Former President Trump sued CNN on Monday for alleged defamation and is seeking at least $475 million in damages.
Why it matters: Trump has had a contentious relationship with the press, especially CNN, during his time as a candidate and elected official and has bashed news organizations as "fake news" and "enemy of the people."
Shares of Credit Suisse, one of the top wealth management firms in the world, barely recovered its losses today after falling to a record low.
Driving the news: Senior executives including CEO Ulrich Körner have spent the past few days trying to reassure clients, investors and employees of the bank's financial health, FT reported. The efforts haven't done much to change investor confidence.
There have been years of big talk from Washington about tamping down on mergers that stifle market competition. Now, a bill that’s actually likely to reach the president’s desk is focused on the only thing everyone could agree on: upping regulatory merger fees (and funding for regulators).
Why it matters: It highlights the ongoing gap between Washington and the business world, and among various lawmakers (and the lobbyists they listen to).
A (second) round of layoffs last month at buy now, pay later company Klarna is the latest in a seemingly endless string of tech sector pink slips issued this year. But while companies have blamed the market and potential recession talk, this narrative obscures that many zealously overhired during the pandemic’s boom, without regard for the consequences.
Why it matters: After nearly two years of enjoying the upper hand of a booming jobs market, tech workers are now losing their jobs. The employment environment is worsening — even for big tech companies as they, too, rein in headcount.
Twitter is different for crypto than it is for other areas of interest. To a certain extent, the discussion of the industry on Twitter isn't about the industry — it is the industry.
Why it matters: Twitter is (for now) indispensable to following blockchain technology. What might look to outsiders like idle badgering and joking, is in fact the process of people forming allegiances and making deals.
Disney network channels including ABC, ESPN, Hulu and National Geographic are back on Dish Network and Sling TV Monday morning after going dark Saturday after both sides failed to reach a new carriage agreement.
The latest: In a statement, Disney said it's reached "a handshake agreement with DISH/Sling TV," and as a result, "we are pleased to restore our portfolio of networks on a temporary basis while both parties work to finalize a new deal."
Crypto billionaire Sam Bankman-Fried backed off helping Elon Musk acquire Twitter, after a phone call with the Tesla and SpaceX founder, Axios has learned.
Why it matters: The call, previously unreported, is a missing link to last week's court filing, in which Musk's text messages suggested that he had brushed off Bankman-Fried's interest.
The U.S. Securities & Exchange Commission on Monday announced charges against Kim Kardashian for promoting a cryptocurrency without disclosing that she had been paid for the promotion. Kardashian has agreed to pay $1.26 million as part of a settlement.
The big picture: Federal securities regulators have been cracking down on celebrity crypto endorsements.
Fresh data coming this week will offer more clues about one of the great puzzles of the moment: The labor market. How long can it stay so strong?
Driving the news: A one-two punch from The Labor Department, which releases hiring and quits numbers on Tuesday in the JOLTS report, and the September jobs data on Friday morning.
Home prices are mostly too high to appeal to buyers, who are facing skyrocketingmortgage rates. But sellers are loathe to lower asking prices. Sales are cratering — some folks are just walking away from deals.
Why it matters: People expecting a big housing crash might not see it happen so fast. Home sellersdon't have to sell right away, especially because the vast majority have mortgages with low rates that they couldn't get now (aka "Golden handcuffs.")
The U.S. dollar begins the final quarter of 2022 bolstered by the same fundamentals that propelled it higher against major currencies for most of the year — with virtually nothing standing in the way of more gains.
Why it matters: A strong dollar is a brake against inflation that's still running uncomfortably high, for both consumers and the Federal Reserve. Yet U.S. multinationals that operate in markets where native currencies have weakened are poised to lose money when those revenues are translated into dollars.
UPS-backed electric vehicle startup Arrival built its first delivery van last week — a significant milestone, considering the challenges it and other upstart EV makers like it are facing.
Why it matters: Arrival and other fledgling commercial EV companies are struggling to launch production as funding dwindles and bigger rivals like GM and Ford start to crank out electric trucks and vans of their own.
McDonald's is serving up nostalgia with new “boxed meals” for adults that look like Happy Meals and even include toys.
Driving the news: The limited-edition combo meals launching today are part of the fast-food giant's collaboration with popular streetwear fashion label Cactus Plant Flea Market and will be available while supplies last.
The British government has abandoned plans to cut taxes for the highest earners 10 days after Prime Minister Liz Truss announced the move, Chancellor Kwasi Kwarteng confirmed Monday.
Why it matters: The plans designed to stimulate growth sparked a growing rebellion among members of Parliament in Truss' ruling Conservative Party, and global financial markets responded by treating the U.K. as if it were an emerging market.
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