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WASHINGTON (AP) — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. The latest shoe to drop is Binance’s multibillion dollar settlement with U.S. authorities and the resignation of its CEO this week. When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Brown has been highly skeptical of cryptocurrencies as a concept and he’s been generally reluctant to put Congress’ blessing on them through legislation. Yesterday’s development marks the same inflection point that we saw earlier at the intersection of the .com and post-.com eras.”
Persons: Sam Bankman, cryptocurrencies, Janet Yellen, Changpeng Zhao, Zhao, Binance, General Merrick Garland, — Binance, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, Fried, can’t, , Dennis Kelleher, Yiannis Giokas Organizations: WASHINGTON, Treasury, White, Biden Administration, Binance, U.S . Treasury, U.S, Securities and Exchange Commission, Coinbase, SEC, PayPal, Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, Senate, Consumer, Better, Moody’s Analytics, U.S . Authorities Locations: Washington, United States, Cayman Islands, Ohio, stablecoins, U.S
The plea deals end a years-long investigation into the crypto exchange. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen. Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year. "This, combined with the likely imminent approval of an ETF based on bitcoin quotes, could positively impact the crypto market in the long term," said Drozdz. Binance has agreed to forfeit $2.5 billion to the government and to pay a fine of $1.8 billion.
Persons: Binance's, Changpeng Zhao, Ben Mcshane, Sportsfile, Nansen, Binance, Grzegorz Drozdz, Bitcoin, Drozdz, Zhao, Yesha Yadav, Milton R, Underwood, General Merrick Garland, Garland, Richard Teng, Teng, Janet Yellen, Al, Yellen Organizations: Getty, Department of Justice, ., SEC, Conotoxia, CNBC, DOJ, Vanderbilt University, Justice Department, U.S, Monetary Authority of Singapore, Binance, Futures Trading Commission, Treasury Department, The Securities, Exchange Commission, ISIS Locations: Lisbon, Portugal, Binance, Nansen, U.S, Abu Dhabi
"i'm looking forward to returning to openai," Altman said in a post on the X social media platform late on Tuesday. Sam Altman attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. OpenAI's previous board consisted of Tasha McCauley, Helen Toner and OpenAI chief scientist Ilya Sutskever and Quora CEO D'Angelo, who is part of the revamped board. In a post on X on Tuesday, Shear said he worked "~72 very intense hours" to bring stability - and ultimately Altman - back to OpenAI. When he was out of a job, CEO Nadella said Altman could head a new research team alongside Brockman and other colleagues departing from OpenAI.
Persons: Bret Taylor, Brockman, FRANCISCO, Sam Altman, OpenAI, Larry Summers, Adam D'Angelo, D'Angelo, Altman, Danni Hewson, AJ Bell's, Satya Nadella, Kyle Rodda, Carlos Barria, Tasha McCauley, Helen Toner, Ilya Sutskever, Steve Jobs, Greg Brockman, Sunday Altman, Emmett Shear, Shear, Nadella, Jeffrey Dastin, Aditya Soni, Shivani Tanna, Bansari, Dhanya Ann Thoppil, Nivedita Bhattacharjee, Sam Holmes, Jane Merriman Organizations: U.S . Treasury, Microsoft, Economic Cooperation, REUTERS, Reuters, U.S, Thomson Locations: openai, U.S, OpenAI, Asia, San Francisco , California, Valley, San Francisco, Bengaluru
Generative AI "has an immediate business implication" for the creator economy, according to Becky Owen, the global chief marketing and innovation officer at influencer-marketing firm Billion Dollar Boy. It has a focus on generative AI, but is also experimenting with virtual and augmented reality, as well as virtual influencers. Owen joined Billion Dollar Boy in early 2023 after almost five years at Meta, where she was most recently head of creator innovations and solutions for Europe. Becky Owen is the global chief marketing and innovation officer at Billion Dollar Boy. Billion Dollar Boy has already tested pilot partnerships with three retail brands, including two luxury fashion brands that have launched their first generative-AI-led creator content on Instagram.
Persons: Becky Owen, Owen, Elmo Mistiaen, Jo Ann, Shanikwa Dvorkin, Anastasia Rogozhina Organizations: Heineken, Pepsi, Business, Billion Dollar, Meta, Brands Locations: Amazon, Europe
Climate Change Conference (COP 28) that opens on Nov. 30 in Dubai. Neither floods nor fires are new to Greece but with climate change, they are becoming a frequent disruptor to an economy dependent on tourism and farming. "We have to change our prediction methods," Skylakakis said, acknowledging the rapid pace of climate change. Mitsotakis has urged the EU to top up its solidarity fund and help countries tackle the impact of climate change. Adaptation measures worth 67 billion euros could reduce that loss to 510 billion euros, the country's leading economic think tank IOBE said in a February report.
Persons: Louisa Gouliamaki, Dimitris Kouretas, Kouretas, Theodore Skylakakis, Storm Daniel, Kostas Agorastos, Giorgos Stasinos, Kyriakos Mitsotakis, Sokratis Famellos, Skylakakis, Thanos Giannakakis, Nikos Papathanasis, Miltiadis Gkouzouris, Mitsotakis, Petros Varelidis, Lefteris Papadimas, Renee Maltezou, Michele Kambas, Daniel Flynn Organizations: Reuters, United Nations Environment Program, Mount Olympus, HVA, Chamber, European, Justice, EU, Water Management, Environment Ministry, Thomson Locations: Vlohos, Greece, Greece's, Thessaly, Europe, Dubai, Los Angeles, Dutch, Athens, Thessaly's, Mouzaki, Netherlands
According to a new American Express survey of small business owners, “55% anticipate Small Business Saturday will make a significant contribution to their overall holiday sales this year.” In a consumer survey conducted by the company in October, half of respondents said they plan to participate in the upcoming Small Business Saturday, and 85% said they anticipated shopping small this holiday season. Over the past 13 years, the company says consumers have reported spending nearly $184 billion during Small Business Saturday. American Express estimated that Small Business Saturday drove nearly $18 billion in consumer spending last year. Donnell Johns, who runs Veterans Growing America, an organization that supports veteran- and military-spouse-owned small businesses, said that Small Business Saturday is valuable because it creates an awareness for shopping small. For Ken Moorman, founder of Jirani Coffeehouse in Manassas, Virginia, Small Business Saturday means an average 10% uptick in sales than a typical Saturday.
Persons: Donnell Johns, We’ve, , Ken Moorman, , Covid, ” Moorman, it’s, ” Elizabeth Rutledge, Isabel Casillas Guzman, “ The, Harris, Bidenomics, Biden Organizations: New, New York CNN, Amazon, Walmart, American Express, , Small, Express, Business Administration, American Express ’, SBA, “ The Biden, Harris Administration, American, Pacific Islanders Locations: New York, Manassas , Virginia,
After quarterback Joe Burrow suffered a wrist injury last Thursday that will likely end his season, Cincinnati Bengals coach Zac Taylor tried to sound optimistic. “I’m excited to see this team respond,” he said. “This season is far from over.”
Persons: Joe Burrow, Zac Taylor, Organizations: Cincinnati Bengals
Microsoft emerges as big winner from OpenAI turmoil
  + stars: | 2023-11-20 | by ( Aditya Soni | ) www.reuters.com   time to read: +3 min
[1/2] Microsoft Chief Executive Officer (CEO) Satya Narayana Nadella speaks at a live Microsoft event in the Manhattan borough of New York City, October 26, 2016. The turmoil at OpenAI since Friday had raised fears about the fallout for Microsoft, which has pumped in billions of dollars and uses the pioneer's technology for most of its AI offerings. That was nearly equal to the valuation OpenAI commanded in its last fundraise. We view Microsoft now even in a stronger position with Altman and Brockman at Microsoft running AI. "The OpenAI for-profit subsidiary was about to conduct a secondary at a $80 billion+ valuation.
Persons: Satya Narayana Nadella, Lucas Jackson, Sam Altman, Altman, Dan Ives, Brockman, OpenAI, Greg Brockman, Szymon Sidor, SemiAnalysis, Mira Murati, Aditya Soni, Akash Sriram, Sriraj Organizations: Microsoft, REUTERS, Google, Wedbush Securities, Thomson Locations: Manhattan, New York City, OpenAI, Bengaluru
That was nearly equal to the valuation OpenAI commanded in its last fundraise. "If Microsoft lost Altman, he could have gone to Amazon, Google, Apple, or a host of other tech companies," said Wedbush Securities analyst Dan Ives. We view Microsoft now even in a stronger position with Altman and Brockman at Microsoft running AI. Altman will lead a new research team at the software giant following his surprise ouster by OpenAI that shocked the tech industry. "The OpenAI for-profit subsidiary was about to conduct a secondary at a $80 billion+ valuation.
Persons: Satya Narayana Nadella, Lucas Jackson, Sam Altman, Altman, Dan Ives, Brockman, OpenAI, Greg Brockman, Szymon Sidor, SemiAnalysis, Mira Murati, Aditya Soni, Akash Sriram, Sriraj Organizations: Microsoft, REUTERS, Google, Wedbush Securities, Thomson Locations: Manhattan, New York City, OpenAI, Bengaluru
AdvertisementIf Sam Altman can't be convinced to return to OpenAI, Microsoft is in trouble. All of which means that the biggest loser if Altman can't be convinced to return isn't Altman. This OpenAI board is way over its head and the failed coup is now backfiring," investor Dan Ives, an analyst at Webush, told Business Insider. OpenAI only gave Microsoft a few minutes advance warning before announcing Altman's ouster, sources told Business Insider. Earlier this month the company made over 100 announcements of integrations with OpenAI tech across Microsoft's AI tools, AI models, tools in its cloud, the company told Business Insider.
Persons: OpenAI, Sam Altman, Altman, Webush's Dan Ives, , VCs, Vinod Khosla, Greg Brockman, Altman wasn't, isn't Altman, Satya Nadella, Sam, Dan Ives, Brockman, Mira Murati, he's, Ives, ChatGPT Organizations: Microsoft, Service, Khosla Ventures, Chiefs, Nadella, Business, OpenAI, Google Locations: @OpenAI, Mira, Silicon Valley, OpenAI
Menendez's removal could be a game-changer for two countries who have long sought US fighter jets. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . His removal could be a game-changer for Egypt and Turkey — two important but vexing US allies — when it comes to buying modern US-made fighter jets to upgrade their air forces. Turkey's F-16 prospectsA Turkish F-16 during a NATO Air Policing mission out of Poland in August 2021. It has ordered 54 French-made Rafale multirole jets in a bid to, at least partially, diversify its overwhelmingly American-made fighter arsenal.
Persons: Sen, Bob Menendez, Menendez, , Bob Menendez's, Turkey's, Cuneyt, Getty Images Menendez, Recep Tayyip Erdogan, Erdogan, Ben Cardin, Getty Images Cardin, Cardin, Ryan Bohl, RANE, Bohl, Frank McKenzie, Derek Seifert Cairo, Su, Paul Iddon Organizations: Foreign, Service, New, New Jersey Democrat, Senate Foreign Relations, NATO Air Policing, Anadolu Agency, Getty Images, Turkish, NATO, Turkish Air Force, East, Business, US Air Force KC, 135R, US Air Force, Getty, US Central Command, State Department, Air Force Locations: New Jersey, Egypt, Turkey, Turkish, Poland, NATO, coziness, Russia, Malbork, North Africa, Israel, Cairo, China, Dubai, United States, France
Throughout 2023, residential cruise ship startups have delayed their launches. AdvertisementBuzzy residential cruise ship startups like Storylines can't seem to stick to their timelines. But even it has faced roadblocks: Launched in 2002, residents had to pool $71 million to buy the $280 million ship themselves in 2003. AdvertisementStorylines is a prime exampleStorylines delayed the construction of its MV Narrative residential ship at least twice. Building a new ship is hard – but so is acquiring an old oneVictoria Cruises Line chartered its residential ship of choice.
Persons: , Alister Punton, Brodosplit, Punton, Mike Kasperzak, Fares, Mikael Petterson Organizations: Service, Cruises Line, Residences, Brodosplit, Victoria Cruises Line, Victoria Cruises, Holland America Line's, Sea Cruises, Cruises, Miray Cruises, Villa Vie Residences Locations: Croatian
Portugal's government nationalised a small private bank, Banco Portugues de Negocios (BPN), on Sunday as the international financial crisis claimed its first victim in the Iberian country. REUTERS/Jose Manuel Ribeiro (PORTUGAL) Acquire Licensing RightsLISBON, Nov 18 (Reuters) - Moody's upgraded Portugal's long-term issuer rating two notches to A3 from Baa2, despite the political crisis triggered by the resignation of the country's prime minister due to an investigation into alleged irregularities in his government. Moody's said it appeared the country's institutions were dealing with the crisis in an "effective and transparent manner". The 2024 budget, which is set to be approved by the Socialist parliamentary majority on Nov. 29, projects economic growth slowing down to 1.5% in 2024 from the 2.2% growth expected this year. It sees "significant private and public investments as well as the implementation of further structural reforms", both linked to the country's recovery plan.
Persons: Jose Manuel Ribeiro, Antonio Costa, Marcelo Rebelo de Sousa, Moody's, Fernando Medina, Medina, Sergio Goncalves, David Latona Organizations: Banco Portugues de, Rights, Finance, Socialist, Thomson Locations: Portuguese, Lisbon, Banco Portugues de Negocios, PORTUGAL, Rights LISBON, Baa2, Portugal
That’s the centerpiece of Lufthansa Technik’s new cabin design for the upcoming BBJ 777-9 — the private jet version of Boeing’s new widebody aircraft, the 777X. “It’s a combination between a Middle Eastern touch and a very modern, sleek design,” says Hassan Gasim, a sales director at Lufthansa Technik. A Boeing 777-X performing a flight demonstration at the Dubai Airshow. They also come with high environmental costs, as private jets emit 10 times more pollutants than commercial planes per passenger. The Boeing 777X was one of the stars of the Dubai Airshow, where it performed a flight demonstration.
Persons: , Hassan Gasim, Gasim, it’s, we’ve, Giuseppe Cacace, Clemens Schrettl, Schrettl, Gary Crichlow, , Syed Zaidi, Zaidi Organizations: CNN, Lufthansa, Boeing, Lufthansa Technik, Dubai Airshow, Technik, Getty, United, United Arab Emirates, Boeing Business Jet, Emirates airline, Airbus Locations: AFP, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab, Dubai
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTemu's spending this past quarter could be north of one billion dollars, Bernstein’s Mark ShmulikMark Shmulik, Bernstein lead internet analyst, joins 'The Exchange' to discuss the rise of Temu, the impact of new Chinese fashion apps more broadly, and more.
Persons: Mark Shmulik Mark Shmulik, Bernstein
[1/2] JioCinema and Pokemon logos are pictured in this illustration taken November 15, 2023. Pokemon has spawned a global multi-billion dollar media franchise spanning trading cards, games, TV shows and movies. In total, JioCinema will add around 3,000 hours of children's content, including movies and shows from Entertainment One, Animaccord, Cartoon Network Studios and DreamWorks, the sources said. Some Pokemon content was earlier on Voot, but the new JioCinema deal is a "much larger partnership", one of the sources said. NBCUniversal told Reuters that "kids and family programming", including DreamWorks content, was part of a multi-year partnership with JioCinema announced in May.
Persons: Dado Ruvic, Mukesh Ambani, Mukesh Ambani's, Ambani, Viacom18, NBCUniversal, JioCinema, Aditya Kalra, Munsif, Miral Organizations: REUTERS, Disney, Netflix, Cartoon Network, DreamWorks, Pokemon Company, Walt Disney Co, Nintendo, Media Partners, Entertainment, Cartoon Network Studios, Reuters, Warner Bros Discovery Inc, Hollywood, Thomson Locations: DELHI, India, New Delhi, Bengaluru
Spotify launches podcast ad marketplace in 5 countries
  + stars: | 2023-11-16 | by ( ) www.reuters.com   time to read: +1 min
The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. The Spotify Audience Network, first launched in 2021, is available in nine countries such as Germany and the United States for podcast publishers and creators to monetize their content. After investing over a billion dollars to build up its podcast business with 5 million titles and 100 million podcast listeners, Spotify is focusing on boosting advertisement revenue from the format. "The Spotify Audience Network addresses these two challenges head on." In the latest third quarter, the company's advertising revenue was up 16% from an year earlier and podcast advertising revenue grew in a double-digit range.
Persons: Brendan McDermid, Brian Berner, Supantha Mukherjee Organizations: New York Stock Exchange, REUTERS, Rights, Spotify, Network, Thomson Locations: New York, U.S, Rights STOCKHOLM, Sweden, India, Germany, United States, Stockholm
Cisco Systems — Shares dropped 11.3% after the company's earnings guidance for the current quarter came out below analyst estimates, driven by a slowdown in new product orders. Children's Place — Shares of Children's Place plunged 25.8% after retailer quarterly adjusted earnings of $3.22, trailing the FactSet consensus estimate of $3.49. Walmart — Shares dropped more than 7% after the big box retailer gave disappointing guidance . Walmart said it expects adjusted earnings per share of $6.40 to $6.48 for the year, slightly lower than analysts were anticipating. Advance Auto Parts — The auto parts retailer tumbled 4% after Bank of America downgraded the stock to underperform from neutral.
Persons: Patrick Spence, Macy's, Alibaba, Williams, Children's, Piper Sandler, John David Rainey, — CNBC's Michelle Fox, Alex Harring, Hakyung Kim, Pia Singh Organizations: General Motors — General Motors, United Auto Workers, Sonoma, Cisco Systems —, Cisco, Alto Networks, Palo Alto Networks, billings, Walmart, CNBC, Bank of America, Citi Locations: U.S, Sonoma
CNN —Two people have been arrested in the largest seizure of counterfeit goods in US history, including knock-off designer goods with an estimated retail value of more than a billion dollars, officials in New York said. Sow and Jalloh ran the trafficking operation out of a Manhattan storage facility from January to October, the news release from the attorney’s office said. Counterfeit goods were also found during searches of separate locations controlled by Sow and Jalloh, according to prosecutors. NY/ Two arrested in largest counterfeit goods seizure in Manhattan, retailing at more than $1B U.S. Attorney's OfficeApproximately 219,000 counterfeit items with an estimated retail value of $1.03 billion were found during the seizure, including bags, clothes, shoes and other products, prosecutors said. The trafficking charge carries a maximum sentence of 10 years in prison, the attorney’s office said.
Persons: Adama Sow, Abdulai Jalloh, Jalloh, Damian Williams Organizations: CNN, US, Office, Southern, of, Attorney's Locations: New York, of New York, Sow, Manhattan, New York City
How an Indian startup hacked the world
  + stars: | 2023-11-16 | by ( ) www.reuters.com   time to read: +41 min
The Indian company hacked on an industrial scale, stealing data from political leaders, international executives, prominent attorneys and more. Run by a pair of brothers, Rajat and Anuj Khare, the company began as a small Indian educational startup. The Indian company hacked on an industrial scale, stealing data from political leaders, international executives, sports figures and more. Back in 2012, Kristi Rogers was an executive at Aegis, a London-based security company. Canadian security company GardaWorld, which acquired Aegis in 2015, said it had no information on the incident.
Persons: Chuck Randall, Randall, , ” Randall, , Randall’s inbox, Appin, Rajat, Anuj Khare, Rajat Khare’s, Clare Locke, Khare “, Khare, ” Clare Locke, Ted Kaczynski, Anuj, who’ve, SentinelOne, Tom Hegel, Appin “, Hegel, Mandiant, ” Hegel, Shane Huntley, ” Huntley, Google’s Huntley, , Jochi Gómez, Gómez, Halevi, Tamir Mor, Russian oligarch Boris Berezovsky, Mohamed Azmin Ali, ” Mor, Berezovsky, Azmin, Mor, Roman Abramovich, Mark Hastings, Hastings, didn’t, Jim H, ” Jim H, Jim H’s, Kristi Rogers, Mike Rogers, he’s, Global’s, sully, Rogers, Damian Perl, – “, Steven Santarpia, ” Santarpia, Santarpia, Leonel Fernández, ” Fernández, Rajat Khare, “ Let’s, Ministry of Home Affairs didn’t, Peter Hargitay, Stevie, Billing, ” Stevie, , ” Peter Hargitay, Mookhey, Norman Shark, Jonathan Camp, Shark, Camp, Norman, Dominican Republic –, Dan Brady, Sandra Schweingruber, ” Schweingruber, Schweingruber, Brady, ” Gómez, , ” –, Anna Carter, Mark Califano, ” Rajat Khare’s, India’s, Educomp, Karen Hunter, Hunter, Bryan, Rajat’s, Vijay Kumar, Deepak Kumar, Kumar, ACSG, Jay Solomon, Solomon, ” Rebsec’s, Vishavdeep Singh, Rebsec, CyberRoot, Sumit Gupta, Gupta, Raphael Satter, Zeba Siddiqui, Christopher Bing, Ryan McNeill, Corinne Perkins, John Emerson, Marla Dickerson Organizations: Reuters, Google, Harvard University, U.S, Symantec, Appin, Caribbean, El, Israeli Defense Forces, Commando, Quillon Law, U.S . House Intelligence, The Michigan Republican, U.S . Senate, Aegis, Global Security, Security, Rogers, Army Corps of Engineers, Rotary, Aegis ’, Global, ” Reuters, Britain’s, Appin Software Security, Ltd, Appin Security, , Research, Analysis, Intelligence Bureau, Indian, India’s Ministry of Home Affairs, India’s Ministry of Defense, of Home Affairs, Central Bureau of Investigation, CBI, Federal Bureau of Investigation, Ministry of Home Affairs, Telenor, Broadcom, FBI, Dominican, Criminal Investigation Service, Appin Security Group, CERT, country’s, Bureau of Investigation, Educomp, State Bank of India, State Bank, The National Security Agency, NSA, U.S ., Swiss, Appin Technology, India’s Ministry, Corporate Affairs, Control Security Global, Technology, Kumar, Facebook, Meta, BellTroX, Services, Street, New, Rebsec, BellTroX’s, Hire Locations: Long, New Delhi, India, Yorker, Paris, Swiss, cybersecurity, Appin, Dominican, California, , Dominican Republic, El Siglo, United States, Britain, Switzerland, New York, French, New Jersey, Israel, Russian, Malaysian, London, Rwandan, Virginia, Canadian, Chuck@shinnecock.org, Texas, Indian, India’s Punjab, Pakistan, Zurich, Australia, Norway, Oslo, Brady, Former, , U.S, Islip, Shinnecock, Washington, cyberespionage
London CNN —Mars is buying Hotel Chocolat in a deal that values Britain’s largest independent chocolate maker at £534 million ($661 million) and could boost its growth prospects outside of the United Kingdom. Hotel Chocolat was founded in 1993 by entrepreneurs Angus Thirlwell and Peter Harris who “were on a mission to make chocolate exciting again,” according to its website. In the most recent financial year, Hotel Chocolat posted what it described as “disappointing” financial results. The company’s revenue declined 10% to £205 million ($254 million) and it reported a loss of £6.2 million ($7.7 million). “Hotel Chocolat, whilst expensive, is proper chocolate.
Persons: London CNN —, Jonathan De Mello, Angus Thirlwell, Peter Harris, , Chocolat, Thirlwell, , Kraft, ” Susannah Streeter, Hargreaves Lansdown, Mars Organizations: London CNN, United Kingdom ., Chocolat’s, JDM Retail, Twitter, Kraft Foods, Mondelez, Mars, Hargreaves Locations: United Kingdom, Chocolat, London, Japan, Caribbean, American, Birmingham
An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. REUTERS/Mike Segar/File Photo Acquire Licensing RightsBERLIN, Nov 15 (Reuters) - U.S. pharma company Eli Lilly (LLY.N) plans an investment in the single-digit billion dollar range in a new plant in western Germany, people familiar with the matter told Reuters after the company called a news conference for Friday. Eli Lilly said it would unveil "far-reaching investment plans" at Friday's news conference, which will be attended by Germany's economy and health ministers. Mounjaro's success helped Lilly post a 37% gain in third-quarter revenues to $9.5 billion, topping Wall Street estimates. The group's market value has ballooned to around $580 billion, up more than 65% so far this year.
Persons: Eli Lilly, Mike Segar, Mounjaro, TSMC, Lilly's, Lilly, Rene Wagner, Klaus Lauer, Ludwig Burger, Thomas Escritt, Chizu Nomiyama, Jane Merriman Organizations: Company, REUTERS, Rights, . pharma, Reuters, U.S ., U.S, Intel, European Union, Novo Nordisk, U.S . Food, Drug Administration, Thomson Locations: Branchburg , New Jersey, Germany, Rhineland, Palatinate, U.S, Ukraine, European, Indianapolis, Danish, Eisai
AdvertisementWikipedia founder Jimmy Wales just threw the latest punch in his ongoing feud with X owner Elon Musk. Wales said that X — formerly known as Twitter — has become, in his view, overrun with "trolls and lunatics. "It's probably a terrible business model, but that's the history of my career," he said with a laugh. "If you have the same business model as everyone else, you're driven by the same pressures. If you have a different business model you can say, 'OK, now, why would people pay for this?'"
Persons: Jimmy Wales, , Elon Musk, Musk, he'd, Donald Trump, Kanye West, influencer Andrew Tate ., he's, it's Organizations: Web, Wales, Service, X, Twitter, CNBC Locations: Wales, Turkey, influencer Andrew Tate . Wales
watch nowLISBON — Wikipedia founder Jimmy Wales slammed X, formerly known as Twitter, after its takeover by Elon Musk, saying the social media service is losing users and has been "overrun by trolls and lunatics." "I think a lot of people are fleeing Twitter, a lot of thoughtful and serious people are fleeing Twitter," Wales told CNBC at the Web Summit tech conference in Lisbon. "Twitter was, and now I guess X sort of is, in a way, the default public square for the world. Wales' comments come after Musk offered Wikipedia $1 billion if it changes its name to "Dickipedia." The spat between the two goes back to last year when Musk alleged Wikipedia has "a non-trivial left-wing bias."
Persons: Jimmy Wales, Elon Musk, Twitter, it's, Musk, he's, Elon Organizations: Elon, Twitter, Wales, CNBC, Summit, Research Locations: LISBON, Wales, Lisbon
“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.
Persons: Dado Ruvic, Hess, , Donald Williamson, , Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron
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