Today: September 23, 2024
Today: September 23, 2024

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Wall Street gives up gains as pop from July inflation data fizzles

– Wall Street’s main indexes gave up early gains to trade mostly flat on Thursday, as initial optimism over milder-than-feared inflation data gave way to longer-term concerns about the state of the U.S. economy and whether stocks had much room to run. Data showed headline and core consumer prices both climbed by 0.2% in July, with the headline number notching annual rise of 3.2% and core up 4.7%. In the first hour of trading, the three benchmark indexes advanced more than 1% as traders bet the U.S. Federal Reserve would stop further

August 10, 2023
Wall Street gives up gains as pop from July inflation data fizzles
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Analysis-US stock gains may grow elusive as boost from inflation slowdown wanes

– As inflation worries ease, U.S. stocks may need a fresh source of fuel to propel further gains this year, investors said. Data released on Thursday showed annual inflation, which had been running at 40-year highs a year ago, rose at a more moderate pace than expected in July, supporting the so-called “Goldilocks” narrative of disinflation and resilient growth that has won over bearish investors and boosted risk assets this year. The S&P 500 has gained more than 16% on a year-to-date basis, though it was last trading largely flat on Thursday. But with

August 10, 2023
Analysis-US stock gains may grow elusive as boost from inflation slowdown wanes
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Digital Currency Group seeks to end fraud case by Winklevoss twins' Gemini

– Digital Currency Group on Thursday urged a U.S. judge to dismiss a lawsuit claiming it defrauded customers of Gemini Trust, which was founded by billionaire twins Tyler and Cameron Winklevoss, into lending money to its now-bankrupt Genesis Global Capital unit. In a filing in federal court in Manhattan, DCG and its founder, Barry Silbert, called Gemini’s lawsuit part of a public relations campaign to “deflect blame” for losses suffered by hundreds of thousands of customers of Gemini Earn. DCG and Silbert, who is also a defendant, called Gemini a “sophisticated market participant” that

August 10, 2023
Digital Currency Group seeks to end fraud case by Winklevoss twins' Gemini
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Amazon scraps several private label clothing brands - source

Amazon.com is shelving several private clothing brands, a source familiar with the matter said on Thursday, as the e-commerce giant tries to cut costs and address antitrust scrutiny. The move was first reported by the Wall Street Journal, which said the company has decided to eliminate 27 of its 30 in house-label clothing brands, leaving it with just Amazon Essentials, Amazon Collection and Amazon Aware. “If there are products that aren’t resonating with customers we deprecate those items and look for other opportunities to better meet their needs,” Matt Taddy, vice president of Amazon Private Brands, said in an

August 10, 2023
Amazon scraps several private label clothing brands - source
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Digital Currency Group seeks to end fraud case by Winklevoss twins' Gemini

– Digital Currency Group on Thursday urged a U.S. judge to dismiss a lawsuit claiming it defrauded customers of Gemini Trust, which was founded by billionaire twins Tyler and Cameron Winklevoss, into lending money to its now-bankrupt Genesis Global Capital unit. In a filing in federal court in Manhattan, DCG and its founder, Barry Silbert, called Gemini’s lawsuit part of a public relations campaign to “deflect blame” for losses suffered by hundreds of thousands of customers of Gemini Earn. DCG and Silbert, who is also a defendant, called Gemini a “sophisticated market participant” that

August 10, 2023
Digital Currency Group seeks to end fraud case by Winklevoss twins' Gemini
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Coach owner's Michael Kors deal creates US giant to take on European luxury rivals

Coach parent Tapestry will buy Michael Kors owner Capri Holdings in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. U.S. luxury firms have consistently lagged their European peers in scale, limiting their ability to compete better. Paris-listed LVMH owns 75 brands, including U.S. jeweler Tiffany and fashion labels Louis Vuitton and Dior. Thursday’s deal will also bring under one roof Tapestry’s more affordable luxury brands Kate Spade, Stuart Weitzman and Capri’s Jimmy Choo and Versace labels. “Scale appears to

August 10, 2023
Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
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Shares, dollar gains after moderate US CPI data

Global shares and the dollar rose on Thursday after U.S. consumer price inflation moderated in July and boosted hopes the Federal Reserve is near the end of its rate hiking cycle – but key data that still awaits policymakers kept investors cautious. The consumer price index (CPI) gained 0.2% last month, the Labor Department said, lifting the annualized rate to 3.2% from 3% in June. Economists polled by Reuters expected headline CPI to rise to rise a bit faster at 3.3%. The pace of core CPI, which strips out volatile food and energy prices,

August 10, 2023
Shares, dollar gains after moderate US CPI data
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Oil settles lower as US rate hike fears subside, China demand weighs

Oil prices settled lower on Thursday, with Brent crude holding close to January highs, as speculation about another U.S. interest rate hike faded following inflation data and OPEC remained positive on the oil demand outlook. Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude (WTI) trading on Thursday at its highest this year and Brent hitting its highest price since January. Brent crude fell $1.15, or 1.3%, to settle at $86.40 a barrel while WTI settled down $1.58, or 1.9%, at $82.82. Oil prices have been boosted in recent days

August 10, 2023
Oil settles lower as US rate hike fears subside, China demand weighs
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US dollar recovers from inflation-related losses; yen slumps

– The dollar reversed losses on Thursday, led by gains against the yen, as investors digested U.S. inflation numbers that showed a moderate increase last month, but are still way above the Federal Reserve’s 2% inflation target. The greenback climbed to five-week peaks against the yen of 144.735, and last traded up 0.7% at 144.71 yen. So far this year, the dollar has gained 10.4% versus the Japanese currency. The U.S. unit also pared gains against the euro, which last changed hands at $1.0985, up just 0.1%. The recovery of the dollar against both

August 10, 2023
US dollar recovers from inflation-related losses; yen slumps
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US Supreme Court to scrutinize Purdue Pharma bankruptcy settlement

The U.S. Supreme Court on Thursday agreed to hear a challenge by President Joe Biden’s administration to the legality of OxyContin maker Purdue Pharma’s bankruptcy settlement that would shield its wealthy Sackler family owners from lawsuits over their role in the country’s opioid epidemic. The court also paused bankruptcy proceedings concerning Purdue and its affiliates and said in a brief order that it would hold oral arguments in December in the administration’s appeal of a lower court’s ruling upholding the settlement. The court’s new term begins in October. Purdue’s owners under the

August 10, 2023
US Supreme Court to scrutinize Purdue Pharma bankruptcy settlement
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Tutoring firm settles US agency's first bias lawsuit involving AI software

– A China-based tutoring company has agreed to settle a U.S. government agency’s novel lawsuit claiming it used hiring software powered by artificial intelligence to illegally weed out older job applicants. The 2022 lawsuit against iTutorGroup Inc was the first by the U.S. Equal Employment Opportunity Commission (EEOC) involving a company’s use of AI to make employment decisions. The commission, which enforces workplace bias laws, in 2021 launched an initiative to ensure that AI software used by U.S. employers complies with anti-discrimination laws. The EEOC has warned that it will focus enforcement efforts on companies that

August 10, 2023
Tutoring firm settles US agency's first bias lawsuit involving AI software
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Bittrex to pay $24 million to settle with US securities regulator

– Bittrex Inc and Bittrex Global have agreed to pay a total of $24 million to settle claims by the U.S. Securities and Exchange Commission, according to a court filing in Seattle federal court on Thursday. (Reporting by Jody Godoy; Editing by Chris Reese)

August 10, 2023
Bittrex to pay $24 million to settle with US securities regulator
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Bittrex to pay $24 million to settle with US securities regulator

– Bittrex Inc and Bittrex Global have agreed to pay a total of $24 million to settle claims by the U.S. Securities and Exchange Commission, according to a court filing in Seattle federal court on Thursday. (Reporting by Jody Godoy; Editing by Chris Reese)

August 10, 2023
Bittrex to pay $24 million to settle with US securities regulator
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Wall Street ends flat, after pop from July inflation data fizzles

– Wall Street’s main indexes finished flat on Thursday, giving up most early gains on milder-than-feared inflation data as investors worried about the U.S. economy’s longer-term prospects and whether stocks had further room to run. Data showed headline and core consumer prices both climbed by 0.2% in July, with the headline number notching annual rise of 3.2% and the core up 4.7%. In the first hour of trading, the three benchmark indexes advanced more than 1% as traders bet the U.S. Federal Reserve would stop further monetary tightening in 2023 and start cutting interest rates early

August 10, 2023
Wall Street ends flat, after pop from July inflation data fizzles
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Coach owner's Michael Kors deal creates US giant to take on European luxury rivals

Coach parent Tapestry will buy Michael Kors owner Capri Holdings in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. U.S. luxury firms have consistently lagged their European peers in scale, limiting their ability to compete better. Paris-listed LVMH owns 75 brands, including U.S. jeweler Tiffany and fashion labels Louis Vuitton and Dior. Thursday’s deal will also bring under one roof Tapestry’s more affordable luxury brands Kate Spade, Stuart Weitzman and Capri’s Jimmy Choo and Versace labels. “Scale appears to

August 10, 2023
Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
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US mortgage delinquency rates fall to all-time low

– U.S. mortgage delinquency rates fell to a record low in the second quarter due to a strong job market and low interest rates prevailing on most home loans despite the big jump in mortgage rates over the last two years, a report on Thursday said. Delinquency rates fell to 3.37% at the end of the second quarter, according to the Mortgage Bankers Association’s National Delinquency Survey, their lowest since the MBA began collecting data in 1979 and down from 3.64% year-on-year. Seriously delinquent loans, which are 90 days or more past due or in the

August 10, 2023
US mortgage delinquency rates fall to all-time low
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Wisk Aero, Archer and Boeing reach agreement to settle litigation

– Wisk Aero, Archer Aviation, along with Boeing, reached a settlement to resolve the federal and state court litigation between the parties on undisclosed terms, the companies said on Thursday. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shilpi Majumdar)

August 10, 2023
Wisk Aero, Archer and Boeing reach agreement to settle litigation
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Wisk Aero, Archer and Boeing reach agreement to settle litigation

– Wisk Aero, Archer Aviation, along with Boeing, reached a settlement to resolve the federal and state court litigation between the parties on undisclosed terms, the companies said on Thursday. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shilpi Majumdar)

August 10, 2023
Wisk Aero, Archer and Boeing reach agreement to settle litigation
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Shares, dollar edge up after moderate US CPI data

Global shares and the dollar edged higher on Thursday after U.S. consumer price inflation moderated in July and boosted hopes the Federal Reserve is near the end of its rate-hiking cycle, but investors remained wary over data due to arrive before policymakers meet next. The consumer price index (CPI) gained 0.2% last month, the Labor Department said, lifting the annualized rate less than expected to 3.2% from 3% in June. Economists polled by Reuters expected headline CPI to rise a bit faster at 3.3%. The pace of core CPI, which strips out volatile food

August 10, 2023
Shares, dollar edge up after moderate US CPI data
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Archer secures $215 million investment, settles rival Wisk lawsuits

– Air taxi maker Archer Aviation said on Thursday it secured a $215 million equity investment and reached agreement with Boeing and its Wisk air taxi unit to collaborate and settle litigation. Archer said the new equity investment round includes Stellantis, Boeing, United Airlines, and ARK Investment Management LLC, increasing Archer’s total funding to date to over $1.1 billion as it works to win Federal Aviation Administration certification and begin commercial operations in 2025. Electric vertical takeoff and landing aircraft (eVTOL) have been touted as the future of urban air mobility. Low-altitude urban air mobility aircraft

August 10, 2023
Archer secures $215 million investment, settles rival Wisk lawsuits
Uncategorized

Archer secures $215 million investment, settles rival Wisk lawsuits

– Air taxi maker Archer Aviation said on Thursday it secured a $215 million equity investment and reached agreement with Boeing and its Wisk air taxi unit to collaborate and settle litigation. Archer said the new equity investment round includes Stellantis, Boeing, United Airlines, and ARK Investment Management LLC, increasing Archer’s total funding to date to over $1.1 billion as it works to win Federal Aviation Administration certification and begin commercial operations in 2025. Electric vertical takeoff and landing aircraft (eVTOL) have been touted as the future of urban air mobility. Low-altitude urban air mobility aircraft

August 10, 2023
Archer secures $215 million investment, settles rival Wisk lawsuits
Uncategorized

US Supreme Court halts Purdue Pharma bankruptcy settlement pending review

The U.S. Supreme Court on Thursday agreed to hear a challenge by President Joe Biden’s administration to the legality of OxyContin maker Purdue Pharma’s bankruptcy settlement, putting on hold a deal that would shield its wealthy Sackler family owners from lawsuits over their role in the country’s opioid epidemic. The justices paused bankruptcy proceedings concerning Purdue and its affiliates and said they would hold oral arguments in December in the administration’s appeal of a lower court’s ruling upholding the settlement. The Supreme Court’s new term begins in October. Purdue’s owners under the

August 10, 2023
US Supreme Court halts Purdue Pharma bankruptcy settlement pending review
Uncategorized

US Supreme Court halts Purdue Pharma bankruptcy settlement pending review

The U.S. Supreme Court on Thursday agreed to hear a challenge by President Joe Biden’s administration to the legality of OxyContin maker Purdue Pharma’s bankruptcy settlement, putting on hold a deal that would shield its wealthy Sackler family owners from lawsuits over their role in the country’s opioid epidemic. The justices paused bankruptcy proceedings concerning Purdue and its affiliates and said they would hold oral arguments in December in the administration’s appeal of a lower court’s ruling upholding the settlement. The Supreme Court’s new term begins in October. Purdue’s owners under the

August 10, 2023
US Supreme Court halts Purdue Pharma bankruptcy settlement pending review
Uncategorized

Bittrex to pay $24 million to settle with US securities regulator

Bittrex has agreed to pay $24 million to settle claims by the U.S. Securities and Exchange Commission that the cryptocurrency exchange failed to register with the agency, according to a filing in Seattle federal court on Thursday. The SEC sued Bittrex Inc and its former CEO, William Shihara, in April, saying they operated an unregistered national securities exchange, broker and clearing agency. The SEC also claimed the exchange’s foreign affiliate, Bittrex Global GmbH, failed to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex. Bittrex

August 10, 2023
Bittrex to pay $24 million to settle with US securities regulator
Uncategorized

Archer secures $215 million investment, settles rival Wisk lawsuits

– Air taxi maker Archer Aviation said on Thursday it secured a $215 million equity investment and reached agreement with Boeing and its Wisk air taxi unit to collaborate and settle litigation. Archer said the new equity investment round includes Stellantis, Boeing, United Airlines, and ARK Investment Management LLC, increasing Archer’s total funding to date to over $1.1 billion as it works to win Federal Aviation Administration certification and begin commercial operations in 2025. Electric vertical takeoff and landing aircraft (eVTOL) have been touted as the future of urban air mobility. Low-altitude urban air mobility aircraft

August 10, 2023
Archer secures $215 million investment, settles rival Wisk lawsuits

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