The nominee to lead the Fed is an AI optimist who counts tech titans Peter Thiel and Marc Andreessen among his friends.
Oil prices rose sharply Wednesday after President Trump stated the US ceasefire with Iran is over. This follows US "powerful strikes" against Iran in retaliation for attacks on commercial vessels in the Strait of Hormuz.
Virgin Media has been fined £28m by Ofcom for repeatedly making it difficult for customers to cancel contracts. The regulator found "deliberate call-dropping" and excessive call transfers over nearly three years, impacting millions of customers. The fine, reduced by 30% due to settlement, is the largest ever under Ofcom's consumer protection rules.
Apple is testing DRAM chips from China's CXMT for domestic use and lobbying the US government for wider approval. This move occurs amid US efforts to curb China's tech ambitions, with CXMT poised to be key in China's AI supply chain and planning a significant IPO.
John Lewis is considering closing its in-store money exchange and gift wrapping services, a move that could lead to around 200 job losses. The retailer cites falling demand for foreign currency exchange and a shift towards online orders and digital payments. Gift wrapping services are proposed to be moved to tills. Affected staff will be consulted.
Victims of the 2023 data hack at 23andMe will receive a $46.75 million payout from Chrome Holding, the company that acquired 23andMe after its bankruptcy. A California court ordered the settlement, which will be distributed by Kroll Restructuring to affected individuals.
Weight-loss medications like Wegovy and Mounjaro are significantly altering UK consumer spending. Research indicates users spend less on groceries and eating out, shifting purchases towards healthier options and products that mitigate side effects, though spending patterns may revert upon cessation.
