Department of Justice prosecutors plan to seize $465 million of Robinhood shares tied to FTX founder and former CEO Sam Bankman-Fried, who has been charged with fraud in the collapse of the FTX cryptocurrency exchange. In May, Bankman-Fried purchased a 7.6 percent stake in Robinhood, worth about $648 million at the time, according to a Securities…
DOJ to Seize $465 Million of Robinhood Shares Linked to FTX Founder Bankman-Fried
Mercedes Recalls Nearly 324,000 Vehicles Due to Engine Stalling
DETROIT—Mercedes is recalling nearly 324,000 vehicles in the U.S. because the engines can stall while they’re being driven. The recall covers a range of models from the 2012 to 2020 model years including the ML550, ML350, AMG ML63, ML250, ML400, GLE450, GLE300, GLE350, GLE550, GLE400, AMG GLE43, and AMG GLE63. The National Highway Traffic Safety…
GM Reclaims US Auto Sales Crown From Toyota
General Motors Co. reclaimed the top spot in U.S. auto sales from rival Toyota Motor Corp. in 2022 as it was able to better meet strong demand for cars and trucks despite industry-wide supply disruptions. Shares of GM rose 2.7 percent in afternoon trade on Wednesday to $34.75, after the company posted a 2.5 percent…
Fox Dominates Cable News Ratings While MSNBC and CNN Continue to Struggle
A general downward trend continued for cable news consumption in 2022, with the left-leaning MSNBC and CNN networks particularly hard hit, according to the latest Nielsen Media Research ratings. Despite 2022 being a newsworthy year, opening with the Jan. 6 hearings and Russia’s invasion of Ukraine and moving forward with coverage of the economy and…
Global Shares Rise as Sentiments Get Boost From Fed, US Jobs
January 5, 2023
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TOKYO—Global shares mostly rose Thursday following a rally on Wall Street as investors assessed minutes from the Federal Reserve’s latest meeting of policymakers and welcomed encouraging data on U.S. jobs. France’s CAC 40 lost 0.6 percent to 6,736.01 in early trading, while Germany’s DAX fell 0.4 percent to 14,438.94. Britain’s FTSE 100 edged up 0.1…
Bankrupt Cryptocurrency Platform Celsius Owns Rights to Most Customer Digital Assets: Judge
January 5, 2023
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bankruptcyBusiness & MarketsCelsiusCompaniescryptocurrencyeconomyJudiciaryMarketspersonal financeUSUS News
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A U.S. bankruptcy judge ruled on Jan. 4 that digital assets deposited into the cryptocurrency lending platform Celsius Network’s Earn program belong to the now-bankrupt company’s estate and not individual users. Celsius filed for Chapter 11 bankruptcy in July 2022 amid a liquidity crisis. At the time, the company had approximately 600,000 accounts that earned interest as part…
Amazon Announces 18,000 Job Cuts
Amazon informed staff on Wednesday that it plans to cut 18,000 jobs amid slowing consumer and corporate spending. The cuts include workforce reductions already announced in November. The company had previously flagged that it would make additional cuts this year. “Today, I wanted to share the outcome of these further reviews, which is the difficult decision…
New Zealand Pavlovas and Pastries Hit by Egg Ban
January 5, 2023
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Asia & PacificAustraliaBusiness & MarketsBusinesses in COVID-19commodity pricesCompaniesEggsinflationInternationalNew ZealandpavlovaWorld
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New Zealand’s nationwide ban on battery caged hens has created an egg shortage, pushing up prices for eggs and the foods requiring it, such as breakfast staples and desserts. Battery cages are small, wire cages used to house egg-laying hens. Each cage is about 40 centimetres (16 inches) and contains four to seven hens. In…
Amazon Secures $8 Billion Term Loan
Amazon.com Inc. said on Tuesday it had reached an agreement with certain lenders to provide the e-commerce giant an $8 billion unsecured loan. The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes. “Given the uncertain macroeconomic environment,…
Ryanair Hikes Full Year Profit Forecast After Strong Christmas Season
DUBLIN—Ryanair hiked its forecast for after-tax profit by up to 325 million euros on Wednesday, citing recent pent-up travel demand while warning that COVID-19 and the war in Ukraine could still affect the outcome. Europe’s largest airline by passenger numbers saw profit for the year to end-March at between 1.325 billion euros and 1.425 billion…
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