Archegos founder Bill Hwang had previously been found guilty of fraud and market manipulation. He was accused of misleading banks by inflating the value of Archegos’s investments through various deceptive tactics. The imposed prison sentence, however, is less than the 21-year term initially sought by the U.S. Department of Justice. Prosecutors also demanded that Hwang pay over $12 billion in damages to victims. “This is one of those…

Spotify now boasts 640 million users worldwide, marking an 11% increase compared to the third quarter of last year. The number of paying subscribers grew by 12% over the same period, reaching 252 million users. Due to last summer’s price hikes, paying users are now generating more revenue per person for Spotify than last year. The music streaming platform now earns an average of €13.95 per paying user…

The European Union decided on Tuesday to definitively impose import duties on electric cars made in China. In July, the EU already introduced provisional levies that could amount to more than 30 percent. Recently, electric cars from China, such as BYD, SAIC and Lynk & Co, have become very popular in Europe. According to Brussels, Beijing gives its car manufacturers a lot of support, bringing the vehicles to…

It is the worst trade market day for Philips in 26 years. This was because the company reported Monday morning that sales in China were disappointing. This will probably continue to play tricks on Philips for the rest of the year, reducing revenue expectations. Philips last lost more market value in one day in September 1998. Even during the sleep apnea affair of recent years, the Amsterdam-based group…

It would be the first time ever that Volkswagen closes factories in home country Germany. Daniela Cavallo, chair of the works council, speaks of “starvation” by the management. “This means that even more products, shifts and complete production lines will be cut,” Cavallo says according to the Bloomberg news agency. Volkswagen employees were already planning to stop work on Monday. They protest against the plans to close factories.…