By Jody Godoy (Reuters) -U.S. authorities on Wednesday charged Archegos Capital Management owner Bill Hwang with racketeering, fraud and market manipulation over the meltdown of his New York family office which left global banks nursing roughly $10 billion in losses. Archegos, which had $36 billion in assets, collapsed last year after defaulting on margin calls…
By Tom Hals (Reuters) -A U.S. judge slammed Elon Musk on Wednesday for trying escape a settlement with regulators requiring oversight of his Telsa Inc tweets, saying the billionaire was “bemoaning” the 2018 deal now that he felt Tesla was “invincible.” The ruling comes a day after the Twitter Inc board accepted Musk’s $44 billion…
VATICAN CITY (AP) — The former director of the Vatican’s financial watchdog agency testified Wednesday that Pope Francis asked him to help the Vatican secretariat of state get full control of a London property, once again putting the pope and his top deputies in the spotlight for their roles in the problematic deal. Tommaso Di…
DETROIT (AP) — A federal judge has rejected Elon Musk’s bid to throw out a securities fraud settlement over tweets claiming that Musk had the funding to take Tesla private in 2018. Judge Lewis Liman on Wednesday also denied a motion to nullify a subpoena of Musk seeking information about possible violations of his settlement…
By Anisha Sircar and Susan Mathew (Reuters) -European shares broke a three-day losing streak on Wednesday as basic materials stocks surged 4.5%, while Russian energy giant Gazprom halting gas supplies to Bulgaria and Poland and a plunge in German consumer morale kept gains in check. Exacerbating an energy crunch in Europe, Gazprom halted gas supplies…
By Chris Prentice and Tommy Wilkes WASHINGTON/LONDON (Reuters) – Major U.S. and European equity indexes rose in choppy trade on Wednesday, and the euro dropped to its weakest since 2017 after Russia halted gas supplies to Bulgaria and Poland and investors worried more about the region’s economy. Wall Street rose, rebounding the day after a…
By Eric M. Johnson and Abhijith Ganapavaram (Reuters) -Boeing Co said on Wednesday it was halting 777X production through 2023 due to a fresh delay in its entry into service after certification problems and weak demand, with $1.5 billion in added costs for the mini-jumbo program. Shares of the U.S. planemaker fell 11% to $146.62…
WASHINGTON (AP) — The United States has put China, Russia and five other countries on its annual blacklist for lax enforcement of intellectual property rights that leaves American companies vulnerable to copyright and trademark piracy. All seven countries on this year’s list were on last year’s, too. “China continues to be the largest origin economy…
By Bernadette Christina and Fransiska Nangoy JAKARTA (Reuters) – Indonesia widened the scope of its export ban on raw materials for cooking oil to include crude and refined palm oil, its chief economic minister said on Wednesday, leaving markets in shock over the latest policy reversal. The announcement flipped the minister’s statement a day earlier,…
BUDAPEST, Hungary (AP) — Hungary’s government has extended a price cap on fuel and some basic food items by two more months as consumer prices continue to rise in the Central European country, the prime minister said Wednesday. Prime Minister Viktor Orban said in a Facebook video that the cap on gasoline and diesel prices,…
