As Wall Street speculated on the identity of the mysterious seller behind the massive $10.5 billion in block trades executed on Friday by Goldman Sachs Group Inc., investors also pondered just how unprecedented the selloff was — and whether there’s more to come. The sales lit up trader chat rooms from New York to Hong […]
Category: Top News
Volkswagen wraps multiyear investigation into Dieselgate
The Volkswagen Group has wrapped a multiyear internal investigation into Dieselgate, and it says it will try to pry compensation from former CEO Martin Winterkorn and former Audi CEO Rupert Stadler to make up for some of the massive financial damages that resulted from the emissions cheating scandal. The law firm Volkswagen hired to perform […]
The Fed has embraced the ‘punchbowl’ and has no intention of taking it away
The Federal Reserve has come a long way from the days of warning about “irrational exuberance.” Former Fed Chairman Alan Greenspan famously sent up a flare in December 1996 about stretched asset valuations triggered by wild dot-com speculation that had produced an unbridled bull market. It took three years for the warning from “The Maestro” […]
NIO Announces Temporary Suspension Of Electric Car Production
Semiconductor shortage affects the company. NIO has announced that the semiconductor shortage forced the company to temporarily suspend the vehicle production activity in the JAC-NIO manufacturing plant in Hefei, China. According to the press release, the pause will take five working days, starting from March 29, 2021. Several days out of an entire month is […]
Jeep, Dodge maker Stellantis temporarily closing five North American plants due to chip shortage
A global shortage of semiconductor chips is forcing Stellantis to temporally close five North American plants starting next week, the company confirmed Friday afternoon. The impacted plants are in Illinois, Michigan, Mexico and two in Ontario, Canada. They build an array of products for the company – from older Ram 1500 pickup trucks and Jeep […]
GameStop’s Tumult Lives On With $6.4 Billion Roller Coaster Trip
GameStop Corp. is ending the week lower than where it started, even after retail investors refused to let go of their commitment to the stock following an earnings-related selloff. Investors were quick to get over GameStop’s 12th consecutive quarter of slowing sales and management’s decision to not take questions on its earnings call on Tuesday, […]
WeWork takes SPAC route to go public in $9 billion deal
WeWork has agreed to go public through a merger with blank-check firm BowX Acquisition Corp, in a deal that values it at $9 billion, the office-sharing startup said on Friday. The deal marks a steep drop from the $47 billion the loss-making company was worth in 2019 ahead of its botched initial public offering that […]
Crypto industry to get first major U.S. stadium with Miami-Dade County approving FTX for Heat home
A city trying to rebrand itself as the center of the crypto world could soon have a cryptocurrency exchange emblazoned on the stadium of its NBA franchise. FTX has won the naming rights to the entertainment venue currently known as American Airlines Arena, home to the Miami Heat. The deal, approved by the Miami-Dade Board […]
Powell praises economic recovery and sees Fed pulling back help after ‘substantial’ progress
Powerful fiscal help from Congress combined with accelerated vaccine distribution has allowed the U.S. economy to recover faster than expected, Federal Reserve Chairman Jerome Powell said Thursday. At some point, that will allow the central bank to dial back the help it has provided, though he said now is not that time. “As we make […]
Weekly jobless claims tumble to lowest level in more than a year
First-time claims for unemployment insurance unexpectedly fell sharply last week amid signs that hiring has picked up in the U.S. economy, the Labor Department reported Thursday. Claims totaled 684,000 for the week ended March 20, the first time the number has been below 700,000 during the Covid-19 era. The level was a substantial decline from […]
Amazon blasts Bernie Sanders as he heads to Alabama to support union drive
Amazon’s consumer boss took a swipe at Sen. Bernie Sanders for planning a visit to Alabama, where a historic union election is currently underway at one of the company’s warehouses. Dave Clark, CEO of Amazon’s worldwide consumer business, fired off a series of tweets late Wednesday and Thursday morning, defending the company’s labor practices and […]
Twitter CEO Jack Dorsey busted for tweeting during congressional hearing
Twitter CEO Jack Dorsey got called out by Rep. Kathleen Rice (D-NY) for tweeting during today’s congressional hearing on disinformation and extremism. The tech exec’s tweet was likely expressing frustration with the format of the hearing, which once again saw the tech CEOs forced to boil down their answers to complicated questions into simple “yes” […]