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Coinbase

Business & Lifestyle

Coinbase to lay off more than 900 employees

Coinbase, the first crypto exchange to be publicly traded, blamed "market conditions" for its move and said it will incur $149 million to $163 million in restructuring efforts, including severance packages and termination benefits. SAN FRANCISCO (UPI) -- Coinbase, one of the world's top cryptocurrency trading platforms, announced Tuesday it will be laying off more than 900 workers in the face of slowing global interest in digital currencies. The company, the first crypto exchange to be publicly traded, blamed "market conditions" for its […]

todayJanuary 12, 2023 25

Samsung

Business & Lifestyle

Samsung announces disappointing 3Q results

JH Han, vice chairman and CEO of Samsung, speaks on stage during the Samsung press conference at the 2022 International CES, at the Mandalay Bay Convention Center in Las Vegas January 4. SEOUL (UPI) -- South Korea's Samsung Electronics announced Friday that its third-quarter operating profit is expected to be $7.66 billion, down a whopping 31.7% from a year ago. It's the lowest profitability level for the company since the first quarter of 2021 and falling short of the $8.3 […]

todayOctober 12, 2022 17

Illinois American Water Villa Grove

Business News

Villa Grove sells water, wastewater systems

Systems sold to Illinois American Water for $11 million

VILLA GROVE -- Illinois American Water (IAW) announced on September 22 the acquisition of Villa Grove's water and wastewater systems. The newly acquired systems add approximately 1,489 water and 1,069 wastewater customers to the Company’s eastern Illinois service area. The purchase was at the cost of $11 million. “Our team is excited to serve our new customers in Villa Grove and expand our footprint in Douglas County,” said IAW president Justin Ladner. “Since 2020, we have had the privilege of […]

todayOctober 3, 2022 40

1GWBZe

Business & Lifestyle

Kraken announces leadership succession plan

CHEYENNE, Wyo. (Business Wire) -- Kraken, one of the world’s leading crypto platforms, today announced that COO Dave Ripley will succeed co-founder and CEO Jesse Powell. Powell will become chairman of the board of directors. Ripley will assume the role of CEO after Kraken completes a COO search. “Dave’s proven leadership and experience give me great confidence that he’s the ideal successor. [He is] the best person to lead Kraken through its next era of growth,” said Powell. “I look […]

todaySeptember 21, 2022 14

Federal Reserve Jerome Powell

Business & Lifestyle

Federal Reserve raises interest rate by 0.75%

Federal Reserve Chairman Jerome Powell and members of the Federal Open Markets Committee voted Wednesday to raise the benchmark interest rate by 75 basis points. WASHINGTON (UPI) -- The Federal Reserve raised its benchmark interest rate by 0.75% Wednesday in its latest move to fight the highest inflation in 40 years. The highly anticipated move boosts the federal funds rate to the range of 3% to 3.25% after it remained near zero as recently as March. The Federal Open Market […]

todaySeptember 21, 2022 24

Dow Jones U.S. markets

Business & Lifestyle

Dow stabilizes after worst sell-off since 2020

The Dow Jones Industrial Average closed up 30.12 Wednesday following the worst sell-off in two years. NEW YORK (UPI) -- U.S. stocks stabilized Wednesday right before the close in an up-and-down trading session following the biggest single-day sell-off in more than two years. After dropping more than 200 points during the final hour of trading, the Dow Jones Industrial Average finished the day up 30.12 to close at 31,135.09. The NASDAQ rose 0.7%, while the S&P 500 added 0.3%. Energy […]

todaySeptember 14, 2022 17

stocks business financial

Business News

Stocks slide for third straight week

Traders work on the floor of the NYSE before the opening bell at the New York Stock Exchange on Wall Street in New York City on August 19. Stocks fell for a third straight week Friday. NEW YORK (UPI) -- U.S. markets posted their third straight weekly loss, falling Friday despite a solid August jobs report. The Dow Jones Industrial Average finished 337.98 points or 1.1% lower at 31,318.44. The S&P 500 also fell 1.1%, and the NASDAQ Composite declined […]

todaySeptember 2, 2022 14

Snapchat Biometric Information Privacy Act Illinois

Business News

Snapchat to pay millions after settlement

Settlement relates to violation of state's Biometric Information Privacy Act

WHEATON, Ill. (The Center Square) – Another social media company has settled out of court after allegations it violated Illinois’ strict biometric laws. The parent company that owns Snapchat agreed to pay $35 million but denied any wrongdoing.  At the heart of the issue is Snapchat’s photo filter feature. Each time a user takes a selfie or uses a filter, that person’s facial features are scanned.  Ed Yohnka, director of communications with the ACLU of Illinois, has previously said the state’s […]

todayAugust 23, 2022 17

Rivian Illinois

Automotive News

Rivian subcontractors to pay overtime wages

Penalties to total roughly $315,000

SPRINGFIELD (The Center Square) – Subcontractors for an Illinois-based electric vehicle maker have settled with the state over back overtime wages.  Illinois Attorney General Kwame Raoul announced a consent decree with construction subcontractors building a new production line for Rivian Automotive Inc. in Normal. The settlement requires two subcontractors to pay over $300,000 in back wages and penalties to resolve allegations that they failed to pay Mexican laborers overtime wages.  The consent decree Raoul filed requires China-based Guangzhou MINO Equipment Co. […]

todayAugust 23, 2022 43

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