By Sean Lyngaas, CNN US authorities arrested a Russian cryptocurrency executive who allegedly oversaw the exchange of hundreds of millions of dollars with drug traffickers and cybercriminals. Anatoly Legkodymov, 40, was arrested in Miami, the Justice Department said Wednesday. The US Treasury Department has labeled his cryptocurrency exchange, Bitzlato Limited, a “primary money laundering concern,”
Continue Reading By Anna Bahney, CNN A modest drop in mortgage rates over the past month has helped home builder confidence improve in January, after 12 consecutive months of falling, according to a survey released Wednesday. Experts say that could mean new home building is set for a pivot as construction prospects improve. And that’s good news
Continue Reading By Allison Morrow, CNN When Jane Fraser became CEO of Citigroup nearly two years ago, in the middle of the pandemic, she established the kind of flexible hybrid work culture that’s mostly unheard of among elite Wall Street bankers. Although Fraser sees no need to return to the old ways, Citi’s experiment has shown not
Continue Reading By Greg Wallace The union representing Southwest Airlines pilots is taking early steps toward a possible strike, citing the airline’s Christmas travel meltdown among the concerns. “Three years in the negotiating room, very little progress, a Christmas meltdown that has just defined what all of our problems are have led us to this decision,” Casey
Continue Reading By Nadeen Ebrahim, CNN Egypt’s economic situation is so dire that the government is asking people to eat chicken feet. The Arab world’s most populous nation is suffering a record currency crisis and the worst inflation in five years, making food so expensive that many Egyptians can no longer afford chicken, a dietary staple. Poultry
Continue Reading By Brian Fung, CNN The University of Texas at Austin blocked TikTok from its IT network on Wednesday under an earlier order by Gov. Greg Abbott banning the short-form video app from state-managed electronic resources. The move makes it impossible for users of TikTok to access the app, even on personal devices, if they are
Continue Reading By Brian Fung, CNN The University of Texas at Austin blocked TikTok from its IT network on Wednesday under an earlier order by Gov. Greg Abbott banning the short-form video app from state-managed electronic resources. The move makes it impossible for users of TikTok to access the app, even on personal devices, if they are
Continue Reading By Kristen Holmes, CNN Former President Trump’s campaign sent a letter to Facebook’s parent company, Meta, Tuesday petitioning them to unblock his Facebook account, a source familiar with the letter tells CNN. NBC first reported the news. Trump’s Facebook and Twitter accounts were blocked following the January 6, 2021, attack on the US Capitol. Facebook
Continue Reading By Kristen Holmes, CNN Former President Trump’s campaign sent a letter to Facebook’s parent company, Meta, Tuesday petitioning them to unblock his Facebook account, a source familiar with the letter tells CNN. NBC first reported the news. Trump’s Facebook and Twitter accounts were blocked following the January 6, 2021, attack on the US Capitol. Facebook
Continue Reading By Chris Isidore, CNN Wholesale price growth cooled off significantly in December, the Bureau of Labor Statistics reported Wednesday, indicating that the Federal Reserve’s aggressive interest rate hikes may finally be bringing price pressures under control. The Producer Price Index — a key inflation metric that measures prices paid for goods and services by businesses
Continue Reading By Nathaniel Meyersohn, CNN Party City filed for bankruptcy protection Tuesday, weighed down by competition and years of financial losses. The largest party goods and Halloween specialty retail chain in the United States said in a regulatory filing that it reached an agreement with debtholders to cut its $1.7 billion debt load. The company said
Continue Reading By Oliver Darcy, CNN Business The World Economic Forum’s annual meeting at Davos has long been a lightning rod for conspiracy theories. Extremist figures such as Infowars host Alex Jones have reliably used the event to drive up fear and paranoia about sinister schemes the “globalists” are supposedly plotting. In the past, however, these farcical
Continue Reading By Oliver Darcy, CNN Business The World Economic Forum’s annual meeting at Davos has long been a lightning rod for conspiracy theories. Extremist figures such as Infowars host Alex Jones have reliably used the event to drive up fear and paranoia about sinister schemes the “globalists” are supposedly plotting. In the past, however, these farcical
Continue Reading By Nicole Goodkind, CNN The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. Noting the risks could be “material,” the Fed said the banks will have to show how their finances fare under a
Continue Reading By Alicia Wallace, CNN It was a ho-hum end to 2022 for spending in America. US retail sales continued their fall in December, dropping by 1.1% as inflation remained high, the Commerce Department reported Wednesday. That’s the largest monthly decline since December 2021, and practically every category (except for building materials, groceries and sporting goods)
Continue Reading By Nathaniel Meyersohn, CNN Santa Fe, New Mexico, paid a local contractor $47,000 to round up about 3,000 shopping carts around the city in 2021 and 2022. Fayetteville, North Carolina, spent $78,468 collecting carts from May 2020 to October 2022. Shopping carts keep wandering away from their stores, draining taxpayers’ coffers, causing blight and frustrating
Continue Reading By Nathaniel Meyersohn, CNN The masked thief rode into a Walgreens in San Francico on a bicycle, pedaled to an aisle in the health and wellness section, and loaded a black garbage bag with items off the shelf. Then he got back on the bike, and rode out through the automatic doors. Videos of brazen
Continue Reading By Anna Cooban, CNN Global oil demand is expected to hit its highest-ever level this year on the back of China’s swift reopening of its economy. Oil demand could surge by 1.9 million barrels per day to reach a record 101.7 million barrels per day, the International Energy Agency said in its latest monthly report,
Continue Reading By Michelle Toh and Hanna Ziady, CNN IBM and SAP are the latest tech companies to slash thousands of jobs, as they reorganize businesses and profits come under pressure from a slowing global economy. IBM announced the cuts Wednesday, saying they were related to the previously announced spinoff and sale of two business units. Some
Continue Reading By Catherine Thorbecke and Hanna Ziady, CNN Microsoft plans to lay off 10,000 employees as part of broader cost-cutting measures, the company said in a securities filing on Wednesday, making it the latest tech company to reduce staff because of growing economic uncertainty. Speaking before the layoff announcement at the World Economic Forum (WEF) in
Continue Reading