The Church of Jesus Christ of Latter-day Saints pushed back Monday on a "60 Minutes" report detailing a whistleblower's allegations of illegal financial practices by the church and its investment company.
Catch up quick: David Nielsen, a former investment adviser for the church, accused the church of hiding billions of dollars and violating its tax-exempt status, in his interview that aired Sunday.
Nine different bathing suits and eight hours of other people's hands — prodding and nudging — are apparently what's required for a Sports Illustrated Swimsuit cover shoot, Martha Stewart tells the New York Times about the historic May 15 issue.
Driving the news: At 81, the media mogul has just become the oldest SI Swimsuit cover model in the publication's history.
A top U.S. regulator is amending its previous complaint against LBRY, cutting the fine imposed against the crypto firm by more than 99% — but don't call it a "win" for the sector.
Details: The Securities and Exchange Commission cited "ability to pay" and LBRY's inevitable shuttering in lowering the fine, though the company argued in court that the original $22 million was comparatively larger than others' also caught in the regulators' crosshairs over similar offenses.
If you're traveling this Memorial Day weekend, you may want to hit the road early to account for extra traffic.
What we're hearing: AAA estimates that 42.3 million Americans will travel during the holiday weekend — a 7% increase over last year. It is projected to be the third busiest Memorial Day weekend.
A federal appeals court affirmed Monday that Elon Musk can't scrap a 2018 settlement with the Securities and Exchange Commission that required some of his tweets to be preapproved.
Driving the news: "We see no evidence to support Musk’s contention that the SEC has used the consent decree to conduct bad-faith, harassing investigations of his protected speech," the summary order by the 2nd U.S. Circuit Court of Appeals in Manhattan states.
Last year, there were plentyofdoom-and-gloomwarnings about how the Fed's turbocharged interest rate hiking campaign would tip the world into a recession. But that scenario has not played out.
Why it matters: The globe has, so far, been able to weather higher interest rates without the devastating consequences that some had anticipated.
A central bank digital currency (CBDC),were the U.S. ever to adopt one, by definition would be legal tender in Florida. Being an instrument of the central bank, it would be fully fungible with the dollar as we know it today.
Why it matters: The bedrock concept of a national currency has now been called into question by Florida Gov. Ron DeSantis, a man who would like to be president of the United States.
Driving the news: Biden told reporters in Delaware he expects to resume talks with congressional leaders on Tuesday and that he plans to leave as scheduled for the G7 summit in Japan one day later, per a pool report.
As we get closer to the x-date when the U.S. runs out of money to pay its bills, the broad consensus among economists and politicians alike is that a debt default would be catastrophic. When they use the word "default," however, they mean different things.
Why it matters: The Treasury Department has an idiosyncratic definition of default — which means that when Treasury officials talk about the consequences of default, they're not talking about exactly the same thing that's keeping bankers and economists up at night.
Americans are keeping their vehicles longer than ever — good news for repair shops, but bad news for anyone expecting a rapid phase-out of gas-powered cars.
Why it matters: The longer people hold onto their internal-combustion cars, the longer it will take to replace those vehicles with newer, more environmentally sustainable technology.
It was nigh on one year ago when gasoline crossed a threshold American drivers had never seen before: $5 a gallon.
Now? We're back to around $3.50.
Driving the news: A slump in the price of crude oil — which accounts for roughly half the price of a gallon of gas — over the last year has helped pull down prices for the fuel.
Vice Media Group filed for Chapter 11 bankruptcy early Monday morning, marking the end of a long, strenuous effort to sell itself after its business stopped growing.
Why it matters: It represents a significant fall from grace from what was once one of the most highly valued media startups in the internet era.
The Church of Jesus Christ of Latter-day Saints' finances faced renewed scrutiny Sunday when CBS aired an interview with a whistleblower who alleges the church tried to hide billions of dollars and violated its tax-exempt status.
What they’re saying: The church's former investment adviser David Nielsen described on "60 Minutes" the religious body's investment portfolio as "a clandestine hedge fund."
Fanatics, the sports merchandise giant valued at over $30 billion, has reached a deal to acquire the U.S. assets of PointsBet, an online sportsbook operator based in Australia.
Why it matters: The deal brings Fanatics further into the world of online sports betting as it gears up for a potential IPO.
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