On Thursday, Silvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits, as investors alarmed by the collapse of FTX withdrew more than $8 billion in deposits, sending shares down more than 42%. The crypto-focused bank also announced that it would reduce its workforce by 40%, or approximately 200 employees, in order to cut…
According to a report published in the Financial Times, Apple Inc is set to sign a contract with Chinese contract manufacturer Luxshare Precision Industry Co Ltd to produce premium iPhone models. Luxshare has been producing small quantities of the iPhone 14 Pro Max at its Kunshan plant to compensate for lost production at Foxconn’s Zhengzhou plant…
Google has told an Indian tribunal that the country’s antitrust investigators copied parts of a European ruling against the company for abusing its market dominance with its Android operating system, arguing that the decision should be overturned, according to court documents. The Competition Commission of India (CCI) fined Alphabet Inc’s Google $161 million in October…
Sam Bankman-Fried pleaded not guilty on Tuesday to criminal charges that he defrauded investors in his now-defunct FTX cryptocurrency exchange and caused billions of dollars in losses in a “epic” fraud, according to prosecutors. He entered his plea in federal court in Manhattan, where he faces eight criminal charges, including wire fraud and money laundering…
According to correspondence obtained by CNBC, SpaceX, Elon Musk’s manufacturer of reusable rockets and provider of satellite internet, is raising $750 million in a new round of funding that values the company at $137 billion. The news that SpaceX was allowing insiders to sell shares at a price of $77 per share, or about $140…
According to a statement from the company’s Japan subsidiary, Japanese FTX users will be able to begin withdrawing funds from the defunct cryptocurrency exchange in February. FTX Japan announced on Thursday that it was working on a system to resume withdrawals through the website of Liquid Japan, a cryptocurrency exchange it purchased earlier this year.…
Hershey’s has been sued in the United States on allegations that it sells products containing harmful levels of metal. Christopher Lazazzaro filed the lawsuit, alleging that the company misled consumers by failing to disclose the amounts of lead and cadmium in three dark chocolate bars. He claimed that if he had known, he would not…
Analysts predict that Chinese airlines will be the early winners of the country’s international reopening, having kept most widebody planes and personnel ready while foreign carriers struggled with capacity constraints following previous border openings. According to a McKinsey analysis of Cirium data, less than one-fifth of China’s widebody fleet of about 500 planes is in…
Despite the relaxation of Covid-related restrictions, the majority of Chinese people still don’t want to leave their apartments, according to a survey by Oliver Wyman. According to a survey conducted over the weekend, more than 90% of consumers said they were staying home. For at least the upcoming few months, nearly 60% of respondents said…
As it looks for acquisitions to accelerate growth, Infineon is prepared to spend several billion euros on the ideal takeover target, according to Chief Executive Jochen Hanebeck in an interview that was published on Wednesday. Hanebeck told Frankfurter Allgemeine Zeitung that the German chip manufacturer is constantly “on the lookout” for suitable businesses (FAZ). “I…
business-gurus.com 