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The Federal Reserve takes blame in the collapse of Silicon Valley Bank.

Plus, will the latest wage and inflation data keep the Fed on track?

And in China, raids on businesses and a tougher espionage law

give mixed messages to foreign investors.

What this is is an intensification of a long-term trend

seen over the past couple of years,

actually, of China's government cutting off access

by the outside world information that might be damaging to the country's reputation

or undermine the picture Beijing wants to paint of itself.

It's Friday, April 28.

I'm Ann Marie for Tolley for the Wall Street Journal.

This is the PM edition of What's News,

the top headlines and business stories that move the world today.

Financial regulators released their post-mortems of their oversight of Silicon Valley Bank and Signature Bank today.

The Federal Reserve said its banking supervisors failed to take forceful action

to prevent the collapse of Silicon Valley Bank last month.

In its report, the Fed said it wants to revamp the rules for mid-size banks.

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