Business

The US Department of Justice had long been expected to file an antitrust lawsuit against Apple. But when the suit arrived Thursday, it came with surprising ferocity.In a press conference, attorney general Merrick Garland noted that Apple controlled more than 70 percent of the country’s smartphone market, saying the company used that outsized power to control developers and consumers and squeeze more revenue out of them.The suit and messaging from DoJ and fifteen states and the District of Columbia joining it take aim at…

The Biden administration filed a sweeping antitrust lawsuit against Apple Thursday that targets a product that has long been the major revenue driver for the company’s $2.76 trillion business: the iPhone. The Department of Justice, joined by 16 state attorneys general, accused Apple in a New Jersey federal court of maintaining a monopoly on the US market for smartphones, of which the iPhone makes up 65 percent. The complaint alleges that Apple has deliberately thwarted apps, products, and services that would make it…

The IM-1 lander "Odysseus" in lunar orbit on Feb. 21, 2024.Intuitive MachinesIntuitive Machines is building on the successes of its inaugural moon mission, reporting fourth-quarter results on Thursday and saying it now has "sufficient capital for the near term."The lunar company revealed that its cash balance at the end of the year was just $4.5 million – partly the result of paying down $12 million in debt off its balance sheet. Following its historic February moon landing, the company saw about $50 million in "warrant…

The Walt Disney company logo is displayed on the floor of the New York Stock Exchange during morning trading on Dec. 1, 2023.Michael M. Santiago | Getty ImagesProxy advisory firm Institutional Shareholder Services on Thursday recommended that Walt Disney shareholders elect activist investor Nelson Peltz to the board in his bitter fight against CEO Bob Iger.Peltz and his firm, Trian Fund Management, have asked investors to nominate him and former Disney Chief Financial Officer Jay Rasulo to the board at its annual general…

A Target store in New York, US, on Monday, March 4, 2024. Shelby Knowles | Bloomberg | Getty ImagesTarget will double its bonus payments to salaried employees this year, as the big-box retailer's profits recover from a bumpy nearly two-year stretch.Salaried employees at the Minneapolis-based retailer receive an annual bonus, based on Target's performance and the eligible amount set as part of their compensation. The retailer will pay 100% of employees' eligible annual bonus amounts for the most recent fiscal year, a…

The Head of the United State Embassy in Nigeria, David Greene, says the United States’ government has for over five years invested about $200 million in food security in Nigeria through its international development agency. The official made the disclosure Thursday while delivering his remarks during the launch of the US government’s Global Food Security Strategy Country Plan for Nigeria in Abuja. “USAID invested almost $200 million in agriculture over the last five years to improve food security and build…

A member of the Central Bank of Nigeria‘s Monetary Policy Committee (MPC), Murtala Sagagi, has highlighted the complex nature of Nigeria’s inflation challenges. According to him, mere monetary policy readjustments will have a limited impact on inflation rates without simultaneous efforts to tackle the underlying issues of insecurity and food shortages. According to his statement during the last MPC meeting held between 26 and 27 February, the country needs a comprehensive approach to tackle inflationary pressure.…

A new report found that New York City is the No. 1 place for ultra-high-net-worth individuals to own a property.Alexander Spatari | Moment | Getty ImagesA version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.New York still leads the U.S. and the world when it comes to wealthy cities.With nearly 350,000 millionaires and 60 billionaires, the Big Apple is the richest…

The Nike logo is displayed at a Nike Well Collective store on February 16, 2024 in Glendale, California. Mario Tama | Getty ImagesNike on Thursday reported holiday sales that beat estimates, helped by better than expected growth in North America.Here's how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:Earnings per share: 77 cents vs. 74 cents expectedRevenue: $12.43 billion vs. $12.28 billion expectedThe company's reported net…

DR Richardson and Josh Lake founded Elephant Energy in 2021 with a mission to simplify electrifying homes. “We wanted to make it dramatically easier and more affordable to make homes more energy efficient,” Richardson said. But making your home more energy efficient can be daunting, so Elephant Energy created a tool to provide an electrification roadmap. “It’s a simple, approachable way for homeowners to get the answer,” Richardson said. “Every home is a little different. This helps you create a custom plan for your…