FTX co-founder Sam Bankman-Fried will serve 25 years in prison after being convicted of defrauding his customers, investors, and lenders ... Show more
Quick Glance: Sam Bankman-Fried's Verdict: 25-Year Prison Term - BBC News
- Sam Bankman-Fried received a 25-year prison sentence. Key details from the court hearing in New York were summarized, focusing on his defense lawyer's arguments and the judge's ruling.
- The judge criticized SBF's lack of remorse, noting that he had never expressed a word of regret for committing terrible crimes. Customers who lost money in the collapse reported experiencing nightmares.
- SBF admitted to making a series of poor decisions but claimed that customers could be reimbursed. The judge pointed out that the assertion that customers would be fully repaid through the bankruptcy process was misleading.
- The court hearing also included testimonies from customers who lost significant amounts of money, insights into SBF's background, and the reasons behind the collapse of his company FTX.
Disney and the state of Florida reached a settlement on Wednesday to end litigation over the company's long-standing special tax district ... Show more
Amazon said it is pouring an additional $2.75 billion into Anthropic, bringing its total investment in the artificial intelligence startup to $4 billion ... Show more
Apple’s first quarter has felt more like an entire (bad) year: Suffice it to say, Apple’s 2024 is not going well.
finance.yahoo.com/news/apples-first-quarter-has-felt-more-like-an-entire-bad-year-201715880.html
Online trading app Robinhood launched a new credit card in an effort to expand its foothold in the personal finance market and boost subscriptions to its ... Show more
BlackRock CEO Larry Fink warns there could be a looming retirement crisis for younger generations if Baby Boomers don't help them save enough for retirement ... Show more
Donald Trump's social media platform Truth Social finished its first day of trading on the Nasdaq up 16%, despite rising more than 50% earlier in the session ... Show more
Quick Glance: Trump's Truth Social Stock Surges Despite Company Losses
- Shares of Donald Trump's social media platform Truth Social have seen a significant increase in their first days of trading.
- Despite the company's lack of profit and meager quarterly revenue, it has been valued at over $8 billion.
- Experts suggest that the stock surge is driven more by Trump's political supporters than financial fundamentals.
- While the future of Truth Social remains uncertain in the competitive social media industry, it may serve as a platform for Trump's future media ventures.
Your favorite chocolate treat may soon cost you a bit more than usual.
Cocoa futures surged above an unprecedented $10,000 a metric ton ... Show more
Quick Glance: Bittersweet Easter for Chocolate Lovers and African Cocoa Farmers
- Changing climate negatively impacts global cocoa supply and West African cocoa farmers’ earnings.
- Cocoa exports from Ivory Coast down by a third lead to a sharp rise in cocoa prices globally.
- Major chocolate manufacturers increase chocolate prices to boost profits while consumers pay more.
- Smaller chocolate businesses struggle with rising cocoa prices and declining sales as efforts to boost cocoa production are implemented.
Visa and Mastercard reached an estimated $30 billion settlement to limit credit and debit card fees for merchants, with some savings likely to be passed on to ... Show more
Quick Glance: Settlement between Visa and MasterCard and merchants on antitrust dispute over fees
- Visa and Mastercard announced a settlement with U.S. merchants related to swipe fees, potentially saving consumers billions of dollars.
- Swipe fees are paid to credit card companies like Visa and Mastercard in exchange for facilitating transactions, with merchants passing those fees on to consumers.
- As per the settlement, Visa and Mastercard will cap credit interchange fees until 2030 and must negotiate fees with merchant groups.
- The settlement stems from a 2005 lawsuit alleging that merchants paid excessive fees to accept Visa and Mastercard credit cards, citing antitrust violations by Visa, Mastercard, and their member banks.
The Federal Reserve said that it officially saw a net negative income of $114.3 billion in 2023, a record loss tied to expenses related to managing the US ... Show more
Krispy Kreme said its donuts would be available across McDonald's U.S. restaurants by the end of 2026 as the companies expand a pilot project ... Show more
Quick Glance: McDonald's to Sell Krispy Kreme Doughnuts by End of 2026
- McDonald’s plans to sell Krispy Kreme doughnuts at all 13,500-plus US locations by the end of 2026.
- The rollout begins in the second half of this year, taking about 2.5 years to add Krispy Kreme's treats nationwide.
- Krispy Kreme will significantly improve distribution efficiency, reach grocery and convenience stores, and grow its system profitably.
- The partnership will unlock growth opportunities for McDonald’s, especially in breakfast, and promote efficiency through reduced waste and increased production.
Boeing CEO Dave Calhoun will step down at the end of the year, the company announced Monday.
Calhoun's departure comes as the planemaker has dealt with a raft ... Show more
Quick Glance: Implications of Boeing CEO's Resignation on Aircraft Manufacturer
- Dave Calhoun, the CEO of Boeing, is set to resign by the end of the year, with additional top executives leaving the company amidst safety concerns tarnishing its reputation following an incident involving an Alaska Airlines 737 Max in January.
- It is emphasized that most Boeing aircraft remain safe, but only time will reveal whether the restructuring in the corporate leadership leads to tangible positive changes.
- Implementing a cultural shift in a vast company like Boeing can prove to be a complex task, particularly for the incoming CEO tasked with rebuilding the company's image.
- Despite thorough investigations and changes at the helm of Boeing, it is crucial to highlight that the company's airplanes are safe and continue to be maintained by dedicated professionals to ensure safety in the aviation industry.
Application rates for auto loans hit the lowest levels ever, new data from the Federal Reserve Bank of New York released said ... Show more
Chicago Fed President Austan Goolsbee said three rate cuts in 2024 are "in line with my thinking," and that the fundamental story about falling ... Show more
Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday ... Show more
Quick Glance: Appeals Court Decision Reduces Trump's Bond in Fraud Case
- In the New York civil fraud case, it was determined that Donald Trump and his co-defendants now have 10 days to post a $175 million bond, compared to the original $464 million.
- The late ruling from a panel of state Appellate Division judges, all appointed by Democratic governors, represents a significant victory and relief for the former president.
- Trump's legal team had previously stated that obtaining the larger bond was practically impossible. The court's decision also temporarily prevents the New York Attorney General's office from enforcing the judgment.
- Additionally, the court imposed a stay on the part of the initial judgment that restricted Trump from acting as a public officer of a company, as well as prohibitions on other individuals, although not all of Trump's requests were granted.
Options on Reddit drew a flurry of bullish bets on Monday as the social media platform's stock rallied as much as 30% after last week's strong market debut ... Show more
Despite Monday's dip on the major averages, certain equities ended the trading day in green territory.
Chipmaker Micron soared 6% to fresh highs.finance.yahoo.com/news/stock-market-today-stocks-slip-from-recent-records-bitcoin-rallies-back-above-70000-200101970.html
Bitcoin exposed stocks like MicroStrategy popped on Monday as the cryptocurrency rose above $70,500 per token. As of March 10 ... Show more
Wall Street has a new high water mark for the S&P 500.
Oppenheimer's chief investment strategist now sees the benchmark index ending the year at 5,500 ... Show more
Intel CEO Pat Gelsinger has spent the last three years lobbying Washington to make billions available to American chipmakers. On Wednesday ... Show more
MicroStrategy investors who bought shares of the biggest corporate holder of Bitcoin to gain amped-up exposure to the digital asset are getting a painful ... Show more
Homebuilders are more confident about the housing market amid softening mortgage rates and limited supply.
The National Association of Home Builders/Wells ... Show more
Super Micro Computer enjoys a rare advantage among server makers that are trying to tap the generative AI boom — close ties with Nvidia that help it launch ... Show more
Application rates for auto loans hit the lowest levels ever, new data from the Federal Reserve Bank of New York released said ... Show more
Encyclopaedia Britannica, the education technology company and publisher of books including the Merriam-Webster dictionary ... Show more
Lululemon posted fourth-quarter earnings per share of $5.29 compared to a $5.00 estimate. Net revenue was $3.21 billion, about in line with the Street estimate ... Show more
Quick Glance: Lululemon CEO Warns of Slow Start in the U.S. for 2024
- Lululemon ended 2023 strongly with a fourth-quarter earnings beat, but CEO Calvin McDonald warns of a slow start in 2024 in the U.S.
- McDonald emphasized that the company remains strong, flexible, and invests in international markets.
- Despite challenges in the U.S. market, Lululemon is optimistic about growing the business in 2024 and gaining market share.
- The company plans to continue investing in brand awareness in the U.S. this year by opening new stores to increase productivity.
The Biden administration approved another round of student debt discharge for more than 78,000 borrowers under the public service loan forgiveness (PSLF) ... Show more
US stocks closed mixed on Friday with the the tech-heavy Nasdaq Composite logging a fresh record high as the prospect of a reversal from interest rate hikes ... Show more
Reddit stock soared on its first day of trading, ending the day up nearly 50% from its initial public offering price of $34 a share ... Show more
Quick Glance: Reddit Shares Surge 48% in Market Debut
- Reddit shares ended their first day of trading in New York up 48 per cent, signaling that investor appetite for initial public offerings of promising yet loss-making companies could be returning.
- While Reddit still relies on advertising for the vast majority of its revenue, it positioned its content in its IPO marketing as training grounds for AI programs and disclosed an investigation by the US Federal Trade Commission into its AI data licensing deals.
- Shares of Reddit opened on the New York Stock Exchange at $47 and surged to $50.44 after pricing at $34 in the IPO.
- Reddit's entry into public markets was long overdue, and although the allocation of shares to users and retailers poses risks, the extremely bullish sentiment from retail traders on platforms like Stocktwits indicates that the cult brand Reddit continues to hold a significant cultural presence in the social media world.
Warner Bros Discovery said it is set to launch its Max streaming service in Europe from May 21, ahead of the Olympic Games in Paris this year ... Show more
Nelson Peltz just received key backing in his high-profile proxy battle against Disney.
Influential proxy advisory firm Institutional Shareholder Services ... Show more
The Justice Department filed a federal antitrust lawsuit against Apple, according to media reports, alleging that the tech giant illegally maintains its ... Show more
The Federal Reserve's decision to stay the course for three rate cuts this year comes after sticky inflation data was thought to push officials to scale back ... Show more
Quick Glance: UK Inflation Rate Drops to 3.4% - Lowest Level in Almost Two and a Half Years - BBC News
- The UK inflation rate fell to 3.4% for the year to February - the lowest level in almost two and a half years.
- Economists predict that inflation is likely to hit the Bank of England's target of 2% this summer.
- Cost of living is increasing while wage growth is outpacing inflation.
- Housing costs are rising faster, putting pressure on renters and homeowners.
Unilever said it is cutting 7,500 jobs and spinning off its ice cream business to reduce costs and boost profits.
London-based Unilever said its ice cream ... Show more
Quick Glance: Unilever to Split Ice Cream Business, Cut 7,500 Jobs
- Unilever plans to separate its ice cream business, including brands like Ben & Jerry's, and intends to cut 7,500 jobs.
- The restructuring aims to boost growth, involving job cuts to achieve €800 million in cost savings over the next three years.
- Separating the ice cream business will help Unilever focus on four core businesses and avoid controversial political issues related to Ben & Jerry's.
- The targeted cost savings are expected to increase Unilever's profits, allowing the company to reinvest in research, development, and marketing to achieve mid-single digit sales growth.
MicroStrategy investors who bought shares of the biggest corporate holder of Bitcoin to gain amped-up exposure to the digital asset are getting a painful ... Show more
Is Xiaomi a threat to Tesla? The Chinese smartphone giant has opened a waitlist for its first EV. 🔌🔋
Homebuilders are more confident about the housing market amid softening mortgage rates and limited supply.
The National Association of Home Builders/Wells ... Show more
Rivian owners can now access the Tesla Supercharger network, adding another automaker to Tesla's charging business.
Though Rivian announced a charging deal ...
Encyclopaedia Britannica, the education technology company and publisher of books including the Merriam-Webster dictionary ...
Nvidia debuts next-generation Blackwell AI chip at GTC 2024: Nvidia on Monday announced its new Blackwell GPU for AI and Grace Blackwell Superchip.
finance.yahoo.com/news/nvidia-debuts-next-generation-blackwell-ai-chip-at-gtc-2024-205825161.html
Super Micro Computer enjoys a rare advantage among server makers that are trying to tap the generative AI boom — close ties with Nvidia that help it launch ...
JPMorgan Chase CEO Jamie Dimon said he doesn’t think the Federal Reserve should begin lowering interest rates by June and should instead wait for more clarity ...
Even by the standards of bitcoin bulls, Michael Saylor stands out.
Do you like bitcoin as much as Michael Saylor does? 👀finance.yahoo.com/news/michael-saylor-is-never-selling-microstrategys-bitcoin-100028211.html
Apple has acquired Canadian artificial intelligence startup DarwinAI, adding technology to its arsenal ahead of a big push into generative AI in 2024 ...
Adidas posted its first annual loss in more than 30 years and warned sales in North America would fall again as sportswear retailers in the US struggle with ...
Former Treasury Secretary Steven Mnuchin is putting together a group of investors seeking to purchase TikTok if the social media app's parent company ByteDance ...
Oracle soared more than 13% to reach a record high on Tuesday, on signs the company was making progress in its plan to grab a share of the cloud-computing ...
New to NewsWall?
Sign up now to get your own personalized news!
Trending topics