The former CEO of Equifax returned to Capitol Hill on Wednesday, this time facing tough questioning from members of the Senate Banking Committee about the massive data breach the company disclosed last month. Sen. Elizabeth Warren of Massachusetts peppered Richard Smith with questions about the company’s business, which benefits when consumers buy credit protection and […]
Read morePrivate equity and hedge fund firms are lending to companies at the highest rate ever, driving up competition in the sector and forcing funds to look outside the US for more opportunities. Private credit, which has sprouted while post-crisis regulation curtailed the amount that banks were willing to lend, is growing at a rate not […]
Read moreOne of the biggest threats to U.S. society is the growing acceptance that Equifax– or Yahoo-type cyberhacks are a permanent part of life — and that there’s little to be done about them, said several government officials who spoke on a panel at the Cambridge Cyber Summit in Boston on Wednesday. “We’re coming to think […]
Read moreCitron Research’s Andrew Left, who gained attention for successful bets against companies including Valeant Pharmaceuticals, sent shares of e-commerce platform Shopify reeling on Wednesday. According to Left, the company presents itself as providing e-commerce solutions to medium- and small-sized businesses, but it may be perpetuating a large number of seedy “opportunity” sellers and have far […]
Read moreThe troubling ease in which Russia was able to buy thousands of political ads on Facebook in an attempt to influence the 2016 presidential election shows just how much influence major technology companies have amassed in modern-day America, NYU business school marketing professor and author Scott Galloway told CNBC on Wednesday. The notion that someone […]
Read moreGreg Fleming, who has made a name as one of Wall Street’s most well-known investment bankers and executives, will be leading a new firm. Fleming, the former head of Morgan Stanley Wealth and Asset Management, is teaming up with Rockefeller Financial Services to form Rockefeller Capital Management, according to an announcement from the parent company […]
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MARGRETHE VESTAGER’S assault on technology firms she deems to have improperly massaged down their tax bills continued this week with a tilt at Amazon. The internet retailer faces a bill of €250m ($293m) for back taxes over what the European Union’s competition commissioner considers to have been an illegal sweetheart deal with Luxembourg. The order […]
Read moreTwitter CEO Jack Dorsey surprised everybody. It was March of 2016, and Dorsey was making an appearance on NBC’s “The Today Show” to celebrate Twitter’s 10th anniversary. As the camera panned toward Dorsey — dressed in slim black jeans, a black sweater and bright orange high-tops — host Matt Lauer jumped in with a question. […]
Read moreEven though Netflix is one of the market’s best-performing stocks this year, one Wall Street firm continues to recommend the streaming video giant’s shares ahead of its earnings report. UBS told its clients the company will report third-quarter subscriber growth above expectations later this month. “We see upside to third-quarter guidance based on our analysis […]
Read moreBMW and Mercedes are betting they can mass produce new electric cars based on conventional vehicles, defying skeptics who say they will need more radical designs to head off the threat from Tesla and other start-up carmakers. There are two ways to make battery-driven vehicles: use a clean-sheet design like Tesla, or a traditional vehicle […]
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