Category: Companies

New South Wales Temporarily Bans PwC Amid Ongoing Federal Investigation

June 15, 2023
AustraliaBusiness & MarketsCompaniesCourtney Houssosdaniel andrewsPwCWorld
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The government of the Australian state of New South Wales (NSW) has placed a temporary ban on scandal-plaguing consultancy firm PricewaterhouseCoopers (PwC) as it seeks to improve the quality of consultant services provided by third parties. On June 15, the NSW government announced that it would suspend PwC from getting new government contracts concerning taxation…

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Regional Banks Scramble to Unload Commercial Real Estate Loans, Fearing New Crisis

June 14, 2023
bank failuresBusiness & Marketscommercial real estateCompanieseconomyInvestmentregional banksSilicon Valley Bank CollapseUS
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The work-from-home trend has been taking its toll on office landlords and is now making its way through to banks’ commercial loan portfolios, leading some analysts to predict that more trauma could be on the way for regional banks this year. And in the current climate of bank failures, short sellers, and nervous depositors, banks…

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Amazon Locked Man Out of Smart Home Devices for a Week After False Racism Accusation

June 14, 2023
AmazonBusiness & MarketsCompaniesCrime & Public SafetyCrime and IncidentsMedia & Big Techsmart home technologyTechTech NewsUSUS News
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A Maryland man was recently locked out of his Amazon smart home system after a delivery driver reported hearing a racial slur while dropping off a package. In a June 4 blog post on Medium, Brandon Jackson described his week-long ordeal of being locked out of the Amazon account he used to control many of…

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Google Faces Forced Break-Up as EU Regulators Allege Anti-Competitive Violations

June 14, 2023
antitrustbreak-upBusiness & MarketsCompaniesGoogleTechUS
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Google has been accused of breaching antitrust rules in the European Union (EU), and the bloc’s regulators have issued a preliminary assessment that the only solution to addressing their competition concerns is to force Google to break up. The European Commission (EC), which serves as the executive branch and primary antitrust regulator of the bloc,…

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Trump Responds to Jake Tapper Asking CNN to Cut Footage of Trump Supporters

June 14, 2023
2024 electionBusiness & MarketsCompaniesDemocrat CandidatesDonald TrumpMedia & Big TechPoliticsRepublican CandidatesTrump DOJ IndictmentUS
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Former President Donald Trump responded to on-air comments made by CNN’s Jake Tapper on Tuesday, in which the anchor demanded the network cut footage of Trump’s event that showed enthusiastic supporters. During CNN’s broadcast, Tapper asked staffers to cut footage of Trump meeting with supporters in Florida, coming minutes after the former president pleaded not…

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Youth Depend More on Online Influencers for News Over Media Outlets: Report

June 14, 2023
Business & MarketsCompaniesMedia & Big Technews mediaSocial IssuesSocial Mediasocial media platformsTechTech NewsUSUS News
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Social media influencers and celebrities are now the dominant source of news among users of apps like Snapchat and TikTok that are popular among young Americans, overtaking mainstream news sources in the process, per a new report by the UK-based Reuters Institute for the Study of Journalism. “While mainstream journalists often lead conversations around news…

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Wall Street Subdued at Open as Investors Await Fed Decision

June 14, 2023
Business & MarketsCompanieseconomic policieseconomyMarketsstocksUS
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Wall Street’s main indexes were subdued at open on Wednesday as investors geared up for the Federal Reserve’s interest rate decision later in the day, while shares of UnitedHealth fell after the insurer warned of higher medical costs. The Dow Jones Industrial Average fell 167.42 points, or 0.49 percent, at the open to 34,044.70. The…

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Binance.US Says SEC’s Temporary Restraining Order Would Destroy the Company

June 14, 2023
binanceBusiness & MarketsCompaniesCrime & Public Safetycrypto exchangecryptocurrencyeconomic policieseconomyExecutive BranchInvestmentMarketsMedia & Big TechPolicies & ImpactsPoliticsSecurities and Exchange CommissionUS
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Binance said that the Securities and Exchange Commission’s (SEC) move to freeze the assets of its American affiliate, Binance.US, would effectively destroy the crypto exchange. The SEC filed a temporary restraining order on June 12,to freeze Binance.US’s funds until it was able to prove that no one at the firm, including its CEO, Changpeng “CZ” Zhao, could access…

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Stocks Edge Higher, Dollar Sags Eyeing Fed Pause

June 14, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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Global shares edged higher and the dollar held near three-week lows on Wednesday as traders were all but certain that the U.S. Federal Reserve will refrain from hiking interest rates later in the session. Overnight, the much-watched U.S. CPI report showed prices barely rose in May, with just a 0.1 percent increase from the prior…

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Maker of Instant Pot, Pyrex Files for Bankruptcy

June 14, 2023
bankruptcyBusiness & MarketsCompaniesInstant Brands
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Instant Brands, the maker of Instant Pot pressure cooker and Pyrex glassware, declared bankruptcy on June 12 amid sales decline. The company filed for Chapter 11 bankruptcy with the U.S. Bankruptcy Court in the Southern District of Texas. Chapter 11 bankruptcy allows for a reorganization of the company rather than its liquidation in a Chapter…

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