Summary

A devastating fire ravaged Copenhagen's Stock Exchange Building, one of the nation’s oldest structures. President Joe Biden plans to eliminate $7.4 billion in student loan debt. In the pharmaceutical industry, drug shortages have hit a new peak with 323 drugs in low supply. Iran’s attack on Israel has led to three consecutive days of falling oil prices. The DOJ is gearing up to file an antitrust lawsuit against Live Nation. Amidst a dip in sales and operational challenges, Tesla confirms plans to lay off over 10% of its global workforce. Boston Dynamics introduces a new fully electric version of its Atlas robot. Meanwhile, optimism in the IPO market rises with Ibotta making a successful stock exchange debut.

For those who read...

Starting with the Macro Business Landscape: 

• A devastating fire ripped through Copenhagen's Stock Exchange Building, one of the nation’s oldest buildings dating back to the early 1600s. The Danish Chamber of Commerce CEO Brian Mikkelsen stated that a large portion of the Stock Exchange's interior was destroyed by the raging flames. However, firefighters managed to rescue several hundred pieces of art and artifacts from the blaze. Investigations are now underway to determine the long-term impact of this fire incident.
• President Joe Biden is set to erase $7.4 billion in student loan debt, benefiting over 277,000 borrowers. This relief targets individuals who have been diligently paying down their debt for more than a decade. Since taking office, Biden's policies have already cleared the student loans of 4.3 million Americans.
• In the pharmaceutical industry, drug shortages have reached a new peak, with 323 drugs in low supply, surpassing the previous record from 2014. This crisis affects a range of medications, from chemotherapy and oxytocin to ADHD treatments. According to the Department of Health and Human Services, over half a million consumers are impacted annually.
• As a result of Iran’s attack on Israel, oil prices have fallen for three straight days. The possibility of a ceasefire in Gaza, along with a stronger dollar and decreasing U.S. gasoline demand, have caused over a 3% fall in the value of crude oil.

Moving to the Corporate World:

• The DOJ is preparing to file an antitrust lawsuit against Live Nation, one of the biggest names in the concert promotion and ticketing space, as soon as next month. Allegations for the lawsuit have gained momentum after Ticketmaster, owned by Live Nation, crashed during a fan presale for Taylor Swift’s “Era Tour.” The incident has raised questions about Live Nation's competitive practices in the ticketing market.
• Elon Musk has been all over the news as Tesla has confirmed plans to lay off over 10% of its global workforce, around 14,000 employees, amidst a dip in sales and other operational challenges. These layoffs occur at a critical time for Tesla, as it faces a decline in sales, particularly from markets like China, significant leadership changes with key executives departing, and controversy surrounding a proposed $56 billion pay package for CEO Elon Musk.
• In the ever-changing Tech Space, just a day after retiring their older Atlas robot, Boston Dynamics introduced its successor: a fully electric version designed to handle tasks in real-world settings. This new robot builds on the company's years of experience and research, aiming to tackle practical jobs like moving heavy objects and other physical tasks. 
• Optimism in the IPO market continues to rise with Walmart-backed digital rewards company Ibotta stamping its name on the stock exchange. Ibotta priced its shares at $88, well above the initial target range, and closed its first public trading day up around 17%. This marks a notable turnaround for the company, which posted a net profit of approximately $38 million last year after recording a net loss the previous year.

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‍That's all for this week's Business Column.

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Macro Recap:

Copenhagen Stock Exchange Devastated by Fire (RT) (AP)

President Biden Announces $7.4 Billion Student Loan Forgiveness (UT) (CBS)

Record Drug Shortages Affect Over 323 Medications (UT) (CNBC)

Oil Prices Drop Following Iran-Israel Conflict (CNBC) (RT)

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Corporate World Recap:

DOJ to Sue Live Nation Over Antitrust Concerns  (WSJ) (RT)

Tesla Confirms Major Layoffs Amid Sales Dip (RT) (AP)

Boston Dynamics Unveils New Electric Atlas Robot (CNBC) (V)

Ibotta's Successful IPO Surges Past Expectations  (WSJ) (YT)

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