By Jeanne Sahadi, CNN Business There will soon be new retirement rules in place that will make it easier for Americans to accumulate retirement savings — and make it less costly to withdraw them — now that lawmakers have passed an omnibus spending package, which President Joe Biden is expected to sign next week. Collectively
Continue Reading By Matt Egan, CNN One of Wall Street’s top executives is worried about a repeat of 2008. At least, partially. Mike Wilson, Morgan’s Stanley’s chief US equity strategist, says he isn’t concerned about a “systemic” financial crisis like the one that brought the economy to its knees 14 years ago. But Wilson is warning clients
Continue Reading By Jack Guy, CNN Business A group of British lawmakers are calling for action to be taken against columnist Jeremy Clarkson after he wrote a “violent misogynist” opinion piece about Meghan, the Duchess of Sussex in the Sun newspaper, which was later retracted. “We welcome The Sun’s retraction of the article, we now demand action
Continue Reading By Brian Fung, CNN The European Union has struck a deal with Amazon that will resolve multiple antitrust investigations into the company and impose binding restrictions on the e-commerce giant’s business, in another major step by EU officials to rein in Big Tech. The agreement includes several multi-year concessions offered by Amazon, including a commitment
Continue Reading By Brian Fung, CNN Twitter rival Mastodon has grown eight times its size in a matter of weeks, going from approximately 300,000 users in October to 2.5 million in November, according to a blog post by the platform’s founder, Eugen Rochko. The eye-popping growth figure comes as a wave of Twitter users have announced their
Continue Reading By Matt Egan, CNN Federal regulators fined Wells Fargo a record $1.7 billion on Tuesday for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts. The Consumer Financial Protection Bureau said Wells Fargo’s “illegal activity” included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest
Continue Reading By Ella Nilsen and Peter Valdes-Dapena, CNN The Biden administration on Tuesday finalized tougher pollution standards for heavy-duty vehicles like large trucks, delivery vans and buses starting with model year 2027. The Environmental Protection Agency’s new rule is the first update to the standards since 2001. It will cut down on the smog and soot
Continue Reading By Anna Bahney, CNN Business Home building pulled back in November, as buyers faced spiking mortgage rates topping 7% that make homes increasingly unaffordable. Rates fell slightly through the month, but are still double what they were a year ago, continuing to put pressure on new home purchases. November housing starts, a measure of new
Continue Reading By Jordan Valinsky, CNN Business 3M, the conglomerate behind Post-It notes and Scotch tape, will stop making controversial per- and polyfluoroalkyl substances (PFAS) by the end of 2025. The chemicals, commonly known as “forever chemicals,” are found in hundreds of household items and used to make coatings and products that can repel water, grease, heat
Continue Reading By Catherine Thorbecke, CNN If you’ve ever wondered why TikTok suggested a certain video in your feed, you may start to get a little more clarity. TikTok on Tuesday said it is beginning to roll out a new feature to add more context about how the platform’s algorithms recommend videos in your “For You” feed.
Continue Reading By Sean Lyngaas, CNN A network of three hospitals in Brooklyn, New York, has had to work off paper charts for weeks following a cyberattack on its computer systems in late November, the hospital group’s chief executive told CNN Monday. The hack affected “clinical applications,” including “those used for imaging and other critical services,” but
Continue Reading By Nicole Goodkind, CNN It’s been a rollercoaster year for stocks. The S&P 500 is down more than 20% year-to-date and 2022 is likely to end up as the sixth-most volatile year since the Great Depression. But not all traders are on the same ride — the large, institutional investors on Wall Street have shuffled
Continue Reading By Lauren Kent, CNN Business The first images of banknotes featuring Britain’s King Charles III were unveiled on Tuesday by the Bank of England. Charles’ portrait will appear on English notes of £5, £10, £20 and £50. Meanwhile, the rest of the design will remain the same as the current notes that feature the late
Continue Reading By Rob McLean, CNN British Airways flights from the United States were delayed Monday night due to technical difficulties. “Our flights due to depart the USA tonight are currently delayed due to a technical issue with our third-party flight planning supplier, which we are urgently investigating,” the airline said in a statement. It is unclear
Continue Reading By Clare Duffy, CNN Elon Musk may soon be on the lookout for a new chief executive to run Twitter. After mounting criticism of his chaotic leadership at Twitter, including recent decisions to suspend tech journalists and introduce (and then delete) a controversial policy banning linking out to rival platforms, Musk posted a poll asking
Continue Reading By Matt Egan Elon Musk’s management of Twitter, including the banning of multiple journalists, has “severely damaged” market sentiment around Tesla, and risks sparking a backlash from advertisers and consumers, a Wall Street analyst warned on Monday. Oppenheimer & Co. downgraded its rating on Tesla, where Musk is the CEO, solely because of risks posed
Continue Reading By Anna Cooban and Hanna Ziady, CNN Europe has agreed to a cap on natural gas prices, following months of debate over whether the measure will protect European households and businesses from extreme price spikes as temperatures plummet. In a Monday meeting, EU energy ministers agreed to trigger a cap if the price of month-ahead
Continue Reading By Matt Egan, CNN Senator Elizabeth Warren is raising concerns about conflicts of interest and potential legal violations for Tesla following Elon Musk’s takeover of Twitter. In a letter to Tesla Chair Robyn Denholm, the Massachusetts Democrat argued Tesla shareholders may be hurt by its CEO’s ownership of Tesla and questioned whether the electric car
Continue Reading By Matt Egan, CNN Senator Elizabeth Warren is raising concerns about conflicts of interest and potential legal violations for Tesla following Elon Musk’s takeover of Twitter. In a letter to Tesla Chair Robyn Denholm, the Massachusetts Democrat argued Tesla shareholders may be hurt by its CEO’s ownership of Tesla and questioned whether the electric car
Continue Reading By Kara Scannell, Patrick Oppmann and Allison Morrow, CNN FTX founder Sam Bankman-Fried agreed to be extradited to the United States, where federal prosecutors have indicted him on eight counts of fraud and conspiracy. Jerone Roberts, the attorney representing Bankman-Fried in the Bahamas, confirmed Monday afternoon that his client “has agreed to be voluntarily extradited
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