US needs to invest in chipmakers to compete in 5G: report

US needs to invest in chipmakers to compete in 5G: report

The US will have to beef up its investment in chipmakers if it hopes to compete against China in the fast-growing business of high-speed 5G wireless networks, according to a Japanese technology company. As China continues to zoom past the US in terms of 5G infrastructure and hardware, American officials and businesses are hoping to … Read more

US hit record high in hiring in May

US hit record high in hiring in May

US hiring surged to a record high in May and layoffs declined as businesses reopened, but the signs of improvement in the labor market have been overshadowed by a resurgence in COVID-19 cases that has forced some enterprises to shut down again. The Labor Department said on Tuesday in its monthly Job Openings and Labor … Read more

Deutsche Bank hit with $150M penalty over Jeffrey Epstein ties

Deutsche Bank hit with $150M penalty over Jeffrey Epstein ties

New York regulators slapped Deutsche Bank with $150 million in penalties over its relationship with pedophile financier Jeffrey Epstein, officials said Tuesday. The bank agreed to pay in a settlement with the state’s Department of Financial Services, which found it failed to probe transactions that should have raised red flags about Epstein’s sex-trafficking activity — … Read more

Silicon Valley data-analysis titan Palantir files to go public

Silicon Valley data-analysis titan Palantir files to go public

Palantir — the Silicon Valley data-analysis titan once valued at $20 billion — has filed paperwork to take its stock public. The Palo Alto, California-based company confidentially submitted a registration statement for a proposed public listing to the Securities and Exchange Commission, it announced late Monday. Palantir said its shares would start trading publicly after … Read more

Novavax gets $1.6B from government to develop coronavirus vaccine

Novavax gets $1.6B from government to develop coronavirus vaccine

The feds have committed $1.6 billion to help biotech firm Novavax develop its coronavirus vaccine and produce 100 million doses, potentially starting later this year. The award announced Tuesday is the largest so far from Operation Warp Speed, the Trump administration’s effort to deliver a vaccine by January. “Adding Novavax’s candidate to Operation Warp Speed’s … Read more

SoHo House, Whitney Museum among ritzy PPP loan recipients

SoHo House, Whitney Museum among ritzy PPP loan recipients

Boutique fashion lines and high-end hotels were among the hundreds of thousands of businesses receiving money from the Trump administration’s high-profile $660 billion pandemic aid program. Among the recipients included on the list released by the Trump administration on Monday was Kanye West’s Yeezy apparel brand, which received as much as $5 million from the … Read more