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A federal bankruptcy judge in Delaware agreed to terminate the naming-rights agreement between Miami-Dade County and FTX on Wednesday. The arena where the Miami Heat play can now get a new name following the collapse of cryptocurrency exchange FTX. A federal bankruptcy judge in Delaware agreed to terminate the naming-rights agreement between Miami-Dade County and FTX on Wednesday. The order terminates the 2021 contract that enabled the downtown facility to be called FTX Arena, retroactively to Dec. 30, 2022. MORE: Prosecutors launch website to notify Sam Bankman-Fried's alleged victims Miami-Dade County now must stop referring to the arena as FTX Arena in all public references and remove signage, advertisements and promotional materials. It is unclear when that process will begin. The 19-year, $135 million sponsorship agreement between FTX and Miami-Dade County went into effect in June 2021. Signage outside the FTX Arena in Miami, Nov. 17, 2022. Bloomberg via Getty Images The Mia...

Delays and cancellations among flights across the United States were minimal on Thursday, a day after a system that offers safety information to pilots failed, grounding some planes for hours Delays and cancellations among flights across the United States were minimal on Thursday, a day after a system that offers safety information to pilots failed, grounding U.S. air traffic and leading to thousands of stranded travelers. There were 636 delays into, within or out of the U.S. as of Thursday morning, according to flight-tracking website FlightAware. There were 82 cancellations. The Federal Aviation Administration said Wednesday that preliminary indications “traced the outage to a damaged database file.” The agency said it would take steps to avoid another similar disruption. The breakdown showed how much American air travel depends on the computer system that generates alerts called NOTAMs — or Notice to Air Missions. Before a plane takes off, pilots and airline dispatchers must review...

Former FTX CEO Sam Bankman-Fried offered the most extensive remarks since his arrest on fraud charges on Substack. Stuck in house arrest and awaiting trial, disgraced crypto executive Sam Bankman-Fried spoke out on Thursday with the most extensive remarks since his arrest a month ago. The fallen former CEO of FTX issued a 2,300-word rebuke of fraud and conspiracy charges, replete with charts and graphs. He said that he didn't steal customer funds, instead blaming the company's woes on a sharp downturn in the Cryptocurrency market. "I didn't steal funds, and I certainly didn't stash billions away," said Bankman-Fried, who pleaded not guilty last week. He's tentatively scheduled to stand trial in October. The account marked Bankman-Fried's first post on the newsletter platform Substack, which prompts readers to subscribe to receive future messages from Bankman-Fried directly in their inbox. Federal prosecutors charged Bankman-Fried last month in an...

Alaska Gov. Mike Dunleavy is proposing the state capitalize on carbon markets to help shore up revenues long reliant from the proceeds from oil and gas JUNEAU, Alaska -- Gov. Mike Dunleavy outlined proposed legislation Thursday for Alaska to capitalize on carbon markets , seeking to diversify state revenues long heavily reliant on proceeds from oil. Dunleavy plans to introduce his so-called a carbon management bill package during the legislative session that begins next week. The Republican governor and members of his administration outlined the proposal at a news conference in Anchorage. Dunleavy said in a statement that he wants lawmakers to seriously consider it as a “cornerstone of a long-term fiscal solution" that would complement revenue from oil and gas and Alaska's nest-egg investment fund, the Alaska Permanent Fund. The state has relied heavily on oil revenue and earnings from the permanent fund to help pay for state government. Dunleavy has suggested a range of r...

Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it WASHINGTON -- Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. Inflation declined to 6.5% in December compared with a year earlier, the government said Thursday. It was the sixth straight year-over-year slowdown, down from 7.1% in November. On a monthly basis, prices actually slipped 0.1% from November to December, the first such drop since May 2020. The softer readings add to growing signs that the worst inflation bout in four decades is steadily waning. Gas prices, which have tumbled, are likely to keep lowering overall inflation in the coming months. Supply chain snarls have largely unraveled. That...

Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation partly based on a recommendation from Cook himself. Apple Inc. said in a regulatory filing late Thursday that Cook's target total compensation is $49 million for 2023, with a $3 million salary, $6 million cash incentive and $40 million in equity awards. Last March the Cupertino, California, company conducted an advisory shareholder vote on executive pay with 6.21 billion shares voting in favor of the executive pay package and 3.44 billion against. There were also abstentions and broker non-votes. Apple said its compensation committee took into account shareholder feedback, the company's performance and a recommendation from Cook, who was promoted to CEO in 2011, to adjust his compensation in light of...

Tesla faces weakening demand amid heightened competition. Electric vehicle company Tesla slashed the price of its cars across global markets as much as 20%, the automaker announced on Thursday night. The move aims to bolster demand as Tesla faces falling sales amid recession fears and heightened com Pet ition, some analysts and investors said. The U.S. price cuts on top-selling cars – such as the Model 3 sedan and Model Y crossover – came in between 6% and 20%, according to an analysis from Reuters. The basic Model Y now costs $52,990, a sharp decline from $65,990, Reuters found. The price cuts add to the savings that U.S. customers will receive from a $7,500 federal tax credit that took hold for many electric vehicles at the outset of the year. CEO Elon Musk, who acquired Twitter in late October, has drawn scrutiny over his apparent focus on the social media platform. MORE: Tesla stock plummeted 12% in a single day. Here's why "It's no secret that demand for Tesla is st...

The European Union wants to bolster its capacity to launch small satellites into space with a new launchpad in Arctic Sweden KIRUNA, Sweden -- The European Union wants to bolster its capacity to launch small satellite s into space with a new launch pad in Arctic Sweden. European officials and Swedish King Carl XVI Gustaf inaugurated the EU's first mainland orbital launch complex on Friday during a visit to Sweden by members of the European Commission, which is the 27-nation bloc's executive arm. The new facility at Esrange Space Center near the city of Kiruna should complement the EU’s current launch ing capabilities in French Guiana. European Commission President Ursula von der Leyen said small satellites are crucial to tracking natural disasters in real time and, in the light of Russia's war in Ukraine, to help guarantee global security. “Today, we know that the brave Ukrainian forces effectively use small satellites to track the movements of Russian troops," she ...

Transportation Secretary Pete Buttigieg has been in the national spotlight a lot lately, and not always for positive reasons WASHINGTON -- The nation's transportation secretary usually holds one of the most public-facing roles in any presidential administration. A core aspect of the Cabinet job is to Travel the country, doling out millions of public dollars and attending ribbon-cutting ceremonies for new bridges and overpasses and ports. Even by those standards, Pet e Buttigieg has spent an inordinate amount of time in the national spotlight delivering the largesse of the big infrastructure and domestic spending bills. But at the same time, the 2020 Democratic presidential candidate and onetime mayor of South Bend, Indiana, also has been the public face of a string of transportation-related crises, all amid steady speculation about his future political prospects. During the 40-year-old Buttigieg's tenure, there have been widespread global supply chain issues and logjams at m...

People worldwide are more gloomy about their economic prospects than ever before and trust business far more than governments, nonprofits and the media in an increasingly divided world LONDON -- People worldwide are more gloomy about their economic prospects than ever before and trust business far more than other institutions like governments, nonprofits and the media in an increasingly divided world, according to a survey from public relations firm Edelman. Released late Sunday to coincide with the World Economic Forum's gathering of business elites and government leaders this week in Davos, Switzerland, the online survey conducted in 28 countries shows that fewer people believe their family will be better off in five years. Those who believe they'll be better off dropped to 40% from 50% last year and hit all-time lows in 24 nations. That is because 89% fear losing their job, 74% worry about inflation, 76% are concerned about climate change and 72% worry about nuclear war. Th...

The major political group embroiled in a massive European Union corruption scandal will seek this week to insulate itself from further fallout in the cash-for-influence affair linked to Qatar and Morocco BRUSSELS -- The major center-left political group embroiled in a corruption scandal at the European Parliament will seek this week to insulate itself from more fallout in the cash-for-influence affair linked to Qatar and Morocco as Belgian justice authorities target its members. At the parliament’s plenary session in Strasbourg, France, the Socialists and Democrats (S &D) – the second-biggest party group in the 705-seat assembly – is set to eject two lawmakers after prosecutors demanded that the men’s protective parliamentary immunity be lifted. A group official told The Associated Press that the aim is to sideline Italian member Andrea Cozzolino and his Belgian colleague, Marc Tarabella, at least until an investigation is concluded. The official spoke on condition of anonymity bec...

Long before beleaguered billionaire Elon Musk purchased Twitter in October, he had set his sights on Tesla, the electric automaker where he serves as CEO and from which he derives most of his wealth and fame SAN FRANCISCO -- While still grappling with the fallout from a company he did take private, beleaguered billionaire Elon Musk is now facing a trial over a company he didn't. Long before Musk purchased Twitter for $44 billion in October, he had set his sights on Tesla, the electric automaker where he continues to serve as CEO and from which he derives most of his wealth and fame. Musk claimed in a August 7, 2018 tweet that he had lined up the financing to pay for a $72 billion buyout of Tesla, which he then amplified with a follow-up statement that made a deal seem imminent. But the buyout never materialized and now Musk will have to explain his actions under oath in a federal court in San Francisco. The trial, which begins on Tuesday with jury selection, was triggered by a cla...