business

May 27 (UPI) — Retailer Walmart will pay a $16,000 fine for shipping realistic toy guns to New York buyers in violation of state law, state Attorney General Letitia James announced on Tuesday.

New York law bans retailers from selling or shipping toy guns that are black, dark blue, silver or aluminum-colored and resemble real firearms.

“Realistic-looking toy guns can put communities in serious danger,” James said in a news release. “That is why they are banned.”

She said realistic-looking toy guns can be used to engage in unlawful activity and have led to several deaths and shootings across the state and Walmart’s third-party sellers sold them to New York buyers.

“Walmart failed to prevent its third-party sellers from selling realistic-looking toy guns to New York addresses, violating our laws and putting people at risk,” James said.

“The ban on realistic-looking toy guns is meant to keep New Yorkers safe,” she added. “My office will not hesitate to hold any business that violates that law accountable.”

A state investigation showed third-party retailers used Walmart’s online store to sell non-compliant toy guns that they shipped to New York addresses via Walmart’s fulfillment services.

Investigators bought a realistic-looking toy gun that violated New York’s general business law’s ban on such toys and had it shipped to an address within the state.

The violations netted a $16,000 fine that Walmart paid to settle the matter.

A Walmart official said the retailer does its best to comply with respective state and federal laws and ensure third-party retailers do, too.

“We are committed to complying with all laws, and we have processes in place to ensure products offered for sale by third-party sellers on our marketplace comply with all applicable laws as well,” Walmart global communications senior manager Kelly Hellbusch told UPI in an emailed statement.

James said New York consumers can report non-compliant toy guns by reporting them in an online complaint.

US President Donald Trump has backed away — for now — from imposing steep levies on the European Union, two days after he threatened the bloc with 50 percent tariffs.

On Sunday, Trump agreed to extend his deadline for trade talks until July 9, from the June 1 deadline he set on Friday, after European Commission President Ursula von der Leyen said the bloc needed more time to “reach a good deal”.

Von der Leyen reportedly told Trump during a phone call that the EU needed more time to come to an agreement and asked him to delay the trade duties until July, the deadline he had originally set when he announced his “reciprocal” tariffs on almost all countries around the world in April.

Trump said that he had granted the request, and that von der Leyen told him, “We will rapidly get together to see if we can work something out.” Von der Leyen said in a social media post that the EU was ready to move quickly in trade talks.

During a trip to Vietnam on Monday, French President Emmanuel Macron said that he hoped Washington and Brussels could achieve a deal with the lowest tariffs possible. “The discussions are advancing,” he told reporters.

The US president’s latest salvo comes amid Washington’s stop-and-start global trade war that kicked off in April. Trump’s moves have unnerved markets, businesses and consumers and raised fears of a global economic downturn.

But while his approach has yielded a trade deal with the United Kingdom, and negotiations are believed to be progressing with a range of other nations — from India to Vietnam to Japan — key sticking points complicate the prospects of an agreement with the EU.

Here’s what the tiff is about, and why the US and EU are struggling to reach a trade deal:

What’s the backdrop?

Trump’s recent broadside against the EU was prompted by the White House’s belief that negotiations with the bloc are not progressing fast enough. “Our discussions with them are going nowhere!” Trump posted on Truth Social.

“Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States,” he wrote last Friday.

By Sunday, however, Trump had changed course. He welcomed von der Leyen’s assertion that the bloc was willing to negotiate but that it needed more time. He added that it was his “privilege” to delay the increased tariffs.

Trump said, “[von der Leyen] said she wants to get down to serious negotiation. We had a very nice call … she said we will rapidly get together and see if we can work something out,” he told reporters.

Trump is thought to be opposed to the idea of mutually cutting tariffs to zero – an EU proposal. The US president has insisted on preserving a baseline 10 percent tax on most imports from America’s trading partners.

On May 8, the UK agreed to a trade deal that kept Trump’s 10 percent reciprocal tariff rate in place.

EU trade chief Maros Sefcovic said the European Commission – the EU’s executive arm – remains committed to securing a deal that works for both sides. But he warned that EU-US trade “must be guided by mutual respect, not threats.”

In 2024, EU exports to the US totalled about 532 billion euros ($603bn). Pharmaceuticals, cars and auto parts, chemicals and aircraft were among the largest exports, according to EU data.

What is the EU offering?

Last week, the US rejected a proposal sent by the European Commission. The EU had offered to remove tariffs on industrial goods, boost access for some US agricultural products and co-develop AI data centres, Bloomberg reported.

It also proposed enhancing economic cooperation in areas like shipbuilding and port infrastructure, as well as by establishing an EU-US energy partnership covering gas, nuclear power and oil.

In exchange, Brussels wants the Trump administration to have more flexibility on lowering the 10 percent baseline tariff — including by potentially lowering it in phases over time.

While the EU has said it wants to find a negotiated solution, it has also been preparing to retaliate if necessary.

Member states have approved a 50 percent tariff on a batch of US products worth 21 billion euros ($23.8bn), including maize, wheat and clothing, which will kick in on July 14 without a deal.

The bloc is also preparing tariffs on other imported products totalling 95 billion euros ($107.8bn), targeting industrial goods like Boeing aircraft and cars, as well as bourbon.

What does the US want?

Trump has long accused the European Union of “ripping off” the US, and is determined that Brussels will adopt measures to lower its 198.2-billion-euro ($225bn) goods trade surplus with the US.

Washington has repeatedly raised concerns over Europe’s value-added tax, as well as its regulations on IT and food exports. Trump contends that these controls act as de facto trade barriers to the EU.

For his part, Sefcovic recently told the Financial Times that he wants to slash the US-EU trade deficit by buying more US gas, weapons and agricultural products.

In addition, the bloc is reportedly open to reducing its dependence on Chinese exports and on erecting tariffs against subsidised Chinese exports, which Trump is keen on.

Sefcovic and his US counterpart, Jamieson Greer, are scheduled to meet in Paris next month to discuss ways of de-escalating the ongoing US-EU trade dispute.

How badly would Trump’s tariffs affect both economies?

In 2024, the EU exported 531.6 billion euros ($603bn) in goods to the US and imported products worth 333 billion euros ($377.8bn), resulting in a trade surplus of almost 200 billion euros ($227bn).

On the flip side, the US runs a surplus of more than 109 billion euros ($124bn) in services as of 2023, with notable IT exports, led by large American tech companies, charges for intellectual property and financial services.

Trump’s tariffs would, in turn, hit both economies hard. According to a 2019 study by the International Monetary Fund, a full-scale US-EU trade war could cost 0.3-to-0.6 percent of gross domestic product (GDP) on both sides.

May 26 (UPI) — A German court convicted four former Volkswagen managers of fraud on Monday and a decade after “Dieselgate” exposed deceptive devices installed in many Volkswagen models to pass emissions tests.

Jens Hadler was sentenced to 4.5 years in prison and formerly was Volkswagen’s diesel engine development chief, the New York Times reported.

Hanno Jelden, a former VW engine electronics manager, received a sentence of two years and seven months in prison.

Defendants Heinz-Jakob Neusser, a former systems development manager, and a former emissions expert identified as “Thorsten D.,” received suspended sentences of 15 months and 22 months in prison, respectively.

A judicial panel in Braunschweig, Germany, entered its verdicts in the court that is located close to Volkswagen’s headquarters in nearby Wolfsburg.

Panel chairman Judge Christian Schutz called the defendants a “gang” and said they were guilty of “particularly serious” fraud, the New York Times reported.

He said Hadler knew of the emissions-testing defeat devices that manipulated software to ensure the vehicles would pass emissions tests since at least September 2007.

Only a relatively small number of people within Volkswagen knew of the device’s existence, according to emails used as evidence in the case.

The trial lasted almost four years in the “dieselgate” emissions scandal that was exposed when the U.S. Environmental Protection Agency in 2015 reported many diesel-powered VW models contained deceptive emissions-monitoring devices, Politico reported.

The “defeat devices” detected when system emissions testing was underway and automatically adjusted engine performance to ensure the respective vehicles met environmental standards.

Berlin’s Federal Court of Justice in 2020 ordered Volkswagen to pay up to $31,000 to each of about 60,000 German owners of diesel-powered VWs.

The automaker paid billions of dollars in settlements for installing defeat devices on about 10 million vehicles sold in the U.S., Germany and other markets around the globe.

Legal cases remain open against 31 other defendants, but former VW Chief Executive Officer Martin Winterkorn is not among them due to health concerns, MarketWatch reported.

Winterkorn has denied any wrongdoing in the matter.

The layoffs come days after US President Donald Trump threatened 50 percent tariffs on EU goods.

Swedish automaker Volvo is set to cut 3,000 white-collar jobs amid restructuring efforts as prices begin to rise due to tariff-driven uncertainty.

The company announced the news on Monday. The layoffs come as the Swedish automaker tries to resurrect its rock-bottom share price and drum up better demand for its cars by restructuring part of its business and cutting costs.

CEO Hakan Samuelsson, who was recently brought back to the role after heading the company for a decade until 2022, unveiled a programme in April to slash costs by $1.9bn (18 billion Swedish crowns), including a substantial cut to Volvo’s white-collar staff, who make up 40 percent of its workforce.

“It’s white collar in almost all areas, including R&D  [research and development], communication, human resources,” Samuelsson told the Reuters news agency.

The layoffs represent around 15 percent of the company’s office staff, Volvo Cars said in a statement, and would incur a one-time restructuring cost of $160m (1.5 billion crowns).

Volvo Cars’ new CFO Fredrik Hansson told Reuters that while all of its departments and locations would be impacted, most of the redundancies will happen in Gothenburg.

“It’s tailored to make us structurally more efficient, and then how that plays out might vary a bit depending on the area. But no stone is left unturned,” Hansson said.

With most of its production based in Europe and China, Volvo Cars is more exposed to new United States tariffs than many of its European rivals, and has said it could become impossible to export its most affordable cars to the US.

The company said in a press release that it would finalise a new structural setup by the third quarter of this year.

Volvo withdrew its financial guidance as it announced its cost cuts last month, pointing to unpredictable markets amid weaker consumer confidence and trade tariffs causing turmoil in the global auto industry.

The layoff announcement comes only days after US President Donald Trump threatened to impose a 50 percent tariff on imports from the European Union from June 1. On Monday, however, he backed away from that date, restoring a July 9 deadline to allow for talks between Washington and Brussels.

As a result, Volvo’s CEO said the move would make it harder for it to sell one of its electric vehicles (EVs) — the EX30 EV that is made in Belgium — in the US market.

May 24 (UPI) — President Donald Trump‘s administration is lifting sanctions on war-torn Syria, with the goal of speeding recovery and reconstruction efforts in the Middle Eastern country.

The move will pave the way for “new investment and private sector activity consistent with the President’s America First strategy,” Secretary of State Marco Rubio said in a statement this week.

Trump earlier this month met with Interim Syrian President Ahmed al-Sharaa where he promised he would lift “crippling” U.S. sanctions.

“I have issued a 180-day waiver of mandatory Caesar Act sanctions to ensure sanctions do not impede the ability of our partners to make stability-driving investments, and advance Syria’s recovery and reconstruction efforts,” Rubio said in the statement.

“These waivers will facilitate the provision of electricity, energy, water, and sanitation, and enable a more effective humanitarian response across Syria.”

During his first term in the Oval Office in 2020, Trump imposed sweeping sanctions on Syria and its then-President Bashar al-Assad. The Caesar Syria Civilian Protection Act of 2019 had a major impact on Syria’s economy, particularly its financial and construction sectors.

Trump at the time said sanctions were targeting entities and individuals that were “actively supporting the murderous and barbaric Assad regime.”

Assad was ousted from power last December, fleeing to Russia. It ended a five-decade run of Assad family rule in Syria.

In addition to lifting sanctions, the U.S. Department of the Treasury issued Syria General License 25, allowing people previously blocked from conducting business with Syrian entities to do so under the new al-Sharaa government.

“The GL will allow for new investment and private sector activity consistent with the President’s America First strategy. The Financial Crimes Enforcement Network is providing exceptive relief to permit U.S. financial institutions to maintain correspondent accounts for the Commercial Bank of Syria,” Rubio said in the statement.

“Today’s actions represent the first step in delivering on the President’s vision of a new relationship between Syria and the United States,” Rubio said. “President Trump is providing the Syrian government with the chance to promote peace and stability, both within Syria and in Syria’s relations with its neighbors. The President has made clear his expectation that relief will be followed by prompt action by the Syrian government on important policy priorities.”

The American directive comes just days after the European Union made a similar move. EU officials on Tuesday lifted its sanctions on Syria with the same goal of helping economic recovery.

“We want to help the Syrian people rebuild a new, inclusive and peaceful Syria,” EU High Representative for Foreign Affairs and Security Policy Kaja Kallas said at the time.

May 23 (UPI) — The American RedBird Capital Partners private investment firm announced a deal Friday to purchase the British Telegraph Media Group.

RedBird will pay $675 million to become the sole owner of the group, which owns The Daily Telegraph and Sunday Telegraph newspapers.

“This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the U.K. and internationally, invest in its technology and expand its subscriber base,” RedBird Founder and Managing Partner Gerry Cardinale said.

RedBird said it aims to expand TMG’s presence in the United States and add new verticals such as events and travel to “maximize the commercial opportunities from a growing international and mass affluent subscriber base.”

“Telegraph Media Group is an award-winning news media organization, with exceptional journalism at its heart, supported by leading commercial expertise, a commitment to innovation and a laser focus on data to drive strategy,” TMG CEO Anna Jones said. “RedBird Capital Partners have exciting growth plans that build on our success — and will unlock our full potential across the breadth of our business.

RedBird’s deal to purchase TMG must still undergo regulatory approval after a previous bid by United Arab Emirates Vice President Sheikh Mansour bin Zayed Al Nahyan was rejected by Britain’s last government.

RedBird previously joined with Mansour’s IMI Media Group to purchase the newspapers after they were seized for outstanding debts, seekign to curtail an auction of the assets by the Barclay family.

The government, however, rejected the deal that would have seen IMI take majority ownership of the papers and passed a law barring foreign governments from owning British print media.

If approved, TMG would join other acquisitions of Redbird, which include Skydance Media, which is expected to merge with Paramount, as well as sports-focused broadcasters such as Fenway Sports Group and the YES Network, plus Formula One’s Alpine Racing team. It also owns the Italian professional football club AC Milan.

May 23 (UPI) — President Donald Trump on Friday threatened tariffs against Apple on iPhones that are manufactured outside of the United States.

Trump said in a Truth Social post that a tariff of “at least 25%” will be levied on future iPhones that are manufactured internationally and sold in the United States.

“I long ago informed Tim Cook of Apple that I expect their [iPhones] that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump wrote.

Trump’s post did not include details on how the proposed tariffs would be implemented.

The warning came after a White House official said Trump met with Cook at the White House earlier in the week, CBS News reported.

Treasury Secretary Scott Bessent told Fox News Friday he was not present in that meeting but suggested they may have discussed an effort by the Trump administration to focus on “precision manufacturing” of products made in the United States.

“A large part of Apple’s components are in semiconductors. So we would like to have Apple help us make the semiconductor supply chain more secure,” he said.

Most iPhone production is currently handled in China, but Foxconn, a primary assembly partner on the phones, has been exploring expanding its facilities in India.

Dan Ives, senior equity research analyst and managing director at Wedbush Securities, suggested in a post on X that manufacturing an iPhone in the United States could more than triple the cost of an iPhone 16, the latest model, from its current $1,000 price tag.

“The pressure from Trump on Apple to build iPhone production in the U.S. as we have discussed this would result in an iPhone price point that is a non-starter for Cupertino and translate into iPhone prices of [approximately] $3,500 if it was made in the U.S. which is not realistic in our view,” Ives wrote.

Apple stock was down 2.44% roughly an hour after markets opened on Friday.

Investors interpreted Trump’s comments to mean Nippon Steel had received his approval for its takeover of US Steel.

United States President Donald Trump has expressed support for Nippon Steel’s $14.9bn bid for US Steel, saying their “planned partnership” would create jobs and help the US economy.

Shares of US Steel soared 21 percent on Friday after Trump’s comments as investors interpreted the president’s post on Truth Social to mean Nippon Steel had received his approval for its long-planned takeover, the last major hurdle for the deal.

“This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the US Economy,” Trump said in a post on Truth Social on Friday.

This week, the Reuters news agency reported that Nippon Steel has said if the merger is approved, it would invest $14bn into US Steel’s operations, including up to $4bn in a new steel mill.

Trump added that the bulk of that investment would occur in the next 14 months and said he would hold a rally at US Steel in Pittsburgh next Friday.

Nippon Steel said it applauded Trump’s decision to approve the “partnership”. The White House did not immediately reply to questions about the announcement.

US Steel share price kept rising after hours and reached $54, just shy of Nippon Steel’s $55-per-share offer price made in late 2023. While no details were released, investors expressed confidence that terms will be similar to those agreed in 2023. Investors said that eventually US Steel will no longer be publicly traded and they will receive a cash payout for their shares.

Politically controversial

The deal has been one of the most highly anticipated on Wall Street after it morphed into the political arena with fears that foreign ownership would mean job losses in Pennsylvania, where US Steel is based. It factored into last year’s election that saw Trump return to the White House.

Pennsylvania Senator Dave McCormick, who also called the deal a “partnership”, on Friday said it was a “huge victory for America and the US Steel Corporation”, that will protect more than 11,000 Pennsylvania jobs and support the creation of at least 14,000 more.

The last pieces of the deal came together surprisingly fast. The Committee on Foreign Investment in the US (CFIUS), which reviews deals for national security risks, told the White House this week that the security risks can be addressed, Reuters reported, moving the final decision to Trump’s desk.

Following an earlier CFIUS-led review, former President Joe Biden blocked the deal in January on national security grounds.

The companies sued, arguing they did not receive a fair review process. The Biden White House rejected that view.

The companies argued Biden opposed the deal when he was running for re-election to win support from the United Steelworkers union in the battleground state of Pennsylvania. The Biden administration had defended the review as essential to protecting security, infrastructure and supply chains.

Trump also initially opposed the deal, arguing the company must be owned and operated in the US.

The United Steelworkers were against the deal as recently as Thursday when they urged Trump to block the deal despite the $14bn investment pledge from Trump.

For investors, including prominent hedge funds, the news spells relief after more than a year of waiting for a resolution. “There were huge high-fives all around today,” one recent investor said, adding, “We understood Donald Trump’s psyche and we played it to our advantage here.”

Investors said Trump appears to have won ground after the pledge for new investments was increased.

“This deal ensures that steelmaking will live on in Pittsburgh for generations,” another investor said.

May 23 (UPI) — President Donald Trump announced Friday afternoon that U.S. Steel and Nippon Steel will form a “planned partnership,” keeping the American company’s headquarters in Pittsburgh rather than in Japan.

The Tokyo-based steelmaker’s $14.9 billion bid to acquire its U.S. rival was blocked on national security grounds before President Joe Biden left office on Jan. 3.

Politico described it as a purchase by Nippon Steel, and CNBC as a merger. U.S. Steel, which was founded in 1901, has about 22,000 employees with revenue of $15.6 billion in 2024. Nippon, which traces its roots to Japan Iron & Steel Co. in 1934, has about 113,640 workers with revenue of $43 billion in 2019.

“I am proud to announce that, after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,” Trump posted on Truth Social. “For many years, the name, ‘United States Steel’ was synonymous with Greatness, and now, it will be again.”

He said the partnership will create at least 70,000 jobs and add $14 billion to the U.S. economy, with the bulk of the investment in the next 14 months. He gave no details on the partnership.

“This is the largest Investment in the History of the Commonwealth of Pennsylvania,” he wrote.”My Tariff Policies will ensure that Steel will once again be, forever, MADE IN AMERICA. From Pennsylvania to Arkansas, and from Minnesota to Indiana, AMERICAN MADE is BACK.”

He said he is planning “a BIG Rally” at U.S. Steel in Pittsburgh on May 30.

Besides Pittsburgh, U.S. Steel has mills in Gary, Ind.; Ecorse, Mich.; and Granite City, Ill.

“CONGRATULATIONS TO ALL!” he ended the post.

U.S. Steel shares rose 21.9% to $52.01 at closing Friday on the New York Stock Exchange. Trump disclosed the news at 3:25 p.m., 35 minutes before closing.

In April, Trump ordered a new review of the proposed acquisition, directing the Committee on Foreign Investment in the United States to determine “whether further action in this matter may be appropriate.” CFIUS is made up of the departments of the Treasury and Justice and other critical agencies.

Cleveland-Cliffs Inc., which lost out to Nippon in its bid to purchase U.S. Steel, has since purchased a Canadian steel producer.

The deal was first announced in December 2023.

In rejecting the purchase, Biden said: “This acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chain

“It is my solemn responsibility as president to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad; and it is a fulfillment of that responsibility to block foreign ownership of this viral American company.”

On Feb. 11, Trump restored a 25% tariff on steel and increased the aluminum tariff from 10% to 25%.

Argentina, Australia, Brazil, Canada, Japan, Mexico, South Korea, the European Union, Ukraine and Britain had received exemptions, “which prevented the tariffs from being effective,” according to the order.

“Foreign nations have been flooding the United States market with cheap steel and aluminum, often subsidized by their governments,” Trump wrote.

“The United States does not want to be in a position where it would be unable to meet demand for national defense and critical infrastructure in a national emergency.”

On April 2, Trump announced reciprocal tariffs on the worst trading partner offenders, including 24% against Japan, but one week later paused them for 90 days.

In a room inside a North Hollywood warehouse, dozens of pets are ready for their owners to take them home.

Boots, a young black-and-white domestic shorthair cat, lies on his back, pawing playfully at the air. A trio of red, yellow and green parrots and cockatiels sit on wooden perches, oblivious to the piercing stare of a blue-eyed feline a few feet away. Princess, a senior Chihuahua, rests with her eyes closed and body curled into a tight cocoon, as a frenetic hamster named Ponby stands upright, his eyes bulging. There’s a naked guinea pig, a giant red macaw and an adorably chunky pit bull named Messy.

Eyes, such as those shown here on Messy the pit bull, are made of glass and closely match the animal’s original colors.

(Myung J. Chun / Los Angeles Times)

All of these animals are loose, liberated from the confines of cages and leashes, and yet no havoc has ensued.

These animals are also all dead.

It’s an everyday scene at Bischoff’s the Animal Kingdom, a Los Angeles taxidermy business that has been preserving animals for 103 years. The business is multifold — Bischoff’s creates and rents out prop animals to film studios, museums and nature centers. Posters on the lobby walls boast the company’s work on shows like “American Horror Story” and “Westworld.” But in recent years, a bulk of its taxidermy requests now come from bereaved pet owners, those willing to shell out thousands of dollars for a tangible commemoration of their late “fur babies.”

Birds are commonly preserved at Bischoff’s, but the business has made mementos of more obscure pets, including chameleons, roosters and hairless guinea pigs.

(Myung J. Chun / Los Angeles Times)

From full-body taxidermy to partial mementos — skulls, bronzed hearts or freeze-dried paws, for example — such services provide closure in ways that, clients say, traditional burials or urns cannot.

“It was honestly really comforting to have her back, and just be able to touch her and, in a sense, talk to her too,” said Bischoff’s customer Zoe Hays of the preservation of her Chihuahua-Yorkie mix Pixie. “She was a great little dog — also a menace to society, for sure — but she’s still with me, and she always will be.”

Bodily preservation, beyond the ashes or cemented paw prints offered by veterinarians and animal hospitals, has become a growing facet in the world of pet aftercare, with traditional taxidermists fulfilling many of the niche requests.

Redlands business Precious Creature initially only offered full-body taxidermy of pets until customers started suggesting other ideas, such as lockets containing patches of fur and cat-tail necklaces. (Most recently, owner Lauren Kane sewed a zippered pillowcase using the black-and-white fur of a rescue named G-Dog, or, as his owner fondly called him, “Fluffy Butt.”) In her documentary “Furever,” filmmaker Amy Finkel explores the lengths to which pet preservationists will go, asking, “Who decides what kind of grief is acceptable, or appropriate?”

Bischoff’s co-owner Ace Alexander had a songwriting career before transitioning to taxidermy.

(Myung J. Chun / Los Angeles Times)

Ace Alexander, 40, and Rey Macias, 55, the fourth owners in Bischoff’s long history, have steered the company to meet the new demand. Describing each other as “good friends,” the two men dress similarly in unofficial uniforms of black T-shirts and black pants, and they’re so in sync they sometimes finish each other’s thoughts. Since taking over the business, both have transitioned to primarily vegan diets.

“Bischoff’s used to be taxidermists to the stars in the trophy era, but now we’re taxidermists in the pet preservation era,” Alexander said. “People no longer hunt. Now they just love their pets.”

Hollywood needs supporting actors, even if they’re stuffed

Over the decades, Bischoff’s has preserved hundreds of animals. The Sumatran tiger has made many appearances in films and TV shows, including “Snowfall,” “Palm Royale” and “Welcome to Chippendales.”

(Myung J. Chun / Los Angeles Times)

In 1922, when Al Bischoff first opened the business on Sunset Boulevard in Hollywood, he’d stuff and plaster any animal brought to him. Most of the time, that meant trophies from hunting and safari trips, but it also included beloved pets owned by Hollywood elite. Roy Rogers used Bischoff’s to preserve his co-stars Trigger the horse and Bullet the dog. Buck — the dog from “Married with Children” — also got the Bischoff’s treatment.

Under Alexander and Macias’ tutelage, that’s still the case. They’ll preserve any animal you bring them — so long as it is not a protected species or an illegal pet. They’ll even make you a unicorn or a sasquatch or a wearable Velociraptor costume that roars and can open and close its jaws. The largest animal Alexander and Macias have preserved was an 11-foot-long buffalo, while the smallest, not including insects, was a hummingbird. Off the top of their heads, the only animal they haven’t preserved — yet — is the genetically rare white tiger.

Bischoff’s owners Ace Alexander, left, and Rey Macias show off a custom order of a pink peacock (sans tail) for a film.

(Myung J. Chun / Los Angeles Times)

The majority of Bischoff’s clientele still comes from Hollywood. Due to federal and state laws, as well as industry regulators like the American Humane Association, it often makes more sense to use body doubles for animals when filming and is occasionally mandatory (such as scenes that involve roadkill or drowning incidents).

On a recent Wednesday, Alexander fielded calls from studios about the types of snake skins in stock, how to clean dirt off a rented coyote and the particular body poses of their turkeys.

“So what are you thinking?” Alexander said, talking on the phone. “Turkeys in flight? Perched? Or did you need a floppy version?”

As for the pet sector, which accounts for around 40% of their business, dogs and cats, unsurprisingly, make up the majority of the preservations, but the team has also worked on rabbits, rodents, chameleons and roosters. And although they will preserve your pet goldfish, they will strongly encourage you to consider having a synthetic version made of it due to the oils in the scales, which inevitably lead to deterioration.

Bischoff’s works on pets shipped from around the country as well as overseas. Dr. Xanya Sofra, who is based in Hong Kong, has had at least half a dozen of her papillons preserved by Bischoff’s. Another client, who was an avid hiker, had Bischoff’s preserve his golden retriever in an upright position so that he could carry it in his backpack on his treks.

Neither Alexander nor Macias had a background in taxidermy when they started working at Bischoff’s. They were both musicians, which is how they initially met. Macias also owned an auto shop and has been taking apart and fixing appliances from a young age.

Alexander picked up jobs at Bischoff’s when it was owned by the previous owner, Gary Robbins. The pay was good, the work interesting and he realized he had a knack for airbrushing and sculpting. In 2017, when Robbins was ready to retire, Alexander and Macias, who by then had also started working there, decided to buy the business.

Blending artistic skill with scientific knowledge

Each multi-level freeze-dryer can fit around a dozen pets at a time. Smaller pets need three to four months to dry out, while larger animals take nearly a year.

(Myung J. Chun / Los Angeles Times)

Bischoff’s specializes in a form of hybrid taxidermy, incorporating traditional techniques with the more new-fangled freeze-drying process. The results are not only more lifelike and long-lasting than the standard gut-and-stuff method, but it also allows for the bulk of the original animal to remain, including the skeletal structure, toenails, whiskers, eyelids, nose and teeth. The eyes, however, are made of glass.

The method leaves room for error. Water can be used to dampen and repose the body and paint can be removed or retouched.

“You can definitely backpedal,” Alexander said, making a note to check the texture of the preserved hearts on sticks in the next 24 hours.

Alexander credits this attention to detail to his predecessors, former owner Robbins and then-main taxidermist Larry Greissinger, who taught him the trade. Strict in their teachings, Robbins and Greissinger emphasized getting every bodily facet correct: from recreating the natural anatomy to sewing the perfect hidden stitch to making sure the eyes looked right.

“That’s where the emotion is,” Alexander said. “You can get the perfect body pose, but if the eyes aren’t sitting well or don’t carry any emotion, then the animal will never look alive.”

Bischoff’s has old and new taxidermy, including two polar bears from the 1940s and 1950s, a bull created in 2013 for the “Yellowstone” prequel “1923” and a buffalo that appeared in “The Lone Ranger.”

(Myung J. Chun / Los Angeles Times)

A few of Bischoff’s early taxidermy pieces are still on display, including a dog, which looks more like a cross between a wolf and a baboon, dating to the 1920s. Its plaster interior, an old taxidermy technique, gives it a stiff visage and makes it exceedingly heavy.

Bischoff’s prices reflect its modernized techniques, as well as the amount of time and attention to even the smallest of details required to make a dead pet come back to life. The cost for a fully preserved cat or a small dog like a Chihuahua starts at $2,640, with small birds, like a budgie, starting at $850.

A photo booth is set up in Bischoff’s warehouse, where images of the completed pets are taken.

(Myung J. Chun / Los Angeles Times)

Although most customers order full-body taxidermy, an “a la carte” menu has expanded over the years with jars of whiskers or fur, bundles of bones tied in a bow and, the most recent addition, freeze-dried hearts, which come mounted inside of a glass cloche. Bischoff’s also offers cloning services through its Texas-based affiliate Viagen Pets, to whom they send the pet’s skin tissues.

Pelts, paws and bronzed skulls are among the smaller items purchased by pet owners.

(Myung J. Chun / Los Angeles Times)

Bischoff’s in-house artist Laischa Ramirez creates hand-drawn portraits of pets for owners who request it.

(Myung J. Chun / Los Angeles Times)

Costly though their work is, Alexander and Macias see it as an investment. Pets, they point out, are friends you look at every day. You’re intimately aware of their nuances and quirks, like how their left ear might curl back more than the right one or the way their nose tilts ever-so-subtly upwards. Entrust their preservation to a novice or lower-cost taxidermist, and you risk losing some of the elements that made your pet who they were.

Bischoff’s has seen its share of people who’ve preserved their pets with budget taxidermists only to be disappointed. “It’s unfortunate because at that point, there’s not much we can do,” Alexander said. Such pets are cremated “because they just can’t stand to look at them.”

Bischoff’s key component? Compassion

Pets and pet hearts sit in a freeze-dryer at Bischoff’s.

(Myung J. Chun / Los Angeles Times)

In the back of Bischoff’s warehouse is where the equipment resides and the smells of the oils running the machines permeates the space. The company has one aquamation machine that uses alkali solution, heat and pressure to break down the organic material into ashes. With interior chambers lined with perforated metal walls, the contraption somewhat resembles a fast-food restaurant’s deep fryer. Except, one taxidermist notes, when the process is done, instead of having golden fried potato strips in each basket, all that is left are bones.

Oftentimes at the ends of these processes, Bischoff’s workers will find inorganic remnants from the pets, such as microchips, metal plates or orthopedic screws. They give them to their owners as keepsakes.

Macias’ son, 29-year-old Chris Macias, works alongside his dad at Bischoff’s. He started helping out to make extra money while attending nursing school, but when business picked up, he decided to transition fully into the taxidermy business. He does a little bit of everything — recently, it was prepping a seal pelt for the San Pedro Marine Mammal Care Center — but tends to do pet pickups the most. Less technical though it may be, it is more emotionally taxing as he’s interfacing with grieving clients who might still be in shock or confused as to what exactly they want to do with their late pets.

Two calico cats were returned to Bischoff’s by the children of the woman who owned them after her death.

(Myung J. Chun / Los Angeles Times)

“Everybody’s different, but I just try to be there for them,” Chris said. “Their pet was part of their family, so I totally understand. Because all of us here, we have our own pets as well. We get it.”

Though Alexander never imagined building a career out of preserving dead pets, he said, “We’ve found joy in this work and we just see preservation as another form of art.”

It’s that art that is helping keep the memories of beloved pets alive — for generations even. Hays, the owner of Chihuahua-Yorkie mix Pixie, already has a contingency plan in place for Pixie’s taxidermy upon her own death. It will be “adopted” by another family member. Her daughter has already called dibs.

And many of Bischoff’s pet preservation customers are repeat clients, which is something that Alexander and Macias take pride in. Two women picking up the taxidermy body of their late cat recently chatted with Alexander about their newest rescue, a diabetic stray cat burnt in the Altadena fires. They couldn’t help but comment on the “beautiful bone structure” of the feline, still very much alive.

“I was like, ‘Hmm, you’re definitely going on the altar some day,’” one of the women said.

Abu Dhabi’s IMI will take a minority stake in the company of no more than 15 percent.

A consortium led by US investment firm RedBird Capital Partners has agreed to buy the publisher of the United Kingdom’s 170-year-old Daily Telegraph newspaper for about $674m (500 million pounds).

Redbird said it has reached an agreement in principle to become controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper on Friday.

Gerry Cardinale, founder and managing partner of RedBird, said the sale “marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base”.

The Telegraph group, previously owned by the UK’s Barclay family, was put up for sale two years ago to help pay off the family’s debts. It publishes the Daily and Sunday Telegraph newspapers and weekly newsmagazine The Spectator, which all are closely allied to the UK’s Conservative Party.

In 2023, there was an offer to buy the publications from RedBird IMI, a consortium backed by RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family and the vice president of the United Arab Emirates.

But the consortium pulled out last year following strong opposition from the UK government, which launched legislation to block foreign state ownership of the British press.

Under the deal, Abu Dhabi’s IMI will take a minority stake of not more than 15 percent in the Telegraph as a member of the consortium. The sale must be approved by British regulators.

RedBird has investments in football team AC Milan, the parent company of Liverpool football club and film production company Skydance.

Telegraph Media Group chief executive Anna Jones said that “RedBird Capital Partners have exciting growth plans that build on our success — and will unlock our full potential across the breadth of our business.”

The Spectator was sold in September to British hedge fund investor Paul Marshall.

It was the second time in one day that the FTC pulled out of litigation begun during the Biden administration.

The Republican-controlled Federal Trade Commission is abandoning a Biden-era effort to block Microsoft’s purchase of Call of Duty video game maker Activision Blizzard.

In an order issued Thursday, the FTC said it had determined that “the public interest is best served by dismissing the administrative litigation in this case.”

It was the second time in one day that the FTC pulled out of litigation begun during the administration of former President Joe Biden, a Democrat. Earlier Thursday, the FTC said it was dismissing a lawsuit against PepsiCo that was filed by the Democratic-controlled FTC in January.

Microsoft announced a $69bn acquisition of Activision in January 2022. It was one of the most expensive tech acquisitions in history and was designed to boost sales of Microsoft’s Xbox gaming console, which has lagged in sales behind Sony’s PlayStation and Nintendo.

In December 2022, the FTC – then led by Democratic Chairwoman Lina Khan – sued to temporarily block the acquisition, saying it would let Microsoft suppress competitors who want access to Xbox and its subscription content.

In July 2023, the United States District Court in Northern California denied the FTC’s request to pause the acquisition, but the FTC appealed. Earlier this month, a federal appeals court also denied the FTC’s request.

In the meantime, Microsoft completed its purchase of Activision in October 2023 after it won approval from the United Kingdom’s competition watchdog, which had also considered blocking the merger.

Brad Smith, Microsoft’s vice chairman and president, said Thursday in a statement on X that the decision is a victory for video game players and for “common sense in Washington DC”.

“We are grateful to the FTC for today’s announcement,” Smith said.

Political actions

Khan stepped down from the FTC when President Donald Trump took office in January, and Trump fired Democratic Commissioners Rebecca Slaughter and Alvaro Bedoya in March. Bedoya and Slaughter have sued the Trump administration, saying their removal was illegal.

Right now, the FTC is made up of three Republican commissioners, and it’s unclear when the two Democrats on the commission will be replaced. A message seeking comment was left with the FTC.

In the PepsiCo case, FTC Chairman Andrew Ferguson said the Biden-era FTC rushed to authorise a case just three days before Trump’s inauguration. He said on Thursday that the case, which alleged that PepsiCo was violating the law by giving unfair price advantages to Walmart, was a “dubious political stunt”.

But the FTC hasn’t stood in the way of some Biden-era policies. Earlier this month, a rule the FTC announced in December requiring ticket sellers, hotels, vacation rental platforms and others to disclose their fees upfront went into effect.

United States debt has long been considered the safest of all safe havens.
But, Washington has just lost its pristine reputation as a borrower.
Moody’s has downgraded the nation from its top-notch AAA rating, becoming the last of the big three agencies to do so.
The ratings agency has cited the United States’s growing debt – now at $36 trillion, almost 120 percent of gross domestic product – and rising debt service costs.
Against this backdrop, President Donald Trump is pushing what he calls the “one big, beautiful bill”.
Critics warn his tax cut package could add trillions more to the already ballooning deficit.

May 22 (UPI) — Walmart has announced plans to lay off 1,500 corporate employees, part of what it calls a restructuring as it weighs plans to raise prices amid Trump administration tariffs.

“We are reshaping some teams in our Global Tech and Walmart U.S. organizations where we have identified opportunities to remove layers and complexity, speed up decision-making, and help associates innovate rapidly,” a memo to employees obtained by The Hill Wednesday said.

The memo said the retail giant is eliminating some jobs and creating new ones aimed at building on business priorities and growth strategy.

While Walmart said the corporate restructure is not directly related to the looming tariffs, it has said it is weighing the options of price increases and trying to absorb the tariffs when they are imposed, as it has done with past levies.

During a corporate earnings call last week, Walmart CEO Doug McMillion said the giant retailer would not be able to absorb all of the tariffs and said it would likely have to pass some costs on to consumers. Walmart said Wednesday it would be raising some prices.

Economists use Walmart as a gauge to consumer spending and have said that given the large percentage of goods the retailer imports, absorbing all of the tariffs would be difficult.

Earlier this week, President Donald Trump posted Walmart should “eat the tariffs” on social media.

“Walmart should stop trying to blame the tariffs as the reason for raising prices throughout the chain,” Trump wrote. ” Walmart made billions of dollars last year, far more than expected.”

Walmart CFO John David Rainey countered Thursday that the company is facing unprecedented financial pressure due to the tariffs.

“We have not seen prices increase at this magnitude, in the speed which they’re coming at us before, and so it makes for a challenging environment,” he told CNBC.

Syrians are hoping sanctions relief will help boost investment, reconstruction after more than a decade of civil war.

Business owners in Syria have welcomed the European Union’s decision this week to lift sanctions on the country, in what observers say is the most significant easing of Western pressure on Damascus in more than a decade.

The EU’s move, which followed a similar announcement by the United States in mid-May, was praised by Syrian Foreign Minister Asaad al-Shaibani as one that would bolster Syria’s security and stability.

For many Syrian entrepreneurs, it also brings the hope of rebuilding their livelihoods after years of economic isolation.

“Companies that were ousted from Syria and stopped dealing with us because of the sanctions are now in contact with us,” Hassan Bandakji, a local business owner, told Al Jazeera.

“Many companies and producers are telling us they are coming back and that they want to reserve a spot in our market.”

The EU and US sanctions had levied wide-ranging sanctions against the government of former Syrian President Bashar al-Assad, who was removed from power in a rebel offensive in December of last year.

The economic curbs had severely limited trade, investment, and financial transactions in Syria, cutting businesses off from supplies and international banking.

“The main obstacle we faced was getting raw materials and automated lines,” said Ali Sheikh Kweider, who manages a factory in the countryside of the Syrian capital, Damascus.

“As for bank accounts, we weren’t able to send or receive any transactions,” Kweider told Al Jazeera.

Syria’s new government, led by ex-rebel leader and interim President Ahmed al-Sharaa, had called for the sanctions to be lifted as it seeks to rebuild the country.

US President Donald Trump said after a meeting with al-Sharaa in Saudi Arabia last week that he planned to order the lifting of American sanctions on Syria.

Reporting from Damascus, Al Jazeera’s Mahmoud Abdelwahed said the government is hoping the sanctions relief will help Syria reintegrate into the international community.

It also views the EU’s announcement as additional “recognition of the new political leadership” in the country, Abdelwahed added.

Economists echo Dimon’s concerns as US credit downgrade and tariff-driven uncertainty continue.

JPMorgan Chase CEO Jamie Dimon has warned that he can’t rule out the possibility that the United States will fall into what is called stagflation— an economic term that refers to a period when inflation and unemployment are high as economic growth is slow.

In an interview with Bloomberg Television on Thursday, Dimon said, “I don’t agree that we’re in a sweet spot” in response to a question about some US Federal Reserve officials saying that the US economy was in a sweet spot.

Dimon made his comments while at JPMorgan’s Global China Summit in Shanghai. His comments come against the backdrop of the US facing increasing geopolitical tensions, rising deficits and pressure on consumer prices from changing government policies on tariffs that have led retailers to announce a need to raise prices and left businesses in a wait-and-watch mode over all the economic uncertainties.

Economists like Stuart Mackintosh, executive director of the financial think tank Group of Thirty, echoed Dimon’s concerns to Al Jazeera.

“Stagflation is a real risk we cannot rule out. We’re in a circumstance where we have uncertainty on tariffs, uncertainty on many policies that increase the downward pressure on growth in America.”

Last week Moody’s Ratings downgraded the US economy’s credit rating. The firm lowered its gold-standard Aaa to an Aa1 credit rating for the US, citing its growing national debt.

Dimon’s Thursday comments were underscored by his remarks at the company’s investor day on Monday.

“Credit today is a bad risk,” Dimon said.

While at the summit, Dimon also offered comments on US President Donald Trump’s “big beautiful bill”, the tax and spending bill passed by the US House of Representatives that includes key parts of the Trump administration agenda including tax cuts, slashes to Medicaid and the Supplemental Nutrition Assistance Program (SNAP), increased funding for immigration enforcement, and new taxes on colleges and universities.

“I think they should do the tax bill. I do think it’ll stabilise things a little bit, but it’ll probably add to the deficit,” Dimon said in a record first obtained by the Reuters news agency.

The nonpartisan Congressional Budget Office has said that the tax bill would add $3.8 trillion to the national debt.

‘Inflation going up’

In the Bloomberg interview, Dimon added that the US Federal Reserve is doing the right thing to wait and see before it decides on monetary policy. The central bank opted to hold rates steady at its last policy meeting, which was largely in line with economists’ expectations.

Policymakers weighed a stable labour market at the time, even as they acknowledged that could be short-lived.

“This is unsustainable. We might get into a much worse economic picture almost immediately,” Mackintosh said.

More information on the state of the US labour market is expected in the next couple of weeks as both the US Department of Labor and the payroll and human resources firm ADP are slated to release their monthly report on the rate of job growth.

Dimon has also long warned that inflation and stagflation will continue to increase.

“I think the chance of inflation going up and stagflation is a little bit higher than other people think,” he noted.

On Wall Street, JPMorgan Chase’s stock has trended up following Dimon’s remarks. As of noon in New York (16:00 GMT), it was 0.2 percent higher than yesterday’s market close after opening lower this morning.

Target has slashed its annual forecasts amid a pullback in discretionary spending due to tariff-driven uncertainty and a backlash against shifts in its diversity, equity and inclusion (DEI) policy.

The United States big box retailer, which reported its first-quarter earnings on Wednesday, relies on China for 30 percent of its store label goods. While it is on track to reduce its dependency by another 5 percent by the end of the year, tariff-driven uncertainty has caused a slump.

In its forecast, the Minneapolis, Minnesota-based retailer expects a low single-digit decline in annual sales. Wall Street analysts expected a marginal increase of 0.27 percent in annual sales, according to the LSEG. Target previously forecasted net sales growth of about 1 percent.

This comes as Bank of America recently forecasted that consumers have eased up on spending as the most recent report from The Conference Board showed a slowdown in consumer confidence, which hit a 13-year low in April. The US economy also showed the first contraction in three years in the first quarter.

Target’s first-quarter comparable sales fell 3.8 percent compared with analysts’ estimates of a 1.08 percent decline. It expects annual adjusted earnings of $7 to $9 per share, compared with its prior forecast of $8.80 to $9.80. Analysts were expecting $8.40.

“Expectations were very low for Target’s first quarter. Even against that, Target’s results came in light,” Michael Baker, a DA Davidson analyst, told the news agency Reuters. Target’s stock has performed poorly, down nearly 28 percent this year, in contrast to Walmart’s 9 percent gain and Home Depot’s 2.3 percent decline.

Target’s stock is tumbling on the news of its disappointing earnings report. As of 11am in New York (15:00 GMT), it was down 2.91 percent from the market open although it is up more than 1 percent over the past five days.

DEI boycotts weigh on sales 

Target also said its first-quarter performance was impacted by changes made to its DEI policies in January.

Target ended many of its DEI policies, drawing condemnation as some of its critics noted that its commitment to inclusiveness had helped attract younger, more diverse consumers. The decision generated more attention as it coincided with US President Donald Trump’s executive order to eliminate DEI policies in federal agencies and schools.

The backlash led to economic boycotts, notably from Reverend Jamal-Harrison Bryant, a Georgia pastor who organised a 40-day “fast” of Target stores. He has since called for those efforts to continue in recognition of the fifth anniversary of George Floyd’s murder by police in Minneapolis, Target’s headquarters.

CEO Brian Cornell said the reversal of some DEI policies played a role in first-quarter performance but he couldn’t quantify the impact.

Worse than competitors 

“Target’s [results] do nothing to restore confidence in the company. On the contrary, they are emblematic of a business that has made too many mistakes and has lost its way on several fronts,” GlobalData Managing Director Neil Saunders told Reuters, pointing to issues including poor inventory management and a lack of exciting merchandise.

Target’s forecast contrasts with its bigger rival Walmart, which maintained its annual forecasts last week but said it would need to pass on higher prices due to tariffs. That has drawn the ire of Trump, who said Walmart should “eat the tariffs” on imported goods instead of passing on the costs.

Unlike Walmart, which generates the bulk of its revenues by selling groceries like bananas, milk, toilet paper and shampoo, a majority of what Target sells falls in the nonessential category – largely apparel, home furnishings and beauty products, which it sources from China.

TJX, the parent company of retailer TJ Maxx, also reported its earnings on Wednesday, and while tariffs loom, the company is set to maintain its forecasts. The Massachusetts-based big box retailer expects comparable sales to grow 2 percent to 3 percent during the current quarter.

Unlike Target and Walmart, TJ Maxx, relies on expansive sourcing from middlemen in the US, which limits the impact of any new tariffs on China.

Looming price hike 

On a media call, Target executives declined to provide details on potential price increases due to tariffs. Most tariff-related increases could be offset, they said, but acknowledged that raising prices could be a “last resort”.

Cornell said pricing decisions will largely depend on ongoing efforts to source more products from the US and reduce reliance on China.

“That is going to play a very important role,” he said.

Rick Gomez, the company’s chief commercial officer, said Target is working on negotiating with suppliers, expanding sourcing to other Asian countries beyond China, re-evaluating its product assortment, and adjusting the timing and quantity of orders.

“These efforts are expected to offset the vast majority of the incremental tariff exposure,” Gomez said.

In one case, a person suffered permanent brain damage because of a delayed transfer, The Guardian newspaper reported.

UnitedHealth has allegedly secretly paid nursing homes to reduce hospital transfers — the latest accusations in a series of woes facing the health insurance giant.

The alleged action, first reported by The Guardian newspaper on Wednesday, was part of a series of cost-cutting tactics that have saved the company millions, but at times, risked residents’ health, the publication showed, citing an investigation.

The story, which cites thousands of documents and firsthand accounts of more than 20 former employees of the healthcare company and nursing homes, says that the insurance giant sent its own medical teams to nursing homes to push the cost-cutting measures. As a result, patients who urgently needed medical care did not receive it, including one person who now lives with permanent brain damage after a delayed transfer.

The allegations add to the litany of negatives that have hurt UnitedHealth in the last several months, following a massive cyberattack at its Change Healthcare unit, reports of criminal and civil investigations into the company’s practices, including one for Medicare fraud and the abrupt departure of CEO Andrew Witty last week.

UnitedHealth said in response to the story, “The US Department of Justice investigated these allegations, interviewed witnesses, and obtained thousands of documents that demonstrated the significant factual inaccuracies in the allegations.”

The company also said that the DOJ “declined to pursue the matter”.

Wall Street responds 

Shares have stumbled all year, losing more than 39 percent compared with a 0.6 percent decrease for the Dow. As of noon ET (16:00 GMT), the stock is down more than 3.6 percent.

“The news is only seemingly getting worse for UnitedHealth,” said Sahak Manuelian, managing director, global equity trading at Wedbush Securities.

HSBC downgraded the stock to “reduce” from “hold,” and cut the price target to a street-low of $270.

The brokerage said higher medical costs, pressure on drug pricing and its pharmacy benefit management unit, OptumRx, and a potential Medicaid funding cut can upset the company’s recovery journey.

May 21 (UPI) — Microsoft, the Department of Justice and others have thwarted the use of the Lumma Stealer malware that globally has infected nearly 400,000 computers.

The tech giant’s Digital Crimes Unit seized and helped take down, suspend and block about 2,300 “malicious domains” that were the backbone of Lumma’s infrastructure, said Steven Masada, assistant general counsel for Microsoft’s DCU.

Microsoft on May 13 filed a federal lawsuit against Lumma Stealer in the U.S. District Court for Northern Georgia, itnews reported.

Microsoft says Lumma Stealer is a “malware as a service” that can steal data from browsers, cryptocurrency wallets and other applications by installing malware.

The tech firm from March 15 through Friday identified more than 394,000 Windows computers around the world that were infected with the Lumma malware.

The Department of Justice on Wednesday unsealed two warrants authorizing the seizure of five Internet domains used by cybercriminals to operate the Lumma malware service, which also is called “LummaC2.”

The Lumma malware “is deployed to steal sensitive information, such as user login credentials from millions of victims in order to facilitate a host of crimes,” said Matthew Galeotti, leader of the DOJ’s Criminal Division, in a news release.

Those crimes include fraudulent bank transfers and cryptocurrency theft, Galeotti said.

“The Justice Department is resolved to use court-ordered disruptions like this one to protect the public from the theft of their personal information and their assets,” he added.

The DOJ’s affidavit seeking the two seizure warrants accuses the administrators of LummaC2 of using the seized websites to distribute the malware to their affiliates and other cyber criminals.

Browser data, autofill info, login credentials for email and banking services, and cryptocurrency seed phrases that open crypto wallets were common targets affected by the malware, according to the DOJ.

FBI investigators also identified at least 1.7 million instances in which the malware enabled cybercriminals to steal such information.

The DOJ on Monday seized two online domains used to distribute the malware, which caused the Lumma operators to direct users to three new domains on Tuesday.

The DOJ seized the three new domains on Wednesday.

Europol’s European Cybercrime Center and Japan’s Cybercrime Control Center enabled the takedown of Lumma infrastructure within their respective jurisdictions, Microsoft officials said.