By Jeanne Sahadi, CNN Interest rates are higher (again), courtesy of the Federal Reserve, which hiked its benchmark interest rate Wednesday, for the eighth time in a row since last March. So how come you’re not getting a higher rate on your bank savings? If your hard-earned money is just sitting in an account at
Continue Reading By Jeanne Sahadi, CNN Interest rates are higher (again), courtesy of the Federal Reserve, which hiked its benchmark interest rate Wednesday, for the eighth time in a row since last March. So how come you’re not getting a higher rate on your bank savings? If your hard-earned money is just sitting in an account at
Continue Reading By Clare Duffy, CNN For years, Facebook and its CEO Mark Zuckerberg invested heavily in growth, including in areas like virtual reality with unproven potential. But after a brutal year in which the company lost more than $600 billion in market value, Zuckerberg has started speaking Wall Street’s language — and they are rewarding him
Continue Reading By Samantha Murphy Kelly, CNN Business OpenAI, the company behind ChatGPT, announced on Wednesday it is piloting a $20 monthly subscription plan that offers users priority access to the AI chatbot even during peak times. The paid plan, called ChatGPT Plus, comes two months after the tool was released publicly and quickly went viral, thanks
Continue Reading By Brian Fung, CNN A federal judge will not block Meta from buying a virtual reality tech startup, according to multiple reports, in a setback for the US government, which had alleged the deal would threaten competition in a nascent market. Tuesday’s decision, issued by the US District Court for the Northern District of California,
Continue Reading By Mark Thompson, CNN Indian billionaire Gautam Adani on Wednesday abandoned a deal to raise $2.5 billion from investors after a week-long meltdown in the value of his logistics and energy business empire that started when an American short seller accused the conglomerate of fraud. The share sale — the largest offering by a company
Continue Reading By Samantha Murphy Kelly, CNN Business At its annual Unpacked event on Wednesday, Samsung unveiled its latest Galaxy S smartphones — and the company is betting that focusing on improvements to the camera will be enough to get consumers to upgrade. The new lineup, which includes the 6.8-inch Galaxy S23 Ultra, 6.6-inch Galaxy S23+, and
Continue Reading By Alicia Wallace, CNN Despite the looming threat of recession and the cacophony of mass layoff announcements, US businesses still need workers — 11.01 million of them. The number of available jobs unexpectedly rose in December, climbing from a revised 10.44 million openings in November and exceeding economists’ expectations of 10.25 million, according to Bureau
Continue Reading By Jennifer Korn A record $3.8 billion worth of cryptocurrency was stolen from various services last year, with much of those thefts driven by North Korean-linked hackers, according to a report Wednesday from blockchain analytics firm Chainalysis. The increase in crypto heists, from $3.3 billion in 2021, came as the overall market for cryptocurrencies suffered
Continue Reading By Jennifer Korn A record $3.8 billion worth of cryptocurrency was stolen from various services last year, with much of those thefts driven by North Korean-linked hackers, according to a report Wednesday from blockchain analytics firm Chainalysis. The increase in crypto heists, from $3.3 billion in 2021, came as the overall market for cryptocurrencies suffered
Continue Reading By Oliver Darcy, CNN Business The digital media conglomerate BDG, which houses brands such as Elite Daily and Bustle, announced on Wednesday that it will slash its workforce by 8% and shutter the recently relaunched news and gossip website Gawker. In an email to employees, chief executive Bryan Goldberg said the company is “facing a
Continue Reading By Kara Scannell, CNN Sam Bankman-Fried is in trouble, once again, for talking too much. A federal judge on Wednesday temporarily tightened the FTX founder’s bail conditions after learning that Bankman-Fried sent a text message to a former top executive of the crypto trading platform. The judge said that appeared to be a “material threat
Continue Reading By Danielle Wiener-Bronner, CNN Good news: Beyoncé’s Renaissance tour is happening. Bad news: Fans are already gearing up for a difficult time getting tickets, especially following Ticketmaster’s botched ticket rollout for Taylor Swift’s Eras tour. Beyoncé announced the tour — which had been previously rumored — on Wednesday. In an Instagram post, the superstar posted
Continue Reading By Hanna Ziady, CNN Stung by the Biden administration’s huge green subsidy program, the European Union unveiled plans for its own “Green Deal” Wednesday to cut red tape and deliver tax breaks. The Green Deal Industrial Plan will “enhance the competitiveness of Europe’s net-zero industry” by simplifying regulation, speeding up access to finance, enhancing skills
Continue Reading By Brian Fung, CNN The Biden administration on Wednesday took its biggest swipe yet at app stores run by Apple and Google, with a new report accusing the two tech giants of exercising “gatekeeper” power that has led to “suboptimal” levels of competition in digital markets. The report published by the Commerce Department finds that
Continue Reading By Jordan Valinsky, CNN Business The 154-year-old brand behind Tabasco wants you to put its hot sauce on more than your eggs and avocado toast. Tabasco Brand is releasing a bottled dressing, a first for the privately owned company, as it seeks to expand its appeal to those who might be intimidated by too much
Continue Reading By Danielle Wiener-Bronner, CNN Gatorade has long been the leader among sports drinks, those brightly colored beverages designed to replenish the electrolytes lost when you sweat. Now, its rival Powerade is hoping that a revamped recipe and new look will help finally unseat Gatorade from the top spot. That won’t be easy. The new Powerade,
Continue Reading By Danielle Wiener-Bronner, CNN Gatorade has long been the leader among sports drinks, those brightly colored beverages designed to replenish the electrolytes lost when you sweat. Now, its rival Powerade is hoping that a revamped recipe and new look will help finally unseat Gatorade from the top spot. That won’t be easy. The new Powerade,
Continue Reading By Nicole Goodkind, CNN Business Investors appear to be preparing for another match-up against their favorite sparring partners at the Federal Reserve today. Fed officials are hoping they’ll be able to ease up on the pace of interest hikes without having to signal any immediate plans to stop. Wall Street, meanwhile, is convinced that the
Continue Reading By Jordan Valinsky, CNN It was an all-you-can-eat buffet for a Michigan boy last weekend. Six-year-old Mason Stonehouse was playing on his dad’s phone before bedtime and spent about $1,000 on Grubhub orders. The food started coming to the Chesterfield Township family’s home near Detroit around 9 pm Saturday night. And it kept coming. The
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