Fox Corp. Chairman Rupert Murdoch acknowledged in a legal deposition last month that hosts from Fox News promoted the false notion that the 2020 election was stolen, according to a legal filing from Dominion Voting Systems that was unsealed Monday.
Why it matters: The deposition adds to mounting evidence that executives in charge at the network knew their hosts were promoting election falsehoods but aired them anyway — a key aspect of Dominion's legal argument in its $1.6 billion defamation lawsuit against Fox.
Florida Gov. Ron DeSantis signed legislation Monday that gives the state control over Walt Disney World's self-governing district.
Why it matters: DeSantis and Disney have been at odds since the company spoke out against the Parental Rights in Education Law — referred to by critics as the "Don't Say Gay" bill.
Chip makers who want access to billions of dollars in new federal funding will first have to figure out how workers will access affordable child care, per a new requirement from the Commerce Department.
Why it matters: Parents, particularly women, can't go to work if they can't find child care — a problem that's only grown more acute, first in the pandemic and now in the tight labor market.
Child labor is often dismissed as a problem of the past, but several recent incidents show it’s still happening in the U.S. — and the federal government says it's on the rise.
Why it matters: It's illegal to employ kids in certain conditions, in dangerous jobs or for more than a specified amount of time. Research shows it can jeopardize their health and stunt their development.
Even the Tooth Fairy isn’t immune to inflation: The value of a single lost tooth is at a record high, with the average gift reaching $6.23, up from $5.36 in 2022.
Driving the news: That's a whopping 379% increase from 1998 when a lost tooth fetched $1.30 on average.
Seemingly every data point has shown the economy surging ahead in January, after slumping some in November and December. Now you can add capital goods orders to that list.
Driving the news: New orders for durable goods plunged in January, but that was due entirely to swings analysts anticipated in aircraft orders. Core durables, which exclude aircraft and defense, rose 0.7% in January after flatlining in November and December.
Core non-defense orders — a good proxy for business investment spending — surged 0.8% after falling in both November and December.
State of play: A similar pattern has played out in various data like retail sales, factory output and inflation, showing how a cooler economy late last year gave way to an early 2023 acceleration.
Yes, but: Some of this is likely attributable to seasonal adjustments calibrated based on past experience; they can create misleading results if companies and individuals shift their month-to-month spending patterns.
An exceptionally warm January also has contributed to last month's apparent economic strength.
At the same time, there's little doubt the evidence that a meaningful economic slowdown is underway looks shakier and shakier with each 2023 data point.
"Cocaine Bear" clawed its way to a $23.1 million opening weekend, AP reports, beating out expectations.
Driving the news: Ahead of its release, the film became a viral sensation online because of its trailer, which currently has more than 18 million views on YouTube and 25 million views on Twitter. It also inspired plenty of memes.
Understanding the rising risks that inflation will be more persistent than seemed likely just a couple of months ago takes looking at what's going on in the used car market.
What's happening: Used car prices have fallen each month from July through January, pulling down inflation. But new signals from wholesale auctions show that the trend may reverse.
The U.S. Supreme Court said on Monday it would take up a case that challenges the funding of the Consumer Financial Protection Bureau.
Why it matters: This case may be the most serious challenge yet to the decade-plus-old agency, which was founded in the wake of the 2008 financial crisis to more closely regulate financial companies' dealings with everyday Americans.
The Federal Communications Commission has asked its administrative court to review Standard General's proposed $5.4 billion takeover of local television broadcaster Tegna.
Why it matters: This is antitrust via passive aggression, as the parties are unlikely to receive resolution by their closing deadline of May 22.
Here’s a hint about why inflation remained stubbornly high in January: Americans’ spending accelerated, after a few months of trending down.
Driving the news: Personal consumption expenditures data, out Friday, shows that even after adjusting for inflation, spending rose 1.1% in January from the month before.
It's a tale of two housing markets. New home sales rose more than expected in January, climbing 7.2% from the month before, per government data out Friday.
Driving the news: In the much biggerexisting home market, sales fell for the 12th straight month in January, decreasing 0.7% to 4 million from the month before, according to the National Association of Realtors, also out last week.
Corporate America still loves stock buybacks. Warren Buffett spent a significant chunk of his annual letter, published Saturday,praising them — which is just as well, given that 2023 is likely to be the first year where they reach $1 trillion.
Why it matters: Buybacks, which were illegal until 1982, are now taxed at 1%. The change enacted two months ago is estimated to raise $74 billion over a decade for the public fisc. So far, the tax doesn't seem to have reduced their popularity in the slightest.
