LONDON—Virgin Orbit said Thursday its first attempt to launch satellites into orbit from the UK failed after its rocket’s upper stage prematurely shut down. The U.S.-based company used a modified Boeing 747 plane to carry one of its rockets from Cornwall in southwestern England over the Atlantic Ocean on Monday. The plane released the rocket,…
Goldman Sachs Platform Solutions Business Lost $3 Billion in Nearly Three Years
NEW YORK—Goldman Sachs Group Inc. lost $3.03 billion in nearly three years on its platform solutions business that houses transaction banking, credit card and financial technology businesses. This is the first time that Goldman has given a detailed look into the financials for the consumer and fintech arms that were intended to diversify the Wall…
Elon Musk Rejected in Bid to Move Tesla Tweet Trial to Texas
SAN FRANCISCO—A federal judge on Friday rejected Tesla CEO Elon Musk’s bid to move or delay a trial over a misleading tweet about a potential buyout of the electric automaker. The decision by U.S. District Judge Edward Chen came during a hearing held in San Francisco federal court to go over the final details of…
Holiday Payoff: Delta Air Lines Posts $828 Million Profit in 4th Quarter
Delta Air Lines said Friday that it earned $828 million in the fourth quarter and that consumers are still snapping up flights and making purchases with their airline-branded credit cards. The Atlanta-based airline said momentum has carried over into the new year, as the travel industry continues to recover from the worst of the pandemic….
Tesla Turns Up Heat on Rivals With Global Price Cuts
Tesla Inc. has slashed prices globally on its electric vehicles by as much as 20 percent, extending an aggressive discounting effort and challenging rivals after missing Wall Street delivery estimates for 2022. The move marks a reversal from the automaker’s strategy over the last two years when new vehicle orders exceeded supply. It comes after…
Major Banks Beat Earnings Forecasts, but Recession Fears Increase
January 13, 2023
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Major American banks beat their earnings forecasts, but recession fears are beginning to mount. JPMorgan Chase, Bank of America, Citigroup, and asset management giant BlackRock reported positive forecasts on Jan. 13, but many investors were still left disappointed. The banks managed to beat Wall Street’s reduced expectations for their fourth-quarter results, as higher interest rates boosted…
States Push to Ban Credit Card Companies from Tracking Gun Sales
The conflict between gun owners and credit card companies is heating up as so-called red states move to enact laws that will block efforts by financial institutions to track Americans’ firearms purchases. West Virginia introduced on Jan 12. legislation that would ban credit card companies from collecting or disclosing data on their customers’ firearms purchases….
Citigroup Misses Profit Estimates on Provision Hike, Dealmaking Slowdown
January 13, 2023
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Citigroup Inc. reported a 21 percent fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity. Fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth…
Mississippi Governor Bans TikTok From State Devices and Networks
January 13, 2023
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Mississippi Gov. Tate Reeves has joined more than 20 other states in banning TikTok from all state-issued government devices “to protect critical infrastructure.” “It’s no secret that the Chinese Communist Party is actively trying to steal U.S. intellectual property and Americans’ personal information. It’s a major threat to our national security and critical infrastructure, costs…
Prominent Exchange and Token Issuer Crypto.com Slashing 20 Percent of Workforce
Crypto.com will be laying off about a fifth of its workforce in a second round of layoffs within six months, citing industry-wide issues, including FTX bankruptcy, in what looks like a trying period for the once-booming sector. Although the company “grew ambitiously at the start of 2022,” the “trajectory changed rapidly with a confluence of…
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