Business

Bill Hwang’s Spectacular Collapse Culminates in Criminal Charges

Bill Hwang’s Spectacular Collapse Culminates in Criminal Charges

(Bloomberg) — Bill Hwang, the enigmatic investor behind one of the most spectacular trading debacles in Wall Street history, was arrested Wednesday morning over what federal prosecutors characterized as a vast, criminal scheme to mislead banks and manipulate markets. A year after the collapse of Hwang’s private investment firm, Archegos Capital Management, sent shock waves …

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Archegos Founder Bill Hwang and CFO Charged With Securities Fraud

Archegos Founder Bill Hwang and CFO Charged With Securities Fraud

Archegos Capital Management founder Bill Hwang and chief financial officer Patrick Halligan have been indicted on charges of securities fraud, wire fraud and racketeering, federal prosecutors in Manhattan said Wednesday. Prosecutors alleged the men took part in interrelated schemes to unlawfully manipulate the prices of stocks and to defraud leading global investment banks and brokerages. …

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5 things to know before the stock market opens Wednesday

5 things to know before the stock market opens Wednesday

Here are the most important news, trends and analysis that investors need to start their trading day: 1. Wall Street to open higher after Nasdaq’s nearly 4% plunge Traders work on the floor of the New York Stock Exchange.  NYSE U.S. stock futures bounced Wednesday, getting a boost from Dow stock Microsoft’s nearly 4% premarket …

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Trump fans hopeful of Twitter comeback after Musk deal - follow live

Trump fans hopeful of Twitter comeback after Musk deal – follow live

‘I’m a more honest man than you’: Trump ends Piers Morgan interview Self-proclaimed “free-speech absolutist” Elon Musk’s planned takeover of Twitter has left Donald Trump’s supporters hopeful of his return to the platform, despite his insistence that he is focused making a success of Truth Social. Some advisers and followers of Mr Trump believe he …

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China's central bank steps in to slow its rapidly weakening currency, as yuan hits one-year lows

China’s central bank steps in to slow its rapidly weakening currency, as yuan hits one-year lows

The Chinese yuan has weakened sharply against the U.S. dollar in the last several weeks as the greenback strengthens and investors worry about China’s economic growth. Fotoholica Press | Lightrocket | Getty Images BEIJING — The Chinese yuan strengthened slightly against the U.S. dollar on Wednesday, reversing a sharp weakening trend after the People’s Bank …

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Walmart dangles deeper gas discounts to attract and retain members of subscription service

Walmart dangles deeper gas discounts to attract and retain members of subscription service

As prices climb at the grocery store and gas station, Walmart said Wednesday that it will offer deeper discounts on fuel to nudge more customers to join and renew Walmart+. Chris Cracchiolo, senior vice president and general manager of the subscription service Walmart+, said the everyday expense is on the minds of many shoppers, “especially …

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Microsoft To The Rescue After Nasdaq Hits New Low

Microsoft To The Rescue After Nasdaq Hits New Low

Dow Jones futures rose modestly overnight, along with S&P 500 futures and Nasdaq futures fell slightly, all reversing Tuesday evening losses as Microsoft stock and Google parent Alphabet (GOOGL) moved on earnings. X The stock market tumbled Tuesday, with the Nasdaq breaking below its March lows as Tesla (TSLA) plunged in reaction to CEO Elon …

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Visa stock gains after earnings as company says inflation, Ukraine war aren't crimping spending

Visa stock gains after earnings as company says inflation, Ukraine war aren’t crimping spending

Visa Inc. shares rose in after-hours trading Tuesday after the payment-technology giant easily exceeded earnings expectations for its most recent quarter and gave an upbeat view on the spending landscape. Executives at Visa V, -4.22% cheered a continued recovery in travel spending and noted that the company was withstanding the latest macroeconomic dynamics. “While there …

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