A review of FTX documents and interviews with executives and investors provide the most comprehensive picture so far of how Sam Bankman-Fried became one of the world’s richest men in just a couple of years, and then came crashing down. Read our special report on how the FTX founder begged for a rescue even as he revealed huge holes in the firm’s books.
Target forecast a surprise drop in holiday-quarter sales, blaming surging inflation and “dramatic changes” in consumer behavior for a drop in demand for everything from toys to home furnishings. The big-box retailer’s shares fell 14% in premarket trading.
Surging household energy bills and food prices pushed British inflation to a 41-year high, as finance minister Jeremy Hunt prepares to announce tax hikes and spending cuts to control price growth. Britain’s lenders are seeking more data on the finances of potential and existing customers on the rising risk of borrowers struggling with their debts, credit data firm Experian said.
Elon Musk, known for his combative testimony, is set to take the stand in a Delaware court today to defend against claims that his $56 billion Tesla pay package was based on easy to achieve performance targets and influence with the board of directors.
Toyota rolled out a 2-liter plug-in version of its Prius, in an attempt to reboot the 25-year-old hybrid that was once at the cutting edge of low-emissions technology and appeal more widely to cost-conscious drivers.
Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York. Citigroup, HSBC, Mastercard and Wells Fargo are among the financial companies participating in the experiment.