By Alice Seeley California-based electric vehicle startup Lucid Group announced on March 1 that it would cut its car production forecast for 2022 by 40 %, causing the company stocks to fall by 14%. The news comes after Lucid failed to meet its production goal of 577 vehicles in 2021 by 452 vehicles. This announcement was [...]
By Alice Seeley The Russian invasion of Ukraine will have major consequences worldwide, reaching even the average American. These consequences can be seen most in the stock markets. As Ukrainian forces resist Russia, the Western World is stepping up sanctions against Russian President Vladimir Putin and his allies. Western institutions have already cut off Russian banks from the global [...]
By Alice Seeley The Authority for Consumers and Markets (ACM), a Dutch antitrust watchdog, has fined Apple Inc. $5.7 million for not allowing software application makers in the Netherlands to use other payment methods for dating apps on the Apple App Store. ACM filed the charge against Apple in August 2021 after investigating several complaints. However, it [...]
By Alice Seeley The U.S. Department of Transportation and Energy announced a $5 billion investment to build electric vehicle charging stations across the country in an attempt to ease Americans' dependence on gas-powered cars. This law is part of President Joe Biden's $1 trillion bipartisan infrastructure bill. The Electric Vehicle (EV) program will distribute the money to [...]
By Alice Seeley New construction slowed last month as homebuilders broke ground on new homes at an annual rate of 1.64 million units, according to a Feb. 17 report by the U.S. Census Bureau and Department of Housing and Urban Development. This is a 4% decrease from January and below what economists had predicted. However, new [...]
By Alice Seeley Louis Vuitton, LVMH's top fashion brand, raised prices on many of its luxury goods on Wednesday, Feb.15, due to increased manufacturing and transportation costs, an LVMH spokesperson told Reuters. Louis Vuitton, the world's biggest luxury brand, joins other companies, such as Chanel, in increasing prices this year to protect its margins [...]
By Alice Seeley On Monday, Feb. 14, Texas Attorney General Ken Paxton sued Meta's Facebook, claiming that Facebook violated state privacy protections with facial-recognition technology that collected the biometric data of tens of millions of Texans without their consent. The lawsuit alleges Meta violated Texas's biometric data law, the Capture or Use of Biometric Identifier (CUBI) Act of 2009. [...]
By Alice Seeley On Friday, Feb. 11, a new survey from the University of Michigan revealed that U.S. consumer sentiment fell to an initial reading of 61.7 from January's level of 67.2. This is the lowest reading since October 2011 and down 15.1 points from levels seen one year ago. According to a Wall Street Journal survey, economists expected a [...]
By Alice Seeley In January, the National Legal and Policy Center (NLPC), an ethics watchdog group, filed a shareholder resolution calling on Alphabet Inc., the parent company of Google and YouTube, to disclose requests from the White House, the Centers for Disease Control and Prevention, and other federal agencies about whether the Biden administration has been essentially [...]
By Alice Seeley U.S. consumer debt grew by $1 trillion in 2021, the most significant increase in overall debt since 2007. The country's total debt balance is currently $1.4 trillion higher than in 2019. From credit card balances to car loans, the average U.S family now owes $155,622. This high borrowing was due to rising prices as [...]
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