By Jonathan Stempel NEW YORK (Reuters) – A federal appeals court on Tuesday said a Citigroup vice president was not entitled to a share of a $400 million civil fine that the bank agreed to pay in October 2020 over its risk management failures. The 2nd U.S. Circuit Court of Appeals in Manhattan said Tamika […]
Palantir raises annual revenue forecast on GenAI strength; shares surge
By Arsheeya Bajwa (Reuters) -Palantir Technologies raised its annual revenue forecast for the second time this year on Monday, the latest sign that the generative AI boom is driving demand for its software services. Shares of the Denver, Colorado-based company rose more than 13% in extended trading, adding to a year-to-date gain of more than […]
Novartis, Viatris face new lawsuit over ‘HeLa’ cell misuse claims
By Blake Brittain (Reuters) – Novartis and Viatris were hit with a federal lawsuit in Maryland on Monday by the family of a woman whose tissue cells were taken from her body in the 1950s and used to fuel medical research and development. The estate of Henrietta Lacks accused Novartis and Viatris of unlawfully profiting […]
Lucid gets up to $1.5 billion in funding from Saudi shareholder
(Reuters) -Lucid Group said on Monday its largest shareholder, Saudi Arabia’s Public Investment Fund, will inject up to $1.5 billion in cash, as the electric vehicle maker looks to add new models to its product line. The EV maker’s shares, which closed down 3.9%, jumped 12% in extended trading. The deal comes just ahead of […]
Nvidia’s AI chip demand to face limited impact from potential production delay, analysts say
(Reuters) – Worries over a delay in the launch of Nvidia’s upcoming artificial-intelligence chips may be exaggerated, analysts said, as they do not expect the setback to have a big impact on the chip giant’s revenue or demand. According to media reports, Nvidia’s Blackwell chips may face delays of three months or more due to […]
Harris raises $310 million in July as campaign shakeup energizes donors
By Jarrett Renshaw (Reuters) – The Harris campaign announced on Friday that it raised $310 million in July, fueled by small-dollar donations that flowed into the war chest after President Joe Biden bowed out of the race and endorsed Vice President Kamala Harris. The July figure – more than double the $138.7 million raised by […]
More than 50 US lawmakers, 21 states back DOJ in TikTok lawsuit
By David Shepardson WASHINGTON (Reuters) – A group of 21 states and more than 50 U.S. lawmakers on Friday backed the Justice Department in its defense of a law that requires China-based ByteDance to sell TikTok’s U.S. assets by Jan. 19 or face a ban. “TikTok is a threat to national security and consumer privacy,” […]
Berkshire’s cash hits $277 billion as Buffett slashes Apple stake; operating profit sets record
By Jonathan Stempel (Reuters) – Warren Buffett appears to have soured on stocks, letting cash at Berkshire Hathaway soar to nearly $277 billion and selling a large chunk of its stake in Apple, even as the conglomerate posted a record quarterly operating profit. Berkshire sold about 390 million Apple shares in the second quarter, on […]
Silicon Valley Bank’s former owner gains approval to end bankruptcy
By Dietrich Knauth NEW YORK (Reuters) – SVB Financial Group, the former owner of failed Silicon Valley Bank, received a U.S. judge’s permission on Friday to turn over its assets to creditors and end its bankruptcy. Its bankruptcy restructuring has made provision for the creation of a trust to pursue litigation against the U.S. Federal […]
Equities sell off, Nasdaq on track for correction, bond yields sink
NEW YORK (Reuters) -Global equities sold off on Friday and U.S. Treasury yields were at multi-month lows on concerns about the economy and downbeat forecasts from Amazon and Intel, which hit richly-valued technology firms. The Nasdaq Composite index was recently down 2.3%, putting it on track to confirm it is in a correction following worries […]