Business News

How to prepare for a TikTok ban, including how to save your content

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 Sunday. 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. Users will continue to have access to TikTok if it’s already downloaded on their phones. But the app is expected to disappear from Apple and Google’s app stores, which means people 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.

Ozempic, Wegovy and other drugs are among 15 selected for Medicare’s price negotiations

WASHINGTON (AP) — The Biden administration says popular weight loss drugs like Ozempic and Wegovy have been added to Medicare’s list of medications that will be negotiated directly between the government and drug manufacturers. The price negotiations for the additional 15 drugs selected Friday will be handled by the incoming Trump administration and almost assure billions of dollars in savings for taxpayers. U.S. Health and Human Services Secretary Xavier Becerra says “this is a big deal.” Drug companies oppose the program and say it “fails to address the true challenges facing seniors and Medicare.” Ozempic and Wegovy are made by Novo Nordisk, which is based in Denmark and has U.S. headquarters Plainsboro, New Jersey.

Bitcoin soars past $100,000 ahead of possible early action on crypto by Trump

WASHINGTON (AP) — The price of bitcoin topped $100,000 again early Friday as a pumped up cryptocurrency industry expects early action by Donald Trump when he’s sworn in as president next week. Trump has vowed on the campaign trail to take steps in early in presidency to make the U.S. into the “crypto capital” of the world. His promises including creating a U.S. crypto stockpile, enacting industry-friendly regulation and even appointing a crypto “czar” for his administration. The crypto industry is celebrating Trump’s inauguration with a first-ever “Crypto Ball.”

Stock market today: Wall Street rallies toward its best week since Trump’s election

NEW YORK (AP) — U.S. stock indexes are rallying toward the close of their best week in two months. The S&P 500 rose 1.1% Friday. The Dow Jones Industrial Average climbed 359 points, and the Nasdaq composite gained 1.6%. SLB helped lead the market after the provider of oilfield services said it will deliver more cash to its shareholders through dividends and a stock buyback. Big Tech also lifted the market amid hopes the Federal Reserve may cut interest rates later this year. Treasury yields held relatively steady after sharp drops earlier in the week helped boost stocks.

CBO projects U.S. debt to grow $23.9 trillion in 10 years, not including costs of extending tax cuts

WASHINGTON (AP) — The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump. The nonpartisan Congressional Budget Office released its 10-year budget outlook on Friday that showed a slightly brighter picture as higher taxable incomes will relieve some pressure on the rising national debt. Still, annual budget deficits are expected to be equal to 6.1% of U.S. gross domestic product in 2035, which the CBO noted is “significantly more than the 3.8 percent that deficits have averaged over the past 50 years.”

Apple pulls error-prone AI-generated news summaries in its beta iPhone software

CUPERTINO, Calif. (AP) — Apple is suspending an error-prone feature that used artificial intelligence to deliver bogus news alerts to some iPhone owners. The decision was disclosed Thursday as part of a test version for the next software update, iOS 18.3. The beta version is only available to a relatively small group of iPhone users. The same features are typically released to all iPhone users in a similar software updates several weeks after tests begin. Apple said it is disabling the AI-generated feature for news and entertainment while it tries to fix the issue causing the technology to fabricate information.

Florida jury says CNN defamed Navy veteran in story about endangered Afghans

A jury in Panama City, Florida on Friday found that CNN defamed a U.S. Navy veteran in a 2021 story about people paid to rescue endangered Afghans following the Taliban takeover of the country. The jury reached the verdict following more than eight hours of deliberation in a trial that took less than two weeks. The jury awarded $5 million in damages to Zachary Young, who blamed CNN for destroying his business by mentioning him in a story about a “black market” of smuggling Afghans out for high fees. Jurors will next be asked whether CNN will be on the hook for punitive damages

Supreme Court backs law banning TikTok if it’s not sold by its Chinese parent company

WASHINGTON (AP) — TikTok’s CEO is thanking President-elect Donald Trump for “his commitment” to keeping the app available after the Supreme Court upheld the federal law banning it beginning Sunday unless it’s sold by its China-based parent company. The court held Friday the risk to national security posed by TikTok’s ties to China overcomes concerns about limiting speech by the app or its 170 million users in the U.S. The court’s decision means new users won’t be able to download the app and updates won’t be available, but it won’t disappear from users’ phones. Trump has said he’ll “save” TikTok, but it’s unclear what he’ll do.

IRS Commissioner Daniel Werfel says he’ll step down on Trump’s Inauguration Day

WASHINGTON (AP) — IRS Commissioner Daniel Werfel says he intends to step down from his position on President-elect Donald Trump’s Inauguration Day. Werfel told IRS employees on Friday that after “significant introspection and consultation with others,” he’s determined the best way to support a successful transition is to depart the IRS on Monday. The move is an unusual one, since IRS commissioners typically extend from one presidential administration to another. Werfel’s term began in March 2023 under President Joe Biden, a Democrat. Werfel’s term was set to end in November 2027. Trump in December announced plans to nominate Republican former Missouri congressman Billy Long as the next IRS commissioner.

Brazilian police kill 6 suspects in operation to dismantle bank heist gang

SAO PAULO (AP) — Brazilian authorities say police have killed six suspects during an operation to dismantle a gang accused of planning large-scale bank robberies. Police in the southern state of Parana said that officers raided the gang’s hideout on Friday at a ranch in Ponta Grossa. The suspects were allegedly planning to rob a bank or an armored vehicle. Large-scale bank heists have become common in Brazil in recent years. They often involve hostages used as human shields. Police killed 25 suspects in a similar operation targeting a gang in October 2021.