international-business

A first generation iPhone going up for auction hopes to fetch $50,000

New York CNN — An unopened first-generation iPhone from 2007 is hitting the auction block Thursday – with an estimated value of $50,000. Originally on sale for $599, the first iPhone offered early Apple adopters a 3.5-inch screen with a 2-megapixel camera, plus 4 GB and 8 GB storage options, internet capabilities and iTunes. It …

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ECB and Bank of England interest rates rise again in fight with inflation

London CNN — Europe’s two largest central banks raised interest rates sharply on Thursday, opting for a bigger rise than the US Federal Reserve as inflation in the region remains near historically high levels. The European Central Bank (ECB) and the Bank of England both lifted rates by another half a percentage point. Benchmark interest …

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Shell posts profit of nearly $40 billion and announces $4 billion in buybacks

Hong Kong/London CNN — Shell made a record profit of almost $40 billion in 2022, more than double what it raked in the previous year after oil and gas prices soared following Russia’s invasion of Ukraine. Europe’s largest oil company by revenue reported adjusted full-year earnings of $39.9 billion on Thursday — more than double …

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Meta shares surge nearly 20% as Zuckerberg pledges to make 2023 a ‘year of efficiency’

New York CNN — For years, Facebook and its CEO Mark Zuckerberg invested heavily in growth, including in areas like virtual reality with unproven potential. But after a brutal year in which the company lost more than $600 billion in market value, Zuckerberg has started speaking Wall Street’s language — and they are rewarding him …

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ChatGPT creator launches subscription service for viral AI chatbot

CNN — OpenAI, the company behind ChatGPT, announced on Wednesday it is piloting a $20 monthly subscription plan that offers users Priority access to the AI ​​chatbot even during peak times. The paid plan, called ChatGPT Plus, comes two months after the tool was released publicly and quickly went viral, thanks to its ability to …

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Adani scraps $2.5 billion share sale as the value of his empire collapses

London CNN — Indian billionaire Gautam Adani on Wednesday abandoned a deal to raise $2.5 billion from investors after a week-long meltdown in the value of his logistics and energy business empire that started when an American short seller accused the conglomerate of fraud. The share sale — the largest offering by a company already …

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Biden proposes a ‘junk fee’ bill to cut hidden fees for credit cards and concert tickets

CNN — President Joe Biden announced new progress Wednesday on his administration’s “competition agenda,” specifically taking aim at junk fees while calling on Congress to pass legislation targeting fees hidden across multiple industries. These costs can “drain hundreds of dollars a year from the pockets of hardworking American families, especially folks who are already struggling …

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Job openings unexpectedly jump to 11 million in December

Minneapolis CNN — Despite the looming threat of recession and the cacophony of mass layoff announcements, US businesses still need workers — 11.01 million of them. The number of available jobs rose unexpectedly in December, climbing from a revised 10.44 million openings in November and exceeding economists’ expectations of 10.25 million, according to Bureau of …

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Bed Bath and Beyond is closing 87 more stores. See the list

New York CNN — Bed Bath and Beyond is closing another 87 stores as the struggling retailer barrels toward bankruptcy. The closing stores are in addition to the 150 closures Bed Bath and Beyond announced last August. Included in the new list are 5 buybuy Baby locations and all 49 remaining Harmon Face Value stores, …

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