New York Financial News

Peter Marton, the deputy superintendent of virtual currency at the New York State Department of Financial Services (NYSDFS), will be stepping down from his position at the end of this month. 

Rocky Mountain Institute (RMI) released on Thursday, it foresees a reduction in battery costs by half during this decade, declining from $151 per kilowatt hour (kWh) in 2022 to a range of $60 to $90 per kWh. This cost decrease is expected to make electric vehicles cost-competitive with petrol cars in all markets by 2030, not only in terms of purchase price but also in running costs. Reportedly, batteries constitute a significant expense, making up approximately 40% of the total cost of an electric vehicle (EV).

startups in India, its senior official told Bloomberg. The bank plans to work with companies that are pioneers in their sectors, developing new products or services, and is targeting companies with a large consumer orientation in India, as well as abroad, Kaustubh Kulkarni, the senior country officer for India said. “We want to be there first with those companies," Kulkarni said in an interview to Bloomberg.

In a controversial note, Vivek Ramaswamy, Indian-American entrepreneur and Republican presidential candidate, has recently noted that he would fire over 75% of the federal work force if he is elected the US President. He further asserted that he will make a move to disband some major agencies like Department of Education, the FBI, the Food and Nutrition Service, the Nuclear Regulatory Commission and the Bureau of Alcohol, Tobacco, Firearms and Explosives, if he comes to power, as per New York Times.

Roni Cohen-Pavon, the former chief revenue officer of cryptocurrency lending firm Celsius, has reportedly pleaded guilty to charges related to fraud and price manipulation.

NEW DELHI : French beauty products giant L’Oréal plans to double its India business over three to five years, growing at twice the pace of the local personal care market, expecting higher disposable incomes to spur demand for hair colours, skin care creams and fragrances. L’Oréal, which entered India in 1994, sells a range of beauty, personal care and coloured cosmetic products under brands such as Garnier, Maybelline New York, L’Oréal Paris and Kiehl’s. Garnier, its mass market brand for hair colours, shampoos and skin care products, is the company’s largest brand in the country.

Crypto lending firm Genesis, a subsidiary of Digital Currency Group (DCG), will stop offering spot and derivatives trading for crypto assets through its British Virgin Islands unit.

Eighteen months after Russia’s invasion of Ukraine, Western countries still haven’t swung the developing world behind supporting Kyiv. Europe, Ukraine and the U.S. have successfully orchestrated several United Nations votes condemning Russia’s invasion.

The ‘Fox & Friends’ morning show will have to make some room on its curvy couch

Stocks that are trading heavily or have substantial price changes on Thursday:

Arm saw its share price jump 20 percent on the first day of trading on the Nasdaq stock exchange in New York on Thursday. Arm, whose semiconductor design is used in most smartphones worldwide, announced earlier this week that it was targeting a valuation of more than $52 billion for its initial public offering (IPO). Its shares opened up 10 percent and continued climbing in early trading, at one point rising 20 percent before settling up closer to 17 percent. Arm's high share price in early trading underscored enthusiasm for tech firms amid elevated interest in artificial intelligence. If Arm's shares close anywhere near its current share price at the end of the first day of trading, it will be valued at closer to $60 billion. The company, which is a world leader in smartphone chip design, is owned by the Japanese tech investor SoftBank, which has had a mixed record of success with its investments in recent years. The IPO of around 10 percent of the company's shares is expected to raise around $5 billion for SoftBank, which will retain ownership of the remaining 90 percent of the company's shares. «I want to keep as much as possible as long as possible,» SoftBank chief executive Masayoshi Son told CNBC on Thursday. «I'm a long term believer,» he added. Traders are looking at Arm's IPO as a barometer for other tech IPOs, which have stalled in recent years as the Covid-19 pandemic, the war in Ukraine and higher interest rates lowered the appetite for riskier investments. If Arm's IPO does well, other companies may consider going public to raise funds, fueling fresh deal-making in the months ahead.

The Macy's Thanksgiving Day Parade, one of the most iconic events surrounding the United States holiday in November, will feature characters from the crypto and blockchain space for one of the first times in its 99-year history.

ChatGPT was released in November 2022, it shot up to 100 million users in 2 months. The hype around it, however, shot up faster and higher. It was considered to be as big as the internet, search and the iPhone, and pundits compared it to electricity, even fire.

(Reuters) -Israeli Prime Minister Benjamin Netanyahu will meet X owner Elon Musk on Monday in Silicon Valley, an official in Netanyahu's office said on Thursday, and Musk said their talks would focus on artificial intelligence technology.

Shoppers stepped up their buying modestly as inflation on many items eased, but they still face a host of economic challenges over the next few months

By Ankika Biswas and Shristi Achar A

NEW YORK (Reuters) — A slew of U.S. economic data showed stronger-than-expected numbers that stoked worries about sticky inflation and reinforced the view that the Federal Reserve is likely to keep interest rates higher for longer.

(Reuters) — Bristol Myers (NYSE:BMY) Squibb said on Thursday it plans to double the number of treatments it is testing in clinical trials, with a focus on cell therapies, over the next 18 months, as it contends with increasing generic competition for two of its top-selling drugs.

Retail sales rise 0.6% in August from July as inflation on many items eases but economic challenges remain

Amazon says it’s boosting pay for contracted drivers who deliver millions of packages to customers every day

Two major offshore wind power projects are taking steps forward in New Jersey