Shell reports fire at furnace unit at Shell Pennsylvania Petrochemicals Complex
The company said site personnel quickly extinguished the fire and that there are multiple other furnaces currently operating on site.
It said the unit is currently offline as the investigation into the incident continues.
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Reuters
3 minutes ago
- Reuters
Crypto exchange Bullish's shares set to more than double in debut
Aug 13 (Reuters) - Bullish's (BLSH.N), opens new tab shares were indicated to open at more than double their initial public offering price on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S. listings by other digital asset firms. If the Peter Thiel-backed crypto exchange starts to trade at the last indicated range of $85 to $88 on the NYSE, it could potentially value the company at more than $12.86 billion. The parent of crypto news website CoinDesk raised $1.11 billion in an IPO priced at $37 apiece, valuing it at $5.4 billion, as mainstream crypto adoption accelerates in a sector that recently surpassed $4 trillion in value. "Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up during the pre-IPO process," said Jeff Zell, senior research analyst at IPO Boutique. A string of regulatory wins under a pro-crypto White House, corporate treasury adoption, and ETF inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin to record highs. Exchange operator Gemini and asset manager Grayscale are also among the crypto firms that have confidentially filed to go public. "We've gone public today, and there's a slew of others that are going to follow us, and I think that is net beneficial, because it gives people more options in terms of how they access this asset class," Bullish President Chris Tyrer told Reuters in an interview. Bullish is close to concluding a two-year process to obtain a virtual currency license known as a "BitLicense" in New York, which would allow the company to operate in the state, Tyrer said. The BitLicense requires companies to comply with requirements related to know-your-customer, anti-money laundering and capital. Bullish plans to convert a significant portion of the IPO proceeds to stablecoins — a slice of the crypto space that has boomed since U.S. President Donald Trump signed the Genius Act, creating a regulatory regime for the dollar-pegged cryptocurrencies. Bullish's debut marks a rare U.S. listing by a crypto exchange, joining larger retail-focused rival Coinbase (COIN.O), opens new tab, which became the first crypto player to be included in the benchmark S&P 500 (.SPX), opens new tab index in May. Founded in 2020, Bullish targets institutional clients, whose crypto holdings are expected to rise as a new White House order aims to allow alternative investments in 401(k) retirement plans. "A pure institutional strategy positions Bullish for more stable, recurring revenue than exchanges reliant on retail volumes, which tend to be cyclical and sentiment-driven," said Michael Hall, co-chief investment officer and founding partner at Nickel Digital Asset Management. Bullish CEO Tom Farley was previously the president of NYSE. "For a sector still overcoming reputational headwinds, that kind of leadership experience can be a differentiator in securing institutional mandates," Hall said.
Reuters
4 minutes ago
- Reuters
New York sues Zelle, says security lapses led to $1 billion consumer fraud losses
NEW YORK, Aug 13 (Reuters) - Zelle was sued on Wednesday by New York Attorney General Letitia James, who said the electronic payment platform's refusal to adopt critical safety features enabled fraudsters to steal more than $1 billion from consumers. The lawsuit in a New York state court in Manhattan followed the U.S. Consumer Financial Protection Bureau's decision in March to drop a similar case. That agency has ended most enforcement activity following U.S. President Donald Trump's return to the White House. Zelle was launched in 2017, and competes with apps such as PayPal's (PYPL.O), opens new tab Venmo and Block's (XYZ.N), opens new tab Cash App. Its parent, Early Warning Services, is owned by seven large U.S. banks: Bank of America (BAC.N), opens new tab, Capital One (COF.N), opens new tab, JPMorgan Chase (JPM.N), opens new tab, PNC (PNC.N), opens new tab, Truist (TFC.N), opens new tab, US Bank (USB.N), opens new tab and Wells Fargo (WFC.N), opens new tab. James said Zelle's parent and the banks knew for years that the platform was vulnerable to fraudsters but resisted basic safeguards, with the banks sometimes ignoring customer complaints while Zelle let fraudsters stay on the platform. The result was "rampant" fraud that Zelle sometimes refused to address even after it occurred, despite its assurances it was a safe alternative to cash and checks and "backed by the banks, so you know it's secure," the complaint said. In a statement, Zelle said more than 99.95% of transactions on its platform are completed without reported fraud, leading the industry. "This lawsuit is a political stunt to generate press, not progress," Zelle said. "The Attorney General should focus on the hard facts, stopping criminal activity and adherence to the law, not overreach and meritless claims.' Early Warning Services is based in Scottsdale, Arizona. The seven banks were not named as defendants. James said typical scams involved hacking into users' accounts and making unauthorized transfers, convincing users to send money for nonexistent goods and services, and impersonating banks, government offices and utilities. According to the complaint, one victim was told his electricity would be shut off unless he paid Con Edison $1,477 via Zelle, to an account named "Coned Billing." Another victim said Chase and Zelle wouldn't help him after he sent $2,600 in two installments via Zelle to buy a puppy, and realized he had been scammed when the purported seller demanded more money. James said it wasn't until 2023, after the CFPB and several members of Congress began probes, that Zelle adopted "basic" safeguards it had proposed four years earlier. While reported fraud losses plummeted, the safeguards were "too little too late" for consumers who had lost money, and despite those safeguards Zelle still facilitates "substantial fraudulent activity," the complaint said. "No one should be left to fend for themselves after falling victim to a scam," James said in a statement. The lawsuit seeks to require Zelle to beef up anti-fraud protections, and pay restitution and damages to defrauded New Yorkers. James sued Capital One in May for allegedly cheating savings depositors out of millions of dollars in interest, and in June settled claims against MoneyGram over remittance transfer lapses. The CFPB abandoned similar cases earlier in the year.
Daily Mail
4 minutes ago
- Daily Mail
Walmart shoppers confused by sign from store's manager
By Shoppers are unsure what to make of a sign urging Walmart workers to speak with a manager before quitting their jobs. A Kansas-based employee shared the sign in a Reddit post — telling his co-workers to 'Stop! Don't Leave!' their jobs. Potentially posted by the store manager, the sign reads that the location believes in a 'no-quit philosophy', but shoppers who saw the sign said it would make them want to leave if they were employed by Walmart. 'I think this beats out the "we are a family here" as biggest red flag,' a shopper wrote on the Reddit post . 'If I was a new hire and saw that I would immediately be looking for a new job,' a shopper responded. 'This is giving "toxic abusive narcissistic partner refuses to accept the fact that you are breaking up with them,"' another person commented. Walmart has been the target of fierce backlash for decisions that affect customers — including the addition of new AI technology and the increasing usage of electronic shelf labels . Company employees have called out the chain for its avalanche of price hikes resulting from tariffs — but they're also speaking up about what they claim are their negative work environments. 'I once had a coach who told my department during a huddle that everyone was replaceable. I think in their mind they were trying to be motivating. 'But that had the opposite effect on me,' an employee admitted on Reddit. 'I do my job to the best of my ability everyday and still get yelled at because metrics are terrible. They are more concerned about metrics than listening to their associates on the floor.' 'My store manager was the specific reason that I left. The guy straight up told me he had me passed up on a promotion because of his personal opinion of me. This is hilarious at best,' a worker added. 'I was begged to not quit on the spot once too. I walked out anyway. QUIT! Or better yet, unionize!,' another commenter responded. Others claimed they left Walmart on good terms — believing their decision to quit was 'one of the best' of their lives. 'Walmart is a great way to work during HS/College, retiring, or a second job, temporarily, but for it to be your career the chances of getting somewhere are very slim,' a former employee claimed. Others said, however, that managers 'didn't try and stop them' from walking out, and a few ex-employees revealed their managers helped them rewrite their resumes. Besides issues with rising costs and technology changes, consumers have also not been able to stay silent on store upgrades — including the placement of 'ridiculous' products in plexiglass cases . The changes came after the retailer became a prime target for shoplifters . Despite this, the company has worked to make sure it maintains customer satisfaction, doing things like revamping 650 locations and entering a partnership with Medicare Advantage .
