Music Streamer Settles SPAC Fraud Case

Akazoo, a Greek firm purporting to be a music streaming service, has agreed to pay $38.8 million to settle allegations that it defrauded investors both before and after it went public through a SPAC merger. The U.S. Securities and Exchange Commission said Akazoo...

U.S. GDP Growth Slows to 2% in 3rd Quarter

The U.S. economy grew in the third quarter at the slowest rate since the pandemic recovery began in the spring, reflecting the impact of the delta variant and supply-chain constraints. The Commerce Department reported Thursday that gross domestic product rose at a...

Supply Disruptions Hit Apple Revenue

The pandemic caught up with Apple in its fourth quarter as shortages in chip supplies cost it $6 billion in potential revenue, with iPhone sales missing analysts’ estimates. As The Wall Street Journal reports, Chief Executive Tim Cook “had largely helped Apple...

CFOs On the Move: Week Ending October 29

Valen Tong Streaming education platform MasterClass appointed Valen Tong as chief financial officer. Tong previously served as CFO and most recently as chief business officer of Beauty for All Industries, a beauty subscription company that includes brands IPSY and...

Labor Costs Gauge Surges 1.3% in Q3

The cost of employing the average U.S. worker rose in the third quarter by the most since 2001, underscoring the impact of labor shortages resulting from the coronavirus pandemic. The Labor Department reported Friday that its employment cost index (ECI), a broad gauge...