Business
California wealth sparks multi-billion-dollar Florida Gulf Coast boom
Florida real estate experts and California transplants speak to Fox News Digital about why more young people and families are relocating to the Sunshine State’s West Coast, from Tampa to Naples.
For decades, the standard play for wealthy out-of-state transplants was to head straight for the high-octane flash of Florida’s East Coast. But as California’s housing affordability challenges, homelessness and proposals for higher taxes have pushed some families to a state of constant “high alert,” a secondary corporate and residential gold rush is quietly emerging along the Gulf Coast.
Driven by an I-75 corridor stretching from Tampa to Marco Island, Hollywood elites and high-net-worth families are trading the challenges of major West Coast cities for what transplants describe as a “smaller, safer Beverly Hills,” helping fuel a multibillion-dollar real estate boom in historically quiet retirement havens.
“This is actually very, very common, especially the younger that the family is. I think that the older the demographic gets, they are coming specifically for one reason, and that’s either retirement or to be close to family. But when you have a younger family… or someone that just graduated college, they are looking for lots of different life transitions to happen, wherever that is. So they are not just looking for where they’re familiar with vacationing and what that kind of lifestyle is, they want to know what it’s like to live there,” Compass agent and Naples native Madeline Tracy told Fox News Digital.
Her clients, longtime Los Angeles actors Philip Levens and Carolyn Stotesbery, recently purchased a home in Naples after spending more than two decades in California.
SILICON VALLEY ELITE DROP RECORD WEALTH TO BUILD FLORIDA’S NEW ‘TECH CAPITAL’
“I flew into Tampa, St. Pete, Sarasota, went all the way down the coast and I kept saying, ‘No, this isn’t where I would want to live.’ And I was actually getting a little depressed thinking, okay, well, maybe this side of Florida isn’t what we need,” Levens recalled. “I remember I drove to downtown Naples, and then I took a right there that goes to the dead ends of the beach. I got out of the car… I called my wife and I said, ‘This is where we’re going to live.’”

Following I-75 from California to Florida, more young people and families are planting new roots along the Gulf Coast. (Getty Images)
“He was FaceTiming me from the beach,” Stotesbery said, “and he just had a sparkle in his eye, and showed me the beach and the city, and loved the architecture and the colors, and it just really called to us.”
“Tampa down to Naples is a unique corridor because it gives you, in that two-and-a-half-hour geographical drive that you would have… you have both culture, you have the arts there, but you’re able to settle in a more quaint community that isn’t as urbanized as it may be on the East Coast,” Kolter Urban Senior Vice President Ed Jahn told Fox News Digital.
The Gulf Coast migration could soon see an extra boost as newly-minted millionaires from tech IPOs like SpaceX — and eventually Anthropic and OpenAI — move their capital and residencies to tax-friendly Florida, finding more price flexibility along the state’s western coastline as markets like Miami become oversaturated.
Blanca Commercial Real Estate CEO Tere Blanca and DaGrosa Capital Partners Chair Joe DaGrosa speak to Fox News Digital about how a California commercial exodus has followed a residential one to the Sunshine State.
For Levens and Stotesbery, their move is fueled by what they describe as a desire to escape concerns about public safety and city governance in major metropolitan areas such as Los Angeles.
“The first thing I notice is there’s no homeless people in homeless tents, [homeless] cities and garbage,” Levens said. “When you come from a city that is not well-run, like Los Angeles, you immediately notice the difference, and just everything seems to work.”
“I was walking my daughter in the stroller in Los Angeles and there was a homeless man like lying on the ground while I was strolling past,” Stotesbery said. “It just really kept my nervous system on high alert, and so when we came here, just the entire vibe of the city made us feel just more at ease and peaceful.”
Naples has transformed significantly over the last 15 years from a quiet retirement town with agricultural remnants into an elite luxury destination that now attracts premier global brands. Upon his first visit, Levens said it reminded him of Beverly Hills.
CALIFORNIA EXODUS 2.0: HOW SPACEX, TECH IPOs COULD TRIGGER THE NEXT MASSIVE WEALTH FLIGHT TO FLORIDA
“Downtown Naples has a very similar architectural style to Beverly Hills. That struck me right [away], I saw that immediately. But also, Beverly Hills is a very clean, safe area, but it’s still surrounded by Los Angeles. And so you don’t have that here. You have swamps or… the ocean,” he explained. “So Naples as a whole is much safer than Beverly Hills, and it’s cleaner, too.”
Ft. Lauderdale DDA CEO Jenni Morejon, DaGrosa Capital Partners founder Joe DaGrosa and Naftali Group CEO Miki Naftali speak to Fox News Digital about how SpaceX, OpenAI and Anthropic IPOs could trigger another exodus to Florida.
“When I was five years old, okay, Waterside Shops was not Waterside Shops. It was a strip mall with a Victoria’s Secret in it, and next to the CVS was a chicken farm. So it has so drastically changed over time with just the commercial aspect of it really building up,” Tracy added. “They do have this exclusivity feel, but also this extension of feeling like, oh, this feels like home, this feels something familiar where I just came from that you can’t get [anywhere] else.”
“The East Coast did seem quite hustle-and-bustle for us and our family,” Stotesbery also noted. “Peacefulness was a big part of what I valued for my daughters growing up and our children in general… If we wanna go off for a weekend to Miami, like we can go off for a weekend to Miami or to Delray or the East Coast, have a date night over there, bring in grandma, watch the kids. But what do we want for our overall experience day to day?”
The wave of liquid capital emanating from recent gains in the technology sector, private-company liquidity events and financial markets has lowered the average age of luxury buyers, creating a younger class of affluent primary residents. This trend has benefited developers like Kolter Urban, which has more than $3.2 billion invested in active Gulf Coast developments.
“When you come from a city that is not well run, like Los Angeles, you immediately notice the difference.”
“These buyers that are in the financial markets, whether they’re in cryptocurrency… or private equity, that group of buyer wants flexibility, wants convenience. And the urban condo high-rise lifestyle that is centered in great walkability areas, such as Sarasota, St. Pete, Tampa, down in Naples, offers them that,” Jahn said.
According to the local real estate professionals and recent transplants, overcoming the hesitation to relocate often leads to a ripple effect: Once a household makes the move, friends and colleagues in higher-tax states frequently express interest in following suit.
“Focus on the lifestyle, not the house. You can make a house into a home by changing the floors, by changing whatever you want. But it’s so, so important that you do what Carolyn and Philip did and come down, experience the neighborhoods,” Tracy encouraged.
Fox News real estate contributor Katrina Campins joins ‘Varney & Co.’ to discuss Florida’s housing boom, the blue state wealth exodus and why soaring luxury demand is pricing out first-time homebuyers.
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“It’s a big move from California to here. It’s 3,000 miles and there’s a lot of things your friends say, ‘Why? How can you leave?’” Levens said. “So it’s a difficult move, but I would say just do it… Fortune smiles on the bold. Just make the move and things will fall into place the way you need them to.”
“There’s always a reason to talk yourself out of something like this,” Stotesbery said. “But when you decide, ‘I want to change, I want a new lifestyle, this isn’t working for me anymore,’ and you stop procrastinating and move past that fear and that anxiety, it’s so worth it.”
Business
Aided By China, Equities Bounce Back; CAD Recovers From The Drop On U.S. Threat Of 50% Tariffs
Aided By China, Equities Bounce Back; CAD Recovers From The Drop On U.S. Threat Of 50% Tariffs
Business
No One Wins $545 Million Powerball Jackpot Monday Night, Prize Now Grows to $567 Million by Wednesday
No one matched all six numbers in Monday night’s Powerball drawing, sending the jackpot rolling over to an estimated $567 million ahead of the next drawing scheduled for Wednesday, July 22.
The winning numbers drawn for the July 20 jackpot were 2, 9, 44, 53 and 59, with a red Powerball of 8 and a Power Play multiplier of 2X. While no ticket matched all five white balls plus the Powerball to claim the top prize, which had carried a cash option of $242 million, two tickets came close, matching all five white balls without the Powerball to win $1 million Match 5 prizes, one sold in Colorado and the other in Michigan. No tickets matched five white balls plus the Power Play option, which would have paid out a $2 million prize.
The jackpot keeps climbing
With Monday’s drawing producing no jackpot winner, the prize has grown further heading into Wednesday’s drawing, now estimated at $567 million with a cash value of $251.8 million for any winner who opts to take the lump-sum payout instead of the annuitized jackpot amount.
Powerball drawings are held three times each week, on Monday, Wednesday and Saturday nights, at 11 p.m. Eastern time. The overall odds of matching all five white balls and the red Powerball to win the jackpot remain extraordinarily long, at approximately 1 in 292.2 million.
A companion drawing with its own results
Alongside the main Powerball drawing, Monday’s session also included a separate Double Play drawing, giving players who added that option an additional chance to win. The Double Play winning numbers for July 20 were 15, 21, 39, 54 and 67, with a red Powerball of 7.
Where and how to play
Powerball is available in 45 U.S. states, along with Washington, D.C. and the U.S. Virgin Islands, including in Ohio, Kentucky and Indiana. Notably, players do not need to be U.S. citizens or residents in order to legally purchase tickets and participate in the game.
In Ohio, Kentucky and Indiana specifically, tickets can be purchased in person at gas stations, convenience stores and supermarkets, though sales cutoff times vary depending on the specific selling jurisdiction, typically closing between one and two hours before that night’s scheduled drawing.
For players who prefer purchasing tickets online, options vary by state. In Kentucky, tickets can be bought directly through the official Kentucky Lottery website. In Ohio and Indiana, players can order tickets online through Jackpocket, which serves as the official digital lottery courier for the USA TODAY Network in those states. Additional states offering official online ticket sales through their respective state lottery websites include Connecticut, Georgia, Illinois, Kansas, Michigan, New Hampshire, North Carolina, North Dakota, Pennsylvania, Virginia, West Virginia and Washington, D.C.
Cost and add-on options
A single Powerball ticket costs $2 per play. Players can pay an additional $1 to add the Power Play option, which multiplies non-jackpot winnings by a randomly selected factor. In select states, including Kentucky and Indiana, players also have the option to add Double Play for an additional $1, giving them a separate, second chance to win up to $10 million through the companion drawing held immediately after the standard Powerball numbers are drawn.
How to play and how prizes are structured
To play Powerball, participants select five different numbers ranging from 1 to 69 for the white balls, then choose one additional number ranging from 1 to 26 for the red Powerball. Numbers can be manually selected on a play slip or generated randomly by the lottery terminal for players who prefer a “quick pick” option.
Powerball’s prize structure includes multiple winning tiers beyond the jackpot itself. Matching all five white balls without the Powerball earns a guaranteed $1 million prize, with odds of roughly 1 in 11.7 million. Smaller prizes are available for matching fewer numbers, ranging from $100 prizes down to a minimum $4 payout for matching either just the Powerball alone or a single white ball plus the Powerball, with the easiest winning combination carrying odds of roughly 1 in 38.
A reminder to check old tickets
The latest jackpot rollover comes as lottery officials in Kentucky have separately been urging residents to check any unclaimed tickets they may still be holding onto, following news that the Kentucky Lottery is actively searching for the owner of an unclaimed, million-dollar Powerball ticket that is set to expire soon. Officials have expressed hope that publicizing the search will prompt whoever holds the winning ticket to come forward before the claim deadline passes.
With Wednesday’s drawing now set to offer an estimated $567 million jackpot, ticket sales are expected to pick up in the days leading up to the drawing as the prize continues climbing following Monday night’s rollover. Players across the 45 participating states, along with Washington, D.C. and the U.S. Virgin Islands, will have their next opportunity to try their luck at the growing jackpot when Wednesday night’s numbers are drawn at 11 p.m. Eastern time.
Business
Jamie Dimon warns Burnham government on UK growth
Jamie Dimon has handed Andy Burnham’s day-old government both a vote of confidence and a warning shot. The JP Morgan chief executive says he wants London to remain the US bank’s home “for a long period of time”, but whether Britain stays attractive as a place to do business rests on the new prime minister and his chancellor reviving growth.
“The new chancellor [is] going to need good policies that actually cause growth. So I’m praying that they get policy right [as] government after government get it wrong,” Dimon, who has run the bank since 2006, said in an interview with The Master Investor Podcast with Wilfred Frost, released on Tuesday.
For the owners of Britain’s small and medium-sized firms, that is the question of the moment put with unusual bluntness. When the boss of America’s largest bank says he is reduced to prayer, smaller businesses waiting on the same policy decisions might be forgiven a similar approach.
Burnham formally succeeded Sir Keir Starmer on Monday, promising a “new political and economic model” for Britain and arguing that MPs had fallen short for decades in creating the conditions for lasting and more equal growth. He enters Downing Street with eight in ten SME owners already braced for impact, so Dimon’s cautious optimism will be read closely on both sides of that divide.
The man charged with answering Dimon’s prayer is John Healey, the surprise pick for No 11 after early favourites Ed Miliband and Shabana Mahmood lost out. Burnham has also promised to set out measures to ease the cost of living as soon as Tuesday, and has hinted at lifting the earnings threshold at which workers first pay income tax, frozen at £12,570 since 2021.
The arithmetic is unforgiving. Burnham has repeatedly committed to the existing fiscal rules, funding day-to-day spending from tax revenues within three years, but economists warn the war in the Middle East may have whittled his fiscal headroom from £23.7 billion to just £10 billion. Every giveaway must be paid for, and the City knows where chancellors tend to look.
Which is why Dimon reserved his sharpest words for the bank levy, the balance sheet tax introduced in the wake of the global financial crisis. “I have always thought it was wrong,” he said. “JP Morgan did not damage the UK … we’re a great citizen there. We hire people there. We want to be bigger there. We train people there. We hire veterans there.”
“It’s still there 17 years later. Is that fair to a shareholder? I mean, it may sound great, ‘tax the banks’, but it’s $5 billion that my shareholders paid on that extra tax. And I just think things like that have adverse consequences.”
Asked whether an increase in the levy would sink the bank’s planned £3 billion UK headquarters, having already threatened to reconsider the Canary Wharf project if Britain turned hostile to banks, Dimon was more measured: “I don’t know what I’d do. I wouldn’t make a binary decision like that.”
That matters well beyond the Square Mile. A £3 billion construction project feeds contractors, fit-out firms, caterers and suppliers across the SME economy, and the tax treatment of Britain’s biggest inward investors sets the tone for everyone weighing whether to commit capital here.
There was warmth, too, for the departed. Rachel Reeves, sacked by Burnham this week after two years at the Treasury, “did a great job”, Dimon said. Investors credited her fiscal prudence with keeping a lid on government borrowing costs.
Her successor inherits the goodwill, the £10 billion of headroom, and one of Wall Street’s most powerful men praying he does not waste either.
Business
(VIDEO) Lamine Yamal Steals the Show as Nearly Two Million Fans Celebrate Spains World Cup Win in Madrid
MADRID — Lamine Yamal took center stage as nearly two million supporters flooded the streets of Madrid on Monday to celebrate Spain’s World Cup title, with the teenage star grabbing a microphone to sing Bad Bunny songs and carrying the trophy through the Spanish capital during an open-top bus parade that stretched from Moncloa Palace to Cibeles Square.
Less than 24 hours after Spain’s 1-0 extra-time victory over Argentina in New Jersey, the country’s champions returned home to scenes organizers described as unforgettable. An estimated 1.8 to 2 million supporters lined Madrid’s historic avenues, transforming the capital into a sea of red and yellow as the squad made its way through the city on the same route once traveled after Spain’s first World Cup title in 2010.
A royal welcome before the party began
The day’s celebrations opened with a formal reception at Zarzuela Palace, where King Felipe VI and the royal family congratulated the players before the squad met separately with Prime Minister Pedro Sanchez. Players later swapped their formal attire for commemorative “We Are Champions” shirts as they boarded the open-top bus for the parade through the city.
Spain coach Luis de la Fuente reflected on the emotional weight of the day before the parade got underway. “It’s been an emotional and proud experience to represent a wonderful country with such passionate and devoted fans,” de la Fuente said. “We are filled with joy.”
Yamal at the center of the celebration
Yamal was among the most visibly celebrated figures throughout the day, proudly carrying the World Cup trophy as thousands of fans chanted his name along the parade route. The 19-year-old Barcelona forward was regularly seen dancing alongside Athletic Club winger Nico Williams throughout the procession, and later took the microphone to sing along to Bad Bunny tracks as the bus wound through central Madrid.
Fellow Spain players embraced the festive atmosphere throughout the parade, with forward Borja Iglesias stepping into an impromptu DJ role while teammates danced atop the bus and interacted with fans lining the streets below. Several players draped themselves in Spanish flags as the celebration continued.
A pointed moment amid the celebration
Not all of Monday’s moments were purely celebratory. While riding the open-top bus, Yamal and teammate Fabian Ruiz were seen laughing and pointing at a sign held up by fans that mockingly referred to a post-match altercation between Argentina’s Leandro Paredes and Spain’s Gavi as the “event of the year,” a nod to the tension that had colored the final’s closing moments in New Jersey.
A fashion statement from the match-winner
Match-winner Ferran Torres, whose extra-time goal secured the title, provided one of the day’s most talked-about moments with his choice of headwear, wearing a red cap emblazoned with the phrase “Make Spain Great Again,” a cheeky reference to President Donald Trump, who had presented the players with their medals just 24 hours earlier at the tournament’s trophy ceremony.
Speaking to reporters after returning from New York, Torres reflected on the significance of seeing young fans celebrate the victory, attributing the team’s success to sustained hard work throughout the tournament.
A hero’s welcome for the captain
Spain captain and Golden Ball winner Rodri received one of the loudest ovations of the night when the squad arrived at Cibeles Square for the final ceremony. Rodri, who recovered from a serious knee injury suffered in 2024 before returning to lift both the World Cup trophy and the tournament’s top individual honor two years later, led the crowd in chants for teammate Marc Cucurella, who briefly took over playing drums during the celebration. Rodri also used the moment to publicly defend Torres, noting that the forward had faced unfair criticism in the past but had now secured an undeniable place in Spanish football history.
A ceremony introducing each champion individually
Authorities estimated roughly 120,000 people were on hand specifically for the ceremony at Cibeles Square, where players were introduced one by one onto a specially constructed stage, each entering to a song of their own choosing. Alex Baena, celebrating his 25th birthday during the festivities, entered carrying the World Cup trophy. Coach de la Fuente was lifted into the air by his players after being introduced to the crowd, and joined in singing along to the music played for him.
Celebrations extended well beyond Madrid
The party stretched far beyond the capital. In Valencia, roughly 30,000 fans gathered in Plaza del Ayuntamiento for a public viewing event, with fireworks and sparklers illuminating the celebration once Spain secured the title. In Mataro, Yamal’s working-class hometown north of Barcelona, a capacity crowd of approximately 10,000 packed Parc Central to watch their local hero play in his first World Cup final, with red smoke filling the gathering after Torres’ decisive goal.
A drought finally ended
Monday’s celebrations marked the end of a 16-year wait for Spain’s second World Cup title, following the country’s first triumph in South Africa in 2010. Looking ahead, Prime Minister Sanchez suggested Spain could pursue a third world championship when the country co-hosts the 2030 tournament alongside Portugal and Morocco, extending what has become one of the most successful periods in the history of Spanish football.
What comes next
With Monday’s celebrations now complete, Spain’s players are expected to shift their focus toward upcoming club commitments and international fixtures, carrying momentum from one of the youngest championship-winning squads in this year’s tournament. Anchored by a core group featuring Yamal, Nico Williams and Torres, Spain now enters a new period as the reigning men’s World Cup champion, with expectations already building toward the team’s title defense on home soil in 2030.
Business
XEQT:CA: Looking Beyond Today’s Market Leaders (TSX:XEQT:CA)
I am a corporate finance professional with over ten years of experience in financial planning, capital budgeting, and risk assessment. As a long-term investor, I invest exclusively in funds and do not pick individual stocks. My approach is evidence-based: low costs, broad diversification, strategic asset allocation, and patience through market cycles. My motivation for writing is twofold: first, to help other long-term investors, especially women and those new to fund investing. I focus on what truly drives returns: costs, diversification, and time in the market. Second, to bring rigorous, data-driven fund analysis to a platform often dominated by single-stock commentary. I write to learn, share, and build a community of patient investors who value sleeping well at night over chasing short-term gains.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
Novo Nordisk sues Eli Lilly over GLP-1 ads
Photo illustration of a group of weight loss medications on a white background.
Ucg | Universal Images Group | Getty Images
Novo Nordisk on Tuesday filed a lawsuit against Eli Lilly, alleging that its advertising campaigns for its blockbuster obesity and diabetes drugs are designed to mislead consumers about their superior efficacy relative to the Danish drugmaker’s rival injections.
Novo is specifically taking issue with nationwide ads that cite what it called “outdated” clinical trials to compare the highest doses of Lilly’s medicines to lower doses of Novo’s drugs. For example, those campaigns don’t include new evidence about Novo’s recently approved high-dose version of its obesity injection, Wegovy, which entered the market in March and brings weight loss that’s more comparable to Lilly’s products.
That “leaves them with the inevitable conclusion that Lilly’s medicines are superior to Novo’s, and that’s not accurate,” said John Kuckelman, Novo’s group general counsel, in an interview on Monday. He said the suit comes after Lilly refused to pull down or correct certain ads despite a formal cease-and-desist request from Novo back in April.
In the suit filed in the U.S. District Court for the District of New Jersey, Novo asked the court to permanently stop Lilly from running the ads and require the drugmaker to issue corrective advertising. Novo is also seeking financial damages, though it’s unclear how much. The company said it has also warned Lilly that if the ads are not removed voluntarily, it plans to seek a preliminary injunction in the coming days to block them immediately while the case proceeds.
Lilly did not immediately respond to a request for comment.
The suit comes as Novo wages an aggressive battle against Lilly to regain market share in the GLP-1 space, positioning its new obesity pill, strategic price cuts and the new high-dose Wegovy to compete with its rival’s top-selling obesity injection Zepbound and diabetes counterpart Mounjaro.
In recent years, Lilly’s medications have become the preferred treatments in the space among many providers and patients due to their high efficacy. But high-dose Wegovy, which showed an average weight loss of around 19%, is a direct answer to that.
Issues with ‘outdated’ trials
Novo said it is specifically bringing federal and state unfair competition and false advertising claims, including under the Lanham Act, which pharmaceutical companies have relied on in the past to hold competitors accountable for deceptive advertising.
The suit alleges that Lilly’s campaigns across television and social media are harmful because consumers often rely on advertising to form their understanding of GLP-1s, unlike healthcare professionals, who have access to the full scientific evidence available.
“Lilly’s advertising campaign deprives consumers of the truthful, current, and complete information they need to make informed decisions about their available treatment options,” the suit said.
The lawsuit cites a TV commercial presenting Zepbound and Wegovy in a direct side-by-side comparison, stating visually and verbally that patients on Lilly’s drug lose 50 pounds on average compared to 33 pounds on the 2.4-milligram dose of Novo’s treatment. That’s based on a previous head-to-head clinical trial comparing the highest doses of Zepbound to the 1.7- and 2.4-milligram doses of Wegovy.
But Novo said in the suit that a more recent study shows that the high-dose 7.2-milligram dose of Wegovy helped patients lose 47 pounds on average, which is “clinically consistent” with Zepbound’s weight loss in Lilly’s most recent rigorous trial on the drug.
Novo said Lilly acknowledges the existence of that high-dose Wegovy in a “small footnote,” but called it “ambiguous, confusing, virtually illegible, and wholly inadequate,” as it does not communicate that it is significantly more effective than the lower doses of the drug.
In the suit, Novo added that no head-to-head trials have compared the highest doses of Wegovy and Zepbound currently available on the market, so Lilly has “no basis to make these comparative claims” that its drugs are more effective.
“While it may have been accurate to say that before 7.2 milligrams became available for Wegovy, it is no longer accurate to say that,” said Kuckelman. “They have, we think, a legal obligation, but even more important, they have a responsibility to patients to share accurate information.”
The suit added that the Zepbound TV commercial has received more than 700 million impressions since it began airing around the end of April, which demonstrates the scale of the competitive harm to Novo.
The suit alleges that Lilly takes the same approach when comparing the efficacy of Mounjaro and Ozempic in its ads, withholding new data on a higher dose of Novo’s drug that was approved more than four years ago.
“We feel that we have a very strong case here that we can show that Lily has indeed misled consumers with the advertising,” Kuckelman said.
Business
Paramount and Warner Bros mega merger paused by judge
A US federal judge has temporarily blocked the proposed $110bn (£85bn) merger between media giants Paramount Skydance and Warner Bros Discovery.
The decision follows a lawsuit brought by a coalition of 12 US states, including California and New York, aiming to halt the deal over concerns it would stifle competition and raise consumer prices.
Prosecutors representing the states said merging two major studios would cause “substantial harm on movie theatres, basic cable distributors, and, ultimately, audiences nationwide”.
In response, the media giants argued that the states had misread the market and that merging would improve streaming efficiency.
US district judge Araceli Martínez-Olguín issued the temporary restraining order on Monday following legals arguments heard last week.
Under the 14-day injunction, neither company can finalise the deal or start joining the businesses together.
In her ruling, the judge noted that the state coalition raised “serious questions” regarding the deal’s impact on movie distribution.
She warned that allowing the merger to proceed now would make it “extraordinarily difficult to unscramble the egg” if the court decided later to block it all together.
Judge Martínez-Olguín also pushed back against the companies’ arguments, highlighting that “public’s vital interest in antitrust enforcement” outweighed any temporary delay to the merger.
She said that Paramount and Warner Bros “will continue to operate as separate, viable companies competing in the marketplace” while legal proceedings continue.
Business
Thousands of websites taken down for illegal World Cup streams
Almost 3,000 websites have been blocked or seized for illegally streaming World Cup matches, the US Department of Justice (DOJ) has said.
More than 1,000 domains were shut down in the US alone during the tournament, with a similar number blocked in Colombia.
Enforcement agencies in America and across South America carried out the action under investigations named “operation offsides” and “operation red card”.
Ivan J. Arvelo, director of the National Intellectual Property Rights Coordination Center (NIPRCC), said unauthorised broadcasting of World Cup matches violated intellectual property rights and “fuels criminal organizations”.
The DOJ said at the end of last month it had taken down 400 webpages over illegal World Cup streaming. Now hundreds more have been taken down or blocked.
“The sustained effort to seize more than a thousand domains dedicated to illegally streaming the World Cup confirms the administration’s commitment to intellectual property rights and to the success of the 2026 FIFA World Cup,” said the DOJ’s assistant attorney general A. Tysen Duva.
The enforcement has been largely overseen by Immigration and Customs Enforcement (ICE), a federal agency that includes the NIPRCC.
The illegal streaming of sports often happens through webpages or websites created specifically for the event. Companies and broadcasters have estimated, external the activity costs them billions of dollars a year.
Due to its global popularity, football has been found to be pirated at an “industrial scale”, according to analysts. The increasing cost of rights deals for matches has resulted in higher prices for fans at home, especially if they choose to pay for multiple services to watch their team play.
It has led to some fans turning to illegal streams of big games to avoid such costs.
Charles Rivkin, chairman of the Alliance for Creativity and Entertainment (ACE), which aims to combat digital piracy and helped in the police effort, said on Monday that the World Cup was the “kind of global live event that piracy networks move quickly to exploit”.
The crackdown on illegal streaming was also supported by Fifa, which organises the World Cup, beIN Media Group, NBC Universal, Ultimate Fighting Championship, and Warner Brothers.
Much of Fifa’s revenue comes from the sale of broadcasting rights to the various global media networks that want to televise matches.
Fifa and the other media entities did not immediately respond to requests for comment.
The Colombian Attorney General’s Office said it had even made several arrests in connection with the operations.
Four members of what was referred to as the “cybercriminal group” Los Ciberinfiltrados were arrested for allegedly gaining and distributing access to World Cup games illegally.
Another 830 websites in Argentina, Ecuador, Peru, Brazil and the Dominican Republic were also taken down.
As well as illegal streaming, police in Colombia conducted “nationwide search-and-seizure operations” around counterfeit sports clothing.
The DoJ said 11 people in the country has been arrested and convicted for the illegal manufacture and distribution of fake sporting merchandise.
Business
Families skipping meals during school holidays, warns charity
Families are skipping meals to make ends meet during the school holidays, a charity has warned.
FareShare Sussex & Surrey says some parents are facing extra food costs as children cannot access free school meals over the summer break.
Dan Slatter, chief executive of the charity, told the BBC there was a “mountain of need. There’s a growing number of people that are facing food insecurity or even more extreme hunger.”
The government funds local authorities across England to run holiday activities and food camps, which are known as Club4 in Surrey.
These camps are only for children who receive benefit-related free school meals, Surrey County Council says on its website.
Steve, a senior warehouse manager at FareShare Sussex & Surrey, said he used a food bank when he was homeless with his daughter 11 years ago.
“All the benefits I was getting were going on fuel to get my daughter to and from school every day,” he told the BBC.
“We were struggling.
“I didn’t want to ask for help, but it got to the point where we weren’t eating.”
Business
Somerset dad facing difficult summer as food larder donations plunge
“If this trend keeps happening one or two years down the line, I don’t know,” she said.
“We can’t keep buying food [and] if people can’t afford to donate the food then we’ll struggle.”
Loki Stokes, the food bank’s food logistics manager, added that he has “never seen our stock this low”.
“We try to hold a week’s buffer across all nine outlets, but this summer that’s getting hard to promise,” he said.
A Somerset Council spokesperson said the authority recognised that many households continue to face financial pressures due to the ongoing cost of living crisis.
“These pressures will increase for many families over the summer holidays.
“The three years of government funding provided through the Crisis and Resilience Fund enable us to build on our strong partnerships with organisations across Somerset, helping to ensure that residents who need support can access it close to where they live,” they added.
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