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- Netflix Secures Exclusive FIFA Women’s World Cup Rights.
Netflix Secures Exclusive FIFA Women’s World Cup Rights.
PLUS: Netflix expands its sports portfolio with exclusive coverage of the FIFA Women’s World Cup, including documentaries and studio shows.
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What you’ll read?
Mortgage Rates May Stay High Despite Fed Rate Cuts,
Dave CEO Reflects on Turnaround from Crisis to Profit.
Today in AI & Tech
Starbucks Baristas Plan Strikes Amid Pay Dispute.
and more…
BUSINESS
Surge in CEO Turnover Hits U.S. Public Companies.
U.S. public companies saw 327 CEO changes this year through November, the highest since 2010 and an 8.6% increase from last year. Major players like Boeing, Nike, and Starbucks replaced CEOs as boards reacted to performance pressures despite a strong economy. Post-pandemic challenges, shifting consumer trends, and higher capital costs fueled the turnover. High-profile cases include Intel, Boeing, and Peloton, where leadership changes aim to address stagnation, safety issues, or profitability.
Dave CEO Reflects on Turnaround from Crisis to Profit.
Jason Wilk, CEO of digital banking service Dave, faced a career low in mid-2023 as the company’s value plummeted from $5 billion to $50 million. Despite challenges, Dave turned profitable and became 2024’s top gainer among U.S. financial stocks, surging 934%. Its growth reflects a broader fintech revival as firms like Dave and Robinhood shift to profitability amid easing Federal Reserve rates.
CFPB Sues Zelle and Banks Over Fraud Handling.
The CFPB filed a lawsuit against Zelle's operator and major banks JPMorgan Chase, Bank of America, and Wells Fargo, alleging failure to investigate fraud complaints or reimburse victims, with over $870 million lost since Zelle's 2017 launch. Zelle's rapid rise as a peer-to-peer payment platform has faced scrutiny for its fraud risks, despite banks claiming strong investigative practices.
Mortgage Rates May Stay High Despite Fed Rate Cuts.
Despite the Federal Reserve cutting interest rates three times in 2024, mortgage rates are unlikely to drop soon, remaining around 6.5% to 7%, according to experts. Long-term Treasury yields and the Fed’s quantitative tightening, which influences mortgage-backed securities, are key factors keeping rates elevated despite earlier quantitative easing efforts during the pandemic.
Tesla Stock Recovers After Volatile Week Amid Market Fluctuations.
Tesla shares recovered 0.7% on Friday, reversing earlier losses after a volatile week, which saw the stock drop 8% on Wednesday. Despite this fluctuation, the stock is still down slightly for the week. Meanwhile, Tesla faces challenges, including a 40.9% sales decline in November and a recall of nearly 700,000 vehicles over tire pressure monitoring issues.
TECH
Today in AI & Tech
U.S. Launches Probe Into Chinese Legacy Semiconductors.
The Biden administration has initiated a Section 301 investigation into Chinese legacy semiconductors, citing non-market practices that harm competition and create supply chain risks. The probe will assess U.S. dependence on these chips across industries like defense and telecommunications. Potential outcomes could include tariffs on such products, escalating tensions in the tech sector.
Google's Quantum Chip Willow and Its Impact on Cryptocurrency Security.
Google’s Willow quantum chip, a significant step toward practical quantum computing, could eventually pose a threat to current encryption methods used in cryptocurrencies like Bitcoin. While Willow’s speed and error correction show promise, quantum computers capable of breaking modern cryptography are still many years away. Meanwhile, the crypto industry is preparing for these advances with quantum-safe algorithms to safeguard against future threats. Experts believe that quantum computing will revolutionize various industries beyond just crypto, including AI, healthcare, and security.
Other
FDA Approves Zepbound for Sleep Apnea Treatment.
The FDA approved Eli Lilly's weight loss drug Zepbound for treating moderate-to-severe obstructive sleep apnea (OSA), marking its first use beyond obesity treatment. The weekly injection, used with diet and exercise, provides an alternative to PAP machines, with trials showing nearly 50% disease resolution in some patients. This approval could broaden insurance coverage and highlights the potential health benefits of GLP-1 drugs.
Netflix Secures Exclusive FIFA Women’s World Cup Rights.
Netflix has acquired exclusive U.S. rights to the FIFA Women’s World Cup for 2027 and 2031, expanding its sports portfolio amid rising interest in women’s sports. The 2027 tournament will be hosted in Brazil, with Netflix planning extensive coverage, documentaries, and studio shows to celebrate the event and its players.
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Starbucks Baristas Plan Strikes Amid Pay Dispute.
Starbucks baristas in cities like Los Angeles, Chicago, and Seattle are striking through Christmas Eve, demanding better pay and benefits. The union claims Starbucks has reneged on previous agreements, proposing minimal wage increases. The stoppage may disrupt holiday drink service during a busy shopping period.
Darden Restaurants Surpasses Sales Expectations with Olive Garden and LongHorn Growth.
Darden Restaurants reported quarterly earnings in line with forecasts and surpassed same-store sales estimates, driven by Olive Garden's 2% growth and LongHorn Steakhouse's 7.5% increase. Net income rose to $215.1 million, while revenue reached $2.89 billion. The company updated its fiscal 2025 sales outlook to $12.1 billion after acquiring Chuy's.
It's a Wrap!
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Sarah