Streetbeat News

Regulatory

SPY

TSLA

Elon Musk, CEO of Tesla, has criticized the Federal Trade Commission (FTC), stating that its overreach has gone 'absurdly far' beyond the legal mandate granted by Congress.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 2:48 pm

EDEN

EFNL

ENOR

EWD

SPY

U.S. President Biden has concluded a very productive U.S.-Nordic summit, according to Reuters. The details of the discussions and outcomes of the summit were not disclosed in the article.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 2:45 pm

FREY

Trading of FREYR Battery shares has been halted due to pending news.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 2:44 pm

The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has cited Dollar General for eight violations at its Tampa stores, proposing penalties of $342,282. This continues a pattern of safety violations by the company, which has faced over $21 million in proposed penalties since 2017. Dollar General has contested the findings.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 2:32 pm

BYDDY

NIO

TSLA

XPEV

Nio's CEO, William Li, has questioned the barriers faced by Chinese companies in the US market, despite Tesla's CEO Elon Musk receiving favorable treatment in China. Nio, along with other Chinese electric vehicle startups like BYD and XPeng, are expanding globally. Nio's shares were down 0.54% to $11.10.

Portfolio Pulse from Shanthi Rexaline

July 13, 2023 | 2:17 pm

ADBE

AMZN

GOOG

HYMTF

MDT

META

PEP

SONY

TSLA

VSAT

XOM

Several companies have made significant announcements. Meta Platforms is preparing to launch a commercial version of its AI model, competing with Microsoft and Alphabet. Viasat shares dropped after an unexpected event during satellite deployment. The UK's CMA is investigating Adobe's $20B acquisition of Figma. PepsiCo reported better than expected Q2 earnings. Exxon Mobil is acquiring Denbury for $4.9B. Hyundai's Kia is investing $200M in a Georgia facility. Medtronic is facing a whistleblower lawsuit alleging a bribery scheme. The FDA is reviewing an energy drink founded by YouTube stars. Google is launching its AI chatbot, Bard, in Europe and Brazil. The NLRB filed a complaint against Amazon. Tesla plans to sell a $1,670 electric quad bike for children in China. JD.com is developing AI applications. Carlyle Group and Trustar Capital plan to exit part of their stakes in McDonald's China. Sony is ramping up R&D spending in its game business.

Portfolio Pulse from Vandana Singh

July 13, 2023 | 2:10 pm

BTCUSD

ETHUSD

SPY

The Federal Trade Commission (FTC) has announced that Celsius and its affiliates have agreed to a judgment of $4.7 billion. This judgment will be suspended to allow Celsius to return remaining assets to consumers. The FTC has also permanently banned Celsius Network from handling consumers' assets and charged three former executives.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 1:56 pm

BTCUSD

ETHUSD

SPY

The Federal Trade Commission (FTC) has reached a settlement with cryptocurrency platform Celsius Network over allegations of duping consumers into transferring their cryptocurrency into the platform. Former executives of Celsius are also charged with squandering billions in user deposits.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 1:55 pm

CELUSD

LUNAUSD

Alex Mashinsky, the former CEO and co-founder of the now-defunct cryptocurrency lender Celsius (CRYPTO: CEL), was arrested following a Department of Justice inquiry into the company's downfall. The Securities and Exchange Commission (SEC) has filed a lawsuit against Mashinsky and Celsius for securities fraud. The Commodity Futures Trading Commission and Federal Trade Commission have also taken legal actions. The collapse of the TerraUSD (CRYPTO: LUNA) stablecoin and a downturn in the digital-asset markets left Celsius with a significant deficit, leading to its inability to handle customer withdrawal requests.

Portfolio Pulse from Murtuza Merchant

July 13, 2023 | 1:51 pm

BTCUSD

ETHUSD

SPY

The U.S. Federal Trade Commission (FTC) has filed a lawsuit against Celsius Network and its founder, Alex Mashinsky. The details of the lawsuit are not yet disclosed.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 1:45 pm