A Miami businessman accused of being the mastermind behind the largest fraud case in Vermont's history pleaded guilty on Friday over a failed plan to build a biotechnology plant using tens of millions of dollars in foreign investors' money. Ariel Quiros, 64, the former owner of Jay Peak and Burke Mountain ski resorts in northern Vermont, changed his plea to guilty on charges of conspiracy to commit wire fraud, money laundering and the concealment of material information. Quiros, of Key Biscayne, Florida, and three others were indicted over a failed plan to build a biotechnology plant in Newport, Vermont, using millions raised through the EB-5 visa program, which encourages foreigners to invest in U.S. projects that create jobs in exchange for a chance to earn permanent U.S. residency.
Miami man pleads guilty of defrauding foreign investors in Vermont's largest fraud case, over biotechnology plant plan.
Stock futures pointed to another mixed session on Wall Street. A day earlier, tech shares led the Nasdaq to back-to-back sessions of advances while the S&P 500 and Dow declined.
The stock market has traded on the expectation of further stimulus from Congress, said Roger Ferguson, the president and CEO of TIAA. He urged Congress to take action, describing a market under pressure that eyes additional funding from Washington D.C. to boost the economic recovery.
Neonode Inc. NEON) on Friday reported a loss of $1.6 million in its second quarter. On a per-share basis, the Stockholm-based company said it had a loss of 18 cents.
American industry continued to regain ground lost in the coronavirus recession last month, but production remains well below where it was before the pandemic struck. The Federal Reserve reported Friday that industrial production — including output at factories, mines and utilities — climbed 3% in July after surging 5.7% in June. Factory output rose 3.4% last month, pulled higher by a 28.3% gain in production of cars, trucks and auto parts.
ClearOne Inc. CLRO) on Friday reported a loss of $1.9 million in its second quarter. On a per-share basis, the Salt Lake City-based company said it had a loss of 12 cents.
Despite various controversies, for-profit schools remain exceptionally good at one thing: marketing themselves.
Titan Pharmaceuticals Inc. TTNP) on Friday reported a loss of $4.6 million in its second quarter. The San Francisco-based company said it had a loss of 5 cents per share.
U.S. productivity rose at a 7.3% rate in the second quarter as the number of hours worked fell by nearly half, the biggest drop-off since the government started tracking the data more than 70 years ago. The Labor Department said Friday that output decreased 38.9%, also the biggest decline ever recorded as hours worked fell 43%, with the coronavirus pandemic sowing economic damage throughout the U.S. Labor costs also jumped, rising 12.2%.
Remark Holdings, Inc. MARK) on Friday reported a loss of $9.8 million in its second quarter. On a per-share basis, the Las Vegas-based company said it had a loss of 11 cents.
Americans spent more at retail stores and restaurants in July for a straight straight month, but growing evidence suggests that sales are now slowing with the expiration of government rescue aid that had previously put more money in people's pockets. Friday's report from the Commerce Department showed that retail purchases rose by a seasonally adjusted 1.2% last month, with solid gains at appliance and clothing stores helping drive up sales.
Altisource Asset Management Corp. AAMC) on Friday reported a second-quarter loss of $7.8 million, after reporting a profit in the same period a year earlier. The Christiansted, Virgin Islands-based company said it had a loss of $4.81 per share.
ContraFect Corp. CFRX) on Friday reported a loss of $17.6 million in its second quarter. The Yonkers, New York-based company said it had a loss of 88 cents per share.
Lithium Americas Corp. LAC) on Friday reported a loss of $6 million in its second quarter. On a per-share basis, the Vancouver, British Columbia-based company said it had a loss of 7 cents.
Ocugen, Inc. OCGN) on Friday reported a loss of $3.6 million in its second quarter. The Malvern, Pennsylvania-based company said it had a loss of 19 cents per share.
Cancer Genetics Inc. CGIX) on Friday reported a loss of $1.7 million in its second quarter. The Rutherford, New Jersey-based company said it had a loss of 79 cents per share.
China XD Plastics Co. (CXDC) on Friday reported second-quarter net income of $17.6 million. On a per-share basis, the Dalian, China-based company said it had profit of 26 cents. The maker of plastics used in automobiles posted revenue of $283.2 million in the period.
The University of Wisconsin-Madison has received less than 1% of the money that Taiwan-based Foxconn Technology Group pledged to it two years ago amid the electronics giant's expansion plans in Wisconsin. In August 2018, Foxconn committed $100 million to the university to help fund an engineering building and for company-related research. “UW-Madison continues to maintain open lines of communication with Foxconn representatives,” university spokesman John Lucas said.
The Des Moines, Iowa-based company said it had profit of $3.84 per share. Losses, adjusted for non-recurring costs, were 14 cents per share. The media and marketing company posted revenue of $611.2 million in the period.
NEW YORK (AP) _ Madison Square Garden Sports Corp. (MSGS) on Friday reported a loss of $78.5 million in its fiscal fourth quarter. Losses, adjusted to account for discontinued operations, came to $3.26 per share. Madison Square Garden Sports Corp. shares have fallen 43% since the beginning of the year.