Author: Press Room

By Marianna Parraga and Gary McWilliams (Reuters) -A U.S. court on Wednesday ruled that a holder of Venezuelan bonds, Altana Credit Opportunities Fund, could seek proceeds from an auction of shares in Citgo Petroleum’s parent, whose first bidding round closed this week, to pay the country’s creditors. A court officer appointed for the Delaware case, first brought by miner Crystallex in 2017, this month released a list of 17 creditors cleared to obtain proceeds from the sale of shares in PDV Holding, whose only asset is Citgo. The ruling paves the way for Altana to cash in its roughly $530…

By Valerie Insinna, Allison Lampert, David Shepardson and Tim Hepher SEATTLE (Reuters) – In October, Boeing (NYSE:) CEO Dave Calhoun was asked how fast Boeing could raise output of its best-selling 737 MAX after a spate of quality snags. He was upbeat: Boeing would get back to 38 jets a month and was “anxious to build from there as fast as we can.” As he sought to reassure investors about the recovery of Boeing’s cash cow after another quarterly loss, one of the narrow-bodied jets was waiting at Boeing Field in Seattle for final tests and delivery to Alaska Airlines…

The Corporate Transparency Act (CTA), a burdensome new law that would require some 32 million closely held businesses to file invasive information with the Financial Crimes Enforcement Network (FinCEN), has just been declared unconstitutional in National Small Business United, d/b/a the National Small Business Association (NSBA) vs. Janet Yellen, in her official capacity as Secretary of the Treasury, 2024 Mar 1, 2024, U.S. District Court, N.D. of Alabama. The Court concluded: “The Corporate Transparency Act is unconstitutional because it cannot be justified as an exercise of Congress’s enumerated powers.” This case was just released, and the Government has not yet…

DETROIT – Ford Motor’s U.S. sales jumped 10.5% last month compared to February 2023, led by increases in its hybrid and all-electric vehicles sales.The Detroit automaker on Monday reported sales of 174,192 cars and trucks for February. The results included an 81% jump in EV sales and roughly 32% uptick in hybrid models. Sales of traditional internal combustion engines also increased, up 7.5% from the same month a year earlier.The spike in hybrid sales is part of Ford’s plan to double down on the technology. Ford said hybrid sales totaled 12,045 in February, including 6,463 units of its small Maverick…

The Supreme Court on Monday unanimously reversed the Colorado court ruling that barred Donald Trump from appearing on the state’s Republican presidential primary ballot because of a provision in the U.S. Constitution related to people who engage in insurrection.The Supreme Court’s ruling means that no other state can bar Trump, or any other candidate, from a presidential ballot by invoking the insurrection clause in the Constitution’s 14th Amendment.The decision Monday said that “States have no power under the Constitution to” enforce the provision disqualifying people from federal office if they engaged in insurrection, “especially the Presidency.” The ruling did say…

JetBlue Airways announced Monday it is pulling out of its deal to purchase Spirit Airlines. The decision comes in the wake of a federal court ruling blocking the deal from taking place on antitrust grounds. The Justice Department had argued that airfares could go up if Spirit was no longer an independent airline. Spirit has been a leader in the segment of the airline industry that offers very low, no-frills base fares that required passengers to pay extra for everything, including carry-on baggage. JetBlue agreed to pay Spirit $69 million as part of its decision to end the deal, JetBlue…

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Last updated: March 4, 2024 10:31 EST | 2 min read Ethereum’s major upgrade, “Dencun” is scheduled to drop on March 13, and, according to developers, it will immediately decrease gas fees on layer 2s by 75%.A new technological feature called proto-danksharding, aka blobs, is driving this impressive added scale.Proto-danksharding funnels some of the data from Ethereum’s layer 2s into temporary storage “blobs” of up to one month to offload some of the validating work, making it cheaper and faster.Polygon Labs’s Vice President of Product, David Silverman, told Decrypt in a recent interview that gas fees may even drop to a…

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On Wednesday, Rivian announced it would lay off 10% of salaried staff the next day.One laid-off worker said it was their fourth round of layoffs at Rivian but anxiety was still high.They waited all night to learn they’d been laid off but were relieved the uncertainty ended. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app This as-told-to essay is based on a conversation with a former Rivian employee who was laid off Thursday and spoke anonymously to protect their privacy. Business Insider has verified their identity and employment. The…