Here is a rundown of Cheddar News' top trending market stories of the day.
APPLE LABOR VIOLATIONS
The U.S. National Labor Relations Board (NLRB) has ruled that various Apple policies violate labor laws designed to protect workers' right to collective action. The investigation began in 2021 after two former employees accused the company of maintaining work rules that banned discussing wages, hours or other terms of employment. The agency is also looking into statements from Apple executives that could have violated the National Labor Relations Act.
PENDING HOME SALES RISE
Pending home sales went up in December for the first time in six months, according to the National Association of Realtors. The measure jumped 2.5 percent from the month before, though the year-over-year measure is still down 33.8 percent. Some experts see the data as a turning point for the battered housing market. “This recent low point in home sales activity is likely over,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”
IMPOSSIBLE FOODS LAYOFFS
Impossible Foods is laying off 20 percent of its workforce or about 100 employees. This is the second round of cuts in less than six months. The company laid off 6 percent of its workers in October. In a controversial move, CEO Peter McGuinness quoted Martin Luther King Jr. in the initial layoff announcement. He has since apologized. The much-hyped maker of plant-based meat substitutes has struggled to maintain its ambitious growth plans in recent years.
SHOWTIME JOINS PARAMOUNT+
Paramount Global said it is fully integrating its streaming service, Paramount+, with Showtime. The integration will rebrand the company's streaming offering as Paramount+ with Showtime. The latter channel, available for an extra fee in pay-TV bundles, will now feature Paramount+ original series and spinoffs of popular shows such as "Yellowstone" and "Criminal Minds."
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
