services and often underestimate how much they are spending (and sometimes forget they signed up in the first place) which could help boost restaurants' bottom line.
The number of new, original scripted series may start to shrink this year or next after hitting a record high in 2022, analysts warn. The amount spent on new content will also slow or contract for most of the traditional entertainment companies.
Why it matters: Under pressure to produce profits, media companies are beginning to pivot their strategies from producing a glut of original content for their own platforms to more cautious spending and licensing out more content to competitors.
Monumental Sports & Entertainment, the owner of the Washington Wizards, Mystics and Capitals and Capital One Arena, is planning a major rebrand and investment in NBC Sports Washington, the regional sports network it fully acquired from Comcast last September, a top executive told Axios.
Why it matters: Owning the network insulates Monumental from the distribution crisis hitting dozens of sports teams around the country. It also gives Monumental the resources needed to create its own local sports streaming app, which it plans to launch next year.
Democrats and Republicans both are furiouswith Silicon Valley Bank, and the SVB executives whose lax risk management sent the entire banking sector into turmoil.
The big picture: Bipartisan agreement is refreshing. But don't expect it to accomplish much, beyond some cable-ready sound bites and finger-pointing during congressional hearings.
Digital World Acquisition Corp., the blank check company seeking to acquire Truth Social parent company TMTG, saw its shares soar 11% on Monday.
Behind the scenes: The apparent driver was former President Trump's claim of his impending arrest, which investors seem to believe could make Trump's sagging social media platform more popular.
Car thefts are on the rise across multiple cities nationwide, according to new data, and a recent social media trend may be to blame.
Driving the news: Major cities across the U.S., including Milwaukee, Cleveland and Chicago, saw a significant rise in car thefts from 2019 to 2022, according to new data from USAFacts. Many are pointing to a recent TikTok trend showing how to steal Kia and Hyundai vehicles.
The U.S. government is ready to protect deposits in mid-size and smaller banks if necessary to prevent financial contagion, Treasury Secretary Janet Yellen will say in a speech today.
Why it matters: Yellen is seeking to assure banks, and their depositors, that the backstop the government provided to depositors at Silicon Valley Bank and Signature Bank are not limited to those institutions, and that they don't need to withdraw money from other seemingly precarious banks.
Details: First Citizens, a Raleigh, North Carolina-based lender, submitted an offer on Sunday to buy all of SVB, the person said. What price First Citizens is willing to pay, or the structure of the offer, was not immediately clear. Bloomberg was the first to report news of the First Citizens bid.
First Citizens is a 125-year-old bank that operates in over 20 different states.
It is the 30th largest commercial bank in the U.S., with $109 billion in assets, according to the FDIC.
Of note: The FDIC has been trying to find a buyer for SVB, now known as Silicon Valley Bridge Bank, since the regulator took it into receivership on March 10. It's also trying to sell SVB Private Bank, which is part of the commercial bank that collapsed.
On Monday, the FDIC said it had substantial interest from multiple parties seeking to buy SVB, adding that it is still accepting bids from qualified financial institutions for the whole company.
The FDIC added that to expand the pool of bidders, it is breaking up the bidding process for the commercial bank and the private bank.
The FDIC is seeking bids for Silicon Valley Private Bank by 8pm ET on Wednesday. Bids for Silicon Valley Bridge Bank are due by 8pm ET on Friday.
The regulator added that the bridge bank continues to operate as a chartered bank under its receivership.
Zoom in: The source familiar with the matter said that First Citizens planned to submit an offer for just the commercial bank and just the private bank in addition to its whole company bid.
What they're saying: "It is First Citizens Bank’s policy not to comment on market rumors or speculation," a company spokesperson said in a statement.
A spokesperson for SVB did not immediately return a request for comment.
Editor's note: This story has been corrected to note that First Citizens operates in more than 20 states, not in 23 states.
If you’re looking for market signals about recession risk in the aftermath of Silicon Valley Bank’s collapse, look no further than the high-yield bond market.
Why it matters: The simmering banking crisis that sprang into the open this month has raised concerns that the flow of credit from regional banks into the economy could slow. Such a slowdown could pinch the economy, or even help tip it into a recession.
The Fed's rate hiking campaign has brought activity in the U.S. real estate market to a crawl. But prices have barely budged.
The big picture: In other countries, the impact of higher rates on home prices is way more pronounced, according to a new report published by The Organisation for Economic Co-operation and Development (OECD).
A pullback in lending among small banks in the U.S. was already underway before the collapse of Silicon Valley Bank and Signature Bank. Now economists expect to see more tightening.
Why it matters: Stricter lending standards among smaller banks is likely to slow economic growth overall. But the commercial real estate sector, already battered by rising interest rates and half-empty office buildings, is particularly at risk.
More than a dozen countries around the world have introduced full, partial or public sector bans on TikTok amid heightened national security concerns.
Why it matters: Most of the bans that have been introduced are limited to public sector or government devices. But a growing number of private companies are unilaterally blocking the app as the U.S. government considers an outright ban if TikTok's Chinese owners don't sell the U.S. version of the app.
Miniature Twinkies, Cocoa Puffs popcorn, Dr Pepper-flavored cotton candy: Food manufacturers know Americans are snacking more, and they're busy pumping out irresistible new junk — er, snack — foods.
Why it matters: An explosion of new products is generating buzz and profits for food makers and surprise and delight for shoppers — but helping make Americans fatter and unhealthier than ever.
Fox News is seeking a temporary restraining order against a senior producer named in Dominion Voting Systems' defamation lawsuit against the network.
Driving the news: Abby Grossberg, who's worked with Fox News hosts Tucker Carlson and Maria Bartiromo, filed lawsuits against the network in New York and Delaware Monday, alleging the firm coached her in "a coercive and intimidating manner" ahead of her September deposition in the Dominion case, per the New York Times.
Foot Locker is taking steps to close 400 low-performing stores by 2026 and 125 of its Champs Sports locations this year, officials announced Monday.
Driving the news: The company unveiled the closures during its Investor Day and officials said they plan to focus on higher-performing locations as part of its “Lace Up” plan.
Bruce Springsteen, Mindy Kaling and Vera Wang are among 23 honorees who will receive medals at the White House, press secretary Karine Jean-Pierre said during Monday’s daily briefing.
Driving the news: President Biden will host the 2021 honorees on Tuesday with first lady Jill Biden in attendance. The awards were delayed for a year because of the pandemic, NPR notes.
