AP Business SummaryBrief at 11:08 p.m. EST | National News




Court document claims Meta knowingly designed its platforms to hook kids, reports say


SAN FRANCISO (AP) — A newly unsealed legal complaint claims Facebook parent Meta Platforms deliberately engineered its social platforms to hook kids. It also alleges the company knew — but never disclosed — that it had received millions of complaints about underage users on Instagram but only acted on a fraction of those accounts. The complaint has been described in reports from the Wall Street Journal and the New York Times. The document, originally made public a month earlier in redacted form, was the opening salvo in a lawsuit filed by the attorneys general of 33 states. Meta maintains that the complaint misrepresents its work.


Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow

NEW YORK (AP) — Among the many challenges small businesses face as they try to grow these days, getting a loan is right near the top. Banks big and small have tightened lending standards as the Federal Reserve hiked up interest rates the past two years. The collapse of three regional banks this spring and the possibility of stricter regulations have likely made some banks more cautious as well. So, business owners are having to make sacrifices, from turning to crowdsourcing instead of lenders, borrowing from family or friends, or simply forgoing expansion plans that would have been funded by more capital.

Skyscraper-studded Dubai has flourished during regional crises. Could it benefit from hosting COP28?

DUBAI, United Arab Emirates (AP) — Dubai has a long history of finding economic success amid the war-ravaged woes of the wider Middle East. The United Arab Emirates hub rose rapidly from a creek-bound pearling village to a city associated with international glamor. Its ruling family likely views the upcoming United Nations COP28 climate talks as just another opportunity. However, hosting this year comes with significant perils. Israel’s war on Hamas in the Gaza Strip could intrude on talks. Or, the city-state become synonymous with a collapse in negotiations on limiting emissions.

Stock market today: Asian shares mostly decline, as investors watch spending, inflation

TOKYO (AP) — Asian shares have opened the week lower as investors await updates on U.S. consumer spending and inflation.  Benchmarks fell across the region and U.S. futures also declined. Oil prices also fell. In Japan, the producer price index in October came in a little higher than expected. In China, industrial profits declined but at a slower rate than last year. Wall Street ended last week mixed in a half-day trading session, capping a fourth straight winning week. The S&P 500 inched up 0.1% on Friday and the Dow Jones Industrial Average added 0.3%. The Nasdaq composite slipped 0.1%. Data this week will highlight how U.S. retailers may be faring during the holiday shopping season.

Russia puts the spokesman for Facebook owner Meta on a wanted list

Russia’s interior ministry has added the spokesman of U.S. technology company Meta to a wanted list according to its online database. Russian state and independent media first reported on Stone’s inclusion on the list on Sunday. Meta owns Facebook and Instagram. The news came weeks after Russia classed Meta as “extremist.” That designation opens the way for possible criminal proceedings against those using its networks. The interior ministry’s database doesn’t specify the charges against Stone stating only that they are criminal. Russia’s federal Investigative Committee in March opened a criminal investigation against Meta. It alleged that the company’s actions following Moscow’s full-scale invasion of Ukraine in February 2022 amounted to inciting violence against Russians.

An alliance of Myanmar ethnic groups claim capture of another big trade crossing at Chinese border

BANGKOK (AP) — An alliance of armed ethnic minority groups that launched a surprise offensive last month against Myanmar’s military has seized a major trading gate on the country’s northeastern border with China. A spokesperson for the Myanmar National Democratic Alliance Army said Sunday that it had captured a major trading post on Saturday in Muse township along the Myanmar-China border in northern Shan state. It’s the fourth border crossing seized by the alliance forces since the Arakan Army, the Myanmar National Democratic Alliance Army and the Ta’ang National Liberation Army launched a coordinated offensive on Oct. 27. They call themselves the Three Brotherhood Alliance.

Buyers worldwide go for bigger cars, erasing gains from cleaner tech. EVs would help

The energy used by cars and their CO2 emissions could have dropped by over 30% in the past decade if not for the world’s growing taste for SUVs, a new report from the Global Fuel Economy Initiative suggests. Electric vehicles are a solution, but large gas-powered cars are incredibly popular, especially in the U.S., and their overall market share keeps growing. Large SUVs like the Chevrolet Tahoe, Toyota Sequoia, or Nissan Armada have highway fuel efficiency of just 28, 24, and 19 miles per gallon, respectively.

Retailers offer bigger Black Friday discounts to lure hesitant shoppers hunting for the best deals

NEW YORK (AP) — Shoppers hunting for big deals packed malls on Black Friday as retailers stepped up discounts and other perks to lure customers weighed down by inflation and sticking to tighter budgets. Consumers are coming under pressure as their savings dwindle and their credit card debt grows. And although they have gotten some relief from easing inflation, many goods and services like meat and rent are still far higher than they were just three years ago. Malls including Macy’s at Herald Square in Manhattan were packed with Black Friday discount hunters. The National Retail Federation, the nation’s largest retail trade group, forecast that U.S. holiday sales will rise 3% to 4% for November through December, compared with 5.4% growth a year ago.

Pentagon’s AI initiatives accelerate hard decisions on lethal autonomous weapons.

NATIONAL HARBOR, Md. (AP) — Artificial intelligence employed by the Pentagon has piloted pint-sized surveillance drones, helped Ukraine fight Russia, predicts when Air Force jets need maintenance and tracks rivals’ satellites in space. A Pentagon initiative to field thousands of AI-enabled drones by 2026 to keep pace with China will accelerate hard decisions on when the technology is mature and trustworthy enough to weaponize.

Honda recalls select Accords and HR-Vs over missing piece in seat belt pretensioners

NEW YORK (AP) — Honda is recalling select 2023-2024 Accord and HR-V vehicles due to a missing piece in the front seat belt pretensioners, which could increase injury risks during a crash. According to notices published by Honda and the National Highway Safety Traffic Administration earlier this week, the pretensioners — which tighten seat belts in place upon impact — may be missing the rivet that secures the quick connector and wire plate. Regulators say this means that passengers may not be properly restrained in a crash. The NHTSA credited the issue to an error made during assembly. More than 300,000 Accords and HR-Vs are potentially affected.

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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