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Portugal became the latest country to formally position itself as a haven for remote workers, introducing a “digital nomad” visa that will become available at the end of the month. Portugal’s tourism numbers have increased since 2020 but still remain low compared to pre-pandemic levels. Croatia, Iceland and Greece are among those already offering this style of visa in Europe and some countries in Southeast Asia have also launched similar incentives. The offers come as more U.S. companies push employees back into the office despite resistance from workers.
The New Zealand government confirmed plans to tax agricultural long-lived gasses and biogenic methane that mainly comes from cow and sheep burps separately as part of its pledge to cut methane emissions 10% by 2030. The farm levy, which would be a world first, has angered some farmers and prompted opposing lawmakers to suspect the plan may actually increase global emissions by moving farming to other, less efficient countries. New Zealand is the world’s biggest dairy exporter, with agriculture not only playing a major role in the economy but also accounting for half the country’s total greenhouse gas emissions.
Lawsuits, harassment, calls to change balloting procedures and demands for election records are adding pressure on U.S. election officials ahead of midterm elections. While providing information to the public is a part of the job of an election worker, election skeptics and deniers have occasionally become threatening and demanding. A new poll found four in 10 Republicans and one in four Democrats say they will blame election fraud if their party doesn’t win control of Congress in November. A deluge of threats and intimidating behavior, in battleground states particularly, has prompted increased security outside polling centers and election offices.
Late-night talk shows, once a decades-long successful franchise for network television, have taken a hit amid the rise in streaming services. Some executives have concluded that the cost to produce some late-night talk shows, particularly at 12:30 a.m., is no longer feasible in the era of sinking ratings. Streaming continues to hold the most-watched TV format – a welcome sign for the companies that have launched direct-to-consumer platforms in recent years and are vying to attract subscribers in a crowded market.
New Mexico’s governor voided four pre-statehood proclamations that targeted Native Americans Monday in a move meant to strengthen bonds with Native American communities. Many states and localities now observe the second Monday in October as Indigenous Peoples Day instead of – or in addition to – Columbus Day. A poll found support for Columbus is waning and recognition of Indigenous Peoples Day is more widespread, with 23% of U.S. adults preferring to use that designation.
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The majority of CEOs are preparing for a recession according to a new survey with 91% of CEOs reporting they think a recession will happen in the next year. While most CEOs reported optimism in their companies’ ability to handle the economic downturn, a number of businesses announced layoffs and rollbacks of ESG programs to soften expected financial losses. KPMG CEO Paul Knopp noted a recession will not hit all industries evenly, with companies in the tech and mortgage industries likely to suffer the most. The report warned that companies attempting to recover from the COVID-19 pandemic also run the risk of suffering disproportionately from a large economic setback such as a recession.
The U.S. murder rate increased at a slower pace in 2021 compared to the previous year according to data released by the FBI. Economic pressure and labor shortages within law enforcement were highlighted by some experts as major contributing factors to crime in the U.S. The new crime report is notable for including more details about crimes than before, however observers noted the amount of law enforcement agencies contributing to the report was significantly lower than past reports and consequently painted a less clear picture of crime in the U.S. Moreover, some reporters pointed out the country’s most populous metropolitan areas, Los Angeles and New York City, had their numbers estimated by the agency because some police departments in the cities did not report their statistics.
Mortgage rates surged to their highest point since the peak of the 2000s housing bubble with the average rate for a 30-year mortgage at 6.75%. Applications for home loans and refinancing plummeted as a result of steadily increasing mortgage rates. Hurricane Ian added to the falling demand, with applications from Florida dropping by roughly 31%. Wall Street firms warned the housing market is likely headed toward a significant slowdown as home prices dip from record highs and are likely to decline more as the Federal Reserve combats inflation.
Space billboards could turn a profit for companies even as their projected costs reach as high as $65 million according to new research. Russian scientists proposed a constellation of roughly 50 satellites that could arrange themselves into shapes and graphics to advertise various products and services while orbiting Earth for about three months. Observers estimate the net income of the project could reach about $111 million if 24 ads are displayed over three months at $4.6 million per ad, less than the cost of a Super Bowl ad. While some argued the paper highlights the viability of advertising in space, critics called the idea of space billboards “dystopian” and unnecessary.
Americans’ holiday travel plans are expected to change as a result of inflation according to a survey from Bankrate. Respondents said they plan to travel for less time, seek out less expensive accommodations and travel to closer locations to save money. The rising costs of gas and airfare were pointed to as principal reasons for altering holiday travel plans, although the number of Americans changing their travel plans varied heavily by income. Notably, while the cost of air travel and lodging surged in recent months, the cost of rental cars plummeted by roughly 6% compared to last year.
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The number of Americans seeking unemployment dropped to a five-month low despite the Federal Reserve’s efforts to cool the U.S. job market. The dip marked the first time claims fell below 200,000 since May. With unemployment rates dropping, analysts predicted the Fed will not slow down the pace of its rate hikes with some saying the central bank will continue its policies “until something breaks.” Economists noted that the drop could be linked to employers “hoarding” labor after struggling to hire in the fallout of the COVID-19 pandemic.
Toyota Motor Corp. reinforced its dedication to its electric vehicle strategy after being criticized by shareholders and environmental groups for its slow transition. The company’s CEO said the adoption of electric vehicles depends on the consumer, and despite the company’s stated commitment to EVs, warned a transition to exclusively electric vehicles could leave some consumers behind. Toyota is one of roughly 17 companies that have begun manufacturing EVs or announced plans to do so.
Facebook parent company Meta announced a hiring freeze and budget cuts in an end to the company’s long period of rapid growth. The news came as the company suffered losses in the face of global economic setbacks and a hit to its advertising business linked to iOS privacy changes. Meta reported a 1% dip in revenue in the previous quarter, the first reduction since the company went public. Meta CEO Mark Zuckerberg told managers to identify “weak performers” within their departments and reduce their headcounts accordingly.
President Joe Biden’s administration said it has scaled back eligibility for its student debt relief program following criticism and a lawsuit brought by six Republican-led states. The Department of Education’s new guidance affects roughly 700,000 borrowers and prevents those whose loans are not held by the department from seeking relief through the program. The lawsuit argued the program represents a significant overstep of executive powers by the administration and is unrelated to the financial burden borrowers have suffered as a result of the pandemic.
Used cars have grown too expensive for a number of U.S. consumers due to increased prices and rising interest rates. Used car dealer CarMax reported abysmal quarterly earnings Thursday, driving down its own stock as well as competitors’ stocks in a signal to the market of the growing unaffordability of used vehicles. CarMax CEO Bill Nash cited a shift in consumer spending away from large purchases as a primary reason for the dip in earnings while the company’s chief financial officer said they cut costs to align with lower sales.
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Hurricane Ian ripped through Florida’s Gulf Coast on Wednesday, flooding communities and leaving more than 2 million without power. Ian was downgraded to a tropical storm early Thursday after 155-mile-per-hour winds placed it just shy of a Category 5 storm, which would have been only the fifth time a Category 5 hurricane made landfall in the continental U.S. Several environmental factors, including pollution from Florida’s fertilizer mining industry and the state’s skyrocketing population, threatened to make Ian even more costly and destructive.
The rising strength of the U.S. dollar is feeding inflation around the world, wreaking havoc on global economies as the Federal Reserve fights to tame domestic prices. The British pound touched a record low against the dollar following the announcement of a government plan to slash taxes as the country’s new prime minister sought to solve economic woes, spurring emergency action from the Bank of England. Central banks in the 10 largest developed economies have raised rates by a combined 1,965 basis points in this cycle to date.
Mexico has emerged as the world’s deadliest country for environmental activism, according to an annual survey. Mexico saw 54 activists killed in 2021, contributing to more than 1,700 environmental activist deaths worldwide. Many of those who died were indigenous people, often involved in struggles to prevent the exploitation of their lands by mining, oil, logging or hydropower developers. Researchers believe that as the world attempts to compensate for the loss of fossil fuels in the wake of the war in Ukraine, campaigners will come under greater threats.
McDonald’s will offer Happy Meals for adults this fall in an effort to bolster sales by playing on adult nostalgia. Until Oct. 30, adults can purchase a meal box with a classic McDonald's character, underscoring the marketing power of nostalgia particularly for millennials. Many have found major success on social media platforms by drawing on memories from the late ’90s and the early 2000s.
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Lumber prices fell to their lowest level in more than two years, pointing to an anticipated downturn in construction as two-by-fours return to prices last seen before the pandemic. Wood prices exploded in the summer of 2020 as home sales and remodels surged, but have since declined by more than 70% from their peak. The shift to working from home drove more than 60% of the increase in house and rent prices during the pandemic, according to new research from the Federal Reserve. The increase in prices is likely to stick even as more corporations issue return-to-office mandates.
More brands are taking notice of California’s data privacy laws after cosmetics retailer Sephora agreed to pay $1.2 million in penalties for alleged violations of the law, which was expanded and amended as the California Privacy Rights Act to take effect on Jan. 1. Many Big Tech companies have been more focused on the European Union’s General Data Protection Regulation, which has led to major fines for Meta and Amazon. Tik Tok is currently facing the prospect of a $29 million fine in the U.K. for failing to protect children’s privacy.
More than half of principals said in a new survey they felt their schools were understaffed at the start of the current school year, highlighting a lingering shortage after just 20% of principals said their schools were understaffed before the pandemic. The U.S. Department of Education on Tuesday announced more than $60 million to strengthen the teacher pipeline, although some academics argue that many states’ staffing data misrepresents the true turnover rate. They say that hiring has been so difficult largely because of an increase in the number of open positions, spurred by large amounts of federal stimulus during the pandemic.
A U.S. compliance official is calling on companies and their executives to prioritize the end of forced labor in their supply chains after a law passed in June that imposes restrictions on the importation of goods from China’s Xinjiang region, where many Uyghur people are located. The number of people experiencing forced labor has grown by 10 million in the last five years, according to researchers from Geneva, bringing the total number of people in modern slavery – referring to forced labor, forced marriage and human trafficking – to 50 million worldwide.
More companies are turning to machine learning to get customer feedback, analyzing the language used in transcripts of calls and chats with AI rather than relying on customer surveys. While executives say the new solution could offer a richer report of the customer experience, many consumers have shown a reluctance to having their behavior tracked online. In Ohio, a venture operated by Alphabet Inc. that seeks to offer a “tech-enabled” approach to substance abuse through individualized approaches found that the non-technological, traditional care offered to those in the program has been most effective.
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U.S. manufacturing is experiencing a major rebound following a shift away from services during the pandemic and a robust federal stimulus, which funneled resources back into domestic production. The rebound echoes the stretch of automation seen in the 1970s but across a different cross-section of the U.S., with factories for pharmaceuticals, craft beer and ice cream sprouting up in the Mountain West. While manufacturing jobs rebounded, other sectors such as small businesses continue to struggle to find talent.
Far-right leader Giorgia Meloni is poised to become Italy’s first female prime minister, marking the first time since World War II that the country would be governed by a far-right nationalist regime. The European Union watched the election with caution due to the nature of Meloni’s political campaigns, which have been rooted in Euroscepticism and anti-immigration policies. The economic impact of COVID and the war in Ukraine has deeply damaged centrist parties all over Europe, evident in the new far-right-wing coalition that emerged from Sweden’s national election earlier this month.
Officials in Florida are preparing for Tropical Storm Ian, closing Tampa Bay schools and alerting residents ahead of late Wednesday or Thursday, when the storm is projected to hit. If Ian quickly turns into Florida’s west coast on Wednesday, it could remain a Category 3 or higher hurricane. Computer models are divided over whether Ian will come ashore along Florida’s west coast Wednesday into Thursday or nearer the Panhandle Thursday into Friday.
U.S. housing shortages are worsening due to a shortage in available land for development, doubling the price of vacant land in areas such as the Sunbelt. Land-use restrictions and a lack of public investment in roads, rail and other infrastructure have made it harder than ever for developers to find sites near big population centers, further complicating a market hit by higher interest rates and construction costs. The affordable end of the housing market has been squeezed from nearly every side, marking the end of entry-level starter homes.
U.S. health officials are calling for action after a sharp rise in some sexually transmitted diseases. New syphilis infections rose by 26% in 2021, the highest rate since 1991. Prevention efforts had already been hobbled by years of inadequate funding, while delayed diagnosis and treatment contributed to the rise in cases during the pandemic. Officials are working on new solutions such as home-test kits to tackle a situation they say is “out of control.”
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The House passed bipartisan legislation Thursday after months of negotiating within the Democratic caucus to advance the four police-funding bills. The House approved additional funding for departments with fewer than 125 officers and aid for de-escalation training and mental health services to decrease fatal encounters. A national poll found support dropping for the Black Lives Matter movement and a number of police reform policies, which have risen in popularity in recent years. Still, 90% of Black adults say multiple aspects of the criminal justice system need change to ensure equal treatment with 95% emphasizing a focus on police.
An estimated $45.6 billion in pandemic unemployment benefits was likely fraudulently paid to criminals between March 2020 and April 2022 who used the Social Security numbers of dead people and prisoners to claim the aid. The updated figure is much higher than the $16 billion in fraudulent payments that the Labor Department cited in June 2021 and illustrates the daunting task still ahead of Washington as it seeks to recover the funds and hold criminals accountable. The number of Americans filing new claims for unemployment benefits has dropped since its peak in 2020 but hiring is expected to weaken as the Federal Reserve continues to raise interest rates.
World Bank President David Malpass said it was clear greenhouse emissions are causing climate change, backtracking on his comments after coming under heavy criticism when he declined to say whether he accepts the scientific consensus on global warming. The comments alarmed many activists who were already urging the World Bank to do more to accelerate clean-energy ventures and halt funding for fossil-fuel projects. The comments come as the United Nations General Assembly heard calls from leaders urging countries to impose windfall taxes on fossil fuel companies.
Target said it plans to hire up to 100,000 seasonal workers across the U.S. to prepare for the holidays, a level of hiring that is consistent with last year but slightly below 2020 numbers. Target said the holiday hires will receive its new wages that range from $15 to $24 an hour. Similarly, Walmart announced it plans to hire 40,000 seasonal workers and Michaels said it's seeking 15,000 people to staff up its craft stores for the shopping period. Although most retailers have trimmed their holiday hiring, they promised to give current members extra shifts and more earning potential.
After Hurricane Fiona shut down Puerto Rico's entire power grid, which has been in bankruptcy for the last half-decade, the now Category 3 storm sideswiped Bermuda, heading straight for northeastern Canada. Canadians have been warned Fiona could be the strongest storm to ever hit the country’s coast, with experts saying it could be “Canada’s version of Hurricane Sandy” that caused an estimated $78.7 billion in damage. In Bermuda, Fiona pounded the island with heavy rains and 125 mph winds late Thursday, forcing school and office closures. Only about 32% of Puerto Rican residents had power restored as of Thursday and more than half were still without clean water.
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A federal appeals court granted a request from the U.S. Justice Department to allow its investigators to use roughly 100 documents with classified markings seized from former President Donald Trump’s Mar-a-Lago home in its ongoing criminal investigation and national security review. New York’s attorney general filed a lawsuit accusing Trump, his business and three of his children of lying to lenders and insurers by fraudulently overvaluing his assets by billions of dollars. As Trump weighs the possibility of reelection, a new poll indicates more than 6 in 10 Americans do not want him to run in 2024 in the wake of the criminal probes.
NASA completed a practice run of fueling its moon rocket ahead of a possible launch attempt next week despite facing challenges due to hydrogen leaks. The hydrogen leaks have pained the launch team for months, putting uncertainty on Tuesday’s liftoff. Despite great geopolitical tension caused by Russia’s invasion of Ukraine, the U.S. continued its space partnership with Russia Wednesday when a Russian capsule took an American astronaut to space.
Federal Reserve Chair Jerome Powell said the Fed would continue to fight toward slowing inflation after the U.S. central bank hiked interest rates for a third straight time and signaled that borrowing costs would continue to rise. Fed officials signaled they are willing to tolerate a recession to control inflation while Powell warned that the U.S. housing market would likely suffer a reversal in the wake of the hikes. U.S. mortgage interest rates reached 6.25% this week, their highest level since October 2008 as mortgage application volume increased for the first time in six weeks. Additionally, JPMorgan, Citigroup and Wells Fargo are raising their prime lending rates to the highest levels since the global financial crisis of 2008 following Wednesday's interest rate hike.
Florida asked the U.S. Supreme Court to reverse a decision against a state law aimed at stopping social media companies from restricting users' political speech. Currently, SB 7072 allows political candidates to sue social media companies if they are removed from the platform for upwards of 14 days, but Florida’s law seeks to stop tech companies from moderating content based on political views. States have increasingly tried their luck at passing content moderation laws, and the Supreme Court weighing in could unleash more efforts but social sites are pushing back. TikTok announced Wednesday that it will ban campaign fundraising on its platform and political accounts will require "mandatory verification."
A pair of new studies compared brisk walkers’ risk of disease and premature death with that of average or slow walkers and found that fast walking made a huge difference in a wide variety of health benefits. Walking 10,000 steps a day has been touted as the pinnacle of health by anyone with a fitness tracker, with the “Hot Girl Walk'' even becoming a trend on TikTok, but the research proves walking at a “brisk pace,” defined as upwards of 90 steps a minute, for 30 minutes a day greatly reduced risk of heart disease, cancer, dementia and death. Researchers determined that 9,800 steps a day offered the highest level of protection and was associated with a 50% reduced risk of developing dementia.
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Two more pharmaceutical companies are facing a shortage of generic extended-release Adderall widely used to treat attention-deficit hyperactivity disorder. Lannett Co. and Par Pharmaceuticals warned of the limited supply just weeks after CVS and Walgreens told patients they might have to wait more than a week to get their medication which is supposed to be taken every day. Recent reports suggest the number of Adderall prescriptions rose from 3 million a month in September 2019 to 3.5 million in December 2020. Epinephrine, used in emergencies to treat severe allergic reactions, and methyldopa, used to treat high blood pressure, are also among more than 100 drugs currently facing shortages.
U.S. single-family homebuilder confidence fell in September for the ninth straight month as the market continues to tumble. High mortgage rates and persistently high prices for building materials made new housing less affordable for first-time buyers. Economists indicated housing inflation will increase before cooling off in the coming months. Data-driven home-flipping company Opendoor Technologies has not been spared from the housing market’s sharp downturn, losing 42% of its transactions in August. The iBuyer warned investors that it expected to lose as much as $175 million in the third quarter.
U.S. authorities made upwards of 2 million immigration arrests along the southern border over the past 11 months, with migration from countries like Cuba, Venezuela and Nicaragua driving numbers up. In August, migrant encounters jumped to 203,598, and of those, 22% involved people who crossed more than once. The record-setting data come just days after Florida Gov. Ron DeSantis sent roughly 50 Venezuelan migrants to Martha's Vineyard without alerting authorities. A criminal investigation is being conducted following the incident where the migrants were left to fend for themselves.
Photo-sharing app BeReal aims to add in-app payments for extra features to avoid “Instagram-style advertising” after a massive surge in popularity among Gen Z users caused technical glitches. The core functionality of the app – having all of its users take a picture within a two-minute time frame once a day – will remain free to use. BeReal has grown to over 15 million daily users and has already drawn copycat features from TikTok, Instagram and Snapchat. The new TikTok Now app lets users “capture the moment using your device’s front and back camera,” alarmingly similar to BeReal’s use.
Queen Elizabeth II was laid to rest Monday after tens of millions of Britons came together to express their grief and gratitude. More than 100 world leaders, including President Joe Biden, attended the funeral to bid farewell to a sovereign whose 70-year reign defined an era. The British government declared Monday, Sept. 19, a public holiday for the funeral, leading to a wave of closures, service disruptions and cancellations that sparked some backlash. The last-minute decision left some employers scrambling as the government encouraged them “to respond sensitively” to time off requests for “a unique national moment.”
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Democrats remain unexpectedly competitive in the battle for Congress ahead of November’s midterm election, a new poll found. Overall, 46% of registered voters say they back the Democratic candidate for Congress, compared with 44% for Republicans. Democratic strength has been bolstered by President Joe Biden’s success at breaking through legislative gridlock in Washington. Biden’s approval rating jumped 9 percentage points in another poll released Thursday, pushing his approval rating to now sit at 45%. Voters’ renewed affinity for Democrats is being driven by the passage of the Inflation Reduction Act, drops in gas prices and the overall cooling of inflation.
Florida’s Gov. Ron DeSantis sent two unannounced planes of undocumented migrants to Martha’s Vineyard in Massachusetts earlier this week, joining Gov. Greg Abbott in sending migrants to sanctuary cities and escalating the standoff with Biden over his border policies. The moves drew a harsh rebuke from Democrats, who criticized the “political stunts” and questioned their legality. The action served as a reminder of how ill prepared Democratic parts of the Northeast are to handle influxes of poor migrants, despite being seen as immigration strongholds. While the White House has hosted a series of high-level meetings on immigration, the topic remains a point of contention between the administration and the Department of Homeland Security.
Adobe announced it's acquiring Figma, a popular cloud-based design platform, for around $20 billion. The move sparked Adobe investor concern over the high price tag that led to a drop of more than $30 billion in the market value of the company Figma is relatively little known to the broader public but maintains a loyal following among developers and product managers that Adobe hopes will leverage its own customer base. The transaction marks Adobe’s largest acquisition and a substantial financial gain for Figma – the purchase price is double what Figma was valued at during its last funding round.
Uber is investigating a cybersecurity incident after reports that the company’s internal systems were breached. The alleged hacker, who claims to be an 18-year-old, said they breached uber for fun and is considering leaking the company’s course code. The breach comes as the Biden administration opens applications for state governments to receive a sliver of a new $1 billion cybersecurity grant program, intended to provide starter funds to craft cybersecurity strategies.
A new online atlas of bird migration illustrated the routes of more than 400 bird species in the Americas, bringing together online data from hundreds of scientific studies for the first time. On Thursday night, 228 million birds were predicted to be in flight across the U.S. as part of fall migration. The population of birds in the U.S. and Canada has dropped nearly 30% in the past 50 years, stemming from habitat loss and window collisions with new research underscoring the growing global problem of light pollution. Some researchers say the trend of using energy-efficient LED lighting is increasing blue light radiation that is associated with causing “substantial biological impacts” on both humans and animals.
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Ukraine began to see success in its anticipated counteroffensive against Russia as the country marked the 200th day of the war Sunday. Officials claimed Ukraine’s military has pushed Russia’s troops back to the eastern border and reclaimed several more villages on Monday. Ukrainian forces have also retaken about 500 square kilometers of southern territory in the past two weeks. Russia struck power plants and caused blackouts in the northeast as the country vowed to regain its recent losses.
The U.S. labor force shrank by 500,000 people due to COVID-19-related illnesses, according to a new study. The economic impact will likely persist if workers continue to get sick at current rates. Consumer sentiment on the economy inched up in recent weeks as inflation appears to be easing, though just over half of Americans last month said price increases have caused financial hardship for their households. The Federal Reserve will look to inflation data, expected to decrease slightly from last month, ahead of a potential third interest rate hike in the coming weeks.
President Joe Biden will sign an executive order on biotechnologies Monday to bolster his administration’s efforts to cure cancer. Biden will also name the director of a new agency focused on biomedical innovation. Administration officials highlighted a need to keep the U.S. from losing dominance in biotech manufacturing against China, which has a robust biotech development program. The urgency for a consistent strategy in biotech manufacturing emerged amid the pandemic as healthcare rapidly delivered vaccines, though the U.S. will also aim to advance biomanufacturing in agriculture, energy and other industries.
Visa announced it will implement a new merchant category code for U.S. gun retailers after approval from the International Organization for Standardization. The move follows pressure from gun-control activists who say the code will help track suspicious weapons purchases. The decision is expected to spark a political firestorm around the country and debate among banks and companies about how and when to follow the new standard.
Wildfires forced 14,000 people under evacuation orders over the weekend as the western United States continues to see intense heat. The Double Creek and Cedar Creek fires in Oregon have burned more than 200,000 acres combined while both are less than 15% contained. Despite rain offering some relief in Washington state, Seattle was shrouded in smoke and ash from the Bolt Creek fire burning roughly 40 miles away. Southern California also saw some relief from last week’s heat wave as a tropical storm moved in from the coast.
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Scientists formed a coalition to study the roots of long COVID with the goal of hastening research on the condition and moving quickly to begin clinical trials for potential treatments. The $15 million project, funded by scientific investment fund Balvi, has the ultimate goal of discovering a treatment for the condition, which affects roughly one in five American adults who had COVID according to the CDC. Many are unable to work as a result. Some experts expressed hope that such studies could provide insight into post-viral illnesses more broadly.Apple CEO Tim Cook confirmed iPhones will not be switching from iMessage to RCS messaging to fall in line with Android devices, saying demand for the switch is not sufficient. Some iPhone users have complained about messaging compatibility between their devices and Android devices used by friends and family, with green bubbles and pixelated images characterizing the cross-platform exchanges. Apple sees iMessage and a lack of flexibility surrounding RCS as a competitive advantage, with iMessage locking in customers to the Apple ecosystem. Apple’s iPhones have long dominated the smartphone market, although Samsung recently snatched up market share during select quarters over the past two years.Ivy League university Princeton said it will cover tuition for students whose families make less than $100,000 per year, with the program scheduled to begin in the fall of 2023. Under the plan, roughly 25% of the student body will pay nothing for tuition, food and housing while students from families making over $100,000 will also pay less, according to the school. Although the news is positive for students who are accepted, Princeton’s low acceptance rate means the total number of affected students will be limited. While the new tuition coverage is significant, some financial aid experts noted the news is unlikely to be significant in the higher education world as debate over student debt cancellation has taken center stage.Consulting firm Ernst & Young announced its plan to split its audit and consulting departments into two separate companies to reduce pressure from regulatory agencies over potential conflicts of interest. Global chairman Carmine Di Sibio said the move will fundamentally change the consulting industry and provide opportunities for clients and partners. Observers predicted the split may lead to an increase in profit and services offered from its consulting arm. The news raised the question of whether other large consulting firms such as Deloitte and KPMG will follow suit, although both companies denied having any plans for a split.Queen Elizabeth II, the UK’s longest reigning monarch, died Thursday after initial reports of her ailing health. The British crown was assumed by the Queen’s eldest son Charles who is now King Charles III. The event began a series of choreographed procedures for memorializing and transferring power to the next monarch. The Queen’s passing comes at a time of political flux for the United Kingdom following the election of Liz Truss as the new Prime Minister only days earlier. Observers noted the Queen’s passing represents the loss of a steadily neutral political actor as the country has grown more politically divided in recent years.CONTENT FACTS.https://www.turbinelabs.com/ (Turbine Labs) has tracked 4,112 media articles and blogs and 45,595 social media posts over the last 24 hours.Questions or feedback? Don't hesitate to https://www.turbinelabs.com/contact (reach out) to us directly.
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U.S. health officials plan to recommend that people get COVID-19 boosters once a year in a cadence similar to annual flu shots. The announcement marks a shift from their current practice of issuing new advice every several months. The Department of Health and Human Services hosted a stakeholder meeting last week on the commercialization process for vaccines as the U.S. government transitions away from the current federally-managed COVID-19 system. Coronavirus scenarios from multiple research teams foresee stable or declining hospitalizations in early fall with the possibility of a late-fall surge.Russia said it would halt all natural gas flows to Europe in a move that bodes poorly for economic growth as a range of European industries are being forced to slash production. The euro plunged to a 20-year low against the dollar and the British pound dropped to its lowest against the greenback since 1985. The European Union’s next steps for addressing the crisis are expected to be unveiled next week. European governments are calling for major energy-saving efforts – France will turn off street lamps and Normandy will heat some schools by wood stove in the winter. Google is expanding its Maps’ eco-friendly routing mode in dozens of European countries. Germany, employing various measures to combat the energy crisis, drew the line at limiting speeds on its fabled autobahns. Target’s CEO Brian Cornell agreed to remain in his role for three more years after the board eliminated the company’s retirement age of 65. Target has grappled with huge shifts in shopping habits, cutting its forecast twice and seeing a large drop in quarterly profit. The average reported retirement age has increased from age 57 – where it was in 1991 – to age 61 in 2022. Later retirement ages come at a time when U.S. workers are not eligible for full Social Security retirement benefits until past age 65. The average age of CEOs is nearly 60 years old in the S&P 500. New research found at least half of Americans now say they’re “quiet quitting” – performing only the tasks they’re required to and giving up on going “above and and beyond.” The portion of actively disengaged workers is now at 18%, the highest it’s been in nearly a decade. Among workers younger than 35, the percentage of actively disengaged employees rose by six percentage points, though women and other under-represented groups remain wary, saying they feel like they will suffer disproportionate setbacks. One effective intervention to boost engagement is for managers to have at least one in-depth conversation per week with each team member that lasts up to 30 minutes. A game designer has sparked controversy after his artificial intelligence-generated art piece won the top spot at Colorado’s State Fair’s annual art competition. The winning artwork technically did not break any rules, but critics say it marks a threat to human artists everywhere. AI-generated art has been around for years, but new technology allows rank amateurs to create complex and photorealistic works by simply typing a few words into a box. Newsrooms debating the use of AI-generated illustrations remain hesitant, noting that these tools can be prone to encoded biases. CONTENT FACTS.https://www.turbinelabs.com/ (Turbine Labs )has tracked 3,538 media articles and blogs and 53,257 social media posts over the last 24 hours.Questions or feedback? Don't hesitate to https://www.turbinelabs.com/contact (reach out) to us directly.
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CVS outbid rivals such as Amazon to acquire home healthcare company Signify Health for $8 billion. The acquisition comes as retail pharmacy companies increasingly move into the home healthcare space with Walgreens Boots Alliance buying CareCentrix Inc. last week and Amazon announcing the purchase of One Medical for roughly $4 billion. The deal will add roughly 10,000 doctors and clinicians to CVS’s ability to coordinate healthcare for U.S. customers. Observers noted the purchase suggests the company wants to become a primary care provider for customers rather than remaining a provider of pharmaceuticals and toiletries.
Oil producer coalition OPEC+ announced an agreement to cut oil production by 100,000 barrels per day, backtracking on an increase approved last month. The alliance’s move suggests the member states want to stabilize global markets, and while “inconsequential” in terms of volume, shows the group is closely monitoring prices. The announcement caused a surge in oil prices and came as Russia and the West entered into an energy dispute. Russian oil company Gazprom recently announced an “indefinite” shutdown of gas supplies to Europe through its Nord Stream 1 pipeline.
Rishi Sunak was defeated by conservative candidate Liz Truss in the contest to become Britain’s new prime minister, assuming leadership as the country faces fierce economic headwinds. Her immediate challenges include addressing the cost-of-living crisis in the UK and steering the economy through a likely recession. One of the first moves expected from Liz Truss is a significant energy package for businesses in the UK as well as a cap on household energy bills. Liz Truss said she will institute tax cuts as part of her plan to grow the economy, and unlike her predecessor Boris Johnson, has expressed a more favorable view of social spending to support the country’s economic health.
California’s power grid came under pressure from a significant heat wave over Labor Day weekend with a number of locales hitting record temperatures in the triple digits. Rolling blackouts are expected this week after grid operators avoided grid shutdowns on Monday, highlighting the challenges of power grids affected by extreme weather events. The heat wave comes at a bad time for the state as the threat of wildfires looms large following prolonged drought conditions across a number of Western states. Weather experts called the heat wave the worst in the West’s history with heat warnings issued across six U.S. states and parts of Canada reporting record-breaking temperatures.
Social media app TikTok reportedly suffered a hack with roughly 2 billion user database records stolen, according to cybersecurity researchers who discovered the attack. The news prompted experts to warn users to update their login credentials and enable two-factor authentication for their accounts. Although TikTok denied the attack took place, claiming the images hackers shared as proof are publically accessible, the hackers warned they may sell the data and stolen code or release it to the public. Experts said the attack highlights the popular app’s attractiveness as a target for hackers and could contribute to the U.S.’s recent push to combat Chinese companies.
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The National Labor Relations Board recommended that tech giant Amazon’s objections to votes by the Amazon Labor Union be blocked, a win for workers in what is so far, the only successful union push seen at an Amazon warehouse in the U.S. Amazon is among companies like Starbucks, Trader Joe’s and Apple, which have all faced union battles with workers over the past year. This year’s Labor Day, for the first time in almost 25 years, is seeing a significant increase in union elections – a number that has declined longterm since the 1970s. Megacorpations, especially in retail and tech, have long kept out unions, but support among employees is surging.
Off-duty pilots representing six U.S. airlines are planning an “informational” picket line Thursday at airports nationwide to demand better working conditions ahead of the busy Labor Day weekend. Pilots say improving their work conditions is key to assuaging the travel woes that passengers have experienced this year – in the first half of the year, on-time arrival rates dropped for nearly every major airline and customer complaints surged. Lufthansa canceled 800 flights Friday after pilots of Germany’s biggest carrier staged a strike over better pay.
State and federal officials, along with voting rights advocates, are sounding the alarm over a growing exodus of local election officials ahead of the November midterms. In Kentucky, 23 of the state’s 120 county election clerks opted not to seek reelection this year and officials in Texas have seen a 30% turnover among their election officials since 2020. Election officials often deal with long work hours, staff shortages, limited resources and abusive phone calls – issues that some say have been exacerbated by the pandemic.
Twitter announced plans to roll out a highly-requested edit button to paying Twitter Blue subscribers later this month but notes the feature will only be available for 30 minutes after posting a tweet. Twitter has struggled to monetize on its platform – its tip jar feature launched in 2021 never took off and more recently, the social media giant scrapped its idea of allowing adult content creators to sell OnlyFans-style subscriptions. Twitter made headlines recently for its continued legal battle with Elon Musk after the Tesla CEO rescinded his offer to buy the social media platform.
For the first time in 60 years, Zimbabwe embarked on an internal movement of more than 2,500 wild animals as the consequences of climate change replace poaching as the biggest threat to wildlife. Across Africa, national parks that are home to species like lions, elephants and buffaloes are increasingly threatened by below-average rainfall and new infrastructure projects. Ecologists in the U.S. are trying to “re-wild” the American West by reintroducing beavers and wolves – two animals with significant ecological benefits - to public lands, arguing the move would set the region up to be more resilient to climate change and help biodiversity.
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The average life expectancy of Americans fell in 2020 and 2021, the sharpest two-year decline in nearly 100 years. In 2021, the average American could expect to live until the age of 76 with even steeper declines among some minority groups like Native Americans and Alaska Natives. Mortality rates were driven primarily by COVID-19 as well as overdoses but offset in part by decreases in deaths attributed to the flu and pneumonia. The higher rate of deaths in the category that includes overdoses reflects poorer access to treatment for many minority groups, especially those who are contending with the spread of fentanyl.
U.S. jobs openings and a consumer confidence gauge both topped forecasts, pointing to a strength in household and labor demand that risks sustaining inflationary pressures and raises the prospect for another interest-rate hike by the Federal Reserve. The report also indicated firmer buying plans for appliances and cars, while the jump in job vacancies underscored the persistent tightness in the labor market. The U.S. economy in July recouped the 22 million jobs it lost at the start of the COVID-19 pandemic, but the labor force remains smaller than it was leaving some businesses to deal with staffing shortages.
Resistance to nuclear power is beginning to ebb globally in the wake of unreliable electrical grids and fears about national security, forcing politicians around the world to confront the long-standing stigma surrounding nuclear plants. California’s last remaining power plant is seeing support from Gov. Gavin Newsom – a longtime opponent – after years of the state enduring rolling power outages. Germany is now debating whether to keep some plants open and Japan’s prime minister called for the reopening of idled nuclear reactors.
Republican candidates are trying to deemphasize the hardline anti-abortion stances they took during the primaries and some GOP nominees are curbing their focus on voter-fraud conspiracies and other far right or Trump-centered topics. The longstanding practice of candidates modifying their rhetoric for general-election audiences is common, but critics say this year’s messaging switch is unprecedented as bold language disappears entirely from candidates’ websites. At least nine Republican congressional candidates have scrubbed or amended references to former president Donald Trump or abortion from their online profiles ahead of the post-Labor Day sprint to Election Day.
Goldman Sachs Group will lift pandemic-era protocols at its offices effective early September, according to an internal memo. The move reflects updated guidance from the Centers for Disease Control and Prevention, which no longer distinguishes between vaccinated and unvaccinated individuals. Morgan Stanley told its New York staff that it will end tests and control measures last week. The CDC’s updated COVID-19 guidelines brought the country’s epidemic into what some call a soft landing, shedding the previously-required quarantine recommendation and prompting employers to reassess existing policies.
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U.S. households will install a record amount of solar this year to help cut electricity bills, with residential solar installations increasing by about 5.6 gigawatts in 2022. Higher electricity prices and tax credit extensions in the Inflation Reduction Act are fueling the rebound in residential solar adoption. The tax credits contained in the bill are expected to help double the capacity of installed wind and solar by 2030. First Solar, the biggest U.S. solar-panel maker, said it plans to spend as much as $1.2 billion to boost manufacturing capacity at home by about 75%.
The Greenland Ice Sheet is on course to lose hundreds of trillions of metric tons of ice and contribute close to a foot in average global sea level rise by 2100, regardless of the magnitude of greenhouse gas emissions cuts during the period. Current sea level rise has already exacerbated coastal flood events in cities like Miami and Charleston and an increase could mean destructive floods taking place five times as often. Water-related natural disasters could cause a $5.6 trillion hit to global GDP between 2022 and 2050, a new study found. All natural disasters combined in the past 50 years have caused $3.6 trillion in losses worldwide.
A group of large U.S. freight railroads reached tentative agreements with unions representing about 11% of workers in an effort to avoid a widespread strike. The White House and federal regulators have been scrambling to prevent a possible strike from jamming up a vital part of the supply chain network, stemming back to July when the Biden administration formed a presidential emergency board to keep 115,000 rail workers across the country from striking. The most recent settlement would include a 24% pay bump, succeeding three years without a raise. While the settlement marks a historic development, critics say it fails to address one of the biggest concerns – overwork and lack of time off.
An arm of the U.S. Agriculture Department attempted to roll out its updated system for reporting weekly export sales last week, releasing numbers that diverged widely from expectations and were later redacted. The garbled government data concerned traders, who worry bungled reports could add uncertainty to an already turbulent market. The pandemic underscored how essential current and accurate government data is and experts forecast the amount of data will increase exponentially as IoT devices and sensors become standard infrastructure. State and local governments are continually looking for ways to migrate services to the cloud, a trend that now represents one-sixth of all government tech funding opportunities.
Investors have struggled to find havens during 2022’s market tumult, with some turning to investments that mitigate risk in exchange for less reward. These “buffer funds'' have attracted roughly $6 billion in inflows this year, already doubling last year’s record inflow of $3 billion for the entire year. The stock market has faced a rocky year, with high inflation, rising interest rates and threats of recession contributing to its dismal performance. Stocks took a nosedive Friday after Federal Reserve Chair Jerome Powell indicated the central bank would continue raising interest rates, inciting pushback from Senator Elizabeth Warren who said The Fed will tip the U.S. economy into a recession.
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NASA’s new moon rocket Artemis I launch was scrubbed Monday morning following fueling and inclement weather complications at Florida’s Kennedy Space Center. The next launch attempt will not take place until Friday at the earliest. The mission was set to have no astronauts aboard, but if successful, would shepherd NASA’s campaign to send astronauts back to the moon in coming years. NASA officials said the moon missions are central to its human spaceflight program and are not simply a do-over of the Apollo moon landings from 1969 to 1972. The Artemis program has enjoyed strong bipartisan political support and the planned Monday launch drew large crowds of spectators in Florida’s Brevard County.
The U.S. government will end its giveaway of COVID-19 at-home tests Friday due to insufficient congressional funding. A senior Biden administration official said a stockpile of the tests is being depleted and officials want to have enough on hand in the event of a fall surge. The Biden administration announced last week it intends to end its practice of paying for COVID-19 shots and treatments, shifting more control of pricing and coverage to the healthcare industry. A new federal report found the expiration of the COVID-19 public health emergency could lead to approximately 15 million people losing Medicaid coverage.
A mint condition Mickey Mantle baseball card became the most valuable piece of sports memorabilia to be sold at auction, notching $12.6 million Sunday morning. The sale of the baseball card marks a new high for the sports collectible market, one that has been booming in recent years, especially since the beginning of the pandemic. The market – set to hit $227 billion by 2032 – is seeing a large push by NFT sports collectibles, spurred by millennial and Gen Z collectors and increased interest from international purchasers.
North American companies snapped up a record number of robots in the first half of this year as they struggled to keep factories and warehouses running in the face of an extremely tight labor market. Companies ordered 25% more units than during the same period a year ago, setting up the North American robotics market for its best first half ever. The shift to automation has prevailed globally; China, South Korea and Japan have all embraced robot adoption and electric cars are expected to provide another tailwind to the industry.
Live events and theme parks are offering a lifeline to entertainment giants struggling with Hollywood’s recession. Disney’s most recent earnings show how the strength of its parks could help mitigate investor concerns over its streaming business and its executives attribute the parks as a vital part of Disney’s pandemic-recovery story. Over the last two years, nearly a fifth of streaming subscribers have canceled three or more subscriptions, prompting streaming giants to explore alternative revenue streams. Netflix announced it would roll out an ad-supported tier, estimating it could generate an additional $2.2 billion in annual revenue by 2027.
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Ukraine’s largest nuclear power plant was cut off from the rest of the country’s energy grid on Thursday, setting off a mass power outage in the surrounding region. The threat of a nuclear catastrophe in Ukraine – which relies on nuclear power more than almost any other country – is worsening the global energy crisis, forcing European countries into a paradox as they seek an alternative to Russia’s fossil fuel. Meanwhile, officials in the U.K. said that households should expect an 80% increase in their annual energy bills due to the soaring price of wholesale natural gas.
The state of California has approved a ban on the sale of new gasoline-powered cars by 2035, a step that advocates say will dramatically cut the state's climate-warming emissions and speed the transition to electric vehicles. The ban will not prevent people from using gas-powered vehicles or apply to the used car market. Major automakers were receptive to the move, following their own aggressive targets that match the state action, although experts say the mass production of affordable electric cars is a long road ahead.
Cybercriminals have stolen over $100 million in NFTs over the last year, underscoring their rising interest in blockchain-based assets. Platforms that use NFTs also face a growing threat of attack from sanctioned entities and state-sponsored groups, according to a new report. Researchers warn that the metaverse – the home of many NFTs as a means of defining digital property – could become a platform for cyber threats in an alternative Darkverse.
T-Mobile is teaming up with SpaceX in the hopes of ending cellphone dead zones. The wireless carrier will use Elon Musk-owned SpaceX's Starlink satellites to establish an entirely new network, which would eliminate the need for additional cell towers. The new service would cover remote areas of the U.S. where there currently is no coverage – a major need for firefighters and other emergency services.
Global traders canceled their happy hours and dinner plans in anticipation of Jerome Powell’s speech on Friday, underscoring how the Federal Reserve chairman’s comments could reshape views on the path of monetary tightening around the globe. From South Korea to Australia, market participants will be looking for clues about how the central bank will seek to bring down inflation down from a 40-year high.
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The Federal Reserve’s annual conference near Jackson Hole, Wyo. is getting special scrutiny this year as investors grasp for hints at what the Fed’s next move on inflation will look like. Fed watchers anticipate this year’s meeting will both dissect what has gone wrong and provide an economic outlook two years into a new framework that was supposed to overhaul how the Fed conducts monetary policy. Stock futures rose Thursday but economists are expecting volatility following Federal Reserve Chairman Jerome Powell’s address – investors have historically paid close attention to the Fed chief’s remarks.
Scouts on a tour through the Midwest are finding the country’s corn crop stunted and browning from rough conditions throughout the season, prompting a growing concern over a production deficit. Markets are already reacting to a potential corn shortage, pushing prices higher and exacerbating concerns about global food inflation. The U.S. is the biggest producer and exporter of corn, which is used in everything from animal feed to biofuels and sweeteners. Nearly three-quarters of U.S. farmers say this year’s drought has hurt their harvest and farmers in Texas reported having to sell their cattle herds earlier than normal as hot weather dries out water sources and grass burns up.
Drought conditions at a state park near Fort Worth, Texas exposed dinosaur tracks from around 113 million years ago that were previously hidden underneath the Paluxy River. Similar tracks have been found in British Columbia and South America and the new find offers educators and researchers increased insight into dinosaur behavior. The extreme drought prompted a dip in water levels across key water reservoirs and revealed other discoveries, including human remains and a ship dating back to the second world war.
President Joe Biden on Thursday will stage his first political rally in the final stretch to the November midterm congressional elections, looking to give Democrats a boost and prevent Republicans from taking control of Congress. While midterm elections are fast approaching, potential 2024 candidates have begun making appearances in battleground states. Analysts say the FBI’s search of former President Donald Trump’s residence at his Mar-a-Lago club in Florida combined with the growing pressure on other fronts has established lanes in a 2024 field that Trump can expect to share with other politicians like Sen. Ted Cruz, Gov. Ron DeSantis and former Vice President Mike Pence.
A government-led lab in the U.K. is working to create a new, more resilient way for the country to measure time. The U.K., like other countries, has relied on global navigation satellite systems to tell time. The U.S. The Department of Homeland Security said the incapacitation of any one of the communications that rely on standardized time would impact economic security and public health and safety as fears that this system could be disrupted or fail increase. Society continues to lean further into a dependency on accurate time for services like mobile networks, energy grids and emergency response.
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