Author: Press Room

The little-known FTX co-founder Gary Wang is reportedly cooperating with prosecutors after pleading guilty to fraud in December.The cooperation between Wang and prosecutors has been centered around his role at FTX, including his role in the operation and subsequent collapse of the major crypto exchange, Insider reported on Tuesday.Further details about how Wang is cooperating with prosecutors are scarce, but it is possible that he has entered some type of deal in exchange for a lower sentence.In the report, Wang was called “a critical player during the rise and fall” of FTX, but also a person who is naïve and…

Two new reports show TikTok is influencing more purchases among Gen-Z and millennial consumers. The findings are from surveys by influencer-marketing company IZEA and coupon-code site CouponFollow. Here are the three key takeaways. TikTok’s influence on shopping is growing among young people, according to new data from two reports. Influencer-marketing company IZEA found in a 2022 survey that Gen-Z and millennial consumers viewed TikTok as the best platform to promote a product through an influencer, ahead of Instagram and YouTube.In a November survey of 1,000 US TikTok users by coupon-code site CouponFollow, more respondents also said they trusted influencers on TikTok…

SoftBank has moved to sell almost all of its remaining shareholding in Alibaba, limiting its exposure to China and raising cash as the market downturn pummels the value of its technology investments.The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2bn worth of Alibaba shares this year through prepaid forward contracts, after a record $29bn selldown last year. The forward sales, revealed through a Financial Times analysis of regulatory filings sent by post to the US Securities and Exchange Commission, will eventually cut SoftBank’s stake in the $262bn Chinese ecommerce group to just 3.8 per cent.The contracts…

A version of this story appears in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here. The Environmental Protection Agency proposed a plan to remake the way car-obsessed Americans live, using public safety rules to accelerate the shift from internal combustion to electric vehicles. Just a fraction of the current auto market is EVs, but under standards announced by the EPA Wednesday, up to two-thirds of new vehicles sold in the US would be zero-emission or plug-in hybrid within a decade. The rules, which are not yet final, would use authority under the Clean…

Boeing ‘s March jet deliveries surpassed Wall Street estimates. That raises the chance Boeing could do something investors would love to see: Beat quarterly earnings estimates. Boeing (ticker: BA) said Tuesday it delivered 64 commercial jets in March—including 52 MAX jets and 11 wide-body, twin-aisle jets (which included seven 787s). For the first quarter, Boeing delivered 130 jets overall, a little better than the 120 Wall Street had expected and outpacing the 95 jets it delivered in the first quarter of 2022. Boeing stock was up 1.1% just before delivery numbers were released Tuesday. The early gains came after the…

Let me state for the record that I really like my dog, an 12-year-old cutie named Lulu. She plays a good game of fetch. She forces me to get a little more exercise with her constant need for walks. She has also mastered house-training (well, almost, but let’s not get into the details). But would I plan a big celebration for her on National Pet Day, which happens to be today? Not… Read the full article here

The Federal Reserve has more work to do to bring inflation under control, said Richmond Fed President Tom Barkin on Wednesday. Barkin said the March consumer price data was “pretty much as expected.” He said he puts more emphasis on the core rate, which excludes food and energy prices. It is running at a 5.6% annual rate. “We had some good news on energy, but there is still more to do to get core inflation back down to where we’d like it to be,” Barkin said. He said that inflation is going to come down because demand is cooling. But…

© Reuters U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.30% Investing.com – U.S. stocks were mixed after the close on Monday, as gains in the , and sectors led shares higher while losses in the , and sectors led shares lower. At the close in NYSE, the gained 0.30%, while the index added 0.10%, and the index declined 0.03%. The best performers of the session on the were Caterpillar Inc (NYSE:), which rose 3.04% or 6.36 points to trade at 215.53 at the close. Meanwhile, Dow Inc (NYSE:) added 2.10% or 1.15 points to end…

(Reuters) – U.S. power consumption is expected to slip about 1% in 2023 from the previous year as milder weather slows usage from the record high hit in 2022, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected that electricity demand is on track to slide to 4,000 billion kilowatt-hours (kWh) in 2023 from a historic high of 4,048 billion kilowatt-hours (kWh) in 2022, before rising to 4,062 billion kWh in 2024 as economic growth ramps up. Less demand coupled with more electricity generation from cheap renewable power sources and lower prices…

(Reuters) – The balancing act between slowing growth and sticky price pressures is top of the agenda ahead of U.S. inflation data and the World Bank and IMF Spring Meetings in Washington. Kazuo Ueda takes over the helm at the Bank of Japan while U.S. bank earnings kick off and Switzerland’s parliament debates the UBS-Credit Suisse tie up. Here’s a look at the week ahead in markets from Kevin Buckland in Tokyo, Ira Iosebashvili in New York, Jorgelina do Rosario, Naomi Rovnick and Karin Strohecker in London. 1/ BANKS’ BOTTOM LINES The uneasy calm that has settled over the U.S.…