Federal Reserve bans stock trading by top officials

Federal Reserve bans stock trading by top officials

The US Federal Reserve on Thursday banned individual stock purchases by top officials at the central bank and unveiled a broad set of other restrictions on their investing activities roughly six weeks after reports of active trading by some senior policymakers triggered an ethics uproar. The new rules will limit the types of financial securities the Fed’s top officials can … Read more

Google cuts Play Store fees in half after barrage of criticism

Google cuts Play Store fees in half after barrage of criticism

Alphabet Inc-owned Google said on Thursday it is lowering the fee that subscription-based apps need to pay Play Store to 15% right from day one, following criticism about its fee structure from companies such as Spotify. Currently, developers pay a 30% subscription fee in the first year, and 15% thereafter. “We’ve heard that customer churn makes it … Read more

Trump-linked SPAC stock soars over 200% on social media deal

Trump-linked SPAC stock soars over 200% on social media deal

New York Stock Exchange-listed shares of Digital World Acquisition Corp. — the special purpose acquisition company that announced Wednesday evening it will merge with former President Donald Trump’s new social media firm — soared more than 200 percent Thursday. DWAC’s stock price began trading Thursday at $12.73 per share and reached as high as $33.44, up … Read more

Oversight Board slams Facebook, says it withheld info in Trump case

Oversight Board slams Facebook, says it withheld info in Trump case

Facebook’s Oversight Board — which earlier this year upheld the company’s suspension of former President Donald Trump — slammed the social media behemoth on Thursday, saying it withheld information during the case about the uneven enforcement of the company’s content-moderation system. The board said that Facebook withheld or provided incomplete information about its so-called cross-check program, which shields … Read more

Southwest mass cancellations cost company $75M

Southwest mass cancellations cost company $75M

Southwest Airlines revealed Thursday that the debacle that led to thousands of canceled flights earlier this month cost the company $75 million. The cancellations as well as customer refunds and “gestures of goodwill” all contributed to the estimated cost, Southwest said in a release announcing better-than-expected third-quarter earnings. The Dallas-based company posted quarterly revenue of $4.68 … Read more