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…
By Jonathan Stempel and Jody Godoy (Reuters) -Elizabeth Holmes urged a U.S. judge not to send her to prison, as the founder of Theranos Inc prepares to be sentenced next week for defrauding investors in the blood testing startup. In a Thursday night court filing, lawyers for Holmes asked that she receive 18 months of…
(Reuters) -Meta Platforms told employees on Friday that 54% of the 11,000 jobs it cut earlier this week were business roles and the rest were in technology. Executives speaking during a during an employee townhall meeting, which was heard by Reuters, also said the company was exiting its Portal smart display business and will wind…
By Elisa Anzolin MILAN (Reuters) -The Benetton family and U.S. investment fund Blackstone aim to press ahead with their offer for Italy’s Atlantia, sources said on Friday, after their takeover bid fell just short of the required 90% threshold. The bidders’ vehicle named Schema Alfa has set an acceptance threshold of 90% for the offer…
(Reuters) – Crypto exchange FTX filed for U.S. bankruptcy on Friday and Sam Bankman-Fried stepped down as CEO, after a liquidity crisis that has prompted intervention from regulators around the world. FTX, its affiliated crypto trading fund Alameda Research and about 130 other companies have commenced voluntary Chapter 11 bankruptcy proceedings in Delaware, FTX said….
By Priyamvada C (Reuters) – U.S. hotel operators expect more pain from China’s strict COVID-19 lockdowns which have halted construction of some luxury properties and impeded travel to one the world’s key tourism markets. Growth in China has been stuttering at a time when companies are rushing to open hotels and capitalise on pent up…
