Author: Press Room

Electric car maker Tesla revealed on Wednesday that its bitcoin (BTC) holdings remained untouched during the first quarter of 2023.According to Tesla’s quarterly earnings report, the value of the “digital assets” held on the company’s balance sheet stood at $184 million, which is the same it was at for the prior quarter.The reason the value remained flat despite a significant increase in the spot price of bitcoin over the quarter is the accounting rules Tesla operates under, which does not allow for unrealized gains on such holdings to be booked.For the quarter, Tesla reported adjusted earnings per share of $0.85,…

By the numbers: Bank of America’s total payment volume hit $1.1 trillion in Q1 2023, per its earnings presentation—a 9% year-over-year (YoY) increase. Growth slowed from 14% YoY in Q1 2022. Credit and debit, which make up 75% of the bank’s payment transaction volume, increased 6% YoY. Travel and entertainment spending boosted the category, jumping 16% YoY. Travel spending was 4% above pre-pandemic levels in January, according to the US Travel Association. And more than half of consumers in the US intend to travel in the next six months.Food spending on cards increased 8% YoY, likely due to inflation. The…

BuzzFeed will shut down its news division and cut its workforce by 15 per cent as the digital media group seeks to slash costs and focus on profitable parts of its operations.The decision to close its award-winning news operation is the latest attempt to reverse the decline in the business, which was once lauded as the future of digital media because of its catchy use of memes, emoji and listicles.About 180 employees will lose their jobs, including those in business, content, technology and administrative teams, according to a memo sent to staff from chief executive Jonah Peretti. BuzzFeed is also…

The Justice Department reached multimillion-dollar settlements in three major lawsuits against US oil and gas companies Thursday that it says will reduce air pollution and planet-warming gas emissions in more than a dozen states and territories across the country. The settlements aim to resolve claims that several large companies were using faulty equipment to manufacture and refine natural gas, failed to control leaks and allowed hazardous air pollution to seep into the atmosphere in violation of the Clean Air Act standards set by the Environmental Protection Agency. Each settlement is still subject to approval by a federal judge and will…

The deadline to raise the U.S. debt ceiling is approaching faster than expected, with the political uncertainty surrounding when the government’s borrowing limit may be lifted already beginning to worry markets, according to Goldman Sachs Group.  “We have been projecting that Treasury could operate without a debt-limit increase until early August,” said Goldman analysts, in an economics research note published Tuesday. “At this point we see a slightly greater chance that the deadline is in late July, but this could easily change to a base case of early June if tax receipts continue to undershoot.” Goldman is expecting April tax…

By Stephen Nakrosis Shares of Innoviva, Inc. were trading higher in Monday’s after-hours market following news the Food and Drug Administration’s Antimicrobial Drugs Advisory Committee unanimously recommended approval of sulbactam-durlobactam to treat certain adult pneumonia patients. A new drug application for sulbactam-durlobactam to treat pneumonia patients is currently under priority review by the FDA, the company said. At 5:54 p.m. EDT, the company’s stock was trading 7.3% higher at $12.90 per share. The stock finished the day’s regular session with a 1.47% loss at $12.02 per share. Write to Stephen Nakrosis at [email protected] Read the full article here

April is National Financial Literacy Month. To mark the occasion, MarketWatch will publish a series of “Financial Fitness” articles to help readers improve their fiscal health, and offer advice on how to save, invest and spend their money wisely. Read more here.After Allison Baggerly got married and found herself pregnant soon after with her first child, she realized that along with her husband, the couple had over $111,000 in debt, mostly in student loans and car loans. The Houston-based couple, who were both teachers, had debt payments of over $1,400 a month — excluding their mortgage. They sat down to have…

Persistent double-digit inflation in the U.K. is raising fresh questions in U.S. markets about whether traders and investors are once again off the mark about the most likely trajectory for price gains. The U.K.’s year-over-year 10.1% rate for March marked the seventh straight month that inflation has been in the double digits. It’s also the highest level of any country in the Group of Seven, which also includes the U.S., Canada, France, Germany, Italy, Japan. As Danni Hewson, head of financial analysis at AJ Bell, put it: “Once again, expectations that U.K. inflation would finally fall to single digits for the…

© Reuters. FILE PHOTO: The company logo and trading information for 3M is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2022. REUTERS/Brendan McDermid By Dietrich Knauth (Reuters) -U.S. veterans and members of the military on Wednesday urged a judge to dismiss 3M’s bid to use the bankruptcy of its subsidiary Aearo Technologies to shield itself from nearly 260,000 lawsuits over military-issue earplugs that former users allege were defective and damaged their hearing. 3M and Aearo say the earplug litigation has spiraled out of control. But attorney…

By Stephanie Kelly NEW YORK (Reuters) -Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. futures fell $1.55, or 1.8%, to settle at $84.76 a barrel, while U.S. West Texas Intermediate crude dropped $1.69, or 2.1%, at $80.83 a barrel. Both contracts notched their fourth weekly gain in a row last week, the longest such streak since mid-2022. The U.S. dollar has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of…