headlines...by halloapp

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12-30-2023

TECH

• Former Trump lawyer Michael Cohen unknowingly included AI-generated fake legal cases in a court filing to argue for his release from supervision.

• Google has agreed to settle a $5 billion privacy lawsuit over allegations of tracking users’ internet activities in “incognito” mode. The settlement terms have not been disclosed.

• A judge denies Elon Musk’s company, X, formerly known as Twitter, request to block California’s content moderation law.

• Despite US sanctions and competition from Apple, Huawei expects to achieve over $98.5 billion in sales revenue in 2023, driven by a resurgent smartphone business.

• Nvidia releases the RTX 4090D, a modified gaming chip complying with US export rules for China, with improved performance and AI capabilities.

MEDIA

• Joe Gow, former chancellor of University of Wisconsin-La Crosse, may take legal action after being fired for appearing in explicit videos with his wife, citing infringement on free speech rights.

• Israeli forces bombard Khan Younis in Gaza, with nearly 200 killed. Hamas attends talks in Egypt as Israeli attacks displace thousands.

• South Africa accuses Israel of genocide in Gaza, files case at UN court, calls for ceasefire; Israel denies allegations.

CONSUMER

• Françoise Bettencourt Meyers, the granddaughter of L’Oréal founder Eugène Schueller, has become the world’s first woman to reach a $100 billion fortune.

• The Consumer Product Safety Commission has ordered a recall of magnetic-ball kits sold on Walmart.com due to potential hazards to children, including ingestion risks and intestinal blockages.

• Browning West, a shareholder of Gildan Activewear, aims to secure five board seats and reinstate former CEO Glenn Chamandy.

REAL ESTATE

• UK house prices fell by 1.8% in 2023, lower than expected, with prices remaining stable or slightly declining in 2024.

• Commercial real estate faces further declines in property values, with a predicted $480 billion wipeout due to higher interest rates and challenges in the office sector. Delinquencies and distressed properties are expected to rise in 2023. The multifamily sector is strong but faces risks such as oversupply and maturing loans. A National Bureau of Economic Research paper warns that commercial real estate loan defaults could reach Great Depression-era levels if interest rates remain high. Currently, 15% of commercial loans are underwater, and 45% of office loans are at risk of default.

ECONOMIC

• Hong Kong stocks rise for third session, Nikkei 225 drops for second day. Emerging markets set for best yearly FX rally since 2017. S&P 500 and Nasdaq composite index on track for nine-week win streaks. US stocks end year with significant gains, anticipate easier Federal Reserve policy in 2024. Nvidia stock surges 244% in 2023.

• Ways to maximize retirement income from Social Security include using retirement savings or annuities, and claiming benefits for various reasons. The average benefit has increased and may reach $2,363 by November 2030. Some recipients will receive a double payment in December. Claiming benefits at age 62 may reduce benefits by 30%.

• The US dollar is expected to end 2023 with its first yearly loss since 2020 against the euro and other currencies due to anticipated rate cuts by the Federal Reserve. The euro is on track for a 3.04% gain for the year. The euro could see further gains in 2024 if the Federal Reserve cuts rates before the European Central Bank (ECB). The cautious approach of the ECB towards rate cuts may support the euro’s strength. The dollar is on track to lose 2.23% this year and the weakening dollar has benefited other currencies like the euro and sterling.

CRYPTO

• Sam Bankman-Fried, co-founder of FTX, will not face a second trial on charges of conspiracy, bank fraud, and stealing from customers.

• Aaron Schnarch, the CEO of Coinbase Custody, has stepped down and been replaced by Rick Schonberg as the company gears up for spot Bitcoin ETF services.