By Oliver Darcy, CNN Business Carlos Watson, the founder and chief executive of the embattled Ozy Media, was arrested and charged with fraud this week, according to federal court records. Watson was accused in a federal indictment of having “engaged in a scheme to defraud OZY’s investors, potential investors, potential acquirers, lenders and potential lenders.”
Continue Reading By Hanna Ziady, CNN The BBC says it will not be “put off” from reporting in India after the government prevented a documentary critical of Prime Minister Narendra Modi from airing in the country and raided the broadcaster’s offices. Indian tax authorities spent three days searching BBC offices in Delhi and Mumbai last week. The
Continue Reading By Anna Bahney, CNN Mortgage rates shot up for the third-straight week, as inflation concerns make rates more volatile. The 30-year fixed-rate mortgage averaged 6.5% in the week ending February 23, up from 6.32% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 3.89%. Rates had
Continue Reading By Danielle Wiener-Bronner, CNN Domino’s delivery problems aren’t over. In the last quarter of 2022 sales at locations open at least a year ticked up just 0.9% in the United States, below analyst expectations. Shares plunged about 11% on Thursday following the results. “We experienced significant pressure on our U.S. delivery business in 2022,” CEO
Continue Reading By Jordan Valinsky, CNN President Joe Biden has announced that he’s nominating Ajay Banga, a former MasterCard executive, to serve as president of the World Bank. In a statement, Biden said that Banga is “uniquely equipped to lead the World Bank at this critical moment in history” and that he has a “proven track record
Continue Reading By Kara Scannell, Lauren del Valle and Fredreka Schouten, CNN Federal prosecutors announced four new criminal charges against Sam Bankman-Fried, the founder of crypto trading platform FTX, expanding his potential liability in what authorities allege is a billion-dollar fraud. The new charges, unsealed in a superseding indictment on Thursday, add to the already serious charges
Continue Reading By Parija Kavilanz, CNN Some people love them, some people hate them. Worse, a large number of us who receive them on special occasions are indifferent to them, or even forget about them entirely. Such is the sad fate of gift cards — millions of which go unused each year and have a collective value
Continue Reading By Chris Isidore and Alicia Wallace, CNN The US economy grew at a 2.7% annual rate in the final three months of the year, the Commerce Department reported Thursday. That’s less than the previous estimate of 2.9% growth in the quarter. The slower increase in gross domestic product, a broad measure of economic activity, could
Continue Reading By Brian Fung and Hanna Ziady, CNN The European Commission has banned TikTok from official devices because of concerns about cybersecurity, a move sharply criticized by the company in its latest run-in with Western governments over how it handles user data. Commission staff have until March 15 to delete the short-form video app, owned by
Continue Reading By Nicole Goodkind, CNN There’s a new tussle brewing in the animal kingdom of Wall Street: Hawks vs. Bulls. Policymakers at the Federal Reserve have repeatedly signaled that interest rates will be higher for longer and that restrictive policy will inevitably cool the economy. Yet hope springs eternal for investors who have opted to ignore
Continue Reading By Jessie Yeung and Wayne Chang, CNN Several popular Chinese apps have removed access to ChatGPT, the artificial intelligence chatbot that has taken the world by storm even as major Chinese tech companies race to develop their own equivalent. ChatGPT, developed by the American research lab OpenAI, is not officially available in China, but several
Continue Reading By Laura He, CNN In the year since the Russian invasion of Ukraine, Moscow has been hit by unprecedented Western sanctions and shut out of much of the global economy. But China, which has declared “no limits” to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of
Continue Reading By Laura He, CNN In the year since the Russian invasion of Ukraine, Moscow has been hit by unprecedented Western sanctions and shut out of much of the global economy. But China, which has declared “no limits” to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of
Continue Reading By Laura He, CNN In the year since the Russian invasion of Ukraine, Moscow has been hit by unprecedented Western sanctions and shut out of much of the global economy. But China, which has declared “no limits” to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of
Continue Reading By Laura He, CNN In the year since the Russian invasion of Ukraine, Moscow has been hit by unprecedented Western sanctions and shut out of much of the global economy. But China, which has declared “no limits” to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of
Continue Reading By Chris Isidore, CNN Norfolk Southern has agreed to give one of its unions the paid sick days it demanded for members in negotiations last year, and is in talks to grant sick days to its other unions as well. The announcement comes hours after the company’s chief financial officer, Mark George, told investors that
Continue Reading By Jeanne Sahadi, CNN If your company lays you off, your employer might offer you severance pay — but only if you agree to adhere to a number of restrictions. Staying quiet is often one of them. But the National Labor Relations Board this week put employers on notice that they can no longer silence
Continue Reading By Sean Lyngaas, CNN A cyberattack earlier this month forced produce giant Dole to temporarily shut down production plants in North America and halt food shipments to grocery stores, according to a company memo about the incident obtained by CNN. The previously unreported hack — which a source familiar with the incident said was ransomware
Continue Reading By Jen Christensen, CNN The US Food and Drug Administration announced Wednesday that it has filed complaints against four makers of e-cigarette products, as the companies did not get authorization from the FDA to sell their products in the US market. This is the first time that the agency has filed what it calls a
Continue Reading By Anna Bahney, CNN The Biden administration announced Wednesday a change that will save an estimated 850,000 home buyers — primarily low- and middle-income and first-time buyers — an average of $800 on home financing costs this year. The move affects mortgage insurance premiums paid by new borrowers who take out loans insured by the
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