Theranos founder Elizabeth Holmes and former COO Ramesh Balwani were charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. Office of the US Attorney for the Northern District of California Allegations has accused Holmes of defrauding investors,doctors and patients. Conviction could result in 20 years in prison and […]
Category: Business
Tesla CEO Elon Musk said that beginning this week Tesla will lay off about 9% of its employees due to redundancies in some job functions. The layoffs would primarily affect salaried employees, sparing production-line workers as the company ramps up Model 3 production. Tesla would continue to hire for important roles, particularly those involved in […]
Bitcoin tumbled more than 10 percent over the weekend to its lowest in two months, after Coinrail, a relatively small South Korean cryptocurrency exchange, tweeted over the weekend that it was hacked and noted that lesser-known cryptocurrencies such as Pundi X were among those affected. The decline followed a report on Friday from The Wall […]
HondaJet has unveiled HondaJet Elite, the upgraded version of its original jet. While the original HondaJet could fly about 1,407 miles without stopping, the Elite adds another 246 miles to its total range, an increase of about 17 percent. The company has improved upon the cabin comfort of the original design and reduction of high-frequency […]
Bayer launched a $7 billion rights issue on Sunday for its $62.5 billion takeover of seeds maker Monsanto. Bayer is set to close the transaction on June 7. With this deal, Bayer will create an agricultural supplies giant with sales of about 20 billion euros in comparison to about 12.4 billion euros at DowDuPont’s Corteva […]
Malaysia has set up a fund called Malaysia Hope Fund for the public to donate cash to help the new government repay the national debt of $250.8bn. The finance ministry provided the name of a local bank and an account number for contributions which it said must be made in local currency. Malaysian Prime Minister […]
Nikesh Arora, the former chief business officer at Google, has been named CEO and chairman of Palo Alto Networks which sells firewalls and other tools to prevent incursions of corporate networks by malicious elements. Arora replaces executive Mark McLaughlin who becomes vice chairman of the cybersecurity company. Arora said that he was attracted to the […]
The Trending news box to the right of the desktop News Feed in Facebook will be removed next week after years of criticism around how Facebook picked stories for the Trending box and the reliability of news being distributed. Other ways to deliver news are being tested including breaking news labels and a section displaying local […]
Visa says its service is close to normal after a system failure that left customers across Europe unable to make purchases. The company apologized and said that the hardware failure wasn’t due to unauthorized access or malicious event. Shoppers had reported being stuck in queues and a Visa spokesman said that the system failure had […]
Warren Buffett’s proposal of investing $3 billion in Uber Technologies Inc. fell apart due to disagreements over the terms and size of the deal. Under the proposed agreement, Berkshire Hathaway would have provided a convertible loan to Uber that would have protected Buffett’s investment during financial difficulty. During negotiations, Uber Chief Executive Officer Dara Khosrowshahi proposed […]