Author: Financial Reporter
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Meta Fined €1.2 Billion by EU Regulators for Transferring Facebook User Data to US Servers in Violation of GDPR
Meta, formerly known as Facebook, has been fined a record-breaking €1.2 billion ($1.3 billion) by European Union regulators for violating EU privacy laws by transferring the personal data of Facebook users to servers in the United States.[0] The Irish Data Protection Commission cited the fact that Meta’s continued data transfers to the US did not…
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Week in Review: Volatility in Asian Markets Amidst Economic Data and Fed Comments
Asian markets remained volatile over the past week, with most currencies and stocks moving in a flat-to-low range. The dollar strengthened against most Asian currencies due to hawkish comments from Federal Reserve officials, raising concerns over slowing economic growth. However, the dollar retreated when Federal Reserve Chair Jerome Powell presented a less hawkish outlook than…
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China warns against purchasing Micron Technology products due to cybersecurity risks
China has warned operators of key infrastructure against buying products from Micron Technology, citing “relatively serious” cybersecurity risks in the US-based company’s goods sold in the country. The Cyberspace Administration of China said Micron’s products posed a major security risk to the country’s critical information infrastructure supply chain, adding that they caused “significant security risks…
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James Gorman to Step Down as Morgan Stanley CEO: Who Will Succeed Him?
James Gorman, the CEO and chairman of Morgan Stanley, has announced his intention to step down from his role and transition to executive chairman within the next 12 months. Gorman has been at the helm of the bank since 2010 and has overseen a major strategic overhaul that has transformed Morgan Stanley into a wealth…
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Disgraced Theranos Founder Elizabeth Holmes Ordered to Report to Prison by May 30
Elizabeth Holmes, the disgraced founder of blood-testing startup Theranos, has been ordered to report to prison by May 30, after her last-minute attempt to delay her sentence was denied by an appeals court. Holmes was convicted in January of four counts of defrauding investors but not patients, and was sentenced to 11 years and three…
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Morgan Stanley CEO James Gorman to Step Down: Three Potential Candidates in the Running
James Gorman, the long-serving CEO and chairman of Morgan Stanley, has announced that he will step down as CEO within the next year and transition to executive chairman.[0] Gorman has led the bank since 2009, taking the reins in the aftermath of the 2008 financial crisis. Under his leadership, Morgan Stanley has undergone a major…
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Federal Judge Orders American Airlines and JetBlue to Terminate Northeast Alliance Partnership
American Airlines and JetBlue have been ordered by a US federal judge to terminate their partnership, which covers flights across the northeastern US.[0] The partnership, called the Northeast Alliance, was designed to allow the two airlines to better compete in the region against rivals such as Delta Air Lines and United Airlines. However, the US…
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Federal Judge Orders Dissolution of American Airlines and JetBlue Airways’ Northeast Alliance Partnership for Antitrust Violations.
American Airlines and JetBlue Airways have been ordered to dissolve their Northeast Alliance partnership by a federal judge, who agreed with antitrust enforcers that the alliance would reduce competition and hike fares for consumers.[0] The Northeast Alliance was formed by the airlines in 2020 with authorisation from the Department of Transportation to “increase competition”, and…
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Federal Reserve Divided on Interest Rate Hike in June Amidst Banking Stress
The Federal Reserve is divided over whether or not to raise interest rates at its next meeting in June.[0] Some members of the Federal Open Market Committee (FOMC) are advocating for another hike to ensure that inflation remains subdued, while others are open to holding the rate steady to assess whether the previous hikes have…
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Morgan Stanley CEO James Gorman to Step Down, Three Internal Candidates Identified as Potential Successors
Morgan Stanley’s CEO, James Gorman, has announced that he will step down from his role within the next year, to be replaced by three strong internal candidates.[0] Gorman, who has been at the helm of the company for 13 years, has overseen the transformation of the bank into a wealth management giant in the aftermath…