S&P Global Ratings has downgraded the ratings of several U.S. regional banks due to the challenges they are currently facing. The Federal Reserve’s tight control over monetary policy is putting strain on the funding, liquidity, and revenue of these banks. The impact of higher interest rates is leading to an increase in nonperforming assets, delinquencies, and charge-offs.
YouTube Partners with Universal Music Group to Promote Responsible AI in Music Industry
YouTube has unveiled its AI music principles in collaboration with major player Universal Music Group. Both YouTube and its music industry partners are committed to leveraging AI’s capabilities responsibly in the music domain.
Fintech Adviser Titan Fined for Misleading Crypto Claims
Titan Global Capital Management USA LLC has agreed to pay over $1 million to settle charges brought by the U.S. Securities and Exchange Commission (SEC). The charges pertain to misleading statements made by Titan about performance metrics and the custody of clients’ crypto assets.
Teva Pharmaceutical Settles Price-Fixing Charges
Teva Pharmaceutical Industries Limited will pay $225 million in criminal fines to settle charges related to price fixing of three medications. This is the largest fine ever for a domestic antitrust case.
Appeals Court Upholds Dismissal of Lawsuit Against Spirit AeroSystems
A U.S. appeals court has upheld the dismissal of a lawsuit against Spirit AeroSystems Holdings Inc. The lawsuit accused Spirit of concealing information from investors regarding production reductions of Boeing’s 737 MAX after the tragic crashes in 2018 and 2019.
FDA Approves Pfizer’s RSV Vaccine
The FDA has approved Pfizer’s Abrysvo vaccine, the first and only U.S. approval of a maternal vaccine to protect infants from respiratory syncytial virus (RSV) from birth to six months of age.
Apollo Funds Acquire Majority Stake in Composite Advanced Technologies
Apollo Global Management Inc has acquired a majority interest in Composite Advanced Technologies Inc, a provider of compressed natural gas and hydrogen transportation and storage solutions in the U.S.
Canadian Prime Minister Criticizes Meta Platforms Inc
Canadian Prime Minister Justin Trudeau has criticized Meta Platforms Inc for blocking news articles on Facebook during a time when Canada is dealing with devastating wildfires.
Microsoft Presents Revised Proposal for Activision Blizzard Acquisition
After facing regulatory challenges, Microsoft has presented a revised proposal to acquire Activision Blizzard Inc.
Retailers with Pharmacy Businesses Benefit from Weight Loss Industry Boom
Major retailers with pharmacy businesses, such as Walmart, Kroger, and Rite Aid, are seeing increased sales due to the rising demand for prescription weight loss drugs. However, profitability for retail pharmacies in this sector remains minimal.
Amazon Launches Fire TV Channels App to Compete with Netflix and Disney
Amazon has introduced the Fire TV Channels app, offering over 400 free ad-supported TV channels for Fire TV users. This move puts Amazon in direct competition with streaming giants Netflix and Disney.
Meta Platforms Launches Non-Personalized Content Streams in Compliance with DSA
Meta Platforms Inc has launched non-personalized content streams for users within the European Union to comply with the Digital Services Act.
Healthcare Software Firm Waystar Readies for IPO
Waystar Inc, a provider of financial management software for hospitals and medical practices, is preparing for an initial public offering (IPO) that could value the company up to $8 billion.
Baidu Reports Strong Q2 Earnings
Baidu Inc has reported a second-quarter revenue growth of 15% year-on-year, beating expectations.
Macy’s Posts Better-Than-Expected Q2 Earnings
Macy’s Inc has reported higher-than-expected earnings for the second quarter, although sales declined. The company warns of persisting macro uncertainty.
BJ’s Wholesale Club Beats Earnings Estimate, but Revenue Misses
BJ’s Wholesale Club Holdings Inc reported better-than-expected earnings for the second quarter, but revenue missed expectations, reflecting a shift in consumer behavior.
– New York Post