Bed Bath & Beyond (BBBY) continues its slow decline into bankruptcy with the announcement of another round of 87 store closures as the struggling retailer attempts to stay afloat. The Feb. 1 announcement of 87 planned store closures follows a list of 150 Bed Bath and Beyond closures that was announced last August. The new…
Twitter Will ‘Comply’ With Europe’s Censorship Rules, Says EU Commissioner
Twitter intends to stick with the European Union’s new Digital Services Act (DSA) censorship rules that seek to control misinformation and hate speech online, Thierry Breton, EU commissioner for digital policy, recently said during a video call. In a video call with Twitter owner Elon Musk, Breton discussed Twitter’s readiness to comply with the DSA…
CDC Issues Warning to Stop Using Eye Drops After 1 Death, Dozens of Infections Reported
A brand of over-the-counter eye drops could be linked a bacterial infection that left one person dead, said the Centers for Disease Control and Prevention (CDC) in a notice urging consumers to stop using EzriCare Artificial Tears while an investigation is underway. The CDC said (pdf) in a document circulated by the American Academy of Ophthalmology (AAO) that…
Rivian Plans 6 Percent Workforce Reduction, Business ‘Bleeding Cash’
American electric vehicle manufacturer Rivian plans to cut down its workforce in an attempt to control costs as the company battles falling cash reserves and a potential price war with competitors. Rivian intends to lay off 6 percent of its workforce, CEO R.J. Scaringe said in an email to employees on Wednesday. Rivian is estimated…
Judge Bars Sam Bankman-Fried From Contacting FTX Employees
February 2, 2023
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Business & MarketsCompaniescryptocurrencyFTXJudiciaryMarketsMedia & Big TechSam Bankman-FriedUSUS News
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A New York judge on Feb. 1 granted a request from the Department of Justice to block Sam Bankman-Fried from attempting to contact both current and former employees of the failed cryptocurrency exchange FTX. U.S. District Court Judge Lewis Kaplan also ruled that the block applies to current and former employees of FTX’s sister hedge fund,…
Deutsche Bank CEO Won’t Rule Out Job Cuts
FRANKFURT—Deutsche Bank CEO Christian Sewing on Thursday refused to rule out job cuts as the bank strives to lower costs, in a sign of the uncertainty facing the global financial industry as economic growth slows. Sewing, who heads Germany’s top lender that reaches from New York to Sydney, said the bank was looking to reduce…
Shell 2022 Profit More Than Doubles to Record $40 Billion
LONDON—Shell delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices allowed it to hand shareholders unprecedented returns. The British company’s record earnings, which more than doubled from a year earlier, mirror those reported by U.S. rivals earlier this week…
Corporate Mergers and Acquisitions, Public Offerings Fell Sharply in 2022: Report
Global equity issuance for 2022 plummeted 66.6 percent from last year, to $351.76 billion, levels not seen since 2006, a new report by S&P Global Market Intelligence showed. The total value of initial public offerings (IPOs) dropped even further, down 71.3 percent for the year. Corporate merger and acquisitions (M&A) also slowed down last year. Total…
Meta Stuns Street With Lower Costs, Big Buyback, Upbeat Sales
Meta Platforms Inc.’s stricter cost controls this year and a new $40 billion share buyback sent shares soaring on Wednesday, as CEO Mark Zuckerberg called 2023 the “Year of Efficiency.” The parent of Instagram and Facebook, which has fallen on hard times amid a broad post-pandemic slump in digital ads, is focused on improving its…
Apple and Google Asked to Ban TikTok From App Stores
February 2, 2023
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appleBig Tech, Censorship, and SocialismBusiness & MarketsChinaChina Business & EconomyCompaniescongressDemocratsFeatured TopicsGoogleInfiltrating the WestMedia & Big TechNational SecurityPoliticsSpecial TopicstechnologyTikTokUSUS NewsUS-China relations
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Sen. Michael Bennet (D-Colo.) has called on Apple and Google to remove TikTok from their respective app stores, arguing that no company subject to “dictates” by the Chinese Communist Party (CCP) should be allowed such broad access to American audiences or harvest their data. Bennet made the appeal in a Feb. 1 letter to Google…
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