Temu’s founder is now the richest person in China. Your...
Temu’s founder is now the richest person in China. Your $5 impulse buys have paid off big time for Colin Huang, whose $48.6 billion fortune makes him China’s richest person, eclipsing the bottled water magnate who had been on top since April 2021, according to Bloomberg. But the former Google engineer’s journey to the one with the most yuan hasn’t been smooth. He founded his cheap stuff emporium in 2015 and made a fortune, only to see 87% of it get wiped out as the pandemic took its toll on the economy. But despite stepping down as his company’s chief exec in 2020, he’s benefited from its international expansion strategy, including to the US.
The FDA declined to approve MDMA as a PTSD treatment, which would have been a big step forward for psychedelics use in mental health care, saying further study is needed. But the agency did approve a nasal spray to treat severe allergic reactions as an alternative to shots like EpiPen.
Stellantis will lay off 2,450 factory workers this year as it phases out an older version of its Ram pickup truck.
Iran is stepping up online activity to influence the US presidential election and tried to hack one of the campaigns, according to Microsoft.
Austrian authorities arrested a third teenager in connection with a suspected foiled plot to attack Taylor Swift concerts in Vienna that were canceled as a precaution.
Israel Strikes School Complex in Gaza, Killing Dozens
An Israeli airstrike...
An Israeli airstrike early Saturday hit a school compound in northern Gaza where displaced Palestinians were sheltering, killing more than 90 people, according to Gaza health authorities.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery rose 65 cents to $76.84 per barrel Friday. Brent crude for October delivery rose 50 cents to $79.66 per barrel.
Wholesale gasoline for September delivery fell 1 cent to $2.39 a gallon. September heating oil fell2 cents to $2.34 a gallon. September natural gas rose 1 cent to $2.14 per 1,000 cubic feet.
U.S. stocks slash selloff losses as Wall Street wraps wild week
U.S. stocks closed Friday higher, significantly cutting...
U.S. stocks closed Friday higher, significantly cutting losses from earlier in the week. Equities staged a big comeback after extreme turbulence hit global financial markets.
According to preliminary data, the Dow Jones Industrial Average ended up about 51 points, or 0.1%, at around 39,497.
The S&P 500 closed 24 points higher, or 0.5%, closing near 5,344.
The Nasdaq Composite finished up 85 points, or 0.5%, finishing around 16,745.
On a weekly performance basis:
The Dow closed 0.6% lower, off from a peak 3.1% retreat on Monday from the previous Friday's close, per Dow Jones Market Data. The S&P 500 shed less than 0.1%, after sinking 4.3% Monday. The Nasdaq ended down 0.2%, after tumbling 6.4% Monday.
Treasury yields also were swept up by market volatility, with the benchmark 10-year rate closing out the week at 3.943%, its sixth lowest level of the year.
Passenger Plane Crashes in Brazil, Killing 62 Onboard
A passenger plane carrying 62 people...
A passenger plane carrying 62 people crashed on Friday outside São Paulo, Brazil, killing all onboard, according to the Brazilian authorities.
The airline operating the flight, VoePass, said that Flight 2283 had crashed in the Brazilian city of Vinhedo, near its destination, São Paulo. The flight had taken off from Cascavel, Brazil, about 450 miles away, for a nearly two-hour scheduled flight that VoePass has been operating daily.
According to FlightRadar24, a provider of flight data, the plane was an ATR 72, a twin-engine regional turboprop made by ATR, a joint venture of two European aerospace manufacturers, Airbus and Leonardo. VoePass used the same plane to fly from São Paulo to Cascavel earlier on Friday, according to FlightRadar24 data.
