THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

On Sunday, Keith Gill, the “Roaring Kitty” meme stock investor who revived GameStop and AMC Entertainment share trading last month, reported on Reddit that he had bought approximately $116 million in GameStop stock. He also acquired 120,000 $20 call options, according to the screenshot. Gill has until a certain date to buy 12 million GameStop...  Read more

In May, US job growth topped estimates at 272,000, although the unemployment rate rose slightly, snapping a 27-month streak below 4%. In a time when Americans and the Federal Reserve want clear economic data, Friday’s jobs report was more equivocal than expected. “But the Fed is asking, ‘Can we lower interest rates?'” Can we cut?’...  Read more

The White House, Microsoft and Google announced Monday that rural hospitals in the US will receive free or cheap cybersecurity services to protect them from hacks that have disrupted patient care and risked lives. Microsoft said  it will provide free security updates, assessments, and staff training for eligible rural hospitals. Google will offer free cybersecurity...  Read more

Chrysler is recalling over 211,000 vehicles in the United States owing to a software issue that could disable the electronic stability control system, the National Highway Traffic Safety Administration (NHTSA) announced on Saturday. According to the regulator, the issue may cause the Anti-Lock Brake System (ABS) control module to disable the electronic stability control system....  Read more

During a San Francisco event on Thursday, Republican presidential candidate Donald Trump positioned himself as a cryptocurrency champion while slamming Democrats’ attempts to regulate the sector, according to three sources. David Sacks and Chamath Palihapitiya, two internet venture capitalists, hosted an event at Sacks’ residence in the posh Pacific Heights neighborhood that netted Trump $12...  Read more

Nvidia’s market cap boost was around $150 billion, not $150 million. Wednesday was a record high for the company, overtaking Apple as the second most valued company at $3 trillion. Nvidia may attract private investors with its June 7 ten-for-one stock split. Steve Jobs’ business has dominated Silicon Valley since the iPhone’s 2007 launch, but...  Read more

Alphabet, Google’s parent firm, should be sued for up to 13.6 billion pounds ($17.4 billion) for exploiting its online ad market dominance, according to the London Competition Appeal Tribunal. This is the newest Google business method lawsuit. It demands damages for UK website and app creators. Ad Tech Collective Action sued Google on behalf of...  Read more

Spotify boosted premium plan fees in the United States on Monday, the Swedish music-streaming service’s latest step toward increasing margins. In its largest revenue area, the company hiked the monthly costs of its individual plan to $11.99 from $10.99, duo plan to $16.99 from $14.99, and family plan to $19.99 from $16.99. Spotify has been...  Read more

Microsoft is laying off hundreds of employees at its Azure cloud subsidiary, Business Insider reported on Monday, adding to a wave of layoffs in the technology and media industries this year. The layoffs will affect several teams, including Azure for Operators and Mission Engineering, according to the article. The Azure for Operators layoffs might result...  Read more

Major online streaming services in Canada will be compelled to donate 5% of their Canadian earnings to support the domestic television system, the country’s telecoms regulator announced on Tuesday. The Canadian Radio-television and Telecommunications Commission stated that the money would be used to increase financing for local and aboriginal programming. They estimated that the proposal...  Read more

Republicans hope former President Donald Trump’s trip on Thursday will bring unity to their split caucuses in the Senate and House of Representatives as the party prepares for the Nov. 5 election. Trump is scheduled to meet with House Republicans Thursday morning and have lunch with Senate Republicans, with the goal of coordinating campaign efforts...  Read more

In mid-May, a group of Hispanic day laborers were given $20 each to parade in front of the White House with banners reading “I Love Biden” and “I Need a Work Permit for My Family.” Nick Shirley, a pro-Trump online influencer who frequently asks migrants on camera if they like Democratic President Joe Biden or...  Read more

The US Senate Finance Committee chairman has broadened BMW’s probe after the automaker imported automobiles using banned Chinese parts. Sen. Ron Wyden wrote to BMW North America asking if the company has discontinued importing components made by China’s Uyghur minority in forced labor. A request for feedback from BMW Group was delayed. BMW says it...  Read more

IKEA said that “The Co-Worker Game” will immerse users in the shop’s workplace. This is IKEA’s first major Roblox game. This job description asks applicants how they would respond if they were transformed into pixels and the store ran out of pixelated hotdogs. What pixelated Ikea furniture would you be and why? Candidates must be...  Read more

Chanel’s chief designer’s early Thursday resignation shook the $1.62 trillion luxury goods market at a time when all major global firms are at a crossroads. The playbook at leading fashion firms like Chanel and LVMH (LVMH.PA) opens new tab Louis Vuitton and Dior extensively market new styles from their high-profile designers while raising prices. Most...  Read more

Volvo Cars has begun to relocate the manufacture of Chinese-made electric vehicles to Belgium in the assumption that the European Union will go ahead with a crackdown on Beijing-subsidised imports, the Times said on Saturday. Volvo, which is majority-owned by China’s Geely, was considering suspending sales of Chinese-built EVs heading for Europe if duties were...  Read more

Saudi Aramco shares rose on Sunday, the first trading day following a secondary share offering estimated to garner at least $11.2 billion. The shares opened at 27.95 riyals per share, having closed the previous session on Thursday at 28.3 riyals, but had risen to 28.35 riyals by 0730 GMT. The ultimate price for the secondary...  Read more

Virgin Galactic  flew four tourists to the edge of space and returned aboard its spaceplane on Saturday, marking the company’s second mission of the year. The Galactic 07 mission flew Turkish, American, and Italian passengers to an altitude of around 55 miles (88.51 kilometers) for slightly more than an hour. The space tourism business stated...  Read more

The Turkish Competition Board announced on Thursday that it is investigating Apple’s contracts with app developers and the App Store’s refusal to allow alternative payment methods. The Competition Board stated that the investigation was part of a review of mobile smart devices and software.    Read more

Salesforce has chosen London as its first AI center, where industry experts, developers, and customers will be able to cooperate on innovation and new capabilities. The US cloud computing business, which will welcome 18,000 people at its annual London World Tour event on Thursday, said a year ago that it will invest $4 billion in...  Read more

Donald Trump, the Republican presidential nominee, will hold an open-air event in sweltering Las Vegas on Sunday to boost his support in Nevada, a swing state that he previously lost but is now swinging in his favor according to surveys, before November 5th. On May 30, a New York jury convicted Trump of perjury for...  Read more

Cisco announced on Tuesday a $1 billion fund to invest in artificial intelligence startups, following a long line of large technology corporations seeking to acquire minor AI firms. The corporation, through its investment arm, is investing in Cohere, Mistral AI, and Scale AI, among others, and has already contributed over $200 million to the fund,...  Read more

Google’s top privacy officer will depart the firm in the fall after 13 years, according to a representative for the Alphabet-owned corporation on Tuesday. “We are always evolving our legal, regulatory, and compliance operations to meet new requirements and expectations. Our most recent changes will boost the number of personnel working on regulatory compliance throughout...  Read more

Nigeria’s largest labor unions began an indefinite strike on Monday, shutting down the national grid and disrupting flights across the country, over the government’s failure to agree on a new minimum wage. The strike began after the government and the country’s two largest union federations, the Nigerian Labour Congress (NLC) and the Trade Union Congress...  Read more

Norwegian Air and its pilots have reached an agreement on a new collective agreement, averting a strike that might have grounded numerous flights, the airline and labor union leaders announced on Saturday. A strike would have been a setback for Norwegian, which is about to enter its most profitable period of the year. “I am...  Read more

Toyota and Mazda suspended delivery of certain cars on Monday after Japan’s transport ministry found irregularities in model certification applications. The government found anomalies in Honda, Suzuki, and Yamaha motor applications. Carmakers were found to have lied about safety test results when requesting certification. Toyota, Mazda, and Yamaha were ordered to stop vehicle shipments by...  Read more

During the premarket trading session on Monday, shares of Gamestop increased by more than 90 percent. This was in response to a post on Reddit made over the weekend by stock market influencer “Roaring Kitty,” which disclosed a wager of 116 million dollars on the gaming store. By 4:30 a.m. Eastern Time, 4.4 million shares...  Read more

Gary Gensler, the chair of the United States Securities and Exchange Commission, said on Friday that the redesign of the settlement cycle for U.S. securities has gone successfully this week and that all deals have settled. On Tuesday, in order to comply with a regulation change that was established by the Securities and Exchange Commission...  Read more

Price cuts by big U.S. retailers, as well as new statistics showing a slowing in consumer spending, may bolster the Federal Reserve’s confidence in decreasing inflation and dampen corporate earnings, which have taken a higher part of national income since the start of the COVID-19 pandemic. Adjusted for inflation, both overall consumption and disposable income...  Read more

New Securities and Exchange Commission rules in February 2023 will half the settlement period for U.S. equities, corporate, municipal bonds, and other securities to one day, or T+1, on Tuesday, upsetting U.S. markets. What to expect: What’s settlement? When the buyer receives security and the seller is paid, a trade settlement occurs. The DTC, a...  Read more

As the investor who started the’meme stock’ mania invests again, GameStop gains momentum. The stock market influencer behind the 2021 meme stock frenzy has boosted GameStop shares, the beleaguered US games retailer. Keith Gill, known as Roaring Kitty online, announced a $116 million (£90.8 million) GameStop stake on Sunday. Gill told his followers he owned...  Read more

Nissan Motor Company awards former Chief Operating Officer Ashwani Gupta $3.7 million in compensation for his abrupt resignation last year, according to a notice for its annual general meeting. Nissan stated in the notice that it had given 582 million yen ($3.7 million) to a senior officer who resigned his post during the fiscal year...  Read more

Sweden’s Ericsson announced on Monday that a four-year program to check the company’s compliance with a US anti-corruption accord had finished on June 2. The appointment of an independent monitor in 2020 came after the corporation reached a settlement with the US Department of Justice (DOJ) the previous year to resolve an investigation into alleged...  Read more

Autodesk On Friday, the board selected Elizabeth Rafael as interim chief financial officer, and the company announced preliminary first-quarter sales that exceeded analysts’ forecasts, sending its shares up 8% in extended trade. Deborah Clifford, who previously served as Autodesk’s CFO, will become chief strategy officer. Both appointments will take effect immediately. Autodesk reported preliminary first-quarter...  Read more

The S&P 500 and Dow climbed in choppy trade on Friday after April inflation statistics showed inflation expanded broadly as expected, bolstering hopes that the Federal Reserve may decrease rates this year. The Commerce Department said that the Fed’s favorite inflation barometer, the Personal Consumption Expenditure Index, climbed 0.3% in April, matching analyst estimates and...  Read more

Three prominent British parliamentary committee chairs have questioned Shein’s suitability for a London stock market listing. Shein is preparing for a London IPO after regulatory concerns and U.S. lawmakers halted its New York sale. Senators in the United States have accused Shein of unfair competition, labor violations, and import tax exemptions. They oppose Shein’s application...  Read more

Companies should not sue shareholders over proposals, according to a group of over 40 major institutional investors from the US and Europe who issued a statement on Tuesday. The $4.8 trillion asset management group brought attention to the climate resolution lawsuit that Exxon Mobil has launched against two environmental groups. They warned that firms’ increased...  Read more

Lloyds Reserves £450m Amidst Ongoing Car Finance Probe. Lloyds, a major UK banking institution, has earmarked £450 million to cover potential costs arising from an investigation by the Financial Conduct Authority (FCA) into car finance deals. Launched last month, the FCA’s probe centers on whether consumers were overcharged for cars, mainly focusing on commissions earned...  Read more

Exclusive: China’s top banks tighten exposure to smaller peers to curb credit risk. According to three sources, several of China’s largest banks have increased their monitoring of smaller peers’ asset quality and tightened interbank lending rules to reduce credit risk as the country’s property debt crisis worsens. According to the sources, two of China’s largest...  Read more

Asian stocks rise, and the dollar drifts as US rate-cut bets rise. On Tuesday, Asian markets made a slow but steady ascent while the dollar hovered at a five-month low. This was because the United States’ inflation rate was falling, strengthening speculation that the Federal Reserve would reduce interest rates early next year. In the...  Read more