A Bitcoin ATM in Hong Kong. S3studio | Getty Images Some crypto holders in China and Hong Kong are scrambling to find a way to safeguard their bitcoin and other tokens after China’s central bank published a new document Friday spelling out tougher measures in its wider crypto crackdown, including souped-up systems to monitor crypto-related transactions. Bitcoin was down as much as 6% and ether sunk as much as 10%, amid a wider sell-off early Friday, as investors digested the news. “Since the announcement less than two hours ago, I have already received over a dozen messages – email, phone...
Nike can turn its snarled supply chain to its advantage
A pedestrian walks past American multinational sport clothing brand, Nike store and its logo seen in Hong Kong. Budrul Chukrut | SOPA Images | LightRocket | Getty Images A lower sales forecast, slowing growth in China and a bottlenecked supply channel — the news coming out of Nike’s fiscal first-quarter earnings report wasn’t good. Shares were down more than 6% on Friday afternoon following the report. Ahead of the results, shares had already tumbled roughly 9% from an all-time high of $174.38, which it hit in August. Amid the sell-off some analysts see an opportunity for Nike to position its...
What executives said internally during GameStop short squeeze
Vlad Tenev, CEO and Co-Founder of Robinhood, in his office on July 15, 2021 in Menlo Park, California. Kimberly White | Getty Images Entertainment | Getty Images Robinhood executives had a lot to talk about the week Reddit users were driving a historic short squeeze in GameStop. New documents in a lawsuit allegedly show internal conversations between executives panicking over how to meet financial requirements, debating the severity of a Reddit-driven short squeeze and contradicting the CEO’s public statements. Plaintiffs in the claim, which was filed in the U.S. District Court in the Southern District of Florida, allege they suffered...
Apple told a showbiz union it had less than 20 million TV+ subscribers
Tim Cook, chief executive officer of Apple Inc., smiles while speaking about Apple TV+ during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Tuesday, Sept. 10, 2019. David Paul Morris | Bloomberg | Getty Images Apple claimed its TV+ service had less than 20 million subscribers in the U.S. and Canada as of July, allowing it to pay behind-the-scenes production crew lower rates than streamers with more subscriptions, according to the International Alliance of Theatrical Stage Employees, a union that represents TV and movie workers who perform jobs like operating cameras and building sets. Apple has...
Ex-Theranos employee says company cared about funding over patients
SAN JOSE, CALIF – A former lab director at Theranos testified on Friday that he thought the blood-testing start-up was poised to be the next Apple until he realized that top executives were prioritizing the company’s finances and public image over the health of patients. Adam Rosendorff, who worked at Theranos from 2013 until late 2014, told a jury that he quit in part because then-CEO Elizabeth Holmes and her top lieutenants were pushing him to “vouch for tests that I did not have confidence in.” Rosendorff is a witness for the prosecution in Holmes’ criminal trial. Holmes and former...
Treasury makes U.S. aid to Afghanistan easier amid Taliban sanctions
Men are pictured as Afghanistan’s Taliban-controlled central bank seizes a large amount of money in cash and gold from former top government officials, including former vice president Amrullah Saleh, in Afghanistan, in this handout obtained by Reuters on September 15, 2021. Da Afghanistan Bank | Handout | via Reuters WASHINGTON – The Treasury Department issued licenses on Friday that facilitate the movement of U.S. humanitarian aid and financial assistance to the people of Afghanistan while upholding sanctions on the Taliban, after the Islamist militant group seized control of the country last month. The two general licenses are aimed at alleviating...
Huawei CFO Meng Wanzhou to be released after agreement with U.S. in fraud case
Huawei chief financial officer Meng Wanzhou arrives at British Columbia Supreme Court with her security detail for the afternoon session of her extradition hearing, August 4, 2021 in Vancouver, Canada. Don MacKinnon | AFP | Getty Images The chief financial officer of Chinese tech firm Huawei will be released and allowed to return to China after reaching an agreement with the U.S. government on fraud charges, prosecutors said Friday in a Brooklyn federal court. A U.S. district judge accepted the deferred prosecution agreement, which will last until Dec. 1, 2022. Under the deal, the executive, Meng Wanzhou, affirmed the accuracy...
Stocks face another turbulent week as the third quarter winds down
A trader works inside a post on the floor of the New York Stock Exchange (NYSE), August 27, 2021. Brendan McDermid | Reuters After recent turbulence, markets are likely to close out the final week of the third quarter with another bout of volatility. Stocks in the past week traded with big extremes. First, fears of financial contagion coming from Chinese developer Evergrande sent stocks skidding Monday. Losses were reversed by Thursday, when the market ripped higher. The S&P 500 and the Dow Jones Industrial Average were positive for the week, while the Nasdaq eked out a gain. “I think...
Bitcoin and ether slide as China intensifies crackdown on cryptocurrencies
Bitcoin and ether tumbled Friday, with traders rattled by tough talk out of China. The price of bitcoin fell nearly 6% to $42,124.73, according to Coin Metrics data. Ether, the second-largest digital currency, dropped 8% to $2,894.36. It comes after the People’s Bank of China said in a Q&A that all crypto-related activities are illegal. Services offering trading, order matching or derivatives for virtual currencies are strictly prohibited, the PBOC said, while overseas exchanges are also illegal. Beijing has cracked down sharply on crypto this year. The Chinese government moved to stamp out digital currency mining, the energy-intensive operation that...
Costco, Nike and FedEx are warning there’s more inflation set to hit consumers as holidays approach
A worker wearing a protective mask removes rotisserie chicken from skewers inside a Costco store in San Francisco, California, on Wednesday, March 3, 2021. David Paul Morris | Bloomberg | Getty Images Shipping bottlenecks that have led to rising freight costs are cooking up a holiday headache for U.S. retailers. Costco this week joined the long list of retailers sounding the alarm about escalating shipping prices and the accompanying supply chain issues. The warehouse retailer, which had a similar cautionary tone in May, was joined by athletic wear giant Nike and economic bellwethers Federal Express and General Mills in warning...