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JPMorgan Profits Jump In Q2 On Higher Interest Rates, Visa Shares
NEW YORK (AP) — JPMorgan Chase’s profits jumped sharply in the second quarter as the bank cashed in billions of dollars of its holdings in Visa Inc. But the bank’s results were also helped by higher interest rates, as well as consumers who seemed to still want to spend, despite geopolitical and economic uncertainties. The nation’s biggest bank by assets on Friday posted a profit of $18.15 billion, up 25% from a year earlier. On a per share basis, JPMorgan earned $6.12 per share, which beat analysts’ estimates. A significant part of JPMorgan’s results was a $7.9 billion gain on its stake...
Senator Calls Out Big Tech’s New Approach to Poaching AI talent
In the race to stay ahead in artificial intelligence, the biggest technology companies are swallowing up the talent and products of innovative AI startups without formally acquiring them. San Francisco-based Adept announced a deal late last month that will send its CEO and key employees to Amazon and give the e-commerce giant a license to Adept’s AI systems and datasets. Some call it a “reverse acqui-hire.” Others call it poaching. Whatever it's called, it's alarming to some in Washington who see it as an attempt to bypass U.S. laws that protect against monopolies. “I’m very concerned about the massive consolidation that’s going on...
On NYC beaches, Angry Birds Fight Drones Patrolling for Sharks
NEW YORK (AP) — A fleet of drones patrolling New York City’s beaches for signs of sharks and struggling swimmers is drawing backlash from an aggressive group of seaside residents: local shorebirds. Since the drones began flying in May, flocks of birds have repeatedly swarmed the devices, forcing the police department and other city agencies to adjust their flight plans. While the attacks have slowed, they have not stopped completely, fueling concern from wildlife experts about the impact on threatened species nesting along the coast. Veronica Welsh, a wildlife coordinator at the Parks Department, said the birds were “very annoyed by the...
Big Business This Week: The Biggest Trading Loss You’ve Never Heard Of
Money manager Bill Hwang managed to lose a $36 billion fortune—and cost shareholders in the companies he targeted about $100 billion—in a series of stock trades that the Feds said were illegal. After a two-month trial and two days of deliberation, a Manhattan jury found him guilty on Wednesday on 10 of 11 counts of securities fraud, wire fraud, conspiracy, racketeering, and market manipulation. As CNN put it, the story of Hwang and his Archegos family office fund is the tale of “a little-known investor who made it big, lost everything, and briefly brought Wall Street to its knees.” It’s also...
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