Business

Pertaining to and impacting businesses, markets and the economy

 
Twitter CEO Dorsey steps down
On November 29th, Jack Dorsey resigned from his role as CEO of Twitter. Dorsey said, "After almost 16 years of having a role at our company...from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO...I decided it's finally time for me to leave."
 
Louis Vuitton’s artistic director dies at 41
Fashion designer Virgil Abloh, 41, died of cardiac angiosarcoma, a rare form of cancer. Abloh was the artistic director of Louis Vuitton and founder of the fashion label Off White.
 
Stocks drop over new Covid variant
On Friday, stocks dropped as the new coronavirus variant first detected in South Africa appeared to be spreading across the globe. The Dow Jones Industrial Average fell over 900 points.
 
Biden to tap into oil reserves in bid to stabilize prices
On Tuesday, President Joe Biden ordered that 50 million barrels of oil be released from America's strategic reserves. The President's order aims to regulate gasoline prices and other costs ahead of Thanksgiving and winter holiday travel.
 
Three pharma chains held liable for their roles in OH opioid crisis
On November 23rd, a federal jury held three retail pharmacy chains - CVS, Walgreens, and Walmart - responsible for their roles in the opioid crisis in Lake and Trumbull counties, OH. Lake and Trumbull counties accused the three pharma companies of recklessly distributing and creating an oversupply of addictive painkillers that resulted in several instances of overdose-related deaths.
 
Biden administration wants OSHA vaccine mandate reinstated
On Tuesday, the Biden administration filed a petition with a federal appeals court in Cincinnati to reinstate the national mandate requiring companies to ensure that their employees are vaccinated. The 5th US Circuit Court of Appeals had stayed the Occupational Safety and Health Administration (OSHA) rules the day after publication on November 5th.
 
Apple sues Israeli spyware company
On Tuesday, Apple announced it is suing Israel's NSO Group in an attempt to block the hacker-for-hire company from breaking into Apple products. In a complaint filed in a federal court in California, Apple stated NSO Group employees are "amoral 21st-century mercenaries who have created highly sophisticated cyber-surveillance machinery that invites routine and flagrant abuse."
 
Elizabeth Holmes takes stand in fraud case
On Friday, the US government rested its case against Elizabeth Holmes after trying to prove she defrauded investors, patients, and business partners. Holmes took the witness stand late Friday in an attempt to refute the US government's allegations.
 
CVS announce decision to close 900 locations nationwide
CVS Health announced its plan to close 900 pharmacies around the country on Thursday.
 
Car companies venture into chip business
Ford has announced that they have entered into an agreement with US-based chip maker, GlobalFoundries, to develop chips. Ford CEO Jim Farley stated, "This agreement is just the beginning, and a key part of our plan to vertically integrate key technologies and capabilities."