Business
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Up in smoke: $60 million marijuana startup co-owned by rapper was a Ponzi scheme, feds say
A California startup that raised $60 million to develop a marijuna-growing operation was actually a Ponzi scheme with the money used to buy luxury cars, houses and adult entertainment and to sustain the rap career of one of the company’s founders, federal regulators said. The Securities and Exchange Commission alleged in a civil complaint filed…
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Palo Alto Networks, software industry to undergo AI ‘transformation’ over next 12 months, CEO says
Palo Alto Networks Inc. shares rose in the extended session Tuesday after the cybersecurity company kept the beat-and-raise earnings reports coming as it sees itself and the software industry undergo an AI transformation over the next year. Palo Alto Networks PANW, -1.23% forecast fourth-quarter adjusted earnings of $1.26 to $1.30 a share on revenue of…
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U.S. stocks close lower as debt ceiling talks drag on with deadline due in days
The Dow Jones Industrial Average on Tuesday closed at the lowest level in a week, as worries about the debt ceiling negotiations in Washington outweighed data suggesting economic growth remains resilient, while yields on Treasury bills maturing between early and mid-June climbed toward 6% on Tuesday. How stocks traded The Dow DJIA, -0.69% finished 231.07…
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It’s important for Fed to keep its options open at June meeting, Daly says
San Francisco Federal Reserve Bank President Mary Daly said Monday she wants central bankers to keep an open mind when they gather in June to decide what to do with interest rates at that meeting and at the other four policy meetings scheduled for this year. “I really think at this point in our tightening…
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JPMorgan raises net-interest-income guidance to reflect $3 billion bump from First Republic Bank takeover
JPMorgan Chase & Co. raised its net-interest-income guidance on Monday by $3 billion to reflect the bump it will get from its takeover of First Republic Bank. The bank is now expecting its 2023 net interest income (NII) to come to $84 billion, up from $81 billion forecast in April. That’s well above the current…
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Diagnostic mammogram vs. screening mammogram: The difference could mean a surprise $350 bill
Hello and welcome to Financial Face-off, a MarketWatch column where we help you weigh a financial decision. Our columnist will give her verdict. Tell us whether you think she’s right in the comments. And please share your suggestions for future Financial Face-off columns by emailing our columnist at [email protected]. This column usually lays out the…
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As Tim Scott launches his campaign, here are the Republicans running for president in 2024
The contest to become the Republican Party’s 2024 presidential nominee is heating up, with Florida Gov. Ron DeSantis poised to have an official launch for his campaign this week. In addition, Sen. Tim Scott of South Carolina formally kicked off his White House bid at an event Monday in North Charleston, after filing a statement…
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Breakthrough deal struck to keep drought-ravaged Colorado River flowing — key water source for California
Arizona, California and Nevada advanced a proposed plan to cut their use of drought-ravaged Colorado River water for drinking, washing and hydropower over the next three years. Negotiations around the plan announced Monday have been hard-fought, dividing the states because of big differences in their population size and water use, such as for California’s agricultural…
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To catch a cheat: How monitors catch illicit gambling activity
Suspicious gambling activity, which can be anything from gambling underage to full-on match-fixing, existed long before 2018 when the Supreme Court struck down the federal sports betting ban. But since sports betting has become legal in more than 30 states nationwide, there have been plenty of scandals even in the regulated marketplace. Some, like the…
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4 strategies to recession-proof your retirement plan
Protecting your retirement in the face of a potential recession means taking a hard look at your financial plan and making sure you have enough of a safety net if the economy falters later this year or next year. As many as two-thirds (67%) of U.S. adults expect the economy will enter into recession later…