Culture & Society

US Implements Sweep of 75 Countries in New 'Public Charge' Visa Freeze

The U.S. State Department has announced a sweeping freeze on immigrant visas for citizens of 75 countries, citing concerns that these individuals may become reliant on public assistance. This action,

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Meta to Slash Reality Labs Workforce by Up to 15%
Business2d ago

Meta to Slash Reality Labs Workforce by Up to 15%

Meta is reportedly planning to cut 10-15% of Reality Labs employees, impacting the division's 15,000-person workforce, as the company redirects resources towards AI development. This move, while a small fraction of Meta's total 78,000 employees, signals a strategic shift away from metaverse projects amid increasing competition in the AI space from companies like OpenAI and Google. The cuts come as CEO Mark Zuckerberg focuses on AI research and development, including increasing the budget for the TBD Lab.

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Paramount Sues to Block WBD-Netflix Deal; Price Dispute Intensifies
Business3d ago

Paramount Sues to Block WBD-Netflix Deal; Price Dispute Intensifies

Paramount has escalated its $108.4 billion hostile takeover bid for Warner Bros. Discovery (WBD) by filing a lawsuit to challenge WBD's $82.7 billion deal to sell its streaming and movie businesses to Netflix. Paramount's lawsuit seeks transparency on WBD's valuation of the Netflix transaction and its rejection of Paramount's $30 per share all-cash offer, which exceeds Netflix's offer of $27.72 per share. The legal action aims to sway WBD shareholders before the January 21 deadline to tender their shares.

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PNC Revenue Soars on Capital Markets; Stock Hits 4-Year High
Business4h ago

PNC Revenue Soars on Capital Markets; Stock Hits 4-Year High

PNC Financial Services Group's shares surged to a four-year high after reporting a 9% increase in Q4 revenue, driven by a 41% surge in capital markets and advisory fees, which totaled $489 million. The bank's non-interest income rose 14% to $2.34 billion, exceeding analyst expectations of $2.26 billion, signaling strong performance in financing and dealmaking activities within its middle-market customer base. This performance indicates a positive trend for PNC amid evolving market conditions.

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World Bank: Developing Nations Face Post-Pandemic Poverty Crisis
Business2d ago

World Bank: Developing Nations Face Post-Pandemic Poverty Crisis

A World Bank report reveals that 25% of developing nations are financially worse off than pre-pandemic levels in 2019, with sub-Saharan Africa disproportionately impacted. Despite growth in some nations like Nigeria (4.4%), many low-income countries, including South Africa (1.2%), failed to increase average incomes, signaling insufficient global growth to alleviate poverty and generate employment. This economic downturn highlights a significant setback for emerging markets and developing economies.

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Trump's Credit Card Rate Call Dents Big Banks' Earnings Glow
Business4h ago

Trump's Credit Card Rate Call Dents Big Banks' Earnings Glow

President Trump's call for a 10% cap on credit card interest rates, roughly half the current average, triggered a decline in financial shares and prompted concerns among Wall Street's largest lenders during their earnings calls. The directive, with a looming January 20th deadline, threatens to eliminate billions in profits for the credit card divisions of major banks. This unexpected intervention has introduced significant market uncertainty ahead of earnings reports.

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Green Energy Firm's Collapse Leaves ECO4 Customers in "Botched" Work Crisis
Business1d ago

Green Energy Firm's Collapse Leaves ECO4 Customers in "Botched" Work Crisis

Consumer Energy Solutions (CES), a green energy company retrofitting homes under the UK's ECO4 scheme, has entered administration, leaving numerous customers with "botched" and incomplete insulation work. The collapse of CES, which provided services to low-income households via government grants, has triggered a wave of complaints regarding substandard installations, including instances of flooding and uninhabitable homes, raising concerns about the oversight of the ECO4 program. Administrator KR8 Advisory Limited is directing affected customers to insurance providers.

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UK Economy Surprises: 0.3% Growth Fueled by Auto, Services
Business1d ago

UK Economy Surprises: 0.3% Growth Fueled by Auto, Services

The UK economy surpassed expectations with 0.3% growth in November, driven by a rebound in car manufacturing, particularly at Jaguar Land Rover, and increased activity in the services sector related to the autumn Budget. This figure exceeded analysts' forecasts of 0.1% growth, though the rolling three-month growth remained at 0.1%, indicating underlying economic momentum is still moderate. Despite consumer sentiment concerns, the figures suggest a potential acceleration in economic activity and tentative signs of increased household spending.

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Trump Touts Detroit Investment Amid Auto Job Losses
Business1d ago

Trump Touts Detroit Investment Amid Auto Job Losses

Despite President Trump's claims of a manufacturing revival and over $70 billion in new investments from companies like Ford, Stellantis, and GM, the auto industry has seen a decline in payrolls since Liberation Day. The manufacturing sector has shed approximately 72,000 jobs since April, indicating that increased investment is not currently translating into job creation within the automotive sector. This divergence raises concerns about the true impact of the investment surge on American workers.

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Paramount Sues WBD, Claiming Netflix Deal Undervalues Assets
Business3d ago

Paramount Sues WBD, Claiming Netflix Deal Undervalues Assets

Paramount has sued Warner Bros. Discovery (WBD) in Delaware court, challenging WBD's $82.7 billion deal with Netflix and arguing that Paramount's $108.4 billion hostile takeover bid offers superior value to shareholders. The lawsuit seeks transparency on WBD's valuation of its Global Networks division and the Netflix transaction, aiming to sway shareholders before the January 21 deadline to tender their shares.

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Sky Harbour Rides Private-Jet Surge to Muni Bond Market
Business4h ago

Sky Harbour Rides Private-Jet Surge to Muni Bond Market

Sky Harbour Group Corp. is entering the municipal bond market to raise $100 million for expansion, capitalizing on a projected 3% annual growth in business jet deliveries through 2034. The company, which provides hangar and storage facilities for private aircraft, plans to use the funds to develop new operations in Texas, Connecticut, Florida, and New York. This move reflects the increasing demand for private aviation infrastructure driven by the ultra-wealthy.

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Singapore Taps NASDAQ for Stock Market Boost
Business10h ago

Singapore Taps NASDAQ for Stock Market Boost

The Singapore Exchange (SGX) is partnering with NASDAQ to create a dual-listing bridge, aiming to revitalize Singapore's stock market, which has a daily turnover of $1.4 billion compared to Hong Kong's $29 billion. This initiative will allow companies to list on both exchanges, providing Southeast Asian firms access to U.S. capital markets and U.S. firms extended trading hours and increased Southeast Asian presence, potentially broadening investment options amid geopolitical uncertainty.

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World Bank: Developing World's Progress Erased; 25% Poorer Since 2019
Business2d ago

World Bank: Developing World's Progress Erased; 25% Poorer Since 2019

A World Bank report reveals that 25% of developing nations are financially worse off than pre-pandemic levels in 2019, with sub-Saharan Africa disproportionately affected. Despite growth in some nations like Nigeria (4.4%), many low-income countries, including South Africa (1.2% growth), failed to increase average incomes, signaling insufficient global growth to alleviate poverty and generate employment.

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World Bank: Developing Nations Face Post-Pandemic Poverty Surge
Business1d ago

World Bank: Developing Nations Face Post-Pandemic Poverty Surge

A World Bank report reveals that 25% of developing nations are financially worse off than pre-pandemic levels in 2019, with sub-Saharan Africa disproportionately impacted. Despite growth in some countries like Nigeria (4.4%), many, including South Africa (1.2%), failed to increase average incomes, highlighting a global growth slowdown insufficient for poverty reduction and job creation. This economic downturn underscores significant challenges for low-income nations in achieving sustainable development.

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US Cuts Taiwan Tariffs After $250B Investment Pledge
Business17h ago

US Cuts Taiwan Tariffs After $250B Investment Pledge

In exchange for at least $250 billion in new, direct investments from Taiwanese semiconductor and technology firms, the U.S. will reduce tariffs on goods from Taiwan to 15. This agreement, spurred by pandemic-era supply chain vulnerabilities, aims to bolster domestic semiconductor production and reduce reliance on foreign sources. The U.S. government has allocated substantial subsidies to attract companies like TSMC, which is accelerating its U.S. investments, signaling a significant shift in the semiconductor market landscape.

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Coinbase Flexes D.C. Muscle Amid Crypto Regulation Push
Business10h ago

Coinbase Flexes D.C. Muscle Amid Crypto Regulation Push

Coinbase, valued at nearly $70 billion, demonstrated its growing influence in Washington by effectively halting a Senate committee vote on the Clarity Act, a major crypto bill. CEO Brian Armstrong publicly opposed the bill due to concerns over provisions impacting Coinbase's products and SEC authority, highlighting the company's willingness to leverage its market position to shape crypto regulation. This action underscores the increasing power of the crypto industry, particularly Coinbase, in the political landscape.

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TGI Fridays Shuts 16 UK Sites, 456 Jobs Lost After Restructuring
Business1d ago

TGI Fridays Shuts 16 UK Sites, 456 Jobs Lost After Restructuring

TGI Fridays shuttered 16 UK locations, resulting in 456 job losses, after Interpath was appointed as administrator to Liberty Bar and Restaurant group. Sugarloaf, manager of the global TGI Fridays brand, acquired the remaining 33 restaurants in a rescue deal that saved 1,384 jobs, aiming to stabilize the business amid challenging times for hospitality operators. The move is part of a wider turnaround plan to establish a foundation for future growth.

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World Bank: Developing World's Progress Erased by Pandemic
Business1d ago

World Bank: Developing World's Progress Erased by Pandemic

A World Bank report reveals that 25% of developing nations are economically worse off than pre-pandemic levels in 2019, with sub-Saharan Africa disproportionately impacted. Despite growth in Nigeria (4.4%) and South Africa (1.2%) last year, these countries, along with others like Botswana and Mozambique, failed to increase average incomes over the six-year period, signaling insufficient global growth to alleviate poverty and unemployment. This economic downturn poses significant challenges for emerging markets and developing economies.

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Banks Fear Trump's 10% Rate Cap: Credit Card Chaos?
Business1d ago

Banks Fear Trump's 10% Rate Cap: Credit Card Chaos?

President Trump's call for a 10% cap on credit card interest rates has rattled banks, despite the unlikelihood of immediate implementation, as these fees are a major profit driver for card issuers. Bank stocks, particularly Capital One (down 7%) and Citi (down nearly 8%), have declined this week due to concerns that profitability would be impacted, potentially leading to reduced credit availability for consumers. Industry leaders argue that such a cap could backfire, raising inflation expectations and ultimately increasing rates over time.

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