DIRS.INFO The most relevant business & tech news

☆ Developing countries owe China at least $1.1 trillion – and the debts are due
▼ + stars: | 2023-11-07 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —Developing countries owe Chinese lenders at least $1.1 trillion, according to a new data analysis published Monday, which says more than half of the thousands of loans China has doled out over two decades are due as many borrowers struggle financially. Now, 55% of China’s official sector loans to developing countries have entered their repayment periods, according to the analysis of more than two decades of China’s overseas funding across 165 countries released by AidData. Instead, China is providing substantial numbers of emergency rescue loans, according to AidData. Overall funding commitments from China to the developing world declined at the start of the pandemic, according to AidData. Half of China’s non-emergency lending portfolio to developing countries is now provided via syndicated loan arrangements, with more than 80% of these arrangements involving those Western or multilateral partners, they said.

Persons: William & Mary, Xi Jinping, ”, Brad Parks, Hajarah Nalwadda, ’ AidData, ” Parks, “ Organizations: Hong Kong CNN, William &, Initiative, AidData, CNN, “, Bank of International, Getty, World Bank Locations: China, Hong Kong, Virginia, Beijing, America, Southeast Asia, Switzerland, Kiryandongo, Uganda, Xinhua, United States, AidData, Zambia, Ghana

Blinken described all of these as “a work in progress” and acknowledged deep divisions over the pause concept. There has also been resistance to discussing Gaza's future, with the Arab states insisting that the immediate humanitarian crisis must be addressed first. Securing agreement from G7 members, none of which border or are directly involved in the conflict, may be a slightly less daunting challenge for Blinken. Despite some fraying around the edges, the group has preserved a unified front in condemning and opposing Russia’s war. Yet the Gaza crisis has inflamed international public opinion and democracies are not immune from intense passions that have manifested themselves in massive pro-Palestinian and anti-Israel demonstrations in G7 capitals and elsewhere.

Persons: Antony Blinken, we’re, ” Blinken, Jordan, Turkey — Blinken, we’ve, ”, Blinken Organizations: TOKYO, West Bank Locations: East, U.S, Israel, Asia, Japan, Gaza, Russia, Ukraine, North Korea, Ankara, Turkey, Tokyo, Britain, Canada, France, Germany, Italy, Cyprus, Iraq, United States, Korea, China

[1/8] Japan's Prime Minister Fumio Kishida and U.S. Secretary of State Antony Blinken shake hands at the prime minister's official residence Tuesday, Nov. 7, 2023, in Tokyo, Japan. "Our commitment to continue strict sanctions against Russia and strong support for Ukraine has not wavered at all, even as the situation in the Middle East intensifies," Japan's foreign minister Yoko Kamikawa told a press conference. The G7 is due to hold an online meeting with Ukraine's Foreign Minister Dmytro Kuleba on Wednesday. Since the war erupted, the G7 has issued just one joint statement on the conflict, amounting to a few sentences. G7 foreign ministers are preparing "some sort of statement" to be issued following the Tokyo talks, Kamikawa said declining to comment on its contents.

Persons: Fumio Kishida, Antony Blinken, Eugene Hoshiko, Yoko Kamikawa, Kamikawa, Dmytro Kuleba, Volodymyr Zelenskiy, Minoru Kihara, Blinken, Sakura Murakami, Tim Kelly, John Geddie, Tom Hogue, Raju Gopalakrishnan Organizations: Japan's, REUTERS Acquire, Rights, Ukraine, Kyiv, The, European Union, Russia, Ukraine's Foreign, Mitsui & Co, Health, Japanese, British, United Nations, Thomson Locations: Tokyo, Japan, Russia, Britain, Canada, France, Germany, Italy, United States, Ukraine, Israel, Gaza, U.S, Moscow, Hiroshima, May, ISRAEL, GAZA, Iran

The headquarters of U.S. energy exporter and pipeline operator Kinder Morgan Inc. is seen in Houston, Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams/File Photo Acquire Licensing RightsNov 6 (Reuters) - U.S. pipeline operator Kinder Morgan (KMI.N) said on Monday it would acquire NextEra Energy Partners' (NEP.N) gas pipelines in South Texas for $1.82 billion. NextEra Energy Partners' (NEP) Texas natural gas pipeline portfolio, STX Midstream, primarily consists of seven pipelines which provide natural gas to Mexico and power producers and municipalities in South Texas. "Upon closing, the proceeds would be sufficient to pay off the outstanding project-related debt," NextEra Energy Partners' CEO John Ketchum said in a statement. The sale price represents an about 10 times multiple on the estimated calendar-year 2023 adjusted core profit for the Texas natural gas pipeline portfolio, NEP said.

Persons: Gary McWilliams, Kinder Morgan, KMI.N, STX Midstream, John Ketchum, Seher Dareen, Sourasis Bose, Shilpi Majumdar Organizations: Kinder Morgan Inc, REUTERS, NextEra Energy Partners, NextEra Energy, Energy Partners, Guggenheim Securities, Thomson Locations: Houston , Texas, U.S, South Texas, Texas, Mexico, Bengaluru

☆ Ukraine Expects 'Positive' EU Report on Membership Bid -Minister
▼ + stars: | 2023-11-06 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Ukraine expects a "positive" European Union appraisal of its progress on the path towards eventual EU membership in a report due this week, a senior government minister said on Monday, adding that Kyiv had carried out all the reforms required of it. Deputy Prime Minister Olha Stefanishyna was speaking in an interview with Reuters before the executive EU Commission publishes the report on Wednesday. Kyiv hopes it will recommend that EU leaders decide in December to open formal accession talks with Ukraine. The Commission said in June that Ukraine had met two out of seven conditions the EU had set to start the membership talks. "I think for the purposes of the assessment when it comes to the seven steps, everything which has been agreed has been implemented and done," Stefanishyna said.

Persons: Olha Stefanishyna, Stefanishyna, Tom Balmforth, Mark Heinrich, Gareth Jones Organizations: Reuters, EU, Ukraine, European Commission Locations: Ukraine

☆ Astronomers find seven planets being 'fried' by their star
▼ + stars: | 2023-11-06 | by ( Will Dunham | ) www.reuters.com time to read: +4 min

Astronomers using data obtained by NASA's now-retired Kepler space telescope have identified seven planets orbiting a star in our Milky Way galaxy, with all of them suffering the wrath of their star - radiant energy - even more brutally than Mercury. This is the second-most planets so far discovered around any star beyond our solar system. All seven are larger than Earth, the biggest of our solar system's four rocky planets, but littler than Neptune, the smallest of our solar system's four gas planets. Scientists have to date identified more than 5,500 exoplanets - planets outside our solar system - and spotted hundreds of stars with multiple exoplanets. "The chance of life on any of these seven planets is indeed pretty remote," Lissauer said.

Persons: NASA's, Jack Lissauer, Kepler, Lissauer, Will Dunham, Rosalba O'Brien Organizations: NASA's Ames Research Center, Planetary Science, Thomson Locations: California

[1/2] FILE PHOTO: People hold a rally to protest against Israel's attack on Gaza near the Israeli embassy in Tokyo, Japan October 16, 2023. From the beginning of the conflict, Japan has sought a "balanced" response, in part due to its diverse diplomatic interests in the region and its dependency on the Middle East for oil. A spokesperson for Japan's foreign ministry said it was expected that countries have different positions, but denied that G7 members were struggling to find common ground. A statement issued by G7 trade ministers from a meeting in Osaka late last month did not mention the war. Other group members have issued joint statements.

Persons: Issei Kato, Thomas Gomart, Koichiro Tanaka, Hideaki Shinoda, Israel, Benjamin Netanyahu, It's, Kunihiko Miyake, Tim Kelly, Yoshifumi, John Irish, Andrew Gray, Andreas Rinke, David Brunstromm, Steve Scherer, Miral Organizations: REUTERS, Japan, European Union, French Institute of International Relations, Israel, Health, Hamas, Tokyo's Keio University, United Nations, Tokyo University of Foreign Studies, Canon Institute for Global Studies, Washington D.C, Thomson Locations: Gaza, Tokyo, Japan, TOKYO, Britain, Canada, France, Germany, Italy, United, Israel, United States, Osaka, Russia, Ukraine, China, Iran, Paris, Brussels, Berlin, Washington, Ottawa

Ajay Bisaria, India's ambassador to Canada from 2020 to 2022, said the relationship is in a "de-escalation phase" following "quiet diplomacy". "This is not a thaw," an Indian foreign ministry official told Reuters. 'MODEST DE-ESCALATION'Officials in India and Canada spoke on condition of anonymity as they were not authorised to speak on the subject. The Indian foreign ministry did not respond to a request for comment. Canada's foreign ministry pointed to comments made by Foreign Minister Melanie Jolie on Oct. 30.

Persons: Narendra Modi, Justin Trudeau, Evan Vucci, Michael Kugelman, Ajay Bisaria, Hardeep Singh Nijjar, India's, Ottawa’s, Melanie Jolie, Jolie, Modi, Kugelman, Michael Bociurkiw, Krishn Kaushik, Steve Scherer, YP Rajesh, William Mallard Organizations: Indian, Canada, Bharat, DELHI, Mutual, South Asia Institute, Wilson Center, Reuters, Canadian, Foreign, Atlantic Council, YP, Thomson Locations: New Delhi, India, Canada, OTTAWA, Punjab, Delhi, Ottawa, Washington, China, Vancouver, Hardeep, Vienna

☆ EU weighs advancing Ukraine's membership bid as Russia war drags on
▼ + stars: | 2023-11-06 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +4 min

European Commission President Ursula von der Leyen's Brussels-based executive will publish a report on Wednesday assessing progress achieved towards membership by EU hopefuls. The Commission said last June that Ukraine met two out of seven conditions the EU had set to start membership talks. MOLDOVA, GEORGIAIn good news for Ukraine, Germany's foreign minister expressed confidence that the EU would advance its bid to join. The latter got nine conditions to start membership talks, including fighting organised crime, and can get a conditional positive recommendation along with its neighbour Ukraine. But Tbilisi has the backing of Orban and could still move ahead on its EU path as the bloc wrestles for influence with Russia.

Persons: Ursula von der Leyen's, von der Leyen, Volodymyr Zelenskiy, Zelenskiy, Viktor Orban, Orban, Gabriela Baczynska, Sharon Singleton Organizations: Georgia BRUSSELS, European Union, Kyiv, EU, Hungarian, Reuters, Thomson Locations: Ukraine, Moldova, Ursula von der Leyen's Brussels, Kyiv, Europe, Italian, MOLDOVA, GEORGIA, Moscow, Georgia, Chisinau, Russia, Tbilisi

☆ Sam Bankman-Fried and the SEC
▼ + stars: | 2023-11-05 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark KellySam Bankman-Fried charmed investors and politicians, but he wasn’t so fortunate with a federal jury. On Thursday the former FTX crypto-exchange kingpin was convicted of seven counts of fraud and money-laundering. Note to Chairman Gary Gensler : The Securities and Exchange Commission doesn’t need to regulate crypto markets to police malfeasance. Prosecutors showed that Mr. Bankman-Fried used the money to fund risky investment bets and cover losses at his Alameda Research trading house, buy influence in Washington, and acquire real estate in the Bahamas.

Persons: Kim Strassel, Bill McGurn, Dan Henninger, Mark Kelly Sam Bankman, Fried, Gary Gensler, FTX Organizations: Reuters, Securities, Exchange, Prosecutors, Alameda Research Locations: Washington, Bahamas

☆ EU Weighs Advancing Ukraine's Membership Bid as Russia War Drags On
▼ + stars: | 2023-11-05 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +4 min

European Commission President Ursula von der Leyen's Brussels-based executive will publish a report on Wednesday assessing progress achieved towards membership by EU hopefuls. Such talks take years before candidates meet extensive legal and economic criteria to join, and the bloc is not willing to take in a country at war. The Commission said last June that Ukraine met two out of seven conditions the EU had set to start membership talks. MOLDOVA, GEORGIAIn good news for Ukraine, Germany's foreign minister expressed confidence that the EU would advance its bid to join. But Tbilisi has the backing of Orban and could still move ahead on its EU path as the bloc wrestles for influence with Russia.

Persons: Gabriela Baczynska BRUSSELS, Ursula von der Leyen's, von der Leyen, Volodymyr Zelenskiy, Zelenskiy, Viktor Orban, Orban, Gabriela Baczynska, Sharon Singleton Organizations: European Union, Kyiv, EU, Hungarian, Reuters Locations: Ukraine, Ursula von der Leyen's Brussels, Kyiv, Europe, Italian, MOLDOVA, GEORGIA, Moscow, Georgia, Moldova, Chisinau, Russia, Tbilisi

Federal health officials are expanding an investigation into potentially lead-tainted pouches of apple cinnamon fruit puree marketed for children amid reports of more illnesses and additional product recalls. WanaBana of Coral Gables, Florida, previously recalled of all lots and expiration dates of its apple cinnamon fruit puree. State health officials analyzed multiple lots of the product and detected “extremely high” concentrations of lead. The FDA's Coordinated Outbreak Response and Evaluation Network is leading the investigation in cooperation with the U.S. Centers for Disease Control and Prevention and state and local health officials. Most children have no obvious symptoms, so it’s important that kids who are exposed get tested to check levels of lead in their blood.

Persons: Louis Organizations: U.S . Food, Drug Administration, Schnucks, St, Weis Markets, FDA, Eatwell Markets, U.S . Centers for Disease Control, American Academy of Pediatrics, AAP, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: U.S, Sunbury , Pennsylvania, Coral Gables , Florida, Schnucks, North Carolina

☆ Three hours to guilty: How the government nailed Sam Bankman-Fried
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +9 min

David Dee Delgado | ReutersIn Sam Bankman-Fried's fraud trial, prosecutors won quickly by keeping it simple. "While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time," Williams said. Sam Bankman-Fried's parents, seated to the left, react to the verdict. "Sam Bankman-Fried will be remembered as one of the biggest fraudsters of our lifetimes," Mariotti said. WATCH: Sam Bankman-Fried found guilty on all seven counts

Persons: Sam Bankman, David Dee Delgado, CNBC they'd, Yesha Yadav, Fried, Nicolas Roos, Danielle Sassoon, Crypto, Roos, Sassoon, Marc, Antoine Julliard, Renato Mariotti, who's, Bryan Cave Leighton Paisner, Damian Williams, Williams, Andrew Ross Sorkin, Sorkin, that's, It's, SBF, Mariotti, Paul Tuchmann, Wiggin, Dana, Tuchmann, Elizabeth Williams, Caroline Ellison, Bankman, Ellison, James Koutoulas, Koutoulas, Gary Wang, Nishad Singh, FTX coder Adam Yedidia, FTX's, Sun, Kevin J, O'Brien, Mark Cohen Organizations: FTX, Manhattan, Reuters, CNBC, Vanderbilt University ., U.S . Justice Department's Securities, Commodities, Southern, of, Prosecutors, Stanford, Alameda Research, New York Times DealBook, Washington , D.C, U.S, Justice Department, Trading Commission, Securities and Exchange Commission Locations: New York City, London, Chicago, U.S, of New York, Alameda, Washington ,, Bankman, New York

TUSCALOOSA, Ala. (AP) — Jalen Milroe rushed for 155 yards and four touchdowns and passed for another 219 yards to lead No. Milroe matched big plays both running and passing with the Tigers' Heisman Trophy candidate Jayden Daniels and the Crimson Tide (8-1, 6-0 Southeastern Conference, No. Garrett Nussmeier finished off the game and did move LSU into Alabama territory late. Both starting quarterbacks had 100-plus rushing yards and topped 160 passing by halftime, when it was tied 21-21. The teams traded rushing touchdowns by Josh Williams and Roydell Williams in the third quarter.

Persons: Jalen Milroe, Jayden Daniels, Daniels, Milroe, Dallas Turner, Turner, Terrion Arnold, Jase McClellan's, Garrett Nussmeier, Malik Nabers, Josh Williams, Roydell Williams, Will Reichard, Austin Organizations: LSU, Tigers, Heisman, Crimson Tide, Southeastern, SEC, CBS, Alabama, SEC West, The Tide, Kentucky, Auburn, NCAA, Austin Seibert’s, Oklahoma, NEXT LSU, AP Locations: TUSCALOOSA, Ala, Alabama, Mississippi, Florida, Kentucky

☆ Australia PM says China visit 'very positive' for bilateral relations
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Nov 4 (Reuters) - Australia's Prime Minister Anthony Albanese said on Saturday his much-anticipated visit to China to meet with President Xi Jinping and Premier Li Qiang marks a "very positive step" in stabilising strained bilateral ties. Arriving on Saturday, Albanese will be the first Australian leader to visit China since 2016, part of an effort to patch up relations that had deteriorated over several years due to disputes over Chinese telecoms firm Huawei, espionage and COVID-19. "It is a result of the patient, calibrated and deliberate approach that we have to the relationship with China." Albanese's government has taken credit for stabilising ties with China since coming to office last year. China has lifted most trade blocks imposed in a 2020 diplomatic dispute that cost A$20 billion in commodity and food exports.

Persons: Anthony Albanese, Xi Jinping, Li Qiang, Albanese, Xi, Li, " Albanese, Yang Hengjun, Penny Wong, Sam McKeith Organizations: SYDNEY, Australia's, Huawei, Foreign, Thomson Locations: China, Darwin, Australia's Northern Territory, Shanghai, Beijing, South China, Tokyo, Sydney

☆ Graphic videos appear to show IDF soldiers abusing bound and blindfolded Palestinian detainees in the West Bank
▼ + stars: | 2023-11-04 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

Videos appear to show IDF soldiers abusing Palestinian detainees in the West Bank. Violence against Palestinians in the West Bank has been reported following the Hamas terrorist attacks. AdvertisementAdvertisementSeveral videos have circulated on social media appearing to show Israeli forces abusing Palestinian detainees in the West Bank. The Times of Israel reported that the video was of seven West Bank laborers who had attempted to enter Israel without a permit. Palestinian government sources say that 122 Palestinians have been killed in the West Bank since the start of the conflict.

Persons: —, Fatah Organizations: West Bank, IDF, Service, Israel Defense Forces, Palestinian Authority Locations: Israel, Gaza

☆ US Representative Tlaib accuses Biden of supporting genocide against Palestinians
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Leah Millis Acquire Licensing RightsWASHINGTON, Nov 4 (Reuters) - U.S. Representative Rashida Tlaib, the first Palestinian-American woman to serve in Congress, has accused President Joe Biden of supporting a "genocide" against Palestinians and warned of repercussions in next year's election. The White House did not directly comment on Tlaib remarks and instead reiterated its position on a temporary pause in fighting. Biden, support ceasefire now or don't count on us in 2024," Tlaib said. On Thursday, a group of seven independent United Nations experts said time was running out for Palestinians in Gaza who are at "grave risk of genocide". Israel says it is targeting Hamas, not civilians, and accuses the Iran-backed militants of using residents as human shields.

Persons: Rashida Tlaib, Leah Millis, Joe Biden, Biden, Tlaib, Benjamin Netanyahu, you’ve, Israel, Lucia Mutikani, Jarrett Renshaw, Daniel Wallis Organizations: U.S . Capitol, REUTERS, Rights, Twitter, Democratic, Israel, White, National Security, Hamas, United Nations, Thomson Locations: Gaza, Washington , U.S, Palestinian, Michigan, Israel, United States, Food, Washington, Iran, Geneva

☆ Why Sam Bankman-Fried is facing up to 110 years in prison
▼ + stars: | 2023-11-03 | by ( Erica Star Domena | Tamara Lindstrom | ) www.businessinsider.com time to read: 1 min

Sam Bankman-Fried was found guilty of seven counts of fraud and conspiracy. Insider reporter Jacob Shamsian fills you in on how the former crypto billionaire got here.

Persons: Sam Bankman, Fried, Jacob Shamsian

☆ China warms to U.S. chipmaker Micron, as tensions with Washington ease
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. "We welcome Micron Technology to continue to take root in the Chinese market and achieve better development under the premise of complying with Chinese laws and regulations," Wang added. The detente comes just months after China's cyberspace regulator said Micron had failed a network security review and barred Chinese operators of key infrastructure from buying from the largest U.S. memory chipmaker. China's move against Micron was widely seen as retaliation for Washington's efforts to restrict Beijing's access to key technology. Reporting by Beijing newsroom; Editing by Sonali Paul and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Wang Wentao, Sanjay Mehrotra, Wang, China's, Joe Biden, Xi Jinping, Sonali Paul, Lincoln Organizations: Micron Technology Inc, REUTERS, Rights, Micron Technology, Commerce, Micron, Economic Cooperation, Beijing, Thomson Locations: Shanghai, China, Rights BEIJING, Beijing, Washington, Asia, San Francisco

The majority recognized a difference between firearms for personal use and those the state law reserves for “trained professionals,” semiautomatic weapons, including the popular AR-15. Sullivan said it's likely that plaintiffs in one or more of the multiple cases consolidated in Friday's opinion would seek a U.S. Supreme Court review, where he predicted victory. At least eight other states and the District of Columbia have some sort of prohibition on semiautomatic weapons. The Illinois Supreme Court upheld the law on a 4-3 decision in August. And such semiautomatic weapons are the choice of many gun owners for sport shooting and hunting, they say.

Persons: Diane Wood, ” Ed Sullivan, Sullivan, it's, “, J.B, Pritzker, ” Wood, Bob Morgan, ” Morgan, ” Organizations: Ill, —, Illinois, 7th District U.S, Illinois State Rifle Association, Democratic, Supreme, District of Columbia, Illinois State Police, U.S, “, Highland, Pritzker Locations: SPRINGFIELD, Chicago, Highland, U.S, Illinois, Deerfield

☆ Sam Bankman-Fried was just convicted. Where does crypto go from here?
▼ + stars: | 2023-11-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at Sam Bankman-Fried's conviction and what it means for the future of crypto. Sam Bankman-Fried, the crypto industry's most recognizable face (and head of hair), was found guilty of seven counts of fraud and conspiracy on Thursday night. Charges against Bankman-Fried included wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering. The conviction came, perhaps fittingly, on the first anniversary of the CoinDesk scoop that sent FTX, the crypto exchange Bankman-Fried co-founded and led, into a tailspin. The downfall was swift, with Bankman-Fried resigning as CEO and FTX collapsing just over a week after the initial report.

Persons: —, Katie Notopoulos —, Linda Yaccarino, Sam Bankman, Chelsea Jia Feng Down, Crypto, SBF, FTX, Fried, Katie Balevic, Jacob Shamsian, Katie, Chelsea Jia Feng, Miami —, That's, Brian Snyder Jamie Dimon, Jeff Gundlach, Gundlach, Mike Blake, Jack Dorsey, Samantha Lee, Janet Yallen, Sheryl Crow, Missy Elliott, isn't, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Bankman, Alameda Research, Wall, BlackRock, PayPal, JPMorgan, Microsoft, Tech, Financial, Labor Statistics, Hall, Today Locations: FTX's, New York City, San Diego, London, New York

☆ Sam Bankman-Fried tried to pin his fraud scheme on his closest friends. Then they turned on him for it.
▼ + stars: | 2023-11-03 | by ( Katie Balevic | ) www.businessinsider.com time to read: +12 min

A jury found Sam Bankman-Fried guilty in his fraud trial over the collapse of FTX. One by one, his friends flipped to work with the prosecution and threw Bankman-Fried under a much bigger bus. That's how a jury found him guilty of seven counts in his federal fraud trial in downtown Manhattan on Thursday evening. AdvertisementAdvertisementSingh, for example, testified he was "blindsided and horrified" when he found out in November that Alameda had used FTX customer money. The sentencing schedule may depend on a second criminal trial Bankman-Fried faces for alleged illegal campaign contributions.

Persons: Sam Bankman, Fried, SBF, —, FTX, –, Nicolas Roos, Jim Angel, Angel, Caroline Ellison, Gary Wang, Nishad Singh, Bankman, Singh, blindsided, Ellison, Sam, Eduardo Munoz Alvarez, Wang, Singh —, Mark Cohen, Cohen, who'd, Adam Yedidia, Sun, deflating, they're, Chelsea Jia Feng, Danielle Sassoon, Roos Organizations: Service, Prosecutors, MIT, Georgetown, Financial Markets, Alameda, Bankman Locations: FTX, Alameda, Manhattan, Bankman

CAPE CANAVERAL, Fla. (AP) — The little asteroid visited by NASA’s Lucy spacecraft this week had a big surprise for scientists. It turns out that the asteroid Dinkinesh has a dinky sidekick — a mini moon. The discovery was made during Wednesday’s flyby of Dinkinesh, 300 million miles (480 million kilometers) away in the main asteroid belt beyond Mars. In data and images beamed back to Earth, the spacecraft confirmed that Dinkinesh is barely a half-mile (790 meters) across. NASA sent Lucy past Dinkinesh as a rehearsal for the bigger, more mysterious asteroids out near Jupiter.

Persons: NASA’s Lucy, —, Dinkinesh, Lucy, It's, “ Dinkinesh, Hal Levison Organizations: NASA, Research, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: CAPE CANAVERAL, Fla, Ethiopia

☆ Breakingviews: SBF’s guilty verdict will help crypto break free
▼ + stars: | 2023-11-03 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

REUTERS/Jane Rosenberg Acquire Licensing RightsNEW YORK, Nov 2 (Reuters Breakingviews) - Just over a year ago, Sam Bankman-Fried might have been counting his large stash of virtual coins. A Manhattan jury on Thursday convicted the FTX founder of seven counts related to crimes he committed at the helm of the now-bankrupt cryptocurrency exchange. With some $8 billion in customer funds stolen, his misdeeds will go down as one of the biggest financial frauds on record. To be sure, the speculative bubble in crypto would probably have deflated even without Bankman-Fried. The bankrupt exchange is also negotiating with three bidders to help it relaunch trading services, Bloomberg reported last month.

Persons: Lewis Kaplan, Sam Bankman, Fried, Jane Rosenberg, FTX, John J, Ray III, Nicolas Roos, Peter Thal Larsen, Thomas Shum Organizations: REUTERS, Reuters, Galaxy Digital, Three, BlackRock, Bloomberg, Thomson Locations: New York City, U.S, Manhattan

☆ The AI craze is overblown - and the S&P 500 will suffer if the 'Magnificent 7' stocks falter, veteran investor warns
▼ + stars: | 2023-11-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The AI-fueled boom in the "Magnificent 7" tech stocks has propped up the stock market this year. AdvertisementAdvertisementSmead emphasized the Magnificent Seven are "the only thing keeping the rally in the S&P 500 index alive this year." He included a chart showing the 10 largest S&P 500 stocks by market cap have accounted for an unprecedented 96% of the index's performance for 2023. "AI looks like tech stock and S&P 500 index life support to us," Smead said. "What happens if the seven stocks that have propped up the passive S&P 500 Index go through what every stock of popularity has done historically?

Persons: Bill Smead, —, Smead, Watson Organizations: Service, Smead Capital Management, Big Tech, Microsoft, Nvidia, Department, Federal

Search resuls for: "of Seven"

25 mentions found