Eleven months ago, Sam Bankman-Fried was living in the Bahamas as a crypto superstar, running a celebrity-backed startup, surrounded by fans and friends who believed he was the real deal: An MIT math whiz. A visionary who ditched the Wall Street track to chart his own course. A philanthropist building a fortune which, he repeatedly…
JPMorgan Chase CEO Jamie Dimon delivered a stark warning to Wall Street on Monday, suggesting that the Federal Reserve’s aggressive strategy of raising interest rates in the fight against inflation may not be coming to an end anytime soon. While most analysts anticipate the central bank to raise interest rates by just 0.25 percentage points…
Corporate America can breathe a collective sigh of relief as lawmakers narrowly avoided a chaotic shutdown of the federal government. This potential shutdown had been a source of concern for business leaders and economists who warned of its adverse effects on the economy, causing uncertainty, disruptions, and damaging confidence. The looming shutdown seemed almost inevitable…
The highly anticipated merger between Truth Social and the Trump media empire, previously shrouded in controversy and delays, has taken an unexpected turn. A recent regulatory filing revealed that both parties involved in the deal have the option to terminate the merger between October 31 and November 21. Digital World Acquisition Company, the entity striving…
Meta, formerly known as Facebook, is pushing the boundaries of mixed reality with its latest offering, the Meta Quest 3. CEO Mark Zuckerberg introduced this groundbreaking headset during the virtual Meta Connect event. Priced at $500, the Quest 3 represents a significant leap forward from its predecessors in terms of performance, mixed-reality features, and design….
UBS saw a sharp drop in its share price following a Bloomberg report about an expanding investigation by the US Department of Justice (DOJ) into suspected compliance failures that enabled Russian clients to evade sanctions. The Swiss Stock Exchange temporarily halted trading in UBS shares due to the substantial price drop, which reached 8% before…
Shares of Evergrande Group experienced another sharp decline on Wednesday, raising concerns about the possibility of the company’s liquidation. Evergrande, once a symbol of China’s property market boom, has seen its stock plummet by 42% this week, with the latest 19% drop closing its stock at just 32 Hong Kong cents (4 US cents). This…
Moody’s Investors Service has issued a warning that the United States’ credit rating could face pressure if the government experiences a shutdown. According to a Moody’s note, such an event would be “credit negative” for the US sovereign. While the note states that government debt service payments would not be affected, and a brief shutdown…
In the midst of the United Auto Workers (UAW) strike against General Motors, Ford, and Stellantis, job security takes center stage. While wages and benefits are important factors, ensuring employment stability is paramount. UAW President Shawn Fain recently highlighted significant progress in negotiations with Ford regarding job security. Notably, when expanding the strike to GM…
US inflation is now much slower than last summer’s red-hot pace, but achieving a “soft landing” and drifting all the way down to the Federal Reserve’s 2% target without a sharp rise in unemployment is not guaranteed. That possibility remains unlikely. Defeating inflation without throwing millions of Americans out of work — a scenario known…