US News Updates

  Gautam Adani, an Indian billionaire, lost more than $20 billion (£16 billion) on Friday when investors fled his companies for a second day because of fraud claims by a US investment firm. The Adani Group said the report was untrue, but that hasn’t stopped the uproar. The main opposition party in India has asked for a probe. The market value of the company’s publicly traded companies has dropped by about $50bn. Friday, shares of the group’s biggest company, Adani Enterprises, fell by nearly 20%. Shares of some of the group’s other publicly traded companies fell even more, stopping trading in Mumbai. Forbes says that Mr. Adani has gone from being the third richest person in the world to the seventh, even though his estimated net worth is still more than $96 billion. The fallout comes just days after Hindenburg Research, a company specializing in “short-selling,” or betting against a company’s share price in the hopes that it will fall… Read More Source —  Atlanta Wire

  Boeing is being charged with fraud in two plane crashes that killed 346 people. The company will have to go to court soon to defend itself. Both accidents were caused by problems with the 737 Max’s flight control systems, which led to nosedives. Boeing was found to have kept information about the system secret, but a trial was avoided when the company agreed to pay $2.5 billion (£1.8 billion) in fines and compensation. Families of the people who died are trying to get the settlement back up and running. It means that for the first time, Boeing will be charged in court for the two crashes and will have to plead guilty or not guilty. Boeing has said that reopening the agreement with the US Department of Justice (DOJ) would be “unprecedented, impossible to implement, and unfair.” However, it didn’t say anything about the court case. After the crashes in 2019, Boeing 737 Max planes were grounded. However, they will be… Read More Source —  Atlanta Wire

Meta was fined $410 million (€390 million) for violating EU data rules. According to the Irish Data Protection Commission (DPC), Meta’s request for permission to use people’s data for adverts on Facebook and Instagram was illegal. Meta, the company that owns both platforms, has three months to modify how it acquires and utilizes data to target advertisements. Meta expresses “disappointment” and plans to appeal, emphasizing that the judgment does not preclude tailored advertising on its platforms. According to the authority, Facebook and Instagram cannot “forced consent” by requiring users to agree on how their data is handled or leave the platform. Because Facebook and Instagram have European headquarters in Ireland, the DPC guarantees that they follow EU data protection laws. Privacy advocates say the judgment is a significant victory because it requires Meta to give people meaningful control over how their data is used to target online adverts. It implies Meta will have to adjust ho...

  Train strikes could last for months, according to the head of Britain’s largest rail union. Mick Lynch claimed the RMT union, which began its latest walkouts on Tuesday, has the authority to take action up to May and may “go farther.” People returning to work after the Christmas holiday have been advised to avoid taking the train this week due to strikes that will last until Saturday. The strike is over salary and working conditions, but one group suggested a settlement was close. Mr. Lynch apologized for the “prolonged” action but accused the administration of “doing nothing” to resolve the matter. He warned that employees would continue to strike if no agreement was reached. However, Network Rail, which owns and manages the trains, claimed an agreement was “within touching distance.” Boss Tim Shoveller requested the union to “sit down with us” and revisit the arrangement signed before Christmas so it could “make clarifications” if sections of the deal had been “misunderstood.” ...