Category: Business & Markets

ChatGPT Users’ Private Data Exposed Due to Open-Source Bug

ChatGPT, the artificial intelligence (AI) chatbot developed by OpenAI, was taken offline for emergency maintenance on March 20 due to a bug in an open-source library that triggered a data breach. At the time, many ChatGPT users reported that they could see titles from other active user’s chat history. Some also reported seeing in their own…


Intel Co-founder, Philanthropist Gordon Moore Dies at 94

SAN FRANCISCO—Gordon Moore, the Intel Corp. co-founder who set the breakneck pace of progress in the digital age with a simple 1965 prediction of how quickly engineers would boost the capacity of computer chips, has died. He was 94. Moore died Friday at his home in Hawaii, according to Intel and the Gordon and Betty…


House Financial Services Chair Warns Against Quick Regulatory Fixes For Banking Crisis

The House Financial Services Committee Chairman Patrick McHenry (R-N.C.), warned against quick regulatory fixes for the banking crisis. The congressman from North Carolina told the American Bankers Association Washington Summit on March 22, we “cannot legislate confidence” when it comes to the banking sector. He stated that it was too early to see if any new…


Banking Crisis Is How It Starts, Recession Is How It Ends

Commentary As the Fed tightens monetary policy, a banking crisis is historically the first evidence that something is breaking. As noted recently in “Not QE,” Last week, amid a rash of bank insolvencies, government agencies took action to stem a potential banking crisis. The FDIC, the Treasury, and the Fed issued a Bank Term Lending…


Small Banks See Record Drop in Deposits After SVB Collapse

Deposits at America’s small banks fell by a record amount in the week ending March 15 as the collapse of Silicon Valley Bank (SVB) spooked depositors and led many to withdraw their savings. Data from the Federal Reserve shows that deposits at small banks—defined as those smaller than the biggest 25—dropped $119 billion to $5.46 trillion,…


Short on Planes, American Will Suspend Some Flights to Spain

FORT WORTH, Texas—American Airlines said Friday that it will suspend flights between Philadelphia and Madrid for a few weeks this spring because of delays in receiving new Boeing jets that have been plagued by production problems. American said it will offer passengers on the route alternative travel arrangements in May and early June. A spokeswoman…


The Fed’s Dilemma: Fight Inflation or Save Failing Banks

The Federal Reserve has painted itself into a corner with its fight against inflation, and some experts say it now has no coherent plan for how to get out of it. Having kept interest rates near zero for more than a decade and expanded its balance sheet to $9 trillion to stimulate the economy, the…


Meat Recall Due to Possible E. Coli Contamination Affects Over 3,000 Pounds of Beef Chuck

Elkhorn Valley Packing has recalled approximately 3,436 pounds of boneless beef chuck product due to possible contamination with Shiga toxin-producing E. coli, according to the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS). The outfit, based in Harper, Kansas, issued the recall after an FSIS routine inspection of a sample of ground beef that…


Fed’s Bullard Calls for Higher Rates as Balance Sheet Jumps $100 Billion, Depositors Pull Funds From Banks

The Federal Reserve must keep raising interest rates in its inflation fight as the U.S. banking turmoil will subside, says St. Louis Fed Bank President James Bullard. Speaking to the Greater St. Louis Inc. community organization on Friday, Bullard explained that the central bank must lift the benchmark fed funds rate (FFR) higher than previously…


France to Ban TikTok on Work Phones of Civil Servant: Minister

PARIS—France will ban the use of Chinese-owned video-sharing app TikTok on the work phones of civil servants, Civil Service Minister Stanislas Guerini said on his Twitter account. “In order to guarantee the cybersecurity of our administrations and civil servants, the government has decided to ban recreational applications such as TikTok on the professional phones of…