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Even though higher borrowing costs and rising living costs slowed growth, the US economy did better than expected at the end of last year. According to official numbers, the US economy grew at an annual rate of 2.9% in the last three months of 2022. That was less than the 3.2% in the previous quarter because home sales and buildings fell. Even though the job market has been stable, some analysts are worried that the US economy is heading for a recession. The unemployment rate is close to a record low, but other parts of the economy are getting worse. Even though December is usually a big shopping month, retail sales dropped 1.1% from November to December. The economy has also hurt manufacturing, and the stock market dropped sharply last year. According to a report on Thursday, housing investment, which is affected by interest rates, fell at an annual rate of almost 27% in the three months leading up to December. This happened because fewer new homes were being built. But consumer spend...

Currency exchange that didn’t work The new CEO of FTX, John Ray, is looking into whether or not the platform can be made to work again. He told the Wall Street Journal that he has put together a group to look into restarting FTX.com so that people who lost money can “recover more value.” FTX was worth $32 billion (£26 billion) a year ago, but it filed for bankruptcy in November. Money worth about $8 billion is thought to have gone missing. Sam Bankman-Fried, the exchange’s founder and former CEO, is accused of defrauding customers and investors to pay off debts from his crypto-focused hedge fund, Alameda Research. He has said that he hasn’t done anything wrong. But it still needs to be clarified what will happen to customer funds. ‘Complete Failure’ The WSJ report says that Mr. Ray is considering bringing the platform back to life instead of just selling its assets or shutting it down. When the BBC asked FTX for a comment, the company had to wait to answer. Mr. Ray had previously said ...

There is hope that a last-minute bid will save Britishvolt, a company that wants to build a factory to make batteries for electric cars. People who know about the situation said that “a British consortium” might be the new bidder. The manufacturer is having money problems and has called a meeting for Monday afternoon with all its employees. Shareholders have been voting on who should take over the project to build a £4 billion battery plant in Northumberland. In the Port of Blyth, there were already two bids for the project. One was from an investment group with ties to Indonesia with a dormant subsidiary in the UK and no experience making things. The other came from a small group of existing investors who didn’t want to see the value of their shares completely wiped out. People think it would cost about £30 million to buy out a company. If none of the bidders can get 75% of the shareholders to back them, the company will run out of money and go bankrupt. This was almost what happened ...

The Orion spacecraft successfully sailed by the Moon and currently heads to the Earth, bringing NASA’s Artemis 1 mission close to its objective. The first Artemis mission to the Moon was finally launched by NASA last month after many postponements months earlier. The spacecraft traveled the predetermined route for 15 days, from Earth to the Moon’s orbit and back to our planet. Then, on Thursday, it abruptly left the orbit of the Moon. The Moon’s lava beds and hazard zones are among the regions NASA wants to investigate. Astronauts from the Apollo missions already explored some of these locations. On December 11, if all works as planned, the Orion spacecraft will attempt to land miles off the coast of San Diego in the Pacific Ocean. The most powerful rocket for sending a spacecraft outside the atmosphere, NASA’s newest Space Launch System, propelled the Artemis rocket. NASA researchers expressed optimism that the first Artemis mission will give them more information necessary for future...

Customers of the US bank Silvergate, which provides cryptocurrency services, have withdrawn more than $8 billion (£6.7 billion) from crypto-linked deposits. Approximately two-thirds of the bank’s customers withdrew their deposits in the last three months of 2022. To cover the costs and maintain liquidity, the bank sold assets worth $5.2 billion. It occurred following a warning from three US authorities to banks that issuing cryptocurrency was “very likely to be inconsistent with safe banking procedures.” Silvergate is a bank traded on the New York Stock Exchange; hence it is governed by the financial industry. It is one of only a few businesses in this field that provides cryptocurrency-related services. The withdrawals occurred following the closure of the FTX crypto exchange, which was previously worth $32 billion and filed for bankruptcy in November. Former FTX CEO Sam Bankman-Fried has pleaded not guilty to allegations of defrauding consumers. Prosecutors claim that up to one milli...

Tesla says it sold a record 1.3 million electric cars last year, 40% more than in 2021. It happened after the company had delivered more than 405,000 cars in the last three months of 2022. Wall Street had predicted that there would be about 430,000 deliveries during this time. People will probably buy fewer cars this year because they are worried about rising interest rates and a possible recession. In a letter to investors, Tesla said that it had to deal with “significant challenges related to Covid and the supply chain all year.” On Tuesday, South Korean officials said they would fine Tesla $2.2 million (£1.8 million) for not telling customers that its electric cars have a shorter range in cold weather. The Korea Fair Trade Commission said the company lied about how far its cars could go on a single charge, how much cheaper they were to run than gasoline cars, and how well their Superchargers worked. When the BBC asked Tesla for his opinion, he didn’t respond immediately. During the ...

In a Tuesday battle against the New York Knicks, Luka Doncic of the Dallas Mavericks made an NBA-first finish. In a dramatic overtime victory over the Knicks, the Mavericks defeated them 126–121, giving Doncic his best performance of the season. A player achieved those game numbers for the first time in NBA history when Doncic scored a career-high 60 points, added another career-high 21 rebounds, and handed out 10 assists. Then, with just 33 seconds left, the 23-year-old player assisted his side in overcoming a nine-point deficit. According to the NBA, this was the first occasion in 20 seasons where a team overcame a nine-point deficit or more with less than 30 seconds remaining in the game and ultimately prevailed. Except for the Mavericks, the NBA stated that 13,884 teams had not accomplished this feat since then. Doncic is at the forefront of this historical record. Doncic deliberately missed a free throw and secured a rebound on Maverick’s last play. He subsequently connected on th...