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Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts. As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels. Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting. The bankers, led by Goldman’s president, Gary D. Cohn, held out a financing … [Read more...] about Wall St. Helped to Mask Debt Fueling Europe’s Crisis

Just three months after raising an enormous sum of money from investors, Uber is at it again. Uber, a ride-hailing service, is planning to raise close to $1 billion in new venture capital from investors, according to people close to the matter. Investors are looking at a valuation of $60 billion to $70 billion. If successful, the round of fund-raising would make Uber the world’s most valuable private start-up by far. A round this summer valued the company at more than $50 billion, a bit more than Facebook was valued at after its last big round of private capital fund-raising in 2011. The furious pace at which Uber has been raising money is every bit as eye-popping as its soaring valuations. The latest round of financing will be the eighth that the company has sought over the last five years. More precise targets on the size and the valuations will be determined after the company begins talks with investors in coming weeks, said the people, who spoke on the condition of … [Read more...] about Uber Said to Plan Another $1 Billion in Fund-Raising

PALM BEACH, Fla. — The Trump administration is planning to roll out its first concrete measures against China on trade, administration officials said on Thursday, hardening its position toward America’s largest trading partner just as President Trump welcomed President Xi Jinping of China to his seaside club here for their first face-to-face meeting. Sometime after Mr. Xi leaves the United States, these officials said, Mr. Trump plans to sign an executive order targeting countries that dump steel into the American market, an aggressive measure aimed mainly at China. It is unclear exactly what the order would do or how harsh it would be, but it would be designed to begin to make good on Mr. Trump’s promise during the campaign to redress China’s huge trade surplus with the United States. In addition, an official said, the White House is moving out a senior economy policy official, Andrew Quinn, who had helped negotiate the Trans-Pacific Partnership, former President Barack Obama’s … [Read more...] about Trump Administration to Take Harder Tack on Trade With China

SAN FRANCISCO — When Jeremy Hitchcock raised money for his technology start-up in 2012, he barely had to break a sweat. He was flooded with emails from venture capitalists who wanted in. Two months after meeting an investor over cocktails at a technology conference, he scored $38 million . But last year, as valuations of tech start-ups wobbled and public tech stocks gyrated, Mr. Hitchcock, 34, was faced with a different dynamic. As he tried to garner new capital for his company Dyn, which monitors and reroutes Internet traffic, potential investors peppered him with questions others had once glossed over. How would Dyn produce a return for them? Did Dyn have the size and scale to go public? Dyn announced this month that it had raised $50 million from a private equity firm. But as part of the discussion, Mr. Hitchcock, who has not run a public company, agreed to step down as chief executive so Dyn could find a leader skilled in developing a business. “The talks were much more … [Read more...] about Start-Ups Once Showered With Cash Now Have to Work for It

Onstage at his recent CNN town hall , former President Donald Trump had a message for Republicans on Capitol Hill: Relax, take a deep breath, and get ready to embrace a catastrophic default on the federal debt. “I say to the Republicans out there—congressmen, senators—if they don’t give you massive cuts, you’re going to have to do a default,” Trump said. Trump may have even given up the game, acknowledging that much of his calculation was political. When he was president, he said politicians shouldn’t use the threat of a default as a negotiating tool, but said he was now changing his tune “because now I’m not president.” “If I win, they're going to be doing the same thing to me in two years, I guarantee you that,” Trump said of Democrats. “They're going to play a very hardball game.” On Friday, he was perhaps even more explicit on his Truth Social platform, saying “Republicans should not make a deal on the debt ceiling unless they get everything they want … [Read more...] about How Trump’s Call for Debt Default Could Bite GOP in the Ass

close Video Artificial Intelligence detecting cancer in some U.S. hospitals Doctors believe Artificial Intelligence is now saving lives, after a major advancement in breast cancer screenings. A.I. is detecting early signs of the disease, in some cases years before doctors would find the cancer on a traditional scan. No matter what industry you work in, it is more than likely that artificial intelligence is going to impact your job in some capacity. That being said, it is going to affect some industries more than others. Predicting what jobs will look like 20 years from now or even ten for that matter is tricky. There are jobs that exist now that we couldn’t have imagined ten years ago. So, there are certain things that AI is good at now, like coding, working with numbers, writing content, but it could do a lot more in the coming years. 80 percent of workers will have at least 10 percent of their work tasks affected by AI, according to … [Read more...] about Will AI impact your job? Some industries the technology is likely to have major impacts on