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 […]
Category: Business
Savings at the gas pump spent at supermarket
Americans are saving money at the gas pump, only to spend it in the produce aisle. Gasoline and grocery prices moved in opposite directions last month, as the overall inflation rate declined slightly. Consumer prices in November were up 7.1% from a year ago, compared to an annual increase of 7.7% the month before. It […]
FTX’s Sam Bankman-Fried arrested in Bahamas
Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, has been arrested in The Bahamas, the country’s attorney general has said. He is scheduled to appear on Tuesday in a magistrates’ court in the Caribbean country’s capital, Nassau. Police said Mr Bankman-Fried, 30, was arrested for “financial offences” against laws in the US and The […]
EU calls Biden’s IRA ‘threat to their economy’
Some EU members have criticised the US Inflation Reduction Act (IRA), raising fears of a trade war. There are concerns that tax breaks may lure away EU businesses and disadvantage European companies. Under the IRA, consumers will get incentives to purchase new and second-hand electric cars, to warm their homes with heat pumps and even […]
Apple CEO Tim Cook ignores questions on China
Apple CEO Tim Cook refused to comment on the protests in China, avoiding questions about why the company’s AirDrop feature was limited in the country or his thoughts on the beatings of iPhone factory workers. Cook was bombarded with questions as he arrived for meetings with lawmakers on Capitol Hill in Washington, D.C. on Thursday. […]
Congress votes today to shut down rail strike
The House on Wednesday will vote on legislation to avert a rail shutdown following a grave warning from President Joe Biden about the economic danger posed by congressional inaction. Democratic leadership has been whipping votes on the legislation, sources familiar with the effort told CNN, which will be split into two votes: One that would […]
Biden Venezuela Decision Confusing At Best
On his first day in office, President Joe Biden decided to cancel the cross-border permit for the northern leg of TC Energy’s Keystone XL Pipeline with a stroke of his presidential pen. The decision was not made because TC Energy or its partners had been found to be in violation of U.S. law or regulations […]
Tech bubble bursts: tens of 1000s laid off in 2022
The tech industry has enjoyed seemingly unstoppable growth over the past five years, but in 2022 it finally hit an immovable object: a slowing worldwide economy. Tech companies big and small have eliminated tens of thousands of jobs this year as executives cite inflation, rising interest rates and lower sales in digital advertising as all […]
Twitter has lost 50 of its top 100 advertisers
Half of Twitter’s top 100 advertisers appear to no longer be advertising on the website. A report from Media Matters for America states that these 50 advertisers have spent almost $2 billion on Twitter ads since 2020 and more than $750 million just in 2022. Seven additional advertisers have slowed their advertising to almost nothing, […]
Biden says WH is in talks to avert railroad strike
-President Joe Biden said on Thursday that his administration was involved in negotiations to avert a looming U.S. railroad strike that could shut down supply chains across the country but added that he has not directly engaged on the matter yet. Speaking to reporters outside a fire station on Nantucket Island, Massachusetts, during a Thanksgiving […]
Overstock Discounted Toys Stuff Store Shelves
Major retailers like Walmart, Amazon and Target have a toy glut this holiday season. Shoppers can expect deep discounts not only toys this year—but also on furniture, electronics and small kitchen appliances, as stores look to pare back their inventories and appeal to shoppers disillusioned by inflation. Retailers, bracing for last-minute shoppers, are also extending […]