By Alice Seeley British Bank Barclays announced on March 28 it would buy back structured notes at a loss of $591 million after it exceeded the U.S. limit on sales of structured products. The error occurred over "approximately one year," Barclays stated. As a result, Barclays also announced that it would delay a $1.3 billion share buyback planned for this quarter. [...]
By Alice Seeley Grocery delivery service Instacart announced on March 23 that it would cut its valuation from $39 billion to $24 billion. Instacart cut its 409a valuation, an internal accounting measure used to price employee stock. This move does not affect the company’s plan to go public. In March 2021, Instacart was one of the most valuable venture-backed American [...]
By Alice Seeley The National Highway Traffic Safety Administration announced that Tesla is recalling 947 vehicles in the United States due to the rearview image not immediately displaying when vehicles begin to reverse. This delayed rearview camera image reduces the driver's rearview and increases the risk of a crash. Discussion concerning consumer complaints about the delayed rearview image [...]
By Alice Seeley The CEOs of 10 major American airlines have signed a letter to President Joe Biden requesting he end the transportation mask mandate and testing requirements for international travelers. After almost two years of strictly enforced mask mandates on planes and punishing travelers who do not comply, airlines are tired of the restrictions and want [...]
By Alice Seeley In February, monthly rent reached a record high. The average apartment is now $283 more expensive per month than two years ago. The national average rent was $1,792 last month, a 17% increase from a year ago. February marked the seventh-straight month of rent increasing by double-digit percentages. This increase is due to an increase in [...]
By Alice Seeley Alaska Airlines is in such desperate need of flight attendants that it is offering double pay to staff that picks up extra trips this spring. The double pay will go into effect once the flight attendant works more than 100 trips per pay in a month. Each trip is generally calculated based on [...]
By Alice Seeley On Monday, March 21, Pfizer Inc announced a voluntary recall of six lots of the blood pressure medication Accuretic and two generic versions of Accuertic that were distributed through the U.S. and Puerto Rico from November 2019 to March 2022. Accuertic is prescribed to treat hypertension to reduce the risk of cardiovascular events, primarily strokes and myocardial infarctions. [...]
By Alice Seeley As oil prices continue to increase with all Russian oil and gas imports banned in the U.S., American energy producers warned that ramping up U.S. oil production to combat rising prices may be easier said than done. "It's not just turning a switch like they think," President of the Louisiana Oil and [...]
By Alice Seeley Last week, PayPal and Venmo announced that they are increasing fees for crypto transactions under $200. The pricing adjustments are an effort to provide investors with more transparency, according to the companies. “In an effort to streamline our existing pricing structure, we will be introducing a flat-fee structure for cryptocurrency transactions (buying [...]
By Alice Seeley Last week, Amazon acquired MGM movie and television studio for $8.5 billion, adding 4,000 films to its online streaming platform. The completion of the acquisition has been anticipated since Amazon announced the deal in May 2021. MGM owns a few massive film franchises, including the Rocky, The Silence of the Lambs, and James Bond [...]
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