Business news - latest news and events

Insider Testimony Reveals FTX Founder's Alleged Fraud

Evidence against Sam Bankman-Fried, the founder of FTX, in his ongoing criminal trial is primarily coming from those closest to him. Gary Wang, who has known Bankman-Fried since they were 7 years old and later became his college classmate at MIT, co-founded FTX and a crypto hedge fund called Alameda Research with him. During Wang's recent court appearance, he confesse...

Job Market's Strength: A Threat to Wall Street

If the current trends continue, a robust job market could potentially lead to a weak stock market. The upcoming nonfarm payrolls report, scheduled for release on Friday, is poised to be a significant trial for Wall Street. This week, there has been a prevailing sense of unease concerning the unexpectedly resilient labor market. The concern is that if the labor market remai...

Market Caution: U.S. Futures Dip Amid Job Data Anticipation

U.S. stock futures faced a slight decline on Thursday as Wall Street grappled with maintaining the positive trend from the previous day, while investors eagerly awaited crucial job-related information. Futures linked to the Dow Jones Industrial Average took a dip of 125 points, equivalent to 0.4%. In parallel, S&P 500 futures also experienced a 0.4% decrease, mirroring the...

Golden Week Absence Sparks Sharp Index Drop

The Hang Seng China Enterprises Index took a sharp 3.2% tumble, marking its most significant drop in nearly three months. This decline occurred because mainland traders were absent due to the Golden Week holiday, and there was a growing belief in higher US interest rates, which boosted the value of the dollar and dampened market sentiment throughout the region. This rocky...

From Crypto Stardom to Alleged Fraud: SBF's Trial Saga

About eleven months ago, Sam Bankman-Fried, known as SBF, was living it up in the Bahamas, enjoying his status as a crypto superstar. He was running a startup that had backing from celebrities, basking in the adoration of fans, and surrounded by friends who believed he was the real deal—a mathematical genius from MIT, a visionary who had chosen his own path instead of Wall Street, and a...

Bankman-Fried Opposes Remote Testimony Request in Trial

Sam Bankman-Fried opposes the prosecutor's request to allow a Ukraine-based FTX customer to provide remote testimony in an upcoming criminal trial set to commence next week. In a court document filed on Saturday, the prosecution sought permission from Judge Lewis Kaplan to incorporate witness testimony through a two-way video conference. However, Bankman-Fried's...

Euro Zone's Manufacturing Decline in September

The Euro zone's manufacturing sector faced continued challenges in the previous month, with a survey revealing a significant and widespread decline in activity. This decline in demand was among the steepest observed since data collection began in 1997. According to the final Euro zone manufacturing Purchasing Managers' Index (PMI) by HCOB and S&P Global, Septembe...

Surging twin cities homebuilding defies rising mortgage rates

Mortgage rates reached their highest point in 23 years this week, and the pace of new home sales is slowing down. However, homebuilders in the Twin Cities are not slowing down; in fact, they're busy laying the foundations for new homes at an impressive rate. This month, homebuilders in the metropolitan area obtained 656 permits for single-family homes, marking an 80%...

Coffee Capitals. Unveiling america's top caffeine havens

Roughly 66% of Americans savor their daily dose of coffee, guzzling an impressive 491 million cups each day, as reported by the National Coffee Association. In the United States, a caffeine fixation is undeniably prevalent, and the regular splurge on coffee can certainly take its toll on your wallet. A recent study, however, sheds light on which cities are a caffeine enthusiast's pa...

Closes nine stores amid rising retail crime

Target is set to close nine of its stores in major cities across four states due to concerns about theft and organized retail crime, which have created an unsafe environment for both staff and customers, making it unsustainable for business. This move by the retail giant is part of a broader trend among retailers, both large and small, who are struggling to combat store cr...

Market woes. Stocks tumble, Amazon's antitrust battle

1 Starting on an Unsteady Note This Wednesday morning saw a rise in futures, but the U.S. stock markets had a tough Tuesday as we approach the end of September trading. All three major indices experienced a drop of over 1%, with the Dow recording its worst day since March. It was simply one of those days when everything seemed off. In August, new home sales too...

Strike impact. Eagle industries precautionary measures

Eagle Industries Inc., an automotive parts supplier, has submitted official documents to the state of Michigan, alerting them to a potential workforce reduction as a result of the United Auto Workers' strike against the Detroit Three automakers. In a notice sent on Thursday, the company stated that they might have to temporarily lay off 171 of their employees, out of...

Perdue Farms and Tyson Foods under scrutiny for migrant child labor

Perdue Farms and Tyson Foods are currently facing a federal inquiry after allegations emerged that migrant children were hired to clean the meat-processing plants of these poultry industry giants during late-night shifts. Shockingly, one young teenager suffered a severe injury when his arm was caught in a sharp deboning machine. The United States Department of Labor has co...

Bill Gates urges bipartisan climate action

Bill Gates, the billionaire known for his climate advocacy and investments, expressed strong support for Republicans taking action on climate change during the Climate Forward event in New York City. He emphasized the need to increase the number of Republicans who prioritize addressing climate change over time. This is crucial because addressing climate change will require...