Jonathan Wong
The Latest
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EU Fines Apple and Meta Nearly $800 Million Under Digital Markets Act
The European Union on Wednesday fined Apple and Meta a combined €700 million-approximately $800 million-in the first significant enforcement action under its new Digital Markets Act, escalating tensions with Washington amid U.S. complaints over alleged "extortion" of American tech firms. 
The European Union on Wednesday fined Apple and Meta a combined €700 million-approximately $800 million-in the first significant enforcement action under its new Digital Markets Act, escalating tensions with Washington amid U.S. complaints over alleged "extortion" of American tech firms. -
Walgreens to Pay $350 Million in DOJ Settlement Over Illegal Opioid Prescriptions
Walgreens has agreed to pay up to $350 million to resolve allegations by the U.S. Department of Justice that it illegally filled millions of prescriptions for opioids and other controlled substances over more than a decade. The agreement, announced Friday, includes a $300 million baseline payment, with an additional $50 million due if the company is sold, merged, or transferred before 2032. 
Walgreens has agreed to pay up to $350 million to resolve allegations by the U.S. Department of Justice that it illegally filled millions of prescriptions for opioids and other controlled substances over more than a decade. The agreement, announced Friday, includes a $300 million baseline payment, with an additional $50 million due if the company is sold, merged, or transferred before 2032. -
FTC Sues Uber Over Uber One Subscription, Citing Unauthorized Charges and Cancellation Barriers
The Federal Trade Commission on Monday sued Uber Technologies Inc., alleging the ride-hailing giant engaged in deceptive billing practices and made it unreasonably difficult for users to cancel subscriptions to its Uber One membership service. The lawsuit, filed in federal court in San Francisco, marks the first major enforcement action by the FTC under President Donald Trump's second term. 
The Federal Trade Commission on Monday sued Uber Technologies Inc., alleging the ride-hailing giant engaged in deceptive billing practices and made it unreasonably difficult for users to cancel subscriptions to its Uber One membership service. The lawsuit, filed in federal court in San Francisco, marks the first major enforcement action by the FTC under President Donald Trump's second term. -
UnitedHealth Shares Plunge 20% After Slashing Forecast on Soaring Medicare Costs
UnitedHealth Group shares plunged more than 20% Thursday after the insurer slashed its full-year profit forecast, citing significantly higher-than-expected medical costs tied to its Medicare Advantage business. The sharp decline erased tens of billions in market value and rippled through the broader health insurance sector, sending peer stocks tumbling. 
UnitedHealth Group shares plunged more than 20% Thursday after the insurer slashed its full-year profit forecast, citing significantly higher-than-expected medical costs tied to its Medicare Advantage business. The sharp decline erased tens of billions in market value and rippled through the broader health insurance sector, sending peer stocks tumbling. -
Eli Lilly Shares Soar as Weight-Loss Pill Shows 7.9% Drop in Diabetes Trial
Eli Lilly reported encouraging results Thursday from the first late-stage clinical trial of its oral weight-loss and diabetes drug, orforglipron, pushing shares of the pharmaceutical giant up more than 11% in premarket trading. 
Eli Lilly reported encouraging results Thursday from the first late-stage clinical trial of its oral weight-loss and diabetes drug, orforglipron, pushing shares of the pharmaceutical giant up more than 11% in premarket trading. -
TSMC Holds Revenue Outlook, Expands $100B U.S. Investment Amid Trade Uncertainty
Taiwan Semiconductor Manufacturing Co. maintained its full-year revenue forecast and reported a stronger-than-expected 60% jump in first-quarter net profit, bolstered by robust demand for AI chips even as it faces escalating trade tensions under President Donald Trump's tariff regime. 
Taiwan Semiconductor Manufacturing Co. maintained its full-year revenue forecast and reported a stronger-than-expected 60% jump in first-quarter net profit, bolstered by robust demand for AI chips even as it faces escalating trade tensions under President Donald Trump's tariff regime. -
Nvidia Warns of $5.5 Billion Hit as U.S. Tightens China Chip Export Controls
Nvidia shares tumbled more than 6% Wednesday after the chipmaker disclosed a $5.5 billion charge tied to new U.S. government export controls on semiconductors destined for China. The surprise announcement triggered a selloff in chip stocks and renewed concerns over deepening U.S.-China tech tensions. 
Nvidia shares tumbled more than 6% Wednesday after the chipmaker disclosed a $5.5 billion charge tied to new U.S. government export controls on semiconductors destined for China. The surprise announcement triggered a selloff in chip stocks and renewed concerns over deepening U.S.-China tech tensions. -
Chinese Factories Flood TikTok With Bargain Luxury Claims, Lululemon, Hermès Deny Claims of Chinese Sourcing
As President Donald Trump's tariffs on Chinese goods climb up to 145%, Chinese manufacturers have taken to TikTok to appeal directly to American consumers, promoting cut-rate luxury goods purportedly sourced straight from their factories. But experts and brands are warning that many of the viral claims are false or misleading-and could involve counterfeits. 
As President Donald Trump's tariffs on Chinese goods climb up to 145%, Chinese manufacturers have taken to TikTok to appeal directly to American consumers, promoting cut-rate luxury goods purportedly sourced straight from their factories. But experts and brands are warning that many of the viral claims are false or misleading-and could involve counterfeits. -
ASML Shares Fall 5% After €3.94 Billion Order Miss, Tariff Uncertainty Clouds Outlook
Dutch semiconductor equipment maker ASML reported weaker-than-expected order bookings for the first quarter of 2025, citing rising uncertainty over U.S. trade tariffs that could impact demand for its chipmaking systems. The company posted net bookings of €3.94 billion ($4.47 billion), missing analysts' forecasts of €4.89 billion, and sending shares down nearly 5% in early trading Wednesday. 
Dutch semiconductor equipment maker ASML reported weaker-than-expected order bookings for the first quarter of 2025, citing rising uncertainty over U.S. trade tariffs that could impact demand for its chipmaking systems. The company posted net bookings of €3.94 billion ($4.47 billion), missing analysts' forecasts of €4.89 billion, and sending shares down nearly 5% in early trading Wednesday. -
Bank of America Posts 11% Profit Jump, Beats Q1 Estimates Amid Robust Consumer Spending
Bank of America reported first-quarter profits that surpassed Wall Street's expectations, driven by robust consumer spending, resilient credit conditions, and stronger-than-anticipated trading revenues. The bank posted earnings of 90 cents per share, well ahead of analysts' estimates of 82 cents, with total revenue increasing nearly 6% to $27.51 billion against expectations of $26.99 billion. 
Bank of America reported first-quarter profits that surpassed Wall Street's expectations, driven by robust consumer spending, resilient credit conditions, and stronger-than-anticipated trading revenues. The bank posted earnings of 90 cents per share, well ahead of analysts' estimates of 82 cents, with total revenue increasing nearly 6% to $27.51 billion against expectations of $26.99 billion.
