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Legal

AAPL

The EU has warned Apple Inc. (AAPL) of potential severe consequences if the company's App Store changes do not comply with the upcoming Digital Markets Act (DMA). Apple is modifying its App Store to allow developers to use alternative stores and payment systems, avoiding Apple's up to 30% commission. Despite these changes, the EU's industry chief Thierry Breton has criticized them as potentially inadequate and has threatened strong action if they don't meet the DMA standards. Apple will still charge a 'core technology fee' and require apps to be submitted for review. The changes could affect developers' costs, with companies like Meta Platforms potentially facing millions in yearly payments.

Portfolio Pulse from Ananya Gairola

January 27, 2024 | 7:38 am

AAPL

META

SPOT

Spotify's CEO Daniel Ek criticizes Apple's 'Alternative App Store' fee proposal, claiming it undermines the European Union's Digital Markets Act and could increase Spotify's customer acquisition costs significantly. Ek accuses Apple of disrespecting the DMA's principles and urges the European Commission to enforce the DMA. Apple's proposed fee could also affect other developers like Meta Platforms, potentially costing them millions.

Portfolio Pulse from Rounak Jain

January 27, 2024 | 3:42 am

WWE

Vince McMahon, founder of WWE, has resigned from TKO Group following accusations of sexual assault and trafficking in a new lawsuit, as reported by CNBC.

Portfolio Pulse from Charles Gross

January 27, 2024 | 1:55 am

UAL

Aviation expert Mike Boyd warns that the Boeing Co (NYSE:BA) 737 Max 9 incident, involving a door blowout on an Alaska Airlines flight, could significantly impact the U.S. economy. The grounding of the Max 9 fleet and potential delays in 737 aircraft orders may disrupt travel and air freight, affecting airlines like United Airlines (NASDAQ:UAL). Boeing's handling of the situation has been criticized, and the FAA has halted Boeing's 737 Max production expansion due to quality control issues.

Portfolio Pulse from Benzinga Neuro

January 27, 2024 | 1:45 am

DWAC

SPY

A court has ordered former President Donald Trump to pay E. Jean Carroll $65 million in punitive damages, bringing the total owed to Carroll to $83.3 million in compensatory and punitive damages.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 9:47 pm

DWAC

SPY

E. Jean Carroll has won a legal victory against Donald Trump, with a jury finding that Trump's 2019 denials of her rape allegations caused her more than nominal damages. Trump is ordered to pay Carroll $18.3 million in compensatory damages.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 9:46 pm

CBST

GTBIF

JUSHF

Virginia is progressing towards a regulated cannabis market with the Senate Subcommittee on Cannabis approving Senate Bill 448, aiming to create an equitable marketplace. The bill, merged with SB 423, seeks to avoid preferential treatment for medical marijuana companies. Existing medical cannabis companies like The Cannabist Company Holdings Inc. (CBST), Green Thumb Industries Inc. (GTBIF), and Jushi Holdings Inc. (JUSHF) are expected to have an early advantage. The market is projected to be limited in competition initially, with 300+ retail licenses planned. Social equity is a focus, with a 6% excise tax funding related initiatives. A timeline for the market's development has been set, with recreational sales by medical incumbents starting July 1, 2024. Roanoke College is launching a Cannabis Studies Program in fall 2024.

Portfolio Pulse from Nicolás Jose Rodriguez

January 26, 2024 | 9:07 pm

AAPL

SPOT

Spotify criticizes Apple's proposed changes, claiming they do not align with the goals of the Digital Markets Act (DMA). Spotify argues that Apple's suggestions would undermine the DMA's objectives to ensure fair competition and choice for consumers in the digital market.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 9:04 pm

U. S. Steel has reached a consent decree with Allegheny County Health Department, Clean Air Council, and PennEnvironment regarding its Clairton Plant. The agreement includes $19.5 million in upgrades to coke oven gas cleaning facilities and a $4.5 million contribution to local community projects. Additionally, Clairton battery #15 will be permanently idled with no job losses, and U. S. Steel will pay $500,000 to the Allegheny County Clean Air Fund and cover litigation costs for PennEnvironment and Clean Air Council.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 9:02 pm

BHP

FCX

MTAL

VALE

Metals Acquisition Limited (MTAL) is pursuing a dual listing in Australia with an IPO aiming to raise A$300 million for repaying a loan, increasing working capital, and other expenses. Vale S.A. (VALE) and BHP Group Limited (BHP) have been ordered by a Brazilian judge to pay $9.67 billion for damages from a 2015 dam collapse. Freeport-McMoRan Incorporated (FCX) is expected to benefit from rising copper and gold demand, with significant sales and active projects tracked for 2024.

Portfolio Pulse from Austin DeNoce

January 26, 2024 | 8:57 pm