Sam Bankman-Fried, the former millionaire CEO of FTX, was sentenced to 25 years in jail on Thursday for stealing $8 billion from clients. This decision infuriated and disappointed some former FTX customers. Minutes after the sentence was imposed by a New York judge, a member of an FTX creditors organisation going by the moniker Bruno…
According to a comment from Robert Holzmann, a member of the ECB Governing Council, the bank may cut its main interest rate before the US Federal Reserve does. Given that the European economy was expanding more slowly than the American one, Holzmann told the Austrian newspaper Kronen Zeitung, “Europe could cut interest rates before the…
In the largest acquisition ever made by a home improvement business in the United States, Home Depot is set to pay $18.25 billion to acquire SRS Distribution, a supplier of building materials, in an effort to expand its professional clientele and better address the slowing demand. Due to sticky inflation, the company and its competitor…
H&M CEO Daniel Erver has said that the company, the second-biggest listed fashion retailer in the world, had delayed the launch of several Spring/Summer campaigns due to shipping delays brought on by the Red Sea issue. In an interview with Reuters, Erver stated, “We have made some short-term adaptation on the starting date and the…
In the largest test yet of the effect of a mega-merger on banks’ sustainability obligations, UBS will try to increase lending to the shipping sector and write off certain loans to fossil fuel clients acquired from Credit Suisse, executives told Reuters. The two largest lenders in Switzerland got married shotgun last year, which set off…
As Beijing tries to court international investors in the midst of heightened geopolitical tensions, a senior currency regulator stated on Friday that China will facilitate money movements in and out of the nation and advance financial market liberalisation. “We will steadily push forward two-way capital market opening, and strengthen the connectivity between domestic and overseas…
Xiaomi, a Chinese smartphone giant, has launched its first electric vehicle (EV) and will begin taking orders. Its CEO, Lei Jun, announced last week that the Speed Ultra 7 (SU7) would be priced below 500,000 yuan ($69,186). The move pits the technological behemoth against rivals like Tesla and BYD. Xiaomi’s debut into the electric vehicle…
AccuWeather, a private forecaster in the United States, predicts an above-average Atlantic hurricane season in 2024, with a near-record number of storms and a higher-than-usual probability of direct impacts in sections of Florida, Texas, and the Carolinas, the company said. This year’s hurricane season, which might be one of the most active in history, begins…
The collapse of Baltimore’s Francis Scott Key Bridge is expected to result in a multibillion-dollar insurance claim, according to Lloyd’s of London’s chairman. On Tuesday, the large Singapore-flagged container ship Dali, which was going from Baltimore Harbour to Sri Lanka, reported losing power and manoeuvrability before colliding with a bridge support pylon. The impact threw…
Possible confusion around the new stock ticker for former President Donald Trump’s Truth Some investor brokerage accounts briefly increased by hundreds of thousands of dollars on Tuesday, the first day Trump’s “DJT” ticker traded. Several consumers complained on social media that the value of their DJT stock holdings on Charles Schwab platforms was briefly inflated…
business-gurus.com 