🖥️ Is Google Buckling Under Its Own Weight?

Good morning. US stock futures rose in Friday morning trading as investors assessed corporate earnings from the banking and healthcare sectors.

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"The key is not in spending time, but in investing it"

Stephen Covey

Top News

Back to the office time

WHAT: Water cooler conversations might be buzzing again for federal employees in the US as the White House has issued a memo to federal agencies to "substantially increase" in-person work by government employees at headquarter offices.

WHY: The memo, from the White House Office of Management and Budget, directed federal agencies to "refresh their Work Environment plans and policies", and to conduct "regular assessments to determine what is working well, what is not, and what can be improved"

US DOJ says Google tripping over its own weight

WHAT: The Justice Department woke up and chose violence recently against Google. They're alleging that products like ChatGPT and other cool tech could have been unleased into the world years ago if Google hadn't hogged the search market with a ferocious bear grip.

WHY: "What has been going on for the past 12 years is Google has been maintaining its monopoly. Would we have seen ChatGPT six years earlier? Would we see five other competitors competing for search?" said Kenneth Dintzer, the Justice Department's lead lawyer in its antitrust case against the search giant.

IMF warns LATAM: Tighten your belt!

WHAT: The International Monetary Fund has a stern warning for Latin America and Caribbean territories: "Ease up on the spending, and get your wealthy to cough up more tax dollars!" The warnings come as the IMF is encouraging regional governments to take more active measures to slow down pricing pressures in their respective territories.

WHY: "Strong domestic demand, rapid wage increases, and broad-based price pressures, all point to a risk that inflation in the region could remain unacceptably high" the IMF said in a blog post on its outlook for the region.

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In Other News

Safety first

 WHAT: The US Food and Drug Administration dropped a bombshell recently by announcing that opioid pain relievers are getting a makeover with new safety warning labels. Apparently they want to make sure you know that these pills might make you super sensitive to pain.

WHY: Among other changes, the new labeling will also have to carry a warning that risk of overdose increases with higher dosage, and that immediate-release opioids should not be used for extended periods of time.

Twitter to creators: Hey, monetize your content here!

WHAT: Chief Twit Elon Musk announced that content creators can now sell their content via subscription directly to followers - long-form texts, hours-long videos, you name it! It's now all sellable digital gold.

WHY: Musk added that users offering the subscription will get all the money subscribers pay apart from the charges platforms such as Android and iOS levy, and that Twitter will not take a cut for the first 12 months.

Farewell Chicago...kinda

WHAT: In a move that left many scratching their heads, Walmart announced that it has decided to throw in the towel and close 4 of its stores in Chicago. Apparently, these stores have been bleeding money since the days of dial-up internet and flip phones, with losses reaching tens of millions of dollars a year.

WHY: Walmart has invested millions of dollars in Chicago, including $70 million in the last couple of years to upgrade its stores and build two new Walmart Health facilities and a Walmart Academy training center.

Key Economic Events

  • Friday - Fed's Waller Speaks, U. Of. Mich. Consumer Sentiment

Notable Briefs

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