Business and Tech News - 3.26.24

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Skool Projekt Staff
March 26, 2024

Apple, Google, and Meta Being Investigated by the EU

The European Union (EU) is investigating Apple, Google, and Meta as its first formal probes under the Digital Markets Act (DMA). Under the DMA, officials can fine these companies up to 10% of each company's global revenue, or 20% of their global revenue for repeat offenders. The investigations are expected to take at least 12 months.

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Nigeria Files Tax Evasion Charges Against Binance

A Binance executive escaped Nigerian custody as the country filed tax evasion charges against the company. Binance is reportedly being accused of not paying Nigeria’s Value-Added Tax (VAT) or corporate income taxes, neglecting to file tax returns, and assisting customers in avoiding tax payments via its platform. Nigerian citizens have increasingly turned to cryptocurrencies to protect their savings against the poorly performing naira (Nigerian currency).

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US New-Home Sales Fell in February

Sales of new single-family homes in the U.S. dropped in February following a rise in mortgage rates throughout the month. Builders are increasing the rates of construction while concurrently cutting prices. Sales of new homes saw a significant decrease in the Northeast, plummeting by 31.5%, and a slight decline in the Midwest by 2.4%, contributing to a downturn in the overall national figures.

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Fisker Shares Halted

Shares of electric-vehicle startup, Fisker, have been halted after the company failed to gain an investment from an unnamed automaker. With its shares being halted and its pause in production last week, there is a growing assumption that Fisker will declare bankruptcy. EV makers have had a difficult time lately with slowing demand.

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Boeing CEO Resigns

Boeing's CEO, Dave Calhoun, has declared his intention to step down by the conclusion of 2024, marking a significant move in response to the safety concerns plaguing Boeing in recent times. This decision comes as part of a comprehensive management overhaul aimed at addressing the company's quality control issues, which have drawn mounting scrutiny from both regulators and customers alike. The announcement of Calhoun's resignation saw a rise in Boeing's stock value.

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Here’s how the markets closed yesterday:

 

 

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