New federal figures show that about 3 million fewer people had Affordable Care Act health insurance plans in February compared with the same time last year.

The Department of Health and Human Services suggests the 13% drop is due to a federal crackdown on fraudulent enrollment. But health analysts believe it’s more likely related to the Jan. 1 expiration of federal subsidies that has caused a surge in costs. The healthcare research nonprofit KFF has said it expects the number of people in the government healthcare program to continue to decline throughout the year.

Saks officially emerges from bankruptcy

Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, officially emerged from Chapter 11 bankruptcy Friday with fewer stores, less debt, a more focused strategy to pamper the affluent — and a new name.

The company said Friday that the new entity will be called Exemplar Luxury Group, and with an improved balance sheet, including a nearly 75% debt reduction and $500 million in extra financing. Its CEO Geoffroy van Raemdonck said the company is ready for its next chapter. Van Raemdonck said that the new name signifies the company’s focus on its exemplary shopping experiences, including great merchandise and pampered service, with help from its sales associates and the treasure trove of data it has on its customers.

Aramco helicopter crashes in Saudi Arabia

A helicopter crash in Saudi Arabia has killed all 14 people on board. The Saudi Ministry of Energy says the accident happened Sunday morning in Ras Tanura. Everyone killed was a Saudi national. The helicopter belonged to Aramco, the world’s largest oil company.

An investigation is underway to determine the cause. Aramco has been dealing with disruptions in oil supplies due to the Iran war. The company recently shifted some oil exports to a pipeline to avoid the Strait of Hormuz, which the war disrupted.

Chinese billionaire gets 30 years in US prison

A self-exiled billionaire Chinese business tycoon has been sentenced to 30 years in prison for his fraud conviction. Judge Analisa Torres sentenced Guo Wengui on Monday in Manhattan federal court, saying he still insists incredibly that his conduct caused no loss and harmed no one.

Given a chance to speak, Guo said he came to the U.S. to destroy the Chinese Communist Party. But the judge said he instead diverted investor money to live lavishly. Guo left China a decade ago and reinvented himself as a critic of the Communist Party. Defense lawyers, meanwhile, asked for leniency, saying a harsh sentence would embolden the Chinese government to target others in the U.S.

SKorean tech giants to build $518B chip hub

South Korean tech giants Samsung Electronics and SK Hynix plan to invest a combined $518 billion in a new computer chip manufacturing hub, capitalizing on surging artificial intelligence-driven demand. The project in South Korea’s southwest also will support the government’s regional development agenda.

President Lee Jae Myung joined the companies’ chairs in announcing the plan Monday on television. Lee has made AI and balanced regional growth key policy priorities, urging businesses to expand investment beyond the greater Seoul metropolitan area. The southwest has been a particular focus, as it lacks major manufacturing hubs and has historically trailed other regions.