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Sam Bankman-Fried is the co- founder of FTX
The SEC has charged Ripple and its executives with violating securities law by raising funds through XRP’s sale. It declared that XRP met the criteria and that, by raising funds through the sale of XRP, the company was in violation of federal securities law. The SEC also declared that XRP met the criteria and that,…
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On his album, Bryan vows to combat high ticket prices
A US Senate Committee on Wednesday held a hearing on Live Nation’s agreement with Ticketmaster. The hearing was called to investigate whether Live Nation is abusing its monopoly in the ticketing industry and violating antitrust laws. Several states have filed a lawsuit accusing Live Nation of rigging tickets for Taylor Swift and Beyoncé’s shows.
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I saw a face of God in a factory
Taiwanese chipmaker TSMC has said it will make its most advanced technology, three-nanometer chips, at its plant in Chang-Jona Lasinio, Arizona, US. The company added that 300 people, including TSMC engineers, have been transferred to the Arizona plant. TSMC is the world’s largest chipmaker by revenue, making over 30% of the world’s chips.
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I’m not sure what the taste is of lab-grown meat
New York-based lab-grown meat startup Ivy Farm has unveiled its new 18,000-square-foot plant in Singapore, which it claims is the biggest in Europe. The plant, dubbed ‘Betty’, has a 159-gallon bioreactor and a test kitchen. Earlier, the US Food and Drug Administration (FDA) had said for the first time that a lab-grown meat product is…
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The Florida lawmaker pleads guilty in the case
A former Florida state Representative has been charged with defrauding thousands of dollars in coronavirus relief loans from the US Small Business Administration (SBA). James Harding lied on loan applications to get more than $150,000 in SBA loans. The US Department of Justice said that Harding has been charged with wire fraud, conspiracy to launder…
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A judge agreed that banks can be sued for profiting from sex-trafficking
US Virgin Islands’ attorney general sued JPMorgan Chase in 2019, claiming that bank should have known about billionaire Jeffrey Epstein’s sex trafficking activities on his island. JPMorgan has now settled the case, with 50% of the proceeds from the island’s sale going to the territory. Earlier, the US Virgin Islands had sued Barclays and Barclays…
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Bed Bath & Beyond stores are closing, but will be open for a while
Bed Bath & Beyond on Tuesday reported a net profit of $186 million for the third quarter, helped by an increase in its sales at stores open at least one year. It added it will have over 350 stores by the end of the year. This is the first time since 2016 that physical store…
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Ahead of an EU hearing, Microsoft signs a binding deal with Nintendo
Microsoft has signed a deal with Nintendo to bring ‘Call of Duty’ to the latter’s consoles, Brad Smith, Microsoft’s Vice-Chair and President, said. “We continue to believe that this deal will expand competition and create more opportunities for gamers and game developers,” Smith added. Earlier, Microsoft was sued by the US Federal Trade Commission over…
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The debate on deepfake porn misses the point
Streaming platform Twitch has announced a policy on deepfake porn, where users can be suspended after sharing “negative doctored or artistic content” to abuse or degrade another person. Twitch previously prohibited “broadcasting or uploading content that contains depictions of real nudity” and threatened instabans for “sexual violence and exploitation”. However, it mentioned deepfakes in context…
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Regulator says thatMolson Coors has to stop saying its beers taste like water
Molson Coors sued Anheuser-Busch in 2019 over Super Bowl ads that accused the Miller Lite and Coors Light maker of saying its beer was sweetened with rice rather than corn syrup. Bud Light has a similar blue colour and no specific beers were mentioned in the ads. An Anheuser-Busch official said the beer industry should…
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The residents of East Palestine are worried about the safety of their water and air after the toxic train wreck
Norfolk Southern CEO Alan Shaw said his company has been aligned with the Environmental Protection Agency (EPA) and local efforts on the ground in East Palestine, Ohio since the train derailment on February 3. “EPA will continue to work with our local, state, and federal partners to use our longstanding experience and expertise in these…
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The biggest Flaw of the chatGpkt is its most charming trick
Chinese conglomerate Fosun’s chatbot tool ChatGPT will be allowed to use its computational power, the company said on Monday. However, ChatGPT’s users will have to submit their information to Fosun before the tool can be downloaded. Fosun said ChatGPT has been updated with a feature that allows users to manually input their data by clicking…
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The Fed and the White House have to contend with inflation which is persistently high
A US real estate company’s sales have dropped from a dozen houses a month before the Fed raised rates to less than five, its CEO Shawn Woods said. Woods added that he expects real GDP growth of just 1% this year and that the unemployment rate will “edge up over the next year” to between…
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The chipmaker TSMC plans to hire 6,000 employees in the coming years
Taiwan Semiconductors Manufacturing Company (TSMC) has confirmed that it is recruiting engineers and production line operators across its home base of Taiwan. TSMC said that it is recruiting from both experienced professionals and first-time job seekers. It added that the company needs the approval of the Taiwan Ministry of Economic Affairs to move its most…
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The amount of Funkos being dumped is in the 30 million range
American toy company Kidult’s CEO Brian Mariotti revealed that the company had already filled its distributing centre to the brim with dolls and was forced to rent excess storage containers for them. He added that this was causing the company to lose money at a rapid clip. The company’s loss in the fourth quarter was…
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Musk’s account is making meta look smart
Meta-Chat’s Oversight Board has released a report on its cross-check program, which it had created in November 2021 to “protect the company’s business interests”. The board said the program is set up to’satisfy business concerns’. Meta, which is owned by billionaire investor Vinod Khosla, said it will implement many of the recommendations made by the…
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Amazon has a second headquarters in Virginia
Amazon has said that it plans to move ahead with construction of its second headquarters in Virginia “later this year”, including applying for permits. Amazon told Arlington County Board Chair Christian Dorsey that it “would proceed thisyear with permitting on the second phase of HQ2”, which indicates it could kick off construction on the second…
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The Mystery Vehicle is at the center of the new master plan
Elon Musk, the CEO of electric carmaker Tesla, has said Tesla’s first self-driving vehicle will launch next year. “It’s a car that will be self-driving and it’s going to be capable of going 100 kilometres (66 miles) per hour,” Musk said at the company’s Investor Day 2021/2022. He also said that the company is working…
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The coal challenge
Russia’s natural gas sector, the world’s fifth-largest, will likely be in a worse shape by 2026 than it was at the end of last year, reports said. The country will need to build more shale gas plants to meet its increased demand for crude oil and liquefied natural gas (LNG), reports further said. Earlier, Russia…
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The second headquarters for Amazon is not currently being built
Amazon has said that it is excited to have over 25,000 employees at the first phase of its Crystal City campus in Virginia by June. “We’re also expecting to do pre-construction work on the construction later this year, including applying for permits,” Amazon said. The project, called Metropolitan Park, is expected to bring 25,000 high-paid…
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Is this the beginning of the end for Big Oil’s windfall?
The US S&P 500 lost 20% of its value in 2019, marking the worst year for equities since 2008 when it lost 25% of its value. Consumer staples and consumer discretionary stocks posted their best relative performances to the S&P 500 this year. Chevron reported a record profit of $7.9 billion in the fourth quarter,…
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Consumers are strained according to Target, Macy’s and Best Buy
Walmart said on Tuesday that it saw an 8% sales increase during its latest quarter at US stores open for at least one year. Walmart said growth was led by grocery sales. Government inflation data shows that grocery prices have increased 11.3% over the last year, and more shoppers are turning to discount chains like…
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The Jeep layoffs are blamed on the EV
General Motors (GM) announced that it’s firing “some white collar jobs” to “remain competitive” in the transition to electric vehicles. “They’ll be leaving the company starting from today,” it said, adding that production of the Cherokee SUV is going to Mexico, but no plans have been made about where the future production will take place.…
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Pfizer has ended the Covid sales boom
US biotech firm Novavax has posted a net loss of $1.7 billion in 2021 and further posted a net loss of $182 million in the last quarter of the year. It said its forecast is “subject to significant uncertainty”, particularly with regard to future sales and funding from the US government. Novavax had over $1.5…
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There were some big stories from the Hot Pod Summit
iHeart Media’s President of Podcasts Ceo-Conal Byrne said the podcasting division has grown over the last four years. “The business and the economics of podcasting today still sit with the creator and the publisher, because you own the pipe…you distribute your shows through,” he added. Byrne further said it makes sense to him why YouTube…