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Business Highlights: Google settlement, Crypto rescue fund

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40 states settle Google’s location tracking fees for $392 million

Hartford, Connecticut — Google has agreed to a $391.5 million settlement with 40 states to resolve an investigation into how the company tracks users’ location. The state attorney general announced the settlement on Monday. They call it the largest multi-state privacy settlement in US history. Officials say the state investigation was spurred by a 2018 Associated Press article. said he did.

Binance Proposes Fund To Save Crypto From Future Failures

NEW YORK — Crypto exchange giant Binance is proposing to create a bailout fund to save healthy crypto companies from bankruptcy. This is an effort to stem the cascading effects of last week’s implosion of his FTX, the world’s third largest cryptocurrency exchange. Binance founder and CEO Changpeng Zhao has set up an industry recovery fund to help cryptocurrency companies whose otherwise strong but liquidity crises are facing him, he tweeted. posted on Zhao did not provide details about the fund’s size or scope or how the fund will be distributed.

Tesla’s Elon Musk payment package contested in court

WILMINGTON, Delaware — Testimony is underway in a shareholder lawsuit challenging Tesla’s board approval of CEO Elon Musk’s compensation plan worth more than $55 billion. Lawyers packed a Delaware courtroom on Monday as trials began in a lawsuit filed in 2018. The lawsuit alleges that performance-based stock option grants were negotiated by the compensation committee and approved by opposing board members in 2018 due to personal and professional ties. to musk. It also alleges that the shareholder vote to approve the plan was based on an incomplete and misleading proxy statement. The first witness was Ira Ehrenplace, a prominent venture capitalist and longtime friend of Musk’s who chaired Tesla’s compensation committee when the grant was formulated.

Federal Reserve Vice Chairman Briand is ‘relieved’ by inflation report

WASHINGTON — Federal Reserve Vice Chairman Lael Brainard said he was encouraged by last week’s U.S. inflation report that pointed to a slowdown in price gains, suggesting the Fed could cut back on rate hikes soon. Brainard’s comments during a discussion on Bloomberg were more positive about the inflation report than those of her Fed colleagues last week. It’s trying to temper the stock market’s frenzied reaction to better-than-expected inflation reports, suggesting that the price spikes that have run rampant over the past 18 months are easing.

Jeff Bezos says he will donate most of his fortune

NEW YORK — Amazon founder Jeff Bezos said in an interview with CNN that he would donate most of his fortune during his lifetime. The billionaire didn’t specify how or to whom he would donate the money, but he and his girlfriend Lauren Sanchez said they were building the “capacity” to do it. Bezos has been criticized in the past for not pledging to donate most of his wealth through charity. has stepped down as CEO of Amazon. On Saturday, The Billionaire and Sanchez also announced a $100 million grant to singer Dolly Parton.

Mackenzie Scott approves another $2 billion donation

NEW YORK — Megadonor and novelist Mackenzie Scott announced a donation of nearly $2 billion in a short blog post Monday, highlighting her interest in helping people in underserved communities. Scott made the announcement on her blog. Monday’s announcement brought the amount she said she donated about $14 billion to about 1,500 organizations. I also repeated my initial promise in December. Scott’s ex-husband and Amazon founder Jeff Bezos separately said in his interview with CNN on Monday that she would donate most of his fortune during his lifetime.

Another union refuses to do business with domestic freight rail

OMAHA, Nebraska — Another railroad union has rejected a deal with a domestic freight railroad. This increases the chances that Congress will be asked to settle the dispute and stop the strike. The International Union of Boilermakers rejected the deal on Monday, despite a 24% raise and a $5,000 bonus included. All 12 railroad unions must approve the deal to prevent a strike. But a strike is not imminent as all unions have agreed to continue negotiations until a deadline early next month. Concerns about workers’ quality of life threaten to derail the deal. Contract negotiations with his two unions, who declined to sign last month, remain at a standstill over the issue of paid sick leave.

The S&P 500 fell 35.68 points (0.9%) to 3,957.25. The Dow Jones Industrial Average fell 211.16 points (0.6%) to 33,536.70. The Nasdaq dropped 127.11 points (1.1%) to 11,196.22. The Russell 2000 Index for small businesses fell by 21.49 points (1.1%) to 1,861.25.

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