Plus, the British Pound Sterling falls to its lowest level against the dollar.
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Apple announced multiple new products at its iPhone event on Wednesday. The tech giant unveiled the new iPhone 14, a new Apple Watch, and a new AirPods Pro. The new iPhones will be available to pre-order on Friday and will ship on Sept. 16. The Apple watch will be available to pre-order on Wednesday, and the new AirPods Pro will go on sale on Sept. 23. More: - The new iPhone 14 Pro will start at $999, with its larger model starting at $1,099, the same prices as last year’s iPhone 13 Pro models.
- The base model iPhone 14 starts at $799, and the Plus model starts at $899.
- The new iPhone 14 Pro comes will a smaller notch on the front of the phone.
- Apple’s new AirPods Pro is priced at $249.
- The company unveiled a new high-end Apple Watch Ultra with a starting price of $799.
- The product is aimed at outdoor athletes.
- Apple shares closed at $155.96 on Wednesday, up ~1% for the day.
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Theranos founder Elizabeth Holmes, who was convicted of fraud earlier this year, has asked a federal judge for a new trial. According to a recent court filing, Holmes said one of the prosecution's star witnesses and a former Theranos lab director, Adam Rosendorff, visited her house to express regret for his role in her trial. More: - Holmes said Rosendorff visited her home on Aug. 8 and spoke to her partner, saying the government had twisted his testimony.
- According to Holmes, Rosendorff said Theranos was working hard to do something good and meaningful, and he felt guilty to the point where he had difficulty sleeping.
- Holmes claims that Rosendorff's alleged statements to her partner qualify her for a new trial or a hearing to discuss the evidence.
- In January, Holmes was convicted of four counts of criminal fraud for deceiving investors.
- In July, former Theranos president Ramesh "Sunny" Balwani, a rumored former romantic partner of Holmes, was convicted of 12 counts of fraud.
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Instagram was fined €405M ($402M) by Ireland's Data Protection Commission over its mishandling of children's data. The data regulator leads privacy enforcement in the EU for Meta and other technology companies with European headquarters in Ireland. More: - The fine is the second-largest European Union privacy fine to date.
- Meta, Instagram's parent, said the decision was related to old settings it had updated more than a year ago.
- The company plans to appeal the calculation for the fine.
- Meta noted that Instagram previously displayed business users' contact information by default but changed it to optional in late 2019.
- Many teens had changed their Instagram accounts to business pages, which let them see how many views their posts had but also exposed their email addresses and phone numbers.
- Also, the social media platform now automatically sets underage users' accounts to private when they sign up for Instagram.
- Meta shares closed at $160.39 on Wednesday, up ~1%.
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Elon Musk has been allowed to amend his countersuit against Twitter to include recent allegations from former Twitter security head Peiter “Mudge” Zatko. Chancellor Kathaleen McCormick, the Delaware judge overseeing the Twitter vs. Elon Musk $44B takeover dispute, cited a Chancery Court rule. More: - Musk’s request to postpone the trial to November from Oct. 17 was denied.
- Chancellor McCormick noted that delaying the trial, even by four weeks, would cause further harm to Twitter.
- She added she would limit additional requests for information related to new claims.
- Twitter shares closed at $41.20 on Wednesday, up ~6.4% for the day.
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State Farm is investing $1.5B in security firm ADT. The insurance giant is buying 133.3 million shares of ADT, or about 15% of the company, for $1.2B. It is also investing an additional $300M in ADT to fund new products and technology development. More: - The price of $9 a share represents a ~25% premium on ADT’s Friday close price.
- State Farm would also get a seat on ADT’s board.
- ADT hopes to grow its customer base from the partnership, and State Farm aims to improve risk mitigation for insured homeowners.
- Google also owns a 6.6% stake in ADT from a $450M investment made in 2020.
- The tech giant has committed an additional $150M to the security company to go toward engineering, designing, and marketing new products.
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The European Union has blocked Illumina’s $7.1B purchase of cancer-test developer Grail Inc. The EU’s antitrust regulator said the acquisition would stifle innovation and reduce choice in the relatively new market for early cancer-detection blood tests. More: - The European Commission said Illumina didn’t offer sufficient remedies to address its concerns about the deal.
- The regulator said it would issue a separate decision ordering Illumina and Grail to dissolve their transaction.
- The decision comes days after a U.S. administrative law judge allowed the merger to proceed, foiling the U.S. FTC’s efforts to stop the transaction on antitrust grounds.
- According to antitrust lawyers, the outcome could set new precedents for mergers and acquisition oversight.
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Quick Hits - Origin Investments' IncomePlus Fund has seen its 27th consecutive month of positive returns, generating 18.7% over the past 12 months.*
- U.S. health authorities plan to recommend that people get COVID-19 vaccine booster shots once a year, starting with the new shots coming soon that target the Omicron variant of the virus.
- The British Pound Sterling fell to $1.1407 on Wednesday, its lowest level against the dollar since 1985. The pound has been impacted by record-high inflation in the last several months and prospects of a looming recession.
- Dan Lin, the producer of the "Lego Movie," will not head up Warner Bros. Discovery's D.C. Comics film and T.V. unit. According to sources, Lin had been in talks with the recently combined media company to take over the unit.
- Russia has cut off gas supplies to Europe indefinitely. The country blamed the economic sanctions imposed by the West.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business and Inside Cloud newsletters. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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