The Food and Drug Administration is proposing to allow companies to continue adding the word "milk" to the names of drinks based on soy, oats, almonds and other products.
Why it matters: That's bad news for dairy milk, which has been suffering a decades-long decline in popularity.
Carlos Watson, the CEO and co-founder of embattled Ozy Media, was arrested on Thursday after the company's co-founder and ex-chief operating officer Samir Rao pled guilty to fraud charges, court filings show.
Driving the news: The charges appear to validate an initial report from the New York Times in late 2021 that suggested an Ozy executive impersonated a YouTube executive to vouch for its video metrics on a fundraising call with Goldman Sachs.
Disgraced Hollywood mogul Harvey Weinstein was sentenced to 16 years in prison Thursday after being convicted last year in Los Angeles court of rape and sexual misconduct, multipleoutlets reported.
Driving the news: Los Angeles Superior Court Judge Lisa B. Lench sentenced the 70-year-old Weinstein, one of many powerful men brought down by the #MeToo movement, who has more than 20 years left on his New York sentence after a similar conviction.
Major banking authorities continue to ratchet up guidance for crypto.
What's happening: A trio of federal regulators Thursday issued a joint statement saying deposits from crypto firms posed "heightened liquidity risk" to banks given the nature of the sector in which they reside.
The crew of the Norfolk Southern train that derailed in East Palestine, Ohio, attempted to stop it after receiving a "critical" alert about an overheating wheel bearing just before the crash, an investigation found.
Why it matters: The preliminary findings from the National Transportation Safety Board's (NTSB) investigation released Thursday came as residents push for answers from officials over the potential health dangers of exposure to the toxic chemicals released in the wake of the crash.
Every day that passes puts the United States closer to the "X Date" — the moment (estimated to be this summer) when the Treasury runs out of extraordinary measures it is using to avoid breaching the $34.1 trillion legal debt limit.
Why it matters: There are more and more signs that the possibility of protracted negotiations is causing some worry in the halls of the Fed.
The government is refining its case against FTX founder Sam Bankman-Fried with a new indictment unsealed today in the Southern District of New York that appears designed to pin as much of the blame as possible on the celebrity crypto entrepreneur.
Why it matters: The increased specificity of the charges suggests that the government has uncovered additional evidence that bolsters its case for fraud and other crimes at the once-celebrated crypto company.
Rail operator Norfolk Southern is getting slammed for its response following the derailment of one of its trains carrying hazardous materials near East Palestine, Ohio, this month.
Why it matters: Derailments typically require a hyper-local response, but Norfolk Southern was caught flat-footed when this incident garnered large-scale attention.
Two of the major storylines of the 2022 economy were the soaring energy sector and the retrenching tech sector.
Driving the news: New government data released Wednesday shows just how that played out in the wages of workers based in energy and tech-heavy regions.
Driving the news: With results in from virtually all of the S&P 500, the blue-chip index looks like it earned about $54 per share during Q4 2022, according to data provider Refinitiv.
Mercedes-Benz is developing its own automotive operating system in a bid to wrestle control of customers' data from Google, which makes a rival platform increasingly popular with other automakers.
The company revealed the move Wednesday during a Silicon Valley event about its strategy on everything from infotainment to automated driving.
Mercedes-Benz's 2024 E-Class will let drivers use TikTok, Zoom, Angry Birds and other apps directly through the car's massive dashboard touchscreen — without needing Apple CarPlay or Android Auto, the company announced Wednesday.
Why it matters: Carmakers have been hyper-focused on transforming the in-cabin experience with internet connectivity and apps as a way to grow their profits. But they also have to do so while prioritizing safety.
A TV journalist was killed and a crew member was injured while they were covering an earlier shooting incident in Orange County, Florida, on Wednesday, police said.
The big picture: Police said they arrested Keith Melvin Moses, 19, and charged him with murder in connection to the first shooting Wednesday morning. He's expected to be charged over the later shootings of the TV crew and also a mother and her 9-year-old daughter, who died of her injuries.
16 House Republicans have never voted to raise the debt ceiling — even under former President Trump — complicating Speaker Kevin McCarthy's (R-Calif.) hand as he seeks to browbeat the Biden administration into spending cuts.
Why it matters: The entrenched opposition means McCarthy could need Democratic votes for any package that ties hiking the debt ceiling to budget cuts.
