TikTok in a court filing Monday warned that U.S. small businesses and social media creators would lose $1.3 billion in revenue and earnings in just one month if the popular app is effectively shut down in the United States on Jan. 19, under provisions of a law targeting national security concerns about its China-based parent company. "Those numbers would only increase if the shutdown extends for more than a month," said Blake Chandlee, president of global business solutions for TikTok, in that court filing. Chandlee's declaration came as his company asked a federal appeals court to temporarily block a law that would require app stores operated by Apple and Google, and internet providers to stop supporting TikTok on Jan. 19 unless its parent company ByteDance sells the app.
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Welcome to CNBC's home on LinkedIn! Follow us for regular updates about financial news, top CNBC.com stories, behind-the-scenes moments and more. CNBC, Inc. provides business news in the United States and Canada. It provides real-time financial market coverage and business information. The company, through its Web site, cnbc.com, provides real-time market analysis; video programming daily; industry and topic-specific blogs; cnbc.com live stream, a long-form scheduled programming of events; charts; and investing tools. The company was founded in 1989 and is headquartered in Englewood Cliffs, New Jersey. CNBC, Inc. operates as a subsidiary of NBC Universal, Inc.
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CNBC’s Steve Kovach discusses the latest Apple Intelligence release which includes ChatGPT integration. Watch more: cnb.cx/4fZVuMK
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Police in Pennsylvania are questioning a man on Monday in connection with the fatal shooting of UnitedHealthcare CEO Brian Thompson, NBC News reported.
Brian Thompson killing: Man questioned in Pennsylvania in UnitedHealthcare CEO slaying
cnbc.com
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Optimism about household finances hit a multiyear high following Donald Trump's presidential election victory in November, according to a New York Federal Reserve survey released Monday. Households expecting their financial situations to be better a year from now jumped to 37.6%, an increase of about 8 percentage points from October, the central bank's survey of approximately 1,300 heads of households showed. That was the highest reading since February 2020, just before the Covid-19 pandemic hit. In conjunction with the rise of optimism, the level of those who expect their financial situation to get worse moved down to 20.7%, off nearly 2 percentage points from a month ago and the lowest since May 2021.
Household finance outlook hits highest since February 2020 following Trump win, New York Fed survey shows
cnbc.com
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Most credit cards have a variable rate with a direct connection to the Federal Reserve's benchmark. It follows that credit card rates spiked along with the Fed's string of 11 rate hikes starting in March 2022. The average annual percentage rate rose from 16.34% at that time to more than 20% today — near an all-time high. But when the Fed started slashing interest rates in September, with an initial cut of half a percentage point, the average credit card interest rate fell by just 0.13%. The Fed has since cut rates by another quarter point.
The Fed slashed interest rates, but some credit card APRs aren't going down. Here's why
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CNBC reposted this
TOMORROW 👉 Don't miss the FINAL virtual #CNBCFA Summit! Our speakers are ready to share the latest trends, emerging risks, and strategic insights that can help YOU better serve your clients. Get the insight and the CFP CE credits when you attend! #financialadvisor #markets #rates #money JOIN US: https://bit.ly/4fWJN9m
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DETROIT — Well-known Stellantis executive Tim Kuniskis will be returning to the automaker, effective immediately, CNBC has learned. Kuniskis, who left the automaker earlier this year, will once again lead the company's Ram Truck brand, according to two sources familiar with the decision. The sources, who agreed to speak on the condition of anonymity to discuss the move, said the company's leadership team alerted employees of the decision earlier Monday. His return comes roughly a week after Stellantis CEO Carlos Tavares unexpectedly resigned from the automaker.
Ex-Dodge, Ram boss Tim Kuniskis returning to Stellantis
cnbc.com
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A set of "sensible" regulatory guidelines can help make the U.S. a cryptocurrency superpower, according to Eric Trump, executive vice president of the Trump organization and son of president-elect Donald Trump. Speaking to CNBC's Dan Murphy in Abu Dhabi, United Arab Emirates, Eric Trump said Monday that he'd been a "big fan of crypto for a long time" and his father intends to "make America the crypto capital of the world" on his return to the White House. His comments come shortly after the price of bitcoin, the world's largest cryptocurrency, climbed above $100,000 for the first time.
U.S. can become a crypto superpower with 'sensible' regulation, Eric Trump says
cnbc.com
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Small businesses and their owners could face penalties of $10,000 or more if they don't comply with a new U.S. Treasury Department reporting requirement by year's end — and evidence suggests many haven't yet complied. The Corporate Transparency Act, passed in 2021, created the requirement. The law aims to curb illicit finance by asking many businesses operating in the U.S. to report beneficial ownership information to the Treasury's Financial Crimes Enforcement Network, also known as FinCEN. Many businesses have a Jan. 1, 2025 deadline to submit an initial BOI report.
Treasury Department may fine small businesses up to $10,000 if they don't file this new report
cnbc.com
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Activist investor Barington Capital revealed Monday it had a position in Macy's and was looking for the company to cut spending, weigh the sale of its luxury brands and take a hard look at its real estate portfolio. It's the fourth activist push at the struggling department store in the last decade. Macy's shares were up roughly 3% on the news in premarket trading. The activist has partnered with private equity firm Thor Equities in its push, according to a Barington presentation. The dissidents did not disclose the size of its stake.
Another activist takes aim at Macy's, seeking spending cuts and real-estate restructuring
cnbc.com