Treasury Secretary Janet Yellen's admission that the government is picking winners and losers in the bank bailout process, particularly disadvantaging community banks, could lead to the consolidation of banking power in the hands of a few large institutions, according to critics.
Russia's banking system is largely shielded from the negative effects of the U.S. crisis due to the country's limited connections with the international financial system, says Russian press secretary.
U.S. stocks plummeted Wednesday morning after bank concerns reached European markets, while investors are warning that the banking situation could worsen after the closures of Silicon Valley Bank and Signature Bank over the weekend.
OpenAI has released its advanced AI model GPT-4, which is multimodal, making it capable of both text and image generation, sparking competition between Microsoft and Google.
The Biden administration has approved ConocoPhillips' Willow oil project in Alaska's National Petroleum Reserve-Alaska, allowing the company to establish three drill sites initially and generating controversy from environmentalists who argue that it breaks Biden's campaign promise to stop new oil drilling on public lands.
The consumer price index, a key measure of inflation, rose 0.4% in February, up 6% from February 2022, the U.S. Bureau of Labor Statistics reported on Tuesday.
