Florida judge has dismissed Walt Disney Co's solicitation to excuse a claim filed by an oversight district, potentially complicating Disney's own legal battle against Governor Ron DeSantis. The oversight district's lawsuit aims to nullify "private cabin bargains" that were brokered between Disney and a previous district board earlier this year. If these arrangements are...
In a rare display of unity, both parties in the U.S. Congress have introduced legislation aimed at curbing stock trading by government officials and their relatives. The "Ban Stock Trading for Government Officials Act," modeled after the previously implemented Stop Trading on Congressional Knowledge (STOCK) Act, seeks to prevent insider trading among members of...
Chevron Corp has reported impressive second-quarter earnings that exceeded Wall Street's expectations. The energy giant announced a robust net profit of $6 billion for the quarter ending June 30, solidifying its position in the market. With an adjusted profit per share of $3.08, the company outperformed the consensus estimate of $2.97 per share, showcasing...
Cuba's economy is facing significant challenges, with the growth rate projected to be less than 2% in 2023, marking a troubling eight percentage points below pre-pandemic levels. Agriculture, mining, and manufacturing sectors are among the hardest hit, experiencing substantial declines in production. Compared to 2019, agriculture has witnessed a staggering downturn of 34.9%, while manufacturing...
Blackstone Inc. has surpassed $1 trillion in assets under management, achieving the feat three years ahead of the company's initial goal set in 2018 and firmly solidifying Blackstone's position as an industry trailblazer. Co-founded in 1985 by CEO Stephen Schwarzman with a meager $400,000 in capital, Blackstone's rise to managing over $1 trillion in assets...
Deutsche Bank and its U.S. affiliates find themselves facing a significant fine of $186 million imposed by the Federal Reserve. The penalty stems from the bank's failure to address critical issues related to money laundering controls, as well as other concerns that had been previously identified by the central bank. Deutsche Bank's regulatory struggles have...
Meta has announced the commercial release of Llama 2, the new iteration of its open-source AI model. The decision offers a cost-effective alternative to the proprietary models from industry giants OpenAI and Google, potentially shaking up the AI landscape. Llama 2, which builds on the success of its predecessor, will be accessible through Microsoft's Azure...
In a legal clash with far-reaching implications for the electric vehicle industry, Tesla has taken Cap-XX, an Australian company, to federal court in Texas. The lawsuit alleges that Cap-XX's supercapacitors, crucial for energy storage in electric vehicle batteries, infringe on two U.S. patents owned by a Tesla subsidiary. The genesis of Tesla's legal action can...
Kia Motors has announced a substantial investment of over $200 million in its Georgia assembly plant. This major development will enable the production of the highly anticipated EV9 electric SUV, with operations slated to commence as early as next year. The decision to manufacture the EV9 at the West Point plant in Georgia comes as...
The Royal Bank of Canada (RBC) has announced an extension to the consultation period for its proposed acquisition of HSBC's Canadian unit. The 15-day extension comes as a result of a technical error that prevented the Finance Department from receiving some submissions via email. As a result, stakeholders now have until July 21st to...
