Business

Cash App owner Block pays $40 million in settlement over ‘serious compliance deficiencies’

New York state’s top financial regulator struck a $40 million settlement Thursday with Block Inc., the parent of Cash App, the popular money transmission service, after having found the company had “serious compliance deficiencies” related to its anti-money laundering program and transaction monitoring processes. The deficiencies at Block, some involving cryptocurrencies, “created a high-risk environment vulnerable...
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Boeing says it’s progressing on safety reforms and working with DOJ on revised plea deal

WASHINGTON — Boeing CEO Kelly Ortberg told senators on Wednesday that he’s happy with the company’s progress improving manufacturing and safety practices following several accidents, including a near catastrophe last year. Ortberg faced questioning from the Senate Commerce Committee about how the company will ensure that it doesn’t repeat past accidents or manufacturing defects, in his first hearing since he became...
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Meta’s head of AI research announces departure

Meta’s head of artificial intelligence research announced Tuesday that she will be leaving the company.  Joelle Pineau, the company’s vice president of AI research, announced her departure in a LinkedIn post, saying her last day at the social media company will be May 30.  Her departure comes at a challenging time for Meta. CEO Mark Zuckerberg has...
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Restaurant chain Hooters files for bankruptcy protection to enable founder-led buyout

Restaurant chain Hooters of America filed for bankruptcy protection in Texas on Monday, seeking to address its $376 million debt by selling all of its company-owned restaurants to a franchise group backed by the company’s founders. Hooters, like other casual dining restaurants, has struggled in recent years due to inflation, the high costs of labor and food and declining...
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