Simone Del Rosario
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Marlboro maker Altria doubles down on vape bet after losing billions with Juul
Tobacco company Altria Group is doubling down on its e-cigarette business after a catastrophic bet with Juul lost it billions. The Marlboro maker announced this week it is putting up at least $2.75 billion to buy startup vape maker NJOY Holdings. Just last week, Altria divested its disastrous stake in Juul, which tumbled from $12.8… -
Lawmakers consider stock trading ban for senior officials at federal agencies
Lawmakers – under the microscope for their own stock trading practices – are questioning whether senior executive branch officials should be banned from owning and trading individual stocks. On Monday, Sen. Josh Hawley, R-Mo, plans to propose legislation that would bar them from the practice. “Senior members of the executive branch – who have access… -
Microsoft’s $69B Activision Blizzard deal will reportedly clear EU hurdle
Antitrust regulators in the European Union are set to greenlight the $69 billion deal between Microsoft and gaming giant Activision Blizzard, according to a Reuters report. Officials have until April 25 to publicly announce their decision. The deal has been in limbo since Microsoft made the bid more than a year ago, facing challenges by… -
Here are the 5 most notorious Ponzi schemes in history
This week TD Bank agreed to pay $1.2 billion to settle a case involving a $7 billion Ponzi scheme involving Allen Stanford. The Canadian bank denied any wrongdoing but said it chose to settle to “avoid the distraction and uncertainty of continuing a long legal proceeding.” Ponzi schemes are when the orchestrator pays out old… -
Biden to use first veto after Congress blocks his ESG investing rule
President Joe Biden is flexing his veto power for the first time in his presidency. After the House and Senate voted to block a Biden administration rule on ESG investing, he vowed to veto the legislation. But the veto might not end the fight, as Republican-led states are also challenging the rule in court. The… -
Supreme Court to decide constitutionality of federal consumer watchdog agency
The Supreme Court is set to review whether an entire federal agency is unconstitutional. This week, it announced it would take up another challenge to the Consumer Financial Protection Bureau after the U.S. Court of Appeals for the Fifth Circuit determined its funding structure violated the constitution. The Biden administration asked the Supreme Court to… -
32 states will see SNAP benefit reductions starting March 1
Starting March 1, millions of Americans will have less money to buy groceries. Across 32 states, D.C., and some territories, some emergency food stamp benefits are coming to an end. For nearly three years, the Supplemental Nutrition Assistance Program (SNAP) has dished out congressionally-approved pandemic-era increases known as “emergency allotments.” With COVID-19 emergency aid now… -
New home sales edge out existing as builders buy down mortgage rates
Pending home sales in January paint a positive and negative picture for the housing market. On one hand, the pending home sales figure is down 24.1% on the year, according to the National Association of Realtors. On the other hand, the pending home sales figure in January is up 8.1% from December, rising for the… -
Off to a rough start: Inflation climbs in early 2023 in Fed’s preferred gauge
Despite all of the economic tightening by the Federal Reserve to bring down inflation, the opposite happened in January, according to the latest data from the Bureau of Economic Analysis. The Personal Consumption Expenditures index, the Fed’s preferred inflation gauge, was up 5.4% from a year ago, a hair higher than December’s 5.3%. That December… -
Vivek Ramaswamy follows these 5 business execs in running for president
Entrepreneur Vivek Ramaswamy announced Tuesday he’s running for the Republican nomination for president in 2024. The “Woke, Inc.” author joins a field that already includes former President Donald Trump and former Gov. Nikki Haley, R-S.C. The 37-year-old Ohio-native has never been elected to office but has founded a lucrative biotech firm. Ramaswamy laid out an… -
Samsung, Intel, TSMC battle for $39B in CHIPS Act taxpayer pie
With $39 billion in manufacturing grants up for grabs, the race is on to get a piece of the CHIPS and Science Act. During a speech Thursday, Commerce Secretary Gina Raimondo said the department will be launching the first applications for the funding starting Tuesday. “Folks, the stakes couldn’t be higher, could not be higher,… -
LDS Church fined over SEC charge it used shell corporations to hide billions
The Securities and Exchange Commission has fined the Church of Jesus Christ of Latter-Day Saints, known more colloquially as the Mormon church, for allegedly hiding how much money it has. The church agreed to pay a $1 million fine while its investment portfolio manager, Ensign Peak Advisors, agreed to pay $4 million. The SEC said… -
Sesame St. or Bourbon St.: How 2 SCOTUS cases may change the internet
This week, the U.S. Supreme Court is looking at whether to narrow Section 230, a foundational internet shield law that passed in 1996. But even some of the justices are grappling with that role. “I mean, we’re a court, we don’t really know about these things. These are not, like, the nine greatest experts on…
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