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Articles by Therese Margolis
Azerbaijan: A Public Lesson in Democratic Practices
OPINION By THÉRÈSE MARGOLIS BAKU, Azerbaijan — On Wednesday, Feb. 7, the Caucasian nation of Azerbaijan held an early presidential election, and to the surprise of practically nobody, incumbent President Ilhan Aliyev won reelection for a fifth seven-year term by an overwhelming 92.05 percent.
Michelin Chef to Present Mexican-Mediterranean Fusion Menu in Oaxaca
By THÉRÈSE MARGOLIS As part of its ongoing program to promote its first-ever Mexico edition — due out early this year — the Michelin Guide will be sponsoring yet another pop-up offering of a world-renowned Michelin star chef in Mexico starting next month.
Citigroup to layoff 10% of staff
On Friday, U.S. financial services firm Citigroup announced its plans to layoff around 10% of its global workforce. Approximately 20,000 Citigroup employees will be affected by the staffing slashes across the next three to five years, said the firm. Citigroup is expected to implement its next round of layoffs on Jan. 22. The move comes as Citigroup CEO Jane Fraser attempts to reposition the firm’s value among the largest U.S. banks.
Southwest slashes hundreds of US flights amid bad weather
As of Monday, U.S. airline Southwest has cut more than 700 flights from its timetable as bad weather continues to sweep across the United States. The new slashes represent approximately 18% of Southwest’s flight schedule.
Microsoft eclipses Apple as most valuable tech company
Technology giant Microsoft officially eclipsed rival Apple as the most valuable publicly traded tech company during trading Friday. Microsoft closed on Friday at $388.47 a share, placing the company’s market cap at $2.89 trillion. Meanwhile, Apple closed at $185.92 a share, or a market cap of $2.87 trillion. Microsoft’s resurgence comes as the company’s big bets on generative artificial intelligence, including investments in AI juggernaut OpenAI, have continued to pay off.
Skyrocketing mocktail prices sends Dry January participants into a tizzy
Though Dry January followers may be saving money on their bar tab, participants in the no-drinking trend are now learning that less alcohol doesn’t always mean more savings. Without the same mass-production facilities behind the alcoholic beverage industry, non-alcoholic drinks usually cost more to manufacture – a factor that trickles down into the beverages’ sticker value.
IMF says AI may impact 40% of global jobs
According to International Monetary Fund Chief Kristalina Georgieva, more than 40% of global jobs could be impacted by the expanding effects of artificial intelligence in the near future. “In most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers must proactively address to prevent the technology from further stoking social tensions,” Georgieva wrote in a blog post.
Apple to issue fix for Apple Watch controversy
According to a new filing Monday, technology giant Apple has received approval on its fix for the U.S. ban on the company’s Apple Watch. The fix comes after Apple was sued for patent infringement for including a pulse oximeter in its latest Apple Watch Series 9 and Ultra 2 releases. Now, Apple’s update will eliminate Apple Watch users’ ability to check their blood oxygen through the removal of the patent-protected pulse oximeter technology.
US carbon emissions fall in 2023
U.S. carbon emissions reportedly fell 1.9% in 2023 despite the nation’s growing economy, said an analysis by the Rhodium Group. “This is the first time since 2019 that the economy has grown while emissions have fallen,” said the Rhodium Group report. According to the analysis, U.S. annual greenhouse gas emissions are currently 17% lower than they were measured at in 2005.
NFL reaches highest level of viewers since 2015
According to new figures from the National Football League, the ongoing NFL season has reached the league’s highest level of viewership seen since 2015. Regular season NFL games reportedly averaged 17.9 million viewers, while the league’s record-viewership 2015 season held an average of 18.1 million viewers. Bolstered by new cable and streaming packages, the 2023-2034 NFL season experienced a 7% increase in viewership from the 2022-2023 season.
US mortgage applications uptick in January
According to a new report from the Mortgage Bankers Association, U.S. mortgage applications surged during the first week of January. The MBA data signaled that applications went up by a major 9.9% from the week prior during the week ending Jan. 5. The growing mortgage demand comes as the average U.S. mortgage rate continues trending downward. Home purchase applications were reportedly likewise up 6% week-over-week during the same time period.
Boeing reports record Q4 sales amid 737 Max controversy
Major plane manufacturer Boeing reached record sales in its fourth financial quarter of 2023, the company announced Tuesday. The plan manufacturer reportedly tallied 369 net orders during December, Boeing’s best month of orders on record. Boeing also delivered 528 planes throughout 2023, a 10% increase from 2022. The news of Boeing’s positive end to 2023 comes as the airplane manufacturer has been marred by controversy during the first weeks of 2024 due to mass groundings of its 737 Max 9 models.
Norway set to pilot controversial deep sea mining initiative
When it comes to its new mining initiative, it looks like Norway may just be between the devil and the deep blue sea. On Tuesday, the Nordic country officially approved opening Norway’s waters to controversial deep-sea mining practices. While the metals and minerals on the ocean floor could help the globe transition away from fossil fuels, critics of deep sea mining have characterized the act as “extremely destructive” to marine life.
Blackrock laysoff 3% of worldwide workforce
On Tuesday, global asset manager giant Blackrock announced it’s set to lay off 600 members of its international staff. The planned cuts represent approximately 3% of Blackrock’s total global workforce. “We see our industry changing faster than at any time since the founding of BlackRock,” CEO Larry Fink and President Rob Kapito said in an internal company memo.
Streaming platform Twitch slashes 500 staffers
Popular online streaming platform Twitch is laying off 500 of its staff, the company announced Wednesday. The move comes as Twitch aims to cut costs across its entire operational model. “Over the last year, we’ve been working to build a more sustainable business so that Twitch will be here for the long run and throughout the year we have cut costs and made many decisions to be more efficient,” CEO Dan Clancy said in a memo.
OpenAI launches new GPT Store, ChatGPT Teams
On Wednesday, blockbuster artificial intelligence company OpenAI announced the launch of its new GPT Store and its ChatGPT Teams offering. The GPT Store will allow developers to share customized chatbots for download by other OpenAI users as the company’s first move toward an internal app store. Meanwhile, ChatGPT Teams will allow businesses with 150 monthly users or less to access OpenAI’s chatbot services for $25 per user per month annually.
Earthquakes and thunderstorms run globe $250 million price tag in 2023
A new report from German reinsurance company Munich Re claims that earthquakes and thunderstorms cost the globe a massive $250 million in damages during 2023. According to Munich Re, thunderstorms caused $66 billion in damages in North America alone last year. Meanwhile, devastating thunderstorms reportedly brought Europe a price tag of $10 billion in 2023.
Boeing to revamp 737 Max inspection rules
Following the controversial fuselage blowout on one of Boeing’s 737 Max 9s flown by Alaska Airlines on Friday, Jan. 5, the U.S. Federal Aviation Administration announced that the plane manufacturer has agreed to revise the present inspection rules for its 737 Max 9 model. The FAA previously ordered all operative 737 Max 9s to be grounded following the Alaska Airlines incident, where they are set to remain until thorough inspections of each 737 Max 9 model have been conducted.
Holiday spending sends US consumer debt soaring
Following record holiday shopping spending in 2023, U.S. consumers’ debt levels have reportedly hit an all-time high. According to new data from the U.S. Federal Reserve, consumers borrowed more than $23.75 billion during November 2023. This debt level marks more than double the $9 billion figure predicted by analysts for the month.
Home prices jump in November following declining mortgage rates
According to a new report from analytics firm CoreLogic, the average price of a U.S. home jumped 5.2% year-over-year in November. This marks a significant increase from the 4.7% year-over-year increase in prices seen in October 2023. The rising housing prices come as U.S. mortgage rates have continued cooling down, sparking increased demand from buyers for minimal inventory and subsequently creating a seller-friendly market.
Tropicana hits back at AI with limited-edition bottle design
As global companies continue betting big on the future of artificial intelligence, one major beverage manufacturer is attempting to prove that robot-generated content and the human touch are all apples and oranges. On Tuesday, juice giant Tropicana released the design of a new limited-edition bottle that removed the ‘A’ and the ‘I’ from the company’s logo in a tongue-in-cheek nod to the juice’s natural ingredients.
Meta implements new protections for teenage users
On Tuesday, technology giant Meta announced a series of new safety measures set to protect its underage users from encountering dangerous content on its social media platforms. Meta will reportedly begin censoring “age-inappropriate content,” such as posts centered around suicide idealization or eating disorders, for teens as well as automatically place minor users into a recommended restrictive content setting.
Scientists confirm 2023 as hottest year on record
After months of speculation, scientists from the European Union’s Copernicus Climate Change Service confirmed that 2023 was . According to the CCCS, the average temperature in 2023 hit 14.98 degrees Celsius, up from 2016’s previous record of 14.81 degrees Celsius. 2023 also represented the very first time that every day of the year was at least 1 degree Celsius above pre-industrial levels.
NFL offers 200 staffers voluntary buyouts
According to an internal memo, the National Football League has offered voluntary buyouts to more than 200 of its full-time employees. The NFL, which currently holds approximately 1,100 positions on its staff, reportedly offered the buyouts to qualified employees over the age of 50. The buyout package would include three weeks of salary for every year worked at the league as well as additional bonuses.
JetBlue CEO to step down in February
On Monday, U.S. airline JetBlue announced its CEO Robin Hayes will be stepping down from his post in February. Current JetBlue COO Joanna Geraghty is expected to take over as CEO following Hayes’ departure. “It’s bittersweet to retire from this airline I love, but I will always feel a part of the JetBlue team and be rooting for its continued success,” said Hayes.
Audio company Audacy files for bankruptcy - CEO North America
On Sunday, audio content company Audacy filed for Chapter 11 bankruptcy in a Southern District of Texas court. According to the company, Audacy is currently entering proceedings to reduce its debt load from $1.9 billion to around $350 million.
Boeing stock drops after 737 Max groundings
Shares of plane manufacturing giant Boeing fell sharply on Monday following the highly-publicized blowout of a 737 Max 9 fuselage part during a routine Alaska Airlines flight Friday. The U.S. Federal Aviation Administration ordered all 737 Max 9s to be grounded following the incident, subsequently causing 171 planes to suspend service worldwide.
Nike and Tiger Woods end decades-long partnership
After nearly three decades of collaboration, golf superstar Tiger Woods and athletic retailing giant Nike have decided to end their partnership as both parties attempt to tee off on a new chapter. According to industry analysts, the move comes as Nike is rumored to be looking for an exit from the gold business. “Tiger, you challenged your competition, stereotypes, conventions, the old school way of thinking,” Nike wrote on social media following the announcement.
Scientists study Antarctica microplastics through penguin excrement - CEO North America
Global scientists are setting out on a new investigation to measure the amount of microplastics in the Antarctic, the International Atomic Energy Agency’s NUTEC Plastics Initiative revealed over the weekend. By using nuclear applications on penguin droppings and seabed sediment, scientists can purportedly determine the source of found microplastics and create a plan on how to prevent their spread to the Antarctic in the first place.
Apple sets Vision Pro launch date
Technology giant Apple’s highly-anticipated Vision Pro headset is set to launch in the United States on Feb. 2, the company announced Monday. Apple will reportedly begin accepting presales for the headset on Jan. 19 The Vision Pro, which starts retailing at $3,500, is one of Apple’s priciest product launches yet. “Apple Vision Pro is the most advanced consumer electronics device ever created,” said Apple CEO Tim Cook.
Sugar drink tax slashes US consumption by 33%
According to a new study of sugar-sweetened beverage taxes implemented in five U.S. cities, heightened prices of sugary drinks have reduced the city dwellers’ consumption of the beverages by 31%. “For every 1% increase in price, we found a 1% decrease in purchases of these products,” said study author Professor Scott Kapla.
US office space vacancy reaches new peak
According to new data from Moody’s Analytics, vacant office space in the United States peaked in 2023 since the firm started recording leasing data in 1979. The empty workspaces reportedly stem from companies moving from in-person work environments toward hybrid or fully remote employment throughout the COVID-19 pandemic. The U.S. office vacancy level sat at 19.6% during 2023’s fourth quarter, said Moody’s. In comparison, the average pre-pandemic office vacancy rate was recorded at 16.8%.
IRS to begin accepting 2023 tax returns at end of January
Americans will be able to file their 2023 tax returns as soon as Jan. 29, the U.S. Internal Revenue Service announced Monday. The standard tax return filing deadline remains set for Monday, April 15. However, Americans residing in recently disaster-struck areas may benefit from a tax relief delayed filing date listed on the IRS’s website. Likewise, U.S. residents and citizens unable to make the filing deadline should apply for a six-month extension to prevent being charged a late filing fee.
US consumers spend $222 billion during holiday season
According to a new report released by Adobe Analytics, U.S. consumers spent a record $222 billion online shopping during the 2023 holiday season. Consumer spending between the period of Nov. 1 and Dec. 31 was reportedly up 4.9% from 2022. The report went on to say that consumers spent $12.1 billion during just Cyber Monday alone. Likewise, consumers elected to opt into buy now, pay later options with more demand than ever before, increasing 14% from 2022 to 2023.
Walgreens shares fall after quarterly dividend cut
On Thursday, shares of U.S. pharmacy chain Walgreens closed 5% lower following news that the company is cutting its quarterly dividends. Walgreens CEO Tim Wentworth announced that its quarterly dividends would sit at 25 cents per share rather than its previous 48 cents per share as the company aims to “strengthen its long-term balance sheet and cash position.” The move marks Walgreens’ first dividend cut in almost 50 years.
Ford new vehicle sales uptick 7.1% in 2023
On Thursday, U.S. automaking giant Ford Motors reported that its sales increased 7.1% during 2023, marking the company’s best year since 2020. The company’s electric vehicle sales also increased by 18% between 2022 and 2023. Ford reportedly finished in third place in U.S. vehicle sales behind Toyota and General Motors.
Apple stock falls following federal antitrust suit rumors
U.S. technology giant Apple’s stock fell 1% during trading Friday following news that the U.S. Department of Justice is preparing to file an antitrust suit against the company. According to sources close to the matter, the suit is likely to surround how Apple’s technology and software structure impair competitors and users from operating the devices.
Peloton teams with TikTok for fitness content
On Thursday, popular fitness bike company Peloton announced it’s teamed up with blockbuster social media platform TikTok to make content for the at-home exercise giant.
Invasive species cost US billions annually
According to a piece published in U.K. newspaper The Guardian, damage from invasive species costs the United States approximately $120 billion per year. Zebra mussels, which were first imported to the United States from Asia in the 1980s, are reportedly responsible for $1 billion in damages per year. Spotted lanternflies, which feed on grape vines and food crops, are purportedly at fault for $324 million in damages annually.
U.S. radio holds strong amid streaming surge
While streaming services may have seemingly upended the century-plus-old radio business, it seems the globe’s first legacy media format is still holding strong. Though radio listenership may have fallen 10% from 2004 to 2022, cable TV fared far worse with a 20% decline in participants between 2014 and 2022. According to industry analysts, radio’s lasting market presence comes in part from regional radio personalities’ continued ability to connect with local audiences.
ESPN closes $920 million broadcast deal with NCAA
On Thursday, sports broadcasting channel ESPN and the National Collegiate Athletic Association reached a new eight-year media rights deal worth $920 million. The new deal is reportedly triple the value of the two parties’ current $40 million-per-year contract. “ESPN and the NCAA have enjoyed a strong and collaborative relationship for more than four decades, and we are thrilled that it will continue as part of this new, long-term agreement,” ESPN Chairman Jimmy Pitaro announced.
Hyundai and Kia vehicle thefts surge by more than 1000%
According to a new report from the Highway Loss Data Institute, thefts of vehicles made by major auto manufacturers Hyundai and Kia have surged more than 1000% since the year 2020. The data alleges that 11.2 out of every 1,000 insured Kia and Hyundai vehicles were reported stolen during the first half of 2023. This marks a significant increase from the 1.6 out of every 1,000 insured vehicles that were reported stolen during the first half of 2020.
TGI Fridays suddenly shutters 36 locations
On Thursday, U.S. fast-casual restaurant chain TGI Fridays announced the abrupt closure of 36 locations across the United States. The newly shuttered restaurants are spread across New Jersey, New York and Massachusetts, the chain reported.
Microsoft announces significant update to Windows keyboard
On Thursday, U.S. technology giant Microsoft announced the first major update to the Windows keyboard in nearly 30 years. Microsoft’s new “Copilot” key will allow users to access the company’s OpenAI-backed artificial intelligence assistant with just a simple tap. The key will reportedly be positioned on the keyboard’s right side near the space bar and Alt key.
Costco issues support for unionizing workers
While many U.S. corporations have pushed against the idea of their workers’ unionizing, wholesale retail chain Costco is proving no price can be put on employee satisfaction. Following a vote in one of the company’s Norfolk, Virginia, stores, 238 Costco staffers are set to join the Teamsters union.
Clean energy grows globally amid financial setbacks
According to year-end reports, the global marketplace added sustainable energy options at a record pace during 2023 despite a series of financial setbacks and shrinking investor interest. Data from the International Energy Agency claims that more than 440 kilowatts of renewable energy were added to the global grid in 2023. Growing solar power infrastructure reportedly caused a 40% to 53% drop in solar panel prices in Europe between 2022 and 2023.
Kim Kardashian’s blockbuster mobile game shuts down
After nearly 10 years on the market, reality star Kim Kardashian’s mega-popular mobile application “Kim Kardashian: Hollywood” is shutting down. The game was reportedly generating $700,000 in day in in-app microtransactions soon after its launch in June 2014. According to developer Glu Mobile, “Kim Kardashian: Hollywood” received 145 million downloads and made $160 million in revenue during its first two years of business.
US mortgage rates rise for the first time since October
According to new data from U.S. mortgage giant Freddie Mac, the U.S. mortgage rate increased slightly during the week ending Jan. 4. The average 30-year fixed-rate mortgage rate stood at 6.62% this week, up from 6.61% the week prior. This marks the first rise in mortgage rates in nine weeks. Despite the increase, January’s slight uptick in the average mortgage rate is still a significant decrease from the 23-year high rate of 7.79% at the end of October 2023.
Ford announces price shifts for electric F-150 model
On Wednesday, U.S. automaker Ford Motors announced significant changes to the pricing of its electric F-150 Lightning models. Ford has raised the cost of the 2024 model of entry-level Pro F-150 Lightning to $54,995 from the $49,995 price of the 2023 iteration. Likewise, the luxury Platinum Black F-150 Lightning price was slashed from $97,995 for the 2023 model to $92,995 for its 2024 model.
Franchise fatigue set to hit moviegoers in 2024
Though Hollywood studios are ramping up to please U.S. moviegoers in the new year, mounting franchise fatigue may have consumers snoozing in their seats at the theater in 2024. Studios are seemingly betting big on intellectual property in 2024, with films like “Dune: Part 2,” “Deadpool 3” and “Beetlejuice” slated to hit theaters later in the year. However, analysts have cautioned that an overwhelming quantity of sequels could cause moviegoers to shy away from visiting the cinema.
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