NET Power Looks To Change Trend Of Failing SPACs With Novel Power Tech
Companies which have emerged from SPAC merger transactions have at best a spotty record of generating returns for shareholders. One stock which is looking to buck that trend is Rice Acquisition Corp. II (NYSE: RONI), the SPAC parent of NET Power. NET Power has developed a revolutionary, patented oxygen combustion power generation technology that produces low-cost electricity, […]
Pentagon Overestimates Value of Weapons Sent to Ukraine by $3 Billion
The Pentagon has overestimated the value of the weapons it has sent to Ukraine by at least $3 billion, according to a report by The Wall Street Journal. The error was caused by using the replacement cost of the weapons, rather than their current value, when calculating the total value of the aid. The admission […]
Debt Ceiling Doomsday Exasperated by Tax Revenue Shortfalls
The financial landscape in the US recently took an unexpected turn as predictions of the country reaching its debt ceiling came much sooner than anticipated, with warnings of potential default as early as June 1. The doomsday forecasts came on the back of a substantial shortfall in expected tax revenue for the current fiscal year. […]
Elon Musk Accuses Microsoft of Breaching Data Usage Agreement And Failing to Properly Compensate Twitter
Twitter has accused Microsoft (NASDAQ: MSFT) of improper usage of its data, according to a letter sent to Microsoft CEO Satya Nadella. Within the letter, which was seen by the New York Times, Twitter claims that Microsoft breached their agreement, overused the data, failed to pay for its usage, and shared it with the US […]
Lordstown: The Electric Vehicle Startup That Lost $5 Billion In 2 Years
Lordstown Motors, the company that once aimed to revolutionize the electric truck market with its Endurance EV, is now on the brink of complete and utter failure. Today we’re going to walk through how the company, which was worth almost $5.5 billion only three years ago, is now warning that without additional funding, it will […]
Foot Locker’s Weak Earnings Underscores Slowdown In Consumer Spending
A danger for the economy and market valuations is consumers’ continued willingness to spend in the face of rising inflation, generally weaker income tax refunds, and the ending of COVID-related transfer payments from the government. Consumer spending represents about 70% of the U.S. economy. Consequently, the extremely disappointing quarterly results issued on May 19 by Foot Locker, […]
Binance Australia Customers Face Withdrawal, Deposit Disruptions After Third-Party Payments Provider Cuts Services
Binance Australia, the local division of the world’s leading cryptocurrency exchange, announced on Thursday that certain users can no longer deposit or withdraw funds due to the termination of services by Cuscal, a third-party provider. Immediately affected are deposits in Australian dollars via bank transfers, with withdrawal services also slated for cessation, though no specific […]
Disney Flips The Bird To Florida’s Ron DeSantis, Pulls $1-Billion Development Project
In the midst of its ongoing legal battle with Florida’s governor, Ron DeSantis, the Walt Disney Co (NYSE: DIS) has canceled plans to develop a nearly $1 billion corporate campus in Florida that would have employed 2,000 people. In an email to staff on Thursday, Disney parks president Josh D’Amaro stated that “changing business conditions” caused Disney […]
No, Elon Musk, Twitter Use Is Not At All-Time High
Twitter’s power users are still visiting the app, but fewer are posting since Elon Musk’s acquisition late last year. According to the Pew Research Center’s recent examination of actual site behavior, the most active users before Musk’s acquisition – defined as the top 20% by tweet volume – have seen a notable posting reduction in […]
WestJet Averts Strike, Reaches Tentative Agreement With Union
WestJet and Swoop are left in a frenzy to bring back hundreds of flights that were cancelled in anticipation of a pilot union strike that could have disrupted travel during the Victoria Day long weekend. A tentative agreement was reached early Friday between WestJet and the Air Line Pilots Association (ALPA), averting a walkout by […]