Ex-Goldman banker Roger Ng must forfeit $35.1M in 1MDB case

Ex-Goldman banker Roger Ng must forfeit $35.1M in 1MDB case

A US judge on Friday ordered former Goldman Sachs banker Roger Ng to forfeit $35.1 million, after sentencing him to 10 years in prison for helping loot billions of dollars from Malaysia’s 1MDB sovereign wealth fund. US District Judge Margo Brodie in Brooklyn rejected Ng’s argument that he owned no more money after forfeiting to Malaysia tens of millions of dollars of alleged … Read more

Fed President James Bullard expects rates as high as 5.75%

Fed President James Bullard expects rates as high as 5.75%

St. Louis Federal Reserve president James Bullard said Friday the US likely will need higher than expected interest rates to contain inflation as the economy remains strong and stress in the banking sector likely eases. St. Louis Fed President James Bullard expects a range between 5.5% and 5.75% this year, a quarter point higher than he projected.REUTERS … Read more

TikTok CEO Shou Zi Chew’s testimony will increase ban calls

TikTok CEO Shou Zi Chew's testimony will increase ban calls

TikTok CEO Shou Zi Chew’s testimony on Capitol Hill was a ‘disaster moment’ for the company that will likely increase calls for a sale or outright ban of the problematic platform, Wall Street analysts predicted. Chew routinely angered lawmakers with evasive or unclear testimony during a closely-watched House hearing on Thursday — which included damning … Read more

Deutsche Bank drops 13% as market worries persist

Deutsche Bank drops 13% as market worries persist

Shares of Deutsche Bank tumbled as much as 13% on Friday after the German lender learned it would have to pay higher rates to insure its bondholders against default. Deutsche Bank’s stock is poised to drop for a third consecutive day as concerns abound over the stability of the global banking system following the recent … Read more

Wendy’s adds menu item dropped by McDonald’s

Wendy's adds menu item dropped by McDonald's

Customers who bemoaned the loss of McDonald’s beloved Snack Wraps in 2016 will soon be able to sate their cravings at a competitor.  Beginning Tuesday, Wendy’s is launching a Grilled Chicken Ranch Wrap as a lighter menu option for those looking for a new snack obsession. The tortilla wrap comes with diced grilled chicken, shredded cheddar cheese, … Read more

Hyundai and Kia recall more than 500K cars over fire fears

Hyundai and Kia recall more than 500K cars over fire fears

Hyundai and Kia warned hundreds of thousands of car owners to park their rides outside and away from structures over fears the vehicles could catch fire. The recall of 571,000 SUVs and minivans across the United States comes after the Korean carmakers issued similar recalls just a year ago. The Hyundai company logo is displayed … Read more

Starbucks CEO Laxman Narasimhan to work in stores monthly

Starbucks CEO Laxman Narasimhan to work in stores monthly

Starbucks’ new CEO Laxman Narasimhan says he plans to work a half-day shift once a month in one of the company’s stores in an effort to stay close to its culture and customers. Narasimhan, who took the reins as CEO earlier this week, said in a letter to Starbucks’ employees Thursday that he also expects the … Read more

Blockbuster fans hope for a comeback after website goes live

Blockbuster fans hope for a comeback after website goes live

Dust off your VCR — Blockbuster could be making a comeback. Fans are speculating the nearly extinct video rental company is returning after its website recently became active, announcing in a cliffhanger, “We are working on rewinding your movie.” While there is no clear indication of when the Blockbuster site was activated, the company remains … Read more