Business

Judge denies Citigroup a longer freeze on botched Revlon transfer

A federal judge on Wednesday rejected Citigroup Inc’s request to extend a freeze on about $504 million it accidentally sent a group of Revlon Inc lenders, while it appeals his decision that they can keep the money. U.S. District Judge Jesse Furman in Manhattan said it was “tempting” to extend the freeze, given the large […]

Business

Digital coin ether hits record high as 2021 gains near 500%

Cryptocurrency ether hit another record high on Wednesday, taking gains this year to close to 500% on the back of growing interest in decentralized finance applications and increasing institutional interest in cryptocurrencies. Ether, the second-biggest cryptocurrency by market capitalization after bitcoin, climbed to $4,380.64.35, but was last down 4.1% at $4,029. Bitcoin was also down […]

Business

Musk says Tesla new self-driving rollout could take a couple of months

Tesla shares were down 4.4% at $589.89 in late afternoon, extending falls after the U.S. safety regulator said it has launched a probe into a fatal crash near Fontana, California, involving one of the company’s vehicles. U.S. federal and state regulators have been scrutinizing Tesla’s semi-automated driving system following accidents in Texas and other states. […]

Business

Traders not betting on a quick U.S. market rebound as tech stocks tumble

Traders are not betting on a quick rebound from the stock market dip, in contrast to prior selloffs, options data showed on Wednesday, as U.S. stocks sold off sharply with high-flying tech names particularly hit. Investors’ tendency to look past minor wobbles in stocks as the S&P 500 rallied about 90% over the past year […]

Business

U.S. safety agency opens probe of Tesla fatal crash in California

The National Highway Traffic Safety Agency aid on Wednesday it is opening a safety probe into a fatal May 5 Tesla crash in California amid growing concerns about the automaker’s driver assistance systems. A Tesla crashed into an overturned truck on a highway near Fontana, California, killing the Tesla’s driver and injuring the truck driver […]

Business

Alphabet Waymo self-driving unit CFO following CEO out the door

The head of Alphabet Inc’s self-driving unit Waymo said on Friday he was stepping down as chief executive and would be replaced by a pair of executives. John Krafcik, a long-time auto industry executive who has headed Waymo for more than five years, will stay on as an advisor, the company said. “This is a […]

Business

Pipeline outage causes U.S. gasoline supply crunch, panic buying

Gas stations from Florida to Virginia began running dry and prices at the pump rose on Tuesday, as the shutdown of the biggest U.S. fuel pipeline by hackers extended into a fifth day and sparked panic buying by motorists. The administration of U.S. President Joe Biden projected that the Colonial Pipeline, source of nearly half […]