Time Inc. cuts 6% of staff

NEW YORK (CNNMoney) In a memo to employees, CEO Laura Lang said the cuts would hit "all areas" of the company, including both domestic and international staff. "With the significant and ongoing changes in our industry, we must continue to transform...

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Federal Reserve blames stalled economy on weather

NEW YORK (CNNMoney) "Growth in economic activity paused in recent months, in large part because of weather-related disruptions and other transitory factors," the Federal Reserve's policymaking committee said in a statement Wednesday. The report...

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Facebook sales rise 40% as mobile ads expand

NEW YORK (CNNMoney) Shares of Facebook (FB) plunged as much as 10% in after-hours trading, but recovered to a more modest 4% drop. The number of monthly active users on Facebook's mobile site and apps grew 57% over the year to 680 million. Still,...

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Scandal at world's oldest bank

Monte dei Paschi di Siena, founded in 1427, is at the center of a banking scandal that could shake the Italian elections. LONDON (CNNMoney) Monte dei Paschi di Siena, founded in 1427, last week revealed it faced losses of up to €720 million on...

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Where Americans are moving to - and from

Germany was the top destination for Americans moving abroad in 2012, followed by the United Kingdom. NEW YORK (CNNMoney) United Van Lines moved 573 people to Germany last year, 29% more than to the United Kingdom, the second most popular destination,...

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Embattled Chesapeake CEO McClendon to step down

Aubrey McClendon, outgoing CEO of Chesapeake Energy, is part-owner of the Oklahoma City Thunder basketball team. NEW YORK (CNNMoney) The Oklahoma-based firm faced scrutiny last year after Reuters reported that McClendon had taken out more than...

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Yahoo earnings: Mayer still has much to prove

NEW YORK (CNNMoney) Since then, Yahoo's stock has been on a tear and analysts are pinning their hopes for a Big Purple Turnaround squarely on Mayer. Mayer has laid out her plans to usher in a new era at Yahoo (YHOO, Fortune 500), and she's generated...

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Using a credit card? Watch out for the 'checkout fee'

Stores in most states could start charging you a fee on Sunday when you buy something with credit cards, as a result of a Visa and Mastercard settlement last summer. NEW YORK (CNNMoney) The new fees stem from a multi-billion dollar settlement announced...

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Housing to drive economic growth (finally!)

Economists expect the housing market to be the primary driver of growth this year. NEW YORK (CNNMoney) Just over half of economists surveyed by CNNMoney identified a housing recovery as the primary driver of economic growth this year. The rest...

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RIM to advertise BlackBerry 10 during Super Bowl

NEW YORK (CNNMoney) It's RIM's (RIMM) first-ever Super Bowl commercial, and while the company didn't say how much it spent, Super Bowl broadcaster CBS (CBS, Fortune 500) previously told CNNMoney that 30-second spots are going for a record high of...

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Boeing keeps building Dreamliners it can't fly

Boeing hasn't slowed production of its 787 Dreamliner despite the federal probe that has grounded the jet. NEW YORK (CNNMoney) A federal probe into electrical fires has grounded all 50 Boeing 787 Dreamliners around the world. But Boeing has little...

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China's growth to hit 8% in 2013

Davos, Switzerland (CNNMoney) "I think China's growth rate will be about 8% this year," Yi Gang said during a debate at the World Economic Forum in Davos, Switzerland. He said consumer price inflation could reach 3% or slightly higher. The world's...

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Chicago mayor asks banks to cut off gun makers

Chicago Mayor Rahm Emanuel wants banks to stop lending to gun makers. WASHINGTON (CNNMoney) Emanuel, mayor of the nation's third-largest city and former chief of staff to President Obama, wrote the CEOs of Bank of America (BAC, Fortune 500) and...

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Boeing keeps building Dreamliners it can't fly

Boeing hasn't slowed production of its 787 Dreamliner despite the federal probe that has grounded the jet. NEW YORK (CNNMoney) A federal probe into electrical fires has grounded all 50 Boeing 787 Dreamliners around the world. But Boeing has little...

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RIM to advertise BlackBerry 10 during Super Bowl

NEW YORK (CNNMoney) It's RIM's (RIMM) first-ever Super Bowl commercial, and while the company didn't say how much it spent, Super Bowl broadcaster CBS (CBS, Fortune 500) previously told CNNMoney that 30-second spots are going for a record high of...

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AT&T reports record iPhone sales

An iPhone display at an AT&T cellular store in Houston, Texas. NEW YORK (CNNMoney) The company sold 10.2 million smartphones in the fourth quarter, which it said was the most ever for a U.S. carrier. Ma Bell activated a record 8.6 million iPhones,...

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Microsoft's Windows 8 sales are big -- just not big enough

NEW YORK (CNNMoney) Windows sales rose 24% to $5.8 billion in the quarter that ended Dec. 31. Microsoft unveiled its years-in-the-making Windows overhaul on Oct. 26. The gain ended a streak of four straight quarters in which Windows sales declined...

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Vine is Twitter's attempt to become the 'Instagram of video'

Twitter's new Vine app is a standalone social network for video. NEW YORK (CNNMoney) Living (for now) on the Internet and the iPhone as a separate social network, Vine will integrate closely with Twitter and Facebook (FB), delivering video snippets...

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Japan spurs talk of currency war

NEW YORK (CNNMoney) The political rhetoric became heated after the Bank of Japan announced plans to make open-ended asset purchases in an effort to re-inflate the Japanese economy, which recently slipped into recession. Jens Weidmann, president...

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Apple sells 48 million iPhones, but profit squeezed

NEW YORK (CNNMoney) The company sold 47.8 million iPhones during the past quarter, shattering the record of 37 million that it set a year ago when the iPhone 4S debuted. It's a stunning number, considering that supply chain woes limited iPhone 5 availability...

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The truth behind Mickelson's taxes

Phil Mickelson doesn't pay as much taxes as he thinks. NEW YORK (CNNMoney) The champion golfer said this week he might have to move out of the Golden State because of recent hikes in federal and state taxes on the wealthy. "If you add up all...

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Groupon suspends gun deals

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IBM earnings beat expectations

IBM shares are up slightly over the past year. Click the chart for more info. NEW YORK (CNNMoney) Tech giant IBM reported strong fourth-quarter results on Tuesday, posting earnings and sales that came in ahead of expectations. The Armonk, N.Y.-based...

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Keystone pipeline faces new hurdles

NEW YORK (CNNMoney) "By elevating climate change, he risks backlash and calls of hypocrisy if he promptly approves the pipeline," said Divya Reddy, an energy and natural resource analyst at the Eurasia Group, a political risk consultancy. Reedy,...

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Atari U.S. files for bankruptcy, but plays on

An error message flashed briefly on the website of Atari U.S. on Monday, the same day the company filed for bankruptcy. The "Centipede" maker wants to break away from its French parent, Atari S.A. NEW YORK (CNNMoney) But Atari will live on. The...

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Obama: Let's 'revamp' our taxes

NEW YORK (CNNMoney) Each president used an inaugural address to herald his intent to push tax changes during his term. Reagan and Bush were successful, but experts say Obama faces high hurdles to achieve the tax code revamp he has in mind. Still,...

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Davos: Too soon to celebrate

IMF Managing Director Christine Lagarde speaks with ECB President Mario Draghi prior to a Eurozone meeting in Brussels. DAVOS, SWITZERLAND (CNNMoney) Nearly five years after the banking meltdown, the world economy is back on track, right? As...

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Stocks: Tech earnings to dominate

Click the chart for more stock market data. NEW YORK (CNNMoney) U.S. markets will be closed Monday in observance of Martin Luther King, Jr. Day. Earnings season will pick right back up again on Tuesday, as several tech giants, including Google...

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Batmobile sells for $4.6 million

NEW YORK (CNNMoney) The car had been the sole property of its creator, legendary car customizer George Barris, since its creation. It was sold at collector car auction company Barrett Jackson's annual auction near the company's Scottsdale, Ariz.,...

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Eric Schmidt's daughter details North Korea visit

Google's Eric Schmidt, along with his daughter Sophie and former New Mexico Gov. Bill Richardson, wrapped up a controversial trip to North Korea earlier this month, during which he urged the isolated state to embrace the Internet or face further economic...

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$21 million payday for Goldman Sachs CEO

Goldman Sachs' CEO Lloyd Blankfein got a 75% raise in 2012. NEW YORK (CNNMoney) Four other executives at the helm of the investment bank were rewarded with similar spikes in their 2012 pay. On top of his base salary of $2 million, Goldman Sachs'...

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