Financial News

MBB: Mountaineers Break Scoring Record with 142 Points in Season-Opening Win
November 8, 2022
AP-NC Newswatch
November 8, 2022
Financial News


Financial News:


Twitter’s pared-down staff struggles with misinformation

Twitter is struggling to respond to political misinformation and other harmful posts on the social media platform after Elon Musk fired roughly half of its workforce just days before the U.S. midterm elections, according to employees who survived the cuts and an outside voting rights group. The recent mass layoffs spared many of the people whose job it is to keep hate and misinformation off the social media platform. But in preparation for the layoffs, employees said the company also sharply reduced how many employees can look into a specific account’s digital history and behavior — a practice necessary to investigate if it’s been used maliciously.

Musk’s partisan tweets call Twitter neutrality into question

Elon Musk used his Twitter megaphone to appeal to “independent-minded voters” on Monday, urging them to vote Republican in Tuesday’s U.S. midterm elections, stepping into the country’s political debate that tech company executives have for years worked to stay out of so their platforms wouldn’t be seen as favoring one side over the other. While Musk, who bought Twitter for $44 billion, has expressed political views in the past, such a direct endorsement of one party over another raises worries about Twitter’s ability to remain neutral under Musk’s rule.

Markets in holding pattern ahead of election, inflation data

Wall Street is essentially flat before the opening bell with Americans heading to the polls to vote in the midterm elections that are being heavily influenced by inflation, with more data on that front arriving this week. Futures for the S&P 500 moved 0.16% higher Tuesday, and the Dow Jones Industrial Average rose 0.13%.. Market-moving events this week include U.S. inflation data and the election, which could leave the U.S. government split between Democrats and Republicans. Take Two Interactive fell about 17% in premarket after the video game maker missed sales and profit targets and lowered its forecast.

Macron to pressure France’s most climate-damaging industries

PARIS (AP) — French President Emmanuel Macron is to meet in Paris with the heads of the country’s most climate-damaging industries to pressure them to reduce greenhouse gas emissions. The meeting aims at accelerating the reduction of carbon emissions — which requires new technologies and investments worth billions of euros. Macron is expected to provide details about potential state aid to help polluting industries to act. The move comes one day after he called on the world’s nations to “continue to take action” to respond to the climate emergency at the COP27 in Egypt. The transition toward new, greener technologies is costly, and France and the European Union want to avoid seeing big industries leave the continent and instead invest in other parts of the world, like the U.S. and China.

Bid for new trial fails, Elizabeth Holmes awaits sentencing

SAN JOSE, Calif. (AP) — A federal judge has rejected disgraced Theranos CEO Elizabeth Holmes’ bid for a new trial after concluding a key prosecution witness’s recent attempt to contact her wasn’t enough to give award another chance to avoid a potential prison sentence for defrauding investors in her blood-testing company. The ruling issued late Monday is the latest setback for Holmes, a former Silicon Valley star who once boasted an estimated net worth of $4.5 billion but is now facing up to 20 years prison that would separate her from her 1-year-old son. The 38-year-old Holmes is scheduled to be sentenced on Nov. 18 in San Jose, California.

Renault, China’s Geely announced powertrain joint venture

BEIJING (AP) — Renault SA and China’s Geely say they plan to launch a joint venture to produce gasoline-powered and hybrid powertrains, adding to a series of partnerships between global automakers to share soaring technology costs. The companies said the venture will have 17 plants with annual production capacity of 5 million powertrains, five research and development centers on three continents and some 19,000 employees. They gave no financial terms but said each partner will own half of the venture. The venture will supply brands owned by or linked to Renault and Geely including Nissan, Mitsubishi, Volvo Cars, Renault, Dacia, Geely Auto, Lynk & Co. and Proton. The companies said it might later supply third-party brands.

Italian EV startup takes on US, Chinese rivals with design

MILAN (AP) — A new fully electric vehicle startup in Italy is challenging U.S. and Chinese rivals with “Made in Italy” design. AEHRA is being launched by a former oil trader who hired a former Lamborghini designer to infuse the cars with Italian emotion and is placing emphasis on aerodynamics over performance. Its biggest hurdle to success is an already crowded market of EV startups and traditional carmakers. And AEHRA doesn’t plan to launch its first vehicles until mid-2025. The ultra-premium cars plan to sell for $160,000 to $180,000, rolling out first in the United States and key European markets before expanding to China.

Germany may block sale of chip factory to Chinese-owned firm

BERLIN (AP) — The German government may decide this week to block the sale of a chip factory to a Swedish subsidiary of a Chinese company. It comes after a recent compromise over a Chinese shipping firm’s investment in a German container terminal. Germany company Elmos said late Monday that it had been informed by the Economy Ministry that the sale of its factory in Dortmund to Silex Microsystems AB “will most likely be prohibited in the upcoming cabinet session.” The change comes as Germany struggles with the extent it should allow Chinese companies to invest in Europe’s biggest economy.

Widows of executed Nigerian activists end case against Shell

THE HAGUE, Netherlands (AP) — The widows of four Nigerian activists executed in 1995 have withdrawn their appeal in a Dutch civil case in which they alleged that oil giant Shell was complicit in the men’s deaths, ending a yearslong legal battle for compensation and an apology. The four widows launched the case in 2017. It was rejected in a final ruling by The Hague District Court in March. Their husbands were among nine activists from the Ogoni tribe who were hanged in 1995 for the murder of four political rivals. Supporters say they were really targeted because of their involvement in protests against environmental damage by Shell’s Nigerian subsidiary. Lawyer Channa Samkalden confirmed the end of the case in a statement emailed to The Associated Press on Tuesday.

Greece: Airlines cancel flights for general strike Wednesday

ATHENS, Greece (AP) — Greece’s main airlines have announced domestic and international flight cancellations and schedule changes due to labor unions for air traffic controllers and civil aviation workers participating in a nationwide general strike on Wednesday. The 24-hour strike called by the country’s private and public sector unions is expected to shut down most services across the country and disrupt public transportation in major cities. The unions are demanding an increase to the minimum wage, which currently stands at just over 700 euros (dollars) per month for salaried workers, and lower taxes. Aegean Airlines and its subsidiary, Olympic Air, announced 50 domestic flight cancellations and amended the schedules for another 42 flights, most of them international.