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Musk faces US fraud trial over Tesla tweet
Elon Musk, the CEO of electric car giant Tesla, will face trial on Tuesday over allegedly manipulating the stock market with a tweet after a federal judge rejected his request to move the case out of California. The US stock market regulator, the Securities and Exchange Commission, ordered that Musk step down as chairman of the board of Tesla and pay a fine of $20 million. juj/arp/mdl
Heat home to be renamed Miami-Dade Arena
The Miami Heat's arena, which had been sponsored by failed crypto giant FTX, will be known as the Miami-Dade Arena until a new naming partner is found, the basketball team announced on Friday.
Men's fashion week goes live in Milan, Gucci brings back the boys
The return of Gucci to the menswear catwalk calendar, robust sales of Italian fashion and a farewell to the pandemic-imposed trend of virtual shows -- it's all systems go for men's fashion week in Milan which opened Friday.
US eyes 'extraordinary measures' to avoid default next week: Yellen
The US Treasury Department said Friday it will likely begin "extraordinary measures" next week to prevent a default on government debt, setting up a high-stakes showdown in Congress over raising the nation's borrowing limit. It would therefore need to "start taking certain extraordinary measures" to prevent a default.
'Avatar 2' success proves cinema in post-pandemic 'resurgence': Cameron
The huge success of "Avatar: The Way of Water," James Cameron's sequel which is approaching $2 billion at the global box office, proves that "movies are back with a resurgence" after the pandemic, the Canadian director said. "Avatar: The Way of Water" came 13 years after the original film, which remains the highest grossing movie of all time, amassing $2.9 billion at the global box office.
Jamaica launches fraud probe as Bolt millions feared missing
Jamaican financial authorities have launched an investigation into a company holding investments for eight-times Olympic gold medalist Usain Bolt after reports that he may have lost millions to large scale fraud. Bolt retired from athletics in 2017 after a stellar career which in addition to eight Olympic golds included 11 World Championship gold medals.
Tesla slashes vehicle prices up to 20% in US, Europe
Tesla on Friday announced it will cut the price of its best-selling electric vehicle models up to 20 percent in Europe and the United States, launching a price war as more rivals hit the market.
Big US banks report mixed earnings and gird for 'mild recession'
Major US banks reported mixed fourth-quarter results Friday as executives pointed to the rising odds of a "mild recession," with inflation and interest rate hikes challenging households and businesses. The biggest lift to earnings came from a whopping 48 percent rise in net interest income, offsetting the drag from lower investment banking results and elevated expenses.
Travel demand boosts Delta results but labor costs dent profit forecast
Delta Air Lines on Friday reported better-than-expected results in the final months of 2022, helped by strong consumer demand, although it expects labor costs to weigh on first quarter profits this year. Looking ahead, Delta expects labor costs to weigh on profits in early 2023.
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