It was a scene out of futuristic fiction—a decades-old bank collapsing mere hours after a social media post went viral.
In what was supposed to be a non-event, Silicon Valley Bank (SVB) announced they were selling securities to raise capital. Soon, subsequent Tweets questioning the health of SVB went viral. The posts prompted depositors to withdraw $42 billion within 10 hours, a devastating blow that led state regulators to close the bank. SVB wasn’t the only bank to experience a social media-induced run this year, with First Republic Bank following suit and collapsing two months later.
Non-cash payments are on the rise all over the world. How digital technology has changed the way consumers shop in three important markets: America, China and India.
Worries about US banks were revived after Moody's downgraded 10 small and midsize institutions, which came with a warning it could lower credit ratings for some of the nation's biggest lenders. It flagged risks in their commercial real estate portfolios, a reminder that stresses in the sector persist after the banking crisis earlier this year.
In Europe, bank stocks tumbled after the Italian government said it will put a 40% windfall tax on lenders' profits, raising fears that other countries could do the same.
Optimism about stocks also took a hit Tuesday when data showed a slump in Chinese imports and exports in July that was far worse than expected. Demand is weak, dimming the prospects for a rebound in the world's second-biggest economy.
Those discouraging economic signs come as investors wait for the release of the July inflation report on Thursday, looking for a steer on whether the Federal Reserve will put its interest rate hikes on pause again.
Meanwhile, another batch of earnings reports is rolling in and could shed more light on how corporate America is faring. Results from UPS (UPS), Eli Lilly (LLY), Restaurant Brands (QSR), and Fox Corp (FOXA) are among the highlights.
A look into the haunting world of cyber warfare, presenting 10 chilling real-world cyber attacks that shook the foundations of our interconnected society.
Witness the devastation caused by notorious cyber threats like Stuxnet, WannaCry, and NotPetya, as we dissect the sophisticated techniques employed by hackers and state-sponsored actors to breach critical infrastructure, cripple businesses, and compromise sensitive data.
Through in-depth analysis and expert insights, we aim to shed light on the evolving cyber landscape, highlighting the importance of cybersecurity vigilance in safeguarding against these relentless digital assaults. Prepare to be awestruck and educated as we navigate through the dark realms of cyber warfare.
The richest man on the planet, Elon Musk, used Tesla and SpaceX to revolutionise cars and rockets. Now, this restless entrepreneur has his eyes on other global problems. But who is Elon Musk and what drives him?
When Elon Musk walked into Twitter's HQ with a kitchen sink, the tech world knew change was coming. But what exactly does this change entail?
Explore the story behind Musk's Twitter takeover, the introduction of 'X', and what it could mean for the social media giant's future. Are we looking at a super-app revolution or is this just another marketing gimmick?
From the production of cheap battlefield drones to AI-powered missile detection, Ukrainian tech start-ups, IT workers and volunteers have been developing military tech and putting themselves on the front line of the war effort
My name is STANLEY EPSTEIN and I am a member of the Citadel Advantage Group. I am a Illumeo Certified Instructor. Check out all my Online Training Courses. Just CLICK on the INSTRUCTOR badge.
