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2025-01-15 18:00:04

Consumer bureau sues Capital One for ‘cheating’ customers on savings account interest
The government’s consumer watchdog on Tuesday sued Capital One for alleging “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking giant of freezing interest rates for its 360 Savings account at low levels as rates rose, despite promising the nation’s “best” and “highest” interest rates. In 2019, Capital One created a separate “360 Performance Savings” account that paid significantly more interest than the 360 Savings. But...

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2025-01-15 18:00:03

NATO announces a new mission to protect undersea cables in the Baltic Sea region
HELSINKI — NATO Secretary-General Mark Rutte announced Tuesday that the alliance is launching a new mission to protect undersea cables in the Baltic Sea region. Rutte said at a meeting in Helsinki with the leaders of NATO countries located on the Baltic Sea that the effort would be dubbed Baltic Sentry. “It will involve a range of assets, including frigates and maritime patrol aircraft, among others, and will enhance our vigilance in the Baltic,” Rutte told reporters. He also said that a small...

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2025-01-15 18:00:03

The South China Sea Comes to a Boil
Over the past two years, an increasingly confident and belligerent China has thrust its South China Sea aggression into overdrive, fixating on the Philippines as its primary target. Manila now faces what amounts to a large-scale maritime occupation of its internationally recognized exclusive economic zone by a hostile imperial power. China has repeatedly swarmed, blocked, and rammed Philippine ships while also deploying nonlethal but dangerous weapons such as lasers, water cannons...

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2025-01-15 16:00:09

Inflation rises 2.9% in December, in line with expectations
So-called core prices, which exclude more volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% on a monthly basis in December, in line with expectations and down from 0.3% the prior month. Core prices were up 3.2% in December compared with a year ago, slightly cooler than expected and down from 3.3% in November. The consumer price index (CPI) rose 0.4% on a monthly basis and was up 2.9% from a year ago in December. (Justin Sullivan/Getty Images...

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2025-01-15 16:00:09

Inflation Ticks Up to 2.9%, but Underlying Price Gains Are Muted
U.S. inflation picked up last month as gas prices rose sharply, though price gains for other goods were more muted. The consumer price index rose 0.4% in December from November and finished the year up 2.9%. Economists surveyed by The Wall Street Journal had expected the CPI to advance 0.3% last month from November and 2.9% from December 2023.

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2025-01-15 16:00:09

US stocks surge after latest inflation report shows progress on price hikes
Recently, progress on inflation appeared to be stuck or, at worst, reversing: A closely watched gauge of underlying price hikes — an index that excludes highly volatile categories — hadn’t budged for months. On Wednesday, it got unstuck. The closely watched core measurement of the Consumer Price Index slowed for the first time in months, according to Bureau of Labor Statistics data released Wednesday. That reading, coupled with some better-than-expected wholesale inflation data received...

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2025-01-15 15:00:21

The president who could not choose
“To govern is to choose, however difficult the choices may be.” —Pierre Mendès France, prime minister of France 1954–’55 If you want to understand where Joe Biden’s presidency went wrong, when his administration stopped looking like Barack Obama’s and started looking like Jimmy Carter’s, you could start with the failure of Build Back Better. Build Back Better was a sweeping agenda of economic reform on the scale of the New Deal, meant to solidify its author as the...

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2025-01-15 15:00:15

Biden announces $770 checks for residents impacted by California wildfires
President Biden said the federal government will provide one-time payments of $770 to people impacted by the ongoing California wildfires, so they can pay for essentials like baby formula, prescriptions, clothes and food. Biden made the announcement Thursday evening during a briefing from the Oval Office on the situation in Southern California. According to the president, nearly 6,000 people had been approved to receive the payments thus far, leading to a total of $5.1 million that has already...

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2025-01-15 15:00:09

Meta to fire thousands of staff as Zuckerberg warns of ‘intense year’
Meta, the owner of Facebook, WhatsApp and Instagram, is to cut about 5% of its global workforce, with its poorest-performing employees most likely to leave. In a memo to staff, the chief executive, Mark Zuckerberg, said he had decided to “move out low-performers faster”, ahead of what he said would be an “intense year”, and would be accelerating the company’s usual performance management system.

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2025-01-15 15:00:09

TikTok prepares for US shutdown from Sunday, sources say
TikTok plans to shut its app for U.S. users from Sunday, when a federal ban on the social media app could come into effect, unless the Supreme Court moves to block it, sources familiar with the matter said. The outcome of the shutdown would be different from that mandated by the law. The law would mandate a ban only on new TikTok downloads on Apple (AAPL.O), opens new tab or Google (GOOGL.O), opens new tab app stores, while existing users could continue using it for some...

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