Vodafone, one of the world’s largest telecommunications services, has become the latest tech company to announce mass layoffs as part of a “turnaround” plan to help the carrier regain its competitive edge following periods of underperformance. In a statement on Tuesday, newly appointed CEO Margherita Della Valle said the layoffs will include 11,000 employees over a…
Senators Rip Former Silicon Valley Bank CEO for Executive Payouts Prior to Bank’s Collapse
May 16, 2023
admin
Archivedbanking crisisBusiness & MarketscollapseCompaniescongressNewsPoliticsSignature BankSVBUSUS News
0 Comment
During a Senate Banking Committee hearing on Tuesday, senators denounced the actions of Silicon Valley Bank (SVB) CEO Greg Becker, who has been accused of distributing bonuses and selling stock in the bank shortly before its collapse. “In 2022, in particular, you [Becker] paid yourself a $1.5 million cash bonus even as the value of…
Bankrupt Crypto Lending Platform Opts for Liquidation
May 16, 2023
admin
BlockFiBusiness & MarketsCompaniescrypto bankruptcycrypto lending platformcryptocurrencyeconomyMarketsTechTech NewsUSUS News
0 Comment
Bankrupt crypto lender BlockFi has decided to liquidate its cryptocurrency lending platform in a bid to repay its more than 100,000 creditors. In a company filing on May 12, BlockFi claimed that liquidation would be the best option for creditors. According to the company, the amount of funds clients can recover from the liquidation largely…
Former Silicon Valley Bank CEO Apologizes for Bank’s Collapse in Senate Testimony
Former chief executive of Silicon Valley Bank (SVB) Greg Becker issued a public apology before a Senate committee on Tuesday. Becker expressed deep remorse for the devastating impact suffered by SVB’s employees, clients, and shareholders during the recent financial turmoil that led to the bank’s collapse. “I never envisioned myself or SVB being in this…
Anti-Capitalist ‘Pay What You Can’ Café Goes Bust
A coffee shop in Canada that operated on a “pay what you can” model has decided to shut down just a year after starting operations as the business failed to generate enough revenue. The Anarchist coffee shop is located in Toronto and began operations in March 2022. In an update on the shop’s website, owner…
Gerber Baby Formula Potentially Contaminated With Bacteria Distributed to Stores Across US Despite Recall: FDA
Gerber baby formula that was recalled in March due to a possible link to Cronobacter sakazakii contamination was distributed to multiple retailers even after the initial recall notice was published, federal health officials said on May 14. Gerber parent company Perrigo on March 17 announced the voluntary recall of certain lots of Gerber Good Start SoothePro Powdered Infant…
Apple Faces Planned Obsolescence Investigation in France
The Paris Prosecutor’s Office on Monday announced an investigation into Apple over allegations the company deliberately renders its devices obsolete in order to coerce users into purchasing newer models. The prosecutor’s office said in a statement that an investigation was launched in December 2022 in response to a complaint filed by the advocacy group known…
Twitter Further Explains Why It Restricted Content Leading up to Turkey’s Election
May 16, 2023
admin
Big Tech, Censorship, and SocialismBusiness & MarketsCompaniesElon MuskFeatured TopicsMedia & Big TechMiddle EastSocial MediaTechTech NewsTurkeyTwitterUSUS NewsWorld
0 Comment
Twitter on Monday shared further details about why it restricted access to certain content in Turkey ahead of the country’s election, which took place on May 14. The election is headed to a runoff scheduled for May 28 after neither of the two top contenders got more than 50 percent of the vote. On the day…
Goldman Fined $7 Million by ECB Over Credit Risk Reporting
FRANKFURT—The European Central Bank (ECB) said on Monday it had fined Goldman Sachs’ European unit 6.63 million euros ($7.3 million) for underreporting the risk associated with some corporate credit, thereby flattering its balance sheet. Goldman Sachs said in a statement it had “closely cooperated with the ECB” and “taken all necessary steps” to resolve the…
Supreme Court Rejects Teva Challenge to $235 Million GSK Award in Patent Dispute
WASHINGTON—The U.S. Supreme Court on Monday declined to hear Teva Pharmaceuticals USA Inc.’s challenge to a $235 million award to GlaxoSmithKline LLC in a patent dispute over generic drugs involving a heart medication. The justices turned away Israel-based Teva’s appeal of a lower court’s ruling reinstating the jury award for U.K.-based GSK. The case involves…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`