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Sam Bankman-Fried pleads not guilty in FTX fraud case; October trial set

NEW YORK, Jan 3 (Reuters) – Sam Bankman-Fried pleaded not guilty on Tuesday to criminal charges of misleading investors in his now bankrupt cryptocurrency exchange FTX and causing billions of dollars in losses, in what prosecutors called it an “epic” fraud. He pleaded in federal court in Manhattan where he faces eight counts, including wire …

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Tesla shares suffer New Year’s hangover on demand worries, delivery issues

The stock is the first loser in the S&P 500 on the first trading day of 2023 Selloff removes $50 billion from market capitalization Tesla misses fourth-quarter vehicle delivery estimate The electric vehicle company is still the world’s most valuable automaker Jan 3 (Reuters) – Tesla Inc. (TSLA.O) Stocks kicked off 2023 with a thud, …

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Tesla reports record quarterly deliveries but misses estimates

Rare for Tesla to deliver less than it produces Tesla stock in 2022 had its worst year since its IPO Jan 2 (Reuters) – Tesla Inc. (TSLA.O) Monday reported record fourth-quarter electric vehicle production and shipments but missed Wall Street estimates, dogged by logistical issues, slowing demand, rising interest rates and fears of recession. The …

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China’s Huawei sees ‘business as usual’ as U.S. sanctions impact wanes

SHANGHAI, Dec 30 (Reuters) – Chinese tech giant Huawei Technologies Co Ltd (HWT.UL) estimated on Friday that its 2022 revenue was flat, suggesting that a drop in sales due to U.S. sanctions will s was arrested. Although sales rose only 0.02%, rotating chairman Eric Xu struck an optimistic tone in the company’s annual New Year …

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Battery swapping spurs Kenya’s electric motorbike drive

Electric motorcycle startups are stepping into Kenya Say battery swapping saves drivers time and money Planning to expand the model to Tanzania and Uganda NAIROBI, Dec 26 (Reuters) – In recent months, clusters of sturdy and brightly colored battery swap stations have popped up around Kenya’s capital Nairobi, allowing electric motorcyclists to swap their battery …

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Bankman-Fried, FTX execs received billions in hidden loans, ex-Alameda CEO says

NEW YORK, Dec 23 (Reuters) – Sam Bankman-Fried and other FTX executives have received billions of dollars in secret loans from the crypto tycoon’s Alameda Research, the former fund chief said speculation to a judge when she pleaded guilty to her role in the collapse of the exchange. . Caroline Ellison, former managing director of …

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Facebook parent Meta to settle Cambridge Analytica case for $725 million

Dec 23 (Reuters) – Meta Platforms Inc, owner of Facebook (META.O) agreed to pay $725 million to resolve a class action lawsuit accusing the social media giant of allowing third parties, including Cambridge Analytica, to access users’ personal information. The proposed settlement, which was disclosed in a filing in court late Thursday would resolve a …

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CarMax results hit by ‘used-vehicle recession’; buyback paused

Dec 22 (Reuters) – Used car retailer CarMax Inc (KMX.N) said Thursday it was suspending some hiring, halting stock buybacks and cutting spending after announcing an 86% drop in third-quarter profits as the industry scrambled to unload inventories amid decline in demand. The company’s shares fell 12% to $52.10 and were more than two and …

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Keystone cleanup turns remote Kansas valley into a small town

WASHINGTON, Kan., Dec 18 (Reuters) – Farmer Bill Pannbacker received a call earlier this month from a representative of TC Energy Corp, telling him that his Keystone pipeline, which runs through his farmland in the countryside of Kansas, had suffered an oil spill. But he was unprepared for what he saw on his land, which …

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