Simone Del Rosario
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5 fake news reports that caused real dips in the stock market
A faked AI-generated image of an explosion near the Pentagon on May 22 actually moved the stock market. While it may be the first AI image to do so, it’s not the first time fake news has led to serious financial damages. Here are five times fake reports caused real dips in the stock market… -
US risks credit downgrade ahead of debt default. Here’s what happened last time.
One week before the X-date, when the U.S. could potentially default on its debt, the country’s credit rating was put on notice. Fitch Ratings warned late Wednesday, May 24, that the federal government’s gold standard AAA rating is now on “rating watch negative.” The Treasury Department has said it can’t know for sure exactly when… -
Even with Activision Blizzard, Microsoft wouldn’t top this list of 5 gaming giants
The European Union and United Kingdom are divided on regulatory approval of Microsoft’s $69 billion acquisition of Activision Blizzard. The U.K.’s main concern is that the deal would give the Xbox maker too much control in the gaming arena. But this merger still wouldn’t give Microsoft the highest revenue in the industry. Here are the… -
EU approval means nothing if Microsoft-Activision Blizzard fails to win UK appeal
European Union regulators have given the green light to the hotly-contested Microsoft acquisition of gaming giant Activision Blizzard. The regulatory approval stands in contrast to its U.K. counterparts, which blocked the $69 billion deal less than a month ago. Microsoft has vowed to appeal the U.K. decision, while it still faces regulatory scrutiny in the… -
SVB, Signature Bank execs slammed by Congress as they try to divert blame
Unprecedented rate hikes and the nation’s first social media-driven bank run led to Silicon Valley Bank’s collapse, ex-CEO Greg Becker testified to the Senate Banking Committee Tuesday, May 16. But many senators didn’t buy it, faulting executives for fatal mismanagement. The hearing marked the first time top executives at SVB and Signature Bank spoke publicly… -
Just like TV? 5 real-life ‘Succession’ tales from America’s biggest companies
HBO’s hit series “Succession,” which gives an inside look at the world of corporate politics, comes to an end in May. At the fictional Waystar RoyCo, everyone is jockeying for lead job. But is the real world as crazy? Here are the real-life succession stories at some of America’s top companies in this week’s Five… -
Consumer price inflation now lowest in 2 years at 4.9% as April grocery prices fall
Inflation is continuing its slow descent. For the 10th consecutive month, annual consumer price inflation has declined, according to April data from the Bureau of Labor Statistics out Wednesday, May 10. Overall consumer prices rose 4.9% in April from the year prior, marking the lowest inflation rate increase in two years. Meanwhile, month-to-month inflation ticked… -
White House, Republicans playing ‘game of chicken’ with debt ceiling
The U.S. is as few as four weeks away from defaulting on its debt for the first time in the nation’s history, the Treasury Department warned. On Tuesday, May 9, President Joe Biden is set to meet with Republican congressional leaders for the first time in months to discuss raising the limit. The stakes couldn’t… -
April jobs report crushes estimates as economy adds 253,000 jobs
April’s jobs report out Friday morning, May 5, crushed economists’ estimates. The Bureau of Labor Statistics reported the economy added 253,000 jobs for the month, when around 180,000 were expected. Meanwhile, the unemployment rate edged back down to 3.4%, tying a near 70-year low. Since March 2022, the unemployment rate has stayed between 3.4% and… -
Writers are on strike. Remember these 5 Hollywood strikes that came before it?
The Writers Guild of America is on strike for the first time in 15 years, causing Hollywood productions to grind to a halt. The union says the transition to streaming has cut writers’ pay, while studios and producers are under pressure to cut costs as they attempt to turn a profit. Labor disputes in Tinseltown… -
Is this the last? Fed hikes interest rate above 5% as bank troubles persist
For the 10th time since early 2022, the Federal Reserve opted to hike rates to fight inflation. The quarter-percentage-point hike announced Wednesday, May 3, puts the interest rate target range between 5% and 5.25%, the highest since 2007. The latest rate hike falls in line with the Open Market Committee’s projection of a 5.1% effective… -
Top 3 takeaways from JPMorgan Chase’s First Republic Bank acquisition
Move over, Silicon Valley Bank. First Republic Bank is now the second-largest bank failure in U.S. history. Three of the top 30 U.S. banks have now failed in less than two months. The bidding process stretched into the night. Early Monday morning, federal authorities approved JPMorgan Chase’s bid to take over First Republic’s assets. Here… -
Rupert Murdoch, Warren Buffett top the list of 5 oldest executives
President Joe Biden officially launched his reelection campaign on April 25. Poll after poll shows the 80-year-old’s age is a major concern for Republicans and even Democrats. But in business, age is just another sign of experience. Here are the executives working well into their golden years in this week’s Five For Friday. #5: Frederick…
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