Business News

Cybersecurity firm Kaspersky denies it’s a hazard after the US Commerce Dept bans its software

The cybersecurity firm Kaspersky has denied it is a security threat after the U.S. Commerce Department banned the use of its software in the United States. The Moscow-based company, whose CEO is Russian, said in a statement that the Commerce Department’s decision, announced Thursday, would not affect its ability to sell and promote its cyber security products and training in the U.S. Kaspersky said the government had based its decision on the “geopolitical climate and theoretical concerns” rather than independently verifying if there was a risk. The government says the firm’s Russian connections mean the company poses an “undue or unacceptable risk to U.S. national security or the safety and security.”

Trump is proposing to make tips tax-free. What would that mean for workers?

WASHINGTON (AP) — Former President Donald Trump’s proposal to exclude tips from federal taxes is getting strong reviews from some Republican lawmakers. But major questions remain about the impact of the policy and how it would work. What’s certain is that a change in the taxation of tips would affect millions. The U.S. Bureau of Labor Statistics estimates there are 2.24 million waiters and waitresses across the country, with tips making up a large percentage of their income. While Trump assumes that a tax cut would help workers, Democrats have generally endorsed efforts to increase hourly wages instead.

US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices

LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what’s traditionally the housing market’s busiest period of the year. Existing home sales fell 0.7% last month from April to a seasonally adjusted annual rate of 4.11 million, the National Association of Realtors said Friday. Sales also fell 2.8% compared with May last year. The median U.S. home price climbed compared with a year earlier for the 11th month in a row to record $419,300.

US proposes rules to stop Americans from investing in Chinese technology with military uses

WASHINGTON (AP) — The Treasury Department has fleshed out its proposed rule that would restrict and monitor U.S. investments in China for artificial intelligence, computer chips and quantum computing. The proposed rule, released Friday, stems from President Joe Biden’s August 2023 executive order regarding the access that “countries of concern” have to American dollars that fund advanced technologies, which the U.S. government says would enhance their military, intelligence, surveillance and cyber capabilities. The order identified China, Hong Kong and Macau as countries of concern.

Newly named Washington Post editor decides not to take job after backlash, will stay in Britain

NEW YORK (AP) — The Washington Post says that Robert Winnett, who had been named to take over the organization’s core newsroom functions later this year, will not take the job after all. The newspaper has been in turmoil since publisher and CEO Will Lewis announced a reorganization plan that led to the executive editor, Sally Buzbee, quit rather than accept a demotion. Since then, there have been several published stories questioning ethical choices made by Lewis and Winnett when they worked together in British media. Lewis announced Winnett’s decision in a memo to staff and said a search for a new editor will begin immediately.

Car dealerships are being disrupted by a multi-day outage after cyberattacks on software supplier

NEW YORK (AP) — Car dealerships across North America have faced a major disruption this week. CDK Global, a company that provides software for thousands of auto dealers in the U.S. and Canada, was hit by back-to-back cyberattacks on Wednesday. That led to an outage that was continuing to impact many operations by Friday. For prospective car buyers, that may mean facing delays at affected dealerships — or seeing their orders written up by hand — with no immediate end in sight.

Federal appeals court says some employers can exclude HIV prep from insurance coverage

NEW ORLEANS (AP) — Eight employers who challenged some federal health insurance requirements cannot be forced to provide no-cost coverage for certain types of preventive care, including HIV prep and some kinds of cancer screenings, a federal appeals court in New Orleans ruled Friday. The ruling from the 5th U.S. Circuit Court of Appeals is narrow, applying only to the eight employers who objected to providing the coverage. The court declined to make the ruling apply nationwide. An advocate for preventive coverage expressed relief that coverage, for now, remains a requirement nationwide.

FDA OKs first menthol e-cigarettes, citing potential to help adult smokers

WASHINGTON (AP) — The Food and Drug Administration has authorized the first menthol-flavored electronic cigarettes for adult smokers. Friday’s action is the government’s strongest acknowledgment that switching to flavored vaping can reduce the harms of smoking. The FDA authorized four menthol e-cigarettes from Njoy, the vaping brand recently acquired by tobacco giant Altria, which also makes Marlboro cigarettes. The decision gives new credibility to vaping companies’ longstanding argument that their products can help blunt the toll of smoking. But parent groups and anti-tobacco advocates immediately criticized the decision, saying flavors like menthol are more popular with teens.

On wealthy Martha’s Vineyard, costly housing is forcing workers out and threatening public safety

VINEYARD HAVEN, Mass. (AP) — High housing costs on Martha’s Vineyard are forcing many regular workers to leave and threatening public safety. Sheryl Taylor works as an administrator for Martha’s Vineyard Regional High School but says that each summer she has to leave the island or stay with friends because she can’t afford the high seasonal rents. Her story reflects the plight of many on the Massachusetts resort island. There are plenty of jobs but restaurants and stores often can’t find enough staff. Officials worry public safety is being compromised because they can’t retain or lure correctional officers or 911 dispatchers.

Stock market today: Wall Street coasts to the close of another winning week as Nvidia cools again

NEW YORK (AP) — U.S. stocks coasted to the close of their latest winning week, as Nvidia’s stock continued to cool from its startling, supernova run. The S&P 500 slipped 0.2% Friday, but it remained near its all-time high set on Tuesday. The Dow Jones Industrial Average edged higher by less than 0.1%, and the Nasdaq composite fell 0.2%. Nvidia dragged on the market again as it closed its first losing week in the last nine. U.S. Treasury yields held steady after a preliminary report suggested U.S. business activity is stronger than expected while pressure on inflation remains muted.