Following the news of Tesla CEO Elon Musk putting his acquisition of Twitter on hold, current Twitter boss Parag Agrawal had something to say. Here’s Some Background Musk wrote on Twitter early Friday morning that the “Twitter deal [is] temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 percent…
Twitter CEO Gives Update on Musk M&A, Company’s Future
May 14, 2022
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Business & EconomyCompanieseconomyElon MuskMarketsMedia & Big TechParag AgrawalSocial MediaTechTwitter
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USDA Must Address ‘Corporate Concentration’ of Baby Formula Industry: Democrat Senators
Eight Democrat senators have written a letter to the Secretary of the United States Department of Agriculture (USDA) Thomas J. Vilsack asking him to tackle the baby formula industry’s “alarming level of corporate concentration” amid a shortage of the product. Four companies, Abbott Nutrition, Mead Johnson, Gerber, and Perrigo, control almost 90 percent of the…
Big Tech, Major Websites Are Caught Swiping Personal Data Without Consent
Researchers from KU Leuven, Radboud University, and the University of Lausanne conducted a study that found tens of thousands of websites captured—without permission—every word typed into an online form, even if users left a site without submitting their info, according to a May 12 article in Fortune. “Considering its scale, intrusiveness, and unintended side effects, the…
India Bans Wheat Exports Over Food Security Concerns
India has banned wheat exports, citing heightened risk to food security in the country and some of its neighbors arising from a sudden spike in the global prices of wheat. India’s Directorate of Foreign Trade made the announcement in a government publication (pdf), which said the wheat export ban seeks to address the difficulty India…
Japanese Enterprises Suffer from Shanghai Lockdown, Most Plants Suspend Production
The prolonged lockdown in Shanghai has taken a heavy toll on the operation of foreign companies. Most Japanese factories in Shanghai came to a standstill and the problem spilled over to domestic Japanese manufacturers that have halted production due to a lack of necessary spare parts. Roughly 63 percent of Japanese factories in Shanghai are…
Global Equity Firms See Investor Exodus, a Sign of a Future Economic Slowdown
Several global equity funds are witnessing a surge in outflows for the week ending May 11, as investors are shaken with news of a potential economic slowdown caused by further tightening by the Federal Reserve to fight inflation. Many investors have so far stripped $10.53 billion from global equity funds, after liquidating their shares for a…
Finland’s President Tells Putin They Will Apply to Join NATO; Putin Calls It a Mistake
May 14, 2022
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Business & Economyeconomic policieseconomyEuropeFinlandInternationalMarketsNATORussia-Ukraine WarVladimir PutinWorld
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HELSINKI—Russian President Vladimir Putin warned his Finnish counterpart Saturday relations between the two neighbors could be “negatively affected” if Finland follows through with plans to apply for NATO membership. The Kremlin’s press service said in a statement that Putin told Sauli Niinisto that Finland’s abandonment “of its traditional policy of military neutrality would be an…
Inflation Plateaus, But Does Not Recede
NEW YORK (May 12)—April Consumer Price Index (CPI) inflation printed at an 8.3 percent, year-on-year, yesterday morning, down from 8.5 percent in March, but 2/100ths (or “20 bps”) higher than the market consensus estimate of 8.1 percent. Core inflation, which includes all items, less food and energy, came in at 6.2 percent, down from 6.5 percent…
Idaho Announces $119 Million Opioid Crisis Settlement
BOISE—Idaho officials on Friday announced a $119 million settlement with drugmaker Johnson & Johnson and three major distributors over their role in the opioid addiction crisis. Republican Gov. Brad Little and Republican Attorney General Lawrence Wasden said it’s the second-largest consumer settlement in state history, trailing only the 1998 national tobacco settlement of $712 million….
A ‘Perfect Storm’: Sharp Rise in Home Prices, Mortgage Rates Driving Working Americans out of the Market
May 14, 2022
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Business & Economyeconomic policieseconomyinflationmortgagePolicies & Impactsreal estateSocial IssuesUnited StatesUS
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The dramatic rise in home prices and mortgage rates in the early months of 2022 has had a relatively limited effect on wealthy buyers and sellers, but has had a severe impact on lower-income Americans—and the Democratic Party may pay a steep price for their frustrations in the November midterm elections and beyond, according to…
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