Adam Moelis, co-founder of Yotta, had noble intentions when he started the fintech startup in 2019. He aimed to provide Americans with a unique way to save money and build financial stability. However, what unfolded was far from his vision. A dispute between Yotta’s banking partners, Synapse and Evolve Bank & Trust, led to the
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The past week has been a tumultuous one for the software and enterprise tech industry. With Salesforce executives revealing that deals are getting delayed, Dell experiencing shrinking margins, and Okta facing macroeconomic challenges, it was clear that the sector was in for a rough ride. Veeva’s CEO also highlighted the competition posed by generative artificial
The Russian government’s decision to soften requirements for mandatory sales of foreign currency for exporters has raised questions about the efficacy of capital controls in the country. President Vladimir Putin signed a decree in October mandating the reintroduction of capital controls to prop up the rouble and address capital outflows. However, the recent changes to
The global equities index, MSCI, saw a notable rebound in afternoon trading as investors repositioned themselves for month-end activities. Initially in the red, the MSCI All Country World Price Index turned positive towards the end of the session before Wall Street trading closed. The index was up 0.57% at 785.54, showcasing a strong recovery from
The exciting volleyball anime movie, Haikyu!! The Dumpster Battle, made an impressive $800K in previews yesterday. This performance is overshadowed by the highly anticipated release of The Garfield Movie, expected to dominate with a $12M second frame at the box office. In a rare moderate wide release weekend, Haikyu!! The Dumpster Battle managed to captivate
Dell Technologies saw its stock slide more than 16% after executives warned investors about further margin pressure in the coming years. While the company posted a first-quarter earnings beat on both the top and bottom line, the forecast of a roughly 150 basis point reduction in gross margin by 2025 caused concern among shareholders. On
The Food and Drug Administration has given its approval for Moderna’s vaccine for respiratory syncytial virus for adults aged 60 and older. This marks the company’s second product to enter the U.S. market, providing Moderna with a much-needed revenue stream as demand for its Covid jab declines. The decision to approve Moderna’s shot was based
Dell Technologies experienced a significant drop in share price, with shares falling more than 16% following the release of the company’s fiscal first-quarter results. Despite beating analysts’ expectations, investors were discouraged by Dell’s lower-than-expected artificial intelligence server backlog and the anticipated decline in margins. The stock market’s negative reaction to these news highlights the underlying
Morgan Stanley’s analysts recently increased their price targets on Toyota and Honda, with Honda specifically highlighted as their top choice among Japanese automakers due to improved profitability prospects and sustained shareholder returns. This strategic move is based on the idea that Honda’s profitability is expected to shine brighter in the coming days with a broader
Rashawn Russell, a former investment banker at Deutsche Bank, was sentenced to 41 months in prison after admitting to a Ponzi-like fraud that involved promising investors guaranteed returns from cryptocurrency trading. The scheme, which ran from November 2020 to August 2022, targeted friends, former college classmates, and colleagues at Deutsche Bank. Russell claimed that he
China’s manufacturing activity took an unexpected hit in May, raising concerns about the need for additional stimulus to revive the economy. The official manufacturing purchasing managers’ index (PMI) fell to 49.5 in May from 50.4 in April, falling below the 50-mark that separates growth from contraction. This disappointing result was also below analysts’ forecast of
The recent election projections in South Africa have sparked significant political uncertainty, resulting in a decline in the country’s currency, stocks, and bonds. The African National Congress (ANC) is facing the possibility of losing its parliamentary majority for the first time in 30 years, which could have far-reaching implications for the nation’s economic and fiscal
In a recent financial conference, Bank of America CEO Brian Moynihan highlighted a noticeable trend among U.S. consumers and businesses. Both groups have been exercising caution when it comes to spending, largely due to the impact of elevated inflation and interest rates. This caution has led to a significant slowdown in the rate of purchases
In April, signed sales contracts on existing homes experienced a significant drop of 7.7% compared to March, marking the slowest pace since April 2020. This decline, reported by the National Association of Realtors, came as a surprise to many industry experts who anticipated flat sales compared to the previous month. The decrease in pending sales,