Tuesday, May 21, 2024

AP morning business news summary – May 30, 2023

by BIZ Magazine

The day has arrived for Elizabeth Holmes to report to a Texas prison

Disgraced Theranos CEO Elizabeth Holmes on Tuesday will be moving to her new home —-a federal prison where she has been sentenced to spend the next 11 years for overseeing a blood-testing hoax that became a parable about greed and hubris in Silicon Valley. The judge who sentenced the 39-year-old Holmes recommended that she be incarcerated in a prison camp located in Bryan, Texas. Once she enters prison, Holmes will leave behind a nearly 2-year-old son and 3-month-old daughter that were born amid the hoopla surrounding her high-profile trial and conviction on four counts of fraud and conspiracy.

Prosecutors say Sam Bankman-Fried’s arguments to dismiss cryptocurrency charges are meritless

NEW YORK (AP) — New York prosecutors say Sam Bankman-Fried’s lawyers made meritless arguments in a bid to convince a judge to toss out criminal charges alleging that the FTX founder stole from investors in his multibillion dollar cryptocurrency fund. Prosecutors filed papers late Monday in Manhattan federal court. Their arguments responded to early-May filings in which Bankman-Fried’s lawyers insisted that the federal government overreached in its case against Bankman-Fried, making federal crimes out of regulatory issues. Bankman-Fried has been living with his parents in Palo Alto, California after posting a $250 million personal recognizance bond after his December extradition from the Bahamas.

LGBTQ+ activists call for new strategies to promote equality after Target backlash

RICHMOND, Va. (AP) — Activists in the LGBTQ+ community are calling for new ways to mobilize against threats to their long fight for equality. This comes after Target announced last week that it removed some products and relocated its Pride displays to the back of certain stores in the South after protestors confronted workers in stores. Activists have said new campaigns are needed to convince corporate leaders not to cave to anti-LGBTQ+ groups. Target is the latest company to face backlash over its support for the community. Nearly 500 anti-LGBTQ+ bills have been introduced in state legislatures around the country this year and at least 18 states have enacted laws restricting or banning gender-affirming care for transgender minors.

Crucial days ahead as debt ceiling deal goes for vote and Biden calls lawmakers for support

WASHINGTON (AP) — President Joe Biden says he “feels good” about the debt ceiling and budget deal negotiated with House Speaker Kevin McCarthy. Biden has been calling lawmakers before this week’s votes in Congress. The White House and congressional leaders are working to ensure passage in time to lift the nation’s borrowing limit and prevent a U.S. default. Some hard-right conservatives are criticizing the deal, while liberals decry new work requirements for older Americans in the food aid program. A key test will be Tuesday when the House Rules Committee considers the package. The full House is expected to vote Wednesday. Officials say the U.S. risks default June 5.

Stock market today: US futures mostly higher ahead of debt ceiling vote, oil falls again

Wall Street pointed mostly higher early Tuesday after President Joe Biden and House Speaker Kevin McCarthy reached an agreement on a deal to raise the U.S. national debt ceiling. Futures for the Dow were flat, while futures for the S&P 500 rose 0.7% before the bell Tuesday. Biden and McCarthy were working to gather votes needed to gain congressional approval of their deal to raise the U.S. national debt ceiling and avert a possibly devastating default. Biden has been calling lawmakers before this week’s votes in Congress. Chipmakers extended their gains from last week, while oil prices fell again.

UK government fights demand to hand over Boris Johnson’s messages to COVID-19 inquiry

LONDON (AP) — When Boris Johnson was U.K. prime minister, he established an independent inquiry into his government’s handling of the COVID-19 pandemic. Now the inquiry wants to see what Johnson wrote to other U.K. officials as the outbreak raged. But the government is fighting a demand to hand over the material. Inquiry chairwoman Heather Hallett has asked the government for full copies of Johnson’s WhatsApp messages and notebooks, after initially being given redacted versions. The government says it should not have to hand over material that is “unambiguously irrelevant” to the inquiry. Hallett, a retired judge, she says all the material is potentially relevant. She has extended until Thursday a deadline for the government to hand over the documents or face further action.

Central figure in German tax evasion scandal convicted in 2nd case

BERLIN (AP) — A central figure in a German tax evasion scandal has been convicted and sentenced to more than eight years in prison, the second verdict against him in the space of a few months. The Wiesbaden state court on Tuesday convicted German lawyer Hanno Berger of three counts of tax evasion and gave him a sentence of eight years and three months. In addition, it ordered the confiscation of nearly 1.1 million euros (nearly $1.2 million) of assets from Berger. Prosecutors accused Berger of involvment in complex “cum-ex” deals between 2006 and 2008 that led to unwarranted tax rebates of 113 million euros.

Why do Kosovo-Serbia tensions persist?

BELGRADE, Serbia (AP) — Tensions between Serbia and Kosovo have flared anew this weekend after Kosovo’s police raided Serb-dominated areas in the region’s north and seized local municipality buildings. There have been violent clashes between Kosovo’s police and local Serbs that have left dozens of people injured on both sides. Serbia raised the combat readiness of its troops stationed near the border and warned that it won’t stand by if Serbs in Kosovo are attacked again. The situation has again fueled fears of a renewal of the 1998-99 conflict in Kosovo that claimed more than 10,000 lives.

Tesla’s Musk meets Chinese foreign minister, who calls for ‘mutual respect’ in US-China relations

BEIJING (AP) — China’s foreign minister has met Tesla CEO Elon Musk and said U.S.-Chinese relations require “mutual respect” while touting the promise of the country’s electric vehicle industry. U.S.-Chinese relations are especially tense after Washington shot down a Chinese balloon that was believed to be gathering intelligence and warned Beijing against supplying arms to Russia for its war against Ukraine. Qin Gang said the two governments “need to keep the steering wheel in the right direction of mutual respect, peaceful coexistence and win-win cooperation.” He gave no details of steps to improve relations. Musk’s visit comes at a time when the ruling Communist Party is trying to revive investor interest in China’s slowing economy.

More businesses require teens to be chaperoned by adults, curbing their independence

PARAMUS, N.J. (AP) — For many teens, roaming shopping malls, hanging out at amusement parks, and watching a movie at a local theater with their peers have been long considered the rites of passage to adulthood. But in the recently, that independence has been curbed. An increasing number of malls, amusement parks and other public places where teens gather to meet their friends, have implemented policies just ahead of the summer requiring them to be accompanied by adult chaperones at least for certain times of the day. Requiring an adult chaperone is not new to some malls, but experts say there’s been a renewed push there, and the trend is now spreading to other types of establishments as businesses grapple with increasing rowdy teen behavior.

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