WION Business Wrap | Sam Bankman-Fried convicted, Amazon's algorithm trouble & more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.

FTX founder Sam Bankman-Fried found guilty of defrauding customers

FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record. The 12-member jury in Manhattan federal court moved to convict the 31-year-old former billionaire on all seven counts he faced after the long trial.

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Bank of England holds firm on 15-year high interest rates amid economic uncertainties

The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has retained borrowing costs at a robust 5.25 per cent.

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Amazon accused of illegally boosting profits through secret algorithm

Amazon is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC).

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Elon Musk opposes SEC's bid for his testimony in Twitter probe

Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter. Post his USD 44 billion takeover, Musk has renamed the platform 'X'.

Lufthansa's Soaring Prospects: Strong travel demand fuels optimism for 2023 and beyond

Deutsche Lufthansa AG, a leading European airline group, remains upbeat on its financial outlook for the current year and beyond. Strong travel demand, which initially surged during the summer season, is persisting into the later months, with more travellers opting for premium seats. The company expects its adjusted operating profit to surpass €2.6 billion ($2.8 billion) this year, exceeding analyst predictions, and is on track to achieve its 2024 earnings margin goal of at least 8%.

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Toronto Stock Exchange grapples with unprecedented IPO drought

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993.

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Starbucks unveils ambitious growth plans and cost-saving initiatives

Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030.

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