From Elon Musk to Sam Bankman-Fried, a bad week for market geniuses, but was it their fault?
Elon Musk and Sam Bankman-Fried may be geniuses, but once again the governance risks of talented founders and CEOs left unchecked have been laid bare.
Financial News
Twitter pauses paid verifications after users abuse service to impersonate brands and people
Earlier this week, Twitter launched a $7.99 subscription service called Twitter Blue. On Friday the option to sign up disappeared from Twitter’s iOS app.
Biden expected to bring up Chinese economic practices, Taiwan and Russia’s war in Ukraine in first meeting with Xi as president
The in-person meeting between Biden and Xi, the first since Biden ascended to the presidency, will take place on the sidelines of the G-20 summit in Bali.
Russia’s hopes for a Republican landslide to hurt Ukraine are vanishing fast
While the U.S. midterm election results roll in, the vote count is being closely watched half way across the world by Ukraine and Russia.
Cryptocurrencies slide as worries about FTX fester in latest crypto liquidity scare
Cryptocurrencies dropped amid rumors of insolvency at crypto exchange FTX.
EU says it has serious concerns about Biden’s Inflation Reduction Act
The European Union has “serious concerns” about the U.S. Inflation Reduction Act, saying it breaches international trade rules, according to an official document seen by CNBC.
In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
As Lebanon’s economy spirals into hyperinflation, locals explain how cryptocurrency has replaced a financial system that no longer makes sense.
Berkshire Hathaway’s operating earnings jump 20%, conglomerate buys back another $1 billion in stock
Berkshire Hathaway posted a solid gain in operating profits during the third quarter despite rising recession fears.
U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong
Nonfarm payrolls were expected to increase by 205,000 in October, according to Dow Jones estimates.
UK faces longest recession since records began, Bank of England says
The Bank of England warned Thursday that the U.K. is facing its longest recession since records began, with the economic downturn expected to extend well into 2024.