Business News

Elaine Rodriguez
January 10, 2025
AP-Newswatch
January 10, 2025
Elaine Rodriguez
January 10, 2025
AP-Newswatch
January 10, 2025
Business News

AP-Summary Brief-Business

January 10, 2025

Surging job market could prove costly for households, businesses as odds of quick rate cuts fade

WASHINGTON (AP) — U.S. hiring picked up unexpectedly in December as employers added 256,000 jobs, another sign of the economy’s resilience in the face of high interest rates. The Labor Department reported Friday that job growth was up last month from 212,000 in November. The unemployment rate dropped to 4.1% from 4.2% in November.

Walgreens tops Wall Street’s expectations as drugstore chain continues turnaround plan

Walgreens booked a better-than-expected fiscal first quarter and gave Wall Street some positive vibes on the drugstore chain’s plan to revive its struggling business. Company shares soared Friday after leaders told analysts they have made progress improving one of the biggest concerns facing the industry, shrinking prescription reimbursement, and said their U.S. store-closing plan was progressing better than expected. Walgreens closed 70 in its fiscal first quarter and plans shutter around 500 this year. The company runs about 8,500 locations in the U.S and Puerto Rico as well as a few thousand stores in Europe and Asia.

TikTok could be banned this month. Here’s what users can do to prepare

TikTok has cemented itself as the quintessential entertainment app, offering everything from funny skits and makeup tutorials to social commentary and news. The platform, though, could vanish from U.S. app stores by Jan. 19. If you are an avid user – or a creator who relies on the platform for income – here’s what you need to know to prepare. First, users will continue to have access to TikTok if it’s already downloaded on their phones. But the app will disappear from Apple and Google’s app stores, which means users won’t be able to download or update it. There are also some workarounds around a ban. But some tech savviness is required and it’s not clear what will and won’t work.

Biden levies new sanctions against Russian energy sector, but it’s up to Trump whether to keep them

WASHINGTON (AP) — President Joe Biden’s administration says it’s expanding sanctions against Russia’s critically important energy sector over its war in Ukraine. The Biden administration bills the sanctions announced Friday as the most significant to date against Moscow’s oil and liquefied natural gas sectors, the driver of Russia’s economy. British officials are announcing complementary sanctions against Russia’s energy sector. Administration officials say it’s up to the incoming administration what to do next. The sanctions punish entities that do business with the Russians and target 183 oil-carrying vessels suspected to be part of a shadow fleet utilized by the Kremlin to evade oil sanctions. The Kremlin dismissed the sanctions ahead of their anticipated announcement.

Constellation buying Calpine in $26.6 billion deal that would join two huge US power companies

Constellation is buying power natural gas and geothermal power provider Calpine in a cash-and-stock deal valued at approximately $16.4 billion, joining together two of the country’s biggest power companies. The combined business will have nearly 60 gigawatts of capacity from zero- and low-emission sources, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration and battery storage.

Stock market today: Wall Street recoils after good news on the economy raises inflation worries

NEW YORK (AP) — U.S. stocks are falling sharply on worries that good news on the job market may prove to be bad for Wall Street by keeping inflation and interest rates high. The S&P 500 fell 1.5% Friday. The Dow Jones Industrial Average dropped 628 points, and the Nasdaq composite sank 1.8%. Stocks took their cue from the bond market, where yields rose to crank up the pressure after a report said U.S. employers added many more jobs to their payrolls last month than economists expected. The strong data could keep upward pressure on inflation and prevent the Federal Reserve from delivering cuts to interest rates.

Busy holiday travel season fuels big fourth quarter for Delta

Delta Air Lines fourth-quarter results topped analysts’ expectations as travel demand was strong during the crucial holiday period. Delta also benefited from a drop in fuel costs during the quarter. The company earned $843 million, or $1.29 per share, for the three months ended Dec. 31. A year earlier it earned $2.04 billion, or $3.16 per share. Removing certain items, earnings were $1.85 per share. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.76 per share. The carrier also forecast full-year earnings exceeding Wall Street estimates.

Honda Civic hybrid, Ford Ranger and Volkswagen ID. Buzz win 2025 North American vehicle awards

DETROIT (AP) — The Honda Civic hybrid won the 2025 North American Car of the Year award, while the Ford Ranger took the crown for the truck honors, and Volkswagen ID. Buzz won the utility award. The prestigious North American Car, Utility and Truck of the Year awards were announced Friday ahead of the start of the North American International Auto Show in Detroit. Friday marks the awards’ long-awaited return to the traditional January Detroit Auto Show after being held elsewhere for the past few years while the show experienced pandemic-related delays and fall dates.

TikTok’s fate arrives at Supreme Court in collision of free speech and national security

WASHINGTON (AP) — In a collision between free speech and national security, the Supreme Court will hear arguments over the fate of TikTok, a digital age cultural phenomenon that roughly half the U.S. population uses for entertainment and information. The case is being heard Friday. TikTok says it plans to shut down the social media platform in the U.S. by Jan. 19 unless the Supreme Court strikes down or otherwise delays the effective date of a law aimed at forcing TikTok’s sale by its Chinese parent company. Enforcement of the law would be left to the incoming Trump administration. President-elect Donald Trump has dropped his support for a TikTok ban. The court’s decision could come within days.

The Latest: The Supreme Court to consider a possible TikTok ban

WASHINGTON (AP) — The law that could ban TikTok is coming before the Supreme Court. The justices largely hold the app’s fate in their hands as they hear the case Friday. The popular social media platform says the law violates the First Amendment and should be struck down. The U.S. government argues that the app having a China-based parent company means it’s a potential national security threat. Three appeals court judges have sided with the government and upheld the law, which bans TikTok unless it’s sold. The law is set to take effect Jan. 19, right before a new term begins for President-elect Donald Trump. The Republican has asked for the law to be paused to “save TikTok.”