ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
The company and its CEO and founder, Canadian national Changpeng Zhao, agreed they broke the law by failing to maintain an effective anti-money laundering program, according to federal officials. Binance also pleaded guilty to failing to register as a money transmitting business, and to violating the International Emergency Economic Powers Act. Zhao, who also goes by "CZ," has resigned as CEO. |
The latest fall from grace marks another shockwave to the cryptocurrency industry, which saw FTX collapse in late 2022 after Binance backed out of a plan to buy the rival. Soon after that announcement, cryptocurrency prices plunged. | BURBANK, CALIFORNIA - NOVEMBER 14: People shop ahead of Black Friday at a Walmart Supercenter on November 14, 2023 in Burbank, California. Some early Black Friday deals are already in place at Walmart and other retailers ahead of Thanksgiving and the traditional holiday shopping season. (Photo by Mario Tama/Getty Images) ORG XMIT: 776063911 ORIG FILE ID: 1793898024 Mario Tama, Getty Images |
Consumers take a cautious approach to holiday spending |
"They're saying, 'I can't keep spending like this," says Marshal Cohen, Circana's chief retail industry advisor. |
That, he says, could make for a more challenging holiday sales season, which officially kicks off this week with Black Friday and makes up about one-quarter of annual sales for some retailers. Cohen estimates seasonal sales will be flat or down slightly this year. |
General merchandise sales – meaning discretionary items such as clothing, TVs, computers, appliances and furniture – fell 7% in October from a year earlier, the metric's worst performance since March 2022, Circana data shows. |
Broadly, retail sales dipped 0.1% last month after surging over the summer, according to the Census Bureau. Consumer sentiment fell for the fourth straight month in November to its lowest reading since May, according to a University of Michigan survey. |
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Many foods come to mind when people think of Thanksgiving. But pizza? |
DiGiorno announced Tuesday it is introducing a Thanksgiving pizza, available for customers this November while supplies last. |
The pie features turkey, creamy gravy sauce, diced sweet potatoes, green beans, cranberries, mozzarella and cheddar cheeses and is topped with crispy onions, all on a Detroit-style crust. What's not to like? |
"From Friendsgiving parties to Turkey Day tables, we're thrilled to provide a bold new way to appreciate the traditional Thanksgiving spread," said Kimberly Holowiak, senior brand manager for DiGiorno. |
One last item on today's menu: The Daily Money is taking Thanksgiving off. Guests are on the way, the turkey is wedged into the refrigerator, the oven preheating, a Thanksgiving pizza tucked in the freezer, just in case. Your headlines return on Friday. Have a wonderful holiday. |
Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. | | | | Binance, the world's largest cryptocurrency exchange, pleaded guilty along with its CEO to failing to maintain an anti-money laundering program. | | | |  | Americans are turning more cautious ahead of the critical holiday shopping season as they grapple with high prices, dwindling savings and rising debt. | | | | Here's what to know about which stores are open on Black Friday and what their hours are, from Target to TJ Maxx to Macy's. | | | | This heavily sold-off pharma stock is a bargain, so is it time to buy? | | | | The all-electric version of Cadillac's flagship SUV has the Escalade presence and attitude we've all come to expect. | | | | This is great news for anyone committed to building a giant nest egg. | | | | DiGiorno announced Tuesday it is releasing a Thanksgiving-themed pizza loaded with traditional side dishes, available now for a limited time. | | | | Apple said Monday it would support rich communication services (RCS) on iPhones with an update next year to improve messaging with non-iPhone users. | | | | The Department of Transportation makes a big distinction when it comes to compensation between controllable and uncontrollable delays. What to know. | | | | This year's holiday is forecast to be the third busiest since 2000, according to AAA, with over 55 million travelers forecasted to travel. | | | | |  | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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