The S&P 500 ended slightly higher on Monday as a deal for Silicon Valley Bank’s assets helped to boost bank shares, while a decline in technology-related stocks limited the day’s gains. The S&P 500 banks index rose 3.1%, while the KBW regional banking index ended up 0.6%. JPMorgan Chase & Co shares climbed 2.9% and […]
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The world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Commodity Futures Trading Commission (CFTC) on Monday for operating what the regulator alleged were an “illegal” exchange and a “sham” compliance program. The CFTC sued Binance, Zhao and its former top compliance executive with “willful evasion” of […]
Pinterest Inc will end leases of certain office spaces as part of a restructuring plan, the image-sharing platform said on Monday, in addition to about 4% workforce reduction it started last month. U.S. companies from technology to finance have stepped up cost cuts as they brace for a potential recession. Pinterest said it expected to […]
The head of the U.S. National Security Agency’s cybersecurity directorate on Monday said TikTok represents a “strategic issue” rather than an immediate “tactical” threat to the United States. Speaking at a policy conference in Northern California, Rob Joyce, director of cybersecurity for the spy agency, reiterated the agency’s earlier position that the Chinese-owned social networking […]
Wall Street equities gained and U.S. Treasury yields rose on Monday as investor concerns about the financial system were calmed after First Citizens BancShares said it would take on the deposits and loans of failed Silicon Valley Bank. The deal offered a respite after weeks of turmoil prompted by the collapse of tech-focused Silicon Valley […]
EU police force Europol on Monday warned about the potential misuse of artificial intelligence-powered chatbot ChatGPT in phishing attempts, disinformation and cybercrime, adding to the chorus of concerns ranging from legal to ethical issues. Since its release last year, Microsoft-backed OpenAI’s ChatGPT has set off a tech craze, prompting rivals to launch similar products and […]
U.S. President Joe Biden on Monday invoked the Defense Production Act to spend $50 million on domestic and Canadian production of printed circuit boards, citing the technology’s importance to national defense. Printed circuit boards are incorporated into missiles and radars, as well as electronics used for energy and healthcare. Without presidential action under the act, […]
Crown Resorts said on Monday a ransomware group had contacted the company, claiming that they had gained access to some files related to Australia’s biggest casino operator following a data breach at a file transfer service GoAnywhere. “We were recently contacted by a ransomware group who claimed they have illegally obtained a limited number of […]
The sale of failed Silicon Valley Bank (SVB) to a regional U.S. peer helped stabilise shares in European lenders on Monday, after the sector was hammered last week by worries about systemic bank stress and a looming credit crunch. The sudden collapse of tech-focused SVB earlier this month triggered the worst banking shock since the […]
A trial kicks off in San Francisco federal court on Monday to determine how much money Tesla Inc must pay to a Black elevator operator who a jury determined was subjected to severe racial harassment while working at the electric auto maker’s flagship assembly plant. The trial is scheduled to last five days. Last year, […]