Simone Del Rosario
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Musk’s Twitter takeover tops 5 biggest business stories of 2022
The last 12 months have been a rollercoaster for business and economic news. Unfortunately, most of us are entering 2023 with a lot less fortune. Here are the biggest stories that dominated 2022 headlines in this week’s Five for Friday. #5: FTX Scandal Cryptocurrency was already facing turmoil amid the long crypto winter. Then, the… -
Philadelphia Fed claims government overestimated job growth by +1 million
Did the U.S. government overestimate job growth by more than 1 million jobs this spring? That’s the claim after the Philadelphia Federal Reserve Bank released a December report, which makes early revisions to Bureau of Labor Statistics data for the second quarter of 2022. “In the aggregate, 10,500 net new jobs were added during the… -
You’ve got mail? Here are 5 companies you probably didn’t know still exist
We’ve all had a moment like this. You’re in a dentist office waiting room. You reach for the stack of magazines on the table and think to yourself, “Wait, Reader’s Digest still exists?” We’re taking a look at some of the companies you may not realize are still hanging on in this week’s Five for… -
FTX’s Bankman-Fried released on $250M bail, coworkers plead guilty
A judge ruled FTX founder Sam Bankman-Fried could be released on $250 million bail and put under house arrest at his parents’ California home while he awaits trial in New York City on eight federal criminal charges. As Bankman-Fried fights the charges against him, some of his coworkers have already pleaded guilty to fraud charges… -
Midday rundown: Senate agrees on spending bill, Fentanyl gets deadlier
An update you need to know on the proposed spending package meant to avoid a government shutdown, and could Google search engines be a thing of the past? These stories and more highlight your midday rundown, aimed straight down the middle, for Thursday Dec. 22, 2022. $1.7 trillion spending bill gets green light Senate Majority… -
IRS failed to perform required audits of Trump’s tax returns
For years, Americans couldn’t escape hearing about former President Donald Trump’s tax returns and why, despite years of precedence, he refused to release them. Trump repeatedly cited it was because he was being audited, but a House committee report reveals the IRS actually failed to audit him as president when it was required. According to… -
Biden falsely claims inflation in major economies ‘rising in double digits’
U.S. inflation surprised below expectations in November, slowing for the fifth straight month to a 7.1% annual rate. But when President Joe Biden took to the podium to celebrate the feat, he made a claim that didn’t stack up against statistics. “In a world where inflation is rising in double digits in many major economies… -
Elizabeth Warren drills Tesla board over Musk’s Twitter moves, legal conflicts
While Twitter users who participated in a straw poll overwhelmingly support Elon Musk stepping down as CEO, it may be too late for Musk’s golden goose, Tesla. On Sunday, Sen. Elizabeth Warren, D-Mass., sent a letter to the chair of Tesla’s board raising questions about possible legal failures by Musk and the board since Musk’s… -
Electric Ford F-150 wins major award as these 5 iconic vehicles go EV
Electric vehicles have been getting a lot of attention in recent years with analysts believing half of U.S. car sales will be EVs by 2030. Ford’s F-150 Lightning just won the 2023 MotorTrend Truck of the Year, becoming the second EV to do so. The F-Series isn’t the only legacy model being electrified. Here are… -
FTC swings big against Microsoft, Meta, but may have a losing strategy
The federal government is cranking up the heat on Big Tech as the Federal Trade Commission takes on two major antitrust cases. The commission just voted 3-1 to sue Microsoft to block its $69 billion acquisition of Call of Duty maker Activision Blizzard. At the same time, it’s in court against Meta, Facebook’s parent company,… -
Fed moderates December interest rate hike but signals it’s still climbing
The Federal Reserve hiked its benchmark interest rate by 50 basis points Wednesday, marking the seventh hike of the year in the committee’s efforts to battle inflation. The federal funds target rate is now between 4.25% and 4.5%, the highest it has been since the start of 2008. The less aggressive half-point rise in December… -
FTX founder Bankman-Fried charged in US, new CEO calls him ‘unsophisticated’
FTX founder Sam Bankman-Fried is facing charges from multiple U.S. agencies after getting arrested Monday night in the Bahamas. Once considered crypto’s white knight, Bankman-Fried’s arrest and charges come one month after his cryptocurrency exchange filed for bankruptcy following a spectacular collapse. The Securities and Exchange Commission on Tuesday charged the fallen CEO in “orchestrating… -
Inflation cools more than expected, consumer prices rise 7.1% for year
While overall prices are still running hot, consumer inflation slowed to 7.1% in November, providing a better-than-expected result ahead of the Federal Reserve’s 2-day meeting. The Bureau of Labor Statistics data released Tuesday beat the 7.3% economists expected and was significantly down from October’s 7.7% report. In fact, November’s rise is the smallest 12-month increase…
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Russia embraces Bitcoin to bypass Western sanctions in global trade
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Medicare’s new $2,000 out-of-pocket prescription cap takes effect Jan. 1
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Year in Review: The top sports stories of 2024
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Reuters
Mozambique prison riot leads to nearly 3 dozen deaths, more than 1,500 escapes
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Retailers brace for slew of returns as holiday shopping winds down
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