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Apple buys autonomous-car startup Drive.ai: reportsExternal Link

Apple Inc. acquired autonomous-driving startup Drive.ai on Tuesday, according to multiple reports. Apple confirmed the deal to both Axios and the San Francisco Chronicle. The startup was once valued at around $200 million and will cease operations Friday, the Chronicle reported. Apple has hired dozens of Drive.ai hardware and software engineers, Axios said, but a filing with the state of California said 90 employees would be laid off. The startup had offices in California and Texas. A purchase price was not disclosed. The Information reported that the deal was in the works earlier this month. The deal could signal a renewed driverless-car push by Apple. Earlier this year, CNBC reported about 190 workers in Apple's autonomous-car unit, mostly hardware and software engineers, had been laid off.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 26 Jun 2019 02:44:11 GMT
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Robert Mueller to publicly testify before House panels on July 17External Link

Special counsel Robert Mueller will testify before the House Judiciary and Intelligence committees on July 17, Reps. Jerry Nadler, D-N.Y., and Adam Schiff, D-Calif., announced late Tuesday. In a joint statement, the congressmen said Mueller had agreed to testify in open session in accordance with subpoenas issued Tuesday night. Democrats have been wanting to hear from Mueller personally regarding his investigation into Russian interference in the 2016 election as well as possible obstruction of justice by President Donald Trump. "The American public deserves to hear directly from you about your investigation and conclusions," the congressmen wrote in a letter to Mueller on Tuesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 26 Jun 2019 01:19:39 GMT
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U.S. refuses to make concessions on China tariffs: reportExternal Link

The U.S. will not agree to any concessions or conditions on tariffs to restart trade talks with China, Reuters reported Tuesday. President Donald Trump is expected to meet with China's President Xi Jinping on Saturday at the G-20 summit in Japan with hopes of restarting trade talks that stalled in early May, but expectations for a breakthrough are low. On Monday, China called for concessions by both sides, but the U.S. is unwilling to do that, a senior administration official told Reuters. At this point, a best-case scenario is reportedly a freezing of new tariffs and a path toward future talks, with the hope of calming global financial markets. Negotiations, if they pick up again, could take months or years, Reuters said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 25 Jun 2019 23:57:55 GMT
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Target announces 'Deal Days' to coincide with Amazon Prime DayExternal Link

Target Corp. late Tuesday announced its first-ever "Target Deal Days," scheduled for July 15 and 16, to build upon the success of last year's one-day sales event. Amazon.com Inc. had announced earlier Tuesday its Prime Day event will fall on the same dates, stretching over two days for the first time. Target's event will include "rarely-on-sale, exclusive home, apparel and toy brands" as well as discounts and new deals each day, the company said in a press release. Target's One-Day Sale last year was one of the company's biggest online sales day, the retailer said. Shares of Target and Amazon were flat in the extended session after ending the regular trading day down 1.2% and 1.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 25 Jun 2019 21:47:56 GMT
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Merrill Lynch fined by DOJ, CFTC for 'spoofing' in precious metals futuresExternal Link

Merrill Lynch's global commodities trading business agreed to pay $25 million and enter into a non-prosecution agreement with the Department of Justice on Tuesday to settle charges regarding a multi-year scheme by its precious metals traders to mislead the market for precious metals futures contracts traded on the Commodity Exchange Inc. Merrill Lynch admitted to the allegations that beginning by at least 2008 and continuing through 2014, its precious metals traders schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market by placing fraudulent "spoof" orders for precious metals futures contracts that, at the time the traders placed thousands of fraudulent orders, they intended to cancel before execution. The intention was to manipulate the market by creating the false impression of increased supply or demand and, in turn, to fraudulently induce other market participants to buy and to sell futures contracts at quantities, prices and times that they otherwise likely would not have done so. MLCI and its parent company, Bank of America Corporation also agreed to cooperate with the government's ongoing investigation of individuals and to report to the government evidence or allegations of criminal violations. The DOJ also obtained an indictment against Edward Bases and John Pacilio, two former MLCI precious metals traders, in July 2018 related to this investigation. Those charges are pending. The Commodity Futures Trading Commission also settled charges with MLCI on Tuesday for related, parallel proceedings where MLCI agreed to pay a civil monetary penalty of $11.5 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 25 Jun 2019 21:10:18 GMT
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