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Business News

Location American Business News for 21 December 2022

The Crossword: Wednesday, December 21, 2022

The New Yorker - 21 Dec 2022 13:00
The Crossword: Wednesday, December 21, 2022 Type of colorful marble with a feline name: seven letters.
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Can a community run pub keep the lights on this Christmas? - video The Bevy is a community-owned pub on a housing estate in Brighton, south of England. But it's more than that: it's a warm bank, it's a drop-in centre and a rare space for the community to meet, and people can even buy sh...
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Tesla stock has plunged nearly 70% from its peak. 'Big Short' investor Michael Burry called the crash. Burry declared Tesla stock was in a bubble at the end of 2020, and warned it could plunge 80% or 90% in November 2021, when the stock peaked.
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FedEx's cost-cutting plans have been welcomed by analysts, but they warn that the parcel-delivery service still has plenty of challenges ahead.
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IRS failed to conduct timely mandatory audits of Trump's taxes while president Internal Revenue Service only began audit after prompting from Congress in 2019, House ways and means committee indicates The US Internal Revenue Service (IRS) failed to pursue mandatory audits of Donald Trump on a timel...
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Spain Will Provide 8 Million Euros in Grants to Develop Video Game and Metaverse Experiences The Ministry of Culture and Sports of Spain has decided to direct 8 million euros ($8.5 million) toward the development of video games and narrative metaverse experiences. The program, part of the Spanish “Recovery, Tr...
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Musk claims he will resign as Twitter CEO when he finds replacement as Tesla value plunges As Tesla market value plunges, Elon Musk said Tuesday he will step down as CEO of Twitter "as soon as I find someone foolish enough to take the job!"      
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Nike Raises Outlook After Making Progress With Inventory Woes

Wall Street Journal - 21 Dec 2022 02:52
Nike Raises Outlook After Making Progress With Inventory Woes The sneaker giant says it was able to discount products in the most recent quarter, boosting sales and reducing excess inventory.
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Existing home sales have fallen for 10 consecutive months, marking their longest losing streak since 1999.
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ChatGPT Wrote My AP English Essay. I Passed.

Wall Street Journal - 21 Dec 2022 16:00
ChatGPT Wrote My AP English Essay. I Passed. OpenAI's new chatbot can write essays on complex topics. Our columnist went back to high school AP Literature to see how good those essays are.
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Octopus Energy completes acquisition of collapsed supplier Bulb, but legal challenges remain.
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Tesla Bears Are Sitting on $15 Billion in Gains This Year

Wall Street Journal - 21 Dec 2022 15:01
The reversal of Tesla's fortunes has been music to the ears of the stock's many detractors who watched in astonishment when it kicked off a monster run in early 2020, with little regard for fundamentals.
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Pointedly Asking Generative AI ChatGPT About Whether Santa Claus Is Real Proves To Be Eye-Opening, Including For AI Ethics And AI Law I went ahead and asked the popular generative AI app ChatGPT about whether Santa Claus is real or not. Doing so provides a bonanza of AI Ethics and AI Law considerations. Enjoy this during especially during the upcoming ...
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French regulator AMF blacklists only two crypto websites in the whole year The AMF and ACPR have blacklisted only two crypto-related websites amid the bear market of 2022 versus 24 such websites last year.
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Binance Offers Little Transparency After FTX Fall

Wall Street Journal - 21 Dec 2022 14:10
The exchange's outsize role and complex setup had already drawn scrutiny from the Justice Department and the SEC.
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Mortgage applications to refinance a home loan jumped 6% last week from the previous week.
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Wells Fargo faces another setback with $1.7 billion penalty The bank has been ordered to pay billions in fines to settle investigations stemming from its treatment of customers within its retail bank.
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UK Ambulance Workers Stage Their Largest Strike in Decades

The New York Times - 21 Dec 2022 13:57
UK Ambulance Workers Stage Their Largest Strike in Decades The industrial action, seeking higher pay and better working conditions, was driven by a cost-of-living crisis and coincides with strikes by rail workers, nurses and others.
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High Commodity Prices Feed a Boom in the U.S. Farm Belt

Wall Street Journal - 21 Dec 2022 12:30
High Commodity Prices Feed a Boom in the U.S. Farm Belt Net farm income is on track for a near 50-year high, thanks to increased prices for goods ranging from wheat to milk.
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The IRS failed to audit Trump during his first two years in office, despite internal policy that mandates a review of presidential finances The House Ways and Means report released Tuesday revealed the Internal Revenue Service only began auditing Trump after a request by Rep. Richard Neal.
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Tesla owners didn't buy a car: We bought a set of beliefs Elon is trashing I bought a red Model Y in 2020 but more than that I bought into a brand that aimed to do some good in the world. Now I’m embarrassed to get behind the wheel To think a Tesla is just a car is to not understand the power...
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Economist Peter Schiff Warns Bitcoin May Not Rise When Other Financial Assets Rebound Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be s...
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