Fed chair Jerome Powell signaled that the central bank was prepared to slow down the pace of interest rate hikes in December. Powell implied that Fed officials could raise interest rates by 50 basis points at their meeting next month, noting that a slowdown in the labor market was needed to bring inflation down to the Fed’s 2% target. More: - Earlier this month, the Fed raised its benchmark interest by 0.75% to a range of 3.75% to 4%.
- The Fed has raised its benchmark interest rate six times this year.
- In March, officials approved a 0.25% rate hike, followed by a 0.50% increase in May.
- The central bank subsequently approved 0.75% rate hikes in June, July, September, and November.
- The Fed’s fund rate had been near zero since the onset of the global COVID-19 pandemic in 2020.
- While speaking at a Brookings Institution event on Wednesday, Powell noted that the rapid increase of the Fed’s fund rate would take some time for the additions to impact the economy.
- On news of a potentially lower rate increase, the Dow closed up 737.24 points, or 2.18%.
- The S&P 500 gained 3.09%, and the Nasdaq rose 4.41%
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Meta Platforms CEO Mark Zuckerberg has joined growing criticism of Apple’s control over the App Store. Zuckerberg, during an appearance at the New York Times DealBook conference, noted it was problematic for one company to be able to control what app experiences end up on a device. More: - Zuckerberg highlighted that a vast majority of profits in the mobile ecosystem go to Apple.
- Apple charges a 30% commission on all in-app purchases on its App Store.
- Zuckerberg said Apple’s content moderation rules for apps are a conflict of interest given the rules are often geared toward its competitors.
- Earlier this week, Twitter’s new owner, Elon Musk, accused Apple of threatening to pull the social media platform from its App Store, noting that the iPhone maker did not provide a reason.
- Musk accused Apple of suppressing free speech and called the commission Apple charges a 30% tax on app developers.
- Spotify CEO Daniel Ek also criticized Apple’s App Store policies, stating that the tech giant gives itself every advantage while at the same time stifling innovation and hurting consumers.
- Ek said Apple is shameless in its bullying and called for action against the tech giant.
- On Tuesday, Bloomberg reported that Apple CEO Tim Cook is in Washington, D.C., and plans to meet with incoming Republican congressional leaders this week.
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DoorDash, CNN, and H&M all announced layoffs on Wednesday. DoorDash said it is cutting 6% of its workforce, or about 1,250 workers. The food delivery company said it is not immune to external challenges, and its growth has tapered compared to the height of the pandemic. More: - At the start of 2022, DoorDash had about 8,600 employees.
- Its headcount grew to about 20,000 after it acquired European food-delivery company Wolt Enterprises Oy.
- CNN said it is laying off employees and paid contributors.
- The cable news network did not provide the number of workers getting laid off but said it would start notifying those impacted on Thursday.
- Fashion retailer H&M announced it would lay off 1,500 employees as part of a cost-cutting measure.
- H&M’s job cuts account for roughly 1% of its 155,000-person global workforce.
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The European Union has threatened to ban Twitter unless the social media platform adheres to its strict content moderation guidelines. According to sources, the warning came during a video call between Elon Musk and Thierry Breton, the EU's Commissioner for Internal Market. Breton oversees the Union's digital rules. More: - Breton said Twitter must adhere to a checklist of rules, including removing its arbitrary approach to reinstating banned users, addressing misinformation on the platform, and an extensive independent audit of the social media company by next year.
- Breton warned that Twitter risks violating the EU's new Digital Services Act unless the social media company adheres to the outlined rules.
- Breton stressed that Twitter could be banned across Europe or fined for up to 6% of its global revenue.
- According to sources, Musk acknowledged that he had read the EU's new Digital Services Act and considered the legislation very sensible, adding it should be applied globally.
In related news: - During an appearance at the New York Times Dealbook Summit in New York, U.S. Treasury Secretary Janet Yellen said that Twitter should be held to similar standards as radio stations and broadcasters.
- Yellen won't comment if the Committee on Foreign Investment in the United States (CFIUS) is probing Twitter, noting that the committee doesn't comment on ongoing work.
- Last month, Democratic Senator Chris Murphy called for a U.S. national security review of a Saudi Arabian conglomerate's stake in Twitter following Musk's takeover of the company.
- Yellen said she believed there were legitimate national security concerns regarding the popular video social media platform TikTok.
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Salesforce released its Q3 fiscal 2023 earnings on Wednesday and announced its Co-CEO and former Twitter Chair, Bret Taylor, would leave the company. Salesforce co-founder and CEO Marc Benioff will continue leading the firm. More: - Salesforce reported $7.84B in revenue, up 14% YoY.
- Its Subscription and Support revenue came in at $7.23B, up 13% YoY.
- Its Platform and Other unit, which includes Slack, posted $1.51B in revenue, up 18% YoY.
- Salesforce operating cash flow fell to $313M, down 23% YoY.
- The company posted a net income of $210M, or 21 cents a share.
- Salesforce bought back $1.7B of its shares during the quarter.
- The company expects Q4 FY 2023 revenue between $7.93B and $8.03B.
- Salesforce shares fell more than 6% in extended trading. The company is down ~37.3% YTD.
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FTX founder and former CEO Sam Bankman-Fried, during an appearance at the New York Times DealBook summit, said he didn’t try to commit fraud and saw FTX as a thriving business. Bankman-Fried said he was shocked by what happened, adding that he has had a bad month. FTX suffered a liquidity crisis earlier this month following a Coindesk report on the crypto exchange’s balance sheets. More: - FTX filed for Chapter 11 bankruptcy on Nov. 11, and Bankman-Fried stepped down from the CEO role.
- Since FTX’s collapse, Bankman-Fried has written several apologies on social media, noting he would do all he can to make users whole.
- At the DealBook summit, Bankman-Fried said FTX failed at risk, and in retrospect, it “feels pretty embarrassing.”
- Bankman-Fried said he wasn’t running FTX's sister company Alameda Research and was unaware of the size of its position.
- Bankman-Fried attended via video call from the Bahamas, noting he has been on the Caribbean Island for the last year.
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Quick Hits - HubSpot and Brandwatch partnered this year to survey over 1,000 individuals across the U.S. to better understand consumer purchasing habits, thoughts, and behaviors.*
- Netflix CEO Reed Hastings said he was wrong for not wanting ads on the streaming platform, adding he wished he had come around on the idea earlier. Netflix launched its ad-supported tier earlier this month in the U.S. for $6.99 a month.
- The IRS has handed over the tax returns of former President Donald Trump to the House Ways and Means Committee. The committee has been seeking Trump’s returns since 2019. Last week, the Supreme Court rejected Trump’s bid to block the committee from receiving his federal income tax returns.
- The EU Commission proposed a plan to compensate Ukraine for the ongoing war with Russia. The governing body of the bloc plans to send proceeds from Russia’s frozen accounts to Ukraine.
- Former Chinese leader Jiang Zemin passed away on Wednesday from leukemia. He was 96 years old. Zemin came to power following the Tiananmen Square democracy protests and led the nation to embrace more market-oriented changes.
- Tech innovation is surging in education, finance, health care, and other industries. See what your competitors are building with Crowdbotics.*
*This is a sponsored post.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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