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The study is the first randomized clinical trial to compare the effectiveness of mindfulness meditation with the antidepressant escitalopram.
After monitoring the two groups for eight weeks, researchers found that people using mindfulness meditation saw their anxiety improve nearly as much as people who were taking the antidepressant.

Patrik Giardino | Digitalvision | Getty Images

Mindfulness meditation is as effective at reducing anxiety as a commonly prescribed antidepressant, according to a study published in a major journal on Wednesday.
The study, led by researchers at Georgetown University Medical Center, is the first randomized clinical trial to compare the effectiveness of mindfulness meditation with the antidepressant escitalopram. The results were published in JAMA Psychiatry, a peer-reviewed journal.

The adult participants in the mindfulness group practiced 45-minute daily meditations using a few different techniques they learned at weekly classes. They also went on daylong weekend retreats.
The meditation techniques included breath awareness; body scanning, in which attention is directed to one body part at a time; and mindful movement, in which stretching and movements bring attention to the body.
Participants in the antidepressant group received 10mg of escitalopram daily the first week, and then took 20mg daily for the rest of the study if the pill was well tolerated. There were 102 patients in the mindfulness group and 106 in the antidepressant group. Escitalopram is sold under the brand names Lexapro and Cipralex, among others.
After monitoring the two groups for eight weeks, researchers found that people using mindfulness meditation saw their anxiety improve nearly as much as people who were taking the antidepressant.
Dr. Elizabeth Hoge, lead author on the study, said the findings support physicians recommending mindfulness meditation as an alternative to antidepressants for some patients. Many people worry that antidepressants will interfere with their daily lives and others start taking medications but stop.

Hoge, who is director of Georgetown University’s Anxiety Disorders Research Program, said the study also provides evidence for insurers to cover mindfulness meditation as a treatment for anxiety.
Anxiety disorders are the most common type of mental illness, affecting about 301 million people around the world, according to a February study published in Lancet Psychiatry.

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A federal judge dismissed Walmart’s request for a new trial in a disability discrimination lawsuit.
A jury found last year that the retailer wrongfully fired Marlo Spaeth, a woman with Down syndrome who worked for nearly 16 years in a Walmart Supercenter.
A Walmart spokesman said the company is “reviewing the opinion and considering our options.”

Marlo Spaeth (left) was fired from Walmart in July 2015, after working there for nearly 16 years. Her sister, Amy Jo Stevenson, has been in a legal battle with the retail giant since then. She filed a discrimination complaint with the U.S. Equal Employment Opportunity Commission.
Amy Jo Stevenson

A federal judge has rejected Walmart’s request for a new trial after a jury found the retailer discriminated against a longtime employee with Down syndrome by refusing to adjust her schedule and firing her.
In a court filing on Monday, the judge stood by the July 2021 ruling. A jury found that Walmart violated the law by terminating Marlo Spaeth, an employee who folded towels, tidied aisles and helped customers for nearly 16 years in a Walmart Supercenter in Manitowoc, Wisconsin.

It ordered Walmart, the nation’s largest private employer, to pay more than $125 million in damages — one of the highest ever for a single victim won by the U.S. Equal Employment Opportunity Commission. The federal agency filed the disability discrimination suit on Spaeth’s behalf.
Damages were reduced by the judge to $300,000, the maximum allowed under the law.
The judge also ordered Walmart earlier this year to give Spaeth more than $50,000 in back pay and immediately rehire her, if she is interested in the job.
The judge’s denial is the latest in a seven-year battle between Spaeth’s family and Walmart.
“The court has concluded that a reasonable jury could find that Walmart was aware that Spaeth needed an accommodation because of her disability,” Judge William Griesbach wrote in the Monday court filing. “The jury was well situated to answer that factual question, and this court will not disturb that conclusion.”

Spaeth’s sister, Amy Jo Stevenson told CNBC on Wednesday that the judge’s ruling is a relief. Yet she said she is still looking for closure.
Spaeth’s firing permanently shook up their lives and took away her sister’s sense of purpose, Stevenson said. Spaeth has also struggled with depression, and despite the historic jury award, “still hasn’t seen a penny,” Stevenson added.
The dispute began when the retailer adopted a computerized scheduling system and changed Spaeth’s longstanding work shift. Spaeth could not adjust to the schedule because of her disability, Stevenson told the jury. The change in hours kept Spaeth from taking the same bus and getting home in time for dinner. Instead of adjusting Spaeth’s shift to her old hours, Walmart fired her in July 2015.
Walmart contested the jury’s verdict and asked the judge to toss the damages. Among its arguments, Walmart said the federal agency did not prove the retailer knew Spaeth’s scheduling challenges were related to her Down syndrome.
Griesbach poked holes in that, saying the trial included plenty of evidence that “Spaeth’s limitations and need for an accommodation were obvious.” Some of that evidence came from Walmart’s own managers, who testified that Spaeth needed extra help when the company changed her work routine.
Walmart could appeal the case. Walmart spokesman Randy Hargrove said the company is “reviewing the opinion and considering our options.”
Stevenson said she is eager to receive the check, so she knows the years-long court battle is behind them. She plans to put it toward experiences that enrich her sister’s life — such as concert tickets, a new bowling ball or a trip to the Country Music Hall of Fame.
Since the firing, music has been one of Spaeth’s few joys, she said.
Stevenson said it is exhausting to see Walmart keep fighting the jury’s verdict.
“It blows my mind that they have yet to own up to anything,” she said. “I don’t expect them ever to at this point.”

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Five states had proposals to legalize recreational marijuana on the ballot in the midterm elections.
Voters in Maryland and Missouri approved the legalization, while similar proposals were rejected in Arkansas, North Dakota and South Dakota.

Voters in two states approved the legalization of recreational marijuana in Tuesday’s elections, joining the growing list of states where the cannabis market is regulated for adult use.
Maryland and Missouri join 19 other states and the District of Columbia in legalizing recreational marijuana, while legalization proposals did not pass in Arkansas, North Dakota and South Dakota.

Here’s a look at the five measures.

Maryland

Following the passage of Maryland’s Question 4, adults in the state will be allowed to possess up to 1.5 ounces, or two marijuana plants, beginning July 1, 2023. 
The amendment also allows for the expungement of records for people arrested for marijuana possession, and for people serving time for simple possession to have their sentences reconsidered. It would also establish a cannabis business assistance fund for small businesses, as well as minority- and women-owned businesses, entering the cannabis industry.
Now, the state’s lawmakers will decide on licensing and taxation.
“Nothing has been set in stone regarding taxation or how those tax dollars will be distributed, which makes the upcoming legislative session extremely important,” said Kevin Ford, executive director of Uplift Action Fund, which advocates for equity in Maryland’s marijuana industry.

“Now, the real work begins to ensure that the rollout of Maryland’s adult-use market provides equal opportunity and equitable resources,” he said.

Missouri

Missouri voters approved the state’s Amendment 3, which removes existing prohibitions on marijuana and allows adults to purchase and possess up to three ounces and grow up to six flowering plants at home.
A 6% sales tax will go toward facilitating automatic expungements for certain nonviolent marijuana offenses, veterans’ health care, substance misuse treatment and the state’s public defender system.
It also adds at least 144 new small business licensees to the existing businesses licensed for medical marijuana, according to Legal Missouri 2022, the advocacy group that sponsored the measure. New license holders will be selected by lottery.
“Missouri is poised to become a tent-pole for the industry in the Midwest,” said John Mueller, CEO of Greenlight, a cannabis company. He said his company expects Missouri to be an $800 million to $1 billion market.

Arkansas

Voters in Arkansas rejected Issue 4, which would have allowed for the purchase of up to an ounce of marijuana from licensed retailers.
The measure would have implemented a 10% sales tax, with the funds going toward law enforcement, operations at the University of Arkansas for Medical Sciences and drug court programs authorized by the Arkansas Drug Court Act, according to the University of Arkansas Division of Agriculture.
The measure did not have provisions to expunge criminal records for marijuana convictions or for growing plants at home.

North Dakota

North Dakota’s Measure 2, which voters rejected, would have allowed for the possession of up to an ounce of marijuana.
It also would have granted permits to 18 retailers and seven cultivation facilities, imposed a 5% excise tax and allowed individuals three cannabis plants for at-home growing.
With 70% of votes counted as of Wednesday morning, 55% of North Dakotans voted against it.
Voters in the state also rejected marijuana legalization when it appeared on ballots in 2018, by a margin of 41% to 59%.

South Dakota

Voters in South Dakota rejected Measure 27, which would have legalized possession of up to one ounce of marijuana.
Under the measure, individuals would have been able to own up to three plants at home, as long as they live in a jurisdiction where there is not a licensed marijuana retail store. The measure did not include the creation of a regulated market.
In 2020, voters approved a constitutional amendment to legalize cannabis, but the state Supreme Court nullified the results on technical grounds, a move championed by Republican Gov. Kristi Noem.

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Shares of a Trump-linked SPAC fell after several of the ex-president’s favorite candidates disappointed in midterm elections.
Trump Media’s merger with Digital World Acquisition Corp. faces legal and financial challenges.

This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022.
Stefani Reynolds | AFP | Getty Images

Shares of the blank-check company set to take Trump Media and its Truth Social platform public fell sharply Wednesday after candidates endorsed by the former president disappointed in high-profile midterm election races.
Digital World Acquisition Corp.’s shares closed more than 19% lower Wednesday.

In Pennsylvania, Trump-endorsed Senate candidate Dr. Mehmet Oz lost to Democratic Lt. Gov. John Fetterman, NBC News reported, costing the Republican Party a Senate seat. In Michigan, Tudor Dixon lost a gubernatorial race and Kristina Karamo lost her bid to be secretary of state. Both were supported by Trump.
The weekend leading into the election, Trump held huge rallies where he read off a list of Republican candidates. He also helped to raise hundreds of millions of dollars for Republican candidates in high-profile Senate campaigns.
The rallies also served as a platform for Trump to seemingly hone a speech that sounded like his own bid for the 2024 presidential campaign. On Monday, shares of DWAC soared at Trump’s hinting of another presidential run.
Another presidential campaign could drive traffic to Trump’s Truth Social platform, as the ex-president has agreed to post exclusively on the social media platform for eight hours before posting it anywhere else.
Still, DWAC’s shares are trading sharply lower so far this year as the special purpose acquisition company faces financial and legal challenges as it seeks to merge with Trump Media & Technology Group, the parent company of Truth Social.

DWAC has been working to secure enough shareholder support to extend the deadline for the merger with Trump Media until September 2023, with the vote being pushed back multiple times. It will take place again on Nov. 22.
The merger also faces a criminal probe into possible securities violations over discussions that took place between DWAC and Trump Media before the deal announcement.
The delays have prompted at least $138 million of $1 billion in investments to be pulled from DWAC. The ex-president himself has also suggested the SPAC merger might not go through. At an October rally in Michigan, Trump told supporters if the financing didn’t come through he would take it private.
– CNBC’s Jack Stebbins contributed to this article.

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In 1922 Vladimir Lenin, criticised by Communist militants for tolerating a minuscule role for the private sector in Bolshevik Russia, insisted that it was a reasonable trade-off because the state would still control “the commanding heights” of the economy. For much of the rest of the 20th century that phrase came to stand for state meddling—not a complete clampdown on private markets, but preference for a dominant economic role played by the mandarins of the public sector. In the 1980s that changed. For most of the period since then it was market forces, rather than the state, that have been in the ascendancy across the West, even when centre-left governments have been in power. But Daniel Yergin, who co-authored a book called “Commanding Heights” in 2002, argues that the concept is back. President Joe Biden’s spending bills on infrastructure, semiconductors and the climate seek to use industrial policy to strengthen investment in America and counter geopolitical competition from China. His government has a left-wing regulatory zeal not seen in generations. “The hand of the regulatory state has become stronger,” asserts Mr Yergin, who is also vice-chairman of S&P Global, a research firm.For such reasons, the prospect of gridlock after Republicans appear on track to narrowly regain the House of Representatives in midterm elections on November 8th will probably be salutary for business, even if the Grand Old Party fails to make the sweeping gains in the Senate that some had predicted. If nothing else, it will prevent yet more big-spending “Bidenomics”, potentially reducing upward pressure on inflation and interest rates.Yet the election results are not an unalloyed win for America Inc. Although political paralysis in Washington may constrain the more progressive wing of the Democratic Party and the globophobe populists among the Republicans, there is little that centrists can do in the short run to stem the regulatory tide. Moreover, results in state races portray a country split into conflicting ideological camps. Whether in red states like Florida and Texas or blue ones like California, governments are increasingly keen to boss businesses about. Corporations struggle to straddle the chasm. Even before the final vote counts roll in, the post-electoral picture for corporate America is already clearest on taxes. Republican control of the house would take two immediate concerns off the table. The first is the White House’s ambition to push through corporate-tax increases, windfall taxes on oil firms, or both. The second allayed concern is that of a new fiscal splurge. Granted, many consumer-facing firms benefited from the fillip to households that came from Mr Biden’s $1.9trn American Rescue Plan in March 2021. Others, such as construction-equipment firms, logistics operators, chipmakers and clean-energy companies, are likely to benefit from the $1.7trn trio of spending bills pushed through by the Biden administration in the past year. With annual inflation running at 8%, however, further spending, if debt-financed, would be dangerous. It would push up wages and other costs.Matters are blurrier when it comes to the regulatory state. Even if the right wins control of both chambers, Mr Biden would veto any attempts to arrest his sharp shift to the left on matters like competition policy; the Federal Trade Commission is gearing up for some high-profile cases, including an antitrust trial against Meta, Facebook’s corporate parent, expected to begin in December 2023. With control of at least one chamber, the Republicans can make mischief, summoning regulators to Capitol Hill, or turning down agencies’ requests for more money. They are cross about some issues that many big businesses also seethe about, such as the attempts by the Securities and Exchange Commission, the market regulator, to demand finicky emissions disclosures.In other important ways, though, the party that used to treat corporate America as a bedfellow has started to disown it. Like Democrats, though for different reasons, Republicans want to cut big tech down to size. Just as Donald Trump courted blue-collar voters, some of his most notable acolytes have espoused causes that are anathema to big business, such as higher wages and workers’ councils, while turning against laissez-faire favourites like globalisation and immigration. In the end it may be the courts, not the Republicans, that prove to be the last bulwark against overweening regulators.Business may have the most difficulty keeping interventionism at bay in the states. With Washington gridlocked, states are turning into strongholds of ideological unity and taking matters into their own hands. In the run-up to the elections, only 12 of the 50 states had divided governments, notes Neil Bradley of the US Chamber of Commerce, America Inc’s main lobby group. That emboldens them to interfere in what used to be considered internal corporate affairs, from the “wokery” of CEOs to investments, lending policies and the size of share buy-backs. That leaves companies in the tricky position of trying to appease both deep-red and deep-blue states at the same time. As Mr Bradley puts it, companies are seeing “Texas telling them they have to do one thing and California telling them they have to do the opposite”. Taking the Mickey One way for businesses to cope with this is to keep their heads down and their noses out of politics. The consequences of misreading local political moods can be severe. Just ask Disney, whose run-in with Ron DeSantis, Florida’s governor, may be all the costlier after his thumping re-election win puts him in pole position to challenge Mr Trump for the Republican nomination in the 2024 presidential race. Alternatively, companies could also lobby the federal government for a single set of rules in areas such as greenery or data privacy, even if these are not all to businesses’ liking. That would help clear the state-by-state minefield. It is also fanciful in an era of gridlock. From the commanding heights of Bolshevik heaven, Lenin must be laughing. ■ More

Volvo Cars’ plans to exclusively sell all-electric vehicles by 2030 kicked off Wednesday with the reveal of the EX90 – the first in a lineup of EVs for the Swedish automaker.
The company said production of the car is expected to begin in the U.S. next year, with production in China to follow.
The car marks the introduction of Luminar Technologies’ lidar system as standard equipment.

Volvo EX90

Volvo’s plans to exclusively sell all-electric vehicles by 2030 kicked off Wednesday with the reveal of its EX90 – the first in a new lineup of EVs for the Swedish automaker.
The carmaker is calling the seven-seat SUV its new flagship vehicle, starting at just under $80,000. The company said production of the car is expected to begin in the U.S. next year in South Carolina, with production in China to follow. U.S. customer deliveries are scheduled to begin in early 2024, Volvo said.

The EX90 resembles Volvo Cars’ current lineup of vehicles. On a full charge, the car is expected to achieve up to 300 miles of range, according to the company. The interior is modern, minimalistic – a trend made popular by Tesla – with a large center control screen and small driver information cluster behind the steering wheel.
The car also marks the introduction of Luminar Technologies’ lidar system as standard equipment in a commercially built vehicle. Many in the automotive industry believe lidar is the next-generation of safety technology and a step closer to more highly-automated or autonomous vehicles.
Lidars, or light detection and ranging systems, can sense surroundings and help cars avoid obstacles. They use light to create high-resolution images that provide a more accurate view of surroundings than cameras or radar alone.
All EX90s will come standard with a lidar sensor and related software from Florida-based Luminar.

Volvo EX90

Advanced driver-assist and autonomous-vehicle systems can also use lidar to help determine the vehicle’s precise location, by comparing the 3D images created by the sensor to detailed maps. Volvo’s decision to make a lidar system standard equipment in the EX90 will help support future upgrades to the vehicle’s driver-assist software and, eventually, self-driving software.

For Luminar, Volvo’s decision to make the company’s Iris lidar sensor standard on the EX90 is a major win that validates a key part of its longtime strategy – supporting driver-assist technologies that seek to assist a human driver, not replace the driver.
“From the start, Luminar’s strategy has been to get this life saving technology in the hands of as many people as possible – by first focusing on enabling advanced safety and unlocking autonomy for consumers with production vehicle programs,” said Luminar CEO Austin Russell. “A big part of what makes the Volvo EX90 so unique and bold is that it’s democratizing safety by including the lidar as standard on every vehicle.”
Starting with the EX90, Volvo, which is owned by China-based Geely Holding Group, plans to reveal one new fully electric car each year as it moves to exclusively offer EVs by 2030.

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The company ended its relationship with Ye, formerly known as Kanye West, on Oct. 25 after the musician launched a series of offensive and antisemitic tirades on social media and in interviews.
Adidas now projects a net income from continuing operations of around 250 million euros ($251.56 million), down from a target of around 500 million euros laid out on Oct. 20.

Kanye West at an event announcing a partnership with Adidas on June 28, 2016 in Hollywood, California.
Getty Images

Adidas on Wednesday cut its full-year guidance on the back of the German sportswear giant’s termination of its partnership with Kanye West’s Yeezy brand.
The company ended its relationship with Ye, formerly known as Kanye West, on Oct. 25 after the musician launched a series of offensive and antisemitic tirades on social media and in interviews.

Adidas now projects a net income from continuing operations of around 250 million euros ($251.56 million), down from a target of around 500 million euros laid out on Oct. 20. The company now expects currency-neutral revenues for low single-digit growth in 2022, with gross margin now expected to come in at around 47% for the year.
Adidas reported a 4% year-on-year increase in currency-neutral sales in the third quarter, with double-digit growth in e-commerce in the EMEA, North America and Latin America. Gross margin fell by one percentage point to 49.1% on the back of “higher supply chain costs, higher discounting, and an unfavorable market mix,” the company said.
Operating profit came in at 564 million euros, while net income from continuing operations of 66 million euros, down from 479 million euros a year ago, was “negatively impacted by several one-off costs totalling almost 300 million as well as extraordinary tax effects in Q3,” Adidas said.

“This amount differs from the preliminary figure published on October 20, 2022, due to negative tax implications in the third quarter related to the company’s decision to terminate the adidas Yeezy partnership. This negative tax effect will be fully compensated by a positive tax effect of similar size in Q4,” Adidas said.
The company also revealed that it had already reduced its full-year guidance on Oct. 20 as a result of “further deterioration of traffic trends in Greater China, higher clearance activity to reduce elevated inventory levels as well as total one-off costs of around 500 million euros.”

“The market environment shifted at the beginning of September as consumer demand in Western markets slowed and traffic trends in Greater China further deteriorated,” Adidas CFO Harm Ohlmeyer said in a statement.
“As a result, we saw a significant inventory buildup across the industry, leading to higher promotional activity during the remainder of the year which will increasingly weigh on our earnings.”
Ohlmeyer said the company was “encouraged” by “noticeable” enthusiasm in the buildup to the FIFA World Cup in Qatar later this month.

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Mortgage demand flattened last week but was significantly lower than it was one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 7.14% from 7.06% for loans with a 20% down payment.

A man enters a Bank of America branch in New York.
Scott Mlyn | CNBC

Mortgage rates rose again last week, throwing even more cold water on demand from both current homeowners and potential homebuyers. Weekly application volume fell 0.1% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 7.14% from 7.06%, with points increasing to 0.77 from 0.73 (including the origination fee) for loans with a 20% down payment.

“Mortgage rates edged higher last week following news that the Federal Reserve will continue raising short-term rates to combat high inflation. The 30-year fixed rate remained above 7 percent for the third consecutive week, with increases for most loan types,” said Joel Kan, MBA’s deputy chief economist.
Refinance demand, which has been positively crushed by the sharp rise in interest rates, fell another 4% for the week and was down 87% compared with the same week one year ago. Mortgage rates started this year around 3%, so there are very few borrowers left who could benefit from a refinance at today’s higher rates. Refinance demand is now at a 22-year low.
Mortgage applications to purchase a home increased 1% for the week. While that wasn’t a major move, it was the first increase in six weeks. Purchase demand, however, is still down 41% from a year ago and close to a seven-year low.
The adjustable-rate mortgage (ARM) share of activity increased to 12% of all applications. ARMs offer lower interest rates, and while they are considered riskier loans, their rates can be fixed for up to 10 years.
Mortgage rates have been moving sideways to start this week, but that could change Thursday, as investors await the October reading from the government’s consumer price index.

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