Business

New York sues to shut down ‘fraudulent’ Coinseed crypto platform

New York’s attorney general filed a lawsuit on Wednesday to shut down the cryptocurrency platform Coinseed Inc for allegedly defrauding thousands of investors, including by charging hidden trading fees and selling “worthless” digital tokens. Attorney General Letitia James said Coinseed traded cryptocurrencies such as bitcoin without registering as a broker-dealer, and sold “CSD” tokens without […]

Business

Melvin’s Plotkin says fund follows rules; GameStop frenzy “humbled” him

Gabriel Plotkin will on Thursday explain his hedge fund’s massive losses in the GameStop trading frenzy, and he plans to tell U.S. lawmakers that Melvin Capital Management follows securities laws, does not manipulate stocks and conducts extensive research before making bets. Plotkin, long one of the hedge fund industry’s most admired traders, became one of […]

Business

Microsoft says Teams app technical issue mostly resolved

Microsoft Corp said it had mostly resolved the technical issue that delayed message delivery on its widely used Teams workplace messaging app earlier on Wednesday. The glitch, which was caused by a potential networking issue, affected users in the Americas, the company had said. “We’re monitoring the service to ensure full restoration and will take […]

Business

Facebook blocks news content in Australia as it blasts proposed law

Facebook Inc will block news content from being read and shared in its news feed in Australia, drawing a line in the sand against a proposed Australian law that would require it and Alphabet Inc’s Google to pay the country’s news publishers for content. The move, announced in a blog post on Wednesday, represents a […]

Business

U.S. antitrust enforcers seen extending review of Lockheed’s deal for Aerojet

Antitrust regulators will likely lengthen their investigation into Lockheed Martin Corp’s proposed purchase of rocket maker Aerojet Rocketdyne Holdings Inc, industry executives said, since the deal would give the No. 1 defense contractor ownership of a vital piece of the U.S. missile industry. The $4.4 billion dollar deal, announced late last year, has raised eyebrows […]

Business

Nasdaq ends lower as tech slides; inflation concerns weigh

The Nasdaq closed lower while the S&P 500 was little changed on Wednesday as investors rotated out of technology shares and concerns about inflation added some pressure on stocks. The Dow Jones Industrial Average rose, however, aided in part by gains in shares of Verizon Communications Inc and Chevron Corp. Those stocks gained after Warren […]

Business

GameStop fan ‘Roaring Kitty’ to tell Congress: ‘I like the stock’

“In short, I like the stock.” That is the key takeaway for Reddit’s Wallstreetbets army of retail traders to upcoming testimony to Congress from Gamestop super-bull Keith Patrick Gill. The 34-year-old from Massachusetts who became the Pied Piper in a massive GameStop rally fueled by a Reddit discussion group will tell a Congressional hearing on […]