After dealing with a host of problems caused by a cryptocurrency mining craze, the former mayor of Plattsburgh, New York, on Thursday cast doubt on the economic benefits of miners setting up shop in a region. “Counties and cities are enticed by all these promises of job creation, which — when you look into it, and I have — they just don’t materialize,” Colin Read said on CNBC’s “The Exchange.” “We had one of the biggest bitcoin operators in the world operating here and generated only a handful of jobs,” said Read, who was elected in 2016 and served one...

A House committee passed a series of sweeping antitrust reforms Thursday after roughly 23 hours of debate. While the advancement of the six tech-focused bills considered by the House Judiciary Committee beginning Wednesday is a victory for the bipartisan members who introduced them, the markup surfaced rifts within parties that could ultimately hamper the bills’ chances of becoming law. Several lawmakers made it clear they thought the process from introduction to markup in less than two weeks felt rushed, despite a lengthy investigation preceding the bills. Some said they hoped to see further changes before the legislation reaches the House...

A man walks in front of Nike products exhibit, on February 22, 2021 in New York City. John Smith | Corbis News | Getty Images Nike on Thursday reported fiscal fourth-quarter earnings and sales that topped analysts’ estimates, fueled by record revenue in its largest market, North America. The company continues to benefit from consumers seeking out comfortable clothing to wear for workouts but also around the house. Even as people return to schools, offices and other social settings, many are still searching for relaxed options like sneakers and stretchy pants. Nike also saw a boost to its wholesale business...

The Federal Reserve announced Thursday that the biggest U.S. banks could easily withstand a severe recession, a milestone for the once-beleaguered industry. The Fed, in releasing the results of its annual stress test, said that all 23 institutions in the 2021 exam remained “well above” minimum required capital levels during a hypothetical economic downturn. That scenario included a “severe global recession” that hits commercial real estate and corporate debt holders and peaks at 10.8% unemployment and a 55% drop in the stock market, the Fed said. While the industry would post $474 billion in losses, loss-cushioning capital would still be...

A Thai investor checks an electronic board showing stock prices at Asia Plus Securities amid Coronavirus threats in Bangkok. Amphol Thongmueangluang | SOPA Images | LightRocket via Getty Images Swiss investment bank Credit Suisse expects global growth to accelerate in the coming months as countries gradually reopen their economies, leading to a recovery in revenue growth and rehiring. In its investment outlook for the second half of 2021, Credit Suisse predicted the world economy will grow 5.9% this year and 4% in 2022. That growth will be led by vaccine rollouts, fiscal stimulus and a broadening services recovery. It also...

The cruise ships “Carnival Sunrise” (L) and “Carnival Vista” (R) part of the Carnival Cruise Line, are seen moored at a quay in the port of Miami, Florida, on December 23, 2020, amid the Coronavirus pandemic. (Photo by Daniel SLIM / AFP) (Photo by DANIEL SLIM/AFP via Getty Images) DANIEL SLIM | AFP | Getty Images Carnival Corporation saw booking volumes increase 45% in the second quarter of this year compared to the first quarter, the cruise operator announced in a business update on Thursday Carnival also said its cumulative advanced bookings for 2022 are ahead of its 2019 bookings,...

Former New York City Mayor Rudy Giuliani, personal attorney to U.S. President Donald Trump, speaks in Philadelphia, Pennsylvania, November 7, 2020. Eduardo Munoz | Reuters A New York court on Thursday suspended Rudy Giuliani from practicing law in New York state due to making “false and misleading statements” about the election loss of former President Donald Trump, his client. The suspension, which takes effect immediately, is a stunning blow to Giuliani, the former New York City mayor who previously served as a top Justice Department official and as the U.S. Attorney in Manhattan. It also comes as Giuliani is under...

People wearing face masks as a preventive measure against the spread of Covid-19 in Singapore. Maverick Asio | SOPA Images | LightRocket | Getty Images SINGAPORE — Singapore will expand its Covid vaccination program to all residents 12 and older starting early next month. The government said Thursday that some permanent residents and long-term pass holders can begin booking appointments on July 2. Since June 11, citizens between the ages of 12 and 39 had a priority window to book vaccinations. Singaporeans were originally given a two-week window, but the Ministry of Health said that period will be extended by...

Buena Vista Images | Stone | Getty Images Dubai, United Arab Emirates – Dubai-based digital bank Zand will attempt to attract customers with competitive deposit rates and a digital-first product lineup when it launches later this year, challenging traditional bank rivals as Covid-19 drives a wave of digital adoption in the Gulf. “We think there is a huge opportunity,” Zand CEO Olivier Crespin said during a CNBC moderated panel session at the Open Banking Ecosystem Summit hosted by QnA International on Monday. “We are onboarding friends and family on both the retail and corporate side, and we should be ready to go...

JPMorgan Chase is `strongly’ urging all its U.S. employees get the Covid-19 vaccine, warning that the jab may eventually be mandatory for workers, according to a memo sent late Wednesday. The bank is now requiring all U.S. workers to log their vaccination status in a software portal by June 30. Those who are vaccinated don’t need to wear masks, socially distance or log their health status on a daily basis when they return to office life; those who aren’t vaccinated need to wear masks and are encouraged to take weekly Covid tests, JPMorgan said. “We strongly urge all of our...