Business News

AM Business Notebook

>>Q4 GDP Slightly Beats Estimates (Washington, DC) -- The nation's economy grew by nearly three-percent at the end of last year. Fourth quarter GDP went up by two-point-nine percent. That's just above the number analysts had been expecting. It wraps up a year that began with two consecutive quarters of negative growth. However, economic activity rebounded sharply in the last half of the year.


>>FTX Opposes New DOJ Bankruptcy Probe (Wilmington, DE) -- FTX is objecting to a Department of Justice request for an independent investigation into the failed crypto exchange's collapse. FTX said in a Wilmington, Delaware bankruptcy court filing on Thursday that it's already conducting a wide-ranging probe that includes relatives of disgraced FTX founder Sam Bankman-Fried. The company said the investigation DOJ is proposing would only add expense and delay to its bankruptcy case. FTX was among the world's top crypto exchanges before its shocking bankruptcy filing in November, leaving some nine-million customers and other investors facing losses totaling billions of dollars.


>>Goldman Sachs Says Four Cities To See Major Housing Crash (Undated) -- Goldman Sachs is predicting four major U.S. cities will see a housing crash similar to that of 2008. In a note to clients obtained by the New York Post, Goldman Sachs mentioned San Jose, Austin, Phoenix and San Diego as the four cities. The company thinks rates will remain high longer than anticipated, with "overheated" markets such as in those cities likely dealing with declines of over 25-percent.


>>Emotional Hearing Over Crashes (Fort Worth, TX) -- Boeing is pleading not guilty to criminal charges, linked to crashes involving their 737 MAX jets. A representative for the aerospace giant was in a Texas court Thursday, facing off with those who lost family members. They're upset over being ignored when Boeing struck a deal with the Justice Department. Part of the settlement gave Boeing legal immunity. The judge is considering appointing a monitor to oversee Boeing's compliance with the agreement. If the company failed, it could open a path to criminal prosecution.


>>IBM, SAP To Layoff Thousands (Undated) -- More layoffs are hitting the tech industry. IBM and SAP are the latest tech companies to reduce their workforces. Europe's largest software company SAP said it will slash 28-hundred jobs. Meanwhile, IBM announced it will let go of 39-hundred workers. The job cuts follow last week's layoffs announced by Google's parent company Alphabet and Microsoft.

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