The Commerce Department has revised down its growth rate in the fourth quarter of 2022 to 2.7 percent. Its previous estimate was 2.9 percent, which was still down from the 3.2 percent growth rate from July through September, suggesting that economic growth is slowing but remains steady.
FED MINUTES UPDATE
The minutes from the latest Federal Reserve FOMC meeting shows officials acknowledging that inflation is coming down but not enough to reverse course on more interest rate hikes.
SHRINKING MORTGAGE FEES
The Biden administration is lowering insurance premiums for borrowers who take out loans insured by the Federal Housing Administration. The move will save an estimated 850,000 homeowners an average of $800 on home financing costs. The annual premium will drop from 0.85 percent to 0.55 percent.
BILL GATES BUYS HEINEKEN STAKE
Bill Gates has purchased a $902 million stake in Heineken, according to the Netherlands Financial Markets Authority. He bought the shares, which represent 3.8 percent share of the company's value, from Mexico's FEMSA. Gates bought 6.65 million shares in an individual capacity, and Bill & Melinda Gates Foundation Trust bought 4.18 million shares.
TESLA STAYING IN CALIFORNIA
Elon Musk says Tesla is staying in California for the foreseeable future. The electric vehicle maker will make the Golden State its global engineering home, while its corporate headquarters will remain in Texas. Tesla's plant in Fremont, California, will increase production this year to more than 600,000 vehicles.
MERCEDES BENZ-GOOGLE PARTNERSHIP
Mercedes-Benz and Google have announced a long-term partnership to bring supercomputers into automobiles. The automaker will use Google technology to develop a branded navigation experience based on in-car data and Google's Maps platform. The deal essentially gives Mercedes-Benz access to the latest Google geospatial technology.
Matt Hougan, CIO of Bitwise Asset Management, gives Cheddar the latest on the Securities and Exchange Commission approval of bitcoin ETFs. Hougan calls this time a 'potential major milestone for bitcoin.'
LeBron James has agreed to an exclusive deal with Fanatics Collectibles. James and his son, Bronny, will appear together on a unique sports trading card to herald the Los Angeles Lakers superstar’s new multiyear partnership with Fanatics.
Joe Zhao, Managing Partner at Millennia Capital, joined Cheddar to discuss the latest stock moves and how the market is being impacted by artificial intelligence.
Wall Street was quiet early following a lackluster session a day earlier as markets await U.S. inflation data and high-profile corporate earnings reports later in the week.
The World Economic Forum says false and misleading information supercharged with cutting-edge artificial intelligence is the top immediate risk to the global economy.
CES 2024 starts this week in Las Vegas. It's set to feature swaths of the latest advances and gadgets across personal tech, transportation, health care, sustainability and more. Here's a list of the coolest announcements so far.
Astronauts will have to wait until next year before flying to the moon and another few years before landing on it. NASA on Tuesday announced the latest round of delays in its Artemis moon-landing program.
The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
The KC-46 was to be the ideal candidate for a fixed-price development program. Instead, it has cost Boeing billions, and made industry wary of such deals.
