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☆ FTX plans to give customers their money back — with one painful caveat
▼ + stars: | 2024-05-08 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

FTX will pay back 98% of creditors at least 118% of what they're owed, its bankruptcy lawyers said. But payments will be based on crypto values in 2022, not what its worth now as the prices surge. FTX predicts it will have between $14.5 and $16.3 billion available for distribution — mostly from previous Alameda and FTX Ventures investments, bankruptcy lawyers said. FTX founder Sam Bankman-fried was arrested in January 2023 and convicted last fall of fraud, conspiracy, and money laundering. The jury was not allowed to consider any bankruptcy activities in rendering its verdict — though the judge factored into his sentencing that FTX lawyers said victims would recover their losses.

Persons: FTX, they're, —, Jacob Shamsian, Sam Bankman Organizations: Service, FTX Ventures, Bloomberg Locations: Alameda

☆ Theranos founder Elizabeth Holmes' prison time gets shortened — again
▼ + stars: | 2024-05-08 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Theranos founder Elizabeth Holmes has once again had her prison time shortened. She got a few more months trimmed off for a new projected release date of August 16, 2032. She was originally sentenced to 11.25 years, but soon after reporting to prison her projected release date moved up 2 years. AdvertisementElizabeth Holmes' prison time is getting shorter, again. Her projected release date is now August 16, 2032, a change from her previously listed December 29 projected release for later that same year, according to Federal Bureau of Prisons records.

Persons: Elizabeth Holmes, —, Holmes Organizations: Service, Federal Bureau of Prisons, NBC News, Prosecutors Locations: Silicon, Bryan , Texas

☆ In Serbia, Xi Underlines Close Ties With Ally That Shares Wariness of U.S.
▼ + stars: | 2024-05-08 | by ( Andrew Higgins | ) www.nytimes.com time to read: +1 min

China and Serbia on Wednesday proclaimed an “ironclad friendship” during a visit to Belgrade by the Chinese president, Xi Jinping, underlining the close political and economic ties between two countries that share a wariness of the United States. Mr. Xi arrived in Serbia late Tuesday — the 25th anniversary of a mistaken 1999 airstrike involving the U.S. Air Force during the Kosovo war that destroyed the Chinese Embassy in Belgrade, the Serbian capital. Three Chinese journalists were killed in the strike. “This we should never forget,” Mr. Xi said in a statement published on Tuesday by Politika, a Serbian newspaper, recalling that “25 years ago today, NATO flagrantly bombed the Chinese Embassy.” He said that China’s friendship with Serbia had been “forged with the blood of our compatriots” and “will stay in the shared memory of the Chinese and Serbian peoples.”Mr. Xi appeared briefly on Wednesday morning with the Serbian president, Aleksandar Vucic, before a cheering crowd gathered in front of the Palace of Serbia, the former headquarters of the now defunct government of Yugoslavia that now houses Serbian government offices.

Persons: Xi, Mr, ”, “, Aleksandar Vucic Organizations: Wednesday, U.S . Air Force, Embassy, Politika, NATO flagrantly, Serbian Locations: China, Serbia, Belgrade, United States, Kosovo, Serbian, Yugoslavia

☆ 317,000 student-loan borrowers are getting $6.1 billion in debt canceled after being misled about career prospects and how much money they could make after graduation
▼ + stars: | 2024-05-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department announced $6.1 billion in student-debt relief or 317,000 borrowers. The relief applies to borrowers who attended any Art Institute campus from January 1, 2004, to October 16, 2017. Investigations found that the Art Institutes misled students about career prospects and salaries. The Art Institutes were a for-profit system that prompted investigations from the attorneys general of Iowa, Massachusetts, and Pennsylvania. More broadly, the Education Department is working to implement its broader student-loan forgiveness plan after the Supreme Court struck down its first attempt.

Persons: —, Joe Biden's, Richard Cordray, Biden Organizations: Education Department, Art Institute, Investigations, Art, Service, Joe Biden's Education Department, Art Institutes, Aid, Corinthian College, Public Locations: Iowa , Massachusetts, Pennsylvania

☆ Tesla retreats from next-generation ‘gigacasting’ manufacturing process
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +4 min

Employees of the Tesla Gigafactory Berlin Brandenburg work on a production line of a Model Y electric vehicle. Tesla has backed away from an ambitious plan for innovations in gigacasting, its pioneering manufacturing process, according to two sources familiar with the matter, in another sign that the electric-vehicle maker is retrenching amid falling sales and rising competition. Tesla has been a leader in gigacasting, a cutting-edge technique that uses huge presses with thousands of tons of clamping pressure to die-cast large sections of the car's underbody. One of the two sources familiar with the automaker's gigacasting operations said the suppliers involved are now adapting Tesla's three-piece process for the next-generation vehicle. Both sources said the automaker decided last autumn to halt work on the more innovative and difficult one-piece casting process.

Persons: Tesla, Elon Musk Organizations: Tesla, Brandenburg, Reuters Locations: gigacasting

☆ Biden Cancels $6.1 Billion in Debt for Former Art Institute Students
▼ + stars: | 2024-05-01 | by ( Zach Montague | More About Zach Montague | ) www.nytimes.com time to read: +1 min

The Biden administration on Wednesday canceled more than $6 billion in student debt for 317,000 people who attended the Art Institutes, a now-defunct network of for-profit colleges that President Biden said “knowingly misled” students. After a review of lawsuits brought by state attorneys general against the schools and their parent company, Education Management Corporation, the Education Department found that the Art Institutes falsified job placement figures in advertisements and misled prospective students with inflated salary expectations. In one case the department highlighted, an Art Institute campus in Florida appeared to have included the tennis star Serena Williams’s annual income in its graduate salary projections after she had attended classes there. “This institution falsified data, knowingly misled students and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies,” President Biden said in a statement.

Persons: Biden, “, Serena, ” Organizations: Wednesday, Art Institutes, Education Management Corporation, Education Department, Art Institute Locations: Florida

☆ Xi shakes up China’s military in rethink of how to ‘fight and win’ future wars
▼ + stars: | 2024-04-27 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

Chinese leader Xi Jinping oversees the inauguration of the Information Support Force of the People's Liberation Army at a ceremony in Beijing on April 19, 2024. The Information Support Force will be led by top generals from the now-defunct SSF. These functions will now be supervised at his level and not through the Strategic Support Force, which served as a middleman,” Wuthnow said. Though US intelligence officials said the balloon was part of an extensive surveillance program run by the Chinese military, Xi may not have been aware of the mission. Chinese leader Xi Jinping has scrapped the People's Liberation Army's Strategic Support Force, a branch he founded in 2015.

Persons: Xi Jinping, Xi, ”, Wu Qian, SSF, Bi Yi, Li Wei, Ju Qiansheng, Joel Wuthnow, ” Wuthnow, Joe Biden, didn’t, Xinhua News Agency James Char, Char Organizations: Hong Kong CNN, Strategic Support Force, Support Force, PLA, China’s Defense, Aerospace Force, Cyberspace Force, Central Military Commission, Logistic Support Force, Information, Force, People's Liberation Army, Xinhua News, Information Support Force, Xinhua, Pentagon, National Defense University, Aerospace Systems Department, Network System Department, Xinhua News Agency, Rajaratnam, of International Studies, SSF’s Aerospace Systems Department, “, Communist Party, Taiwan Locations: China, Hong Kong, Beijing, Washington, United States, Singapore, Ukraine, Taiwan Strait, Taiwan

☆ Federal Student Aid head Richard Cordray, tasked with FAFSA rollout, to step down
▼ + stars: | 2024-04-26 | by ( Katie Lobosco | ) edition.cnn.com time to read: +7 min

Washington CNN —The head of the Federal Student Aid office, which has faced criticism for the botched rollout of this year’s college financial aid form, will be stepping down. The announcement of Cordray’s departure comes as his office has been under fire for problems with a new version of the Free Application for Federal Student Aid, or FAFSA, released late last year. “If there was a financial aid director, or even a college president, that delayed financial aid on their campus for up to six months, the professional price that would be paid for that would be pretty steep,” Justin Draeger, president of the National Association of Student Financial Aid Administrators, told lawmakers. Cordray’s tenureAs the head of FSA, Cordray oversaw not only the FAFSA but also the entire $1.6 trillion federal student loan system. It also sued Navient, one of the biggest federal student loan servicers, for allegedly processing payments incorrectly.

Persons: Richard Cordray, Cordray, Justin Draeger, Virginia Foxx, Miguel Cardona, Cordray’s, Rich Cordray’s, ” Cardona, “, Rich, Obama, ” Cordray, Pell, Biden, Trump, Massachusetts Sen, Elizabeth Warren —, Navient, “ I’m, ” Warren Organizations: Washington CNN, Federal, Aid, CNN, Department of Education, Federal Student Aid, Education, Workforce, National Association of Student Financial, Republican Rep, Consumer Financial Protection Bureau, Democratic, National College, of Education, Public, Consumer Financial, Massachusetts, Corinthian Colleges Locations: North Carolina, Ohio

☆ 4 Takeaways From the Supreme Court Hearing on Trump’s Immunity Claim
▼ + stars: | 2024-04-25 | by ( Charlie Savage | Alan Feuer | ) www.nytimes.com time to read: +1 min

The Supreme Court heard arguments on Thursday about Donald J. Trump’s claim that the federal charges accusing him of plotting to overturn the 2020 election must be thrown out because he is immune from being prosecuted for any official act he took as president. Several justices seemed to want to define some level of official act as immune. Although Mr. Trump’s claim of near-absolute immunity was seen as a long shot intended primarily to slow the proceedings, several members of the Republican-appointed majority seemed to indicate that some immunity was needed. Some of them expressed worry about the long-term consequences of leaving future former presidents open to prosecution for their official actions. Chief Justice John G. Roberts Jr. criticized an appeals court ruling rejecting immunity for Mr. Trump, saying he was concerned that it “did not get into a focused consideration of what acts we are talking about or what documents are talking about.”

Persons: Donald J, Trump’s, Brett Kavanaugh, John G, Roberts Jr, Trump, “, ” Organizations: Republican

☆ Space garbage hits Florida home, NASA confirms
▼ + stars: | 2024-04-16 | by ( Jackie Wattles | ) edition.cnn.com time to read: +5 min

CNN —A piece of garbage jettisoned from the International Space Station unexpectedly survived a fiery reentry from orbit last month and pierced the roof of a home in Florida, according to NASA. Garbage disposal in spaceNASA routinely brings home batches of science experiments, cargo and garbage from the space station using capsules such as the Dragon spacecraft built by SpaceX. But after the installation of new batteries on the space station in 2021, authorities disposed of a pallet of aging nickel-hydrogen batteries in a different way. But the debris that struck Otero’s house was the result of miscalculations about how space garbage would behave. The space agency should be more conservative in its analysis if it attempts a similar trash disposal method in the future, he added.

Persons: ” Alejandro Otero, Otero, ” Otero, “ I’m, Otero’s, John Crassidis, ” Crassidis Organizations: CNN, International, NASA, WINK News, Kennedy Space Center, SpaceX, European Space Agency, ESA, China National Space Administration, University, Buffalo’s School of Engineering, Applied Locations: Florida, Naples , Florida, China

☆ Activists helped shut down an oil refinery after a series of explosions. The consequences weren’t what they expected
▼ + stars: | 2024-04-14 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +17 min

Philadelphia CNN —Bilal Motley, utilities manager at a former Philadelphia oil refinery, was working the graveyard shift when a massive explosion broke out in the early morning hours of June 21, 2019. “This oil refinery was talked about and passed down through generations,” Sanders said. Rachael WarrinerPES is no longer functioning as a refining company, but Sunoco, whose subsidiary Evergreen owned the former PES site, did not respond to requests for comment. The PES refinery complex was the largest source of particulate air pollution in Philadelphia. Hilco Redevelopment PartnersBut UPenn’s Neises said given the scale and history of the property, Hilco will need to take its time to redevelop the area of redevelopment.

Persons: Philadelphia CNN — Bilal Motley, I’m, ” Motley, ’, ”, Motley, trekked, Hilco, Ellen Neises, they’ll, Sonya Sanders, Sanders, ” Sanders, “, Rachael Warriner, Rachel Ramirez, Phil Rinaldi, Matt Rourke, Mike Smith, ” Roberto Perez, Amelia Chasse Alcivar, UPenn’s Neises, Neises, she’s, you’re, Philly Thrive’s Sanders, there’s Organizations: Philadelphia CNN, Philadelphia Energy Solutions, US Chemical Safety, Hazard Investigation, Hilco, Partners, CNN, University of Pennsylvania’s Weitzman, of Design, longtime, Evergreen, PES, Environmental Protection Agency, Drexel University, University of Pennsylvania’s School of Medicine, Philadelphia International Airport, City of, City of Philadelphia Refinery Advisory, Hilco Redevelopment Partners, Industrial Realty, ., Philadelphia Energy Solutions Refining, United Steelworkers Union, Oil Bargaining, EPA, “ Locations: Philadelphia, East, Schuylkill, New York City, Chicago, longtime South Philadelphia, South Philadelphia, Grays Ferry, Breeze, City of Philadelphia, New York, Delaware, Pennsylvania, Bellwether District, ”, Bellwether

☆ 'Chrisley Knows Best' star Todd Chrisley ordered to pay former Georgia revenue investigator $755,000 after defamation lawsuit loss, report says
▼ + stars: | 2024-04-13 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +5 min

His defamatory statements on social media and his podcast have cost him over $750,000. The "Chrisley Knows Best" star was incarcerated in 2022 on bank fraud and tax evasion charges. The 54-year-old Atlanta-based businessman and television personality, best known for appearing on the USA Network reality show "Chrisley Knows Best," has been ordered to pay $755,000 to a former Georgia Department of Revenue investigator for making defamatory statements against her. Todd previously starred in "Chrisley Knows Best" alongside family members, including wife Julie Chrisley. AdvertisementTodd Chrisley, Harvey Hughes, and Julie Chrisley in one of the last aired episodes of "Chrisley Knows Best."

Persons: Todd Chrisley, Chrisley, —, Amy Doherty, Heinze, Doherty, Todd, Julie Chrisley, Tommy Garcia, Leesa Guarnotta, Harvey Hughes Organizations: Department of Revenue, Service, USA Network, Georgia Department of, Los Angeles Times, People, Chrisley, Pensacola, USA, Getty, Georgia Department of Revenue, Georgia Department, Revenue's, Special Investigations, Business Locations: Atlanta, Georgia, Florida, Kentucky

☆ Tesla scraps low-cost car plans amid fierce Chinese EV competition: Reuters
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +4 min

Tesla's cheapest current model, the Model 3 sedan, retails for about $39,000 in the United States. The stark reversal comes as Tesla faces fierce competition globally from Chinese electric-vehicle makers flooding the market with cars priced as low as $10,000. Plans for the affordable Tesla have been seen as key to delivering on Musk's stratospheric ambitions for sales growth. Expectations for a $25,000 vehicle have underpinned Wall Street analysts' more modest, but still ambitious, forecasts for Tesla sales. Those forecasts, according to a Tesla investor-relations document, call for vehicle sales rising to 4.2 million by 2028 from 1.8 million last year.

Persons: Tesla, Elon Musk, Musk, driverless, Tesla's, EVs, he'll, Walter Issacson Organizations: Reuters, robotaxis, SpaceX, Twitter, Toyota Locations: Texas, United States, robotaxi

☆ A new ultra-luxury river cruise line wants to entice affluent travelers with suites, walk-in closets, and butlers — for up to $59,520 per person
▼ + stars: | 2024-04-04 | by ( Brittany Chang | ) www.businessinsider.com time to read: 1 min

Riverside is operated by Seaside Collection, a European hotelier. Seaside Collection owns 11 properties and five cruise ships. Its vessels' open-air Vista Deck has a "lounge feel" with couches, music, a bar, and high-end meals like grilled lobster. Riverside Luxury CruisesThe firm had its sights set on a river cruise venture since 2018, Jen Halboth, CEO of Riverside Luxury Cruises, told Business Insider. The other two are being leased to competitor Uniworld River Cruises.

Persons: Jen Halboth Organizations: Riverside, Seaside Collection, Seaside, Luxury Cruises, Riverside Luxury Cruises, Crystal Cruises, Cruises Locations: European, COVID

☆ Instagram is 'testing' new cash bonuses that pay creators to post engaging photos, reels, and more
▼ + stars: | 2024-04-02 | by ( Sydney Bradley | Dan Whateley | ) www.businessinsider.com time to read: +3 min

Instagram is offering cash bonuses to creators who post content to the Meta-owned app with new programs. While the company had previously doled out cash to creators who posted engaging videos, this time it's also compensating users for posting photos. Instagram is "testing" a "Spring Bonus," a seasonal program that pays creators for engagement on reels, photo carousels, and single-image photo posts, a Meta spokesperson confirmed to Business Insider. The current Spring Bonus had previous iterations as a "holiday bonus" and "New Year's bonus," and is now only available in the US, Japan, and South Korea. Mike Potter, who runs the Instagram account @grippingfoodwithforce, told BI he was notified about the Spring Bonus on March 29.

Persons: Jackson Weimer, Weimer, Mike Potter, @grippingfoodwithforce, Potter, Adam Mosseri, Mosseri, Instagram, TikTok Organizations: Business, BI, Facebook, Twitter, Street Journal Locations: US, Japan, South Korea, Instagram's

☆ Google to Delete Billions of Chrome Browser Records in Latest Settlement
▼ + stars: | 2024-04-01 | by ( Nico Grant | More About Nico Grant | ) www.nytimes.com time to read: +1 min

In recent months, Google has raced to settle a backlog of lawsuits ahead of major antitrust showdowns with the Justice Department later this year. On Tuesday, the company resolved its fourth case in four months, agreeing to delete billions of data records it compiled about millions of Chrome browser users, according to a legal filing. v. Google, said the company had misled users by tracking their online activity in Chrome’s Incognito mode, which they believed would be private. In December, Google resolved a suit with dozens of attorneys general claiming it strong-armed app makers into paying high fees. And in March, Google agreed to pay a Massachusetts company, Singular Computing, an undisclosed sum after being accused of stealing patent designs — a claim that Google denies.

Persons: Chasom Brown, et Organizations: Google, Justice Department Locations: Massachusetts

☆ A police stop, a free hat, and a letter to GM's boss — here's the story of Warren Buffett's Cadillac upgrade
▼ + stars: | 2024-03-31 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Warren Buffett's upgrade of his trusty Cadillac in 2014 was a whole saga. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But it's hard to top Warren Buffett, whose upgrade saga involved a frontwoman, a free hat, a $122,000 charity auction, a police stop, and GM CEO Mary Barra. AdvertisementA Cadillac and a matching hatThe Berkshire CEO dispatched his daughter, Susie Buffett, to scope out a local Cadillac dealer. The saleswoman didn't know the car was for Warren Buffett until after the sale was made.

Persons: Warren Buffett's, Mary Barra, —, Warren Buffett, Buffett, who's, Barra, Berkshire Hathaway, Susie Buffett, Madison, She'd, Mr, Willers, Susie, I'd Organizations: Service, GM, Berkshire, Barra, Madison Willers, Cadillac, Inc, Girls Inc Locations: Omaha, Madison, Barra, New York, Illinois

Although both Blevins and Patterson are Republicans, the race is nonpartisan and open to all registered voters in the ward. The recall effort in Oklahoma was launched by two longtime Enid residents, best friends Connie Vickers and Nancy Presnall, both Democrats in a county where Republicans have a nearly 4-to-1 advantage in voter registration. The two helped spearhead a signature drive to qualify Blevins’ recall for the ballot, getting 350 signatures from voters in the ward, far more than the 240 they needed. "The people who support that ideology are very passionate and very dedicated, and up until this point we haven't been. “We determined that we have a good group together that wants to do good things for the community,” Presnall said.

Persons: ENID, Judd Blevins, Cheryl Patterson, Blevins, Patterson, Marjorie Taylor Greene, Paul Gosar of, Connie Vickers, Nancy Presnall, ” Presnall, It's, ” Blevins, ”, Evropa, Donald Trump, “ I'm, Patrick Anderson, Enid, Anderson, James Neal, ” Neal, “, ___, Sean Murphy Organizations: Southern Poverty Law Center, Reps, Enid, Republicans, Republican, Democrat, Nazi, University of Virginia, Enid News & Eagle, Air Force, Holy Orthodox Catholic Church, Enid Social Locations: Okla, Oklahoma, Enid, Iraq, Charlotesville , Virginia, United States, Marjorie Taylor Greene of Georgia, Paul Gosar of Arizona

☆ Why student loan forgiveness remains a key issue for the Biden campaign
▼ + stars: | 2024-03-30 | by ( Katie Lobosco | ) edition.cnn.com time to read: +9 min

Still, the Biden campaign sees student debt forgiveness as a winning issue. The administration is working on developing another student loan forgiveness program, relying on a different legal authority this time. Student debt policy has come a long wayStill, student loan borrower advocates agree that forgiveness for nearly 4 million people is worth acknowledging. Before the 2016 presidential campaign, broad student debt cancellation was not an issue that candidates usually campaigned on. Cole also served on the Department of Education’s rulemaking committee tasked with developing the new student loan forgiveness program.

Persons: Joe Biden, Biden, It’s, –, ”, Braxton Brewington, “, ” Biden, Donald Trump, Trump, we’ll, it’s Joe Biden, Seth Schuster, Trump Democratic Sen, Elizabeth Warren –, Betsy DeVos, “ Joe Biden, ” Warren, DeVos, he’s, The Trump, it’s, There’s, that’s, Brewington, Wisdom Cole, Cole, Jill Biden’s, ” Cole, Warren, CNN’s Ariel Edwards, Levy Organizations: Washington CNN, Supreme, Republican, Biden, Trump Democratic, CNN, Education Department, Corinthian Colleges, The, PSLF, Department of Education, NAACP Youth & College Division, Department, Education’s, State, Union, Black, KFF, NAACP Locations: California, United States, Massachusetts

☆ Sam Bankman-Fried faces sentencing this week. Here’s what to expect
▼ + stars: | 2024-03-27 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Sentencing is a much more fluid process, with both sides allowed to make sweeping arguments to try to make their case to the judge. But instead, his life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money,” prosecutors wrote in a memo. In a letter to the court, Marc Mukasey, the lawyer Bankman-Fried retained for sentencing, called the government’s memo “disturbing” and accused the government of trying to “break” Bankman-Fried. His behavior may come back to haunt Bankman-Fried in sentencing, Fischer said. But legal experts say that even if 100% of FTX customers get their money back, it’s not necessarily going to sway the judge to go easy on Bankman-Fried.

Persons: Sam Bankman, Judge Lewis Kaplan, ”, Kaplan, Howard Fischer, Moses Singer, Prosecutors, Fried, Marc Mukasey, Bankman, ” Mukasey, “, Sam, ’, Caroline Ellison, Fischer, ” Ellison, Bernie Madoff, it’s, ’ ”, John Ray, ” Ray Organizations: New, New York CNN, Southern, of, Prosecutors, Bankman, MIT, Detention, ” Prosecutors, Alameda Research Locations: New York, Manhattan, of New York, Palo Alto , California, Brooklyn, Bankman, FTX, Alameda

☆ 36-year-old launched a business to help her 'move out of my dad's house'—now it's worth $2 billion
▼ + stars: | 2024-03-27 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

Amber Venz Box launched RewardStyle in 2011 with a relatively modest goal: make enough money to move out of her father's house. "I was in my early 20s, living at home, still eating my dad's cereal," Box, now 36, tells CNBC Make It. Box's Dallas-based marketing company, now called LTK, helped pioneer the modern creator economy, connecting influencers and bloggers with retail brands' advertising dollars. It was most recently valued at $2 billion, after a 2021 investment from Japanese investment holding company SoftBank. "We found a defunct business in Fort Worth and drove over in Suburbans and trucks, and loaded up some chairs and some desks," says Box.

Persons: Amber Venz, Box's, Baxter, they're, RewardStyle, LTK, — Organizations: CNBC Locations: Box's Dallas, influencers, Fort Worth, Suburbans

☆ 4 party entrepreneurs bought 'Beer Can Island' in Florida's Tampa Bay for $63,000. They're now selling it for $14 million.
▼ + stars: | 2024-03-23 | by ( Cameron Manley | ) www.businessinsider.com time to read: +5 min

'Beer Can Island' in Florida's Tampa Bay has been listed for sale at $14.2 million. AdvertisementA party venue with a difference in Florida's Tampa Bay is up for sale for $14.2 million. Pine Key is an island in the middle of Tampa Bay, created by a state dredging project. Others weren't so keen on the friends' business planWhile many enjoyed the friends' decision to pimp out the island, some were less sure. Last year, it was submerged under five feet of water during Hurricane Idalia, the Tampa Bay Times reported.

Persons: —, Russell Loomis, We've, we're, Loomis, It's, Cole Weaver, James Wester, John Gadd, They've, Weaver, Hurricane Idalia Organizations: Service, The Times, Times, Fox, Tampa Bay Times Locations: Florida's Tampa, London, Tampa Bay, Weaver, Hurricane

A Chinese business titan pleaded guilty on Monday to federal charges that he made more than $10,000 in straw donor contributions to political candidates — including, a person familiar with the case said, to a New York congressman and Mayor Eric Adams. Hui Qin, 56, of Old Westbury, N.Y., who was once listed on Forbes magazine’s list of billionaires, ran a now-defunct entertainment business called SMI Culture. Image Hui Qin Credit... ImaginechinaMr. Qin asked others to contribute to political campaigns of his choosing, and he agreed to reimburse them, in 2021 and 2022, according to prosecutors. The other figures who received donations were Representative Andrew Garbarino of Long Island and Allan Fung, a former mayor of Cranston, R.I., who ran for Congress, the person familiar with the case said. Both are Republicans, while Mr. Adams is a Democrat.

Persons: Eric Adams, Hui Qin, Imaginechina Mr, Qin, Andrew Garbarino, Allan Fung, Adams Organizations: Forbes, Congress Locations: New York, Old Westbury, N.Y, Manhattan, Qin, Long, Cranston, R.I

☆ VW is reviving a storied American brand to sell electric SUVs
▼ + stars: | 2024-03-17 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —When Volkswagen decided to relaunch the Scout SUV brand it took a very unusual step. The revived and revamped Scout Motors will introduce its new brand of all-electric off-road-capable SUVs, kind of like Rivian. Buzz, an electric update of the classic hippie bus, VW is touching on nostalgia to reach a new generation of car buyers. VW came to own the trademark for the defunct brand in 2021 when it purchased Navistar, a successor company to International Harvester. Scout’s parent company, Volkswagen, is building its own EV battery plant in Canada and a battery engineering lab in Chattanooga, Tennessee.

Persons: it’s, Oliver Blume, “ What’s, ”, Erin Keating, Scott Keogh, Dave Mondragon, who’s, they’ll, Keogh, ” Keogh, ” Keough, Chris Benjamin, isn’t, roader, Keating Organizations: CNN, Volkswagen, Scout, Volkswagen Group, Audi, Porsche, VW, ” Volkswagen Group, Cox Automotive, Harvester, International, Bentley, Lamborghini, North, Ford, P Global Mobility, Dealers, Scout Motors, US . Scout Motors, Volkswagen North, Volvo, Mercedes, BMW, Tesla Locations: United States, America, Volkswagen North America, Blythewood , South Carolina, South Carolina, Novi , Michigan, Canada, Chattanooga , Tennessee

☆ Formed in the Cold War, former members of Germany’s Red Army Faction are now fugitives
▼ + stars: | 2024-03-17 | by ( Sophie Tanno | ) edition.cnn.com time to read: +9 min

CNN —German authorities have been tracking down the former members of the Red Army Faction (RAF), a now-defunct Cold War-era militant group, who have been on the run for nearly 30 years. The RAF, he said, emerged in what was then West Berlin, at the “crossroads” of the Cold War. The first, and most prominent period from 1970-1977, saw the group murder public officials and US soldiers and take many hostages. In April 1975, six RAF members seized the West German Embassy in Stockholm in a hostage standoff with the goal of forcing the release of imprisoned RAF members. The Red Army Faction claimed responsibility for the assassination, but the perpetrators were never brought to justice.

Persons: Baader, –, Jürgen Ponto, Siegfried Buback, Daniela Klette, Burkhard Garweg, Ernst, Volker Staub, Klette, Claudia Ivone, Garweg, Staub, pouncing, ”, Ivone, Wolfgang Kraushaar, Kraushaar, Axel, Andreas Baader, Ukrike Meinhof, Meinhof, ” Kraushaar, Helmut Schmidt, Franz Josef Strauss, Axel Springer, Springer, Alfred Herrhausen, Willy Brandt Organizations: CNN, Red Army Faction, RAF, East, Stasi, Dresdner Bank, Germany’s Public, Office, Police, ARD, ” Reuters, Bild, Red Brigades, Nihon, Springer, Criminal Police, West German Embassy, West, Meinhof Group, Reuters, Democratic, Deutsche Bank Locations: Berlin, West Germany, Kreuzberg, Bonn, Weiterstadt, German, Italy, Japan, West Berlin, Vietnam, Lower Saxony, Stockholm, Bavarian, Cologne, GDR, Democratic Republic

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