Flight delays and cancellations continue to wreak havoc on thousands of travelers' plans as a major winter storm unleashes wicked weather across the U.S.
The latest: As of 4pm ET Saturday, FlightAware reported at least 6,180 delays and 2,675 cancellations for flights within or into the country, just hours ahead of the Christmas holiday.
Your Christmas meals with all the fixings, including eggnog and ham, cost around 16.4% more than last year with inflation.
Why it matters: Nearly every ingredient in 2022 holiday feasts is more expensive — hit by inflation, supply chain interruptions and the avian flu, according to data from Datasembly and the Consumer Price Index.
The Mega Millions jackpot grew to $565 million for the Dec. 27 drawing after nobody won the grand prize in Friday’s pre-Christmas drawing.
Driving the news: If Tuesday’s drawing has one or more winning tickets, the jackpot is estimated to be the sixth largest in the lottery's 20-year history, Mega Millions said in a statement Saturday.
The big picture: With Christmas Eve falling on a Saturday, expect stores to be busier than last year. However, the epic winter storm hitting swaths of the U.S. could affect store and mall hours.
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.
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