Social Responsibility

Donald Trump, speaking at the 2024 Bitcoin Conference in Nashville, Tennessee, did not commit to establishing a strategic reserve of bitcoin for the United States. Instead, the former president and current Republican candidate promised to maintain the current level of bitcoin, which the government acquired through asset seizures from financial criminals. “For too long, our government has violated the fundamental rule that every bitcoiner knows by heart: never sell your bitcoin,” Trump said in his keynote address. He pledged that if elected, his administration would retain all bitcoin currently held or obtained in the future by the United States. Trump’s…

Shares in Dutch company Philips rose more than 10.5% on Monday morning after it reported second-quarter earnings that beat analysts' expectations. As of 9.32am London time, the stock had seen a slight decline, up 10.45%. Philips reported a 2% increase in group comparable sales to €4.5 billion ($4.88 billion), mainly driven by strong demand in North America, while sales in China declined. The company, known for its medical devices and personal care products such as electronic toothbrushes, also saw a 9% increase in comparable orders during the quarter. Philips attributed the muted demand in China to the country’s push for…

Wiz has decided to forgo a $23 billion acquisition by Google, a deal that would have marked Google’s largest acquisition to date. Instead, the cloud security startup will pursue an initial public offering (IPO) as originally planned, according to an internal memo from co-founder Assaf Rappaport. “Turning down offers like this is a challenge,” Rappaport noted in his message to employees, obtained by CNBC. He emphasized the company’s focus on reaching its next milestones: an IPO and reaching $1 billion in annual recurring revenue, milestones that had been in sight well before the acquisition talks began. The acquisition would nearly…

BEVERLY HILLS, CALIFORNIA — At the Milken Institute Global Conference, Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., spoke about the current challenges Tesla is facing. As Musk continues to make ambitious promises about Tesla’s future in autonomous driving and robotics, investors are seeing a steady decline in profit margins. Tesla missed Wall Street estimates for second-quarter earnings, reporting a decline in its adjusted operating margin to 14.4%, the lowest in three years, down from 18.7% a year earlier. That marked the fourth consecutive quarter of decline. The company reported net income of $1.48 billion…

LONDON — UK Finance Minister Rachel Reeves said on Friday that the newly elected Labour government aims to be the most growth-oriented and business-friendly administration the country has ever seen. In an interview with CNBC, Reeves stressed that improving the living standards of ordinary Britons and increasing investment in public services depend on wealth creation. “This will be the most pro-growth, pro-business Treasury this country has ever seen,” Reeves, the Chancellor of the Exchequer, told CNBC’s Steve Sedgwick in a remote interview. “I will work with businesses to ensure we are doing everything we can to generate wealth and attract…

Coinbase’s UK subsidiary has been fined £3.5 million ($4.5 million) by British regulators for breaching an agreement aimed at preventing the cryptocurrency exchange from taking on high-risk customers. The Financial Conduct Authority (FCA) has imposed the fine on CB Payments Limited (CBPL), a subsidiary of Coinbase Group, which operates a global cryptocurrency trading platform. The fine comes after CBPL breached a voluntary agreement it entered into in October 2020 to avoid taking on and offering services to high-risk clients. The FCA reported that CBPL served 13,416 high-risk customers despite the settlement, with 31% of those customers depositing approximately $24.9 million.…

NASA has announced that Boeing’s Starliner spacecraft will remain docked with the International Space Station (ISS) until August as the agency and Boeing address issues that arose early in the mission. The Starliner capsule, named "Calypso," has been in space for more than 50 days, carrying NASA astronauts Butch Wilmore and Suni Williams. Originally scheduled for an early return, the mission faced several delays as NASA conducted necessary ground tests before approving the spacecraft's reentry. In a recent press conference, Steve Stich, NASA's commercial crew manager, said that despite significant progress, the agency is not yet ready to set a…

Stellantis, the multinational automaker behind brands including Jeep, Dodge and Chrysler, announced a 48% drop in net profit for the first half of 2024, mainly due to declining sales and production issues in the U.S. market. The company reported net income of €5.6 billion ($6.07 billion) in the first six months, down significantly from the same period in 2023. Adjusted operating income fell to €8.5 billion, down €5.7 billion, largely attributed to challenges in North America. Following the announcement, Stellantis shares in Milan fell 8.5%. CEO Carlos Tavares acknowledged the underperformance, citing a challenging industry landscape and internal operational challenges.…

WASHINGTON D.C. — In a brief social media interview posted by a Fox News reporter, Elon Musk confirmed that he will attend Israeli Prime Minister Benjamin Netanyahu’s upcoming speech to Congress as Netanyahu’s guest. The Israeli embassy has not yet confirmed Musk's presence. Musk’s visit to Capitol Hill follows his announcement on X that Starlink, his satellite internet company, will be operating at a hospital in Gaza, with the support of Israel and the United Arab Emirates. Nine months into the conflict between Israel and Hamas, Netanyahu's speech sparked protests in Washington, leading to around 200 arrests during a sit-in…

DETROIT — Ford Motor Company fell significantly short of Wall Street expectations for second-quarter earnings, despite beating revenue forecasts, as long-running warranty issues plague the automaker. Here's how the company performed against analyst estimates reviewed by LSEG: Earnings per share: 47 cents adjusted vs. 68 cents adjusted expected Automotive revenue: $44.81 billion vs. $44.02 billion forecast Ford shares are up about 15% this year as prices in the auto sector have remained more resilient than expected. However, as the industry-wide shift to electric vehicles proceeds more slowly than expected, the automaker has adjusted its production plans, focusing less on fully…