Tech News

Lawsuits pile up over Credit Suisse bonds write-down

Switzerland's justice authorities said Tuesday that 230 complaints had been filed over a decision by financial regulators to cut the value of high-risk Credit Suisse bonds to zero, to facilitate the stricken bank's takeover by UBS. Switzerland's biggest bank bought out its rival for $3.25 billion on March 19, under strong pressure from the regulators FINMA, the government and the central bank, to prevent Credit Suisse from collapsing.. And on Monday, Britain's Financial Times newspaper said employees also wanted to file a complaint against the regulator following the cancellation of bonuses linked to the bonds.

Tue, May 23, 2023 2 mins read

Tech News

Netflix expands password-sharing crackdown worldwide

Netflix on Tuesday expanded its crackdown on users sharing passwords with people beyond their immediate family as it seeks to shore up revenue at the leading streaming television service.. But there is also the risk that people no longer getting Netflix free will opt to "glom onto their friends' and families' Prime Video, Disney+, or Max instead," Benes said, referring to rival streaming services.

Tue, May 23, 2023 2 mins read

Tech News

Israelis march against budget 'looting' for ultra-Orthodox Jews

Thousands of Israelis on Tuesday protested the allocation of funds to ultra-Orthodox Jews in the government's proposed state budget.. Opposition head Yair Lapid said the budget was "destructive" as it included monies to ultra-Orthodox Jews that discourage them from taking a more active part in Israeli economy.

Tue, May 23, 2023 2 mins read

Tech News

Netflix expands password-sharing crackdown worldwide

Netflix on Tuesday expanded its crackdown on users sharing passwords with people beyond their immediate family as it seeks to shore up revenue at the leading streaming television service.. The streaming television giant told financial analysts recently that it had delayed a broad crackdown on sharing of account passwords "to improve the experience for members."

Tue, May 23, 2023 1 mins read

Tech News

Uber taps into self-driving tech of former rival Waymo

Google-owned Waymo on Tuesday said it will put its self-driving car technology to work for Uber in a partnership between the one-time rivals.. Uber sold its autonomous car division in 2020 to Aurora in a deal that gave the ride-hailing giant a stake in the startup developing self-driving technology, the companies said at the time.

Tue, May 23, 2023 1 mins read

Tech News

EU battles in court to overturn Apple tax bill ruling

Apple and Brussels butted heads in a top EU court on Tuesday as the bloc battled to overturn a ruling against its whopping 13-billion euro order on the iPhone-maker to pay Ireland in back taxes.. The landmark case remains one of the most bitter between the European Commission and a big tech firm, dating back to 2016 when the EU's executive arm accused Ireland of allowing Apple to escape 13 billion euros ($14 billion) in taxes between 2003 and 2014.

Tue, May 23, 2023 1 mins read

Tech News

JPMorgan Chase invests $200 mn on carbon removal

JPMorgan Chase announced Tuesday it has signed long-term agreements to purchase $200 million worth of carbon dioxide removal, saying the investment would boost a key emerging climate change solution.. Under one of the projects announced Tuesday, JPMorgan signed a nine-year agreement with Climeworks to deliver 25,000 metric tons of carbon removal.

Tue, May 23, 2023 1 mins read

Tech News

IMF forecasts UK economic growth in major U-turn

The IMF on Tuesday delivered a major U-turn on its forecast for the UK economy, saying it expected growth this year just one month after predicting a contraction.. Separately Tuesday, the Bank of England -- which already predicted the UK would avoid recession this year following its own U-turn -- admitted it had made errors over forecasting British inflation.

Tue, May 23, 2023 3 mins read

Tech News

US debt talks to resume after 'productive' Biden-McCarthy meeting

Negotiations to avert a catastrophic US debt default look set to go to the wire, with talks resuming Tuesday after President Joe Biden and the Republican speaker of the House failed to reach agreement ahead of a June 1 deadline. . Both Biden and House Speaker Kevin McCarthy described Monday's talks as "productive," but said disagreement remained on key issues. 

Tue, May 23, 2023 2 mins read

Tech News

US new homes sales surged to high in April

New home sales in the United States defied expectations in April to reach a one-year high, the Commerce Department said Tuesday, fueled by increases in the south and the Midwest. . New home sales cratered in the northeast in April, but were offset by a sharp increase in the south and Midwest, where sales rose by 17.8 and 11.8 percent respectively, month-on-month.

Tue, May 23, 2023 1 mins read