By Matt Egan, CNN The banking crisis that caused US officials to launch emergency interventions is unlikely to have significant direct costs for the federal government, according to Moody’s Investors Service. The credit ratings firm said late Wednesday that at this stage, the biggest bank failures since 2008 are not expected to meaningfully hurt America’s
Continue Reading By Brian Fung, CNN An AI policy think tank wants the US government to investigate OpenAI and its wildly popular GPT artificial intelligence product, claiming that algorithmic bias, privacy concerns and the technology’s tendency to produce sometimes inaccurate results may violate federal consumer protection law. The Federal Trade Commission should prohibit OpenAI from releasing future
Continue Reading By Kara Scannell, CNN Sam Bankman-Fried, the founder of failed cryptocurrency trading platform FTX, pleaded not guilty to five new federal charges of fraud and conspiracy, including one count of conspiring to bribe Chinese government officials. An attorney for Bankman-Fried entered the plea on his behalf of his client, who was seated beside him in
Continue Reading By Peter Valdes-Dapena, CNN Business Soon, you’ll be able to plug in your Lamborghini. Closing out a half century of purely gasoline-powered V12 cars going back to the brand’s earliest models, Luxury Italian sports car designer Lamborghini has unveiled its first supercar with a charging port. The Lamborghini Revuelto is a plug-in hybrid and, while
Continue Reading By Oliver Darcy, CNN Wall Street Journal Editor-in-Chief Emma Tucker told staff in a memo Thursday that she was “very concerned” for the safety of Russia-based reporter Evan Gershkovich, who was arrested Wednesday by security forces in the city of Yekaterinburg. “I am very sorry to let you know you that one of our reporters
Continue Reading By Hanna Ziady, CNN President Vladimir Putin has conceded that Western sanctions designed to starve the Kremlin of funds for its invasion of Ukraine could deal a blow to Russia’s economy. “The illegitimate restrictions imposed on the Russian economy may indeed have a negative impact on it in the medium term,” Putin said in televised
Continue Reading By Nathaniel Meyersohn, CNN Suddenly, your beverage is taller. Beverage brands rely on packaging shape and design to draw in consumers. Now they’re counting on a new slew of skinny aluminum cans to subtly signal to consumers that their exotic new drinks are healthier than the beer and sodas in the short, round cans of
Continue Reading By Marshall Cohen and Kristina Sgueglia, CNN Abby Grossberg, the former Fox News producer who accused the right-wing network of pressuring her into giving misleading testimony in the Dominion defamation case, told NBC News Thursday in her first TV interview that she was “bullied, intimidated and coerced” into protecting the right-wing network to keep her
Continue Reading By Alicia Wallace, CNN The US economy grew at a slower pace in the fourth quarter than initially estimated, as consumer spending continued to trail off. Inflation-adjusted gross domestic product — the broadest measure of economic activity — increased 2.6% for the final three months of 2022, according to the Commerce Department’s third and final
Continue Reading By Alicia Wallace, CNN The US economy grew at a slower pace in the fourth quarter than initially estimated, as consumer spending continued to trail off. Inflation-adjusted gross domestic product — the broadest measure of economic activity — increased 2.6% for the final three months of 2022, according to the Commerce Department’s third and final
Continue Reading By Jeanne Sahadi, CNN The average annual Wall Street bonus fell to $176,700 last year, a 26% drop from the previous year’s average of $240,400, according to estimates released Thursday by New York State Comptroller Thomas DiNapoli. The 2022 bonus figure is more than twice the median annual income for US households. Rising interest rates,
Continue Reading By Nicole Goodkind, CNN Silicon Valley Bank’s collapse earlier this month dealt a major blow to the wine and crypto firms that entrusted their money with and depended on the lender to stay afloat. But it also gave the fine wine and crypto industry a big boost as panicking investors rushed out of the financial
Continue Reading By Oliver Darcy, CNN Wall Street Journal Editor-in-Chief Emma Tucker told staff in a memo Thursday that she was “very concerned” for the safety of Russia-based reporter Evan Gershkovich, who was arrested Wednesday by security forces in the city of Yekaterinburg. “I am very sorry to let you know you that one of our reporters
Continue Reading By Sarah Dean and Anna Chernova, CNN Wall Street Journal reporter Evan Gershkovich has been arrested in Russia on suspicion of espionage, the first time a US journalist has been detained on accusations by Moscow of spying since the Cold War. “The Federal Security Service of the Russian Federation has stopped the illegal activities of
Continue Reading By Laura He, CNN China’s newly minted Premier Li Qiang painted a bullish picture of his country’s economic recovery at a key business forum this week, as Beijing seeks to win the hearts of global investors and economic leaders after emerging from its long pandemic isolation.“The dynamism and momentum of China’s economic growth is strong,”
Continue Reading By Laura He, CNN China Renaissance, a top dealmaker in the country’s tech industry, said it would suspend trading of its shares and delay the release of its annual results because it still can’t get in touch with its founder. Bao Fan, 52, started the boutique investment bank in 2005 and has been unreachable since
Continue Reading By Michelle Toh, CNN A slowdown in global initial public offerings continued in the first quarter of 2023 and is likely to endure in the coming months, as companies wait out the effects of volatile stock markets, higher interest rates and inflation, and uncertainty around the banking crisis. That’s according to an EY report Thursday,
Continue Reading By Ramishah Maruf, CNN Starbucks has fired a Buffalo, New York, worker who “ignited a movement” from one of the first stores in the coffee chain to unionize, Starbucks Workers United said Friday. The firing came the same week that former CEO Howard Schultz testified before Congress, where he was grilled by lawmakers for the
Continue Reading By Oliver Darcy and Marshall Cohen, CNN Fox News CEO Suzanne Scott sounded the alarm inside the company about the financial fallout that the right-wing network would suffer if it continued aggressively fact-checking then-President Donald Trump’s lies after the 2020 election, according to messages that became public Wednesday. In one instance, Scott emailed Meade Cooper,
Continue Reading By Jennifer Korn The Food and Drug Administration will now require medical devices meet specific cybersecurity guidelines after years of concerns that a growing number of internet-connected products used by hospitals and healthcare providers could be hit by hacks and ransomware attacks. Under FDA guidance issued this week, all new medical device applicants must now
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