Apple Watch Sales Banned in US Due to Patent Dispute
AiBot Apple has been ordered to halt sales and imports of its latest Apple Watch models in the US due to an ongoing patent dispute with medical device maker Masimo Corp.…
Spirit Airlines Under Fire After Putting Unaccompanied 6-Year-Old on Wrong Flight
Introduction Spirit Airlines is facing heavy criticism after an incident on December 22nd where an unaccompanied 6-year-old passenger was placed on the wrong flight, sending him to a different airport…
Powerball Jackpot Swells to $638 Million for Christmas Night Drawing
The Powerball jackpot has gradually grown over the past couple months to a whopping $638 million in time for the next drawing on Christmas night. With no big winner from…
China imposes strict new limits on video game play time and spending, prompting massive stock selloff
Regulators unveil sweeping new rules to curb "video game addiction" China has unveiled drastic new restrictions on online gaming companies and video game users, imposing strict limits on play time…
Biden Administration Signals Scrutiny of Nippon Steel’s $6.7 Billion Bid for U.S. Steel
The Biden administration has indicated it will closely examine Nippon Steel's proposed $6.7 billion acquisition of United States Steel Corp, one of America's iconic manufacturers. The deal, announced last week,…
FDA Seizes Thousands of Units of Counterfeit Ozempic Weight Loss Drug
The U.S. Food and Drug Administration (FDA) issued an urgent warning this week about thousands of units of counterfeit Ozempic (semaglutide) injections circulating in the pharmaceutical supply chain and being…
Stocks Close 8th Straight Winning Week as Inflation Cools Further
Dow and S&P 500 Inch Closer to Record Highs The major U.S. stock indexes clinched their 8th consecutive weekly gain, their longest such streak since 2017, as inflation continued to…
Holiday Travel Off to Smooth Start Despite Worries of Delays
The busy holiday travel season is off to a smooth start so far, with few airport delays reported despite worries of major disruptions. Over 115 million travelers are expected to…
Biden Unveils Strict Rules for Lucrative Clean Hydrogen Tax Credits
The Biden administration on Thursday unveiled strict climate standards that companies must meet to qualify for a lucrative new tax credit intended to help establish clean hydrogen as a major…
Record-High $638 Million Powerball Jackpot Up for Grabs on Christmas Day
The Powerball lottery jackpot has reached a staggering $638 million ahead of the next drawing on Christmas Day, December 25, providing holiday hope for potentially life-changing winnings. This marks the…
Bayer Secures First California Court Victory in Roundup Cancer Lawsuit, Ending $2.4 Billion Losing Streak
Germany-based pharmaceutical company Bayer AG has prevailed for the first time in a California court over allegations that its Roundup weed killer causes cancer, ending a yearslong run of courtroom…
Many Retailers Close Early or Remain Open for Last-Minute Christmas Eve Shoppers
Christmas Eve falls on a Sunday this year, and retailers are balancing closing early to give employees time with family while also accommodating any last-minute shoppers finishing up their holiday…
Cummins to Pay $1.67 Billion in Record-Setting Clean Air Act Settlement
Engine manufacturer Cummins has agreed to pay a staggering $1.67 billion civil penalty, the largest in American history, to settle allegations from the Department of Justice (DOJ) that the company…
Biden Unveils Controversial Clean Hydrogen Tax Credit Rules
The Biden administration on Thursday released long-awaited rules for a tax credit intended to spur clean hydrogen production, but the proposal disappointed many industry players and divided Democrats. The guidance…
The End of the Line for Hyperloop One
Hyperloop One, the startup that aimed to revolutionize transportation with pods traveling at airline speeds through low-pressure tubes, is shutting down operations on December 31st after failing to secure enough…
Nike Announces $2 Billion Cost-Cutting Plan Amid Sales Slowdown
Shares Plunge Over 12% as Company Lowers Full-Year Guidance Shares of Nike Inc. plunged over 12% on Thursday after the sportswear giant reported slower-than-expected sales growth in the second quarter…
Wayfair CEO Sparks Backlash With Call For Employees To “Work Longer Hours”
Wayfair CEO Niraj Shah is facing criticism after sending an end-of-year memo to employees urging them to "work longer hours" and saying "we cannot reward laziness." The memo comes after…
Promising Signs Emerge as Inflation Falls Below 3% for First Time Since 2020
Key Metric Hits Fed's 2% Target, Bolstering Case for Rate Cuts in 2024 The latest inflation data released on Friday provides the most convincing evidence yet that the Federal Reserve…
Stocks Rally to New Highs as Inflation Cools
U.S. stocks powered higher this week, notching their longest weekly winning streak in over six years as inflation continued to ease. The S&P 500 rose 0.8% on the week, closing…
OpenAI Seeks Massive New Funding Round at $100 Billion Valuation
OpenAI, the company behind the viral AI chatbot ChatGPT, is in talks to raise new funding that would value the company at over $100 billion, according to reports. This would…
Mortgage Rates Drop to Lowest Level Since June, Sparking Hope of Housing Rebound
Mortgage rates fell sharply this week, dropping to their lowest level since June. The average 30-year fixed mortgage rate declined to 6.67% as of December 21, according to Freddie Mac's…
Powerball Jackpot Rolls to $620 Million After No Winner on Wednesday
The Powerball jackpot continues to rise, now reaching $620 million after no one matched all six numbers in the drawing on Wednesday, December 20. With a cash value of $299.6…
Honda Recalls 2.5 Million Vehicles Over Defective Fuel Pumps That Can Cause Engine Failure
Honda has issued a recall for approximately 2.5 million vehicles in the U.S. due to defective fuel pumps that can cause engine problems and stall vehicles while driving. The recall…
Recession Risks Rise for 2024 Although Growth Expected in 2023
According to top news and analysis from leading economists and market analysts, the US likely avoided a recession in 2023 but faces increasing risks of a downturn in 2024. Key…
China Imposes Strict New Rules to Curb Online Gaming Addiction
China has unveiled sweeping new restrictions on the country's massive online gaming industry, sending shares of industry giants Tencent and NetEase plunging. The new rules aim to curb gaming addiction…
Nike Announces $2 Billion Cost-Cutting Plan Amid Lower Sales Projections
Nike unveiled a new cost-cutting plan on December 21st, seeking to save $2 billion over the next few years through layoffs and other measures, as the athletic gear giant confronts…
Boeing Resumes 787 Dreamliner Deliveries to China After Three Year Hiatus
Boeing has delivered its first 787 Dreamliner aircraft to a Chinese airline in over three years, marking a major milestone in the restoration of commercial ties between the US plane…
Asian Stocks See Modest Gains Ahead of Holiday Weekend
Asian stocks edged higher on Friday, poised to close out the week with modest gains as investors looked ahead to the Christmas holiday weekend. Sentiment was supported by an overnight…
Micron Forecasts Strong Recovery in 2023 Driven by Data Center and AI Demand
Micron Technology, one of the world's largest memory chip makers, reported better-than-expected quarterly results on December 20th and issued an upbeat revenue forecast for the current quarter, indicating a strong…
Consumer Confidence Jumps to 5-Month High as Outlook Brightens Heading into 2024
U.S. consumer confidence rose more than expected in December 2023 to its highest level since July, lifted by easing inflation concerns, declining gas prices, and improving business conditions and employment…
IKEA Faces Delays and Shortages Due to Attacks on Ships Near Red Sea
Swedish furniture giant IKEA is warning customers to expect delays and possible shortages for some products over the holidays due to ongoing attacks on commercial ships near the Red Sea.…
SEC Inches Closer to Approving Spot Bitcoin ETFs After New Discussions with BlackRock
The Securities and Exchange Commission (SEC) appears to be slowly warming up to the idea of approving a spot Bitcoin exchange-traded fund (ETF). This comes after recent reports that the…
Citigroup Exits Municipal Bond Market, Shuts Down Public Finance Division
Citigroup announced this week that it is exiting the municipal bond market by closing down its public finance division, ending its long history as a major underwriter in the $4…
New York Lawmakers Propose Bill Requiring Chick-fil-A to Open on Sundays
A controversial new bill in New York aims to require some Chick-fil-A locations to open on Sundays, challenging the company's long-held tradition of remaining closed that day. Background on Chick-fil-A's…
FTC Bans Rite Aid from Using Facial Recognition Technology for 5 Years After Faulty Theft Targeting
The Federal Trade Commission (FTC) has banned Rite Aid from using facial recognition technology in its stores for five years after an investigation found the drugstore chain's use of the…
BlackBerry Posts Surprise Profit But Forecasts Disappoint
BlackBerry reported better-than-expected third quarter earnings on Wednesday, driven by strong demand for its cybersecurity software, but its forecasts for the current quarter fell short of analyst estimates. The company…
New York Lawmakers Propose Bill Requiring Chick-fil-A to Open on Sundays at Thruway Locations
New York state lawmakers have introduced legislation that would bar fast food restaurants from operating at Thruway rest stops unless they commit to being open seven days a week. The…
FTC Bans Rite Aid from Using Facial Recognition Technology for 5 Years After False Shoplifting Allegations
The Federal Trade Commission (FTC) has banned pharmacy chain Rite Aid from using facial recognition technology for five years, following an investigation that found the company's use of the technology…
Dow Surges to Record High as Traders Bet on Rate Cuts in 2024
The Dow Jones Industrial Average powered to an all-time record high this week, crossing 37,000 for the first time ever, as investors cheered the Federal Reserve signaling potential interest rate…
Apple Scrambles to Avoid Sales Ban on Latest Apple Watch Models
Apple is facing an impending ban on sales of its two latest Apple Watch models in the United States due to a patent dispute, forcing the company to hastily push…
End of an Era – Toshiba Delisted After 74 Years, Faces Uncertain Future Under New Ownership
Toshiba, the renowned Japanese conglomerate behind products like laptops, TVs, and nuclear reactors, has been delisted from the Tokyo Stock Exchange after 74 years as a publicly traded company. As…
Record-Breaking $572 Million Powerball Drawing Fails to Produce Winner
The Powerball lottery drawing on Monday, December 18th failed to produce a winner for the record $543 million jackpot, sending the top prize even higher for the next drawing later…
FedEx Q2 Earnings Fall Short as Demand Slowdown Weighs on Results
Global logistics giant FedEx reported disappointing second quarter financial results on December 19th, sending its shares tumbling in after-hours trading. The company missed Wall Street's earnings and revenue estimates for…
BOJ Holds Interest Rates Steady, Keeping Ultra-Loose Policy as Economy Faces Uncertainty
The Bank of Japan (BOJ) decided to keep its key interest rates unchanged following a two-day policy meeting that concluded on Tuesday, maintaining its ultra-loose monetary policy as the economy…
Southwest Slapped with $140 Million Fine for 2022 Holiday Travel Meltdown
The U.S. Department of Transportation (DOT) has slapped Southwest Airlines with a record $140 million fine for the massive flight disruptions that stranded thousands of passengers during the 2022 holiday…
Google Agrees to $700 Million Settlement Over Play Store Practices
Google has agreed to pay $700 million to settle allegations from dozens of U.S. states that the company engaged in anticompetitive practices related to its Play Store on Android devices.…
Powerball Jackpot Surges to $572 Million, Making it 9th Largest in Game History
The Powerball lottery jackpot has continued its rapid growth, reaching $572 million for the Monday, December 18th drawing after no ticket matched all six numbers. This catapults the prize to…
BlackRock Amends Spot Bitcoin ETF Filing, Removes Barriers for Bank Participation
BlackRock has filed an amendment to its proposed spot bitcoin exchange-traded fund (ETF), adjusting the structure to enable easier participation by major Wall Street banks and brokerages. The world's largest…
Illumina To Divest Cancer Screening Firm Grail After Losing Antitrust Appeal
Biotech giant Illumina has announced it will unwind its $7.1 billion acquisition of cancer screening startup Grail Inc following a U.S. federal appeals court decision earlier this week. Background Of…
Dow Surges to New Record on Hopes of Future Rate Cuts
The Dow Jones Industrial Average closed at a record high on Wednesday, as stocks rallied after the Federal Reserve signaled that it may cut interest rates in 2024. The Dow…
BOJ Poised to Stand Pat on Rates But Pivot Towards Policy Normalization Expected in 2023
The Bank of Japan (BOJ) is set to conclude its two-day monetary policy meeting on Tuesday, where it is widely expected to maintain its ultra-loose monetary policy stance. However, there…
Mitsubishi UFJ Trust to Acquire Australian Financial Services Provider Link Group for $1.2 Billion
Japanese financial services giant Mitsubishi UFJ Trust and Banking (MUTB) has announced an agreement to acquire Australian share registry, pension and fund administration services provider Link Administration Holdings for A$1.27…
Quaker Oats Recalls Dozens of Granola Products Over Salmonella Contamination
Quaker Oats issued a voluntary recall on Friday for dozens of its granola products due to potential salmonella contamination. The recall impacts snack bars, cereals, and trail mix products under…
Powerball Jackpot Soars to $535 Million, Making Dreams Come True
The Powerball jackpot has captured the nation's attention once again, soaring to a massive $535 million ahead of Saturday night's drawing. With no winner on Wednesday, the prize pool continues…
Bezos Envisions Trillion People Living in Massive Space Stations as He Pushes Blue Origin’s Pace
Jeff Bezos laid out his vision for humanity's spacefaring future during a wide-ranging interview this week, predicting massive cylindrical space stations housing a trillion people as the next step before…
Activision Blizzard Agrees to $54 Million Settlement in California Gender Discrimination Lawsuit
Activision Blizzard has agreed to pay $54 million to settle a lawsuit filed by California's Department of Fair Employment and Housing (DFEH) alleging gender discrimination and sexual harassment at the…
Fast Fashion Foes Back in Court as Temu Accuses Shein of “Mafia-Style” Tactics
E-commerce fashion retailers Shein and Temu are back in court over allegations of anti-competitive behavior and intimidation of suppliers. Just months after ending a legal ceasefire, Temu has filed a…
Dow Surges to New Highs on Hopes of Rate Cuts
The Dow Jones Industrial Average closed at a record high for the second day in a row on Thursday, surging over 500 points. The rally came after the Federal Reserve…
Tesla Faces Mounting Pressure in Sweden as Strike Spreads Across Country
Tesla is facing escalating labor tensions and disruption in Sweden as an ongoing strike continues to spread across the country. The conflict originated at the company's factory in Gothenburg but…
FDA Suspects Intentional Contamination in Recalled Applesauce Pouches Sickening Over 100 Children
The Food and Drug Administration (FDA) has launched an investigation into a growing outbreak of lead poisoning potentially linked to recalled applesauce pouches, with suspicions that the contamination may have…
Fed Signals Interest Rate Cuts Coming in 2024
The Federal Reserve kept interest rates unchanged on December 13th, 2023 after a year of aggressive hikes to fight inflation. However, in a major policy shift, the Fed now forecasts…
Rocket Lab Returns to Flight with Successful “Moon God Awakens” Mission
Rocket Lab successfully launched its Electron rocket Thursday from New Zealand, marking the company's return to flight three months after an anomaly ended another mission prematurely. This mission, dubbed "The…
GM’s Self-Driving Car Unit Cruise Announces Sweeping Layoffs Amid Safety Concerns and Leadership Shakeup
General Motors' self-driving car subsidiary Cruise has announced plans to lay off about a quarter of its workforce amid mounting safety issues, leadership changes, and financial pressures. Cruise to Cut…
Campari Spends $1.2 Billion to Add Premium Courvoisier Cognac to Growing Portfolio
Campari Acquires Historic Courvoisier Brand from Beam Suntory Italian spirits giant Campari has agreed to purchase luxury cognac maker Courvoisier from Beam Suntory for $1.2 billion, marking one of Campari's…
Inflation Cools But Prices Still Squeeze American Families
Inflation continued to decline in November 2023, fueled by falling gas prices, but the cost of housing and other necessities remains stubbornly high - continuing to strain household budgets across…
Ford Slashes F-150 Lightning Production in Half Amid Slowing EV Demand
Ford is sharply reducing production plans for the electric version of America's top-selling vehicle, the F-150 Lightning pickup truck, cutting output targets for 2024 by half. The move shows the…
Ethiopia Misses Bond Payment, Edging Closer to Historic Default
Ethiopia is on the brink of becoming the latest African nation to default on its debt obligations after failing to make a $17 million bond interest payment due on December…
Stocks Inch Higher Ahead of Key Inflation Data, Fed Decision on Rates
Stocks edged higher Tuesday ahead of key economic data releases and the Federal Reserve's final policy meeting of the year starting Wednesday. Investors are anticipating the Fed will slow the…
Epic Games Wins Landmark Antitrust Lawsuit Against Google Over App Store Fees
Epic Games, maker of the massively popular Fortnite game, has emerged victorious in a high-stakes antitrust trial against Google. A federal jury in San Francisco found on Monday that Google's…
European Stocks Reach New Highs on Hopes of Easing Inflation and Rate Cuts
Markets Surge After Optimistic Economic Data European stocks climbed to their highest levels since February 2022 on Friday, with major indexes like the FTSE 100, DAX and Euro Stoxx 600…
Tesla Issues Massive Recall to Restrict Autopilot, Citing Safety Risks
Tesla has issued a recall of nearly every vehicle it has produced in the last decade, amounting to over 2 million cars in the U.S., due to safety issues with…
Hasbro Slashes 1,100 Jobs Amid Prolonged Sales Slump
Toymaker Hasbro announced plans on Monday to cut about 1,100 jobs or 20% of its global workforce, attributing the move to an unexpected sales decline this holiday season that exacerbated…
Investor Group Pitches $5.8 Billion Bid to Take Macy’s Private
A group of investors has offered to acquire Macy's for $5.8 billion with plans to take the iconic department store chain private. The bid comes from private equity firm The…
Bitcoin Price Plunges Below $41,000 As Broader Crypto Selloff Intensifies
The price of Bitcoin suddenly plunged below the $41,000 level early Monday morning, triggering over $400 million worth of liquidations across cryptocurrency markets. The flagship cryptocurrency fell as much as…
Tesla Faces Growing Labor Unrest as Danish Dockworkers Join Swedish Strike
Tesla's clashes with unions in Sweden have now spread to Denmark, escalating labor tensions that threaten to disrupt the electric automaker's European supply chain. Dockworkers in Copenhagen have initiated sympathy…
Fed Keeps Rates Unchanged But Hints At Slowing Rate Hikes Ahead As Inflation Cools
The Federal Reserve left interest rates unchanged on Wednesday following its two-day policy meeting, keeping rates at the 3.75%-4% range, in line with market expectations. However, the Fed hinted that…
Bulls Predict New Highs for Stocks in 2024 Despite Looming Risks
The stock market is expected to continue its rally in 2024 and potentially reach new highs, according to several major Wall Street analysts and investment banks. However, risks such as…
Cigna Drops Humana Bid, Announces $10 Billion Share Buyback
Health insurance giant Cigna has ended its attempt to acquire rival Humana after antitrust regulators blocked the $54 billion merger deal in 2017, opting instead to return capital to shareholders…
Newaygo County Man Wins $1 Million Michigan Lottery Prize, Thought He Was Having a Heart Attack
A man from Newaygo County, Michigan had a startling reaction when he realized he won $1 million playing the Michigan Lottery's "$1,000,000 Extravaganza" instant game. Initial Shock and Disbelief As…
Job Growth Defies Expectations in November
The latest jobs report released Friday showed the U.S. economy adding 199,000 jobs in November, exceeding economist expectations and signaling continued strength in the labor market heading into 2023. The…
OpenAI in Disarray as CEO Sam Altman is Abruptly Fired then Rehired Amid Board Tensions
OpenAI, the leading artificial intelligence (AI) research company behind viral chatbot ChatGPT, has been thrown into chaos this week after CEO Sam Altman was suddenly fired from his position only…
FDA Approves Groundbreaking Gene Therapies for Sickle Cell Disease, Ushering in a New Era of Precision Medicine
The U.S. Food and Drug Administration (FDA) made history on December 9th, 2023 by approving the first two cutting-edge gene therapies for sickle cell disease (SCD) - a debilitating, lifelong…
FDA Approves Groundbreaking Gene Editing Treatment for Sickle Cell Disease
The U.S. Food and Drug Administration (FDA) made history on December 9th, 2023 by approving the first ever gene editing therapy to treat sickle cell disease. Known as exa-cel, the…
McDonald’s Enters New Era With Opening of CosMc Café Chain
McDonald's, the world's largest restaurant company, unveiled a new beverage-focused concept this week that marks a major strategic shift for the fast food giant. CosMc, a modern, Instagram-worthy café serving…
Oil Giants and Governments Clash Over Carbon Capture at COP28
The 2023 United Nations Climate Change Conference (COP28) kicked off this week in Dubai, bringing together world leaders to discuss solutions to address the climate crisis. A major point of…
McDonald’s Announces Ambitious Expansion Plans, Targeting 50,000 Locations by 2027
McDonald's stunned the fast food industry this week by announcing expansive growth plans that will add nearly 10,000 new locations over the next 4 years. The burger giant aims to…
McDonald’s launches new coffee-focused chain “CosMc’s”
McDonald's is embarking on a new venture with the launch of a coffee-focused restaurant spinoff called "CosMc's". The first location opened this week in Bolingbrook, Illinois as a test concept…
UK watchdog to review Microsoft-OpenAI partnership over competition concerns
The UK's Competition and Markets Authority (CMA) has announced it will review Microsoft's multi-billion dollar partnership with artificial intelligence (AI) lab OpenAI. The regulator will assess whether the collaborations should…
Musk Escalates Attack on Disney, Demands CEO Iger be Fired
Elon Musk has dramatically escalated his confrontation with Disney, calling for CEO Bob Iger to be fired immediately due to the company's advertising relationship with Meta Platforms. This comes as…
Salmonella Outbreak Linked to Contaminated Cantaloupe Sickens Over 200, Kills 8
A deadly outbreak of salmonella infections linked to contaminated cantaloupe has sickened over 200 people and caused 8 deaths across the United States and Canada. Over 200 Illnesses Reported Across…
US warns Nvidia over AI chip shipments to China amid rising tensions
The US government has warned Nvidia against exporting advanced AI chips to China that could skirt recent trade restrictions, escalating tensions between the two superpowers over next-generation technologies. Commerce Secretary…
Evergrande Avoids Liquidation Again As Restructuring Efforts Continue
Chinese real estate giant China Evergrande Group has avoided liquidation once again after a Hong Kong court agreed to adjourn a winding-up petition against the company until January 29th. This…
Evergrande Buys More Time as Liquidation Hearing Adjourned Again
Evergrande Group has once again managed to stave off threats of liquidation, as a winding-up petition hearing brought against the deeply indebted Chinese property developer was adjourned in a Hong…
Spanish Media Association Files €550 Million Lawsuit Against Meta Platforms Over Advertising Practices
The Spanish Newspaper Publishers Association (AEDE) has filed a lawsuit against Meta Platforms, Inc., the parent company of Facebook, Instagram and WhatsApp, seeking €550 million ($598 million) in damages related…
Amazon Turns to SpaceX for Satellite Launches
Amazon has signed a deal with rival SpaceX to launch some of its planned 3,236 internet-beaming satellites, swallowing its pride to get its Project Kuiper constellation up and running. The…
Consumers Remain Gloomy Despite Signs of Economic Progress
Overview Despite recent data showing the US economy is recovering, consumer sentiment remains decidedly downbeat. Inflation has cooled significantly from 40-year highs earlier this year, GDP grew faster than expected…
Amazon Turns to SpaceX for Satellite Launches After Own Rocket Delays
Amazon has signed a deal with rival SpaceX for three Falcon 9 rocket launches to deploy satellites for the e-commerce giant's planned high-speed internet service Project Kuiper. The move comes…
US Sets Strict Limits on Chinese Content to Receive EV Tax Credits
The Biden administration released strict new guidelines on Friday that set limits on Chinese content in electric vehicles in order for them to qualify for up to $7,500 in federal…
Pfizer Discontinues Twice-Daily Dosage of Danuglipron After Patient Dropouts and Side Effects
Pharmaceutical giant Pfizer announced Friday that it will discontinue further development of the twice-daily formulation of its experimental obesity drug danuglipron after underwhelming mid-stage trial results showing modest weight loss…
OPEC+ Agrees to Voluntary Oil Production Cuts, But Market Underwhelmed
OPEC+ nations agreed to voluntarily cut oil production by 2 million barrels per day starting in January in an effort to prop up falling crude prices, but oil markets were…