Editor’s Pick

Palantir closes up 21% on report of $44 million FDA contract

Shares of Palantir jumped Monday after Bloomberg reported that the company won a three-year contract with the U.S. Food and Drug Administration.
The deal is worth $44.4 million and will focus on powering drug reviews and inspections, according to the report.
Government work makes up more than half of Palantir’s revenue, bringing in $163 million in its latest quarter.

Trump brags about Dow 30,000 at surprise news conference, leaves after a minute

President Donald Trump briefly emerged to tout the Dow Jones Industrial Average breaking 30,000 for the first time ever, and then vanished after a minute without taking questions.
The president’s brief appearance came less than a day after his administration took a major step toward the transition to Joe Biden’s presidency.
Trump, three weeks after Election Day, still has not conceded the race to Biden.

Asia is leading the way in travel recovery, says bookings platform Agoda

The best pockets of recovery are domestic travel in Taiwan, Thailand and increasingly, Vietnam, said John Brown of Agoda, a subsidiary of Booking Holdings.
“All eyes globally” are looking at Asia to see how we manage domestic and international travel under arrangements such as the travel bubble between Singapore and Hong Kong, he said.
The bubble was postponed for two weeks after Hong Kong reported a rise in coronavirus cases, but Brown said he expects it to come online “soon enough.”

JPMorgan Chase pays $250 million penalty over weak controls in its wealth management division

JPMorgan Chase agreed Tuesday to pay a $250 million fine after one of its U.S. regulators found a “pattern of misconduct” in its asset and wealth management division.
The Office of the Comptroller of the Currency said in a release that the New York-based bank’s risk management controls were “deficient” and the firm couldn’t avoid “conflicts of interest” in the business.
Neither the bank nor regulator gave much detail about the potential wrongdoing and conflicts of interest that garnered the fine. In late 2015, JPMorgan agreed to pay more than $300 million in fines after the Securities and Exchange Commission found that the bank failed to disclose that it put some clients into higher-fee products created by the firm.

British telcos may be fined 10% of revenues for using Huawei gear under new law

British telcos could face large fines if they fail to tighten security in their networks under new legislation being announced Tuesday.
The proposed Telecommunications Security Bill is designed to improve security in the U.K’s 5G and full-fiber networks.
Notably, the bill gives the government the power to fine operators if they use Huawei equipment in the nation’s 5G networks.

Record $1 billion worth of bitcoin linked to the Silk Road seized by U.S. government

Thousands of bitcoins — worth $1 billion — were seized by law enforcement this week in what the Justice Department said was the largest seizure of cryptocurrency in the history of agency.
The cryptocurrency is linked to sales of illicit drugs and goods on Silk Road, a dark web marketplace that shut down in 2013.
“Silk Road was the most notorious online criminal marketplace of its day,” says U.S. Attorney David Anderson of the Northern District of California. “The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question. Where did the money go?”