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Elon Musk takes witness stand to defend Tesla buyout tweets
SAN FRANCISCO (AP) — Elon Musk has taken the witness stand to defend a 2018 tweet claiming he had lined up the financing to take Tesla non-public in a deal that by no means got here near occurring. That tweet resulted in a $40 million settlement with securities regulators and a class-action lawsuit alleging he misled traders. The mercurial billionaire took the witness stand Friday on the third day of a civil trial in San Francisco that his lawyer unsuccessfully tried to maneuver to Texas, the place Tesla is now headquartered, on the premise that media protection of his tumultuous takeover of Twitter had tainted the jury pool.
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Google axes 12,000 jobs as layoffs unfold throughout tech sector
LONDON (AP) — Google is shedding 12,000 staff, changing into the newest tech firm to trim workers because the financial growth that the trade rode through the COVID-19 pandemic ebbs. The Silicon Valley large’s CEO Sundar Pichai shared the information Friday in an electronic mail to workers that was additionally posted on the corporate’s information weblog. He stated that the corporate has employed for “intervals of dramatic development” over the previous two years however that was a “totally different financial actuality than the one we face right now.” He stated the layoffs replicate a “rigorous evaluate” that Google carried out of product areas and capabilities.
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Inspections of Ukrainian grain ships halved since October
DAVOS, Switzerland (AP) — Inspections of ships carrying Ukrainian grain and different meals exports have slowed to half their peak fee beneath a U.N.-brokered wartime settlement. That’s created backlogs in vessels meant to hold provides to creating nations the place individuals are going hungry. Some U.S. and Ukrainian officers accuse Russia of intentionally slowing down inspections, which a Russian official denied. In accordance with figures that the operation’s Joint Coordination Heart in Istanbul supplied to The Related Press, common day by day inspections of ships each heading to and leaving Ukraine hit a peak fee of 10.6 in October. Since then, it’s been downhill, with 5.3 to this point in January.
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In soaked California, few householders have flood insurance coverage
ACAMPO, Calif. (AP) — As California begins to dry out from its current deluges, one stark actuality is coming into focus: Solely 230,000 houses and different buildings are insured in opposition to flooding in a state with about 39 million residents. That quantities to about 2% of properties. The federal authorities affords most of those insurance policies, with the non-public market selecting up just some extra. The numbers provide a perspective on the vulnerability of many individuals’s most vital asset at a time when storms in a altering local weather are capable of carry extra rain.
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Bankman-Fried’s legal professionals say automobile hit barricade exterior house
A automobile with three occupants not too long ago drove right into a barricade exterior the California house owned by Sam Bankman-Fried’s mother and father. It was an obvious try to achieve entry to the property the place the founding father of crypto trade FTX is beneath home arrest. Legal professionals for Bankman-Fried made the disclosure in a letter to U.S. District Courtroom Choose Lewis A. Kaplan who’s presiding over the legal case in opposition to Bankman-Fried. They cited the incident whereas arguing that unsealing the names of two people who signed Bankman-Fried’s $250 million bail bond might put their privateness and security in danger.
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US Treasury buys time for Biden and GOP on debt restrict deal
WASHINGTON (AP) — The Treasury Division says it has began taking “extraordinary measures” as the federal government has run up in opposition to its authorized borrowing capability of $31.381 trillion. Treasury Secretary Janet Yellen despatched a letter to congressional leaders Thursday urging them to behave to lift the debt restrict. Friction between President Joe Biden and Home Republicans is elevating issues about whether or not the U.S. can sidestep an financial disaster. Markets to this point stay calm, as the federal government can quickly depend on accounting tweaks to remain open. Meaning any threats to the financial system are a number of months away. However this specific second appears extra fraught than previous brushes with the debt restrict.
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Rally for tech shares helps soften Wall Avenue’s tough week
A rally for tech shares utilized some salve on Wall Avenue’s tough week, one dominated by worries a few weakening financial system. The S&P 500 rose 1.9% Friday, however nonetheless ended with its first weekly loss within the final three. The Nasdaq added 2.7% and the Dow rose 1%. Google’s father or mother firm rose after saying it was slashing bills by shedding staff. It’s the newest Large Tech firm to acknowledge increasing too shortly in recent times. Netflix surged after reporting a soar in subscribers. Markets largely fell this week on worries the financial system could not be capable to keep away from a painful recession.
J&J subsidiary to pay $9.75M to resolve kickback allegations
BOSTON (AP) — Federal prosecutors say a subsidiary of well being care firm Johnson & Johnson has agreed to pay practically $10 million to settle allegations that it violated federal and state legislation by offering free merchandise to a surgeon. Below the settlement with DePuy Synthes introduced Friday, the corporate accepts accountability for giving the surgeon devices for backbone surgical procedures within the Center East that have been meant to induce the surgeon to make use of the corporate’s merchandise in backbone surgical procedures carried out on Medicare and Medicaid sufferers in Massachusetts. The corporate in a press release stated it cooperated with the investigation and is dedicated to complying with all legal guidelines and laws.
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The S&P 500 rose 73.76 factors, or 1.9%, to three,972.61. The Dow Jones Industrial Common rose 330.93 factors, or 1%, to 33,375.49. The Nasdaq rose 288.16 factors, or 2.7%, to 11,140.43. The Russell 2000 index of smaller corporations rose 30.99 factors, or 1.7%, to 1,867.34.
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