FTX founder Sam Bankman-Fried’s legal representatives have communicated to the federal judge overseeing his case that they are facing significant challenges in adequately preparing for his upcoming trial. In a letter directed to U.S. District Judge Lewis A. Kaplan, his attorneys contended that the government had not ensured consistent and reliable access to necessary case materials for their client. Furthermore, they asserted that there were … Continue reading Sam Bankman-Fried attorneys say they are ‘unable to adequately prepare’ for trial

Following a report by Reuters indicating that Tesla may have exaggerated the potential driving range of its vehicles, federal prosecutors are currently examining the veracity of Tesla’s performance claims, as reported by the Wall Street Journal on Wednesday. In July, Reuters disclosed that Tesla vehicles frequently fall short of achieving the range estimates advertised and the figures displayed by the vehicles’ own onboard equipment. This … Continue reading Tesla faces federal probe over vehicle range after Reuters report

On Wednesday, the government revised its previous estimate and stated that the U.S. economy grew by 2.1% annually from April to June. This indicates the economy’s ongoing resilience despite increased borrowing costs for both consumers and businesses. Initially, the government had assessed the growth rate at 2.4% for the last quarter. The Commerce Department’s second assessment of the previous quarter’s growth reveals a slight acceleration … Continue reading US economic growth for last quarter is revised down to a 2.1% annual rate

Employees at Detroit’s trio of major automakers have voted overwhelmingly to grant union leaders the authority to declare a strike in the event that no contract is reached by the forthcoming deadline in the following month. The union, United Auto Workers (UAW), made this announcement on Friday, Barron’s reported. United Auto Workers revealed that they secured support from at least 95 percent of the workforce … Continue reading US Auto Workers Vote To Authorize Strike If Contract Talks Fail

The driving force behind the U.S. economy lies in consumers, whose spending capabilities have consistently defied expectations. In the early months of 2020, following a brief yet impactful recession triggered by the pandemic, consumers engaged in significant expenditures on high-value items, ranging from patio furniture and flat-screen TVs to home gym equipment. Subsequently, a phenomenon known as “revenge spending” emerged, marked by a prioritization of … Continue reading Consumers Showing Signs of Stress, Retailers Say

Macy’s is sounding the alarm regarding a surge in customers who are falling behind on credit card payments, underscoring the growing financial strain on consumers. The renowned department store had anticipated an increase in delinquencies following a period of post-Covid recovery. However, the scale of this uptick has taken Macy’s management by surprise, CNN has reported. Adrian Mitchell, Macy’s Chief Operating Officer and Chief Financial … Continue reading Macy’s sounds alarm on credit card delinquencies

Members of the Teamsters union, at the rank-and-file level, have decisively endorsed a five-year agreement with UPS, thereby eliminating the looming threat of a debilitating strike. The union reported that an impressive 86% of its members voted in favor of the five-year contract, which will be retroactively effective from August 1. The Teamsters highlighted that this marked the most significant margin of support ever achieved … Continue reading Teamster members ratify deal at UPS, putting strike threat to rest

The Subway sandwich chain is on the verge of a deal valued at over $9 billion, and an announcement could be made as early as Wednesday, according to an individual familiar with the situation. Competing bids for the sandwich chain were required by Tuesday. These bids came from Roark Capital and a consortium consisting of private equity firms TDR and Sycamore, NDTV reported. The victor … Continue reading Sandwich Chain Subway Nears Deal To Be Bought For $9 Billion

A gathering of global leaders is currently underway at the BRICS summit in Johannesburg, South Africa, this week. BRICS constitutes a consortium of five nations with burgeoning economies, endeavoring to establish autonomous global economic and trade frameworks. This coalition has explored the concept of devising a new currency. Meanwhile, numerous other nations have expressed interest in joining this alliance. Forming an informal alliance in 2006, … Continue reading Brics group of world leaders that considered making a new currency meet to discuss economy

On Thursday, the U.S. Commerce Department announced its intention to levy initial anti-dumping tariffs on tin-plated steel imports from Canada, Germany, and China. This decision has brought a measure of relief to food can manufacturers, who had expressed concerns about potential heightened tariffs. According to the department, the most substantial preliminary anti-dumping duties, reaching 122.5%, will be applied to tin mill steel shipments from China, … Continue reading US to impose tariffs on tin mill steel from Canada, China, Germany

On Thursday, China’s Evergrande Group, formerly the nation’s second-largest property developer, submitted a bankruptcy petition in New York. The troubled company heavily relied on borrowing and defaulted on its debts in 2021, triggering a significant property crisis within China’s economy, the reverberations of which are still being felt. Evergrande sought Chapter 15 bankruptcy protection, enabling a U.S. bankruptcy court to intervene when an insolvency case … Continue reading China’s Evergrande files for bankruptcy

With mortgage rates firmly situated above 7%, the cost of homeownership has notably escalated. The question lingers: Could rates ascend even further? According to insights shared with MarketWatch by three specialists, should the economy continue to exhibit indications of vigor and the U.S. Federal Reserve execute another increase in its benchmark interest rate, the rates might surge to 8%. The impact of elevated rates has … Continue reading Mortgage rates could hit 8%, economists say

Vladimir Putin’s streak of good fortune seems to be fading, with the ruble’s value plummeting below the one-cent mark against the U.S. dollar. This marks the lowest point since the outset of his involvement in the conflict in Ukraine. The Russian leader, who recently confronted a coup attempt in June, had previously touted the robustness of his currency in the face of sanctions, using it … Continue reading Russian central bank calls emergency meeting after ruble plunge

Swiss banking giant UBS has agreed to pay a combined sum of $1.4 billion in civil penalties in connection with allegations of fraud and misconduct stemming from its offering of residential mortgage-backed securities during the period of the global financial crisis. This resolution was announced by federal prosecutors on Monday, CNBC reported. In its own official statement on Monday, UBS characterized the settlement as addressing … Continue reading UBS to pay $1.4 billion over fraud in residential mortgage-backed securities

In the midst of the ongoing competition for the acquisition of US Steel, yet another rival steel producer has entered the fray. Esmark has made a significant move by publicly proposing an all-cash acquisition of US Steel at a rate of $35 per share on Monday. Esmark’s offer timeline spans from August 14, 2023, to November 30, 2023, with the possibility of an extension, CNN … Continue reading Esmark makes offer for US Steel at $35 per share

Based on Thursday’s U.S. government report revealing moderate growth in consumer prices last month, traders are speculating that Federal Reserve policymakers are unlikely to implement further interest rate hikes in 2023 and are more inclined to initiate rate cuts in the early months of the following year. Those engaged in futures tied to the Fed’s policy rate are now assigning a probability of less than … Continue reading Traders bet Fed rate hikes are over, cuts to start in 2024

The most recent data from the Bureau of Labor Statistics, released on Thursday morning, indicates that consumer prices experienced a swifter year-over-year upswing in July compared to the previous month’s annual surge. In July, the Consumer Price Index (CPI) saw a 3.2% rise from the prior year, displaying a slight uptick from June’s 3% yearly growth, Yahoo Finance reported. Prices climbed 0.2% in July compared … Continue reading Consumer prices rise 3.2% in July as inflation slowdown stalls

Stocks are on the rise this Thursday, as Wall Street takes a moment to breathe after receiving the latest update on inflation in the United States. At midday, the S&P 500 saw a 0.6% increase, potentially marking only its second positive day out of the past eight. The Dow Jones Industrial Average showed a gain of 231 points, equivalent to a 0.7% rise, reaching 35,455 … Continue reading Wall Street rises with hopes that inflation will keep cooling

On Thursday, the Bank of England implemented a significant measure by raising its main interest rate to the highest level in 15 years. The move is aimed at combating persistently high inflation, which has been contributing to a cost-of-living crisis, affecting people facing rising rents and mortgages. The quarter-percentage point increase, bringing the rate to 5.25%, was widely expected, marking the 14th consecutive rate hike … Continue reading Bank of England hints that UK borrowing rates will stay high after its new hike

Yellow Corp., a long-standing trucking company with a 99-year history and once a dominant player in its industry, has suspended operations, resulting in the layoff of all 30,000 of its workers. The company has been embroiled in a dispute with the Teamsters union, representing approximately 22,000 drivers and dock workers at Yellow Corp. Just a week ago, the union called off a potential strike that … Continue reading 99-year-old trucking company Yellow shuts down, putting 30,000 out of work

Bolivian President Luis Arce is set to attend the upcoming BRICS summit in South Africa next month, according to the country’s foreign minister. Bolivia aims to forge stronger partnerships and attract investments to enhance its commodities exports and develop its emerging lithium industry, Reuters reports. “We are committed to pursuing sustainable and inclusive development while strengthening cooperation with these emerging economies,” stated Bolivian Foreign Minister … Continue reading Bolivia president to attend BRICS summit in bid for new investment

The S&P 500 increased by 6.73 points, or 0.1%, reaching 4,588.96, marking its fifth consecutive month of growth. This streak is the longest in nearly two years, and the index has reached a 16-month high due to hopes of cooling inflation leading to the economy avoiding a predicted recession, the Associated Press reported. The Dow Jones Industrial Average rose by 100.24 points, or 0.3%, reaching … Continue reading Wall Street perks higher to close out its latest winning month

Anheuser-Busch InBev has implemented significant layoffs at its U.S. offices due to a prolonged decline in Bud Light sales. The world’s largest brewer, also responsible for selling Stella Artois and Budweiser, announced on Wednesday that the job cuts would impact less than 2% of its approximately 18,000 U.S. workforce. However, the company reassured that front-line workers, including brewery and warehouse staff, would not be affected, … Continue reading Bud Light Brewer Lays Off Hundreds of Workers

On Thursday, U.S. stock indexes closed in negative territory, breaking the remarkable 13-day winning streak of the Dow Jones Industrial Average, which had been the longest such streak since 1987. Earlier in the day, stocks had surged following positive gross domestic product (GDP) figures indicating a strengthening U.S. economy in the second quarter. The previous day, the Dow had risen by 0.2%, marking its 13th … Continue reading Dow snaps its longest winning streak since 1987