HomeBusinessBusiness Highlights: Trump Media Venture, Bitcoin Trial

Business Highlights: Trump Media Venture, Bitcoin Trial


Trump media venture gets scrutiny from US market regulators

NEW YORK: Regulators are asking questions about the deal to bring Donald Trumps new social media company to the stock market, one that has attracted both legions of fans of the former president and people looking to make a quick profit. The company partnering with Trump Media & Technology Group acknowledged the inquiries in a filing it made with regulators on Monday. Digital World Acquisition, which is often referred to by its trading symbol of DWAC, said it is cooperating with the preliminary, fact-finding inquiries by the Securities and Exchange Commission and the Financial Industry Regulatory Authority.


Bitcoin trial: Defendant wins dispute over $50B in Bitcoin

NEW YORK: Craig Wright, a computer scientist who claims to be the inventor of Bitcoin, prevailed in a civil trial verdict Monday against the family of a deceased business partner that claimed it was owed half of a cryptocurrency fortune worth tens of billions. A Florida jury found that Wright did not owe half of 1.1 million Bitcoins to the family of David Kleiman, Wrights one-time business partner. At the center of the highly technical trial were 1.1 million Bitcoins, worth approximately $50 billion based on Mondays prices. These were among the first Bitcoins to be created through mining and could only be owned by a person or entity involved with the digital currency from its beginning.


Treasury wants more oversight of all-cash real estate deals

WASHINGTON: The Biden administration is looking to expand reporting requirements on all-cash real estate deals to help crack down on bad actors use of the U.S. market to launder money made through illicit activity. The Treasury Department is seeking public comment for a potential regulation that would address what it says is a vulnerability in the real estate market. Currently, title insurance companies in just 12 metropolitan areas are required to file reports identifying people who make all-cash purchases of residential real estate through shell companies if the transaction exceeds $300,000. Treasurys Financial Crimes Enforcement Network says the move could strengthen U.S. national security and help protect the U.S. financial system.


China tries to reassure on Evergrande as default fears rise

BEIJING: Chinas central bank expanded the supply of money for lending Monday as Beijing tried to reassure its public and investors the economy can be protected if a troubled developers $310 billion mountain of debt collapses. Evergrande Groups struggle to turn assets into cash has prompted fear a default might chill Chinese lending markets and cause global shockwaves. Economists say the ruling Communist Party can prevent a credit crunch but wants to avoid sending the wrong signal by bailing out Evergrande in the middle of a campaign to force companies to cut debt Beijing worries is dangerously high.


Stocks rise broadly on Wall Street, travel companies rebound

NEW YORK: Stocks closed solidly higher on Wall Street Monday, aided by a broad rally that includes travel-related companies that stand to benefit from more reopening of the economy. The S&P 500 rose 1.2%, making up nearly all the ground lost last week. Technology companies and banks accounted for a big slice of the gains. The Dow Jones Industrial Average rose 1.9%. The Nasdaq rose 0.9%. Traders were encouraged to see that Dr. Anthony Fauci, the White Houses chief medical adviser, said early indications suggested that the new omicron variant of the COVID-19 virus may be less dangerous than the delta variant.


German factory orders see 2nd big drop in 3 months

BERLIN: Official statistics show that German factory orders dropped steeply in October, pushed down by much lower demand from countries outside the euro area. The Economy Ministry said orders were down 6.9% compared with the previous month, the second big drop in three months. But it said that recent developments shouldnt be overinterpreted because the index is volatile at the moment. Orders fell 8.8% in August and gained 1.8% in September. Factory orders are an important indicator for the German economy, Europes biggest. The latest figures come as business confidence is weighed down by persistent supply-chain bottlenecks and a resurgence of coronavirus infections.


Exxon Mobil rolls out plan to cut emissions in Permian Basin

ALBUQUERQUE, N.M.: Exxon Mobil says it has a plan for cutting greenhouse gas emissions in one of the most prolific oilfields in the U.S. The company made the announcement Monday, saying it will be focusing on emissions from its own operations as well as indirect emissions associated with the electricity it buys to power its well sites and other infrastructure. Exxons plan centers on the Permian Basin, which spans parts of New Mexico and Texas. In New Mexico, regulators earlier this year adopted rules aimed at curbing methane emissions, with a target of capturing 98% of all natural gas waste by the end of 2026.


Toyota to build $1.3B battery plant near Greensboro, NC

RALEIGH, N.C.: Toyota says it plans to build a $1.3 billion electric vehicle battery plant near Greensboro, North Carolina, that will employ at least 1,750 people. The Japanese auto giant joined Gov. Roy Cooper and other officials in making the announcement Monday at a site in Randolph County. Toyota says the U.S. factory will make batteries for hybrid and fully electric vehicles. The plant would start making batteries in 2025. Initially Toyota will or could receive well over $430 million in government incentives if it meets job creation and investment goals. Toyota plans to sell up to 1.8 million vehicles in the U.S. by 2030 that are at least partially electrified.


The S&P 500 gained 53.24 points, or 1.2%, to 4,591.67. The Dow Jones Industrial Average rose 646.95 points, or 1.9%, to 35,227.03. The Nasdaq added 139.68 points, or 0.9%, to 15,225.15. The Russell 2000 index of smaller companies advanced 44.17 points, or 2%, to 2,203.48.

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