Business

Barclays hit by $361 million US penalty for 'staggering' blunder

Barclays hit by $361 million US penalty for ‘staggering’ blunder

Sept 30 (Reuters) – British lender Barclays (BARC.L) agreed a $361 million penalty with US regulators on Thursday for “staggering” failures that led it to oversell $17.7 billion of structured products, racking up further costs for an error that has blighted CEO CS Venkatakrishnan’s first year in charge. The bank said after the London market …

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Micron cuts capital spending to stem 'unprecedented' oversupply cycle

Micron cuts capital spending to stem ‘unprecedented’ oversupply cycle

Micron Technology Inc. shares fell slightly in the extended session Thursday after the memory-chip maker said it was taking steps to emerge from an “unprecedented” current market downcycle by scaling back on plans to build out capacity. For the fiscal first quarter, Boise, Idaho-based Micron MU, +1.25% said it expects between an adjusted loss of …

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Stock market turnaround?  Why October is known as a 'bear killer'.

Stock market turnaround? Why October is known as a ‘bear killer’.

While September lived up to its reputation as a brutal month for stocks, October tends to be a “bear-market killer”, known for its historically strong returns, especially during midterm election years. Skeptics, however, are warning investors that negative economic fundamentals could overwhelm seasonal trends as what’s traditionally the roughest period for equities comes to an …

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Mark Zuckerberg and Facebook Deliver Very Bad News

Mark Zuckerberg and Facebook Deliver Very Bad News

Meta Platforms (META) is not doing well. The social-media giant, parent of Facebook, Instagram and WhatsApp, has been sending alarming signals for several months. It was ejected from the world’s top 10 most valuable companies, and this year its market capitalization has fallen by nearly $545 billion. During the third quarter, which is about to …

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Elon Musk's texts show how his relationship with Twitter went sideways |  CNN Business

Elon Musk’s texts show how his relationship with Twitter went sideways | CNN Business

CNN — Days before publicly announcing his investment in Twitter, Elon Musk texted with Jack Dorsey. The former Twitter CEO suggested that he no longer believed in the company he founded, according to new court filings in the legal battle between Musk and Twitter. Musk had begun quietly building up a large stake in Twitter …

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Analysis |  Jerome Powell Is Fighting Inflation — and Winning

Analysis | Hardly a Surprise: Pension Funds Stoked the UK Rout

The UK’s economic troubles appear to be a story of fiscal recklessness that’s forced the nation’s central bank to step in to stabilize crashing financial markets by buying up government bonds. Are we talking about the UK or Argentina? The real story is actually more complicated. It all comes down to pensions, furthering my pet …

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EU countries approve energy windfall levies, turn to gas price cap

EU countries approve energy windfall levies, turn to gas price cap

EU approves energy windfall profit levies Countries eye gas price caps as their next move States split over how to contain sky-high prices BRUSSELS, Sept 30 (Reuters) – European Union countries agreed on Friday to impose emergency levies on energy firms’ windfall profits, and began talks on their next move to tackle Europe’s energy crunch …

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Facebook scrambles to escape stock's death spiral as users flee, sales drop

Facebook scrambles to escape stock’s death spiral as users flee, sales drop

Facebook CEO Mark Zuckerberg testifies before the US House Financial Services Committee during An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors hearing on Capitol Hill in Washington on Oct. 23, 2019. Xinhua News Agency | Getty Images A year ago, before Facebook had turned Meta, the social media company …

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