A U.S. retail industry group on Wednesday urged the Teamsters Union and United Parcel Service (UPS) to come to an agreement to avert a strike, warning that it could cause billions of dollars in economic losses. The Teamsters and UPS have until July 31 at midnight to reach a new contract deal for hundreds of…
Warnings Issued About Looming UPS Strike, Affecting 30 Percent of Parcels
J&J Sues Biden Administration to Block Medicare Drug Price Negotiations
July 19, 2023
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Johnson & Johnson sued to stop the U.S. government from empowering Health and Human Services (HHS) to negotiate lower drug prices for Medicare recipients. The major drugmaker became the third player in the industry attempting to halt the Medicare drug-price negotiations established by the Inflation Reduction Act (IRA), in a claim filed in the U.S. District…
Wall Street Rises at Open as Investors Assess Bank Earnings
Wall Street’s main indexes opened marginally higher on Wednesday as investors digested Goldman Sachs second-quarter results and assessed strong earnings from a number of smaller banks. The Dow Jones Industrial Average rose 39.28 points, or 0.11 percent, at the open to 34,991.21. The S&P 500 opened higher by 8.89 points, or 0.20 percent, at 4,563.87,…
US Corporate Debt Defaults in 2023 Surpass Last Year’s Total: Moody’s
July 19, 2023
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The total amount of corporate debt defaults in the United States this year have already exceeded the amount seen in 2022. Experts have been warning of a wave of defaults to hit the economy for some time due to higher borrowing rates. At least fifty-five American-based companies defaulted on their loans in the first half…
Israeli-Owned Spyware Firms Blacklisted by US Commerce Department Over National Security Risks
July 19, 2023
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The U.S. Commerce Department has placed two European-based Israeli-owned spyware companies on its trade blacklist, citing national security concerns. Intellexa S.A. in Greece and its entity Intellexa Limited in Ireland, and Cytrox AD in North Macedonia, along with its entity Cytrox Holdings Crt in Hungary, were added to the technology export blacklist, the Commerce Department…
Cosmetics Giant Estee Lauder Hacked, Disrupting Business Operations
A hacker was able to gain access to cosmetics company Estee Lauder’s internal system, prompting the makeup and beauty giant to launch an investigation into the incident, it announced on July 18. In a statement, the New York-headquartered company said it had identified the cybersecurity incident, which involved an “unauthorized third party that has gained access to some…
Stocks Climb, Sterling Weighed Down as UK Inflation Slows
July 19, 2023
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LONDON, SYDNEY—Global stocks and government bonds rallied on Wednesday as good news on UK inflation added to a picture of cooling price pressures, although the data slammed the brakes on sterling’s recent winning streak. Headline British consumer price inflation fell to 7.9 percent year-on-year in June, against expectations for 8.2 percent, in the latest downside…
Current Electric Vehicles Limit Driving Freedom: Automotive Industry Expert
Ford has ramped up its price war with Tesla, slashing the cost of its F-150 electric Lightning pickup truck by up to 17 percent on some models. By doing so, the Detroit automaker hopes to increase its share of an electric vehicle market dominated by Tesla. The move comes just two days after Tesla announced…
TikTok Tells Inquiry Chinese-Based Employees Can Make Changes to Algorithm
July 18, 2023
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TikTok officials have admitted to an Australian government inquiry that Chinese-based employees can change the social media app’s algorithm. This is the first time officials from the company have made the admission, which has raised increasing questions about the reach of the Chinese regime into foreign societies through the app. Appearing before the Select Committee on…
TikTok Tells Inquiry China-Based Employees Can Make Changes to Algorithm
July 18, 2023
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Australiabanning TikTokBusiness & MarketsChina NewsChina-Australia RelationsCompaniesInfiltrating the WestInternational RelationsMedia & Big Techparliamentary inquirySenator James Patersonsocial controlSocial MediaSpecial TopicsTechWorld
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TikTok officials have admitted to an Australian government inquiry that China-based employees can change the social media app’s algorithm. This is the first time officials from the company have made the admission, which has raised increasing questions about the reach of the Chinese regime into foreign societies through the app. Appearing before the Select Committee on…
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