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At a time of skyrocketing costs in the U.S., looming tariffs, and fears of a recession, New Yorkers are finally getting some good news: This year more than 8 million people in the Empire State will receive a sort of stimulus check, or officially, an “inflation refund check,” according to Democratic Gov. Kathy Hochul. The refunds come as Americans continue to battle high inflation, which is driving up prices on everything from housing to groceries, and stems from the global COVID-19 pandemic and its aftermath. While inflation has steadily decreased from its 2022 high of 9.1%, prices have not readjusted to levels before the pandemic, according to Newsweek. Last week, Hochul said: “While inflation has driven prices higher . . . it has also driven sharp increases in the state’s collection of sales tax” that “belongs to hardworking New York families and should be returned to their pockets as an inflation refund.” The checks add up to about $2 billion and are allocated as part of the state’s 2026 fiscal budget. It’s the first time the state has issued this type of refund check. Here’s what you need to know. Am I eligible for a New York inflation refund? The inflation refunds are going out to more than 8 million people living in New York state who are part of households that fall under set income limits. For couples or families that file joint taxes, households earning up to $300,000 a year are eligible for the refunds. For individuals who file solo taxes, those earning up to $150,000 are eligible. How much can I expect to receive if live in New York? Couples or families that file joint taxes and earn up to $150,000 will receive a $400 check, while joint tax filers earning more than $150,000 and up to $300,000 will get a $300 refund. Individuals who file solo taxes of up to $75,000 will get a $200 refund; those who earn more than $75,000 and up to $150,000 will receive a $150 check. What’s the timeline for the inflation refunds? There’s no clear timeline yet for when the inflation refunds will be sent out, although Hochul has said New York residents can expect the refunds this year. What if I have kids? Is there an additional tax credit? In addition to that refund, the governor announced she will be expanding New Yorks child tax credit “for middle-class New Yorkers,” giving 1.6 million New York families an annual tax credit of up to $1,000 per child under the age of four, and up to $500 per child ages 4 through 16. The expansion of New Yorks child tax credit will benefit approximately 2.75 million children statewide, and will double the size of the average credit going out to families from $472 to $943.
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E-Commerce
One day after WeightWatchers said that it would file for bankruptcy, weight-loss drug giant Novo Nordisks outlook is brightening. Novo Nordisk, the Danish company that produces the semaglutide drugs Ozempic and Wegovy, saw its shares rise more than 7% Wednesday, in spite of recent headwinds from widely available copycat versions of its signature weight-loss drugs. Following its quarterly earnings report, shares of the company rose to $71.53 before leveling off and settling around $67.70, in spite of lowered expectations for the year. Novo Nordisk lowered its sales growth forecast for 2025, now expecting growth between 13% and 21%, down from the 16% to 24% it projected back in February. The company blamed the dip on slower-than-expected uptake of its branded glucagon-like peptide-1 (GLP-1) drugs, largely due to competition from compounding pharmacies, which had been filling the gap as demand for weight-loss meds like Wegovy outpaced supply. FDA crackdown signals end of GLP-1 copycats But that pressure is expected to ease. The Food and Drug Administration recently declared the shortage over and has officially banned large-scale compounding of GLP-1 drugs like semaglutide. With those off-brand versions now illegal in the U.S., Novo Nordisk and its investors are optimistic sales will rebound in the coming months. The agency has given large compounding pharmacies in the U.S. until May 22 to wind down production of those drugs or face potential enforcement actions. Late last month, a U.S. judge rejected a legal challenge from an industry group representing compounding pharmacies that could have allowed continued production of GLP-1 copycat drugs to continue. While their products can be cheaper for consumers, drugs produced in compounding pharmacies face less regulatory scrutiny than their name-brand counterparts. The FDA acknowledges that while compounded drugs are a lawful option that alleviates supply problems, they may not meet the same quality and safety standards. WeightWatchers collapses under pressure The future is decidedly less sunny for longtime weight-loss industry stalwart WeightWatchers, which announced that it would pursue Chapter 11 bankruptcy protection on Tuesday. The company has struggled to reinvent itself in the era of widely available weight-loss drugs, even as it embraced their rise by pivoting to sell compounded semaglutide through its own online pharmacy. WeightWatchers may be down, but the company insists that it isnt out. WeightWatchers insists that it will continue to operate normally in spite of its bankruptcy plans, which it described as transformational in a press release. There will be no impact to members or the plans they rely on to support their weight management goals, the company said. After the process is complete, a new investor group will wield 91% of the company and the remaining chunk of stock will be held by existing shareholders. The decisive actions were taking today, with the overwhelming support of our lenders and noteholders, will give us the flexibility to accelerate innovation, reinvest in our members, and lead with authority in a rapidly evolving weight management landscape, WeightWatchers CEO Tara Comonte said. As the conversation around weight shifts toward long-term health, our commitment to delivering the most trusted, science-backed, and holistic solutionsgrounded in community support and lasting resultshas never been stronger, or more important, she added. A new generation of GLP-1 drugs promising fast results continues to rock the weight-loss industry, which has emphasized dieting and other slow behavioral changes for decades. Whether WeightWatchers can weather the storm remains to be seen, but complete transformation might be the only option if the 60-year-old company plans to make it in the Wegovy era.
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E-Commerce
Apple is considering reworking its Safari web browser across its devices to place a greater emphasis on AI-powered search engines, Bloomberg reported Wednesday. The disclosure came from Eddy Cue, Apples senior vice president of services, during his testimony Wednesday in the Department of Justices lawsuit against Alphabet. Cue was speaking about the two companies $20 billion-a-year deal that makes Google the default search engine on Apples browsers. The Apple executive said he expects AI search providerslike OpenAI, Anthropic, and Perplexityto eventually replace standard sources like Google. Apple has already seen a decline in Safari searches for the first time last month, which Cue attributed to the growing use of AI. Still, he added, its too early for these platforms to become the default. Currently, Apple and Alphabet have a lucrative agreement that allows Apple usersacross more than 2 billion active devicesto perform searches through Google. Initially, Apple agreed to use Google in its Safari browser for free. Eventually, the two companies agreed to share revenue generated from search advertising. A shift away from Google and the entry of multiple competitors into the space could jeopardize that profitable arrangement, which contributes significantly to Apples revenue. Theres enough money now, enough large players, that I dont see how it doesnt happen, Cue said about the switch from standard internet search to AI, according to Bloomberg.
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E-Commerce
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