‘Severe’ banking crisis threatens worldwide recession, IMF warns

The former boss of Twitter who was fired by Elon Musk is suing the social media firm for failing to pay his authorized payments.

Parag Agrawal, who ran Twitter from November 2021 to October 2022, was sacked and escorted out of Twitter’s San Francisco headquarters the day Mr Musk accomplished his $44bn takeover.

Along with different executives, his employment was ended “with cause” after Mr Musk accused them of deceptive him and traders in regards to the variety of pretend person accounts on the social media platform.

But together with former normal counsel Vijaya Gadde and former finance chief Ned Segal, Mr Agrawal is now suing the corporate for failing to cowl about $1m in private authorized bills because it battles investigations by American authorities.

It is frequent for corporations to pay the authorized bills of present and former executives throughout investigations into the corporate’s conduct.

However, Mr Agrawal’s lawsuit claims Twitter refused to honour its “obligations” regardless of the executives incurring “significant” authorized prices associated to investigations by the US Department for Justice and the Securities and Exchange Commission, in keeping with filings with a Delaware courtroom first reported by the Financial Times.

Twitter has turn into embroiled in numerous disputes since Mr Musk’s takeover, together with with the Federal Trade Commission and the corporate’s San Francisco landlord.


5 issues to begin your day 

1) Ultra-low rates of interest will return in Britain, IMF says – Ageing inhabitants coupled with low productiveness will tame inflation

2) Revealed: lecturers unions make £120m wager on hedge funds – Criticism comes because the National Education Union threatens extended strike motion

3) ‘Government-funded’ BBC is biased, claims Elon Musk – Row with nationwide broadcaster over Twitter label escalates

4) FTX bosses joked about shedding hundreds of thousands of {dollars}, damning report claims – Disgraced founder Sam Bankman-Fried accused of ‘hubris, incompetence, and greed’

5) Why a pretend Pope image might herald the tip of humanity – Silicon Valley heavyweights conflict over the dangers of super-powerful AI

What occurred in a single day 

Stocks principally grew in Asia on Tuesday after a combined session on Wall Street, dominated by hypothesis the Federal Reserve could faucet the brakes once more on monetary markets and the economic system by elevating rates of interest.

Shares climbed in Tokyo, Hong Kong, Seoul and Shanghai. Meanwhile, US futures inched up greater and oil costs additionally gained.

In Tokyo, the Nikkei 225 index shot up 1.4pc to 28,013.86 and South Korea’s Kospi superior 1.4pc to 2,546.07. 

Hong Kong’s Hang Seng added 0.7pc to 20,481.02, whereas the S&P/ASX 200 climbed 1.3pc to 7,314.00. The Shanghai Composite index dipped 0.2pc to 3,310.00.

In Japan, the brand new central financial institution governor indicated late on Monday that he expects to maintain its ultra-low rate of interest coverage in place with out drastic adjustments.

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