Citigroup’s fourth-quarter profit declines by 21% as bank sets aside more money for credit losses

Citigroup’s fourth-quarter profit declines by 21% as bank sets aside more money for credit losses

Citigroup said it had identified the cause of the flash crash and corrected the error ”within minutes.” Jim Dyson | Getty Images News | Getty Images Citigroup said fourth-quarter net income decreased by more than 21% from a year ago as the bank set aside more money for potential credit losses. Shares were up 0.74% as investors looked to some positives in the report including a record fourth quarter for fixed income trading. related investing news Here are the fourth-quarter numbers versus what Wall Street expected: Net income: $2.5 billion versus $3.2 billion a year ago. Earnings: $1.10 a share,...

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Bitcoin (BTC) price jumps above $18,000 as CPI shows inflation cooling

Bitcoin (BTC) price jumps above $18,000 as CPI shows inflation cooling

Cemile Bingol | Digitalvision Vectors | Getty Images Bitcoin on Thursday surged to its highest price in nearly a month, as traders bet on a U.S. inflation cooldown and digested news that lawyers for defunct crypto exchange FTX have found billions of dollars worth of assets. The world’s largest digital currency climbed above $18,000 for the first time since Dec. 14, increasing in value by about 4% in the last 24 hours. Bitcoin was last trading at $18,232.36, according to CoinMetrics. related investing news On Wednesday, attorneys for collapsed crypto exchange FTX said they had found around $5 billion in...

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FAA lifts U.S. ground stop after technology outage delays thousands of flights

FAA lifts U.S. ground stop after technology outage delays thousands of flights

The Federal Aviation Administration lifted its nationwide halt of departing planes on Wednesday morning after a technology outage delayed thousands of flights, but airlines warned the issue will continue to disrupt travel throughout the day. The FAA said early Wednesday domestic departures would be paused until at least 9 a.m. ET while the agency worked to restore the Notice to Air Missions System, which is responsible for sending messages to all pilots, such as about closed runways, hazards and other information. All flights currently in the air were safe to land, the agency said. The FAA’s outage was the second major air travel disruption in...

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France’s government outlines plans to raise retirement age despite years of pushback

France’s government outlines plans to raise retirement age despite years of pushback

The French government is presenting new plans to update the pension system. Analysts expect some backlash from some workers. Nurphoto | Nurphoto | Getty Images French President Emmanuel Macron is going at it again. A new pension reform was presented on Tuesday that included plans to raise the retirement age — which is expected to face some significant backlash in the country. Macron is serving his second term as France’s president but overhauling the pension system is a long-standing promise that dates all the way back to when he was first elected in 2017. France’s legal retirement age is currently...

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up to 3,200 employees laid off this week

up to 3,200 employees laid off this week

People enter the Goldman Sachs headquarters building in New York, U.S., on Monday, June 14, 2021. Michael Nagle | Bloomberg | Getty Images Goldman Sachs is laying off fewer employees than feared, but the cut is still a deep one. The global investment bank is letting go of as many as 3,200 employees starting Wednesday, according to a person with knowledge of the firm’s plans. That amounts to 6.5% of the 49,100 employees Goldman had in October, which is below the 8% reported last month as the upper end of possible cuts. The final figure, reported earlier by Bloomberg, is...

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Republican representatives say they are not worried McCarthy conceded too much

Republican representatives say they are not worried McCarthy conceded too much

New U.S. Speaker of the House Kevin McCarthy (R-CA) speaks with reporters in Statuary Hall after being elected Speaker of the U.S. House of Representatives in a late night 15th round of voting in the fourth session of the 118th Congress at the U.S. Capitol in Washington, U.S., January 7, 2023.  Jon Cherry | Reuters Following a chaotic week in the U.S. House of Representatives over Kevin McCarthy’s bid for speaker, Republican representatives said Sunday they are not worried that he gave up too much in order to secure the gavel. After 14 failed votes since Tuesday, the California Republican...

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Elon Musk attorneys aim to move trial from California to Texas, citing ‘local negativity’

Elon Musk attorneys aim to move trial from California to Texas, citing ‘local negativity’

Tesla CEO Elon Musk speaks at an event in Hawthorne, California April 30, 2015. Patrick T. Fallon | Reuters Attorneys for Tesla and Elon Musk are asking a federal judge in San Francisco to move, or delay, a forthcoming trial from Northern California to Western Texas, saying they won’t be able to find unbiased jurors and citing ”local negativity” toward Musk. Musk, and other current and former Tesla board members, are set to face a jury in a shareholder class action that claims the CEO manipulated Tesla’s stock in 2018 when he tweeted that he was considering taking his electric...

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Crypto exchange Huobi to lay off 20% of workforce

Crypto exchange Huobi to lay off 20% of workforce

The Huobi crypto exchange logo displayed on a smartphone. Nikolas Kokovlis | Nurphoto via Getty Images Digital currency exchange Huobi on Friday reportedly said it plans to reduce its global headcount by about 20%, in the latest round of layoffs to hit the beleaguered cryptocurrency industry. The Seychelles-based company is one of the largest crypto exchanges globally, handling about $370 million of trading volumes on a single day, according to data from CoinGecko. A company spokesperson told news agency Reuters that Huobi had a ”planned layoff ratio” of about 20%. Bloomberg and the Financial Times also reported on the layoff...

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Silvergate Capital tanks more than 40% after crypto bank discloses massive Q4 withdrawals

Silvergate Capital tanks more than 40% after crypto bank discloses massive Q4 withdrawals

Pavlo Gonchar | Lightrocket | Getty Images Shares of Silvergate Capital sank 47% on Thursday after the crypto-focused bank released preliminary fourth-quarter results that showed massive customer withdrawals. Total deposits from digital asset customers declined to $3.8 billion from $11.9 billion at the end of the third quarter, a decline of roughly 68%. The withdrawals came as crypto exchange FTX, a Silvergate customer, collapsed in scandal, raising questions about the stability of the digital asset industry. Silvergate said there was a ”crisis of confidence across the ecosystem.” related investing news At the end of December, $150 million of the bank’s...

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Manhattan apartment sales plunge in Q4, brokers fear frozen market

Manhattan apartment sales plunge in Q4, brokers fear frozen market

Manhattan apartment sales fell by 29% in the fourth quarter, sparking fears of a frozen market in which buyers and sellers stay on the sidelines due to economic and rate fears. There were 2,546 sales in the quarter, down from 3,560 last year, according to a report from Douglas Elliman and Miller Samuel. The decline was the largest since the third quarter of 2020, during the depths of the pandemic. Prices also declined for the first time since early 2020, with the median price down 5.5%. The declines in both sales and prices mark the end of the roaring comeback...

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