Tag: Business News

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Why Market Investors Are Now Troubled by Signs of Surging Growth

Investors had no trouble gliding past the death and economic devastation wrought by the pandemic last year to drive the market to record highs. An increasingly healthy economy is what’s making them panic.In recent days, the S&P 500 stock index has wobbled, suffering its worst weekly performance in a month last week, before rising on Monday, only to dip again on Tuesday and fall 1.3 percent on Wednesday. The bond market, too, is showing anxiety, with yields rising sharply as returns in the market for Treasury bonds have fallen roughly 3 percent this year.The market conniptions are a direct …

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Indian state government website exposed COVID-19 lab test results

A security flaw in a website run by the government of West Bengal in India exposed the lab results of at least hundreds of thousands of residents, though likely millions, who took a COVID-19 test.
The website is part of the West Bengal government’s mass coronavirus testing program. Once a COVID-19 test result is ready, the government sends a text message to the patient with a link to its website containing their test results.
But security researcher Sourajeet Majumder found that the link containing the patient’s unique test identification number was scrambled with base64 encoding, which can be …

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Mary Meeker’s Bond is closing on $2 billion for its second fund, per a new filing

Bond, the growth-stage firm that spun out of the Kleiner Perkins Digital Growth Fund in late 2018, is closing a second fund with $2 billion, suggests a new SEC filing that says the amount has not yet been raised, though investment firms sometimes file their paperwork at the final stages of their fundraising and even long afterward.
Axios was first to flag the paperwork.
Earlier today, we reached out to the firm — which closed its debut fund with $1.25 billion in 2019 — and are awaiting more information. But that Bond would be raising almost twice as much capital for its second vehicle is unsurprising …

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Gillmor Gang: Off The Record

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Of all the gin joints etc. etc. Clubhouse continues to confound those who don’t believe in the restorative powers of the Next Big Thing. It doesn’t make sense, they say, that an audio service based on live podcasts will change the course of human history, And they are right. Social computing is in the doghouse in the wake of January 6 and the former president. But the folks behind Clubhouse have gotten a few key things right.
The main thing is that in the beginning of the return to some rational possibility for the suppression of Covid, …

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Revolut lets customers switch to Revolut Bank in 10 additional countries

Fintech startup Revolut has its own banking license in the European Union since late 2018. It lets the company offer some additional financial services without partnering with third-party companies. And the company is going to let customers switch to Revolut Bank in 10 additional countries.
The Bank of Lithuania has granted a specialized license — it isn’t a full-fledged license per se, as it focuses on some activities. The company is taking advantage of European passporting rules to operate in other European countries. Right now, Revolut takes advantage of its banking license in two countries — Poland and Lithuania.
In Lithuania for instance, …

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U.S. stock futures decline after major averages dip amid rising bond yields

U.S. stock index futures slid in early morning trading on Thursday, accelerating losses from the regular trading session which saw the major averages finish in the red across the board.Futures contracts tied to the Dow Jones Industrial Average fell 95 points. S&P 500 futures and Nasdaq 100 futures also both traded in negative territory. Earlier, Dow futures had fallen more than 200 points.Stocks posted heavy losses during regular trading as rising bond yields spooked investors. The S&P 500 dipped 1.3%, while the Dow Jones Industrial Average closed 119 points, or 0.38%, lower. The Nasdaq Composite was the relative underperformer, falling 2.7% as tech names …

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SpaceX’s Starship prototype flies to 32,000 feet and sticks the landing in third flight test

SpaceX has launched SN10 — the tenth iteration of its current prototype series of Starship, the heavy-lift reusable spacecraft it’s developing. Starship SN10 took off from Boca Chica, Texas, where SpaceX is developing the vehicle. It flew to a height of roughly 10 km, or 32,000 feet, before performing a maneuver to re-orient itself for a friction-assisted landing descent.
Unlike the last two Starship prototypes to fly this high, however, the roughly six-minute flight did not end in a fireball [UPDATE: Well, not immediately. The rocket did blow up while stationary on the landing pad a few minutes after landing, potentially due …

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Okta says it’s buying security rival Auth0 for $6.5 billion, sending stock plunging

Okta CEO Todd McKinnonOktaOkta, whose cloud software allows office workers to access all of their apps through a secure online service, said on Wednesday that it’s spending $6.5 billion to acquire rival Auth0.Okta’s shares plunged about 13% in extended trading after the announcement. The all-stock deal equals about 21% of Okta’s market cap as of Wednesday’s close. Okta said it expects the transaction to close by the end of July.With more large businesses counting on cloud-based applications, Okta has seen its revenue surge since its 2017 IPO. The company said in its earnings statement on Wednesday that fourth-quarter revenue jumped 40% to $234.7 million, …

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SpaceX Starship prototype rocket explodes after successful landing in high-altitude flight test

Starship prototype SN10 returns for a soft landing on a concrete pad at the company’s facility in Boca Chica, Texas.SpaceXSpaceX’s Starship prototype exploded shortly after landing for the first time following a high-altitude flight test on Wednesday.The cause of the explosion, or whether it was intentional, was not immediately clear. Elon Musk alternatively refers to explosions as “RUDs,” or Rapid Unscheduled Disassembly.The company test flew Starship rocket Serial Number 10, or SN10. SpaceX aimed to launch the prototype as high as 10 kilometers, or about 32,800 feet altitude. There were no passengers onboard the rocket, as it is a development …

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Chipotle will link executive compensation to environmental and diversity goals

Brian Niccol, CEO of Chipotle Mexican GrillAdam Jeffery | CNBCChipotle Mexican Grill said Thursday that executive compensation will now be linked to hitting targets tied to the company’s environmental and diversity goals.The burrito chain is following in the footsteps of Starbucks and McDonald’s, both of which recently announced that performance for racial and gender diversity goals will impact executive compensation plans. Individual investors and large asset managers like BlackRock are increasingly picking stocks with strong environmental, social and corporate governance in mind, pushing companies to make changes to become a more attractive investment.”I think the increased focus on performance …

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