Technology Titans
Alibaba filled it's IPO with a $1 billion fundraising target with more to come later. Alibaba's IPO could be the largest technology IPO in history topping Facebook's debut and has been making ripples across Silicon Valley due to Alibaba's immense reach and scale.
Yahoo, which holds 24% of Alibaba, traded 1% higher after Alibaba's began trading. Yahoo managed to amend it's deal to keep more shares with the original deal requiring Yahoo to sell a specified amount of shares when the IPO was launched.
In other technology stock news Apple's shares topped $600 for the first time in 18 months. Apple is now also the second largest online retailer after Amazon.
Banks behaving badly, again
US Attorney General Eric Holder has warned that no bank is "above the law" amid investigations into tax evasion and money laundering. Credit Suisse Group AG is in talks with the US Justice Department to resolve a tax probe which could cost as much as $1.6 billion.
Banks are also being sued on allegations of fixing the gold price. The suits, filed by hedge funds, private citizens and public investors claim the banks used their position to rig the price of gold to the banks benefit.
Start-ups shaking things up
Airbnb has been under governments scrutiny lately with regulators questioning whether Airbnb hosts paid the relevant taxes and in some cases claim they may be violating New York housing laws.
Ride sharing services like Uber and Lyft have hit a snag with insurers insisting drivers pay commercial insurance to ensure passengers are protected.
Public Relations 101
When teenagers are the voice of reason you know you have to rethink your approach. Coca-Cola and PepsiCo have removed a controversial ingredient from their products after a teenager started a petition online.
Target CEO has resigned after continued fallout from when hackers stole credit cards from 70 million accounts over 5 months ago.
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