Business News

Another burst of hiring shows off the resilience of the US job market

WASHINGTON (AP) — America’s employers delivered another healthy month of hiring in February, adding a surprising 275,000 jobs and again showcasing the U.S. economy’s resilience in the face of high interest rates. Last month’s job growth marked an increase from a revised gain of 229,000 jobs in January. At the same time, the unemployment rate ticked up two-tenths of a point in February to 3.9%. Yet despite sharply lower inflation, a healthy job market and a record-high stock market, many Americans say they are unhappy with the state of the economy — a sentiment that is sure to weigh on President Joe Biden’s bid for re-election.

Maker of much-debated ALS drug says it may stop selling it after study showed it didn’t work

WASHINGTON (AP) — The maker of a much-debated drug for Lou Gehrig’s disease said it failed to help patients with the fatal disease. The results from Amylyx Pharmaceuticals announced Friday raise the likelihood that the drug will be pulled from the U.S. market. But company executives stopped short of committing to that step in a statement. U.S. regulators approved Amylyx Pharmaceuticals’ Relyvrio in 2022, following a years-long advocacy campaign by patients and their families. The approval came despite concerns about the drug’s effectiveness raised by outside advisers and government scientists. At the time, company executives pledged to withdraw the drug if the follow-up study showed it didn’t work.

Bill that could make TikTok unavailable in the US advances quickly in the House

WASHINGTON (AP) — A bill that could lead to the popular video-sharing app TikTok being unavailable in the United States is quickly gaining traction in the House. Lawmakers advanced legislation against TikTok Thursday as they voiced concerns about the potential for the platform to surveil and manipulate Americans. The measure gained the support of House Speaker Mike Johnson on Thursday and could soon come up for a full vote in the House. The White House has provided technical support in the drafting of the bill, though White House press secretary Karine Jean-Pierre said the TikTok legislation “still needs some work” to get to a place where President Joe Biden would endorse it.

Behind the doors of a Chinese hacking company, a sordid culture fueled by influence, alcohol and sex

BEIJING (AP) — China’s hacking industry, leaked internal documents reveal, is vast in size and scope but also suffers from shady business practices, disgruntlement over pay and work quality, and poor security protocols. China’s state security agencies have contracted large amounts of hacking and espionage work to private contractors to slash costs and expand their reach, allowing Beijing to direct a huge number of hackers to infiltrate systems overseas. But leaked documents from one contractor, I-Soon, show that in China’s hackers-for-hire industry, corners are cut and rules are often murky and poorly enforced.

Tax season is underway. Here are some tips to navigate it

NEW YORK (AP) — Tax season is underway in the U.S. Filing taxes can be a daunting task that’s often left until the last minute. But if you want to avoid the stress of the looming deadline, start getting organized as soon as possible. Whether you do your taxes yourself, go to a tax clinic or hire a professional, navigating the tax system can be complicated and stressful. Courtney Alev, a consumer financial advocate for Credit Karma, recommends you go easy on yourself. If you find the process too confusing, there are plenty of free resources to help you get through it.

Stock market today: Wall Street pulls back from its record after a shaky day

NEW YORK (AP) — Wall Street pulled back from its record following a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween. The S&P 500 slipped 0.7% Friday from its all-time high. It initially climbed after mixed data on the U.S. job market bolstered hopes for easier interest rates. Later, it swung to a loss after one of its most influential stocks, Nvidia, took a rare stumble following its jaw-dropping rise. The Dow Jones Industrial Average slipped 0.2%, and the Nasdaq fell 1.2%. It was just the third losing week for the S&P 500 in the last 19.

Biden calls out ‘shrinkflation’ as part of a broader strategy to reframe how voters view the economy

WASHINGTON (AP) — President Joe Biden is all-in on calling out “shrinkflation.” The term applies to a seemingly covert way for companies to raise prices by ever so slightly reducing the size of their products. There’s suddenly fewer pretzels in the bag, less toothpaste in the tube and shorter candy bars. Biden complained in his State of the Union address that people get charged the same but smaller Snickers bars. The president’s focus on shrinkflation is part of a broader strategy to reframe how voters think about the economy before the November election. Biden is trying to deflect criticism about high prices and instead pin the blame on big business.

Apple reverses course and clears way for Epic Games to set up rival iPhone app store in Europe

Apple has reversed course under regulatory pressure and cleared the way for a nettlesome adversary, video game maker Epic Games, to set up an alternative store for iPhone apps in Europe. The about-face disclosed Friday is the latest twist in a bitter fight between Apple and Epic Games, the maker of the popular Fortnite video game, over the way iPhone apps are distributed. Epic had been planning to take advantage of new rules in Europe to open an alternative app store, but then Apple rebuffed that attempt. The rejection triggered a swift inquiry from regulators that culminated in Apple’s change of heart.

Government funding bill advances as Senate works to beat midnight shutdown deadline

WASHINGTON (AP) — The Senate is looking to approve a $460 billion package of spending bills in time to meet a midnight deadline for avoiding a shutdown of many key federal agencies. A vote would get lawmakers about halfway home in wrapping up their appropriations work for the 2024 budget year. While the Senate is expected to approve the measure, progress was slow in getting the bill to a final vote. The package advanced on a key test vote Friday afternoon to limit debate, but it remains to be seen if senators can avoid a short shutdown as some lawmakers voice concerns about the amount of spending in the bill.

Obesity drug Wegovy is approved to cut heart attack and stroke risk in overweight patients

The popular weight-loss drug Wegovy can now be used to reduce the risk of stroke, heart attacks and other serious heart problems in patients who are overweight or who have obesity. The U.S. Food and Drug Administration approved a label change that expands the use of the drug in Wegovy. It was previously approved to treat obesity. The move is expected to change the way many heart patients are treated. The new indication also could broaden coverage of the drug by Medicare, which is prohibited from paying for weight-loss medications. The drug remains expensive and in short supply.