By Allison Morrow, CNN Business Dozens of federal officials made lucrative stock and mutual fund trades in early 2020 as the government was preparing for the onslaught of Covid-19, according to a Wall Street Journal investigation. In January of that year, while the public was broadly unaware of the scale and severity of the threat
Continue Reading By Hanna Ziady, CNN Business Moody’s Investor Service on Friday changed the United Kingdom government’s ratings outlook to “negative” from “stable.” Moody’s attributed the change in the outlook to “heightened unpredictability in policymaking amid weaker growth prospects and high inflation; and risks to the UK’s debt affordability from likely higher borrowing and risk of a
Continue Reading By Jeanne Sahadi, CNN Business There’s really nothing nice to say about inflation when it comes to your bottom line. It’s hard on your wallet. It’s hard on your savings because it reduces the buying power of the dollars you socked away. And it’s hard on your paycheck, because chances are your last raise did
Continue Reading By Ramishah Maruf, CNN Business Fashion powerhouse Balenciaga has officially severed ties with Kanye West following a series of antisemitic posts and other controversial comments from the rapper, according to a report from Women’s Wear Daily citing a statement from Balenciaga’s parent company. “Balenciaga has no longer any relationship nor any plans for future projects
Continue Reading By Ramishah Maruf, CNN Business Fashion powerhouse Balenciaga has officially severed ties with Kanye West following a series of antisemitic posts and other controversial comments from the rapper, according to a report from Women’s Wear Daily citing a statement from Balenciaga’s parent company. “Balenciaga has no longer any relationship nor any plans for future projects
Continue Reading By Samantha Murphy Kelly, CNN Business Apple’s industrial design chief who most recently oversaw the design of products including the iPhone, Apple Watch and Mac computers is leaving the company. Evans Hankey was one of two people promoted to oversee the design team after the departure of Apple’s longtime product designer, Jony Ive, in June
Continue Reading By Chris Isidore, CNN Business A 10-week strike by about 2,000 therapists and other mental health professionals in Northern California ended with a ratification vote announced Friday. The strike, by Kaiser Permanente workers, was one of a growing number of work stoppages nationwide that have been focused on issues other than wages and benefits. The
Continue Reading By Alicia Wallace, CNN Business The US budget deficit was slashed in half during fiscal year 2022, a record $1.4 trillion drop driven by the winding down of massive pandemic-related spending and a jump in revenues for the federal government as jobs and wages surged during the economic recovery. Final figures released Friday by the
Continue Reading By Paul R. La Monica, CNN Business A disastrous earnings report from Snap and less than inspiring results from Dow components American Express and Verizon weren’t enough to keep the Wall Street bulls at bay Friday. Stocks surged on hopes that the Federal Reserve may soon come to the rescue by slowing the pace of
Continue Reading By Anna Cooban, CNN Business The BBC has taken a swipe at outgoing UK Prime Minister Liz Truss — with a little help from Rihanna. After a six-week premiership riddled with crises, Truss resigned on Thursday, making her the shortest-serving prime minister in the United Kingdom’s history. Just hours after Truss announced her departure, the
Continue Reading By Anna Cooban, CNN Business The BBC has taken a swipe at outgoing UK Prime Minister Liz Truss — with a little help from Rihanna. After a six-week premiership riddled with crises, Truss resigned on Thursday, making her the shortest-serving prime minister in the United Kingdom’s history. Just hours after Truss announced her departure, the
Continue Reading By Jeanne Sahadi, CNN Business The IRS on Friday announced a record increase in contribution limits to 401(k) and other tax-deferred retirement plans for 2023. Starting next year, you will be allowed to contribute up to $22,500 into your 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees. That’s $2,000 —
Continue Reading By Clare Duffy, CNN Business Shares of Twitter dropped as much as 8% in pre-market trading Friday as investors braced for some last-minute uncertainty around Elon Musk’s $44 billion deal to buy the company. The stock reaction, which rebounded somewhat later in the morning, followed a Bloomberg report that Biden administration officials are in early
Continue Reading By Rachel Metz, CNN Business Erin Hanson has spent years developing the vibrant color palette and chunky brushstrokes that define the vivid oil paintings for which she is known. But during a recent interview with her, I showed Hanson my attempts to recreate her style with just a few keystrokes. Using Stable Diffusion, a popular
Continue Reading By Jennifer Korn Facebook and TikTok failed to block advertisements with “blatant” misinformation about when and how to vote in the US midterms, as well as about the integrity of the voting process, according to a new report from human rights watchdog Global Witness and the Cybersecurity for Democracy Team (C4D) at New York University.
Continue Reading By Jennifer Korn Facebook and TikTok failed to block advertisements with “blatant” misinformation about when and how to vote in the US midterms, as well as about the integrity of the voting process, according to a new report from human rights watchdog Global Witness and the Cybersecurity for Democracy Team (C4D) at New York University.
Continue Reading By Nicole Goodkind, CNN Business It’s been a tumultuous year for retail traders — people who buy shares of individual companies or indexes on popular trading platforms like Robinhood or E-Trade. Facing an economic outlook full of bear markets, high inflation and interest rate hikes, they’ve finally decided that they’ve had enough. What’s happening: Back
Continue Reading Swati Gupta, CNN Business Google is facing the heat in India. The country’s antitrust regulator has imposed a penalty of approximately 13.4 billion rupees ($162 million) on Alphabet Inc’s Google for abusing its “dominant position in multiple markets in the Android mobile device ecosystem.” The Competition Commission of India (CCI) has asked Google to modify
Continue Reading By Oliver Darcy, CNN Business The right-wing channel Newsmax has banned Lara Logan from its air after she went on a QAnon-style rant during an appearance on the network this week. In a bizarre interview, Logan told host Eric Bolling that “the open border is Satan’s way of taking control of the world,” and later
Continue Reading Jon Sarlin, CNN Business The big news in crypto this week came via a court filing in Texas. FTX, the crypto giant that is led by arguably the most powerful person in the industry, is under investigation by Texas regulators for selling unregistered securities. “The Enforcement Division is now investigating FTX Trading, FTX US, and
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