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

Boaz Weinstein, a prominent investment manager, said Tuesday that although uncertainty over the November presidential election in the United States may cause market volatility, President Joe Biden is “better” for the bond market. Weinstein, who leads Saba Capital Management, was speaking at Bloomberg Invest in New York when he was asked about the contest for...  Read more

Equipment Leasing and fund Association (ELFA) said on Tuesday that U.S. corporations borrowed 11% more to fund equipment investments in May than a year earlier. May saw $10.2 billion in new loans, leases, and lines of credit, down 7% from April. “The April volume drop may indicate that some businesses are delaying equipment purchases until...  Read more

CDK Global does not anticipate its dealer management software, used by US dealers, to be restored by the end of the month due to a cyber assault. According to CDK’s message to dealers, the auto industry technology and software supplier could not get all dealers online by June 30 and requested them to make alternative...  Read more

The Model Y’s 12-volt battery, which powers doors and windows, failed. A 20-month-old toddler was rescued after becoming stuck in a Tesla Model Y in Scottsdale, Arizona, where temperatures have risen beyond 100 degrees this week, after its 12-volt battery expired, according to Arizona’s Family. After smashing through a glass with an axe, firefighters were...  Read more

The e-commerce company claims to have already replaced 95 percent of plastic air packing with totally recyclable paper filler. Amazon is on pace to remove all plastic air pillows from its North American delivery packaging. On Thursday, the business said that it had replaced 95 percent of its plastic air pillows with paper filler and...  Read more

The USB power bank-powered laptop dish contains the Wi-Fi router. The new DC-powered Starlink Mini, the size of a thick laptop, combines the Wi-Fi router within the dish. It can reach speeds over 100Mbps yet utilizing less power than comparable Starlink terminals. Elon Musk, CEO of SpaceX, said X takes less than five minutes to...  Read more

Spotify just hiked fees, but there is a new, lower-cost tier for ad-free music. Spotify recently stated that it will raise costs in the United States, but on Friday, it launched a new Basic plan that reinstates the $10.99 per month tier. This new option provides the same ad-free music listening benefits as the $11.99...  Read more

ByteDance alleged that the US government would prefer shut down than find a ‘effective solution’ to protect customers. Biden’s April legislation required that ByteDance sell TikTok’s US assets by January 19, or face a ban on the app. TikTok and ByteDance petitioned a US court in 2024 to overturn a restriction that would have prohibited...  Read more

According to a draft guideline, US investors cannot support AI systems in China that may be used for military purposes, including weapons targeting. The US Treasury has proposed a law to prohibit and oversee US investments in China for AI, computer chips, and quantum computing. The Friday draft regulation follows President Joe Biden’s August executive...  Read more

Donald Trump, a Republican running for president, said Thursday that U.S. college graduates should “automatically” earn green cards so they can remain in the nation. You graduate from a college, I think you should automatically get a green card to be able to stay in this country,” Trump said on the All-In podcast held by...  Read more

Russian court ordered Italian bank UniCredit to pay 448.2 million euros ($479.44 million) in a case over an unsuccessful gas project filed by St Petersburg-based RusChemAlliance, a 50% Gazprom joint venture. UniCredit was a guarantor lender under a deal to build a gas processing facility in Russia with Linde (LIN.DE), opens new tab, that was...  Read more

Forecasts for an inventory decrease during the third quarter peak summer demand season and geopolitical uncertainties from the Middle East war kept Brent oil prices unchanged at $85 a barrel on Wednesday. Brent fell 9 cents, or 0.11%, to $84.92 a barrel at 1315 GMT. WTI fell 7 cents, or 0.09%, to $80.76 a barrel....  Read more

Wall Street’s major indexes began lower on Wednesday as semiconductor and megacap companies gave up early gains, with investors anticipating a key inflation data later this week. The Dow Jones Industrial Average opened at 39063.15, down 49.0 points, or 0.13%. The S&P 500 slid 8.6 points, or 0.16%, to 5460.71 at the morning, while the...  Read more

Tesla said on Tuesday that it was recalling most Cybertrucks in the United States because of problems with its windshield wipers and external trim, the latest setback for the futuristic truck, whose mass production is planned to begin next year. While car recalls are not uncommon for new models, it’s a rare occurrence for Tesla....  Read more

According to two sources, RTX Corp subsidiary Collins Aerospace is in talks with NASA to cancel its contract to build new spacesuits for International Space Station astronauts, a setback as the agency struggles with its decades-old spacewalking suits. Collins and Axiom Space received $3.5 billion from NASA in 2022 to create new spacesuits for the...  Read more

Popular social media network Reddit has taken preemptive measures to preserve its material. A web standard used by the platform to restrict automated data scraping from its website will be updated on Tuesday. Reports that AI companies were circumventing the regulation to obtain material for their systems prompted this move. Reddit’s action is noteworthy, particularly...  Read more

On Tuesday, KKR strategically acquired 18 multifamily real estate properties from Quarterra Multifamily’s closed-end fund for a significant $2.1 billion. It has 5,200 units across California, Washington, Florida, Texas, Georgia, North Carolina, Colorado, and New Jersey. The worldwide commercial property business, especially offices, is in its worst slump since the 2007-9 financial crisis. The worst...  Read more

On Tuesday, Nvidia shares rose nearly 7% after a three-session downturn that destroyed $430 billion from the artificial intelligence chipmaker’s market worth. Nvidia’s shares fell 13% from June 18’s $135.58 to $126.09. The dip followed a rise that increased after a June 10 10-for-1 stock split. The bounce today is a regular technical bounce after...  Read more

Amazon CEO Andy Jassy emailed employees revised return-to-work guidelines in February 2023. Starting on May 1, 2023, most Amazon employees were required to work from the office at least three days a week, according to Jassy’s email. Before that, teams may pick where employees worked. Salespeople and customer support were exempt. Thousands of Amazon workers...  Read more

  Elon Musk helps me understand which laws in America are complex (contract law, possibly copyright law) and which are conventions. If you’re rich and powerful, you can take ketamine, smoke pot, ask your subordinates to bear your babies and manage your companies like a fiefdom. Musk is unusually connected to his companies. Tesla may...  Read more

Henrik Fisker attempted to emulate Elon Musk’s charisma but failed. Like other electric vehicle companies, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. It’s hardly unexpected to those paying attention. Fisker has been warning about its liquidity shortage for months. This did all the right things to...  Read more

Haiti’s Prime Minister Garry Conille said Thursday that the decision to replace the national police director was driven by the need to give security personnel a “new lease on life” in the face of gangs terrorizing the populace. Rameau Normil was named director-general of the embattled Caribbean nation’s police department on Wednesday, succeeding Frantz Elbe....  Read more

  President Joe Biden’s administration on Thursday prohibited Russia-based cybersecurity company Kaspersky from selling its popular antivirus software in the United States due to national security concerns, according to the US Commerce Department. “Kaspersky will generally no longer be able to, among other activities, sell its software within the United States or provide updates to...  Read more

The European Commission has issued a reprimand to France, along with Belgium, Italy, Hungary, Malta, Slovakia, and Poland, for exceeding their budget deficits. According to the EU’s Maastricht treaty, member states are obligated to maintain public debt below 60 percent and deficits below 3 percent of GDP. Additionally, Nvidia has surpassed Microsoft to become the...  Read more

A Chinese “underground banking” network is suspected by the US of aiding Mexico’s Sinaloa narcotics cartel in money laundering and other crimes. The DoJ has accused 24 persons with drug distribution and other offenses. Police confiscated $5m (£4m) in cash, firearms, and hundreds of pounds of cocaine, methamphetamine, and ecstasy tablets. The DoJ has emphasized...  Read more

Family members of two Boeing 737 Max plane crash victims demand prosecution and $24.8bn for “the deadliest corporate crime in US history.” For the “enormous human costs of Boeing’s crimes,” the families’ lawyer, Paul Cassell, said the payout was “justified and clearly appropriate.” The BBC received a 32-page letter from Mr. Cassell suggesting the US...  Read more

Chinese automakers allegedly demanded 25% import taxes on EU rivals’ automobiles if tariffs are imposed on Chinese vehicles during a closed-door meeting. European carmakers demanded it at China’s Ministry of Commerce’s closed-door meeting. This legislation targets EU cars with large petrol engines. Last week, the EU threatened Chinese EV firms with 38% tariffs beginning July...  Read more

Republican Wednesday, Louisiana Governor Jeff Landry signed the bill. Louisiana is the first state to mandate Ten Commandments posters in public schools through universities. Governor Jeff Landry signed the Republican-backed legislation Wednesday, calling the commandments “the foundational documents of our state and national government.” US civil rights groups will undoubtedly contest the bill, claiming it...  Read more

Officials in Tamil Nadu reported 34 deaths from poisonous bootleg alcohol. Several Kallakuruchi locals were ill after drinking alcohol on Tuesday night. At least 80 people are being hospitalized in hospitals for severe diarrhoea, and officials believe the death toll could climb. Two have been arrested and a bigger investigation is ongoing. A senior police...  Read more

Scientists estimate that human-induced climate change increased the high heat in the southwest US, Mexico, and Central America by 35 times. The World Weather Attribution (WWA) group analyzed excess heat in southwest states like California, Nevada, and Arizona in May and early June during the US heatwave. The period also saw deaths from extreme Mexican...  Read more

Thursday’s US District Court for the Northern District of Texas judgment sets the timetable for a high-profile battle over Media Matters’ study on social media’s anti-Semitic and pro-Nazi content. In November, X filed a lawsuit against Media Matters for misrepresenting the likelihood of hate speech on the platform. CNN has asked X about Thursday’s order....  Read more

Samsung Electronics’ South Korean labor union reported numerous workers striking Friday, the first in the company’s 55-year history. After failed negotiations over salary and incentive arrangements, the Nationwide Samsung Electronics Union (NSEU), which represents 28,000 workers, said last week that it would strike for a day on June 7. The union requested that its members...  Read more

Lynch was acquitted on all 15 charges—one conspiracy and 14 wire fraud—according to Lynch and US prosecutors. The Lynch representation stated that former Autonomy finance chief Stephen Chamberlain, who faced the same allegations as Lynch, was acquitted on all counts. The trial, in which Lynch and Chamberlain were accused of inflating Autonomy’s earnings, was the...  Read more

The startup behind You.com is receiving $50 million in new funding, according to a source familiar with the matter, as it looks to establish a presence in the booming market for AI-powered assistants. SuSea Inc, the four-year-old firm behind You.com, would be valued between $700 million and $900 million based on the nearly completed Series...  Read more

Alphabet YouTube will soon allow users to contribute ‘notes’ that provide context to some of its videos as part of a new feature that will be pushed out first in the United States, the company announced on Monday. As part of the initial test phase, YouTube will allow specific users and producers to add notes...  Read more

Schibsted  a Norwegian online classifieds organization, will lose approximately 250 jobs in the Nordic region as part of a restructuring plan to decrease costs and increase efficiency, the company announced on Tuesday. Schibsted, which recently sold its historical news media business, runs online marketplaces for real estate, jobs, vehicles, travel, and other services in Norway,...  Read more

On Monday, the U.S. government sued Adobe for hiding high termination fees in its most popular membership plan and making cancellations difficult. The Federal Trade Commission complained in San Jose, California, that Adobe hides fees, which can reach hundreds of dollars, and other critical provisions in its “annual paid monthly” subscription plan in the fine...  Read more

NATO partners have announced the first recipients of their one billion euro ($1.1 billion) innovation fund. The alliance announced the fund in summer 2022, months after the Russian invasion of Ukraine, to invest in defense technologies. 24 of NATO’s 32 members, including Finland and Sweden, which joined this year, support the fund. The NATO Innovation...  Read more

In response to electric vehicle export limits, China has launched an anti-dumping investigation against EU pork and byproducts, targeting Spain, the Netherlands, and Denmark. China’s trade ministry began investigating fresh, cold, and frozen pork slices, pig intestines, bladders, and stomachs for human consumption on Monday. June 17 is when the investigation starts. The authorities cited...  Read more

If his economic projection holds, Philadelphia Fed President Patrick Harker indicated Monday that the Fed could drop its benchmark interest rate once this year. “If all of it happens to be as forecasted, I think one rate cut would be appropriate by year’s end,” Harker said in prepared remarks to a Philadelphia regional central bank...  Read more