ICYMI: News Round-Up for March 25-29, 2024

Here are just a few of the events that took place around the world this week:

1. Boeing announced that its embattled CEO, Dave Calhoun, will be stepping down following a number of safety related incidents at the company. Mr. Calhoun is likely to exit with sizeable compensation package worth up to $24 million.
2. In the early hours of March 26th, a container ship called The Dali struck Baltimore's Francis Scott Key Bridge, causing the structure to collapse. Six men are presumed dead as a result of the accident. The ship that struck the bridge was nearly twice the length of container ships during the 1970s, when the Francis Scott Key Bridge was built. The U.S. Navy is sending four massive crane barges to help disassemble and remove the wreckage section by section.
3. Four gunmen attacked Moscow's Crocus City concert hall, killing at least 143 people and setting the building aflame. The Islamic State has claimed responsibility for the attack, and four Tajik citizens were detained by Russian authorities. At least nine more people were arrested later in the week by Tajik authorities in connection with the massacre.
4. The European Union opened non-compliance investigations into Apple, Alphabet, and Meta, marking the first major action since the new Digital Markets Act was introduced. If found guilty, the European Commission can impose fines upwards of 10% of the tech firms’ total worldwide turnover.
5. Competition in the electric vehicle market continues to heat up as Xiaomi, a Chinese smartphone brand, launched its first EV. EV price points in China are typically lower than in other parts of the world, but Xiaomi is reportedly targeting the higher end of the market with its new Speed Ultra 7 (SU7) sedan.
6. Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, was sentenced to 25 years in prison for fraud and conspiracy. Bankman-Fried described his actions, which lead to the collapse of FTX and hedge fund Alameda Research, as "selfish". Three other FTX executives testified against Bankman-Fried under plea agreements with the U.S. government.