Tag: business news

2024-09-27

Inside Southwest’s plan for its future

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Business

A Southwest Airlines Boeing 737-700 aircraft lands at Ronald Reagan Washington National Airport in Arlington, Virginia, on May 7, 2023. Nicolas Economou | Nurphoto | Getty Images DALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights. Southwest’s new plan…

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2024-09-27

New York mayor charged in corruption case

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A federal indictment charging New York City Mayor Eric Adams with a decade-long campaign contribution scheme, bribery and other crimes was unsealed Thursday morning, hours after FBI raided his Gracie Mansion residence and seized his phone. The 57-page indictment accuses Adams of five criminal counts related to obtaining illegal donations for his 2021 mayoral campaign, and accepting free luxury…

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2024-09-27

Micron shares surge after upbeat first-quarter forecast due to AI demand for memory chips

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Omar Marques | Lightrocket | Getty Images Micron Technology shares surged roughly 14% in after-hours trading after the memory maker forecast higher-than-expected first-quarter revenue due to the thirst for its memory chips used in artificial intelligence computing. Micron is one of the only three providers of high-bandwidth memory (HBM) chips along with South Korea’s SK Hynix and Samsung, which has…

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2024-09-26

OpenAI considering restructuring to for-profit, CTO Mira Murati and two top research execs depart

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Mira Murati, chief technology officer of OpenAI, during an interview on “The Circuit with Emily Chang” in San Francisco on April 4, 2023. Philip Pacheco | Bloomberg | Getty Images OpenAI’s board is considering plans to restructure the firm to a for-profit business, according to a source who asked to remain anonymous because the talks are ongoing. The company…

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2024-09-26

Etihad reveals $7 billion investment plan over five years

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An Airbus A380-800 jet airliner operated by Etihad Airways, on display at the Dubai Airshow 2017 international aerospace event.  Marina Lystseva | TASS | Getty Images Etihad Airways on Wednesday revealed a $7 billion investment plan over the next five years in a bid to “double the size of the airline until 2030.” Speaking to CNBC’s Dan Murphy, Etihad’s…

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2024-09-26

‘America Forward’ tax credits will finance manufacturing revival

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Vice President and Democratic presidential candidate Kamala Harris speaks at the Philip Chosky Theatre during a campaign event in Pittsburgh, Pennsylvania, on September 25, 2024.  Jim Watson | AFP | Getty Images Vice President Kamala Harris on Wednesday said she would work to usher in a U.S. manufacturing comeback, an appeal to the business community and an attempt to…

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2024-09-25

Bankman-Fried accomplice Caroline Ellison sentenced in FTX fraud

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Caroline Ellison, the star witness in the prosecution of her former boyfriend, FTX founder Sam Bankman-Fried, was sentenced Tuesday in New York federal court to two years in prison and ordered to forfeit $11 billion for her role in the massive fraud and conspiracy that doomed the cryptocurrency exchange once valued at $32 billion. The prison term was significantly stiffer…

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2024-09-25

DOJ accuses Visa of monopoly that affects price of ‘nearly everything’

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Business

Justin Sullivan | etty Images The U.S. Justice Department on Tuesday sued Visa, the world’s biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing “exclusionary” agreements on partners and smothering upstart firms. Visa’s moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to…

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2024-09-25

Novo Nordisk CEO testifies at Senate over weight loss drug prices

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Novo Nordisk‘s top executive faced a Senate grilling on Tuesday over the high prices of the company’s weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S.  Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committee hearing in Washington, D.C., that he would…

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