By Alicia Wallace, CNN US consumers kept spending last year despite historically high inflation, not only shelling out for necessities but also splurging on restaurants, travel and other experiences impeded by the pandemic. Economists had predicted spending would peter out as the months drew on, as savings diminished, high prices persisted, and the Federal Reserve
Continue Reading By Jordan Valinsky, CNN Business Beer ads try to be funny, but a regulatory group has determined that Molson Coors went too far with a recent ad that compares rivals’ light beer to water. The National Advertising Division, which is part of the Better Business Bureau, sided with Anheuser-Busch, which challenged a 2022 ad for
Continue Reading By Olesya Dmitracova, CNN Regal Cinemas owner Cineworld, which filed for Chapter 11 bankruptcy protection last year, said Friday that it expected shareholders to be wiped out entirely, meaning they should not expect to recover any funds from a restructuring or sale of the business. The world’s second-largest movie theater chain — hit hard by
Continue Reading By Rhea Mogul and Manveena Suri, CNN When dozens of security personnel crowded onto the runway of New Delhi’s Indira Gandhi Airport on Thursday, it was not to capture a terrorist or fleeing criminal mastermind, or even to apprehend an unruly passenger. It was to arrest an opposition politician who had allegedly “disturbed harmony” —
Continue Reading By Dave Alsup, CNN Amazon founder Jeff Bezos hired an investment firm to research a possible bid for the NFL Washington Commanders team, two people familiar with the situation told the Washington Post. The Washington Post, which Bezos owns, reported that the firm he is working with is New York-based Allen & Company, according to
Continue Reading By Peter Valdes-Dapena, CNN Last year was a wreck for Carvana, the online used-car seller known for its tall glass “car vending machines.” In 2022, the company sold fewer cars than it had the year before — the first time that’s happened in nine years — and the company’s losses grew as the used car
Continue Reading By Jeanne Sahadi, CNN Business Despite higher prices, endless talk of a possible recession and falling markets, 401(k) participants managed to keep their savings rates relatively steady in the fourth quarter of last year, helping to stabilize their nest eggs and increase their overall average balances. That’s according to new data from Fidelity Investments, one
Continue Reading By Brian Fung, CNN Google should face court sanctions over “intentional and repeated destruction” of company chat logs that the US government expected to use in its antitrust case targeting Google’s search business, the Justice Department said Thursday. Despite Google’s promises to preserve internal communications relevant to the suit, for years the company maintained a
Continue Reading By Brian Fung, CNN Google should face court sanctions over “intentional and repeated destruction” of company chat logs that the US government expected to use in its antitrust case targeting Google’s search business, the Justice Department said Thursday. Despite Google’s promises to preserve internal communications relevant to the suit, for years the company maintained a
Continue Reading 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
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