By Alicia Wallace, CNN Business The US budget deficit was slashed in half during fiscal year 2022, a record $1.4 trillion drop driven by the winding down of massive pandemic-related spending and a jump in revenues for the federal government as jobs and wages surged during the economic recovery. Final figures released Friday by the
Continue Reading By Paul R. La Monica, CNN Business A disastrous earnings report from Snap and less than inspiring results from Dow components American Express and Verizon weren’t enough to keep the Wall Street bulls at bay Friday. Stocks surged on hopes that the Federal Reserve may soon come to the rescue by slowing the pace of
Continue Reading By Anna Cooban, CNN Business The BBC has taken a swipe at outgoing UK Prime Minister Liz Truss — with a little help from Rihanna. After a six-week premiership riddled with crises, Truss resigned on Thursday, making her the shortest-serving prime minister in the United Kingdom’s history. Just hours after Truss announced her departure, the
Continue Reading By Anna Cooban, CNN Business The BBC has taken a swipe at outgoing UK Prime Minister Liz Truss — with a little help from Rihanna. After a six-week premiership riddled with crises, Truss resigned on Thursday, making her the shortest-serving prime minister in the United Kingdom’s history. Just hours after Truss announced her departure, the
Continue Reading By Jeanne Sahadi, CNN Business The IRS on Friday announced a record increase in contribution limits to 401(k) and other tax-deferred retirement plans for 2023. Starting next year, you will be allowed to contribute up to $22,500 into your 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees. That’s $2,000 —
Continue Reading By Clare Duffy, CNN Business Shares of Twitter dropped as much as 8% in pre-market trading Friday as investors braced for some last-minute uncertainty around Elon Musk’s $44 billion deal to buy the company. The stock reaction, which rebounded somewhat later in the morning, followed a Bloomberg report that Biden administration officials are in early
Continue Reading By Rachel Metz, CNN Business Erin Hanson has spent years developing the vibrant color palette and chunky brushstrokes that define the vivid oil paintings for which she is known. But during a recent interview with her, I showed Hanson my attempts to recreate her style with just a few keystrokes. Using Stable Diffusion, a popular
Continue Reading By Jennifer Korn Facebook and TikTok failed to block advertisements with “blatant” misinformation about when and how to vote in the US midterms, as well as about the integrity of the voting process, according to a new report from human rights watchdog Global Witness and the Cybersecurity for Democracy Team (C4D) at New York University.
Continue Reading By Jennifer Korn Facebook and TikTok failed to block advertisements with “blatant” misinformation about when and how to vote in the US midterms, as well as about the integrity of the voting process, according to a new report from human rights watchdog Global Witness and the Cybersecurity for Democracy Team (C4D) at New York University.
Continue Reading By Nicole Goodkind, CNN Business It’s been a tumultuous year for retail traders — people who buy shares of individual companies or indexes on popular trading platforms like Robinhood or E-Trade. Facing an economic outlook full of bear markets, high inflation and interest rate hikes, they’ve finally decided that they’ve had enough. What’s happening: Back
Continue Reading Swati Gupta, CNN Business Google is facing the heat in India. The country’s antitrust regulator has imposed a penalty of approximately 13.4 billion rupees ($162 million) on Alphabet Inc’s Google for abusing its “dominant position in multiple markets in the Android mobile device ecosystem.” The Competition Commission of India (CCI) has asked Google to modify
Continue Reading By Oliver Darcy, CNN Business The right-wing channel Newsmax has banned Lara Logan from its air after she went on a QAnon-style rant during an appearance on the network this week. In a bizarre interview, Logan told host Eric Bolling that “the open border is Satan’s way of taking control of the world,” and later
Continue Reading Jon Sarlin, CNN Business The big news in crypto this week came via a court filing in Texas. FTX, the crypto giant that is led by arguably the most powerful person in the industry, is under investigation by Texas regulators for selling unregistered securities. “The Enforcement Division is now investigating FTX Trading, FTX US, and
Continue Reading By Vanessa Yurkevich and Chris Isidore, CNN Business US freight railroads rejected a new sick leave proposal from a union of track maintenance workers that is threatening to go on strike in less than 30 days without a new labor deal. The Brotherhood of Maintenance of Way Employes Division announced last week that its rank-and-file
Continue Reading By Nicole Goodkind, CNN Business Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year. Recession became “almost inevitable” once inflation rates grew above 5%, he said. On an annual basis, prices rose by 8.2% in September. But this
Continue Reading By Danielle Wiener-Bronner, CNN Business Inflation is relentlessly high and food prices in particular are soaring. In this environment, customers are turning to McDonald’s — even as the burger chain raises its own prices. In the third quarter, McDonald’s US prices were up about 10% year-over-year on average. Even so, the brand is gaining traction
Continue Reading By Catherine Thorbecke, CNN Business Snap’s bad year continues. Snap on Thursday reported revenue of $1.13 billion for the three months ending in September, a slight 6% increase from the year prior and less than Wall Street had expected, as the company confronts tightening advertiser budgets in an uncertain economy. In a letter to investors,
Continue Reading By Catherine Thorbecke, CNN Business Snap’s bad year continues. Snap on Thursday reported revenue of $1.13 billion for the three months ending in September, a slight 6% increase from the year prior and less than Wall Street had expected, as the company confronts tightening advertiser budgets in an uncertain economy. In a letter to investors,
Continue Reading By Peter Valdes-Dapena, CNN Business BMW recently announced a $1.7 billion investment to help prepare its huge Spartanburg, South Carolina, factory to produce electric cars and SUVs. That sum included $700 million for the construction of a battery manufacturing plant nearby. Spartanburg is BMW’s largest factory anywhere in the world. It employs 11,000 people and
Continue Reading By Michael Ballaban Elon Musk made another one of his predictions. On Wednesday evening’s earnings call, the Tesla CEO claimed that his company, a maker of niche luxury cars, would someday be worth more than Apple and Saudi Aramco. Combined. Together, those companies are worth approximately $5 trillion. Tesla’s market value is $650 billion —
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