Novo offers Wegovy at $199 for first month as copycats end
Get Starting Point
A guide through the most important stories of the morning, delivered Monday through Friday.
Enter Email
Sign Up
LEADERSHIP
Advertisement
Boston firm ezCater has a new CEO, but he's staying in New York
New ezCater CEO Nihad Rahman will remain in New York, with frequent visits to Boston.
Photo courtesy of ezCater
The tryout apparently paid off for Nihad Rahman, who has served as interim chief executive at Boston-based online catering marketplace ezCater since his predecessor abruptly left about five months ago. The company announced this week that Rahman can strip the 'interim' off his title: The board appointed Rahman, who left JPMorgan Chase to join ezCater as its chief financial officer in 2022, as the new CEO. However, he won't be moving to Boston for the gig. Rahman took over after Ashwin Raj left the company in January. Now that Rahman is no longer CFO, the company promoted vice president Sean Stanton to take over that job. Rahman lives in New York, and will continue to work remotely, though a spokesperson said he visits ezCater's downtown Boston headquarters frequently. He'll lead a team of more than 850 employees; the spokesperson said ezCater is a 'remote-hybrid company' and has workers spread throughout the country. The company gives employers access to a marketplace of more than 100,000 restaurants nationwide for meals as well as catering for meetings and events. Its investors include a mix of venture capital and private equity firms such as Insight Partners, Iconiq, Lightspeed, GIC, SoftBank, Quadrille, and TPG. — JON CHESTO
Advertisement
AVIATION
Southwest Airlines to tighten restrictions on portable batteries on flights
A Southwest Airlines plane pulled into a gate at Pittsburgh International Airport on March 27.
Gene J. Puskar/Associated Press
Southwest Airlines will prohibit passengers from using portable batteries to charge devices while they are inside bags because of the fire risk, the airline said Wednesday. Southwest is the first of the four biggest US airlines to tell passengers that they are not permitted to use portable lithium batteries while they are in a bag. Air carriers in Asia have been tightening restrictions on the batteries in recent months. The new rule requires passengers to keep the batteries visible while in use and will take effect on Southwest flights Wednesday. The rule will help flight attendants act more quickly if a battery overheats or catches fire, Southwest said in a statement. The airline said that it was responding to 'multiple incident reports' involving batteries on flights across carriers. In March, crew members on a Southwest flight reported a battery fire after landing at Reno-Tahoe International Airport in Nevada, according to the Federal Aviation Administration, which was investigating the episode. The FAA has reported 22 incidents of lithium batteries catching fire, emitting smoke or overheating on aircraft this year. — NEW YORK TIMES
Advertisement
HOUSING
Trump floats a public offering for Fannie Mae, Freddie Mac
Freddie Mac headquarters in McLean, Va.
Andrew Harrer/Bloomberg
President Trump said that he's giving 'very serious consideration to bringing Fannie Mae and Freddie Mac public' after more than a decade of government control. 'Fannie Mae and Freddie Mac are doing very well, throwing off a lot of CASH, and the time would seem to be right,' Trump wrote late Wednesday on his Truth Social platform. 'Stay tuned!' He added that he would consult with Treasury Secretary Scott Bessent along with Commerce Secretary Howard Lutnick and Bill Pulte, the director of the Federal Housing Finance Agency, which oversees Freddie and Fannie. Shares of Fannie soared 51 percent for their strongest performance since August 2009, while Freddie jumped 42 percent for its best day since September 2019. The companies, which play a crucial role in the market for mortgage-backed securities, have been under government conservatorship since the 2008 financial crisis. Fannie and Freddie have both returned to steady profitability, with earnings being retained. — BLOOMBERG NEWS
CURRENCY
End of the penny grows near
Freshly made pennies in a bin at the US Mint in Denver.
David Zalubowski/Associated Press
The Treasury Department is winding down the production of pennies, after ordering a last batch of the blanks used to print the coins this month. The end of penny production, reported earlier by The Wall Street Journal, comes a few months after President Trump ordered the Treasury Department to stop producing them as a cost-saving measure, pointing out that pennies have long been more expensive to manufacture than they are worth. Pennies, which are made up of 97.5 percent zinc and 2.5 percent copper plating, cost about 3.69 cents to make, according to Treasury Department statistics, which show the price of production skyrocketed over the last decade. Ten years ago, it cost 1.3 cents to manufacture each penny. In the 2024 fiscal year alone, the cost of production rose by over 20 percent. The US Mint will keep manufacturing pennies until its supply of blanks runs out, a Treasury spokesperson said Thursday. The Mint has estimated that ceasing production of the penny will save the taxpayers an annual $56 million in reduced material costs. The Treasury forecasts that there will be additional savings once the facilities used to produce pennies are converted for other purposes. The penny had been falling out of favor for years, and as it became less popular, the Mint scaled down its production. Penny production has fallen fairly steadily in the past decade, from over 9.36 billion coins made in 2015 to just over 3.22 billion last year. There are still about 114 billion pennies in circulation, according to the Treasury. But eventually, once production ceases, there will not be enough of them in circulation to facilitate day-to-day transactions, meaning businesses that deal in cash may have to round prices to the nearest nickel. — NEW YORK TIMES
Advertisement
TECH
Microsoft fires employee who interrupted CEO's speech to protest AI tech for Israeli military
Microsoft's headquarters in Redmond, Wash.
JOVELLE TAMAYO/NYT
Microsoft has fired an employee who interrupted a speech by CEO Satya Nadella to protest the company's work supplying the Israeli military with technology used for the war in Gaza. Software engineer Joe Lopez could be heard shouting at Nadella in the opening minutes Monday of the tech giant's annual Build developer conference in Seattle before getting escorted out of the room. Lopez later sent a mass email to colleagues disputing the company's claims about how its Azure cloud computing platform is used in Gaza. Lopez's outburst was the first of several pro-Palestinian disruptions at the event that drew thousands of software developers to the Seattle Convention Center. At least three talks by executives were disrupted, the company even briefly cut the audio of one livestreamed event. Protesters also gathered outside the venue. Microsoft has previously fired employees who protested company events over its work in Israel, including at its 50th anniversary party in April. Microsoft acknowledged last week that it provided AI services to the Israeli military for the war in Gaza but said it had found no evidence to date that its Azure platform and AI technologies were used to target or harm people in Gaza. — ASSOCIATED PRESS
Advertisement
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
43 minutes ago
- Business Wire
Cinemo to elevate in-car entertainment with personal smart devices in Mahindra's new electric origin SUV range
KARLSRUHE, Germany--(BUSINESS WIRE)--Cinemo, a global leader in high-performance and automotive-grade multimedia playback, streaming, media management, connectivity, and cloud middleware, is pleased to announce that India's leading SUV manufacturer Mahindra has chosen Cinemo as its infotainment solutions technology provider. Cinemo is set to power bring-your-own-device (BYOD) infotainment capabilities for Mahindra's range of electric origin SUVs (eSUVs), delivering exceptional infotainment experiences with personal devices. Cinemo CARS™ once again proves its ability to enrich, enhance, and accelerate implementation of AAOS-based infotainment systems. This allows Mahindra to add innovative entertainment use cases within a short time to market to its eSUV models. Share With the launch of their two new eSUV models, Mahindra is raising the bar for in-car entertainment. For their modular INGLO platform and intelligence suite (Mahindra Artificial Intelligence Architecture – MAIA), Mahindra selected Cinemo's CARS Connect Suite to enable premium digital media experiences on brought-in devices. The project advanced from kick-off to production in an impressive six months, showcasing Mahindra's efficiency and commitment while upholding high-quality standards and leveraging advanced Android pre-integration capabilities. Cinemo CARS Connect creates a unified and connected in-car ecosystem that seamlessly integrates content sharing, intuitive control for all passengers, and interaction across multiple screens and devices. It allows passengers to manage media playback, share audio and video content, and control vehicle functions directly from their own devices, providing a personalized yet inclusive experience that minimizes driver distraction. Passengers also benefit from multi-zone audio, which delivers distinct audio experiences, allowing everyone to enjoy their preferred content without interference. By having full control over their preferred content, car users will be able to create individual and memorable in-car digital media moments. Cinemo CARS™ once again proves its ability to enrich, enhance, and accelerate implementation of AAOS-based infotainment systems. This allows Mahindra to add innovative entertainment use cases within a short time to market to its eSUV models, covering the rapidly growing car markets in India and Southeast Asia. 'We are delighted to bring our renowned digital media experiences to India's leading SUV manufacturer,' says Abe Silhan, Director Portfolio Management at Cinemo. 'We are continuing our pursuit of groundbreaking innovation in in-car infotainment and are proud of our contribution to Mahindra's advanced lineup of Electric SUVs.' About Cinemo Cinemo is a global provider of highly innovative infotainment products that make every screen an opportunity. Its range of award-winning, fully integrated, low-footprint digital media offerings combine high performance with high quality and are truly system agnostic. Whether embedded, as mobile apps or through the cloud, Cinemo supports all digital media scenarios for any industry and any device. Its product portfolio is designed and built to deliver excellence, accelerate time to market, and lower TCO for its clients while creating digital media experiences that matter. Founded in 2008, and with a strong history of industry firsts, Cinemo is the partner of choice for more than 40 market-leading OEMs and over 20 tier-1s. The company works with the top high-tech and consumer electronic companies as well as global music and video content providers. Cinemo's global team of 300+ innovative thinkers from 40 nationalities continuously delivers groundbreaking innovation.
CNBC
an hour ago
- CNBC
Trade tensions aren't stopping Chinese companies from pushing into the U.S.
BEIJING — Chinese companies are so intent on global expansion that even the biggest stock offering to date on Shanghai's tech-heavy STAR board counts the U.S. as one of its biggest markets, on par with China. Shenzhen-based camera company Insta360, a rival to GoPro, raised 1.938 billion yuan ($270 million) in a Shanghai listing Wednesday under the name Arashi Vision. Shares soared by 274%, giving the company a market value of 71 billion yuan ($9.88 billion). The United States, Europe and mainland China each accounted for just over 23% of revenue last year, according to Insta360, whose 360-degree cameras officially started Apple Store sales in 2018. The company sells a variety of cameras — priced at several hundred dollars — coupled with video-editing software. Co-founder Max Richter said in an interview Tuesday that he expects U.S. demand to remain strong and dismissed concerns about geopolitical risks. "We are staying ahead just by investing into user-centric research and development, and monitoring market trends that ultimately meet the consumer['s] needs," he told CNBC ahead of the STAR board listing. China launched the Shanghai STAR Market in July 2019 just months after Chinese President Xi Jinping announced plans for the board. The Nasdaq-style tech board was established to support high-growth tech companies while raising requirements for the investor base to limit speculative activity. In 2019, only 12% of companies on the STAR board said at least half of their revenue came from outside China, according to CNBC analysis of data accessed via Wind Information. In 2024, with hundreds more companies listed, that share had climbed to more than 14%, the data showed. "We are just seeing the tip of the iceberg. More and more capable Chinese firms are going global," said King Leung, global head of financial services, fintech and sustainability at InvestHK. Leung pointed to the growing global business of Chinese companies such as battery giant CATL, which listed in Hong Kong last month. "There are a lot of more tier-two and tier-three companies that are equally capable," he said. InvestHK is a Hong Kong government department that promotes investment in the region. It has organized trips to help connect mainland Chinese businesses with overseas opportunities, including one to the Middle East last month. Roborock, a robotic vacuum cleaner company also listed on the STAR board, announced this month it plans to list in Hong Kong. More than half of the company's revenue last year came from overseas markets. At the Consumer Electronics Show in Las Vegas this year, Roborock showed off a vacuum with a robotic arm for automatically removing obstacles while cleaning floors. The device was subsequently launched in the U.S. for $2,600. Other consumer-focused Chinese companies also remain unfazed by heighted tensions between China and the U.S. In November, Chinese home appliance company Hisense said it aimed to become the top seller of television sets in the U.S. in two years. And last month, China-based Bc Babycare announced its official expansion into the U.S. and touted its global supply chain as a way to offset tariff risks. Chinese companies have been pushing overseas in the last several years, partly because growth at home has slowed. Consumer demand has remained lackluster since the Covid-19 pandemic. But the expansion trend is now evolving into a third stage in which the businesses look to build international brands on their own with offices in different regions hiring local employees, said Charlie Chen, managing director and head of Asia research at China Renaissance Securities. He said that's a change from the earliest years when Chinese companies primarily manufactured products for foreign brands to sell, and a subsequent phase in which Chinese companies had joint ventures with foreign companies. Insta360 primarily manufactures out of Shenzhen, but has offices in Berlin, Tokyo and Los Angeles, Richter said. He said the Los Angeles office focuses on services and marketing — the company held its first big offline product launch in New York's Grand Central Terminal in April. Chen also expects the next phase of Chinese companies going global will sell different kinds of products. He pointed out that those that had gone global primarily sold home appliances and electronics, but are now likely to expand significantly into toys. Already, Beijing-based Pop Mart has become a global toy player, with its Labubu figurine series gaining popularity worldwide. Pop Mart's total sales, primarily domestic, were 4.49 billion yuan in 2021. In 2024, overseas sales alone surpassed that to hit 5.1 billion yuan, up 373% from a year ago, while mainland China sales climbed to 7.97 billion yuan. "It established another Pop Mart versus domestic sales in 2021," said Chris Gao, head of China discretionary consumer at CLSA. The Hong Kong-listed retailer doesn't publicly share much about its global store expansion plans or existing locations, but an independent blogger compiled a list of at least 17 U.S. store locations as of mid-May, most of which opened in the last two years. The toy company has been "very good" at developing or acquiring the rights to characters, Gao said. She expects its global growth to continue as Pop Mart plans to open more stores worldwide, and as consumers turn more to such character-driven products during times of stress and macroeconomic uncertainty.
Yahoo
an hour ago
- Yahoo
Celtics' Unexpected Kristaps Porzingis Plan Amid Trade Rumors
Celtics' Unexpected Kristaps Porzingis Plan Amid Trade Rumors originally appeared on Athlon Sports. The Boston Celtics could undergo a significant roster overhaul this offseason. Being over the NBA's second tax apron, several of their players on the current roster will likely not be available for the 2025-26 season. Among them is Kristaps Porzingis. Advertisement Because Porzingis is owed $30.7 million for this upcoming season, trading him could help them accomplish their primary offseason goal. Despite his issues with staying on the floor, he may interest trade partners because his contract will expire in 2026. In the last two years, Boston has seen how good they are when Porzingis is on the floor, but he has shown his availability can fluctuate. That makes him an easy trade candidate. Boston Celtics star Kristaps Porzingis© Eric Canha-Imagn Images However, that could also play into why the Celtics may want to keep him. On The Kevin O'Connor Show, Chris Mannix revealed that while Porzingis is on the block, he believes the Celtics would actually prefer things go a different way with him. Advertisement "Porzingis, I think, is available, but I think they would like to get Porzingis back long-term at a lower price point on his next deal," Mannix said. Given much of the reporting in recent weeks about Porzingis' availability on the trade market, Boston eyeing a potential new deal comes as a bit of a surprise. That said, health issues could help the Celtics keep him on the team at a much steeper discount than what he's been paid for the last two seasons in Boston. If the plan is to keep him around, that could have implications for the future of Jrue Holiday, Sam Hauser, and maybe even Payton Pritchard in Boston. If the plan is to keep Porzingis, they'll likely have to trade at least two of those three players to get under the NBA's second tax apron. Advertisement Related: Kevin Durant Issues Response to Fan's Celtics Post Related: Former NBA Defensive Player of the Year Named in Trade Report This story was originally reported by Athlon Sports on Jun 12, 2025, where it first appeared.
