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Last weekend, Treasury Secretary Scott Bessent went on television and said people who wanted to retire right now were not paying attention to the stock market.On the NBC program “Meet the Press,” referring to those who have “put away for years in their savings account,” he said the following: “I think they don’t look at the day-to-day fluctuations of what’s happening.”Is that true? I asked readers of our Your Money newsletter who were on the cusp of retirement whether they were watching the markets and, if so, why?About 400 people replied. More than 90 percent of them said they were…

A fintech startup that raised $40 million based on the premise of its artificial intelligence capabilities was fueled by human labor, allegedly defrauding investors lured by the new technology of millions, federal prosecutors said this week in a statement.Albert Saniger, 35, the former CEO  and founder of nate in 2018, who is from Barcelona, Spain, was indicted in the Southern District of New York for engaging in a scheme to allegedly defraud investors and making false statements about his company’s AI capabilities.Nate, an e-commerce company, launched the nate app that claimed to streamline the online shopping checkout process via a…

For Bernard Arnault, France’s richest man and head of the LVMH Moët Hennessy Louis Vuitton luxury goods empire, the year started off brightly. His friend President Trump extended a personal invitation to the inauguration on Jan. 20. Consumers in the United States, one of LVMH’s biggest markets, were snapping up the company’s Dior dresses and Tiffany jewelry.Then came Mr. Trump’s tariffs — and a substantial plunge in the company’s share price.“Until the end of February, everything was going very well,” Mr. Arnault told a packed auditorium of anxious shareholders Thursday at the LVMH annual general meeting in the Louvre Museum…

Meta Platforms CEO Mark Zuckerberg took the stand Monday in a Washington, D.C., courtroom to defend his social media company from federal allegations that the technology giant is a monopoly. Meta, the parent company of Facebook, Instagram and WhatsApp, is facing off with the Federal Trade Commission on Monday, for Day one of a landmark antitrust trial that could result in the company’s breakup. For Zuckerberg, the case could determine whether the business empire he started building while still a student at Harvard University will be forced to break apart. The trial will be the first big test of the FTC’s willingness…

Eric Chamberlain was at work, driving a hearse, when he first caught sight of the wind turbine that would set him on a path to change the fortunes of his hometown.It was the mid-2000s, and Mr. Chamberlain was leading a funeral procession in Iowa, across the border from his home in Atchison County in northwest Missouri, when giant white blades came into view. Mr. Chamberlain had heard of wind energy but not seen a commercial turbine before. He was intrigued, but obviously couldn’t pull over to take a closer look.“I didn’t stop,” said Mr. Chamberlain, whose family has operated Chamberlain…

Spotify releases its 2024 review What to know about Spotify’s top artists, songs and albums of the year 02:52 Spotify was experiencing technical issues on Wednesday, with thousands of users reporting difficulty accessing the music streaming platform.”Spotify experienced an outage today beginning around 6:20am EDT,” a spokesperson told CBS MoneyWatch in an email. “As of 11:45am EDT, Spotify is back up and functioning normally. You can check @SpotifyStatus X channel for any additional updates.”Over 48,000 people reported problems with Spotify Wednesday morning, according to data from Downdetector.com, which tracks app outages in real time. The tech glitch, which mostly affected…

“Powerful individuals” at the BBC are making the lives of their colleagues “unbearable”, the corporation’s chairman has said, after a review into its workplace culture.The independent report, sparked by the Huw Edwards scandal, was carried out by Change Associates, the same management consultancy that led a similar review in 2013, following the Jimmy Savile scandal. BBC chairman Samir Shah told staff ahead of the report’s release on Monday morning: “There is a minority of people whose behaviour is simply not acceptable. And there are still places where powerful individuals – on and off screen – can abuse that power to…

Avelo Airlines is targeting a new passenger segment: migrants being sent to detention centers across the U.S. The budget carrier will also use its planes to fly migrants out of the country under the Trump administration’s hardline immigration policies. Avelo has signed a contract with the Department of Homeland Security (DHS) to handle deportation flights for U.S. Immigration Control and Enforcement (ICE), the company told CBS MoneyWatch. Avelo, which launched in 2021, said the move is necessary for the Houston-based airline to remain financially stable. “We realize this is a sensitive and complicated topic,” Avelo founder and CEO Andrew Levy said in…

Zoom, the popular video communications service, was down for tens of thousands of users Wednesday, according to website tracker Downdetector.At around 3:00 p.m. EST Wednesday, roughly 68,000 users reported problems using the videoconferencing tool. Most Zoom customers reported issues using the web application, while many also said they couldn’t successfully use the mobile app, according to Downdetector. At about 5 p.m. EST, Zoom posted on social media that service had been restored. “Service has now been restored after the earlier outage, and we sincerely appreciate your patience and understanding,” the company wrote.The outage appeared to be widespread across the U.S., according to…

A coalition between the Conservatives and Reform would be a “disaster for Britain”, Sir Keir Starmer has said as he defended his record on immigration.The prime minister said voters of the rival parties were “being conned” as he suggested there were attempts to merge the two parties going on “behind the scenes”. The prime minister was asked by Sky News political editor Beth Rigby whether he was “more worried” about Reform rather than the Conservatives ahead of the local and mayoral elections taking place across England this week.He said: “I would challenge either of them.”The Tories have got a terrible…