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Business News

Location American Business News for 5 August 2024
New Senate Bill Empowers US Secret Service to Combat Digital Asset Cybercrimes U.S. senators have introduced legislation to empower the Secret Service to combat cybercrimes involving digital assets. This legislation addresses the growing use of cryptocurrencies for illicit activities and mandates t...
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Nvidia, Apple propel 'Magnificent Seven' toward $650 billion market-cap wipeout "Magnificent Seven" companies have lost a combined $1.28 trillion in market cap over three sessions.
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This stock is seeing a rare gain as increased volatility prompts an upgrade CBOE's stock rose Monday, bucking the sharp selloff in global stock markets, as J.P. Morgan said the options- and futures-trading exchange should benefit from increased volatility in the financial markets.
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Apple leads tech rout after Berkshire Hathaway sells more than half of its stake Wedbush analyst Dan Ives called the Apple sale "eye-popping" and said "it's going to add to pressure here" in an interview with CNBC on Monday.
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Dow plunges more than 1,000 points as global stock rout deepens on recession fear Losses accelerated on Monday after Japan's stock market experienced its worst decline since the Black Monday crash in 1987, falling 12%.
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An emergency rate cut in the next week is looking more likely The Fed needs to cut rates an emergency 75 basis points ahead of its next policy meeting, Wharton's Jeremy Siegel said.
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Asia markets slump after global rout last week Japan's Nikkei 225 and Topix stock indexes drop as much as 7%, continuing a global sell-off.
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US expected to propose barring Chinese software in autonomous vehicles The US Commerce Department is expected to propose barring Chinese software in autonomous and connected vehicles in the coming weeks, according to sources briefed on the matter.
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Bitcoin crashes below $53K wiping out $600M in leveraged longs A sudden crypto market nosedive has seen over $600 million in leveraged long positions wiped out, as Bitcoin, Ether and other cryptocurrencies tumbled sharply.
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Recession fears rattle U.S. stock market. Can Wall Street's 'Great Rotation' trade roll on? Fears of a looming U.S. recession spurred a massive stock-market selloff last week. Investors wonder if now is the right time to snap up defensive sectors of the market if Wall Street's "Great Rotation" trade still rolls...
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Shares of Hims & Hers, known for hair-loss treatments and Viagra, rally amid market panic The company on Monday bumped its full-year sales forecast higher, and its second-quarter results beat expectations. Subscribers to its platform jumped 43% to 1.9 million.
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Fed, FDIC finalize guidance on resolution plans for large non-systemic banks The guidance largely matches last summer's proposal, with clarifications around least-cost determinations, foreign bank resolutions and resolution strategies. Regulators also gave banks more time to file their living wil...
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Years ago, I gave my son $16,000 with no strings attached. My husband wants him to pay it back — what should I do? "For Love & Money" answers your relationship and money questions. This week, a reader's husband wants a gift to their son to be repaid.
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AI won't kill your computer science degree, professors say Harvard computer science professor David Malan told BI that far from displacing software engineers, AI would amplify their productivity instead.
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Chegg follows Udemy in calling for tougher times ahead for edtech companies Chegg called for lower-than-expected current-quarter revenue as it lost subscribers.
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Saudi Arabia Becoming Hub for Web3 Startups Seeking Investment, Report Says Saudi Arabia's emergence as a top venture capital investment destination in the Middle East and North Africa offers an opportunity for Web3 startups seeking funding. However, the latest Adaverse report acknowledges that ...
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Elon Musk's X to reportedly shutter San Francisco office In a staff memo on Monday, X CEO Linda Yaccarino said the office closure will occur "over the next few weeks" and described the decision as "the right one for our company in the long term."
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The GOP vice presidential nominee plans to follow Harris and her running mate for three days and across four swing states beginning on Tuesday.
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Judge approves SVB parent bankruptcy plan

American Banker - 5 Aug 2024 23:26
Judge approves SVB parent bankruptcy plan Judge Martin Glenn of the Federal Bankruptcy Court of the Southern District of New York greenlighted SVB Financial's bankruptcy plan Monday, but $1.93 billion in FDIC-held deposits remain contested pending further litiga...
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Runway's Gen-3 Alpha AI video tool now allows creators to bookend videos with specific images, transforming AI-generated content and challenging industry giants.
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Groq raises $640M in Series D funding to transform AI inference with next-gen Language Processing Units (LPUs), aiming to become the largest non-hyperscaler AI compute provider by 2025.
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Warner Bros brings Beetlejuice to Roblox in a new branded experience, along with a virtual Fandango box office for buying real tickets.
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