Jonathan Wong
The Latest
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Eli Lilly’s Weight Loss Drug Cuts Diabetes Risk by 94% in Three-Year Trial
Eli Lilly's weight loss drug, tirzepatide, has demonstrated a remarkable 94% reduction in the risk of developing Type 2 diabetes among prediabetic adults who are overweight or obese, according to new data released by the company. 
Eli Lilly's weight loss drug, tirzepatide, has demonstrated a remarkable 94% reduction in the risk of developing Type 2 diabetes among prediabetic adults who are overweight or obese, according to new data released by the company. -
Proposed 7-Eleven Buyout by Circle K Parent Faces Antitrust Hurdles
The proposed acquisition of Seven & i Holdings Co., the Japanese conglomerate that owns 7-Eleven, by Alimentation Couche-Tard, the Canadian operator of Circle K, is poised to face significant antitrust scrutiny, especially in the United States. Retail analysts are already sounding alarms over potential regulatory challenges that could arise from the deal, which would combine two of the largest convenience store chains in the country. 
The proposed acquisition of Seven & i Holdings Co., the Japanese conglomerate that owns 7-Eleven, by Alimentation Couche-Tard, the Canadian operator of Circle K, is poised to face significant antitrust scrutiny, especially in the United States. Retail analysts are already sounding alarms over potential regulatory challenges that could arise from the deal, which would combine two of the largest convenience store chains in the country. -
Lowe's Revises Full-Year Outlook Amid Sluggish Home Improvement Market
Lowe's has revised its full-year forecast downward after reporting weaker-than-expected sales in the second quarter, as the home improvement retailer grapples with a challenging economic environment. The company now anticipates total sales for 2024 to range between $82.7 billion and $83.2 billion, a reduction from its previous estimate of $84 billion to $85 billion. This adjustment reflects the ongoing pressure on consumers, particularly homeowners, to defer significant spending on home projects due to high interest rates and economic uncertainty. 
Lowe's has revised its full-year forecast downward after reporting weaker-than-expected sales in the second quarter, as the home improvement retailer grapples with a challenging economic environment. The company now anticipates total sales for 2024 to range between $82.7 billion and $83.2 billion, a reduction from its previous estimate of $84 billion to $85 billion. This adjustment reflects the ongoing pressure on consumers, particularly homeowners, to defer significant spending on home projects due to high interest rates and economic uncertainty. -
Alaska Airlines and Hawaiian Airlines Merger Clears Major DOJ Hurdle, Awaits DOT Approval
Alaska Airlines' proposed $1.9 billion acquisition of Hawaiian Airlines has successfully cleared a significant regulatory hurdle with the U.S. Department of Justice (DOJ), bringing the two carriers one step closer to finalizing their merger. The approval from the DOJ marks a key milestone in the process, occurring eight months after the initial announcement of the merger, which, if completed, will be the largest consolidation of U.S. airlines since Alaska's merger with Virgin America eight years ago. 
Alaska Airlines' proposed $1.9 billion acquisition of Hawaiian Airlines has successfully cleared a significant regulatory hurdle with the U.S. Department of Justice (DOJ), bringing the two carriers one step closer to finalizing their merger. The approval from the DOJ marks a key milestone in the process, occurring eight months after the initial announcement of the merger, which, if completed, will be the largest consolidation of U.S. airlines since Alaska's merger with Virgin America eight years ago. -
Kroger Sues FTC Over $25B Albertsons Merger, Challenges In-House Review Process
Kroger Co. has taken legal action against the Federal Trade Commission (FTC), seeking to block the regulator from using its in-house tribunal to review the grocery giant's proposed $25 billion merger with rival Albertsons. The lawsuit, filed in Cincinnati on Monday, challenges the constitutionality of the FTC's in-house review process, arguing that such a significant matter should be adjudicated in a federal court instead. 
Kroger Co. has taken legal action against the Federal Trade Commission (FTC), seeking to block the regulator from using its in-house tribunal to review the grocery giant's proposed $25 billion merger with rival Albertsons. The lawsuit, filed in Cincinnati on Monday, challenges the constitutionality of the FTC's in-house review process, arguing that such a significant matter should be adjudicated in a federal court instead. -
Boeing Halts 777X Testing Due to Structural Damage, Raising Concerns Over Delays
Boeing has temporarily halted flight tests of its 777X jetliner after the company discovered significant damage to a critical structural component, raising concerns over potential delays in the aircraft's already prolonged certification timeline. The issue, which was identified during routine maintenance, affects a crucial part of the engine mount that connects the massive General Electric Co. engines to the aircraft's wings. 
Boeing has temporarily halted flight tests of its 777X jetliner after the company discovered significant damage to a critical structural component, raising concerns over potential delays in the aircraft's already prolonged certification timeline. The issue, which was identified during routine maintenance, affects a crucial part of the engine mount that connects the massive General Electric Co. engines to the aircraft's wings. -
GM Cuts Over 1,000 Jobs in Software Division as It Reshapes Digital Future
General Motors (GM) has announced the layoff of more than 1,000 salaried employees in its software and services division as the automaker seeks to streamline operations and prioritize investments in emerging technologies. The layoffs, which include approximately 600 positions at GM's tech campus near Detroit, are part of a broader strategic review following leadership changes within the division earlier this year. 
General Motors (GM) has announced the layoff of more than 1,000 salaried employees in its software and services division as the automaker seeks to streamline operations and prioritize investments in emerging technologies. The layoffs, which include approximately 600 positions at GM's tech campus near Detroit, are part of a broader strategic review following leadership changes within the division earlier this year. -
Nationwide Auto Insurance Rates Soar, California Sees Record 54% Hike
As inflation and rising costs continue to strain American households, one expense is taking a particularly steep climb: auto insurance. According to a recent report from Insurify, an auto insurance comparison website, car insurance rates are expected to rise by an average of 22% across the United States by the end of 2024. In some states, however, the increases are even more staggering, with California drivers facing an unprecedented 54% hike in their premiums. 
As inflation and rising costs continue to strain American households, one expense is taking a particularly steep climb: auto insurance. According to a recent report from Insurify, an auto insurance comparison website, car insurance rates are expected to rise by an average of 22% across the United States by the end of 2024. In some states, however, the increases are even more staggering, with California drivers facing an unprecedented 54% hike in their premiums. -
Federal Judge Blocks Launch of Venu Sports Streaming Service in Antitrust Win for Fubo
In a significant legal setback for media giants Disney, Warner Bros. Discovery, and Fox Corporation, a U.S. federal judge has temporarily blocked the launch of their joint sports streaming service, Venu Sports. This decision comes just weeks before the start of the NFL season, casting uncertainty over the planned debut of the highly anticipated platform. 
In a significant legal setback for media giants Disney, Warner Bros. Discovery, and Fox Corporation, a U.S. federal judge has temporarily blocked the launch of their joint sports streaming service, Venu Sports. This decision comes just weeks before the start of the NFL season, casting uncertainty over the planned debut of the highly anticipated platform. -
Revolut's Valuation Soars to $45 Billion in Latest Share Sale, Surpassing Major European Banks
British fintech firm Revolut has reached a significant milestone, securing a $45 billion valuation in its latest secondary share sale, a move that positions the startup ahead of some of Europe's largest traditional banks. This new valuation marks a sharp increase from the $33 billion the company was valued at in July 2021, reflecting its rapid growth and increasing dominance in the fintech sector. 
British fintech firm Revolut has reached a significant milestone, securing a $45 billion valuation in its latest secondary share sale, a move that positions the startup ahead of some of Europe's largest traditional banks. This new valuation marks a sharp increase from the $33 billion the company was valued at in July 2021, reflecting its rapid growth and increasing dominance in the fintech sector.
