WeWork’s losses rise to $1.9 billion
For WeWork, one of the most important measures of its success is its breakneck growth — even if that means huge losses. The co-working company disclosed Monday that its losses more than doubled last year to about $1.9 billion, even as its total revenue also doubled to about $1.8 billion. But instead of expressing concern, executives argued that they were a sign of the company’s giant ambitions. “We can very much, if we chose to, moderate our growth and become profitable,” Artie Minson, WeWork’s president, said in a telephone interview. “But it’s a time for us to continue to accelerate.”
Turkey to probe JPMorgan Chase
Turkey’s banking regulator has announced that it will begin an inquiry into JPMorgan Chase for providing “misleading and manipulative” investment advice that, it said, prompted a run on the Turkish lira last week. The Banking Regulation and Supervision Board issued a statement saying it had received a large number of complaints about a JPMorgan research report to clients Friday that “caused volatility in the financial markets and loss of reputation and value especially for the banks of our country.” The lira slumped more than 5 percent Friday, while Turkey’s main stock exchange fell 3.45 percent.
Avocados recalled from six states
A California avocado company is voluntarily recalling shipments that were sent to six states after officials said the fruit might be contaminated with a bacterium that can cause health risks. The recalled California-grown avocados were packed at a facility in California and distributed in that state, Arizona, Florida, New Hampshire, North Carolina and Wisconsin, the company, Henry Avocado Corp., said in a statement Saturday. It was not immediately clear how many avocados were affected. In its statement Saturday, the company said there had been no reported illnesses associated with the recall.
Facebook, Google duped for $100M
A Lithuanian man and his associates found a bold way to steal from Facebook and Google, according to his guilty plea last week: They asked for money via email. The fraudulent invoices they sent were apparently good enough to persuade Google, which is owned by Alphabet, and Facebook to wire a total of more than $100 million for them from 2013 to 2015, according to the Justice Department. The man, Evaldas Rimasauskas, 50, was involved in running a company that controlled several accounts at banks in Latvia and Cyprus, according to a 2016 indictment.