All posts tagged: billion

Bank of America fined .2 billion over money-laundering violations

Bank of America fined $1.2 billion over money-laundering violations

Published by Sam Flores

A Bank of America branch in New York, US, on Sunday, Oct. 11, 2026. Michael Nagle | Bloomberg | Getty Images Bank of America was hit with more than $1.2 billion in federal penalties Tuesday after regulators said the nation’s second-largest bank failed for years to report more than $5 billion in suspicious transactions and fix longstanding anti-money-laundering problems. More than $1 billion of the unreported activity involved national security and other high-priority risks, including Chinese money-laundering networks and activity tied to the southwest border, Treasury said in a press release. The action also lands less than a day before the bank reports quarterly earnings Wednesday morning. Treasury’s Financial Crimes Enforcement Network, which enforces anti-money-laundering rules, said the $1.2 billion penalty is the third-largest in Treasury history. Treasury separately announced an $11.6 million settlement over sanctions violations. Stock Chart IconStock chart icon Bank of America Corp. stock price As part of the settlement, Bank of America admitted that it willfully violated the Bank Secrecy Act by failing to maintain a compliant anti-money-laundering program, conduct required …

Meet Susan Dell’s kids who will inherit 8 billion fortune

Meet Susan Dell’s kids who will inherit $278 billion fortune

Published by Daniella Wilson

Michael and Susan’s son Zach followed in his father’s footsteps and entered the tech world after studying psychology and economics at the University of Southern California.  His passion for technology and business started early, and he founded the dating app Thread in 2013. The app was only available for students from the University of Texas to use, and had an emphasis on dating for love. “I heard ‘no’ a lot,” he told Total Frat Move about the fundraising process for the app.  “Early on, it was tough to convince investors to roll the dice on an 18-year-old kid, but after a while, word started to spread that I was the real deal, and some of the top investors in the industry were willing to hop on board.” While Michael didn’t invest in Zach’s company per his request, the duo are still “extremely close”, as he told Silicon Hills News. “When I started asking him about starting his business and what it meant to be an entrepreneur, he started telling me more and more. He would …

IonQ to buy cybersecurity firm Elisity in up to .3 billion deal

IonQ to buy cybersecurity firm Elisity in up to $1.3 billion deal

Published by Sam Flores

Oct 12 : Quantum computing company IonQ said on Monday it would buy cybersecurity firm Elisity in an all-stock deal valued at up to $1.3 billion, as it looks to expand its quantum security business. IonQ said the acquisition would provide it with expanded channels to bring its quantum offerings to both enterprise and government customers, helping them deal with current threats and prepare for attacks from future quantum computers. • Elisity, founded in 2019, has more than 100 customer deployments worldwide and has doubled its revenue and customer base year-over-year, IonQ said • The deal value includes up to $150 million in earn-outs tied to Elisity’s performance, it added • The number of IonQ shares to be issued will be calculated at a price between $33.07 and $49.61 per share • “Q-Day is coming much faster than predicted,” IonQ CEO Niccolo de Masi said, referring to the point when quantum computers could break widely used encryption • Elisity CEO James Winebrenner will continue to lead the acquired business after the deal closes • The transaction is expected to …

A starquake 10 billion years ago may have just sent a flash to Earth

A starquake 10 billion years ago may have just sent a flash to Earth

Published by skeptic

A split-second flash of radio waves traveled through space for more than 10 billion years to reach Earth, making it the farthest fast radio burst anyone has detected and confirmed. Fast radio bursts, or FRBs, last only a few thousandths of a second but release enormous amounts of energy. Scientists spotted the first one in 2007, and they still don’t know what causes them. Most flash only once, which makes them extremely hard to chase. South Africa’s MeerKAT radio telescope caught this one, dubbed FRB 20240304B, on March 4, 2024. After failing to find its origin with the world’s largest ground-based telescopes, the team, led by Manisha Caleb and Themiya Nanayakkara of the University of Sydney in Australia, turned to NASA‘s James Webb Space Telescope. Finally, it came into focus: a faint galaxy from when the universe was only about 3 billion years old — more than double the distance of the prior record.  Until now, astronomers mostly managed to find and measure the sources of bursts much closer to home. This one shows researchers …

Exclusive-Sequoia-backed chip startup Nuvacore raising funds at about a .5 billion valuation, sources say

Exclusive-Sequoia-backed chip startup Nuvacore raising funds at about a $2.5 billion valuation, sources say

Published by Sam Flores

SAN FRANCISCO, Oct 9 : Six-month-old microchip startup Nuvacore, which does not yet have a product, is raising hundreds of millions of dollars at a roughly $2.5 billion valuation to develop a new central processor designed for data centers, according to two people familiar with the fundraising. Nuvacore is seeking to raise the funds as the appetite for central processors has swollen due to the thirst for data-crunching capacity to power chatbots such as Anthropic’s Claude. CPUs perform vital functions as traffic controllers for Nvidia’s AI chips and run autonomous AI software known as agents.  The roughly $2.5 billion valuation has not been previously reported. The Information reported previously that Nuvacore was raising $200 million or more. The funding round has not closed, and the people cautioned that the valuation and size of the capital raise could change. Intel and Advanced Micro Devices, which use x86 technology, have long dominated the data center CPU market. Companies designing chips based on Arm’s technology — found inside Amazon and Microsoft custom CPUs — have also attempted to make inroads in the data center market.  …

Turkey’s Fix For Its Billion Hedge Fund Meltdown: Kindly Ask The Winners To Give The Money Back

Turkey’s Fix For Its $20 Billion Hedge Fund Meltdown: Kindly Ask The Winners To Give The Money Back

Published by Jenni Sidey

Two weeks after a cluster of Istanbul asset managers stopped honoring redemptions, triggering a market-wide circuit breaker and the liquidation of 131 funds held by some 455,758 Turkish retail investors, Ankara has unveiled its plan to make everyone whole. Or at least, to make everyone a little bit less un-whole. As Bloomberg reports, Turkey will start payments to investors caught in the fund crisis. The Capital Markets Board (SPK) approved interim payments of up to 1 million lira (about $20,400) per eligible investor in funds run by Tera, Pusula, Atlas and Hedef, calculated on each investor’s “net investment” as determined by the Central Securities Depository (MKK). Below a million lira, you get your money back; above it, you get a million and a place in the queue. Money market funds get paid first, the rest in descending order of investor count, with A1 Capital, Bulls and Pardus funds slotted in afterward. The interim payments are advances against whatever the liquidation ultimately recovers, which is a polite way of saying nobody knows yet. Emre Tezmen, chair …

Rogers Closes .1 Billion Maple Leafs Sports Stake Acquisition

Rogers Closes $3.1 Billion Maple Leafs Sports Stake Acquisition

Published by Daniella Wilson

Cable TV and telecom giant Rogers Communications has picked up the remaining 25 percent stake in Maple Leaf Sports & Entertainment it did not already own to become the sole owner of the company behind the Toronto Maple Leafs and Toronto Raptors pro sports teams. Rogers took its ownership stake in MLSE to 100 percent after paying CAN$4.35 billion (US$3.1 billion) to Kilmer Sports for its minority stake. Rogers in 2024 picked up a 37.5 percent ownership stake in MLSE for CAN$4.7 billion. MLSE includes local Toronto franchises in Major League Soccer and the Canadian Football League, the city’s Scotiabank Arena and a concert venue partnership with Live Nation. Rogers will create a new business unit, Rogers Sports to combine MLSE and the Toronto Blue Jays. And Keith Pelley, while remaining as president and CEO of MLSE, will after an interim period return as president of Rogers Media, a post he held until 2015 when he departed to become the new commissioner and CEO of the PGA’s European Tour. In early 2024, Pelley left the …

Digging Starts On New Billion Train Tunnel Project Under Hudson River

Digging Starts On New $16 Billion Train Tunnel Project Under Hudson River

Published by Jenni Sidey

Elected officials in helmets and yellow jackets gathered in New Jersey on Monday for the ceremonial launch of a massive boring machine that in days will begin drilling through the solid rock of the Palisades Cliffs in New Jersey, the initial phase of the Hudson Tunnel Project from New Jersey to New York Penn Station. The new tunnel is just one part of a massive infrastructure project designed to ease the congestion of trains traveling in and out of New York City. The existing tunnel was built in 1910. The project will add two tunnels under the Hudson River for Amtrak and NJ Transit trains, which transport hundreds of thousands of commuters daily between New York and New Jersey. Its estimated cost is $16 billion, and completion is projected for 2035. Under President Joe Biden, the Department of Transportation authorized $11 billion in grants and financing for the Hudson Tunnel portion of the project. In October 2025, White House Office of Management and Budget Director Russell Vought announced it was freezing federal funding for the …

Ken Griffin Pledges Record Billion To Carnegie Mellon, With Billion Going To Miami

Ken Griffin Pledges Record $3 Billion To Carnegie Mellon, With $2 Billion Going To Miami

Published by Jenni Sidey

Mamdani wants New York’s billionaires to cough up more money. Maybe he should call Florida and ask how they’re getting them to hand it over voluntarily. Because Miami just scored a $3 billion pledge from billionaire Ken Griffin, with $2 billion earmarked for a brand new Carnegie Mellon campus in the city, according to Forbes. The massive commitment represents Griffin’s latest investment in Miami’s evolution into a major center for finance, technology and entrepreneurship. The Citadel founder is directing the bulk of the money toward establishing Carnegie Mellon in South Florida, adding a major research university to the city’s rapidly expanding business ecosystem. Under the plan announced Wednesday, Carnegie Mellon will develop a 35-acre campus in Miami’s Wynwood neighborhood. Work on the project is slated to begin in 2027, with the first graduate students expected to arrive in 2028. Another $1 billion will go toward Carnegie Mellon’s operations in Pittsburgh. That money will support financial aid and other university priorities, while a substantial portion will be directed to its renowned computer science program, which will …

Toyota to invest .34 billion in Argentina EV plant

Toyota to invest $1.34 billion in Argentina EV plant

Published by Sam Flores

Sept 30 : Automaker Toyota Motor will invest $1.34 billion to develop a plant to produce a fully electrified vehicle in Argentina, Economy Minister Luis Caputo said on Wednesday. This represents the largest ever single investment in the country’s automotive industry, Caputo said. • Caputo said the project, in Zarate in Buenos Aires province, had been approved by the government committee that evaluates applications for Argentina’s RIGI incentive regime for large investments. • He said the plant would generate $1.28 billion in annual exports, with about 70 per cent of output destined for foreign markets. • He said the project would create more than 3,600 jobs during construction and more than 2,600 direct and indirect jobs once operations begin. • The move would extend Toyota’s manufacturing footprint in Argentina, where the Japanese automaker has operated a plant in Zarate since 1997. Toyota says the site currently produces the Hilux pickup and SW4 sport utility vehicle, and began making the Hiace van there in 2024. • Automakers are doubling down on Latin America investments as they …