The Internal Revenue Service on Friday announced a one-year delay in the implementation of a new tax filing rule that requires more users of digital payment platforms and e-commerce sites to report their transactions.
Why it matters: The new tax filing policy had prompted confusion and opposition among users of digital wallets and payment platforms, and the delay will likely come as welcome news to the companies that had lobbied against it.
Michael Bloomberg, the billionaire businessman and media mogul, is interested in acquiring either Wall Street Journal parent company Dow Jones or the Washington Post, a source familiar with his thinking told Axios.
Why it matters: Bloomberg wants to expand his media empire and sees Dow Jones as his ideal fit, but he would buy the Post if Jeff Bezos were interested in selling, the source said.
The big picture: CVS and Walgreens will be open Sunday with limited hours along with many convenience store chains including 7-Eleven, Sheetz and Wawa that will stay open regular hours.
Sam Bankman-Fried has been released on a $250 million bond as he faces the fallout of FTX's collapse. But that doesn't mean he has $250 million.
Why it matters: Last month, SBF told Axios Pro's Lucinda Shen that he was down to his last $100,000. But as Thursday's events showed, the economics of bail for rich people can get very complicated — and very bespoke — very quickly.
The big picture: Bankman-Fried has promised to turn up for his next court date. If he doesn't, some unknown group of people, to be finalized by Jan. 5, will be on the hook for $250 million.
Among those people: Bankman-Fried's parents, who are putting up their Palo Alto home. That will be forfeited if Bankman-Fried skips bail.
Between the lines: Palo Alto real estate is expensive, but not that expensive. Bankman-Fried is going to have to find other people, collectively worth $250 million or more, who can guarantee his bail.
They don't need to put up the whole sum in cash. Instead, they can put up a fraction — maybe 10% — and promise to pay the rest should the accused not show up, leaving them significantly exposed if he doesn't.
Given that Bankman-Fried has given up his passport and will be confined to his parents' home while wearing an ankle monitor, the chances of him skipping bail are low.
The bottom line: Bankman-Fried and his parents have some very rich friends. The risk involved is low — but there's no obvious reason why anybody would take that risk at all.
A measure of inflation watched closely by the Federal Reserve showed yet another month of cooling price increases, the Commerce Department said on Friday.
Why it matters: It's the latest data to point to a slowing of still-high inflation — alongside moderating consumer spending — as the Federal Reserve raises interest rates aggressively to slow the economy in an effort to get inflation down to its 2% target.
Commerce Secretary Gina Raimondo is broadcasting in public what she hears in private from top CEOs: The economy can avoid a recession.
Why it matters: After defying political expectations in 2022, team Biden is taking a victory lap on the economy — and wants to drown out any recessionary chatter in 2023.
Microsoft and Activision formally pressed the U.S. government to OK its acquisition of Activision Blizzard — the biggest such move in gaming history on Thursday.
Sam Bankman-Fried allegedly directed FTX employees to manipulate the price of the crypto token associated with his exchange, FTT, according to an updated civil complaint submitted by the U.S. Securities and Exchange Commission.
Why it matters: Uncertainty about the FTT token moved investors to begin withdrawing billions of dollars from FTX in early November, which precipitated the company's collapse and exposure of alleged fraud by Bankman-Fried and others.
Some 204,000 Pillowfort Weighted Blankets sold at Target are being recalled over safety concerns, the U.S. Consumer Product Safety Commission announced Thursday.
The big picture: Two girls, ages 4 and 6, died of asphyxia earlier this year in North Carolina after becoming entrapped in the cover of the weighted blanket, per the announcement.
Many of the nation's grocery stores will close early Saturday before Christmas Eve dinner is served Saturday.
The big picture: Time is running out to shop for ingredients for holiday cookies and meals. Most grocers will be closed on Christmas Day including Walmart, Kroger and Publix stores.
Michael Kaye is the global head of communications at OkCupid where he leads PR in the United States, Europe and the Middle East.
Why it matters: The dating app market is convoluted — with over 1,500 apps available worldwide — yet Kaye has found a way to insert OkCupid into the conversation, from tying cuffing season habits to climate change, to highlighting how societal issues impact dating.
In a 24/7 news cycle, the Friday evening news dump — a tactic historically embraced by strategic communicators in government, politics and tech as a means to bury less than stellar news — needs an upgrade.
Why it matters: There is no magic formula for releasing bad news, but identifying readership trends can provide perspective and inform timing.
Scott Minerd, global chief investment officer of Guggenheim Partners, died on Wednesday afternoon from a heart attack. He was 63.
What to know: Minerd was a top Wall Street banker before joining Guggenheim shortly after it was formed in 1998. He's been a fixture at industry conferences and on cable news networks like CNBC, while helping to lead a firm that now manages more than $285 billion in assets.
The U.S. economy expanded at a 3.2% annual rate in the third quarter, according to the final revision of Gross Domestic Product released by the Commerce Department on Thursday.
Why it matters: The latest revision shows the economy grew at a slightly faster pace last quarter than previously estimated, in large part due to stronger consumer spending.
Google's YouTube has agreed to a deal with the NFL that will make it the new home for the NFL's Sunday Ticket package beginning next season, the two announced Thursday morning.
Why it matters: The acquisition of Sunday Ticket represents the most significant push into live sports for the online video giant.
Albertsons shareholders won't be getting a $4 billion Christmas present, after the Washington state Supreme Court said it won't review legal challenges to the grocer's special dividend until Feb. 9, 2023.
Why it matters: Albertsons remains likely to prevail, but wanted the dividend paid in 2022 for tax purposes.
A number of major airlines are waiving the usual fees and fare differences for travelers looking to rebook their trips this holiday season ahead of dangerous winter weather.
The big picture: A significant winter storm is expected to barrel through the United States this week, bringing frigid temperatures and blizzard conditions to much of the country, most likely delaying travel for millions.
Coinbase co-founder and CEO Brian Armstrong this week wrote a blog post about the future of crypto regulation, as the industry writhes under the weight of rival FTX's collapse.
Axios spoke with Armstrong about FTX, what he wants Congress to do and his company's future. The following transcript has been edited for length.
Two major figures in the FTX scandal, company co-founder Gary Wang and former Alameda Research CEO Caroline Ellison, on Wednesday both pleaded guilty to several federal wire fraud and conspiracy charges. Each also was charged with fraud by the SEC and the CFTC.
Why it matters: The close confidants of disgraced crypto entrepreneur Sam Bankman-Fried are cooperating with federal prosecutors, according to U.S. Attorney Damian Williams.
FTX founder Sam Bankman-Friedwas in FBI custody on Wednesday night after agreeing to be extradited from the Bahamas to the U.S., American officials said.
Driving the news: Bankman-Fried was arrested by Bahamas officials last week after a U.S. criminal complaint was filed against him, accusing him of engaging in a scheme to defraud FTX customers.
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