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The EU-US data crisis is being mitigated by Biden’s Privacy Order.
The EU’s highest court, the Court of Justice of the EU, has ruled that the Privacy Shield system between the EU and the US is invalid. It called it a “broken system” that doesn’t comply with EU’s data protection rules. The system lets US companies transfer consumer data to the European Union without having to…
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This year, what will drive the markets?
Former CEO of crypto exchange FTX Sam Bankman-Fried has been charged with conspiracy and fraud by the US Securities and Exchange Commission (SEC). Sam Bankman-Fried is alleged to have misled customers about the health of FTX, a coin exchange that collapsed in November. He had moved FTX’s headquarters away from Hong Kong to the Bahamas…
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Bankman-Fried’s fortune fell in less than a week.
US Securities and Exchange Commission (SEC) has charged FTX Founder Sam Bankman-Fried with eight counts of fraud and conspiracy. The SEC alleged that Bankman-Fried and his partners manipulated the price of one of FTX’s security tokens, FTT, to prop up the value of their houses of cards. FTX and its sister hedge fund Alameda filed…
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The FTC wants Microsoft to not complete its purchase of the company.
Microsoft in its response to US’ Federal Trade Commission (FTC) asked why the $68.7 billion acquisition “should go through”. Microsoft said it plans to develop three more games exclusive to Xbox and PC. However, the FTC pointed to Microsoft’s previous acquisitions of game developers, including Bethesda Softworks and ZeniMax, as proof that it was not…
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Interest rates were pushed up by the Fed again.
The US Federal Reserve on Wednesday said it’ll hike its target for the Fed funds rate by 25 basis points in March to a range of 1.75%-1.99%. This will be the seventh hike in nine months in the Fed’s target rate, which has been pegged at 1% since December 2015. The rate hike is expected…
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China GDP and other economic data were delayed.
China’s economy will likely have expanded by 4.4% last year, much stronger than economists had predicted, but much lower than the 8.6% rate seen in 2021, said a Chinese leader. “We think that aggressive financial tightening and the drag on real incomes from high inflation will push the global economy into a recession next year,”…
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In Phoenix and Austin, the Cruise’s robotaxis are accepting passengers.
General Motors-backed self-driving technology startup Cruise has announced the expansion of its autonomous ride-hailing service to Arizona and Austin, Texas, before the end of 2022. Earlier this year, the startup had said it would launch in Phoenix, Arizona, and Austin, Texas, before the end of 2022. Cruise had originally planned to launch its commercial service…
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Water problems are being created by a deep freeze in the South.
The mayor of the US’ Selma declared a state of emergency because the city was worried about running out of water. The order was given by the Mayor James Perkins Jr on Christmas Day asking business owners to check for leaks before the water runs out. The city of 18,000 was able to find enough…
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New Year’s sales for the year of 2023.
First Aid Beauty will be offering BOGO (buy one, get one) and free gifts with bundles on select products, including a pillow and sleep mask, from November 23 to 27. It will also offer up to 30% discount on select products, including a pillow and sleep mask, during its first-ever site-wide sale, now through November…
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Why did BMW make batteries in the US?
BMW has announced it will close its electric car plant in the US, which employs about 10,000 people, due to high costs of making electric vehicles. The company said it will be shutting down the plant at the end of this year, but won’t specify when it will be closed. BMW has been trying to…
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The influential punk fashion maverick died at 81.
Vivienne Westwood, the British fashion designer who was honoured by the Queen several times, passed away on Saturday aged 87. “It is with deep regret that we announce the sudden demise of our founder Vivienne Westwood,” her fashion house wrote on social media. Westwood was known for designs like ‘Swastika’ shirt and ‘Pillowtalker’ pants, among…
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Gas prices had a wild ride this year and it’s difficult to predict in ten years.
Gas prices in the US have risen since hitting $5 a gallon in June amid a squeeze on refinery capacity. National average price for gas is expected to fall from its current level of $3.35 a gallon to $3.59 a gallon in the next few years, according to GasBuddy. In some states, drivers had to…
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There are the worst hacks of 2022.
LastPass has said that an employee of its US-based rival Verge accessed a cloud storage service in August 2012 which was later used by an unauthorised person to target the employee with access to a third-party storage service. The vault backup wasn’t compromised initially, but LastPass said that the threat actor used information from that…
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The downfall of FTX’s Sam Bankman-Fried is a big deal.
Cryptocurrency exchange FTX’s Founder Sam Bankman-Fried was arrested in the Bahamas for allegedly embezzling over $5 million from the firm. Bankman-Fried is accused of stealing an FTX Asset in the first two years of its existence in the US. FTX, which was founded in 2012, collapsed in November 2019 following a dispute with some of…
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What a change a plucky African start-up could make in the vaccine world.
South African biotech firm Afrigen is seeking partners to help develop COVID-19 vaccines aimed at wealthy countries. This comes after international funders backed the mRNA project limits how much Afrigen can make from any mRNA vaccines sold in low- and middle-income countries. “We will need to produce a huge quantity of the vaccine,” the firm’s…
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The case of Sam Bankman-Fried might be a new version of an old story.
US’ Securities and Exchange Commission said FTX’s CEO Sam Bankman-Fried used customers’ money for personal benefit, including private jets, personal loans, and political donations. Federal prosecutors have charged Bankman-Fried with orchestrating “one of the biggest financial frauds in American history”. Bankman-Fried, his parents, and employees allegedly stole billions of dollars from customers of FTX at…
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The blue chip stock jumped due to strong earnings and confidence among consumers.
US stock markets rose on Wednesday, with the Dow Jones gaining over 500 points, after better-than-expected results from two of America’s leading companies. The Standard and Poor’s 500 index surged over 40 points, while the NASDAQ composite index rose over 100 points. This comes after US President Donald Trump said he would “love to” have…
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Business partners are angry with Sam Bankman-Fried.
US cryptocurrency exchange FTX’s Founder Sam Bankman-Fried said he didn’t knowingly commingle funds between FTX and his hedge fund Alameda. Prosecutors alleged that Bankman-Fried stole billions of dollars from FTX customers to cover losses at Alameda and to enrich himself. Bankman-Fried resigned as CEO after FTX filed for bankruptcy, leaving at least a million depositors…
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The charge s67 EV review has a premium price.
Elon Musk-led Tesla is set to release its first electric car, the EV6, later this year. The vehicle, with a starting price around $45,000, could go from 0-100 km/hr in about seven hours and accelerate to 150 km/hr, according to reports. Musk had earlier said he’ll use the vehicle to launch his own business and…
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Union wins had big news this year.
Amazon warehouse workers Derrick Palmer and Chris Smalls, who formed the first union for Amazon, said Amazon told them they “don’t really want you to talk to the workers”. They added, “And the reason this matters…when it comes to a union vote in a place like Bessemer, every single worker’s vote counts.” Amazon’s New York…
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A Saudi Arabian dairy giant polluted the water in Arizona.
A Saudi Arabian-owned dairy firm, Al Dahra Farms, claims to own about 3,500 acres in agriculture-heavy Southern California, where it uses Colorado River water to irrigate crops, according to public land records. It also owns about 2,000 acres in Arizona, which is grappling with a drought. Residents and local officials in Arizona say lax groundwater…
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China’s surge in cases has an impact on factories and the consumer market.
China’s exports and imports contracted for the first time since May 2020 in October amid the coronavirus pandemic, as surging inflation and rising interest rates hit global demand. The country’s exports fell 10.9% from a year earlier, while imports fell 10.4%. China’s manufacturing sector has been hit by new COVID-19 curbs at home, which have…
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Will they succeed in asking their staff to work fewer hours for less money?
Only 33 firms that piloted four-day workweek for six months said they would return to a standard schedule next year, as part of a large-scale study this year. The advocacy group that coordinated the pilot programs, called 4 Day Week Global, signed up dozens of companies to participate in studies next year. It’s expected that…
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The IRS took another Silk Road Hacker’s $3.36 billion currency haul.
FTX Co-founder Sam Bankman-Fried and his hedge fund Alameda Research sent over $185 million to cover a shortfall in FTX US, the US government has alleged. Bankman-Fried directed Alameda traders to prioritise meeting FTX US capital requirements and send excess capital to FTX US, it added. Alameda also diverted FTX’s customers’ funds to its funds,…
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Supergoop!, Shapermint, Calpak are some of our favorite product releases this week.
Harper Wilde’s new bra, Ouai’s dandruff shampoo and Aarke’s new crystal glassware set were among the most-loved products this week. Harper Wilde’s bras are known for their comfort and fit, while Ouai has launched a dandruff shampoo. Aarke has also launched a crystal glassware set, which is better to complement your high-design sparkling water maker.