Business and Tech News - 3.18.24

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Skool Projekt Staff
March 18, 2024

EU Unveils $8 Billion Aid for Egypt Amid Migration Worries

The European Union announced a €7.4 billion aid package for Egypt to support its economy and address migration concerns. Criticized for Egypt's human rights record, the deal aims to bolster Egypt-EU ties and includes grants, loans, and cooperation in various sectors. Amid regional conflicts and migration challenges, the EU views Egypt as a key partner for Mediterranean stability and security. The agreement also seeks to enhance border security and assist Sudanese refugees in Egypt.

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Boeing Plane Lands Without Panel

A Boeing 737-800 operated by United Airlines landed in Oregon missing a fuselage panel, with no injuries reported among the 139 passengers and 6 crew. The issue was detected after the flight from San Francisco to Rogue Valley International Airport in Medford. This incident adds to Boeing's recent safety concerns, prompting investigations by aviation authorities. Boeing and the FAA are scrutinizing the aircraft to understand the cause and ensure safety standards are met.

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U.S. Probes Meta for Role in Illicit Drug Sales

Federal prosecutors are investigating Meta for potentially facilitating and profiting from illegal drug sales on its social media platforms. Subpoenas issued last year sought information on drug-related content and transactions. Meta asserts it prohibits illicit drug sales, actively removing such content and cooperating with law enforcement. This inquiry is part of broader efforts, including a collaboration between the U.S., the UN, and tech companies like Meta, to combat online synthetic drug activity.

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6% Commission on Home Sales Could Soon Be Gone

The National Association of Realtors (NAR) settled antitrust lawsuits by agreeing to pay $418 million and revising commission rules, impacting the cost of buying and selling homes. The settlement removes the mandate for sellers to pay buyer's broker fees, potentially lowering real estate commissions by 25% to 50%. This change aims to increase market competition and allow for alternative, more affordable real estate selling models. The move could significantly alter the housing market, benefiting consumers but potentially leading to a reduction in the number of real estate agents.

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Apple To Pay $490 Million For Misleading Investors

Apple has agreed to pay $490 million to settle a lawsuit accusing CEO Tim Cook of misleading shareholders by hiding declining iPhone demand in China. The settlement, awaiting court approval, arises from a 2019 revenue forecast cut attributed to U.S.-China trade tensions, contradicting Cook's earlier assurances. Although denying liability, Apple aims to avoid litigation costs. The settlement benefits investors who purchased shares between Cook's comments and the forecast adjustment, marking a significant financial move for the tech giant.

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Here’s how the markets closed on Friday:

 

 

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