A record number of Americans shopped online and in stores from Thanksgiving through Cyber Monday, according to the results of a National Retail Federation survey out today.
Details: The total grew by nearly 17 million, or 10%, from last year to 196.7 million this year over the five day period — the highest figure since tracking began in 2017.
Sam Bankman-Fried had $100,000 left in his bank account last time he checked. In an interview, the former FTX CEO pointed to both personal failures and regulatory gaps to help explain the implosion of his company.
Why it matters: Bankman-Fried's late Monday phone interview with Axios comes as FTX is working through a messy bankruptcy process and the company's creditors remain in the dark about what, if anything, they will be able to recoup.
Congress this week is poised to consider a bill to avert a national rail shutdown, Democratic and Republican lawmakers said Tuesday after a meeting at the White House.
Driving the news: "All four of us agreed we've got to resolve this rail shutdown as quickly as possible and that we would work together on doing it," Senate Majority Leader Chuck Schumer (D-N.Y.) said after the meeting.
Chicana DJ "Old School Becky Lu" grew up listening to Art Laboe's syndicated radio show. Now, she's taking over as host following Laboe's death in October at the age of 97.
Why it matters: The percentage of radio disc jockeys who are Latino is declining, according to data gathered by Zippia.com, a job posting website.
An employee who survived a shooting last week that left six dead and four people injured at a Walmart store in Chesapeake, Virginia, filed a $50 million lawsuit against the company on Tuesday.
The big picture: The plaintiff, Donya Prioleau, alleges that the company continued to employ the suspected gunman even though he "had known propensities for violence, threats and strange behavior" toward other employees.
The baby boomers are hitting their retirement years, and that may make it more challenging — and economically costly — to lower inflation.
Why it matters: With retirements driving slow labor force growth, more of the burden of bringing inflation down will fall on the Fed's efforts to reduce demand — meaning a more severe downturn than might occur otherwise.
Peyton Manning's Omaha Productions is in deal discussions with Peter Chernin's new content studio, sources tell Axios. The talks center around Chernin making an investment into the NFL star's sports and entertainment production company.
Why it matters: An agreement would unite a sports legend with a media mogul and allow Manning's Omaha to expand further into digital content, podcasts and sports-adjacent entertainment.
National Geographic's new editor-in-chief Nathan Lump plans to invest more in social video as the brand continues to modernize, he told Axios in an interview.
Why it matters: The company doesn't plan to reduce its monthly print magazine publishing schedule, despite its shift to digital, he noted.
Actor Will Smith said in a new interview with Trevor Noah on "The Daily Show" that he "lost it" when he slapped comedian Chris Rock at the Oscars earlier this year.
The big picture:Smith's controversial slap of Rock became a national talking point back in March surrounding one of the most celebrated actors of all time.
The U.S. Senate this afternoon will hold an antitrust subcommittee hearing on Kroger's proposed $24.6 billion purchase of rival Albertsons, including testimony from each company's CEO.
Why it matters: This is where Kroger and Albertsons will flesh out, and defend, their arguments in favor of a merger that could directly impact tens of millions of Americans.
Yahoo's latest deal underscores its move to boost revenues and use its cash to grow its core businesses, including Yahoo Sports, Yahoo Finance and Yahoo Mail.
Why it matters: Acquired last year by Apollo Global Management, Yahoo plans to add on new commerce and transaction businesses, such as sports betting and, according to a company source, retail stock trading.
Houston officials on Tuesday morning lifted the city-wide boil water notice, which was in effect since Sunday night.
Driving the news: "Water quality testing submitted to the Texas Commission on Environmental Quality has confirmed that tap water meets all regulatory standards and is safe to drink," the city of Houston said in a press release.
If BlockFi is any indication, the new playbook in crypto bankruptcies is all about making sure everyone understands that you are notlikeFTX. At all. In any way. Not even a little.
Why it matters: FTX’s lengthy list of problems — like misuse of customer funds and creating tokens out of thin air to use as loan collateral — have blanketed the entire industry under a cloud of suspicion, and sent customers fleeing.
U.S. oil prices briefly fell to their lowest level since 2021 on Monday, as investors braced for a further slowdown in China's economy.
Why it matters: The surprising decline in energy prices over the last few months should further ease inflation pressures, potentially setting up the Fed — and other central banks — to slow the interest rate hikes that hammered markets this year.
Miami-Dade County has asked a judge in the FTX bankruptcy case to terminate its deal with the collapsed cryptocurrency exchange over naming rights to the stadium where the Miami Heat play.
Why it matters: If the deal is severed, the county will be free to seek a new sponsor for the venue.
The price of gifts has been rising sharply, up 6.9% between 2020 and 2021, and projected to rise another 3.4% this year, according to the St. Louis Fed.
The cost of gift wrap is up 12% from 2021.
The thought of holiday shopping is worrying people from coast to coast.
Here's how one Washington Post reader put it in a note to the paper's advice column: "I am 62 and still working, but this year I have no real disposable income. I mentioned to my mother that I kind of wanted to opt out of the gift-giving this year due to finances.... The thing is, I am embarrassed to do that."
💡 Reality check: What most gift-givers don't realize is that it really is the thought that counts.
In a recent paper, researchers looked at a range of studies on gift-giving and found that gift-givers tend to overestimate how much recipients care about the relative value of a gift and underestimate how much they consider thoughtfulness.
In that spirit, here's our list of great gifts you can give that rank high in thoughtfulness and low in price.
Write a handwritten letter. Fill it with cherished memories and qualities you admire about the person, and decorate the note. As we've reported, a short note goes a long way.
Gift a favor. Acts of service can be free and impactful. You could offer to be a sitter for the recipient's kids or pets so they can take a break, or step up to shovel show or mow the lawn.
Cook something delicious. If you're talented in the kitchen, use that! You might bake an irresistible holiday dessert or wrap up a homemade jam or pickles.
Give the gift of music. Maybe there is a musician, genre or album that reminds you of the recipient. Lean into that and build them a custom playlist either on a streaming platform or burned onto a CD.
Make it yourself. Many of us picked up artistic hobbies during the pandemic. Maybe you paint or knit or garden and could gift your art or a warm scarf or handpicked flowers.
