BUSINESS

Existing pipelines bypassing the Strait of Hormuz can replace at most 28% of the 20 million barrels per day that normally transit the waterway. Here is why.

The crypto industry got a first look at legislative language that won’t allow rewards on stablecoin balances, and the approach is seen as restrictive.

Taylor Sheridan’s “The Madison,” starring Michelle Pfeiffer and Kurt Russell, wrapped up Season 1 over the weekend. What happens during the final episode and how does it set up “The Madison” Season 2?

Apple (AAPL) stock has lost about 7% year to date, at the time of writing, Monday afternoon, March 23, according to Yahoo Finance. Meanwhile, the SPDR S&P 500 index (SPY) is down about 3.82% in the same period.The stock is lagging behind the S&P 500, which isn’t doing great either, and is not much of a surprise. Investors still expect an AI turnaround from Apple.The stock took a significant hit on February 12, dropping 5% due to reports of Siri delays and regulatory scrutiny of the company’s news app, as reported by CNBC.Of course, the stock took a hit, as did most of the stock market, due to the ongoing military operation in Iran.We have some good news today, and the stock market is slowly recovering thanks to President Donald Trump’s announcement that he is postponing strikes on Iran’s power plants, as reported by Yahoo Finance.Whether it is too early to celebrate is hard to tell, but I wrote about how the S&P 500 is pricing in this conflict and other issues in my article, “Bank of America reveals S&P 500 ‘cheat sheet’.” Read the article “Apple stock price swing with $143B record” by TheStreet’s Aparajita Chatterjee for a recap of Apple’s Q1 report.Bloomberg recently reported that the foldable iPhone will launch this fall.Bank of America analyst Wamsi Mohan and his team updated their opinion on Apple shares after consulting with their supply chain sources regarding the foldable iPhone launch.

MacBook Neo is sold out online until next month.Shutterstock

Bank of America lowers Apple price targetMohan wrote: “Our checks in Asia suggest that Apple will likely introduce its first foldable iPhone in 2026.”He said that he expects the device to have an inner screen of 7.7″ to 7.8″ and under 10mm thickness when folded. The team believes that the initial demand for the device will be strong, and the supply chain is gearing up for a range of outcomes from 10 million to 20 million units.More Tech Stocks:Morgan Stanley sets jaw-dropping Micron price target after eventNvidia’s China chip problem isn’t what most investors thinkQuantum Computing makes $110 million move nobody saw comingAnalysts noted that this is a much higher number of units than competing products. They said their supply chain sources indicate that Apple will launch the foldable and the Pro models (Pro/Pro Max) in the usual September time frame.Mohan said that the base model, Air, and the “e” models are expected to launch in the first half of 2027.He noted that this delayed launch creates a shift in units from the September and December to the March quarter and changes the seasonality, which is not yet reflected in the consensus. This will create a push out for fiscal year 2026, which will cause lower units and revenues.Analysts changed their EPS estimates for 2026, 2027, and 2028 to $8.36, $9.53, and $10.64 from $8.51, $9.77, and $10.86, respectively.In a research note shared with me, Mohan reiterated a buy rating for Apple stock and lowered the price target to $320 from $325, due to the “staggered” launch of base, Air, and “e” models and associated gross margin changes, based on a 32 multiple of his estimates for EPS in 2027 of $9.94.Analysts noted downside risks for Apple:Weaker iPhone cycle on consumer spending risk,Weaker near-term services trajectory,Gross profit dollars declining YoY next few quarters,iPads/Macs reverting to pre-COVID levels,Stronger dollar,Antitrust lawsuit,Potential trade conflicts, tariffs.Apple’s upside is:Stronger sales of Pro iPhone models,Potential new products (AR/VR) and services,Stronger than expected iPhone cycle,Tailwinds from lower memory costs,Faster than expected recovery in emerging markets.Are analysts pricing in MacBook Neo in their price target?Apple CEO Tim Cookposted on X on March 20:“Mac just had its best launch week ever for first-time Mac customers. We love seeing the enthusiasm!”This was his way of saying it is sold out. 9to5Mac reported that as of March 20, all eight MacBook Neo models are sold out online until next month.When MacBook Neo was announced, I wrote an in-depth analysis of the importance of that launch in my article “Apple’s latest product is a game-changer,” and I am not surprised that it is sold out.What surprised me was that there were almost no reactions from the analysts. Sure, there was Rosenblatt, which reiterated a Neutral rating for Apple stock and raised its price target to $268 from $267, as reported by Investing.I believe the weak analyst reaction is due to the expectation that gross margin on the MacBook Neo will be very low. But the purpose of that laptop is to get millions of new customers into the Apple ecosystem, and it will be successful in doing that.Related: History of Apple: Company timeline and facts

The NBA schedule has been 82 games for more than five decades. Is it time to change? Warriors coach Steve Kerr and Pacers coach Rick Carlisle say it’s an improvement.

Following the fatal collision between an Air Canada Express passenger plane and a fire truck at LaGuardia Airport (LGA) in the late hours of March 22, the family of Antoine Forest identified him as one of the two pilots killed aboard the flight.The Bombardier CRJ-900 plane departed from Montreal’s Trudeau International Airport (YUL) and had been given clearance to land at LaGuardia’s Runway 4. The air traffic controller, who was operating alone navigating both air and ground traffic for hours before the flight, also gave the fire truck permission to cross the same runway at approximately 11:37 p.m. Air traffic controller footage captured him desperately yelling at the truck to stop immediately after the collision.Photos that emerged from the scene show the nose of the plane and part of the fuselage completely mangled as the 41 passengers and other crew aboard the flight were evacuated with injuries of varying degrees of severity. Antoine Forest remembered as ‘always flying’A native of Coteau-du-Lac southwest of Montreal, Forest had been working as a first officer for Air Canada’s Jazz Aviation regional partner since 2022.Great aunt Jeannette Gagnier described him as a lifelong flying passionate who started learning to fly a small plane in rural Québec at the age of 16. At around that age, he moved closer to a larger city to improve his knowledge of English and raise his chances of becoming a pilot for a major North American airline. Forest began his career flying single-engine jets for regional airline Air Saguenay before progressing to larger planes for several carriers.Related: Family killed in Hudson River helicopter crash booked sightseeing tour of NYC“He was always taking courses and flying,” Gagnier, who Forest and his brother considered a grandmother, described to the Toronto Sun. “He never stopped. He flew his first plane when he was 16 years old.”A joint probe into the cause of the crash from both U.S. and Canadian investigators is currently ongoing but in a press briefing in the morning of March 23 Port Authority Executive Director Kathryn Garcia said that anyone driving through the runway area “always is in deference to the control tower.”In the recording from the tower, the air traffic controller is heard saying “we were dealing with an emergency earlier; I messed up.”

Antoine Forest was one of the two Air Canada pilots killed in the crash at LaGuardia Airport.Facebook

“A very bad day for me”: Memories and condolences pour in”It’s a very bad day for me,” Gagnier said in an interview from her home. The name of the captain killed has not yet been released by aviation authorities.Another colleague who worked with Forest at Exact Air prior to him moving over to Jazz Aviation said that he was “a pleasure” to work with while yet another described him as “a hard worker, very resourceful” who was always “ready to fix and fly his plane.”More Travel News:Airline to launch unusual new flight to Cayman Islands from the U.S.Iranian strike hits major airport, injuries reportedUnexpected country is most luxurious travel destination for 2026U.S. government issues sudden warning on Switzerland travelAir Canada President Michael Rousseau also called the collision “a very somber day at Air Canada” as tributes for the killed pilots from colleagues, fellow union members and the flying public continued to pour in throughout the day.Jazz Aviation President Doug Clarke also called March 22 “an incredibly difficult day for our airline, our employees, and most importantly, the families and loved ones of those affected by the accident involving flight 8646.”Related: LaGuardia Airport reopens one runway after fatal crash

Cincinnati Hiring Utah State Coach Jerrod Calhoun

Some restaurants earn their reputation over decades, building loyal followings across generations. Others, however, take a more unconventional path to prominence, leveraging pop culture, TV exposure, and digital-first audiences to accelerate their success.That was the case for two high-profile Los Angeles venues. Once considered must-visit destinations for reality TV fans, both establishments rose to international recognition through their association with hit TV franchises.Today, however, their story reflects the broader industry reality that in an uncertain economy and reduced consumer spending, visibility and brand recognition alone are no longer enough to sustain long-term success.TomTom and Pump hit the marketTomTom and Pump, located side-by-side on the Santa Monica Boulevard in West Hollywood’s Rainbow District, have officially been listed for sale.The sale includes “substantially all operating assets, including intellectual property, social media platforms, FF&E, goodwill, and proprietary operational systems,” according to Urbanlime Real Estate and Zacuto Group, the commercial real estate agencies handling the sale.Financial terms remain confidential, with access restricted under a nondisclosure agreement (NDA). It is also unclear whether the listing will result in a full acquisition or a restructuring of ownership.Pump, which opened in 2014, closed its doors in July 2023, while TomTom, launched in 2018, continued to operate.Both venues are part of the hospitality portfolio of restaurateurs and reality TV star couple Lisa Vanderpump and Ken Todd, known for their roles on “The Real Housewives of Beverly Hills” and “Vanderpump Rules.” Their on-screen exposure transformed these restaurants into global fan destinations, attracting visitors eager to experience the TV hot spots.With more than 14.6 million viewers across recent “Vanderpump Rules” seasons and a combined social media following of more than 700,000, the brand has built significant cultural and digital influence.

TomTom and Pump restaurants are for sale.Araya Diaz/Getty Images

Strategic shift in the Vanderpump portfolioThe decision to sell TomTom and Pump follows a series of newer ventures. These include the opening of Wolf by Vanderpump in Scottsdale, Ariz., in December 2025 and continued expansion in Las Vegas, where The Vanderpump Hotel is in development and scheduled to open in May 2026.The portfolio shift may signal a strategic pivot toward higher-performing brands or more scalable markets. “Restaurant costs are up. Many restaurants close down. Four in the last week have closed down,” said Vanderpump in an episode of “Vanderpump Rules,” according to Bravo TV. “This is survival of the fittest.” Restaurants struggle with industry-wide pressuresThe challenges facing TomTom and Pump are far from isolated. Across the U.S., the restaurant industry is struggling with ongoing cost increases and shifting consumer behavior.Prices for food away from home increased 4% in the 12 months ending January 2026, according to recent U.S. Bureau of Labor Statistics data.Over the past five years, food and labor costs for the average restaurant have each risen by about 35%, according to the National Restaurant Association.To offset those surges, menu prices climbed an average of 31% between February 2020 and April 2025, according to U.S. Bureau of Labor Statistics data.However, higher prices have coincided with a slowdown in customer traffic. In a National Restaurant Association survey, 60% of restaurant operators reported lower traffic in December 2025, up from 51% in November.James O’Reilly, a food industry executive with more than 15 years of experience in restaurant marketing, believes that pricing alone won’t fix restaurant traffic.”In strong economic environments, price increases have historically been tolerated by restaurant guests,” O’Reilly told FSR Magazine. “Over the past few years, that’s become far more difficult. While headline economic indicators have improved and financial markets have strengthened, many restaurant consumers, particularly in lower- and middle-income brackets, have not experienced the same relief.”Los Angeles restaurants face unique headwindsIn Los Angeles, these national challenges are amplified by local factors. According to a recent annual industry survey by the California Restaurant Association, nearly 85% restaurant operators in the city reported a decline in consumer traffic compared to the previous year.Increased competition with reduced consumer spending has significantly tightened margins, leaving many businesses struggling to maintain profitability.”You’ve got more restaurants and way less spending in restaurants, so the piece of the pie that everybody gets is much, much, much smaller,” said the California Restaurant Association’s Jot Condie to the Los Angeles Times. “With that in the background, it’s like every other issue that’s conspiring against restaurants in L.A. is more intense.”Recent federal immigration raids have also become major contributors to Los Angeles’ restaurant downturn. Immigrants comprise 66% of workers in L.A. County, and 79% of them are Latino, according to the Los Angeles Food Policy Council Executive Director Alba Velasquez.In neighborhoods where immigrant-run food businesses are prominent, recent ICE raids have caused revenue to drop by around of 85% at some businesses as vendors and customers stayed away in fear, according to Velasquez.Restaurant success is redefinedThe rise and now potential sale of TomTom and Pump show a broader shift in the restaurant industry. While media exposure and celebrity association can drive rapid growth, long-term sustainability increasingly depends on operational efficiency, cost management, and adaptability.In today’s environment, even the most recognizable brands must evolve to remain relevant.More Restaurant Business News:31-year-old Italian restaurant chain closing its final locations96-year-old grocery chain acquires 18 stores from rival Starbucks is closing more storesWendy’s targets new customer group amid mass U.S. store closuresTiming may not be coincidental. “Vanderpump Rules” recently rebooted with a brand-new cast, drawing just 290,000 live viewers for its December 2025 premiere, according to Nielsen data. This is an 80% drop from Season 11 and the lowest-rated live episode in the show’s history. The sharp decline in viewership suggests the cultural engine that once fueled destination traffic to these venues may be losing momentum.Related: Popular fast food chain warns of more closures in 2026

AI companies are currently training on artists’ catalogs at the expense of music rights holders. The courts are about to decide if that’s legal.

The Innovation Showcase is back at Transform 2026: The Orchestration of Enterprise Agentic AI at Scale, taking place July 14 and 15 in Menlo Park.This year, we are moving beyond generative AI to autonomous agents, focusing on enterprise agentic orchestration, LLM observability and evaluation (LLMOps), RAG infrastructure, inference platforms and optimization, and agentic AI security and identity.We’re on the hunt for the 10 most innovative autonomous agent technologies poised to redefine the enterprise. If you have built agents that can reason, plan and execute complex workflows independently to drive real business value, we want to see you on our main stage.Innovators chosen to present at VB Transform 2026 will have the opportunity to share their tech to an audience of hundreds of AI industry decision-makers. You’ll receive direct, live feedback from a curated panel of enterprise tech thought leaders. Beyond the stage, every presenter receives exclusive editorial coverage from VentureBeat, positioning your agentic AI technology in front of our millions of monthly readers.Who should apply?We are looking for dynamic companies with compelling agentic AI technologies that are ready for prime time. Whether you are building specialized autonomous agents to support workers or the orchestration layers that manage AI agents, we want to hear your story.We will select up to 10 candidates across two tracks: up to five seed to early-stage Series A (raised $50M or less) and up to five Series B or later startups, or units within mature, large companies (raised/allocated more than $50M).If you have a product that delivers tangible enterprise results and a vision for the future of autonomous work, don’t miss this opportunity. Application deadline: June 1, 2026, at 5 p.m. PT.Submit hereRead about last year’s winner: Solo.io