The SEC has informed Coinbase that it plans to sue the company for allegedly violating a series of investor protection laws, the company said this week. An eventual SEC lawsuit against the largest US crypto exchange could help determine the future shape of exchanging dollars for digital tokens such as bitcoin, ether or polkadot. It … Read more
Electric vehicle manufacturer Rivian Automotive Inc. RIVN -0.66% is moving parts of its production engineering team to its Illinois plant as part of a reorganization aimed at speeding up production, according to a person familiar with the plan. The reorganization is expected to be announced shortly and will result in a significant portion of the … Read more
According to PitchBook LCD, no companies with an investment grade credit rating sold new bonds during the six business days of March 10 through March 17, the first week of March without another sale of high-quality bonds. The market for new junk bond sales has largely ground to a halt this month, with no companies … Read more
First Republic Bank FRC -3.36% paid family members of founder James Herbert millions of dollars for work at the lender in recent years, including for advisory services related to interest rates and risk, according to public disclosures the bank made as part of annual filings. The bank paid Mr. Herbert, who was CEO before taking … Read more
Last Updated: March 24, 2023 at 7:52 a.m. ET First published: March 24, 2023 at 5:10 a.m. ET Shares of Deutsche Bank slumped on Friday, throwing the spotlight on the health of another globally systemically important bank heading into the weekend. Shares of German lender XE:DBK fell 13% in Frankfurt trading and the Euro Stoxx … Read more
Published: March 23, 2023 at 6:22 PM ET Brian Armstrong, CEO of Coinbase COIN, and others on Coinbase’s team shared their thoughts on the U.S. Securities and Exchange Commission’s Wells Notice a day earlier, in a Twitter space hosted on Coinbase’s account Thursday night. “We actually didn’t think this was unexpected,” said Armstrong, adding that … Read more
Last Updated: March 23, 2023 at 4:12 PM ET First published: March 23, 2023 at 1:47 PM ET Despite swift action by regulators and policymakers, there is a growing risk that stress from the banking system will spill over to other sectors and the US economy, “causing greater financial and economic damage than we expected,” … Read more
Ford Motor Co.F -0.52% expects to lose about $3 billion this year on its electric vehicle business, a reminder of how far traditional automakers have to go to make their EV portfolio profitable. Ford announced the figure Thursday as it outlined a new financial reporting structure designed to help investors better understand the performance of … Read more
Treasury Secretary Janet Yellen Photo: Jose Luis Magana/Associated Press Treasury Secretary Janet Yellen hit back on her remarks from the day before on Thursday that reversed her comments from the day before about providing a de facto guarantee on all U.S. bank deposits. Who’s there first? The administration’s mixed signals pose a new threat to … Read more
A 16-month-old chatbot startup is now a $1 billion unicorn. Character.AI, a Silicon Valley company founded by two former Google employees, said Thursday it raised $150 million in a new round of funding led by well-known venture capital firm Andreessen Horowitz. The new investment values Character.AI at $1 billion. A company representative said that Character.AI … Read more