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The jury in Elizabeth Holmes’ trial was sworn in. Seven men and five women selected To determine the fate of the founder of Theranos. Holmes faces fraud and conspiracy 12 times to commit electronic fraud over Theranos’ false claims about blood tests and his business. His trial in San Jose, California will begin next week and is scheduled to last at least 13 weeks. Holmes faces up to 20 years in prison if found guilty.
General Motors is running factories idle due to a shortage of sawdust. Production of some of GM’s most profitable vehicles will be suspended while the automaker continues, in another sign that the global parts shortage is taking longer to resolve. temporarily shutters Eight plants in North America. is Ford scaling back pickup production and Toyota production interruption 40 percent this month
Walmart is raising the wages of approximately 565,000 workers. of the retailer the average wage will rise to $16.40 per hourThe minimum starting fee, which will go from $11 to $12 an hour, lags behind competitors like Target. This is the latest example of employers trying to attract and retain workers amid labor shortages.
New moves are shaking Asian stock markets. Singapore Allow SPAC lists Starting today, it became the first major exchange in Asia to welcome blank check firms, despite further scrutiny by regulators elsewhere. one in china new stock market Aimed at small and medium-sized businesses, it is poised to open in Beijing as the country seeks to deter local companies from being listed abroad.
A billion-dollar tax settlement in a well-tied fund
Renaissance Technologies, a leading quantitative hedge fund, said it agreed to pay as much as a group of current and former insiders. $7 billion in taxes and fines The deal that ended a decade-long dispute is one of the biggest deals in history. It may lend support to those who say the IRS is inadequate and unequipped to collect more taxes from the rich, including President Biden.
New York Flood
RenTech founder Jim Simons and Robert Mercer, a former CEO, are the biggest names in the settlement. Financiers regularly appear on the lists. highest paid hedge fund investorsand his political activities add extra intrigue: Simons, who stepped down as president of the company last year, is a longtime donor to Democrats, including Hillary Clinton’s campaign, while Mercer is a huge supporter of Republicans, including Donald Trump. (Mercer also deposited Cambridge Analytics.)
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