For every dollar of new global wealth earned by a person in the bottom 90% during the first two years of the COVID-19 pandemic, a billionaire got $1.7 million, according to a new analysis from the anti-poverty group Oxfam. That means that even in an era marked by the pandemic, nearly 15 million excess deaths and rising consumer prices, the

Brett Harrison, former head of the U.S. arm of FTX, distanced himself from the crypto exchange co-founded by Sam Bankman-Fried, which filed for bankruptcy back in November. Harrison, who resigned as FTX US’s president in September, wrote about his experience with the company in a 49-part Twitter thread published Tuesday. Harrison had rarely made any public comments about FTX and

Dear Quentin, My biological mom died when I was a toddler, and the state felt that my grandmother wasn’t appropriate as a placement given that they found she had mental-health issues at that time. I was adopted by an upper-class family, and all communication with my biological grandma was prohibited after the adoption.  Fast forward to when I turned 18

After a busy (and inflation-heavy) holiday season, we all could use a collective exhale. It’s also your chance to take a deep breath in, too: January is financial wellness month, a great opportunity to clear our heads and look at what steps we can take to help make our financial lives better as we move forward from here. We all

Two years after Martin Luther King Jr. described his famous dream at the 1963 March on Washington, he confessed to his congregation at Ebenezer Baptist Church in Atlanta that the “dream has often turned into a nightmare.” His dream was “shattered” by continued violence against civil-rights activists in the South, but also by the “sense of utter hopelessness” that King

Sam Bankman-Fried has the right to remain silent. But he refuses to do so. On Thursday, the former CEO of bankrupt crypto exchange FTX launched a Substack newsletter, while on house arrest that details his version of events around FTX international’s insolvency, an overview of what happened at FTX, including the crash in November, other things. In the newsletter, Bankman-Fried

As 2023 gets underway markets are clinging to expectations that the U.S. economy will slide into a recession that effectively forces the Federal Reserve to start cutting interest rates, lower bond yields and borrowing costs, and perhaps help stock market valuations. While such an outcome may, at least in theory, help to repair investors’ badly beaten portfolios after one of

(Updated with prices and returns through Jan. 12 and consensus estimates early on Jan. 13 following Delta’s earnings announcement.) U.S. airlines began their flurry of fourth-quarter earnings reports on Jan. 12, when Delta Air Lines Inc. announced its results. Latest Delta coverage: Here’s what Delta Air earnings say about the rest of the industry Delta Air Lines’ Q4 results beat

A documentary about the emotional and groundbreaking fight for reparations in a Chicago suburb will premiere on PBS on Martin Luther King Jr. Day — and chronicles “history in the making,” its filmmakers say. “The Big Payback,” which made its public debut last summer at the Tribeca Film Festival, shines a light on the first publicly funded reparations for Black

Friday’s wave of big-bank earnings gives an important glimpse into Americans’ finances amid high prices, rising interest rates and recession worries. At first glance, most consumers appear to be keeping their heads above water. A day after December inflation data showed price increases coming off the boil – but still high — fourth-quarter earnings showed some signs of consumer slowdown

It’s the comeback currency. The Japanese yen, among the world’s worst-performing major currencies in 2022, roared back to a seven-month high versus a now-reeling U.S. dollar on Friday, as traders bet the Bank of Japan will finally join other major central banks in tightening monetary policy. A December reading Thursday on U.S. inflation that was in line with expectations “has

JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. managed to beat Wall Street’s reduced expectations for their fourth-quarter profits as higher interest rates boosted income from loans. The banks turned in stronger-than-expected results despite a slowdown in overall deal activity such as home mortgage loans and initial public offerings. Bank stocks moved into

Treasury Secretary Janet Yellen on Friday warned top U.S. lawmakers that the federal government is expected to hit its ceiling for borrowing next week and urged them to “act in a timely manner to increase or suspend the debt limit.” “I am writing to inform you that beginning on Thursday, January 19, 2023, the outstanding debt of the United States

Many Americans will be rushing today to grocery stores and gas stations to buy tickets for tonight’s big Mega Millions drawing with a $1.35 billion jackpot. But for Brandon Sansone, there’s no reason to head out in a last-minute panic: He can make all his lottery purchases without even looking up from his phone. Sansone is a regular user of

Drug companies planning to raise prices on cancer drugs and other life-saving treatments are justifying the move by claiming it’s necessary to fund research and development, but the claim rings hollow given that they spend more on shareholder rewards than on R&D, according to a new study. Accountable.US, a liberal-leaning consumer-advocacy group, found that in the period from 2019 to

The XBB.1.5 omicron subvariant that has been dominant in the Northeast for several weeks is now officially dominant across the U.S., according to an update from the Centers for Disease Control and Prevention early Friday. XBB.1.5 accounted for 43% of all COVID cases in the week through Jan. 14, pulling ahead of BQ.1.1, which accounted for 28.8% of new cases,