NHTSA contacts Tesla on robotaxi issues seen in online videos, Bloomberg News reports
June 23 (Reuters) - The National Highway Traffic Safety Administration is seeking information from Tesla (TSLA.O), opens new tab after seeing online videos of issues on robotaxi after its debut, Bloomberg News reported on Monday.
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The Independent
an hour ago
- The Independent
Texas, Oklahoma and Nevada make changes to lure business amid Delaware's ‘Dexit' concern
Lawmakers in Texas, Oklahoma and Nevada have recently approved changes aimed at helping their states dip into the lucrative side of corporate litigation that Delaware, with a specialized court and business-friendly laws, has dominated as the world's incorporation capital. Concerned that these changes may lure corporations away from Delaware, thereby causing the small state to lose millions in corporate franchise taxes, Delaware officials have responded with their own changes to solidify their status in the business world. In Texas, which opened a business court last year, there was bipartisan support for legislation diminishing shareholder powers and giving businesses more legal protections against shareholder lawsuits. Nevada lawmakers approved a corporation-friendly update to its business laws, also with bipartisan support, and separately moved toward asking voters to consider changing the state constitution to create a dedicated business court with appointed judges. Billionaire Elon Musk had advocated both states as better options for incorporation after a Delaware judge struck down his shareholder-approved $56 billion compensation package from Tesla. Musk's businesses have also changed where they're incorporated: Tesla and SpaceX relocated to Texas, while Neuralink moved to Nevada. Oklahoma also took action to get in the mix, as the Republican-led Legislature sanctioned the creation of business courts in its two most populous counties, a move the governor said would help Oklahoma become the most business-friendly state. 'This is an area in which states, in many ways, are behaving like businesses,' said Robert Ahdieh, dean of the Texas A&M University School of Law. 'Delaware is selling something. Texas is selling something that they hold out to be better. So it is very much a comparative exercise.' Concerns about a 'Dexit' Since 2024, several billion-dollar companies including TripAdvisor and DropBox have relocated to Nevada. More than a dozen others, including the AMC theater chain and video game developer Roblox Corporation, have announced plans to incorporate there this year. Latin American e-commerce giant MercadoLibre filed a request for shareholders to approve a Texas relocation in April, citing Delaware's 'less predictable' decision-making process — a common thought among exiting companies. Amid concerns about more companies reincorporating elsewhere in a so-called 'Dexit,' Delaware passed its own legislation to help protect its status as the corporate capital, limiting shareholders' access to records and increasing protections for leadership. Opposition dubbed it 'the Billionaire's Bill.' 'Ultimately, I think the damage is done because businesses successfully undermined shareholder rights in Delaware,' said Corey Frayer, director of investor protection at Consumer Federation of America, who argues that the Delaware bill was a rash acquiescence to 'Dexit' concerns. However, some business law experts, like Ahdieh, say the average shareholder is focused on increasing their returns and does not care about shareholder power or where the company is incorporated. Delaware Gov. Matt Meyer has vowed to win back companies that leave, arguing his state's experience 'beats going to Vegas and rolling the dice.' Less predictability Companies flock to Delaware for its well-respected Court of Chancery, a sophisticated and separate forum focusing on equity, corporate and business law. This incorporation machine generates $2.2 billion annually, about one-third of the state's operating budget. There is comfort in working in the familiarity of Delaware law, said Ahdieh, but that predictability has come into question in the last decade as corporate leaders grew unhappy over losing precedent-setting court decisions governing corporate conflicts of interest. Widener University Commonwealth law school professor Christian Johnson acknowledged a shift in Delaware but said reincorporating elsewhere might be 'a bit of an overreaction.' Although a few big-name companies have moved, there are still more than 2 million legal entities incorporated in Delaware, including two-thirds of the Fortune 500. Statutes in Texas and Nevada may appear more flexible, but they have not been extensively tested, and their courts are not as experienced working with the larger entities that favor Delaware, Johnson said. Protections in Texas In May, Texas Gov. Greg Abbott signed legislation providing greater securities for corporate officers and adding restrictions to shareholder records requests. The bill also allows corporations to require an ownership threshold, no more than 3% in outstanding shares, before a shareholder can initiate a derivative lawsuit, typically on behalf of the company and against its own board or directors. Restrictions on who can initiate such lawsuits are not uncommon, but Texas' implementation imposes a 'far higher barrier than the norm,' Ahdieh said. Consumer advocates worry the changes endanger shareholder and investor protections by giving owners and directors more protection against lawsuits that could hold them accountable if they violate their fiduciary duty. For businesses, the changes mean potentially saving millions of dollars in shareholder lawsuit settlements and legal fees by mitigating the likelihood of those costly cases reaching court. For the states, attracting the companies means millions in business activity and revenue from regulatory filing and court case fees and taxes. New courts Eyeing a piece of that, Oklahoma is on pace to establish its recently approved business courts in 2026. 'I'm trying to take down Delaware," said Oklahoma Gov. Kevin Stitt, a Republican. "We want to be the most business-friendly state.' Nevada wants to compete, too. It has run business dockets in Washoe and Clark counties since 2001, and it's in the state's interest to expand operations considering its fast-growing economy and population, said Benjamin Edwards, a University of Nevada, Las Vegas law professor who studies business and securities law. But he said it could take decades to build up a court comparable to Delaware, which has a valuable reputation for handling cases relatively quickly. Nevada's proposed business court wouldn't take effect until 2028 at the earliest and would require amending the state constitution, which would need approval by the 2027 legislature and voter approval in 2028 to allow for the appointment of judges. ___
Daily Mail
an hour ago
- Daily Mail
Glamorous TV anchor facing years in prison over shocking Covid lies learns her fate
A glamorous TV news anchor facing years in prison over shocking Covid lies has learned her fate. Stephanie Hockridge-Reis was found guilty of one count of conspiracy to commit wire fraud. She had pleaded not guilty but could now be jailed for decades. Hockridge was acquitted of four counts of wire fraud. The scandal involved photos of her holding cash in a bathtub, luxury beachfront apartments, and a billion-dollar fintech scheme that left American taxpayers footing the bill. A federal jury found the 42-year-old former KNXV-TV anchor guilty concluding that she orchestrated a vast scheme to exploit the Paycheck Protection Program (PPP) during the height of the pandemic. Hockridge's sentencing is scheduled for October 10, and she faces up to 20 years in prison for the conspiracy conviction. The verdict caps a dramatic fall from grace for the Emmy-nominated journalist who once graced magazine covers as ' Arizona 's Favorite Newscaster.' But behind the studio lights and on-air smiles, federal prosecutors say Hockridge was running a Covid cash-grab empire alongside her husband, fintech founder Nathan Reis, 46. The US government's case centered on Blueacorn, the fintech firm Hockridge co-founded with Reis in April 2020 just weeks after leaving her anchor job at ABC15. The company claimed to help small businesses navigate the PPP loan process, a lifeline created by Congress to keep workers employed during the Covid crisis. In reality, investigators say Blueacorn became a fraud factory. According to a congressional subcommittee, the company processed over $12.5 billion in loans and pocketed up to $300 million for its ownership group, including Hockridge , while spending virtually nothing on fraud prevention. While many small businesses struggled to survive during the pandemic, Hockridge and Reis were living large, filming videos with bricks of cash, flaunting Rolex watches, and vacationing on the balconies of tropical locales. Among the most damning evidence: A bathtub photo showing Hockridge holding stacks of $100 bills to her ears like a phone. A video taken from a luxury beachfront apartment in Puerto Rico, where the couple had relocated to avoid U.S. capital gains tax. Internal messages encouraging staff to 'push through' loan applications with no regard for red flags. A so-called 'VIPPP' list that allowed high-dollar clients to bypass security checks. 'Who the f*** cares,' Hockridge allegedly said in one message about improperly rejected applicants. 'We're not the first bank to decline borrowers who deserve to be funded… They can go elsewhere.' Another text cited by prosecutors reportedly described her as 'the MVP' of the operation. According to court filings, Hockridge and Reis submitted fraudulent PPP applications for themselves, including one claiming Reis was both African American and a military veteran - both lies. The couple received at least $300,000 in personal PPP funds. They also charged borrowers illegal 'success fees,' violating SBA rules, and even struck kickback deals with banks, collecting percentages of loans that were funded, prosecutors alleged. Blueacorn's practices were so brazen that Congress launched a formal investigation, revealing that while the company collected over $1 billion in taxpayer-funded processing fees, it spent only $8.6 million on fraud prevention - less than 1 percent of its intake. One congressional report summarized the company's internal directive succinctly: Speed over accuracy. Some employees, with zero financial training, were reportedly processing hundreds of loans in under 30 seconds each. 'This was not about helping small businesses,' a federal official close to the investigation said. 'It was about siphoning off a national crisis for personal gain.' Hockridge's transformation from trusted journalist to convicted felon has gripped Arizona's media community. She spent seven years as a respected anchor for KNXV-TV, and previously worked for CBS News Radio in London. Her career accolades include an Emmy nomination and features in local lifestyle publications. But prosecutors painted a starkly different portrait in court: not a broadcaster-turned-entrepreneur, but a co-conspirator in one of the biggest pandemic profiteering cases to date. During the trial, federal attorneys introduced a superseding indictment alleging that Hockridge and Reis fabricated payroll records, tax documents, and bank statements. In one application, the couple claimed to own an Amazon business generating six figures. Another loan was issued to a nonexistent company they claimed had multiple employees. The couple allegedly rerouted money through a chain of bank accounts, using interstate wires to disguise their tracks. 'Nathan Reis and Stephanie Hockridge… knowingly devised and intended to devise the scheme to defraud,' the indictment states. 'To obtain money and property by means of materially false and fraudulent pretenses.' At the heart of the prosecution's case was an alleged attitude of impunity. Prosecutors said Hockridge once described the PPP program as '$100 billion of free money.' Her husband's trial is scheduled for August where he faces similar charges. Reis, who reportedly moved to San Juan, Puerto Rico, in the aftermath of the scheme, has denied all allegations and also pleaded not guilty. Federal investigators say that Reis played a central role in overseeing Blueacorn's day-to-day operations and financial distributions - and helped foster the toxic culture that prioritized profit above all else. The case is also connected to Eric and Anthony Karnezis, two men who earlier this year pleaded guilty to PPP fraud in a related case. Eric Karnezis agreed to pay between $25 million and $65 million in restitution; Anthony agreed to repay between $3.5 million and $9.5 million. Hockridge's conviction underscores what federal watchdogs have called the largest fraud wave in US history - fueled by emergency Covid aid programs and exploited by thousands of bad actors. The Paycheck Protection Program, meant to protect workers, became a cash cow for predators. Hockridge will be sentenced in October.
Reuters
an hour ago
- Reuters
Gold at near 2-week low after Trump announces Israel-Iran ceasefire
June 24 (Reuters) - Gold prices fell to a near two-week low on Tuesday as risk appetite improved after U.S. President Donald Trump said Iran and Israel had agreed to a ceasefire, denting demand for safe-haven assets. Spot gold was down 0.5% to $3,351.47 an ounce, as of 0257 GMT, after hitting its lowest level since June 11 earlier in the session. U.S. gold futures slipped 0.9% to $3,365.30. "It seems like there's a good bit of geopolitical risk that's exiting the market here near term after, of course, we have signs of de-escalation between the U.S. and Iran," said Ilya Spivak, head of global macro at Tastylive. Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that saw millions flee Tehran and prompted fears of further escalation in the war-torn region. There was no immediate comment from Israel. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks. Global shares rallied, while oil prices slipped to a one-week low after Trump announced the Iran-Israel ceasefire. Meanwhile, U.S. Federal Reserve Vice Chair for Supervision Michelle Bowman said on Monday that the time to cut interest rates is approaching amid potential risks to the job market. Investors await testimony by Fed Chair Jerome Powell before the House Financial Services Committee later on Tuesday. Powell has been cautious about signalling near-term easing. "The bias for gold prices is higher, but we might see a correction in near-term and an uptick in the dollar if Powell convinces markets that they're not going to cut more than twice this year," Spivak said. Gold tends to thrive in a low-interest-rate environment. Elsewhere, spot silver eased 0.1% to $36.10 per ounce, platinum fell 0.2% to $1,292.39, while palladium slipped 0.4% to $1,073.05.
