FRANKFURT, Germany—Holiday group TUI said on Wednesday it expects to become profitable again in 2022 with significantly positive underlying core earnings thanks to strong bookings as countries lift pandemic-related travel restrictions. At the same time, it expects the recovery of the COVID-hit holiday sector to be lasting as oil and gas prices should eventually normalize,…
Treasury’s Yellen Says US Financial System Operating in ‘Orderly Manner’
WASHINGTON—Treasury Secretary Janet Yellen said on Monday the U.S. financial system was functioning in an “orderly manner” despite the current stock market sell-off, and valuations of some assets remain high compared to historical values. In prepared testimony for a Senate Banking Committee hearing on Tuesday, Yellen said the Financial Stability Oversight Council (FSOC) will continue…
Fed: Inflation, Ukraine Biggest Threats to Financial System
NEW YORK—The Federal Reserve said Monday that surging inflation and Russia’s war in Ukraine are now the greatest threats facing the global financial system, supplanting the coronavirus pandemic. The observations came in the Fed’s semiannual Financial Stability Report that looks at trends in trading and investing as well as broad economic issues. The report is not…
Tesla Recalls 130,000 Vehicles in the US Over Touchscreen Display Malfunction
WASHINGTON—Tesla Inc. is recalling about 130,000 vehicles in the United States following an overheating issue that may cause the center touchscreen display to malfunction, the National Highway Traffic Safety Administration (NHTSA) said on Tuesday. The recall covers Tesla’s S and X from the 2021 and 2022 model years and its 3 and Y from the…
Appian Soars After Winning $2.04 Billion Verdict Against Pegasystems
Appian Corp shares soared and Pegasystems Inc shares tumbled on Tuesday after a Virginia jury ordered Pegasystems to pay its software rival $2.04 billion in damages for misappropriating trade secrets. The damages award issued on Monday by the Fairfax County Circuit Court jury followed a seven-week trial, and maybe the largest in Virginia’s history, Appian…
Amazon Terminates Employees Linked to Warehouse Union
Amazon.com, Inc. sacked two employees linked to an organizing campaign that led to the company’s first-ever unionized warehouse in the U.S., CNBC reports. Mat Cusick and Tristan Dutchin have worked with the Amazon Labor Union, led by current and former company employees, to organize workers at the Amazon warehouses on New York’s Staten Island. The ALU…
Pfizer to Pay $11.6 Billion for Biohaven to Tap Migraine Market
Pfizer Inc said on Tuesday it will pay $11.6 billion to buy Biohaven Pharmaceutical Holding Co, making a big bet on its ability to boost sales of the top-selling pill in a new class of migraine drugs. The boards of both companies have approved the deal, they said. Biohaven shares jumped 70 percent to $141.31,…
This Billionaire Won $8 Million Bid for a Seat on Blue Origin’s Space Flight—But He Won’t Be Making the Trip
Hedge fund Citadel’s founder, Ken Griffin, successfully bid for a seat on the New Shepard capsule of Jeff Bezos-founded Blue Origin but will reportedly not be part of its trip to space. What Happened Griffin has decided to donate his seat to a school teacher from New York City, Bloomberg reported. Griffin’s representative and Citadel CTO Umesh Subramanian made the winning $8 million bid in…
Tiger Global Hit by $17 Billion Losses in Tech Rout: FT
New York-based Tiger Global has been hit by losses of around $17 billion during this year’s technology stock selloff, marking one of the biggest dollar declines for a hedge fund in history, the Financial times reported. The firm, one of the world’s biggest hedge funds, has erased around two-thirds of its gains in four months,…
Apple AirTags Are Apparently Giving Users False Alarm About Being Tracked
Apple Inc.’s AirTags users are getting false alerts about being tracked, according to a report. What Happened These false alerts are being sounded even though the users are not likely tracked, the Wall Street Journal reported on Friday. Some iPhone users have reportedly begun to receive these false alerts in the middle of the night, leading to confusion and…
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