Business Update – December 21, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Stocks aren’t strong heading into the holiday season
Wall Street closed lower on Monday for a fourth straight session, with investors avoiding riskier bets. They worry that the Fed’s tightening campaign could push the economy into a recession.
Jan. 6 committee recommends criminal charges
The January 6 Committee recommended that the Department of Justice look into four people, including former President Trump, for obstruction of an official proceeding, conspiracy to defraud the United States, and assisting, aiding, or comforting an insurrection.
$900 million blunder ends in dismissal as creditors pay up
Citigroup sued Revlon Inc. for the return of funds after mistakenly transferring them in August 2020 while trying to make an interest payment.
Twitter users believe Elon Musk should step down
A Twitter poll created by Elon Musk asked whether he should step down as head of Twitter. Most respondents voted yes.
CVS and Walgreens limit purchases of children’s pain medicine
Due to supply chain issues, the sale of pain medicine for children is limited at two major pharmacy chains.
FTX founder agrees to extradition
Sam Bankman-Fried has agreed to voluntary extradition to the United States from the Bahamas, with his next court appearance expected to happen this week. He has been charged with eight counts of wire fraud and conspiracy.
Notice issued regarding SAF credit
The Treasury Department and Internal Revenue Service issued a notice regarding the Sustainable Aviation Fuel (SAF) credit, which applies to certain sales or uses in calendar years 2023 and 2024. Details can be found here.
Carhartt is adding 125 jobs in Michigan
The Dearborn-based apparel firm Carhartt plans to hire up to 125 more workers in Dearborn with an average $43 hourly wage, rather than in Kentucky or Mexico. The decision is due to help from a recently approved state grant.
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