(The Center Square) – A judge sentenced FTX founder Samuel Bankman-Fried to 25 years in prison on Thursday, marking the long fall of the onetime cryptocurrency star. U.S. District Judge Lewis Kaplan also sentenced Samuel Bankman-Fried, known as SBF, to three years of supervised release, and ordered him to pay $11 billion for orchestrating a massive fraud. Bankman-Fried, Read More…
(The Center Square) – The U.S. Department of Justice sued smartphone maker Apple on Thursday alleging the company maintained an illegal monopoly over the U.S. market. The complaint, filed in the U.S. District Court for the District of New Jersey, alleges that Apple illegally keeps a monopoly over smartphones by selectively imposing contractual restrictions on Read More…
(The Center Square) – The National Association of REALTORS announced Friday an agreement where it will end the 6% commission that is routine in home sales. In the settlement with homeowners, the association will pay $418 million in damages and end litigation on the matter. Experts say that Americans pay $100 billion a year in Read More…
(The Center Square) — U.S. agricultural trade exports declined by $17 billion in fiscal year 2023, raising concerns from U.S. senators about how the Biden administration will address the issue. The deficit is growing and will decline by another $8 billion in fiscal year 2023, the senators said in a letter to U.S. Trade Representative Katherine Read More…
Tesla CEO Elon Musk faces a tax bill of more than $15 billion in the coming months on stock options, making a sale of his Tesla stock this year likely regardless of the Twitter vote. Musk asked his 62.7 million Twitter followers over the weekend whether he should sell 10% of his Tesla holdings. “Much is made lately of Read More…
Jes Staley stepped down as chief executive of Barclays PLC under pressure from regulators about how he characterized his relationship with the convicted sex offender and financier Jeffrey Epstein. Barclays said Mr. Staley stepped down “in view of the conclusions” made by U.K. regulators in its long-running investigation into what Mr. Staley told the bank about his Read More…
Southwest Airlines has scrapped a plan to put unvaccinated employees who have applied for but haven’t received a religious or medical exemption on unpaid leave starting by a federal deadline in December. Southwest Airlines and American Airlines are among the carriers that are federal contractors and subject to a Biden administration requirement that their employees are vaccinated against Covid-19 by Read More…
A Delaware judge should order Elon Musk to repay $9.4 billion to Tesla for the benefits he received by pushing the electric-vehicle maker in 2016 to buy an ailing solar company he partly owned, according to Tesla investors in a court filing late Friday. The investors said a “simple and practical” way to undo the benefits they Read More…
YouTube is cracking down on anti-vaccination content on its site, taking down several channels from high-profile anti-vaccination activists. A representative for Google, YouTube’s parent company, confirmed to the Washington Examiner that channels belonging to “well-known vaccine misinformation spreaders,” such as Joseph Mercola, the Children’s Health Defense Fund, which is affiliated with Robert F. Kennedy Jr., Erin Elizabeth, Read More…
Twitter disclosed a binding agreement to settle a class-action lawsuit, under which the social network will pay $809.5 million to resolve claims it provided misleading user-engagement info to investors. The original lawsuit, filed in 2016 by a Twitter shareholder, alleged Dorsey and others including former CEO Dick Costolo and board member Evan Williams hid facts about Read More…
In early 2021, Amazon installed AI-powered cameras in the delivery vans at one of its depots in Los Angeles. Derek, a delivery driver at the facility, said the camera in his van started to incorrectly penalize him whenever cars cut him off, an everyday occurrence in Los Angeles traffic. “Maintain safe distance,” the camera installed Read More…
Impossible Foods on Tuesday launched its meatless chicken nuggets in restaurants and announced plans to bring the new offering to supermarkets by the end of the month. In the last decade, chicken has overtaken beef as Americans’ top meat choice, making it a target for the companies like Impossible that are looking to replace or Read More…
John Paulson, the hedge fund billionaire who made a fortune in 2008 when he shorted the housing bubble, said in an interview published Sunday that he believes cryptocurrencies will eventually go bust. The 65-year-old told “Bloomberg Wealth with David Rubenstein” that he wouldn’t recommend the investment to anyone. He said there is a cryptocurrency bubble that will Read More…
Goldman Sachs will see Morgan Stanley and JPMorgan’s six-figure salaries for entry-level bankers — and raise them $10,000. As early as this week, Goldman Sachs will announce junior bankers can expect an even more generous payday than their peers at rival firms, The Post has confirmed. First-year bankers will now pull in $110,000 in base Read More…
Reese Witherspoon’s media business, Hello Sunshine, is selling itself to a firm backed by private-equity giant Blackstone Group Inc., the companies said, part of a plan to build an independent entertainment company for Hollywood’s streaming era. The companies didn’t disclose the terms of the deal. People familiar with the matter said it values Ms. Witherspoon’s Read More…
Southwest Airlines is ready to make the biggest push for business customers in the company’s history with a distribution deal with Southlake-based Sabre Corp. that started Monday. Dallas-based Southwest, which has long been reluctant to share revenue with third-party companies when it sells tickets, went live on Sabre’s global distribution platforms Monday. READ FULL STORY
WASHINGTON (SBG) — Economists believe the pandemic has revealed just how vulnerable the United States’ supply chain is to major economic shocks and that the time is coming where experts will have to rethink how to move products around the globe. The country has experienced severe shortages of everything from computer chips, to toilet paper, to furniture Read More…
Some companies are turning to signing bonuses to attract workers as they struggle to fill positions. While most often associated with higher-paying jobs that require secondary education, signing bonuses are increasingly being tied to job applications for low- and middle-wage jobs — a sign that some say is a symptom of a labor shortage. The Read More…
Chelsea Clinton is a board director at a health insurance company that has been accused of defrauding investors. Clover Health has been slapped with numerous investor lawsuits that claim the company and its leadership failed to disclose that it was under investigation by the Department of Justice for allegedly offering illegal kickbacks to health care Read More…
ProPublica made waves after it obtained thousands of private tax documents for the country’s wealthiest citizens and published a scathing investigation centered on the tax rates of Warren Buffett, Jeff Bezos, and Michael Bloomberg, among others. Absent from the report: any of the publication’s largest donors, including Laurene Powell Jobs, David Filo, and Pierre Omidyar. The nonprofit news Read More…
Billionaire investor Bill Ackman bought a 10 percent stake in Vivendi’s Universal Music Group for $4 billion, valuing the world’s largest record label — which is home to Drake, Taylor Swift and Billy Eilish — at around $42 billion. Ackman’s blank-check company Pershing Square Tontine Holdings and Vivendi announced the news on Sunday after weeks Read More…
Guests lined up to board Royal Caribbean Cruises Ltd.’s Freedom of the Seas on Sunday, marking the first cruise from a U.S. port since the pandemic suspended operations 15 months ago. Passengers filed into PortMiami with suitcases in tow, a sight last seen in the world’s largest cruise port in March 2020. Freedom of the Read More…
Billionaire investor Mark Cuban has claimed he was “hit” by a cryptocurrency token market crash on Wednesday. The token, known as the IRON Titanium Token or TITAN, fell from over $60 on June 16 to a fraction over zero on Thursday morning, CoinGecko data shows. The token is linked to Iron Finance, a group that Read More…
Lumber prices are finally going down after reaching a record high in May. Projections for July show lumber delivery prices are expected to be about 40% lower than the May record. After topping out on May 7, prices for lumber then dropped 22% by the end of May, according to the NASDAQ commodities exchange. READ FULL STORY
Biogen on Tuesday faced tough questions from Wall Street analysts over the $56,000 annual cost of its newly approved Alzheimer’s drug, Aduhelm – a price tag executives are calling “fair” and “responsible.” Shares of Biogen surged 38% on Monday after the FDA announced it approved the company’s drug, scientifically known as aducanumab. It is the first medication cleared by Read More…
The era of supersonic commercial flights came to an end when the Concorde completed its last trip between New York and London in 2003, but the allure of ultrafast air travel never quite died out. President Biden mused about supersonic flights when discussing his infrastructure plan in April. And on Thursday, United Airlines said it was ordering 15 Read More…
Snowflake, the cloud data analytics vendor that held the biggest U.S. software IPO ever last year, has become the latest tech company to jettison California. In its earnings press release on Wednesday, Snowflake’s dateline showed up as “No-Headquarters/BOZEMAN, Mont.” As recently as May 3, when the company announced the date of its first-quarter earnings report, that same line said “SAN MATEO, Read More…
The blockbuster WarnerMedia-Discovery deal is especially good news for HBO Max, billionaire media mogul John Malone told CNBC’s David Faber. In an interview that aired Monday, Malone said his previous reservations about HBO Max’s ability to be a dominant player in the crowded digital-streaming landscape will be addressed once the AT&T-owned service is under the same roof as Discovery. READ FULL Read More…
French fashion tycoon Bernard Arnault is the world’s richest person this Monday morning, with an estimated net worth of $186.3 billion—putting him $300 million above Jeff Bezos, who is worth $186 billion, and Elon Musk, worth $147.3 billion. Arnault’s fortune has jumped from $76 billion in March 2020 to $186.3 on Monday, a massive rise of over $110 billion Read More…
Amazon is reportedly in discussions with MGM about purchasing the movie studio. According to Variety, the deal could be worth a reported $7 to $10 billion. The Information reported that MGM’s extensive library includes James Bond movies, the “Rocky” franchise, “The Terminator,” “The Handmaid’s Tale,” and “Survivor.” READ FULL STORY
Three years ago, AT&T Inc. executives were in a federal courthouse fighting the Justice Department to defend their takeover of Time Warner Inc., a more than $80 billion foray into the entertainment business. AT&T won the court battle, but lost in the marketplace. Now, at the behest of Chief Executive John Stankey, the telecom giant Read More…
Coca-Cola is saying goodbye to its energy line just over a year after it launched. Coca-Cola Energy will be discontinued in North America due to petering sales, CNN reported. “An important component to this strategy is the consistent and constant evaluation of what’s performing and what’s not,” the company said in a statement to the outlet. Read More…
Warren Buffett is seeing inflation among Berkshire Hathaway’s collection of businesses as the economic recovery from the Covid pandemic kicks into high gear. “We are seeing very substantial inflation,” the Berkshire chairman and CEO said at the conglomerate’s annual shareholder meeting Saturday. “It’s very interesting. We are raising prices. People are raising prices to us and it’s being accepted.” Read More…
Chicken-lovers are going to have to wing it through the Great Poultry Crisis of 2021. America’s biggest fast-food companies reported earnings this week, and executives from KFC to Wingstop stressed a dire situation — there’s simply not enough chicken to go around. A meat-processing slowdown caused by pandemic safety measures along with a surge in Read More…
Verizon Media Group, the media division within Verizon, has 3 million people that pay for subscriptions across its portfolio of Yahoo-related products, like Yahoo Fantasy, Yahoo Finance and others, executives tell Axios. Why it matters: Moving forward, the goal will be to rebrand most of its media franchises as Yahoo products, and to focus on selling Read More…
LAS VEGAS—Inside a strip mall here, blackjack students practiced flipping cards onto tables empty of gamblers. Nearby, a few people leaned over a craps table, the thrill of the game replaced by quiet study as the dice rolled. At CEG Dealer School, an academy for would-be casino dealers, the pipeline of workers aiming to join Read More…
Boeing CEO David Calhoun declined a salary and performance bonus for most of last year but still received stock benefits that pushed the estimated value of his compensation to more than $21 million, according to a regulatory filing Friday. The aerospace giant struggled last year with the continuing fallout from two deadly crashes involving its Read More…
Hertz‘s unsecured creditors are proposing a restructuring of the car-rental firm that clashes with the company’s plan to exit from bankruptcy via a sale to two investment funds, Bloomberg reported Thursday. As part of the planned shakeup, the lenders want to convert their holdings in the bankrupt firm into shares of the reorganized company which could be taken Read More…
LAS VEGAS, March 3, 2021 /PRNewswire/ — Las Vegas Sands Corp. (NYSE: LVS) today announced that it has entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, “The Venetian”) for an aggregate purchase price of approximately $6.25 billion. Under the terms of the agreement, Read More…
Moet Hennessy is acquiring a 50% stake in rapper and entrepreneur Jay-Z’s Champagne brand in an effort to up its cool factor and expand distribution. Terms of the deal, which was announced Monday, weren’t released. Armand deBrignac, known familiarly as Ace of Spades because of its distinctive label, is produced in France’s Champagne region by a Read More…
Making money in your sleep sounds too good to be true, given many of us find it hard enough to earn a living while we’re awake. But many influencers are jumping on a new trend that’s rising in popularity: the “sleep stream.” Among the best-known sleep streamers is one who goes by the name Asian Read More…
Bitcoin’s price broke above $50,000 for the first time in history Tuesday, continuing its blistering rally as major companies appear to be warming to cryptocurrencies. The world’s largest digital currency by market value rose more than 3% to an all-time high of $50,487 at about 7:30 a.m. ET, according to data from Coin Metrics. It later Read More…
Thomas Donohue, the president and CEO of the Chamber of Commerce, will reportedly be leaving his role. The chamber is expected to name Suzanne Clark as his successor, according to Axios, which cited people familiar with the matter. Donohue, a longtime confidant of Republican presidents who has been at the Chamber of Commerce since 1976, faced criticism Read More…
Tesla announced Monday it has bought $1.5 billion worth of bitcoin. In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable Read More…