by Kara Scannell, CNN Lawyers for Sam Bankman-Fried agreed to pay for a security expert to help the federal judge overseeing his fraud case navigate technology issues as they seek to keep the FTX founder out of jail before his trial. In a brief letter, Bankman-Fried’s attorneys informed Judge Lewis Kaplan that they agreed with
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks wants you to give olive oil coffee a shot. Really. The coffee chain is rolling out a new line of beverages made with extra virgin olive oil. To be clear, the drinks are not simply flavored with olive oil, nor do they have just a hint of it. Each
Continue Reading By Nathaniel Meyersohn, CNN The Church of Jesus Christ of Latter-day Saints and its investment manager will pay a $5 million fine to settle regulatory charges that it hid a huge investment fund. The Securities and Exchange Commission said Tuesday that Ensign Peak Advisers, the investment management firm that handles the LDS church’s finances, failed
Continue Reading By Nicole Goodkind, CNN US stocks plunged on Tuesday after fourth-quarter earnings and forecasts from mega-retailers like Walmart and Home Depot raised concerns about the strength of the US consumer. The Dow and S&P 500 each closed with their worst day since December 15 — the Dow fell about 696 points, or 2.1%, while the
Continue Reading By Anna Bahney, CNN US home sales declined in January for the 12th consecutive month as mortgage rates remained elevated and stubbornly high prices kept homebuyers out of the market. It was the weakest home sales activity since 2010. The continuation of a slowing trend that began in February 2022 is the longest streak of
Continue Reading By Danielle Wiener-Bronner Fifteen years ago, Howard Schultz reprised his role as Starbucks CEO, returning to the helm to help put the struggling company back on course. At the time, the coffee chain was flailing, facing growing competition, cooling customer interest and contending with the financial crisis. Last year he returned once again, as Starbucks
Continue Reading By Danielle Wiener-Bronner, CNN Starbucks has displayed “egregious and widespread misconduct” in its dealings with employees involved in efforts to unionize Buffalo, New York, stores, a National Labor Relations Board judge said in an order Wednesday. As a result, the company must reinstate and make whole a number of workers who were let go from
Continue Reading By Nathaniel Meyersohn, CNN Walmart had a strong holiday shopping season, but the year ahead will be more challenging for America’s largest retailer. Walmart forecast slower sales and profit growth, disappointing investors and sending its stock down during morning trading Tuesday. However, Walmart notched an 8.3% sales increase during its latest quarter at US stores
Continue Reading By Olesya Dmitracova, CNN Shares of embattled Swiss bank Credit Suisse fell to a record low Tuesday after a report that regulators are reviewing comments the lender’s chairman made about the health of its finances. The bank’s stock plunged as much as 9% to trade at 2.52 Swiss francs ($2.73), before recovering slightly. Earlier in
Continue Reading By Nicole Goodkind, CNN Oil and gas companies have seen skyrocketing growth as the energy crisis triggered by Russia’s war in Ukraine has challenged people’s quality of life, financial stability, and overall well-being. The global oil and gas industry’s profits jumped to $4 trillion in 2022, up from an average of $1.5 trillion in recent
Continue Reading By Brian Fung and Tierney Sneed, CNN Supreme Court justices appeared broadly concerned Tuesday about the potential unintended consequences of allowing websites to be sued for their automatic recommendations of user content, highlighting the challenges facing attorneys who want to hold Google accountable for suggesting YouTube videos created by terrorist groups. For nearly three hours
Continue Reading By Chris Isidore, CNN Home Depot said it will increase pay and benefits for front line hourly staff by $1 billion this year, another sign of a tighter labor market and rising wages across the US economy. The home improvement retail chain did not detail how much of a pay raise the average hourly worker
Continue Reading By Michelle Toh, CNN Standard Chartered is going on a hiring spree in Hong Kong this year, in a sign of renewed confidence in its biggest market as the city reopens its border with mainland China. The British bank said it would add 300 to 500 employees to its ranks of roughly 5,500 to 5,800.
Continue Reading By Brian Fung, CNN One day after Supreme Court justices debated whether Google and its subsidiary YouTube should be held liable for how its algorithm organizes ISIS content, the Court is set to take up questions of tech platforms’ legal exposure for user content in a Twitter case. On Wednesday, the Court will hear Twitter
Continue Reading By Oliver Darcy, CNN CNN anchor Don Lemon will return to the network’s air on Wednesday and will participate in formal training following sexist comments he made last week, the network’s chief executive, Chris Licht, said in an email to employees Monday night. “I sat down with Don and had a frank and meaningful conversation,”
Continue Reading By Anna Cooban, CNN Men participating in the world’s biggest trial of a four-day work week spent much more time with their children, organizers say. For six months starting in June last year, about 2,900 workers across 61 companies in the United Kingdom worked 80% of their usual hours — for the same pay —
Continue Reading By Jon Passantino, CNN James O’Keefe, the founder and chairman of Project Veritas — the right-wing activist group known for its selectively edited undercover sting videos targeting journalists and progressive groups — has been ousted from the organization, he told staff in a videotaped speech posted online Monday. “I’ve been stripped of my authority as
Continue Reading By Jeanne Sahadi, CNN When filling out your federal income tax return, there is no requirement to identify your race. Moreover, the US tax code does not contain specific racial group provisions. Yet just because the tax code is considered race blind does not mean it’s race neutral. A recent study by the Tax Policy
Continue Reading By Hanna Ziady, CNN London’s mayor has announced an emergency program to provide free meals for all children attending state primary schools in the capital, adding to a string of fresh evidence that Brits are struggling to afford necessities. “The cost-of-living crisis means families and children across our city are in desperate need of additional
Continue Reading By Chris Isidore, CNN For the moment at least, Elon Musk is working at Tesla for free. Depending on how you look at it. Musk still has the potential to continue pulling in staggering sums of money, thanks to Tesla, but not in the way that his regular workers make their money. That’s because the
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