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Judge Kept FTX Executive Plea Deal Secret To Bring Founders To US
NEW YORK (AP) — A judge kept secret that two Sam Bankman-Fried executives were working with investigators. Federal Judge Ronnie Abrams’ decision Friday in Manhattan collapsed cryptocurrency Revealed by unsealing a copy of the guilty plea by a top executive of Bankman Freed in the Empire. His Bankman-Fried, 30, was brought to New York on Wednesday. A judge in Manhattan released him on $250 million bail and allowed him to live with his parents in California pending trial. Later on Friday, Abrams said her husband’s law firm advised her on FTX in 2021, and she declined the lawsuit.
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Fed-monitored inflation gauge eases to 5.5%
WASHINGTON (AP) — Inflation, closely monitored by the Federal Reserve, slowed last month. Prices rose 5.5% year-on-year in November, down from a revised 6.1% rise in October, according to a Department of Commerce report on Friday. Excluding volatile food and energy prices, so-called core inflation rose 4.7% year-on-year. It rose by 0.4% from the previous month, followed by a rise of 0.1% from October to November. Core prices he rose 0.2%.
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Elon Musk told investors he was pausing the sale of Tesla shares
AUSTIN, Texas (AP) — CEO Elon Musk has said he won’t sell Tesla shares for more than 18 months. Musk’s acquisition of Twitter was completed in his October. Musk also sold $2.58 billion worth of Tesla stock last week, about $23 billion worth of Tesla stock since he began building a position on Twitter in April. Tesla shares fell more than 1% on Friday to $123.74. The April 1st price was about $360.
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Funding bill targets online sites amid retail theft fears
NEW YORK (AP) — Retailers win one government-wide appropriation bill. The $1.7 trillion funding package includes legislation to force online marketplaces like Amazon and Facebook to verify mass sellers. Brick-and-mortar retailers have expressed concern about the amount of merchandise stolen from their stores and sold online. The bill, called INFORM ACT, aims to combat the sale of these and other counterfeit goods. This allows online marketplaces to collect several types of information, such as bank accounts, tax IDs, and contact details, of sellers who have made at least 200 unique sales and earned at least $5,000 in a given year. I am forced to confirm.
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Facebook parent company Meta to pay $725 million to settle user data lawsuit
SAN FRANCISCO (AP) — Facebook’s corporate parent has filed a $725 million lawsuit to settle a lawsuit alleging it allowed the world’s largest social media platform to provide the personal information of millions of users to Cambridge Analytica. I agreed to pay $10,000. The terms of the settlement reached by Meta Platforms, the holding company of Facebook and Instagram, were revealed in court documents filed late Thursday. It is subject to judge approval at a San Francisco federal court hearing scheduled for March.
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Wall Street closes high, but still finishes with 3rd loss of the week
NEW YORK (AP) — Wall Street stocks closed higher after a string of mixed economic news. The S&P 500 rose 0.6% on Friday. The benchmark index continued to fall for three consecutive weeks. Key indicators of inflation have continued to slow, but are still much higher than anyone would like to see. Also, consumer spending growth weakened more than expected last month, while income was a little stronger than expected. The market is in a tricky situation where relatively strong economic data mitigates recession risk while heightening the threat of interest rate hikes by the Federal Reserve.
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Microsoft to fight US over $68.7 billion Activision Blizzard deal
REDMOND, Wash. (AP) — Microsoft is heading to a fight with the Federal Trade Commission over whether the United States will block its proposed acquisition of video game company Activision Blizzard. Microsoft on Thursday filed a formal response to the FTC lawsuit declaring the $68.7 billion deal an illegal takeover and should be stopped. For years, Microsoft has avoided political backlash directed at tech giants Amazon, Google, and Meta. But the software giant now appears to be on a collision course with US regulators who have encouraged tougher anti-competitive behavior from President Joe Biden. and could curb competitors to the subscription business and violate antitrust laws.
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Germany formally suspends guarantees for business with Iran
BERLIN (AP) — The German government has announced a formal suspension of export credits and investment guarantees to businesses in Iran following an official crackdown on protests. The economy ministry said on Friday it had also suspended other “forms of the economy”, including dialogue on energy issues, given the “very serious situation in Iran”. A credit export guarantee protects German companies against losses if export payments are not paid. Investment guarantees are granted to protect against political risks in the countries where direct investments by German companies are made.
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The S&P 500 rose 22.43 points (0.6%) to 3,844.82. The Dow Jones Industrial Average rose 176.44 points (0.5%) to 33,203.93. The Nasdaq rose 21.74 points (0.2%) to 10,497.86. The Russell 2000 Index for small businesses increased 6.85 points, or 0.4%, to 1,760.93.
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