Wall Street rallies on higher close boosted by banks and big tech

NEW YORK, May 23 (Reuters) – U.S. stocks ended higher on Monday as bank gains and a rebound by megacap market leaders supported a broad-based rally after Wall Street’s longest streak of weekly declines since the dotcom collapse more than 20 years ago. All three major U.S. equity indices posted solid gains, with the biggest … Read more

DC Attorney General Sues Mark Zuckerberg Over His Handling of Cambridge Analytica Incident

Washington CNN Business — Washington, DC, Attorney General Karl Racine sued Mark Zuckerberg on Monday, accusing the Facebook co-founder of misleading the public about the company’s handling of privacy and personal data amid the scandal Cambridge Analytica. The lawsuit, filed in DC superior court, represents Racine’s latest attempt to hold Zuckerberg personally liable after a … Read more

ECB chief Christine Lagarde says crypto is ‘worthless’

The European Central Bank is considering whether to issue its own digital alternative to cash. Olivier Matthys | AFP | Getty Images European Central Bank President Christine Lagarde thinks cryptocurrencies aren’t worth a penny. “My very humble assessment is that it’s worth nothing,” Lagarde said of the crypto in an interview with Dutch talk show … Read more

Google, Meta and Amazon will benefit from the war in Ukraine, according to Martin Sorrell

Martin Sorrell, founder and chairman of media company S4 Capital, believes the war in Ukraine has the potential to benefit three of America’s biggest tech companies. “I’m very bullish on the tech giants…because the war will impact them,” Sorrell told CNBC at the World Economic Forum in Davos on Monday. He added: “The big three … Read more

China’s state-backed blockchain company to launch major overseas project

China’s blockchain-based service network (BSN) is planning a major international expansion project in August. Yuichiro Chino | time | Getty Images China’s state-backed blockchain company is planning its first major international expansion, its CEO told CNBC, as Beijing continues to make technology a key priority. The blockchain-based service network (BSN) bills itself as a “one-stop … Read more

Exclusive: General Atlantic plans $2 billion investment in India and Southeast Asia

The logo of the upcoming 2022 World Economic Forum (WEF) is pictured on a window of the congress center in the alpine resort of Davos, Switzerland May 21, 2022. REUTERS/Arnd Wiegmann/File Photo Join now for FREE unlimited access to Reuters.com Register DAVOS, Switzerland, May 22 (Reuters) – Global private equity firm General Atlantic plans to … Read more

Analysts point to tech stocks to buy after selling

Three analysts share their outlook for the tech, with one saying it’s poised for a hard rally, and another naming “very interesting” stocks in the sector. Chris Watling, managing director of Longview Economics, said the stock market as a whole was “ready to rally”. “We just need a whiff of good news somewhere to spark … Read more

Broadcom in talks to buy VMware

May 22 (Reuters) – Chipmaker Broadcom Inc (AVGO.O) is in talks to acquire cloud services provider VMware Inc (VMW.N), people familiar with the matter have told Reuters. Negotiations between Broadcom and VMware are ongoing and a deal is not imminent, the sources said. The terms of the deal being discussed could not be learned. The … Read more

Hyundai plans to invest US$5 billion in mobility technology

Drew Anger | Getty Images News | Getty Images Hyundai Motor said on Sunday it plans to invest $5 billion in the United States by 2025 to further develop mobility technologies in areas including autonomous driving, robotics and AI. The investment comes on the heels of the automaker’s recent announcement of a plan to spend … Read more

Elon Musk’s SpaceX seeks to raise $1.7 billion in new funding

A Falcon 9 rocket launches a batch of Starlink satellites into orbit on April 29, 2022. SpaceX SpaceX is raising a massive new round of funding, CNBC has learned, bringing the private company’s valuation to around $127 billion. The space company is seeking to raise up to $1.725 billion in new capital, priced at $70 … Read more