Amazon will pay over $30 million to settle Federal Trade Commission (FTC) allegations that its Ring and Alexa divisions violated the privacy of users.
The latest: A lawsuit filed by the Department of Justice on behalf of the FTC said Wednesday Amazon violated the Children's Online Privacy Protection Act by retaining voice and geolocation information from young users for years despite parents' requests that they delete the data.
Sean “Diddy” Combs sued Diageo Wednesday, alleging the spirits giant has mismanaged his DeLeón tequila brand while heavily supporting two others, including one co-founded by George Clooney, Casamigos.
Zoom in: Among Combs' allegations is a claim that Diageo pigeonholed his brands — including Ciroc vodka, another in which he partners — as "'Black brands' that should be targeted only to 'urban' consumers," according to the suit.
A phenomenon that defined the pandemic-era labor market is over: the Great Resignation — workers furiously quitting for new, likely higher paying jobs — is a thing of the past.
Why it matters: The historic surge of quitters was a symptom of an on-fire labor market, where demand for workers far outstripped supply of them.
Adidas began unwinding its unsold inventory of Yeezy-branded sneakers Wednesday as the company tries to put its partnership with rapper Ye, formerly known as Kanye West, firmly in the past.
Why it matters: Adidas still holds more than $1 billion worth of shoes from the collaboration, which ended last fall following erratic behavior and antisemitic comments from the artist.
Right-wing activists have called for a boycott of Chick-fil-A based on misinformation related to the company's diversity, equity and inclusion efforts.
Why it matters: The calls to boycott the Atlanta-based, conservative fast-food chain come as right-wing blowback to corporate DEI efforts nationwide intensify.
Top White House economistsare optimistic that sticky inflation will be increasingly less so in the coming months as rapid wage growth continues to cool.
Why it matters: The new analysis — shared first with Axios — is part of an emerging consensus that the strong labor market is a key driver behind U.S. inflation. If that's true, the job market might have to loosen up before prices can fall to a more comfortable level.
Toyota will assemble a new, large electric SUV in Kentucky, the company announced Wednesday.
It will also invest an additional $2.1 billion to support the future expansion of a battery factory it's building in North Carolina, on top of the $3.8 billion it's already spending.
According to the Congressional Budget Office, however, the number of people eligible for the Supplemental Nutrition Assistance Program (SNAP) will actually go up as a result of the agreement.
Driving the news: It's called Colombier Acquisition Corp., and earlier this year agreed to merge with PublicSq, an online marketplace for companies in what it calls "the patriot economy."
It feels like every new startup is calling itself an AI company, no matter what it really does, while many old ones are rebranding as such. And some of that is showing up in domain name registrations.
Driving the news: Registrations of .ai domain names are up 156% over the past year, compared to just a 27% increase for .com domains over the same time period, according to Domain Name Stat.
CleanJoule, a Salt Lake City-based developer of sustainable aviation fuels developed from agricultural residues and other waste biomass, raised $50 million from an investor group that included three airlines.
Why it matters: This reflects a growing aerospace sector belief that sustainable aviation fuels could become competitive with crude oil-based fuels, or at least part of a standard blend, in terms of both cost and performance.
Crypto firms that stretched for growth on the heels of the recent bull run are laying off employees in a bid to stay lean.
Driving the news: Singapore-based data firm Nansen was the latest to reduce headcount — 43 people were let go yesterday, with additional roles slated for backfill put on hold, CEO Alex Svanevik told Axios in an email. That puts the total at almost 50, he says.
The U.K. is mulling voluntary price controls on essential food items, as the country grapples with sky-high inflation at the grocery store.
Why it matters: Persistent inflation is changing the conversation around price controls. Once waved off as an affront to capitalism, they're starting to look more appealing — especially to politicians who want to avoid headlines about people who can't afford to eat.
The big picture: Fresh housing data out Tuesday showed that prices for houses are stabilizing, pretty much around the elevated levels where they've been for the last year and a half.
If the apparel industry gets its way, small labels with QR codes on them would replace the bulky clothing tags that offer washing instructions and other information.
Why it matters: Digital product labels — which brands like Ralph Lauren are already starting to use — could provide a lot more information to consumers, who could scan them for a library of details about the garment they're wearing (or might buy).
America's biggest corporate titans are resuming trips to China and going out of their way to defuse — or at least downplay — tensions between the world's two largest economies.
Why it matters: D.C. and Beijing's growing antagonism contrasts sharply with business leaders who hope to showcase China's importance to economic growth.
Twitter is worth one-third of the amount it was when Elon Musk and co-investors bought the social platform for $44 billion, according to a new disclosure from Fidelity.
Driving the news: In Fidelity's latest Twitter markdown, the financial services giant estimated in a monthly report of portfolio valuations that the company is now worth about $15 billion, or 33% of the October purchase price, per a Bloomberg assessment Tuesday.
