Australian energy retailer Origin Energy has raised its earnings forecast for the 2022-2023 financial year while it awaits a binding takeover bid from two global investment giants. On Jan. 27, Origin Energy updated its earning forecast by lifting the earnings before interest, tax, depreciation and amortisation (EBITDA) for the current financial year from $500-$650 million…
Ex-CEO Warns US May Be in ‘World of Hurt’ If Federal Government Doesn’t Act Soon
Former Walmart CEO Bill Simon warned that corporate layoffs might have a significant impact on the U.S. economy in the near future. “It’s crazy right now. We’re stuck in this loop of wage inflation, product inflation, and cost inflation. And it’s just that cycle keeps going. And I think, unfortunately, an inevitable byproduct of some…
White House Targets Cryptocurrencies, Calls for Stronger Enforcement by Regulators
January 29, 2023
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Business & MarketsCompaniescryptocurrenciescryptocurrencyeconomic policiesExecutive BranchMarketsPoliticsregulatorsUSUS NewsWhite House
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North Korea, fraud, and financial losses are some of the dangers emanating from the cryptocurrency industry, according to a White House blog published on Jan. 27. It argued for enhanced oversight of cryptocurrencies more broadly, requesting help from financial regulatory bodies and Congressional lawmakers. The blog—co-written by national security adviser Jake Sullivan, National Economic Council Director Brian…
California Firefighters Use 6,000 Gallons of Water to Put Out Tesla Fire on Highway 50
January 29, 2023
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Business & MarketsCaliforniaCompaniesElectric VehiclesNorthern CaliforniaRegional & State NewsState NewsTechTech NewsUSUS News
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A Tesla Model S burst into flames on Saturday afternoon in California while driving on Highway 50, causing two eastbound lanes to close, officials said. The electric vehicle was traveling at “freeway speeds” when its battery compartment “spontaneously” caught fire, the Sacramento Metropolitan Fire District said on Twitter. The incident happened around 3:41 p.m. Firefighters…
US Seeks Tighter Bail for FTX Founder Bankman-Fried to Prevent Tampering
NEW YORK—U.S. prosecutors on Friday asked a Manhattan judge to impose tougher bail conditions on Sam Bankman-Fried, expressing concern that the founder of the FTX cryptocurrency exchange might tamper with witnesses or destroy evidence in his criminal case. Citing Bankman-Fried’s “recent attempts to contact prospective witnesses,” prosecutors asked U.S. District Judge Lewis Kaplan to ban…
Fuel Costs of Electric Vehicles Overtake Gas-Powered Cars: Study
January 28, 2023
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Business & MarketsCompanieseconomic policieseconomyElectric VehiclesenergyEVsfuel carsfuel costsPolicies & ImpactsUSUS News
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The cost to fuel electric vehicles in the United States is higher than gas-powered cars for the first time in 18 months, a consulting company said. “In Q4 2022, typical mid-priced ICE (Internal Combustion Engine) car drivers paid about $11.29 to fuel their vehicles for 100 miles of driving. That cost was around $0.31 cheaper…
FAA Identifies Contractor Involved In Outage That Grounded Over 11,000 Planes
January 28, 2023
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air trafficBusiness & MarketsCompaniescontractoreconomyFederal Aviation AdministrationNational SecurityPolicies & ImpactsUSUS News
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The Federal Aviation Administration (FAA) identified the contractor involved in the outage of a safety bulletin system that caused a stop in passenger air travel nationwide. The agency announced on January 26, that it would directly ban contract personnel involved in the incident from accessing its buildings and systems during the investigation, reported Reuters. Federal investigators…
Pfizer Responds After Director Says Company Is Developing Ways to Mutate COVID-19
Pfizer late Jan. 28 responded to comments from a director at the company about exploring ways to mutate COVID-19 as a method to “preemptively develop new vaccines.” “In the ongoing development of the Pfizer-BioNTech COVID-19 vaccine, Pfizer has not conducted gain of function or directed evolution research,” Pfizer said in a lengthy written statement after…
Intel’s ‘Historic Collapse’ Erases $8 Billion From Market Value
Intel Corp. saw about $8 billion wiped off its market value on Friday after the U.S. chipmaker stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal-computer market. The company predicted a surprise loss for the first quarter and its revenue forecast was $3 billion below estimates as it also…
All Flights Cancelled as UK’s Flybe Goes Into Administration
All Flybe flights have been cancelled as the British regional airline Flybe ceased trading on Saturday. This is the second time in two years the low cost carrier collapsed. The airline announced its closure shortly after 3 a.m. local time on Twitter, saying David Pike and Mike Pink had been appointed joint administrators of Flybe…
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