Ozempic May Cause Rare Form of Blindness

A study in JAMA Ophthalmology suggests that semaglutide, the active ingredient in Ozempic and Wegovy, might increase the risk of a rare type of blindness called NAION.

Researchers observed this link in a review of medical records from 17,000 patients over six years. NAION is marked by sudden vision loss due to reduced blood flow to the optic nerve.

Patients using semaglutide had a higher rate of NAION compared to those on other medications. For type 2 diabetes patients, the risk was four times higher.

For those using the drug for obesity, the risk was seven times higher.

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Federal Judge Blocks FTC’s Noncompete Ban

A Federal judge in Texas partially halted the Federal Trade Commission (FTC) ban on worker noncompete agreements. Judge Ada Brown ruled that the FTC overstepped its authority in banning noncompetes.

About 30 million workers, or 20% of the U.S. workforce, have signed noncompetes.

The FTC argues noncompetes stifle innovation and economic growth. Meanwhile, the Chamber of Commerce argue noncompetes are crucial for protecting trade secrets and investments in talent.

The court aims for a final ruling by August 30, 2024.

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Judge Rejects $30 Billion Visa, Mastercard Settlement

A federal judge rejected a $30 billion antitrust settlement involving Visa and Mastercard. This deal intended to limit swipe fees charged to merchants.

US District Judge Margo Brodie denied the preliminary approval, favoring merchants’ and trade groups’ objections. They argued the fees remained too high and gave Visa and Mastercard too much control over transactions.

The settlement, was meant to end a long-standing litigation from 2005 over interchange fees. These fees, ranging from 1.5% to 3.5% per transaction, brought in around $72 billion in 2023.

Merchants argued against provisions stopping them from steering customers to cheaper cards.

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Saks Acquires Neiman Marcus

Saks Fifth Avenue's parent company, Hudson's Bay Co., finalized a $2.65 billion deal to acquire Neiman Marcus and form a new company called Saks Global.

Amazon and Salesforce will hold minority stakes in the new company. Amazon will provide technology and logistical support, while Salesforce will help with artificial intelligence.

The combined company will have around $10 billion in annual sales.

The deal comes amid a slowdown in luxury goods spending, especially in the Americas. Saks Global aims to better negotiate with suppliers and streamline operations.

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