Tractor maker John Deere has agreed to give its US customers the right to fix their own equipment. Previously, farmers were only allowed to use authorised parts and service facilities rather than cheaper independent repair options. Deere and Co. is one of the world’s largest makers farming equipment. Consumer groups have for years been calling […]
Category: Business
18,000 jobs cut as Amazon cites “uncertain economy”
Amazon plans to cut more than 18,000 jobs, the largest number in the firm’s history, as it battles to save costs. Most of the job losses will come from its consumer retail business and its human resources division. Boss Andy Jassy cited the “uncertain economy” for the cuts, saying it had “hired rapidly over several […]
IMF head warns 1/3 of world in recession in 2023
A third of the global economy will be in recession this year, the head of the International Monetary Fund (IMF) has warned. Kristalina Georgieva said 2023 will be “tougher” than last year as the US, EU and China see their economies slow. It comes as the war in Ukraine, rising prices, higher interest rates and […]
Will electric vehicles save you money?
Record high gas prices convinced drivers across the country to take a second look at going electric in 2022. After all, EVs cost more up front, but they pay you back over time with lower ownership costs and exactly zero trips to the gas station — right? EVs certainly can make financial sense for some […]
U.S. Stocks Finish Worst Year since 2008
Stocks are closing out 2022 with more losses, giving the S&P 500 its worst year since 2008. The benchmark index fell 0.3% Friday, the last trading day of the year, leaving it down 19.4% for the year. The technology-heavy Nasdaq and the Dow also fell and ended the year in the red. The Fed’s battle […]
GOP to attack Black Rock & other ‘ESG’ firms
Republicans are planning to use their control of the House of Representatives in 2023 to intensify attacks on companies that account for climate-related risks when they’re making investment decisions. GOP officials in Washington and more than a dozen states say they’re focusing on firms that are using their financial power to push a so-called woke […]
U.S. Housing market locked in a deep freeze
The sharp increase in mortgage rates has cast a chill on the housing market. Many buyers have paused their search; they can longer afford home prices they were considering a year ago. Sellers are also wary of listing their homes because of the high mortgage rates that would loom over their next purchase. “People are […]
Who is Caroline Ellison, SBF’s Crypto partner
Over the past few weeks, a mushroom of secrets about the inner workings of Sam Bankman-Fried’s crypto exchange, FTX, have come to light. From that, the once shadowy figure of Caroline Ellison has emerged as an important character behind FTX’s seeming success and surprising downfall. Ellison was the head of Alameda Research — the trading […]
Sam Bankman-Fried arrives in US to face charges
Sam Bankman-Fried, former boss of failed cryptocurrency exchange FTX, has arrived by plane in New York from the Bahamas to face fraud charges. The 30-year-old was extradited on suspicion of committing “one of the biggest financial frauds in US history”, US authorities have said. Mr Bankman-Fried, who denies the allegations, may appear in court later […]
Welfare outpaces median income in some states
The labor force participation rate was 62.1% last month, notably lower than the 63.4% mark it was at before the coronavirus pandemic struck the United States in March 2020. There are numerous reasons that unemployed Americans aren’t entering the workforce, including ongoing fears of COVID-19, disabilities such as “long COVID,” and other care responsibilities. One […]
FBI was in constant contact with Twitter
The new Twitter Files, part six drop from journalist Matt Taibbi on Friday sheds new light on an otherwise unfolding landscape of how the FBI was in “constant” contact with the tech giant to censor, in a “pervasive” manner, almost unilaterally users on the right, some on the left, but nonetheless both users big and […]
New FTX CEO says SBF engaged in ‘old fashioned embezzlement”
FTX’s bankruptcy-era CEO, John J. Ray III, appointed to shepherd the collapsed crypto exchange through Chapter 11 reorganization, testified on Tuesday that the company’s founder and former CEO, Sam Bankman-Fried, made multiple misstatements about his companies’ financials. Ray, who oversaw Enron’s infamous corporate fraud, characterized FTX’s actions as “old fashioned embezzlement.” “This is just taking […]