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Economy

Capital One acknowledges ‘outage’ as users report issues accessing deposits

January 17, 2025

Capital One said an unspecified technical issue was hampering customer account access, as some users reported issues with direct deposits. In response to complaints on social media platform X, a Capital One representative said the bank was experiencing a ‘tech outage’ that was affecting ‘a variety of functions,’ with no timetable for a restoration of […]

Economy

Biden administration seeks to avoid default crisis for student loan borrowers as garnishments resume

January 17, 2025

This year, for the first time in roughly five years, borrowers who have defaulted on their federal student loan debt will face collection activity, including the garnishment of their wages and retirement benefits. In a new U.S. Department of Education memo obtained by CNBC, a top official lays out for the first time details of when garnishments may […]

Economy

Citibank customers report fraud alerts and account access issues

January 17, 2025

Numerous Citibank customers reported receiving fraud alerts and having difficulty accessing their accounts Wednesday. According to DownDetector.com, which tracks reports of digital services interruptions, hundreds of Citibank users had flagged issues related to their accounts as of midday. The site indicated the interruptions had been occurring since at least 9 a.m. ET. Some customers reported […]

Economy

JPMorgan Chase posts record profit as the bank’s massive scale pays off

January 17, 2025

JPMorgan Chase on Wednesday posted record quarterly and annual earnings and revenue, reinforcing the company’s status as the biggest and most profitable bank in U.S. history. Here’s what the company reported: The bank said profit rose 50% to $14 billion in the fourth quarter as noninterest expenses fell 7% from a year earlier, when the firm […]

Economy

Target says its holiday sales were better than expected — but its profits weren’t

January 17, 2025

Target raised its fourth-quarter sales forecast Thursday after more consumers turned to its stores and website for holiday shopping — particularly on days known for deep discounts. The big-box retailer now expects comparable sales in the fiscal fourth quarter to grow by about 1.5%. That’s better than its most recent outlook that the metric would be approximately […]

Economy

Meta announces 5% cuts in preparation for ‘intense year.’ Read the internal memo.

January 16, 2025

Meta is set to cut about 5% of its workforce, focusing on the company’s lowest-performing staffers, CNBC confirmed Tuesday. CEO Mark Zuckerberg informed employees about the decision to “move out low performers faster” in a memo posted on the company’s internal Workplace forum on Tuesday. Zuckerberg told employees 2025 will “be an intense year.” The company specified that […]

Economy

There’s been a ‘meaningful shift’ in CEO confidence since Trump’s election, says Goldman’s Solomon

January 16, 2025

The election of Donald Trump in November and a swing back to Republican power in Washington is already starting to make an impact in the business world, according to Goldman Sachs CEO David Solomon. The bank executive said on a conference call Wednesday that other CEOs are feeling better about the direction of the economy and their businesses since […]

Economy

Disney wins the 2024 box office as year-end receipts offer a welcome boost

January 16, 2025

Foul-mouthed superheroes and family-friendly fare propped up the domestic box office during the final months of 2024. Full-year ticket sales were down just 3.4% from 2023, reaching $8.74 billion, a far cry from the nearly 27% shortage seen at the midway point of 2024. The combination of Disney and Marvel’s “Deadpool & Wolverine,” Pixar’s “Inside Out 2,” […]

Economy

MSNBC President Rashida Jones steps down after four-year tenure

January 15, 2025

Rashida Jones, the president of MSNBC, announced Tuesday that she is stepping down after four years of steering the cable news network. Jones, who made history as the first Black executive to lead a major U.S. television news network, made the announcement to top MSNBC anchors, leaders and network staff on Tuesday morning. (MSNBC and […]

Economy

Boeing delivered 30 airplanes in December, but gap with Airbus widened in 2024

January 15, 2025

Boeing handed over 348 airplanes in 2024, about a third fewer than it did a year earlier as the aerospace giant struggled with a crisis after a midair door panel blowout a year ago and a machinist strike in the fall that halted production. The tally widened the delivery gap with Boeing’s chief rival, Airbus, which gave 766 jetliners to […]

Economy

Southwest Airlines pauses corporate hiring, most summer internships to cut costs

January 15, 2025

Southwest Airlines is pausing corporate hiring and promotions, suspending most of its summer internships and going without some employee team-building events that date back to the 1980s in order to cut costs and improve margins, CEO Bob Jordan told staff. “Every single dollar matters as we continue to fight to return to excellent financial performance,” Jordan said […]

Economy

USDA documented insects and slime at Boar’s Head plants, records show

January 15, 2025

Government inspectors documented unsanitary conditions at several Boar’s Head deli meat plants, not just the factory that was shut down last year after a deadly outbreak of listeria poisoning, federal records show. Newly released reports from Boar’s Head plants in New Castle, Indiana; Forrest City, Arkansas; and Petersburg, Virginia, described multiple instances of meat and fat residue left […]

Economy

Biden administration delays enforcing order blocking Nippon Steel-U.S. Steel deal

January 14, 2025

WASHINGTON — The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for U.S. Steel, the companies said on Saturday. President Joe Biden blocked Nippon Steel’s planned acquisition of U.S. Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal […]

Economy

IAC approves spinoff of home improvement marketplace Angi

January 14, 2025

Barry Diller’s IAC said Monday that its board approved the spinoff of Angi, the home improvement marketplace the company acquired in 2017. IAC said it expects the transaction to close in the second quarter of the year. The two companies will post their respective fourth-quarter results when IAC reports on Feb. 11. Angi was founded in 1995 as Angie’s List, […]

Economy

Microsoft CEO Nadella forms new AI group to build and run apps for customers

January 14, 2025

Microsoft is forming a new group focused on developing AI apps and providing tools for third-party customers, the company announced Monday. The new group will be led by Jay Parikh, the former CEO of cybersecurity startup Lacework and former global head of engineering at Meta. The group will be called Core AI — Platform and Tools, […]

Browse category by Economy

Capital One acknowledges ‘outage’ as users report issues accessing deposits

Biden administration seeks to avoid default crisis for student loan borrowers as garnishments resume

Citibank customers report fraud alerts and account access issues

JPMorgan Chase posts record profit as the bank’s massive scale pays off

Target says its holiday sales were better than expected — but its profits weren’t

Meta announces 5% cuts in preparation for ‘intense year.’ Read the internal memo.

There’s been a ‘meaningful shift’ in CEO confidence since Trump’s election, says Goldman’s Solomon

Disney wins the 2024 box office as year-end receipts offer a welcome boost

MSNBC President Rashida Jones steps down after four-year tenure

Boeing delivered 30 airplanes in December, but gap with Airbus widened in 2024

Southwest Airlines pauses corporate hiring, most summer internships to cut costs

USDA documented insects and slime at Boar’s Head plants, records show

Biden administration delays enforcing order blocking Nippon Steel-U.S. Steel deal

IAC approves spinoff of home improvement marketplace Angi

Microsoft CEO Nadella forms new AI group to build and run apps for customers

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