2022

By Summer Zhen and Vidya Ranganathan HONG KONG/SINGAPORE (Reuters) – Further details on the bankruptcy of crypto exchange FTX emerged on Saturday, even as peers and partners distanced themselves from the firm and sources told Reuters at least a billion dollars of customer funds on the exchange had vanished. The saga that has shaken the…

BEIJING (Reuters) – Chinese consumers clutched their wallets tight in this year’s Singles Day and continued seeking relatively economical home brands over pricier expensive labels, as strict COVID-19 curbs and economic uncertainty weighed on the shopping extravaganza. From the evening of Oct. 31 through Thursday, more than 2,000 items generated sales exceeding 10 million yuan…

By Angus Berwick New York (Reuters) – At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters. A large…

By Hannah Lang (Reuters) – Sam Bankman-Fried earned a reputation as savior of the crypto industry when he bailed out two platforms earlier this year. But when FTX, the exchange he co-founded and led until Friday, needed a lifeline, none was forthcoming. Until this week, the 30-year-old American was seen as a darling in digital…

By Noel Randewich and Sruthi Shankar (Reuters) – The S&P 500 and Nasdaq ended sharply higher on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve would get less aggressive with U.S. interest rate hikes. Amazon jumped 4.3%, with Apple and Microsoft both up more than…

LONDON (Reuters) – FTX filed for U.S. bankruptcy proceedings on Friday, capping a week of turmoil for one of the world’s largest cryptocurrency exchanges. FTX and its local units, had already attracted scrutiny from regulators around the world. Here’s a roundup of what global regulators are doing about FTX: UNITED STATES FTX is under investigation…

By Paresh Dave OAKLAND, Calif. (Reuters) -Facebook owner Meta Platforms told employees on Friday that it would stop developing smart displays and smartwatches and that nearly half of the 11,000 jobs it eliminated this week in an unprecedented cost-cutting move were technology roles. Speaking during an employee townhall meeting heard by Reuters, Meta executives also…

(Reuters) -Corporate America is making deep cuts to its employee base as part of its restructuring efforts to navigate a potential downturn in the economy from the Federal Reserve’s war on inflation. Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, a report said. Here are some…