Business

Phil Schiller, a veteran Apple executive, has conceded that a court-ordered overhaul of the U.S. payment system in the iPhone app store has not significantly boosted competition. This could lead to a federal judge demanding further changes. Schiller, who has overseen the iPhone app store since it launched in 2008, admitted during his testimony that the new payment options introduced …

PDD Holdings, the parent company of Temu and Pinduoduo, is exceeding market expectations with a significant increase in profit and revenue, driven by strong demand from American and Chinese consumers for its low-cost shopping apps. The Shanghai-based company reported a 246% increase in net profit, reaching 28 billion yuan ($3.9 billion) in the first quarter of 2024, far surpassing the …

The Federal Communications Commission (FCC) is initiating steps toward new regulations that could mandate disclaimers on political ads that use artificial intelligence (AI) on TV and radio. On Wednesday, FCC Chairwoman Jessica Rosenworcel urged her fellow commissioners to support these regulations amid increasing concerns that AI-generated deepfakes could interfere with elections. “As artificial intelligence tools become more accessible, the Commission …

As president, Donald Trump imposed a 25% tariff on foreign steel, which negatively impacted Clips & Clamps Industries, a Michigan auto supplier, by raising material costs, making it harder to compete with overseas rivals, and costing several contracts. Company president Jeff Aznavorian had hoped for relief with Joe Biden’s administration but was surprised when Biden largely maintained Trump’s tariffs on …

Early Wednesday, Wall Street markets showed mixed results but remained at or near record levels, with retailer earnings taking the spotlight amid a lack of significant economic news. Futures for the Dow Jones Industrial Average edged up by less than 0.1% before the opening bell, while futures for the S&P 500 dipped by 0.1%. Target’s shares fell 7% in pre-market …

Saudi Arabia’s national airline, Saudia Group, has placed a significant order for over 100 new Airbus jets, highlighting the kingdom’s strong push to attract more tourists. The Saudia Group, which includes both the Saudia airline and its low-cost carrier Flyadeal, announced on Monday that it has ordered 105 aircraft from Airbus’s A320neo family. This order consists of 12 A320neos and …

A court in St. Petersburg, Russia, has ordered the seizure of assets belonging to Germany’s Deutsche Bank and Commerzbank within the country, according to the state news agency Tass. This ruling is related to a lawsuit concerning the planned construction of a liquefied natural gas terminal in the Baltic Sea. Deutsche Bank and Commerzbank were among the guarantors for a …

Key characters such as Mickey Mouse, Cinderella, Snow White, and Captain Hook have been excluded. “These workers are on the front lines of the guest experience; they’re the individuals who create lifelong memories when your kids hug a character or when your family watches a parade roll by the castle,” said Kate Shindle, President of the Actors’ Equity Association, in …