Facebook owner Meta cuts 11,000 jobs—13% of workforce
"I got this wrong," admits CEO Mark Zuckerberg as his company grapples with faltering revenue and broader tech industry woes.
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"I got this wrong," admits CEO Mark Zuckerberg as his company grapples with faltering revenue and broader tech industry woes.
Surge in borrowing costs is pushing some buyers out of the market, while sellers face a quandary.
Truss faced a fast-mounting rebellion just weeks into her tenure, with a senior member of her own party declaring he'd "had enough of talentless people."
In a move that could drive up gas prices, the oil cartel will cut production by 2 million barrels per day starting in November.
"The Fed isn't about to 'pivot' and there is more monetary tightening to come," said one analyst.
The bill's passage is a significant achievement for Democrats as they look to maintain their hold on Congress in the November midterm elections.
Billionaire Elon Musk said Tuesday he intends to reverse Twitter's ban against former President Donald Trump. CBS News' Tanya Rivero and Dan Patterson break down this announcement with CBS News tech reporter Dan Patterson.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
After billionaire Elon Musk said that he was abandoning his $44 billion buyout, Twitter vowed to pursue him in court.
The start of 2022 has pushed Wall Street into a bear market. Here's what the rest of the year could hold for investors.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Manufacturers are again downsizing packaging in an effort to ease the hit from inflation. Are they going too far?
News alleviates investor doubts over billionaire's resolve, sending Twitter stocks up 5.5% in after-hours trading.
As prices continue to rise in the midst of one of the largest periods of inflation America has ever seen, Dr. Christopher Thornburg, an economist and cofounder of Beacon Economics, joined the studio to offer advice on how people can prepare for "recession shock."
A warning from Bank of America has brought more questions than answers as experts warn of an oncoming recession. Dr. Richard Thornburg, an economist and founding partner of Beacon Economics, joined the studio to discuss the potential "recession shock" and what it means.
President Biden on Thursday announced the release of 180 million additional barrels of oil over the next six months to combat gas prices, as well as urged Congress to impose fees on companies that he accuses of "hoarding without producing" and discussed his plans to boost the domestic production of critical minerals. CBS News' Tanya Rivero and Meg Oliver sit down with Tamar Essner, a principal at Vectis Energy Partners, to discuss.
After backing out of a high-profile trip to the World Climate Conference, rumors and conspiracy theories began to emerge online about the Governor's handling of the job.
The consumer price index rose four tenths of a percent in September, 5.4 percent higher than what it was last year according to the U.S. Labor Department.
While many people worry about the long term economic effects of the coronavirus pandemic, some economists said the bounce back may be quicker than expected.
Amazon and Netflix continue to do well as coronavirus isolates people in their homes, but many other companies have benefited or may soon.
President Trump on Tuesday said he wants the U.S. "opened up" by Easter Sunday, which falls on April 12, despite an acceleration of coronavirus cases across the country.
Nearly 1 in 5 Americans say they have been laid off or have had their work hours cut over the coronavirus pandemic.
The revision is the first in the forecast's 68-year history where an update was published between its scheduled quarterly releases.
Southern Californians should expect to see a dip in the economy due to the growing precautions put in place to mitigate the spread of coronavirus in the U.S.
