Gun deaths surged during pandemic’s first year, CDC reports
Gun deaths reached the highest level ever recorded in the United States in 2020, the first year of the pandemic, as gun-related homicides surged by 35%, the Centers for Disease Control and Prevention reported Tuesday. “This is a historic increase, with the rate having reached the highest level in over 25 years,” Dr. Debra E. Houry, acting principal deputy director of the CDC and the director of the National Center for Injury Prevention and Control, said at a news briefing. More than 45,000 Americans died in gun-related incidents as the pandemic spread in the United States, the highest number on record, federal data show.
Fed confronts why it may have acted too slowly on inflation
Some Federal Reserve officials have begun to acknowledge that they were too slow to respond to rapid inflation last year, a delay that is forcing them to constrain the economy more abruptly now. Inflation began to accelerate last spring, but Fed policymakers initially thought price gains would quickly fade. It became clear in the fall that fast inflation was proving to be more lasting — but the Fed did not raise rates until March. Several current and former Fed officials have suggested in recent days that, in hindsight, the central bank should have reacted more quickly and forcefully last fall.
Musk says he would ‘reverse the permanent ban’ of Trump on Twitter
Elon Musk said Tuesday that he would “reverse the permanent ban” of former President Donald Trump on Twitter and let him back on the social network, in one of the first specific comments by Musk of how he would change the social media service. Musk, who struck a deal last month to buy Twitter for $44 billion, said that the company’s decision to bar Trump last year for tweets about the riot at the U.S. Capitol was “a mistake because it alienated a large part of the country and did not ultimately result in Donald Trump not having a voice.”
For financial help and counsel, Hunter Biden turns to Hollywood lawyer
Faced with financial pressure and a federal investigation into his taxes and foreign consulting work, Hunter Biden has turned for money and strategic advice to an unlikely source: a wealthy Hollywood lawyer and novelist. The lawyer, Kevin Morris, has quietly taken on an expansive role as a financier, confidant and would-be avenger for Biden, handling sensitive subjects for President Joe Biden’s son that could have acute political ramifications for the White House. Morris lent more than $2 million to Hunter Biden, which went to supporting his family and paying back taxes that are a subject of the ongoing federal investigation, according to four people familiar with the matter.
Netflix tells employees ads may come by end of 2022
Netflix could introduce its lower-priced ad-supported tier by the end of the year, a more accelerated timeline than originally indicated, the company told employees in a recent note. The note also said that the company was planning to begin cracking down on password sharing among its subscriber base around the same time, the people said. In announcing first-quarter earnings last month, Netflix said that it lost 200,000 subscribers in the first three months of the year. Since the subscriber announcement, Netflix’s share price has dropped sharply, wiping away roughly $70 billion in the company’s market capitalization.
Farewell to the iPod
The iPod began with a modest goal: Let’s create a music product that makes people want to buy more Macintosh computers. Within a few years, it would change consumer electronics and the music industry and lead to Apple becoming the most valuable company in the world. On Tuesday, Apple officially said goodbye, as it announced it had phased out production of its iPod Touch, bringing an end to a two-decade run of a product line that inspired the creation of the iPhone and helped turn Silicon Valley into the epicenter of global capitalism.
Ukraine’s economy is predicted to shrink 30% this year
Ukraine’s economy will shrink 30% this year, the European Bank for Reconstruction and Development forecast Tuesday, as the war with Russia is expected to have an even more devastating toll on the country than previously predicted. The war has “put Ukraine’s economy under enormous stress, with the heavy devastation of infrastructure and production capacities,” the bank said in an economic update. Already, it is estimated that 30% to 50% of Ukrainian businesses have shut down their operations, 10% of the population has fled the country and an additional 15% have been displaced within the country, the bank said.
Peloton’s profits plunge $757M
Peloton, the maker of connected fitness bikes that was one of the hottest companies in the early days of the pandemic, announced Tuesday that it lost $757 million in the first three months of the year, far more than analysts were expecting. Peloton’s earnings drop is yet another sign that the pandemic bubble has burst. Shares of Peloton fell almost 9%, to just under $13, by the end of trading Tuesday. The company now has a market value of about $4 billion, down more than 90% from its high in 2021 of $47 billion.
Batali found not guilty in sexual assault trial
Mario Batali, a celebrity chef who once sat atop a multimillion-dollar food enterprise and hosted a daytime TV talk show, was found not guilty of indecent assault and battery Tuesday. Judge James Stanton delivered the ruling in Boston Municipal Court after a two-day bench trial centered on testimony from Natali Tene, 32, who said that Batali, 61, forcibly kissed and grabbed her at a Boston bar in 2017. Stanton said, “It’s an understatement to say that Mr. Batali did not cover himself in glory on the night in question.” But he added that Tene “has significant credibility issues.” Batali smiled and nodded as the judge acquitted him.
