By Hannah Lang (Reuters) – Crypto companies are descending on Capitol Hill on Wednesday, but their push to advance industry-friendly laws is likely to be overshadowed by a fight over the federal budget and a Senate crackdown on the use of crypto for money laundering. Dozens of executives from digital asset companies are meeting with…
By Andrew Goudsward and Mike Scarcella WASHINGTON (Reuters) – The U.S. Federal Trade Commission’s monopoly lawsuit against Amazon.com filed on Tuesday poses perhaps the biggest legal test so far for the platoons of lawyers who have defended the technology giant for years against allegations of antitrust and consumer protection violations. The long-awaited FTC case against…
By Jonathan Stempel NEW YORK (Reuters) -The U.S. government on Wednesday sued eBay, accusing the online platform of violating the Clean Air Act and other environmental laws by allowing the sale of several harmful products, including devices that defeat automobile pollution controls. EBay could face billions of dollars in penalties, including up to $5,580 for…
By David Shepardson WASHINGTON (Reuters) -Hyundai and Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete. The automakers say internal brake fluid leaks can cause an electrical short that could lead to…
By Trevor Hunnicutt WASHINGTON (Reuters) – U.S. President Joe Biden will announce on Wednesday a $100 million research drive to fight deadly drug-resistant bacteria, according to a White House official. More than a million people worldwide lose their lives each year due to infections resulting from bacteria resistant to antibiotics, according to the World Health…
By Pete Schroeder, Michelle Price and Carolina Mandl WASHINGTON/NEW YORK (Reuters) – U.S. financial firms are pushing for greater clarity on proposed new rules curbing U.S. investments in some China technology sectors which they say are too vague and put the onus of compliance on investors. Aiming to protect national security and prevent U.S. capital…
By Krystal Hu and Niket Nishant (Reuters) -OpenAI, the artificial intelligence startup behind ChatGPT, is talking to investors about a possible sale of existing shares at a much higher valuation from a few months ago, according to two sources familiar with the matter. The proposed deal could value Microsoft-backed OpenAI at between $80 billion to…
By David Lawder (Reuters) -World Bank Group President Ajay Banga on Tuesday said proposed new contributions from wealthy countries combined with balance sheet changes could boost the bank’s lending capacity by $100 billion to $125 billion over a decade. Banga told a Council on Foreign Relations event that the contributions would come outside the bank’s…
By Nupur Anand NEW YORK (Reuters) -JPMorgan Chase reorganized the leadership in its investment bank, promoting a new head in North America to succeed Fernando Rivas, who plans to retire, according to a memo seen by Reuters. Rivas, who previously ran the financial institutions group, was one of JPMorgan’s lead negotiators in its purchase of…
By Nicole Jao NEW YORK (Reuters) -Oil prices settled nearly 1% higher on Tuesday, rebounding from a slump to a two-week low in early trading as expectations of tighter supply outweighed worries that an uncertain economic outlook would crimp demand. Brent crude futures settled 67 cents higher, or 0.7%, at $93.96 a barrel. U.S. West…
