November 16, 20240 Comments

Archegos’ Bill Hwang deserves 21 years in prison, US says By Reuters

By Jonathan Stempel NEW YORK (Reuters) – Bill Hwang, the founder of Archegos Capital Management, should spend 21 years in prison for running a market manipulation scheme that wiped out his $36 billion firm and cost its lenders more than $10 billion, federal prosecutors said on Friday. Hwang, 60, faces a scheduled Nov. 20 sentencing in Manhattan federal court after being convicted in July on 10 criminal charges including securities

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November 16, 20240 Comments

Austria says Russia to cut off gas from Saturday By Reuters

By Nina Chestney, Francois Murphy and Dave Graham LONDON/VIENNA (Reuters) -Russia told Austria on Friday it will suspend gas deliveries via Ukraine on Saturday, in a development that signals a fast-approaching end of Moscow’s last gas flows to Europe. Russia’s oldest gas-export route to Europe, a pipeline dating back to Soviet days via Ukraine, is set to shut at the end of this year. Ukraine has said it will not

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November 16, 20240 Comments

Netflix down for thousands of users in United States, Downdetector says By Reuters

(Reuters) -Netflix was down for thousands of users in the United States late on Friday, with more than 12,000 incidents reported, outage tracking website Downdetector.com said. The reports come as Netflix (NASDAQ:) airs a much-anticipated live boxing match between Mike Tyson and Jake Paul, that promises to draw high traffic to the platform. The number of users indicating problems had fallen to 5,114, by 9:21 p.m. ET, however, according to

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November 16, 20240 Comments

Major Trump Media shareholder sells nearly entire stake By Reuters

(Reuters) – Trump Media & Technology Group’s key shareholder, ARC Global Investments, has unloaded nearly all its stake in the media company, it said in a regulatory filing on Thursday. ARC and its manager Patrick Orlando now hold about 0.01% stake, down from more than 5% or over 11 million shares in September. Orlando was the former CEO of the blank-check company Digital World Acquisition (NASDAQ:) that took Trump Media

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November 15, 20240 Comments

Musk’s political ascendancy stirs hopes of redemption for X banks By Reuters

By Shankar Ramakrishnan and Echo Wang (Reuters) – Elon Musk’s political ascendancy has some Wall Street banks hoping they may soon be able to offload $13 billion of debt that backed the billionaire’s purchase of the social media platform X, three banking sources said. Some of the lenders in the consortium, which included Morgan Stanley (NYSE:) and Bank of America, think Musk’s emergence as a close aide to President-elect Donald Trump

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November 15, 20240 Comments

Berkshire bites into Domino’s Pizza, dips into Pool amid stock retreat By Reuters

By Jonathan Stempel (Reuters) -Warren Buffett’s Berkshire Hathaway (NYSE:) said on Thursday it made new investments in Domino’s Pizza (NYSE:) and Pool Corp (NASDAQ:) in the third quarter, even as it retrenched from stocks such as Apple (NASDAQ:) and Bank of America. Berkshire owned 1.28 million Domino’s shares worth about $549 million as of Sept. 30. It also owned 404,000 shares of Pool, a distributor of swimming pool supplies, worth

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November 15, 20240 Comments

Russia’s Sovcomflot blames earnings drop on Western sanctions By Reuters

(Reuters) – Russia’s leading tanker group Sovcomflot said on Friday that Western sanctions on Russian oil tankers were limiting its financial performance, as it reported falling revenues and core earnings. The United States imposed sanctions on Sovcomflot in February, part of Washington’s efforts to reduce Russia’s revenues from oil sales that it can use to finance its war in Ukraine. Sovcomflot reported a 22.2% year-on-year drop in nine-month revenue to

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November 15, 20240 Comments

US finalizes $6.6 billion chips award for TSMC ahead of Trump return By Reuters

By David Shepardson WASHINGTON (Reuters) – The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co’s U.S. unit for semiconductor production in Phoenix, Arizona. The binding contract – after a preliminary agreement announced in April – is the first major award to be completed under the $52.7 billion program created in 2022. It comes just weeks before President-elect Donald Trump, who

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