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WASHINGTON— Amazon.com Inc. founder Jeff Bezos and Chief Executive Andy Jassy can’t avoid testifying in an investigation related to the company’s Prime membership program, the Federal Trade Commission said late Wednesday. Amazon last month asked the FTC to cancel subpoenas issued to Messrs. Bezos and Jassy, arguing that they aren’t steeped in the details of Prime’s sign-up and cancellation…

Meta Platforms Inc. META -2.72% is planning to cut expenses by at least 10% in the coming months, in part through staff reductions, as the social-media giant confronts stalling growth and increased competition, according to people familiar with the company’s plans.The Menlo Park, Calif., company has begun quietly nudging out a significant number of staffers by reorganizing departments and giving affected employees a limited window to apply for other roles within the…

Ted Lasso is heading to a premier league—at least in a videogame. The fictional character, portrayed on the hit Apple TV+ show by Jason Sudeikis, will be playable in “FIFA 23,” the latest version of the long-running soccer videogame being released Sept. 30, Electronic Arts Inc. EA -2.53% said Wednesday. The videogame franchise features the world’s most popular soccer teams through licenses…

Kittyhawk, a startup backed by Google co-founder Larry Page that was working on developing air taxis, said it is winding down its business. “We’re still working on the details of what’s next,” the company said Wednesday in a two-sentence post on LinkedIn. The company didn’t immediately respond to a request for comment. Google didn’t immediately respond for a request for comment on behalf of Mr. Page, who sits on the board of Google’s parent company…

SYDNEY—An indigenous clan on remote islands in northern Australia scored a legal victory against energy giant Santos Ltd. , in a case that could have a wide-ranging impact on how resource companies handle relations with traditional landowners. On Wednesday, an Australian judge threw out a regulator’s approval of Santos’s environmental plan to drill for natural gas in the Barossa gas field, about 85 miles off the coast of the Tiwi Islands near Darwin. The case…

The Italian-food hub Eataly in New York City is one of roughly 40 locations around the world. Photo: Drew Angerer/Getty Images…

Shorter-term Treasury yields ticked higher while longer-term yields fell Wednesday after the Federal Reserve signaled interest rates will likely climb more this year than many investors had expected.Treasury yields initially rose, then broadly fell as Fed Chairman Jerome Powell delivered a postmeeting press conference in which he emphasized the central bank’s commitment to bringing down inflation, while acknowledging the uncertain economic outlook. The overall message from the Fed caused…

WASHINGTON—The heads of the largest U.S. banks expressed concerns about the state of the U.S. economy as they began two days of questioning Wednesday from Congress.Bank chief executives, including JPMorgan JPM -2.36% Chase & Co.’s Jamie Dimon and Citigroup Inc.’s C -1.53% Jane Fraser offered a favorable picture of an industry they say helped the economy recover from…

General Mills Inc. GIS 5.60% posted higher sales in its fiscal first-quarter as more consumers eat at home in response to higher prices, including from the food company, as costs escalate further. The maker of Cheerios cereal and Betty Crocker cake mix Wednesday said it now sees costs rising as much as 15% for its current fiscal year, higher than its forecast from June, due to increases for raw materials, labor, freight and fuel.…

WASHINGTON—The Federal Reserve approved its third consecutive interest-rate rise of 0.75 percentage point and signaled additional large increases were likely at coming meetings as it combats inflation that remains near a 40-year high. The decision Wednesday—unanimously supported by the Fed’s 12-member rate-setting committee—will lift its benchmark federal-funds rate to a range between 3% and 3.25%, a level last seen in early 2008.…