Vibrant Gujarat Summit: USIBC organises seminar addressing ways to increase trade between India, US

Fears of Potential Iranian Attack Drive US Stocks Down Nearly 500 Points

Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points. CNN reports that United States stocks dropped on April 12 amid rising tensions in the Middle East pushing traders to seek safe havens like gold and bonds. CNN reports that United States stocks dropped on April 12 amid rising tensions in the Middle East pushing traders to seek safe havens like gold and bonds. By mid-afternoon, the Dow had fallen 1.4%, the S&P 500 went down 1.6%, and the Nasdaq dropped 1.8%. The dip came after the White House announced that both the U.S. and Israel are on alert for a potential attack by Iran or its allies. The dip came after the White House announced that both the U.S. and Israel are on alert for a potential attack by Iran or its allies. The warning comes after Iran accused Israel of a deadly airstrike on a consulate in Damascus, Syria. . The news also sent oil prices up amid fears of regional tensions escalating as a result of the ongoing war in Gaza. . The news also sent oil prices up amid fears of regional tensions escalating as a result of the ongoing war in Gaza. . Brent crude futures jumped up to $90.42 a barrel, and West Texas Intermediate crude futures increased to $86.65 a barrel. Those geopolitical concerns and subsequent rising oil prices sent investors to safe havens like gold futures, which rose to $2,379 a troy ounce. Those geopolitical concerns and subsequent rising oil prices sent investors to safe havens like gold futures, which rose to $2,379 a troy ounce. CNN reports that Americans' opinions of the economy have dipped in the past few months amid persistently high inflation. The geopolitical fears come as investors are already contending with concerns that the Federal Reserve could wait to bring interest rates down from a 23-year high. Officials at the Fed have signaled that further rate hikes could still be on the way if the central bank's efforts to fight inflation stall.

Trump’s Social Media Company Sues Co-Founders

Trump’s Social Media Company , Sues Co-Founders. Trump Media & Technology Group filed a lawsuit against co-founders Wesley Moss and Andrew Litinsky on March 24, ABC News reports. The suit came two days before shareholders approved a merger that allowed the company to begin trading on the Nasdaq. The lawsuit alleges that the two men "failed spectacularly" to lead the company and made "reckless and wasteful decisions" that resulted in "significant damage.". Trump Media wants the co-founders to give up their shares of the company, among other things. . TMTG has been forced to file this action to remedy the harm inflicted upon it by two faithless fiduciaries and a company they own -- Wesley Moss, Andrew Litinsky, and [United Atlantic Ventures] -- and to halt their ongoing attempts to do even more damage, Via lawsuit. Moss and Litinsky's company, United Atlantic Ventures, owns 5.5% of Trump Media, according to the SEC. That amounts to 7,525,000 shares which are worth about $388 million. Donald Trump's stake in the company is currently valued at over $4 billion. Since going public last week, the stock has been very volatile. . At one time, shares peaked over $79. On April 1, they plunged by 21%. Shares recovered slightly on April 2

Truth Social Soars Nearly 50% in First Day on Nasdaq

Truth Social Soars Nearly 50% , in First Day on Nasdaq. The former president's social media company began trading on the Nasdaq on March 26, AP reports. . Digital World Acquisition Corp. acquired Trump Media & Technology Group Corp., which runs Truth Social, on March 25. Trump Media has taken the place of Digital World on the Nasdaq. . On March 25, Trump said, "Truth Social is doing very well. It's hot as a pistol and doing great.". Trump Media's market value was roughly $6.8 billion prior to trading, AP reports. . Shares were up 47% at $73.50 just before 10 a.m. ET. Truth Social's ticker symbol is "DJT.". Trump launched Truth Social in 2022 after being banned from Twitter and Facebook. . The social media platform had approximately 5 million users in February, according to research firm Similarweb. Investors could be in for a bumpy ride, AP reports. In a regulatory filing, Trump Media said that it “is highly dependent on the popularity and presence of President Trump.”. If Trump were to distance himself from the company, perhaps for reasons such as campaigning for presidency, Trump Media “would be significantly disadvantaged,” the filing states. . Similarly “an adverse outcome in one or more” of the cases in which the former president is embroiled could harm the success of Trump Media and Truth Social.

Fabric and Craft Retailer Joann Files for Bankruptcy

Fabric and Craft Retailer Joann , Files for Bankruptcy. The 81-year-old company made the announcement on March 18, CNN reports. . The retailer has also secured $132 million in new funding to cut its debt in half. Joann's 850 stores and website will remain operational. . This agreement is a significant step forward in addressing Joann’s capital structure needs, , Scott Sekella, Joann's chief financial officer, via statement . ... and it will provide us with the financial resources and flexibility necessary to continue to deliver best-in-class product assortments... , Scott Sekella, Joann's chief financial officer, via statement . ... and enhance the customer experience wherever they are shopping with us, Scott Sekella, Joann's chief financial officer, via statement . The Nasdaq has delisted Joann's stock. . The company will become privately owned after the bankruptcy process. The bankruptcy of Joann has been looming for a long time and was always a matter of when, rather than if, Neil Saunders, managing director and retail analyst for GlobalData, via note. The bankruptcy process will now allow the arts and crafts chain to receive an infusion of cash at the same time as streamlining its operations and reducing debt levels, Neil Saunders, managing director and retail analyst for GlobalData, via note