The former head of Nikola, a start-up making electric- and hydrogen-powered trucks, was found guilty of fraud on Friday for misleading investors about his company's alleged progress and capabilities in order to raise more money. . Prosecutors accused the entrepreneur of having exaggerated the number of orders placed and the company's ability to produce hydrogen and having lied about prototypes.
The G7 is still working on setting a price cap on Russian oil but enrolling more nations to the scheme is not necessary for it to succeed, US Treasury Secretary Janet Yellen said Friday.. Yellen said a broader coalition was not needed as the cap would be set by requiring Western financial services and insurance firms to abide by a maximum price in contracts for Russian oil shipments.
A lack of rainfall in the central United States has brought the mighty Mississippi River to its lowest depth in years, causing headaches for shippers and squeezing farmers who rely on the busy waterway to take their product to the Gulf of Mexico.. US Department of Agriculture (USDA) figures show that about two-thirds of US sea-based grain exports last year departed from the Gulf of Mexico, most often after being shipped by barge down the Mississippi River.
Leaks from a shadowy group of hackers targeting secret files held by the armed forces of several Latin American nations have fueled controversy in Mexico about the military's growing power.. In Chile, hackers exploited flaws in the computer systems of the Joint Armed Forces Command.
Large US banks reported a round of solid quarterly profits Friday, but cautioned of rising recession risks as the economy absorbs higher inflation and a dramatic shift is central bank policy.. Citi opted to set aside reserves in light of rising recession risk.
Grocery chain Kroger will acquire smaller rival Albertsons in a $24.6 billion transaction announced Friday that would create a supermarket giant but could face tough regulatory scrutiny.. But shares of both companies fell Friday as analysts cautioned that the transaction could face a tough once-over from Biden administration regulators, who have adopted a skeptical approach to large mergers.
Elon Musk said Friday his company SpaceX wouldn't be able to fund the Starlink satellite internet network over Ukraine indefinitely, amid reports he had asked the US military to cover the costs.. According to CNN, SpaceX documents sent to the Pentagon said Ukraine had asked for 8,000 more Starlink terminals in July.
British Prime Minister Liz Truss has had the shortest of political honeymoons since taking over from Boris Johnson.. Taking out the 10 days of mourning for Queen Elizabeth II, Truss had only a week in control of events before her political programme imploded, leading to the sacking of her finance minister.
JPMorgan Chase reported a drop in third-quarter profits Friday as it set aside funds for potential loan defaults and highlighted the rising risk of recession.. The results were dented by JPMorgan's move to add $808 million in reserves for potential bad loans.
British postal operator Royal Mail on Friday unveiled plans to axe up to 10,000 jobs, blaming the move partly on ongoing staff strikes that contributed to a first-half loss.. Royal Mail said full-year operating losses could increase to £450 million should "customers move volume away for longer periods" as a result of strike action.
