The FTC and 17 state attorneys general have filed an antitrust case against Amazon, alleging the company has used its market power to maintain higher prices and harm customers and rivals. FTC Chair Lina Khan noted the immediate harm of Amazon's alleged anti-competitive practices, and the lawsuit seeks to hold the company accountable and restore the competitive conditions that existed before its conduct. This case is the latest in a series of antitrust actions taken against tech giants and could have far-reaching implications for the industry.
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The Powerball jackpot has risen to an estimated $785 million, with several players in Saturday's drawing winning big prizes. To win the jackpot, players must match all five white balls and the red Powerball. If you're lucky enough to win, experts recommend consulting a financial advisor and planning for taxes. Increase your chances of winning by purchasing multiple tickets or joining a lottery pool.
CBS News' "60 Minutes" recently visited Ukraine to investigate the use of US financial and military aid in the country's war with Russia. President Joe Biden has promised to provide long-range missiles to Ukraine, and the White House has requested an additional $20 billion in aid. The program is looking into how the aid is being used and whether it is helping Ukraine in its fight against Russia.
The Biden administration has proposed regulations to protect Americans from medical debt by barring unpaid medical bills from affecting patients' credit scores. This could help millions of people who have medical debt on their credit reports, and is one of the most significant federal actions to tackle medical debt. The regulations are currently open for public comment, with the final regulations expected to be released later this year.
Project Veritas, a right-wing video operation known for its heavily edited clips, has suspended operations and laid off its remaining "journalists" due to financial difficulties. CEO Hannah Giles said the layoffs and pause in fundraising were due to "various events and circumstances," including a lawsuit filed against founder James O'Keefe in May. It is unclear when Project Veritas will resume operations.
Rupert Murdoch, the 92-year-old media mogul, is set to step down from his role as chairman of News Corp. and Fox Corp. and take on the role of emeritus chairman, with his eldest son Lachlan taking on the role of sole chair. Rupert will take on his new role at the companies' next shareholder meetings in mid-November, marking the end of a seven-decade career that saw him build a media dynasty and establish himself as one of the world's most influential media executives.
The Federal Reserve held its meeting today to decide its next move on interest rates, leaving the main U.S. rate unchanged at 5.25% to 5.50%. This decision will have a major impact on consumers and businesses, with mortgage rates already at their highest levels in decades and credit card APRs at record highs. The Fed is confident that its series of rate hikes over the last 18 months will be enough to bring inflation under control, but it will be closely monitoring the economic situation in the coming months.
FTX, a crypto exchange giant that recently went bankrupt, has filed a lawsuit against the parents of its co-founder Sam Bankman-Fried, accusing them of misappropriating millions of dollars worth of funds from the company for their personal use. The lawsuit, filed in federal court, alleges that Barbara Fried and Joe Bankman used their influence to enrich themselves, and FTX is now led by a turnaround specialist to recover the billions of dollars lost in customers' funds. The lawsuit comes days before Bankman-Fried's criminal trial is set to begin over allegations of defrauding customers and lenders.