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Archegos founder arrested, Pfizer applies for booster EUA for kids, Walmart entices subscribers with gas discounts

Notable business headlines include federal agents arresting Archegos founder Bill Hwang for securities fraud and racketeering, Pfizer filing for emergency use authorization for a third dose of its COVID-19 vaccine for children ages 5-11, and Walmart announcing it will be offering a gas discount to Walmart+ subscribers through a partnership with ExxonMobil.

Video Transcript

- Federal agents have arrested Bill Hwang. He is the founder of Archegos Capital Management. That's the $10 billion investment firm that collapsed last year. Hwang and chief financial officer Patrick Halligan were charged with crimes, including securities fraud and racketeering. They're expected to appear in Manhattan federal court later today.

Prosecutors allege the pair attempted to manipulate stock prices, which they say helped boost the firm's returns from $1 and 1/2 billion to $35 billion in a single year. The implosion of Archegos caused losses for big banks to the tune of $10 billion.

And young children in America may soon be able to get booster shots. Pfizer and its partner BioNTech have asked regulators in the US for emergency authorization of COVID vaccine booster shots in children ages 5 to 11.

The companies have submitted data to the FDA from a study showing that a third dose given six months after a second shot provides a strong immune response. Good news, considering the CDC said in a study released Tuesday that, as of February, nearly 60% of Americans, including three out of four children, have been infected with the COVID-19 virus.

Then look out Costco, Walmart may be the place to get cheaper gas these days. The big-box retailer has announced it will offer deeper discounts on fuel to compel more customers to join its Walmart Plus program. As of Wednesday, subscribers to the service will be able to save $0.10 gallon at the chain's more than 14,000 gas stations. Walmart had already offered a gas discount but doubled it through a partnership with ExxonMobil. The national average, remember, for a gallon of regular gas this morning, $4.13. Diesel's $5.09.

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