The former head of the hedge fund revealed to the judge that Sam Bankman-Fried and other FTX executives received billions of dollars in covert loans from the crypto tycoon’s Alameda Research when she admitted to her role in the collapse of the exchange. According to a transcript of her Dec. 19 plea hearing that was…
The European Union’s highest court ruled on Thursday that Airbnb must give information in rental contracts to tax authorities and withhold tax in accordance with a national system. Airbnb offers services for temporary housing. The decision follows an Italian law from 2017 that required Airbnb and other short-term rental sites to forward information from their…
The parent company of Facebook, Meta, has agreed to pay $725 million to resolve a class action lawsuit alleging that the social media behemoth provided user data to third parties without their consent. According to Keller Rohrback L.L.P, the plaintiffs’ legal team, the settlement is the “largest recovery ever achieved in a data privacy class…
The latest illustration of how a slowdown in the technology sector is affecting employment is the announcement made on Wednesday by semiconductor manufacturer Micron that it will cut its headcount by roughly 10% in 2023. In late trading, shares of Micron decreased by more than 1%. Approximately 48,000 people work for Idaho-based Micron, according to…
It is almost certain that the Chinese economy of 2023 will not resemble that of 2019. The crackdown by Beijing has caused a decline in real estate. After a spike, exports have slowed. The largest non-state-owned company in China by revenue this year was JD.com, a Chinese e-commerce giant, which took the place of Huawei,…
The ripple effect on business is accelerating as China’s massive wave of COVID-19 infections starts its march across a nation roughly the size of Europe. COVID-19 infections are affecting workers in manufacturing belts, including the Yangtze River Delta, close to Shanghai, as they spread throughout the country from their original epicentre in the north, which…
One of the largest investors in Elon Musk’s $44 billion purchase of Twitter Inc., Aliya Capital Partners LLC, stated on Tuesday that despite the social media company’s issues, it expects to make up to five times its money. After firing more than half of Twitter’s 7,500 employees and alienating some users with his swiftly changing…
Early on Tuesday, US lawmakers added a provision to a crucial spending bill that would prevent federal employees from using the Chinese app TikTok on equipment owned by the government. Last week, the Senate approved a measure introduced by Republican Senator Josh Hawley that would forbid federal employees from using the ByteDance-owned short video app…
The Financial Conduct Authority and the Bank of England announced on Tuesday that British lender TSB had been fined £48.65 million ($59.07 million) for a botched IT platform migration in 2018. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) reported that the IT upgrade “immediately experienced technical failures,” causing “significant disruption” to TSB’s…
The owner of the Chinese-owned social media platform TikTok has refuted allegations that it is operating an illegal subsidiary on the island, but Taiwan’s government has launched an investigation. TikTok, which is not very popular in Taiwan, has faced pressure primarily from Americans who are worried about China gaining access to user data, a concern…
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