Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.File under: huge if true. A group of Wall Street traders maliciously discounted the stock price of a Maryland biotechnology company with a promising new brain cancer vaccine, seeking the marginal profits that could be made by buying the stock cheap and selling it back to the market.That, at least, was the claim made by Northwest Biotherapeutics in a lawsuit filed against seven broker-dealers including Virtu and Ken Griffin's Citadel Securities in late 2022. It accused the companies of “repeated spoofing” by…
Author: ricardofrancois
State regulators on Friday gave Waymo the green light to expand into Los Angeles and San Mateo counties, paving the way to launch a driverless taxi service in the coming months.It's yet to be determined exactly when Waymo services will be available in Los Angeles, but the decision by the California Public Utilities Commission will open the streets of America's second-largest city to a fleet of self-driving vehicles — even as self-driving cars continue to emerge. It has been the subject of safety concerns and some public criticism. Waymo, formerly known as Google's self-driving car project, is owned by Google's…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Two of the UK's largest fund managers have begun using corporate bonds to support their government bond trades, aiming to bolster their portfolios in the face of the sharp moves that rocked the UK government bond market in September 2022.Last month, Citigroup began accepting corporate credit from BlackRock and Schroders as collateral for trades in the repos – or buyback – market to build its defenses against future shocks.Investors widely use the market as a liquidity-light vehicle to enhance exposure to bonds,…
As the St James's Place share price began to fall by almost a third on Wednesday morning, shareholders could have been forgiven for feeling like they'd been seen before. For the third time in less than 12 months, a profit warning has knocked a significant amount of value from the FTSE 100 wealth management index.This week's decline was driven by a surprise one-off provision of £426 million relating to refunds to potential customers. This pushed SJP to a pre-tax loss of £4.5m for 2023, down from a pre-tax profit of £504m in 2022. This was not an ideal first set…
New York – A Venezuelan man who became the subject of national attention for allegedly kicking a police officer in New York's Times Square, then flipping over news cameras on his way out of court, was acquitted of any wrongdoing on Friday after prosecutors concluded that he played no role in the attack. . Clearance of the Manhattan District. Atty. Alvin Bragg came weeks after Joan Boada, 22, was vilified as the “arrogant” face of a Jan. 27 altercation between immigrants and New York City police officers that sparked a political uproar. He was featured prominently in a pro-Donald Trump…
A Tesla vehicle drives past an electric vehicle (EV) maker's store in Beijing, China on January 4, 2024. Florence Lou | ReutersTesla The US electric car company unveiled new incentives, including insurance subsidies, on Friday to attract consumers in the world's largest car market, where the US electric car giant is locked in a long price war against entrenched rivals such as BYD.Tesla said in a post on its Weibo account that customers who will receive current inventory of Model 3 sedans and Model Y SUVs by the end of March will be entitled to incentives of a maximum of…
Passengers board a Waymo electric vehicle with full self-driving technology in Santa MonicaAllen J. Chapin | Los Angeles Times | Getty Imagesalphabet The Waymo robotaxi unit has received approval from the California Public Utilities Commission to expand service to parts of Los Angeles and the Bay Area, according to a notice posted on the regulator's website on Friday.“Waymo may begin driverless ride-hailing operations in select areas in Los Angeles and the San Francisco Peninsula, starting today,” the statement read.In mid-February, Waymo filed a voluntary recall notice with the National Highway Traffic Safety Administration, saying it would fix the software issues.…
A Los Angeles County jury found a sheriff's deputy not guilty of perjury this week, more than two years after prosecutors accused him of lying in court.In 2019, Deputy Kevin Honea testified that he personally recovered a stolen gun from the front seat of a car, but prosecutors said video showed another deputy found the gun inside a bag in the trunk. At the time, Los Angeles County Sheriff's Department officials defended Honea, saying he was “off-handed” but did not lie. On Friday afternoon, after more than a week of trial, the jury agreed.Stephen Alvarado, Honea's attorney, called the ruling…
Check out the companies making headlines before the bell. New York Community Bancorp – Shares fell more than 20% after the regional bank revealed Thursday evening that it had found problems with its “internal controls.” NYCB also announced a change in CEO, effective immediately. Goodrx – Shares added 5.4% after JPMorgan upgraded the digital healthcare platform to overweight from neutral, saying concerns about changing the pharmacy reimbursement model are overblown. GoodRx's 2024 guidance is a positive inflection point and evidence of credibility, the company added. . Dell – Shares rose 26% in premarket trading after the PC maker reported fourth-quarter…
Waymo received approval Friday afternoon from the California Public Utilities Commission to operate a commercial robotaxi service in Los Angeles, the San Francisco Peninsula and on San Francisco freeways. The approval removes the final hurdle for Alphabet to charge for flights in these expanded areas. More importantly, it opens up a new territory for Waymo in one of the country's largest cities and opens a route to San Francisco International Airport, which is located south of the city. Waymo has operated commercial service 24 hours a day, seven days a week throughout San Francisco since receiving commission approval in August.…