LONDON (AP) — The European Union on Monday accused Facebook parent Meta of breaching antitrust rules by distorting competition in the online classified ads business, the bloc’s latest maneuver to curb the power of Big Tech companies. In its complaint following an investigation launched last year, the EU’s executive commission took issue with the tech company tying its online classified ad business, Facebook Marketplace, to Facebook. It’s also concerned that Meta imposes unfair trading conditions on rivals “for its own benefit.”
NEW YORK (AP) — The free-wheeling holiday shopper of 2021, happy to spend money to relieve some pent-up pandemic demand, has given way to a more practical consumer this year, many small business owners say. The reason: inflation. Stephanie Sala felt last year had a YOLO, or “you only live once,” feel to it. People were splurging -- spending $250 on a giant stuffed avocado, for example — at her eight Five Little Monkeys toy stores around the Bay Area in California. This year, the purchases are more low-key: Legos, Pokemon and anything mushroom-related are popular toys.
The Federal Reserve’s move to raise its key rate by a half-point brought it to its highest range in 14 years. The Fed’s increase — its seventh rate hike this year — will make it even costlier …
Twitter on Wednesday suspended an account that used publicly available flight data to track Elon Musk's private jet, despite a pledge by the social media platform's new owner to keep it up because of his free speech principles. Then, hours later, Musk brought back the jet-tracking account after imposing new conditions on all of Twitter's users — no more sharing of anyone's current location.
OMAHA, Neb. (AP) — Railroad workers who are fed up with demanding work schedules and disappointed in the contract they received aired their frustrations this week at rallies across the country and in a leadership vote at one of their biggest unions. Workers gathered in Washington D.C. and nearly a dozen other locations across the country Tuesday to emphasize their quality of life concerns and fight for paid sick leave after Congress intervened in the stalled contract talks earlier this month and imposed a deal on four unions that had rejected it.
WASHINGTON (AP) — The Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signaling more hikes to come. But the Fed announced a smaller hike than it had in its past four meetings at a time when inflation is showing signs of easing.
WASHINGTON (AP) — After four straight three-quarter-point interest rate hikes, the Federal Reserve is set to announce a smaller half-point increase in its key rate Wednesday, a first step toward dialing back its efforts to combat inflation. At the same time, the Fed is expected to signal that it plans more hikes next year than it had previously forecast to try to conquer the worst inflation bout in four decades.
NEW YORK (AP) — The U.S. government charged Samuel Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes on Tuesday, alleging he intentionally deceived customers and investors to enrich himself and others, while playing a central role in the company's multibillion-dollar collapse.
WASHINGTON (AP) — Consumer prices rose 7.1% in November from a year ago, the government said Tuesday. That was down from 7.7% in October and a recent peak of 9.1% in June, though still inflicting pressure on American households. On a month-to-month basis, the consumer price index rose 0.1% in November, down from 0.4% in October.
Elon Musk's Twitter has dissolved its Trust and Safety Council, the advisory group of around 100 independent civil, human rights and other organizations that the company formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform. The council had been scheduled to meet with Twitter representatives Monday night. But Twitter informed the group via email that it was disbanding it shortly before the meeting was to take place, according to multiple members.