By Samantha Beech, CNN Right-wing conspiracy theorist Alex Jones filed for personal Chapter 11 bankruptcy protection in a Texas court on Friday, according to court documents. In the documents, Jones estimates his assets to be worth between $1 to 10 million, and his liabilities to be between $1 to $10 billion. The Infowars host’s primary
Continue Reading By Nicole Goodkind, CNN Business The global economy is weakening and consumers are feeling financially stressed. Gas and heat prices are up significantly from last year and Federal Reserve Chair Jerome Powell indicated on Wednesday that painfully elevated interest rates will hang around for some time. It’s rough out there, but there is a silver
Continue Reading By Chris Isidore, CNN Business Most labor disputes never end up being debated in Congress. But thanks to a nearly century-old law that regulates labor relations only when it comes to railroads and airlines, what otherwise would be strictly an economic issue became a political one. The Railway Labor Act was passed in 1926 as
Continue Reading By Alicia Wallace, CNN Business The US economy added 263,000 jobs in November, defying aggressive action from the Federal Reserve to cool the economy and bring down decades-high inflation. The unemployment rate held steady at 3.7%, according to the Labor Department, which released the latest monthly jobs snapshot on Friday morning. Economists surveyed by Refinitiv
Continue Reading By Juliana Liu and Diksha Madhok, CNN Business The crypto industry just can’t catch a break this year. Binance, the world’s biggest cryptocurrency exchange, is investigating a hacking incident that affected a number of crypto tokens Friday. According to its founder and CEO Changpeng Zhao, a private key, used to encrypt or decrypt data, had
Continue Reading By Laura He, CNN Business Protests this week across China show just how unpopular Beijing’s zero-Covid policy has become. Now, even as the country signals it may loosen pandemic controls, it faces another challenge: Local governments charged with conducting mass testing and enforcing quarantine are running short of cash and could be forced to cut
Continue Reading By Rob McLean, CNN Business Kanye West’s Twitter account was suspended early Friday morning after Elon Musk said it violated the platform’s rules on inciting violence. “I tried my best. Despite that, he again violated our rule against incitement to violence. Account will be suspended,” Musk tweeted in a reply. CNN could not confirm which
Continue Reading By Rob McLean, CNN Business Kanye West’s Twitter account was suspended early Friday morning after Elon Musk said it violated the platform’s rules on inciting violence. “I tried my best. Despite that, he again violated our rule against incitement to violence. Account will be suspended,” Musk tweeted in a reply. CNN could not confirm which
Continue Reading By Laura He, CNN Business Protests this week across China show just how unpopular Beijing’s zero-Covid policy has become. Now, even as the country signals it may loosen pandemic controls, it faces another challenge: Local governments charged with conducting mass testing and enforcing quarantine are running short of cash and could be forced to cut
Continue Reading By Peter Valdes-Dapena, CNN Business Tesla made the first deliveries of its Semi truck to customers Thursday evening, five years after the heavy-duty hauler was first unveiled. The event included two truck cabs decked out in the livery of Pepsi and Frito-Lay, PepsiCo’s snack foods subsidiary. The Tesla Semi was first shown as a prototype
Continue Reading By Oliver Darcy, CNN Business CNN on Thursday executed sweeping layoffs and implemented a series of changes that impacted multiple divisions across the news organization, including ending live programming on HLN, the company’s chief executive, Chris Licht, said in a memo to employees. “The changes we are making today are necessary and will make us
Continue Reading By Brian Fung, CNN The rapper formerly known as Kanye West will no longer be acquiring Parler, the alternative social media platform favored by conservatives including some far-right extremists, the company announced on Thursday. West has legally changed his name to Ye. The decision to abandon the deal was mutual, Parler tweeted. In a statement,
Continue Reading By Matt Egan, CNN Business Inflation is cooling. Consumers are still spending. And hiring is slowing — but not collapsing. That’s why Moody’s Analytics chief economist Mark Zandi is increasingly confident that the American economy will — narrowly — escape a recession. “It’s going to be a struggle. It’s going to feel uncomfortable. But I
Continue Reading By Alicia Wallace, CNN Business Sheets of dollar bills rolling off the presses at the Fort Worth Bureau of Engraving and Printing will soon bear the signature of US Treasury Secretary Janet Yellen. But as it turns out, there was a lot riding on that little John Hancock, Yellen said Wednesday night as a guest
Continue Reading By Kara Scannell and Matt Egan, CNN Two senior executives associated with collapsed crypto exchange FTX have pleaded guilty to multiple criminal charges and are cooperating with federal prosecutors, according to unsealed court records. Additionally, the pair face civil fraud charges from the Securities and Exchange Commission that were announced Wednesday night. Gary Wang, the
Continue Reading By Anna Bahney, CNN Business Mortgage rates dipped again this week, marking the third straight week of falling rates. The 30-year fixed-rate mortgage averaged 6.49% in the week ending December 1, down from 6.58% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.11%. Mortgage rates have risen throughout
Continue Reading By Allison Morrow, CNN Business Sam Bankman-Fried, the founder of now-bankrupt FTX, has fallen from the peak of crypto celebrity, but he’s not going quietly. In back-to-back interviews, he’s portrayed himself as a clumsy and repentant businessman. “I think I got a little cocky — I mean, more than a little bit,” he told ABC’s
Continue Reading By Danielle Wiener-Bronner, CNN Business McDonald’s is hoping a drive-thru lane with a food conveyor belt, a pickup room for delivery workers and a shelf where people can grab their orders will make life easier for customers on the go. The features are being tested in a restaurant near Fort Worth, Texas, the burger chain
Continue Reading By Chris Isidore, CNN Business A key measure of consumer prices slowed somewhat in October, another hopeful sign that inflation pressures could be moderating. The Personal Consumption Expenditures price index, or PCE, rose 6% in October compared to a year earlier, the Commerce Department reported Thursday. That’s down from the upwardly revised 6.3% annual increase
Continue Reading By Danielle Wiener-Bronner, CNN Business ‘Tis the season to mix milk into your soda. According to Pepsi, anyway. Pepsi launched a campaign Thursday encouraging customers to try the combination and use the hashtag #PilkandCookies (as in Pepsi plus milk) to showcase their Santa-friendly concoctions. Those who participate in the online challenge running through Christmas Day
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