FTC opens inquiry into Big Tech’s partnerships with leading AI startups
The action targets Amazon, Google and Microsoft and their sway over the generative AI boom that’s fueled demand for chatbots such as ChatGPT.
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Economy grew at surprisingly strong 3.3% pace last quarter
Thursday’s report from the Commerce Department said the gross domestic product—the economy’s total output of goods and services—decelerated from its sizzling 4.9% growth rate the previous quarter.
U.S. growth likely slowed last quarter, but still pointed to resilient economy
On Thursday, the Commerce Department is expected to report that the nation’s gross domestic product—the economy’s total output of goods and services—rose at an annual rate of around 2% from October through December.
Jim Harbaugh returning to NFL to coach after leading Michigan to national title
Harbaugh, who nearly led the Indianapolis Colts to the Super Bowl as a player three decades ago, is leaving the University of Michigan after nine seasons as coach and a national championship.
Families sue gun shop that sold AR-15 used in bank shooting that killed 5
The civil suit alleges River City Firearms should have noticed red flags when the shooter bought the gun six days before killing five Old National Bank co-workers..
TurboTax maker Intuit barred from advertising ‘free’ tax services without disclosing who’s eligible
The Federal Trade Commission ruled that Intuit engaged in deceptive practices by running ads claiming consumers could file their taxes for free using TurboTax even though many people did not qualify for such free offerings.
Unions flexed their muscles last year, but membership rates didn’t grow
Despite U.S. polls showing growing enthusiasm for unions, membership rates have been on a decades-long decline.
Pilots at Southwest ratify contract that will boost pay by nearly 50%
Southwest Airlines said the five-year deal gives its pilots “industry-leading compensation” and has a new process for assigning pilots to flights during unusual events.
Macy’s rejects $5.8 billion takeover bid
Macy’s said its board reviewed the proposal from investment firms Arkhouse Management and Brigade Capital Management and that it not only had concerns about the financing plan, but it also felt there was a “lack of compelling value.”
Latest EPA assessment shows almost no improvement in river, stream nitrogen pollution
For decades, federal and state officials have struggled to control farm runoff, the biggest source of nutrient pollution that is not typically federally regulated.
Last year was slowest for U.S. home sales in nearly 30 as high mortgage rates frustrated buyers
The sharply higher home loan borrowing costs limited home hunters’ buying power on top of years of soaring prices. A dearth of homes for sale also kept many would-be homebuyers and sellers on the sidelines.
Congress votes to avert shutdown and keep the government funded into early March
The measure extends current spending levels and buys time for the two chambers to work out their differences over full-year spending bills for the fiscal year that began in October.
Average long-term mortgage rate falls to lowest level since May
Home loan borrowing costs have been mostly coming down since late October, after the average rate on a 30-year mortgage surged to 7.79%, the highest level since late 2000.
Supreme Court wrestles with major challenges to power of federal regulators
Conservative Supreme Court justices on Wednesday voiced support for weakening the power of federal regulators, but it was not clear whether a majority would overturn a precedent that has guided American law for four decades.
Applications for jobless benefits fall to lowest level since September 2022
The job market has remained surprisingly resilient, with the unemployment rate staying below 4% for 23 straight months, the longest such streak since the 1960s.
3M begins payments to service members in $6B earplug settlement
3M has started paying out its $6 billion settlement to U.S. service members who say they experienced hearing loss or other serious injuries after using faulty earplugs made by the company at its Indianapolis subsidiary.
UPDATE: Pascal Siakam traded to Pacers from Raptors for 3 first-round picks, more
The high-scoring Siakam is a two-time All-NBA selection, two-time All-Star and part of the Toronto Rapters team that won the 2019 NBA title.
Overdraft fees could drop to as low as $3 under new White House proposal
The proposed change by the Consumer Financial Protection Bureau would potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks.
Amazon to invest in Diamond Sports as part of bankruptcy restructuring agreement
Under the terms of the restructuring agreement, Amazon will make a minority investment in Diamond and enter into a commercial arrangement to provide access to Diamond’s content via Prime Video.
Supreme Court rebuffs Apple’s appeal on app payments, threatening billions in revenue
The Supreme Court on Tuesday allowed a court order to take effect that could loosen Apple’s grip on its lucrative iPhone app store.