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Elizabeth Holmes trial to dissect downfall of a tech star
SAN JOSE, Calif.: Elizabeth Holmes as soon as appeared destined to meet her dream of changing into Silicon Valleys subsequent celebrity. Her guarantees to revolutionize medication operating her startup, Theranos, had been being publicly hailed by former President Invoice Clinton after which Vice President Joe Biden. However after the scandalous collapse of an organization as soon as valued at $9 billion, Holmes is heading right into a San Jose, California, courtroom to defend herself towards prison allegations depicting her because the devious mastermind of a fraud that duped traders, former U.S. authorities officers and sufferers whose lives had been endangered by a blood-testing know-how that by no means got here near fulfilling her daring guarantees.
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US shares shut largely decrease, however Nasdaq nonetheless inches increased
NEW YORK: Shares closed largely decrease on Wall Road Tuesday as merchants returned from the Labor Day vacation, at the same time as beneficial properties for some Huge Tech firms nudged the Nasdaq composite barely increased. The benchmark S&P 500 slipped 0.3%. In the meantime beneficial properties for Apple, Fb and some different tech heavyweights nudged the Nasdaq up slightly below 0.1%, sufficient for one more report excessive. The Dow industrials misplaced 0.8%. The yield on the 10-year Treasury observe climbed to 1.37%, which helped carry financial institution shares like Financial institution of America and JPMorgan Chase. Vitality costs fell broadly. The value of benchmark U.S. crude oil fell 1.4%.
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US-built databases a possible software of Taliban repression
BOSTON: Over 20 years, the US and its allies spent tons of of tens of millions of {dollars} constructing databases for the Afghan folks. The nobly acknowledged objective was to advertise legislation and order and authorities accountability, and to modernize a war-ravaged land. However within the Talibans lightning seizure of energy, most of that digital equipment fell into the palms of an unreliable ruler. Constructed with few data-protection safeguards, that system now dangers changing into a high-tech software of a surveillance state. Because the Taliban get their governing toes, many Afghans fear the databases, together with biometrics for monitoring people, shall be wielded to implement social management and punish perceived foes.
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Kansas Metropolis Southern in talks on Canadian Pacifics $31B bid
OMAHA, Neb.: Kansas Metropolis Southern is in talks with Canadian Pacific to find out whether or not its $31 billion bid is the perfect supply on the desk after regulators rejected a key a part of Canadian Nationals $33.6 billion supply final week. Kansas Metropolis Southern stated Saturday that its board believes CPs decrease supply might be the higher deal as a result of the Floor Transportation Board stated Canadian Nationwide wont have the ability to use a voting belief to accumulate Kansas Metropolis Southern. Canadian Pacific and Kanas Metropolis Southern have all week to work out their variations, however CP has put a Sept. 12 deadline on its newest supply.
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Ford hires exec previously in command of Apples automobile undertaking
NEW YORK: Ford Motor Co. has employed a former Apple and Tesla government to be the companys head of superior know-how and new embedded programs. Its a vital place for Ford because the auto business strikes to undertake autos powered by electrical energy and guided by computer systems. Earlier than Doug Area joined Ford, he was a vp of particular tasks at Apple and a engineer at Tesla. Apple has been rumored to be working by itself automobile undertaking for a while, however the particulars of that undertaking have been stored underneath tight wraps. Area additionally labored on Teslas Mannequin 3 automobile.
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Biden in search of extra funds for Ida reduction and Afghans
WASHINGTON: The White Home is asking Congress to approve an extra $24 billion in spending to deal with the prices of Hurricane Ida and different pure disasters. It is also in search of $6.4 billion for the resettlement of evacuees from Afghanistan to assist with transportation, authorities processing and public well being screenings. Shalanda Younger, the appearing director of the Workplace of Administration and Funds, laid out the stopgap funding requests in a weblog submit Tuesday. She says its clear that Congress will want extra time to go a full 2022 funds to avert a authorities shutdown when the 2021 fiscal 12 months ends Sept. 30.
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Revlon CEO discusses pandemic magnificence habits, staying nimble
NEW YORK: Revlon was already dealing with massive challenges when Debra Perelman took over as the primary girl CEO in its 89-year historical past in 2018. The publicly traded firm backed by her billionaire father Ron Perelmans MacAndrews & Forbes Inc. had been struggling for years. That features a heavy debt load, altering client tastes and intense competitors. Revlons issues solely intensified with the pandemic, which harm gross sales of lipsticks as folks masked up and stayed house. However Perelman says she is optimistic in regards to the manufacturers future, pointing to steps she has taken to speed up e-commerce and being extra nimble within the face of competitors.
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German industrial manufacturing picks up after a number of declines
BERLIN: Official figures present that German industrial manufacturing elevated in July after three consecutive months of declines which have mirrored provide chain issues. The Financial system Ministry stated Tuesday that general manufacturing elevated by 1% in contrast with the earlier month. In June, it had dropped 1%. There have been greater will increase within the manufacturing of vehicles and automobile components, which was up 1.9%, and equipment, which rose 6.9%. The ministry stated that whereas supply issues with semiconductors which have weighed on manufacturing are prone to proceed for some time, the newest figures counsel that the worst could also be over.
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The S&P 500 fell 15.40 factors, or 0.3%, to 4,520.03. The Dow Jones Industrial Common dropped 269.09 factors, or 0.8%, to 35,100. The Nasdaq rose 10.81 factors, or 0.1%, to fifteen,374.33. The Russell 2000 index of smaller firms shed 16.44 factors, or 0.7%, to 2,275.61.
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