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Welcome to Sunday Edition. A compilation of some of the top news.
Wondering how to buy a home when interest rates are so high? This Home Buyer The interest rate was 2.5% When others were paying 6%.
But first: Apple is under the jurisdiction of the Department of Justice crosshair. Here’s the breakdown in under a minute.
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Justin Sullivan/Getty Images; Jenny Chan Rodriguez/BI
Shipping this week
Sniff Apple
Apple is having a rough year.
The company is under pressure in China, where it canceled an EV project, just paid a $490 million settlement and is now facing an antitrust lawsuit from the Justice Department.
The Justice Department said Apple illegally maintains a monopoly on the smartphone market by “delaying, degrading, or completely blocking” rival competition.
According to the Justice Department, Apple is responsible for the failure of Amazon and Microsoft’s phones, and the Justice Department is also focusing on Apple’s green callout. The suit cites Tim Cook’s joke about buying his mother an iPhone and an email Steve Jobs sent more than a decade ago.
Apple said the Justice Department’s victory would set a “dangerous precedent” and said it would “vigorously defend itself.” Wedbush analysts expect a settlement to be reached within 12 to 18 months.
This is just the latest example of government intervention in the tech industry. The FTC sued Amazon in September, and Google’s own antitrust case concluded in November.
In some ways, the Justice Department’s lawsuit is history repeating itself. It was a high-tech antitrust case more than 20 years ago that created space for Apple’s rise.
iStock; Rebecca Zisser/BI
Economy “locked in place”
Are you thinking of making a big change soon? Do you want to change jobs, buy a house, or buy a new car? You might be out of luck.
Now everything is at a standstill. Inflation is falling, but prices remain high. Interest rates are rising. The job market has cooled and finding a job is more difficult than in recent years.
Why has everything stopped?.
Fraser Harrison/Getty Images, Tyler Lu/BI
“Site owners are scared”
Last year, Google began rolling out a new generative version of search that incorporates AI. Since December, BI has fed the same queries into Google’s traditional search engine and its generative AI version to see how the information is displayed differently. This also includes queries regarding his one of Lady Gaga’s deals.
The difference is dramatic and will likely change the way billions of people access online information.
How will AI change search engines?.
David Solomon, Chairman and CEO of Goldman Sachs
AP Photo/Patrick Semanski
Goldman’s talking points
Goldman Sachs is battling a swirl of speculation about its lack of female leaders. And thanks to a 12-point internal memo obtained by BI, we now know how the Wall Street giant responds to criticism.
Chief of Staff Russell Horwitz acknowledged that “progress has been slow” and distributed a “briefing toolkit” to give bankers advice on how to talk to employees and customers.
Click here for notes for yourself.
Also read:
Arms smugglers and daring robbers
In 1948, decorated World War II veteran Al Schwimmer teams up with an underground Jewish militia and an unlikely band of volunteers, including the fathers of Frank Sinatra and Pee-wee Herman. , masterminded a secret and illegal international operation.
Together, they broke the American embargo and smuggled 125 military planes and over 50,000 weapons into Palestine, making it one of the most astonishing military heists in history.
What happened.
This week’s quote:
“Please buy your mom an iPhone.”
More from this week’s top reads
Insider Today Team: Matt Turner, deputy editor, lives in New York. Jordan Parker Erb is an editor based in New York. Dan DeFrancesco, deputy editor and anchor based in New York. Lisa Ryan, editor-in-chief, lives in New York.