Business

Horst Jicha discussing cryptocurrency.Source: Team Business Global | YouTubeA German national who was under home detention in New York City on a $5 million bond guaranteed by his domestic partner and children in a case in which he was charged with overseeing a $150 million cryptocurrency fraud is now a fugitive."There's a very active investigation underway to capture him," said John Marzulli, a spokesman for the Brooklyn U.S. attorney's office, on Friday, a day after the defendant, Horst Jicha, failed to appear in Brooklyn federal court as scheduled."We are going to forfeit the bond," Marzulli added, meaning that prosecutors will seek to obtain the $4 million portion of the bond that was personally guaranteed by Jicha's partner, children and three other people, all of whom live in Germany....

Napheesa Collier, #24 of the Minnesota Lynx, scores the game-winning basket during the game against the New York Liberty in Game 1 of the 2024 WNBA Finals at Barclays Center in Brooklyn, New York, on Oct. 10, 2024.Nathaniel S. Butler | National Basketball Association | Getty ImagesBasketball fans will have even more chances to see their favorite stars play in the Women's National Basketball Association in the 2025 season.WNBA Commissioner Cathy Engelbert announced that the league will expand its regular season from 40 games to 44 games, and its Finals series from five games to seven games, both beginning next year. The Finals round will be a 2-2-1-1-1 format for home games, with the higher seed hosting first.The three-game first round of the playoffs will alternate hosts, instead of the hi...

Check out the companies making headlines in midday trading: Tesla — Shares of the electric vehicle maker tumbled nearly 9% after its robotaxi event underwhelmed investors . Morgan Stanley analysts noted that the event "overall disappointed expectations" due to a lack of details in several areas, including how the company is going to compete against ride-sharing companies, such as Lyft and Uber . Shares of those names jumped following the event, with Lyft surging more than 9% and Uber gaining nearly 11%. Wells Fargo — The stock gained more than 5% after the San Francisco-based lender reported better-than-expected profits . Third-quarter adjusted earnings were $1.52 per share, topping the $1.28 per share expected from analysts polled by LSEG. Revenue, however, came in at $20.37 billion, slig...

The Uber logo is seen in the rain in Krakow, Poland, on Jan. 6, 2024.Klaudia Radecka | Nurphoto | Getty ImagesTesla's hyped robotaxi unveiling posed a threat to Uber's ride-sharing aspirations, but it has turned into a boon for the stock instead.Uber shares had been falling on the initial investor excitement leading up to Thursday's event — particularly slumping in early August and mid-September — but surged more than 9% on Friday on renewed enthusiasm that the company is well positioned to advance its autonomous vehicle offerings. The move pushed the stock to a 52-week high and it was leading the S&P 500 higher during the session.That is a massive turnaround for Uber's stock, which is now up nearly 22% over the past month and about 38% for the year. Lyft, another major player, is also...

Jeff Greenberg | Universal Images Group | Getty ImagesInflation has eased gradually across the broad U.S. economy, and some areas of consumer spending, such as furniture and gasoline, have even deflated over the past year.Deflation is when prices decline for goods and services.It is rare for prices to fall from their current levels across the economy at large, economists said.However, prices for many physical goods have deflated as supply-and-demand dynamics return to normal following pandemic-era contortions."Outside of goods prices, I don't think we'll see price cuts," said Mark Zandi, chief economist at Moody's."[Businesses] will hold the line on price if demand is soft but outright price declines are very rare, and even in a recession are not common," Zandi said.Additionally, prices fo...

Federal Reserve Chairman Jerome Powell arrives to a news conference following the September meeting of the Federal Open Market Committee at the William McChesney Martin Jr. Federal Reserve Board Building on September 18, 2024 in Washington, DC. Anna Moneymaker | Getty ImagesThis week's inflation data provided more evidence that the Federal Reserve is nearing its objective, fresh on the heels of the central bank's dramatic interest rate cut just a few weeks ago.Consumer and producer price indexes for September both came in around expectations, showing that inflation is drifting down to the central bank's 2% target.In fact, economists at Goldman Sachs think the Fed may already be there.The Wall Street investment bank Friday projected that the Commerce Department's personal consumption expend...

Boeing 737 MAX airliners are pictured at the company's factory on Thursday, Sept. 12, 2024, in Renton, Wash.Stephen Brashear | APBoeing will cut 10% of its workforce, or about 17,000 people, as the company's losses mount and a machinist strike that has idled its aircraft factories enters its fifth week.Boeing expects to report a loss of an $9.97 a share in the third quarter, the company said in a surprise release on Friday. It took charges in both its commercial airplane unit and defense business.The manufacturer also won't deliver its still-uncertified 777X wide-body plane until 2026, putting it six years behind schedule, and will stop making commercial 767s in 2027, CEO Kelly Ortberg said in a staff memo on Friday afternoon."Our business is in a difficult position, and it is hard to over...

Michael Shvartsman walks following a hearing at the Manhattan Federal Court, in New York City, U.S. July 20, 2023. Amr Alfiky | ReutersProsecutors are asking a New York federal court judge to sentence two brothers to years in prison for their admitted insider trading in a blank-check company's securities before it announced a planned merger with Trump Media.Prosecutors want Florida venture capitalist Michael Shvartsman, who made more than $18 million in illicit trading profits, to be sentenced next Thursday to between 46 months and 57 months in prison, a court filing shows.And they want his brother, Gerald Shvartsman, to be sentenced to at least two years in prison for his illegal trading, which earned him $4.6 million.The Florida furniture company founder is due to be sentenced Wednesday ...

The upcoming earnings season could decide what's next for stocks. The S & P 500 and Dow Jones Industrial Average are at all-time highs after a strong jobs report last week and some cooler inflation data this week raised investor confidence in equities. Tech stocks outperformed this week, with the sector up 2%, as investors rotated back into risk-on assets. Nvidia advanced more than 7%. And, with earnings season set to ramp up, that could mean further gains. On a median basis, the S & P 500 advances 2% in the first four weeks of a given reporting period, according to a note this week from Oppenheimer. Already, on Friday, JPMorgan Chase and Wells Fargo were rallying in midday trading after reporting their latest results this week, an auspicious start to the earnings season. Still, in...

In this photo illustration, a Core Weave logo is displayed on a smartphone with stock market percentages on the background.Omar Marques | SOPA Images | Lightrocket | Getty ImagesCoreWeave, an Nvidia-backed artificial intelligence startup that rents out chips to other companies, announced Friday that it has a new $650 million credit line to expand its business and data center portfolio.The cloud infrastructure company said it's raised $12.7 billion from equity and debt investors in the past 18 months, including a $1.1 billion round in May at a $19 billion valuation.By the end of 2024, CoreWeave plans to have 28 data centers across the U.S. and abroad — including locations in Austin, Texas, Chicago, Las Vegas and London — and it plans to build another 10 data centers in 2025. In the past, Co...