March 23 (Reuters) – Hindenburg Research announced short positions in Block Inc (SQ.N) on Thursday, claiming the Jack Dorsey-led payments company overstated its user numbers and underestimated its customer acquisition costs. Shares of Block fell 20% to $57.85 in premarket trading following the report. If losses continue through the session, the stock could post its … Read more
March 22 (Reuters) – Jane Fraser, CEO of Citigroup Inc (CN), expressed confidence in US banks on Wednesday after a series of closures upset investors and fueled turmoil in global financial markets. “The banking system is pretty healthy,” and major and regional banks are well capitalized, Fraser told the Economic Club of Washington DC on … Read more
March 21 (Reuters) – SVB Financial Group (SIVB.O) said on Tuesday that the US Federal Deposit Insurance Corporation had taken “improper actions” to close it off from cash held at its former subsidiary Silicon Valley Bank, which has been banned by regulators seized to stop a run on the national bank. SVB Financial made the … Read more
CARACAS, March 20 (Reuters) – Venezuela’s President Nicolas Maduro on Monday accepted the resignation of the country’s powerful oil minister following the detention of at least six senior officials amid a corruption probe targeting state-owned PDVSA and the judiciary power. Tareck El Aissami had said on Twitter earlier Monday that he would step down to … Read more
LONDON/DETROIT, March 20 (Reuters) – For many electric vehicles there is no way to repair or assess even slightly damaged batteries after accidents, forcing insurance companies to write off low mileage cars – leading to higher premiums and undercutting profits from going electric. And now those battery packs are piling up in junkyards in some … Read more