The S&P 500 and Nasdaq opened marginally higher on Wednesday as investors refrained from making big bets ahead of inflation data and the Federal Reserve’s policy meeting next week. The Dow Jones Industrial Average fell 10.81 points, or 0.03 percent, at the open to 33,562.47. The S&P 500 opened higher by 1.62 points, or 0.04…
Supreme Court Leaves Social Media Liability Shield Untouched
June 7, 2023
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The Supreme Court crackdown on social media platforms’ liability shield for user content that many observers expected in a pair of recent high-profile cases never came. Much to the relief of Silicon Valley, the Supreme Court sidestepped the issue in its much anticipated May 18 rulings in Twitter Inc. v. Taamneh and Gonzalez v. Google…
‘We Don’t Have to Hide’: The Rise of Conservative Brands
June 7, 2023
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Multiple brands touting conservative values have been launching and gaining market share amid the current economic climate where an increasing number of consumers are reacting harshly to—even boycotting—companies promoting progressive ideologies, especially transgenderism. NBA player Jonathan Isaac, for example, announced the launch of his UNITUS apparel brand in a tweet on June 2. Pitched as…
Don’t Store Cash in Venmo, PayPal, and Other Payment Apps, Financial Watchdog Warns
The Consumer Financial Protection Bureau (CFPB) is warning consumers not to store money in nonbank, peer-to-peer payment apps such as Venmo, Paypal, and CashApp, because that money is not automatically insured by the government. A growing number of consumers prefer to make payments without cash and are adopting payment apps. More than three-quarters of U.S….
European Shares Dip as Chinese Trade Data Disappoints, Lira Plunges to Record Low
June 7, 2023
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LONDON—European stock markets dipped on Wednesday and the U.S. dollar nudged higher as weak Chinese trade data had investors fretting about softening global demand, with attention turning towards next week’s pivotal inflation data and Federal Reserve meeting. Meanwhile, Turkey’s lira plunged to a record low against the greenback as authorities appeared to loosen stabilising measures…
Binance Lawsuit Triggers $700M in Withdrawals
June 7, 2023
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The Securities and Exchange Commission (SEC) lawsuit against crypto platform, Binance, triggered over $700 million in withdrawals as crypto traders continued to face losses. The SEC filed 13 charges against Binance and its CEO, Changpeng “CZ” Zhao, for allegedly participating in an “extensive web of deception” to mislead customers and evade federal regulatory laws. The case against…
Binance Lawsuit Triggers $700 Million in Withdrawals
June 7, 2023
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binanceBusiness & MarketsCompaniesCrime & Public Safetycrypto currencycryptocurrencyeconomyExecutive BranchInvestmentMarketsMedia & Big TechPolicies & ImpactsPoliticsSecurities and Exchange CommissionstocksTechTech NewsUS
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The Securities and Exchange Commission (SEC) lawsuit against crypto platform, Binance, triggered over $700 million in withdrawals as crypto traders continued to face losses. The SEC filed 13 charges against Binance and its CEO, Changpeng “CZ” Zhao, for allegedly participating in an “extensive web of deception” to mislead customers and evade federal regulatory laws. The case against…
Revealed: TikTok Code Worked on From China
June 7, 2023
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Software developers based in China are writing the code for TikTok, triggering concerns that the Chinese Communist Party (CCP) can access the data of more than one billion users worldwide, as well as force staff to silence dissenting voices, elevate pro-communist narratives, and sow seeds of division in democracies. A code sample seen by the…
Subway Inks Deal for 4,000 New Sandwich Shops in China Over Next 20 Years
June 6, 2023
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NEW YORK—Subway reached an agreement with a master franchisee to open nearly 4,000 new sandwich shops across mainland China over the next 20 years, it said on Tuesday. International expansion is a key growth strategy for the privately owned U.S.-based chain, which is in the midst of a turnaround plan that also relies on remodeled…
Court Upholds Musk’s Win in $13 Billion Lawsuit Over Tesla-SolarCity Deal
A trial court properly found that Tesla Inc. CEO Elon Musk did not push the electric carmaker to overpay for SolarCity in 2016, the Delaware Supreme Court said on Tuesday, ending years of litigation over the $2.6 billion deal. Musk was the biggest shareholder in both companies at the time, and Tesla shareholders alleged the…
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