US consumer spending stalled during the December holiday season, raising concerns about a potential economic slowdown, according to a report released Tuesday by the Commerce Department (Source 1). Simultaneously, Ukraine is rallying European support to block FIFA's efforts to reinstate Russia in international football, while Commerce Secretary Howard Lutnick is facing calls for his resignation due to his connections with Jeffrey Epstein (Sources 2, 3). In other news, a startup is developing a chip aimed at preventing the counterfeiting of luxury goods (Source 5).
Retail sales in the US remained flat in December, a significant shift from the relatively robust spending observed in prior months (Source 1). This unexpected stagnation has prompted questions about the broader economic outlook, as Americans had previously continued spending despite declining economic sentiment. The Commerce Department's report highlighted a faltering labor market, persistent inflation, and cooling wage growth as contributing factors to the lackluster end to the year (Source 1).
Meanwhile, Ukraine is actively seeking backing from European governments to counter FIFA's attempts to lift the ban on Russia's participation in international football (Source 3). Ukrainian Sports Minister Matvii Bidnyi emphasized that allowing Russia back into World Cups would legitimize the ongoing war (Source 3). The ban is viewed as a symbol of Russia's isolation, but FIFA believes it "has not achieved anything" (Source 3).
Adding to the news cycle, Commerce Secretary Howard Lutnick is under pressure to resign following the release of emails detailing his interactions with Jeffrey Epstein (Source 2). Lutnick has downplayed his connections to the disgraced financier, telling a Senate committee he barely knew Epstein, despite evidence suggesting otherwise (Source 2).
In the tech sector, a former Tesla product manager has launched a startup, Veritas, with the goal of combating the counterfeiting of luxury goods (Source 5). Veritas aims to solve the problem with a combination of custom hardware and software, including a "hack-proof chip" linked to digital certificates to verify authenticity (Source 5). The startup's founder, Luci Holland, has experience in both technology and art, recognizing the challenges faced by luxury brands and buyers in the second-hand market (Source 5).
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