>>FTX Co-Founder Appeals 25-Year Sentence
(New York, NY) -- FTX co-founder Sam Bankman-Fried [[ freed ]] is appealing his 25-year prison sentence. The so-called "Crypto King" was sentenced last month on charges of fraud and conspiracy after it was discovered he illegally used client and lenders' money to pay for private planes, land in the Caribbean, and bribes to Chinese officials. On Thursday, Bankman-Fried appealed the conviction. His lawyers have argued that a long prison sentence is unfair since investors are expected to get their money back.
>>Low Income Internet Users Could See Their Monthly Subsidy Halved In May
(New York, NY) -- The FCC says if Congress doesn't extend the Affordable Connectivity Program, millions of people will lose internet service. The Affordable Connectivity Program is a pandemic-era benefit that provides monthly discounts on internet service to more than 23 million US households, including seniors, veterans and schoolchildren. When Congress created the program in 2021, it promised low-income households a discount of up to 30-dollars a month on internet service, and it funded the program with a one-time infusion of 14-billion dollars. Subscribers will now have to pay hundreds of dollars more per year to stay online, or give up internet service entirely. The Biden administration has blamed congressional Republicans for standing in the way of legislation that could renew the ACP.
>>Producer Price Index Heats Up At Fastest Pace In A Year
(Washington, DC) -- A key inflation metric is increasing at its fastest pace since this time last year. The Producer Price Index, a measure of inflation at the wholesale level, went up over two-percent for the 12 months ending in March. That's up from just one-point-six-percent in February, according to Bureau of Labor Statistics data. The speed-up comes as the Consumer Price Index also brings up concerns about both inflation and interest rates staying higher for longer.
>>Mortgage Rates On The Rise
(Washington, DC) -- Mortgage rates are on the rise and could continue further. According to data from Freddie Mac, the 30-year fixed-rate mortgage averaged six-point-eight-eight percent this week. That's up from six-point-eight-two percent the previous week. While rates have mostly held steady recently, they could potentially cross seven-percent if inflation continues on its hotter-than-expected path.
>>Amazon Ordered To Pay Chicago-Based Tech Company For Patent Infringement
(Chicago, IL) -- A federal jury is ordering Amazon to pay more than 500-million-dollars to a Chicago-based tech company for patent infringement. Kove accused Amazon Web Services of infringement in a lawsuit filed in 2018. The suit claimed the subsidiary of the e-commerce giant used the firm's technology as a building block for some of its cloud services. The jury found yesterday that Amazon Web Services infringed on multiple patents invented by Kove.
