By MacKenzie Sigalos, CNBC Core Scientific, one of the largest publicly traded crypto mining companies in the U.S., is filing for Chapter 11 bankruptcy protection in Texas early Wednesday morning, according to a person familiar with the company’s finances. The move follows a year of plunging cryptocurrency prices and rising
LOS ANGELES DECEMBER 2021-Entrance, Crypto.com Arena in December 2021 in Los Angeles. The name of Staples Center sports and entertainment arena, home of the Lakers, changed to Crypto.com Arena in Dec. (Shutterstock) By Rohan Goswami and MacKenzie Sigalos, CNBC Kris Marszalek wants everyone to know that his company, Crypto.com, is
By Alicia Wallace, CNN Business Minneapolis (CNN Business) – Heading into the all-important holiday shopping season, American consumers still aren’t feeling very confident about the state of the US economy. The University of Michigan’s consumer sentiment index landed at 56.8 in November, up from the preliminary reading of 54.7 measured
By Parija Kavilanz, CNN Business New York CNNBusiness — Is there anything at your local grocery store (besides avocados) that’s getting less — not more — expensive as families plan their upcoming Thanksgiving Day meals? Well, yes, but you have to look carefully. While 90% of grocery items right now
By Tami Luhby, CNN New York CNN Business — Employers continued hiking wages to attract workers and hold on to existing staff during the third quarter. But the raises did not keep up with inflation — and the continued increase is unwelcome news for the Federal Reserve, since higher wages
By Allison Morrow, CNN Business New York CNN Business — No one expected the Federal Reserve to be able to smother inflation swiftly. But after seven months of rapidly rising interest rates, the central bank has hardly made a dent. Thursday’s look at the September consumer price data shows we’re
By Ryan Browne, CNBC Customers of beleaguered cryptocurrency lender Voyager Digital may find some solace in the news that FTX, the bitcoin exchange founded by billionaire Sam Bankman-Fried, is set to take on the company’s assets after winning a bankruptcy auction. After several rounds of bidding, FTX’s U.S. subsidiary was
By Andrew Osterland, CNBC Few things cause more financial distress and anxiety than a large slug of high-interest rate credit card debt. Millions of Americans of all income levels carry large balances on credit cards that charge very high interest rates. According to Federal Reserve data, the average annual percentage
By Andrew Osterland, CNBC Personal bankruptcy filings have fallen dramatically since the beginning of the coronavirus pandemic, but with interest rates rising and government relief waning, filing numbers will likely pick up through this year, say experts. “I’ve had more calls in the last few weeks than the previous six
By Vivekanand Jayakumar, The Hill Once again, U.S. consumers are sharply reorienting their spending patterns — the two-year-long pandemic-induced spending splurge on durable goods appears to be waning just as pent-up demand for services takes off. Despite inflation remaining near 40-year highs, overall consumption expenditure in the U.S. remains quite
