Business Highlights: Cyber Monday, BlockFi bankruptcy

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Cyber​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Monday​​​​​​​​

NEW YORK (AP) – Days after hitting the stores on Black Friday, shoppers are turning to the Internet for Cyber ​​​​Monday to get more money on deals and other items that are up for grabs. ‘cost because of the high cost. Adobe Analytics, which tracks business for top online retailers, predicts Cyber ​​Monday will continue to be the biggest online shopping day of the year and generate $11.6 billion in sales. . Some analysts expect that the number of things that consumers buy may remain unchanged – or even fall – compared to previous years. Profit margins are also expected to be strong for retailers offering deeper discounts to attract thrifty shoppers and clear their liquid inventory.

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2 Fed officials agreed to keep the key rate at the peak until 2023

WASHINGTON (AP) — Two Federal Reserve officials said they are prepared to raise the Fed’s key rate to about 5% or more and keep it at that level next year — longer than many in the U.S. and Wall Street expected. John Williams, president of the Federal Reserve Bank of New York, said the central bank has “more work to do” to reduce inflation closer to its 2% target. And James Bullard, president of the St Louis Fed, suggested that the financial market is looking down on the Fed to be stronger in its fight against the worst inflation in four decades.

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The Irish regulator fined Meta 265M euros in the latest scandal

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LONDON (AP) — Irish regulators have fined Facebook parent Meta 265 million euros in the company’s latest fine for violating the European Union’s privacy laws. The Data Protection Commission said that Meta Platforms breached part of EU law covering technical and organizational measures to protect user data. The watchdog opened an investigation last year with reports that data about 533 million users had been lost online. Meta said that apps designed to help people find their friends by phone number using the import feature and contacts have deleted the data from Facebook. The company said it was working closely with Irish authorities.

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BlockFi files for bankruptcy, the latest crypto company to fail

NEW YORK (AP) — Cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection Monday, the latest casualty of the collapse of crypto exchange FTX. New Jersey-based BlockFi has been struggling this year, but was given a lifeline this summer in the form of the FTX credit system. However, the bankruptcy of FTX, all but closed the future of BlockFi. BlockFi suspended withdrawals after the FTX crash, and has hired financial experts in recent days. BlockFi is one of the many crypto lenders that have sprung up in recent years. The company offered loans to customers using their crypto assets as collateral.

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Superpower Russia says no more gas will be cut off from Moldova

BUCHAREST, Romania (AP) — Russian energy giant Gazprom announced Monday that it will not cut gas supplies to Moldova as it said it would after it said it was not paying a fee that goes through Ukraine. Moldova. Gazprom tweeted on Monday that Moldovagaz has “removed payment violations” for November supplies and that it has received “payments for gas placed in the territory of Ukraine, intended for consumers in Moldova.” Last week, Moldova and Ukraine responded to Gazprom’s claims that Russian gas from the final pipeline to Western Europe is stored in Ukraine. They said that everything Russia sends from the war-torn country is “safely transported” to Moldova.

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US stocks fall as lockdown protests spread in China

NEW YORK (AP) – Stocks fell on Wall Street as protests spread in China calling for President Xi Jinping to step down amid growing anger over tough sanctions imposed as part of a plan ” zero COVID” with the second largest economy in the world. The S&P 500 fell 1.5% and the Dow Jones Industrial Average lost 1.4%. The Nasdaq lost 1.6%. Small business prices fell even more. The technology industry is huge and the market is huge. The packaging is mostly rose. Markets will receive another key data on the economy this week when the Labor Department publishes its monthly jobs report.

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Biden eases Venezuela sanctions as opposition talks resume

WASHINGTON (AP) – The Biden administration is easing some oil restrictions on Venezuela in an effort to facilitate renewed negotiations between the Venezuelan government and its opposition. The Treasury Department is allowing Chevron to resume “massive” energy production in Venezuela after years of sanctions that have reduced oil and gas profits have been imposed on President Nicolás Maduro’s government. Last year, the Treasury Department also let California-based Chevron and other US companies manage wells it works with state oil giant PDVSA. Under the new law, profits from energy sales will be directed to pay off Chevron’s debt, rather than benefiting PDVSA.

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Whole food decision to pull lobster divided enviros, pols

PORTLAND, Maine (AP) – Environmental groups and politicians and fishermen in New England are once again protesting the decision of a supermarket chain to stop selling Maine lobster. Whole Foods recently said it will stop selling lobster from the Gulf of Maine at hundreds of its stores across the country. The company cited the decision of a lobbying group to withdraw their support of the US lobster fishing industry. The group, the Marine Stewardship Council and Seafood Watch, both cited concerns about the threat to the rare North Atlantic whale from fishing gear. Entrainment is one of the main threats to whales.

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The S&P 500 lost 62.18 points, or less than 1.5%, to 3,963.94. The Dow Jones Industrial Average lost 497.57 points, or 1.4%, to 33,849.46. The Nasdaq fell 176.86 points, or 1.6%, to 11,049.50. The Russell 2000 index of small companies fell 38.23 points, or 2%, to 1,830.96.

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