Business News

TikTok sues US to block law that could ban the social media platform

TikTok and its Chinese parent company ByteDance are suing the U.S. federal government over a law that would ban the popular video-sharing app unless it’s sold to another company. The lawsuit filed on Tuesday may be setting up what could be a protracted legal fight over its future in the United States. The popular social video company alleged the law, which President Joe Biden signed as part of a larger $95 billion foreign aid package, is so “obviously unconstitutional” that the sponsors of The Protecting Americans From Foreign Adversary Controlled Applications Act are trying to portray the law not as a ban, but as a regulation of TikTok’s ownership.

Medicare and Social Security go-broke dates are pushed back in a ‘measure of good news’

WASHINGTON (AP) — The go-broke dates for benefit programs Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report. Medicare’s go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in Monday’s report. Social Security’s trust funds will be unable to pay full benefits beginning in 2035, instead of last year’s estimate of 2034. Still, officials warn that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans.

Disney’s streaming business turns a profit in first financial report since challenge to Iger

The Walt Disney Co. moved to a loss in its second quarter, hampered by significantly higher restructuring and impairment charges, but its adjusted profit topped Wall Street’s view and its streaming business was profitable. Theme parks also continued to be a strength. While Disney said Tuesday that it foresees its streaming business softening in the third quarter due to Disney+Hotstar, it expects its combined streaming businesses to be profitable in the fourth quarter and to be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025.

Apple’s biggest announcements from its iPad event: brighter screen, faster chips and the Pencil Pro

CUPERTINO, Calif. (AP) — Apple on Tuesday unveiled its next generation of iPad Pros and Airs — lineups that will boast faster processors, new sizes and a new display system. The showcase at Apple’s headquarters in Cupertino, California, comes after the company disclosed its steepest quarterly decline in iPhone sales since the pandemic’s outset, deepening a slump that’s increasing the pressure on the trendsetting company to spruce up its products.

US seeks information from Tesla on how it developed and verified whether Autopilot recall worked

DETROIT (AP) — Federal safety investigators want Tesla to tell them how it developed the fix in a recall of more than 2 million vehicles with the company’s Autopilot partially automated driving system. Investigators with the U.S. National Highway Traffic Safety Administration have concerns about whether the recall remedy worked because Tesla has reported 20 crashes since it was issued in December. In a letter to Tesla, investigators wrote that they could not find a difference between warnings to the driver to pay attention before the recall and after the recall fix was sent out in an online software update.

Instacart partners with Uber Eats to offer restaurant deliveries

Instacart is partnering with Uber Eats to offer restaurant deliveries to its customers. The San Francisco-based grocery delivery company said Tuesday that its U.S. shoppers will see a “Restaurants” tab in the company’s app in the coming weeks. Restaurant orders will be delivered by Uber Eats drivers. Instacart said its Instacart Plus members, who pay $99 per year or $9.99 per month for free grocery deliveries, will also get free restaurant delivery if their order is over $35. Regular Instacart members will be charged Uber Eats delivery fees. The companies said the deal will expand Uber Eats’ reach into the suburban neighborhoods where Instacart is most heavily used.

Luis Miranda Jr. reflects on giving, the arts and his son Lin-Manuel in the new memoir ‘Relentless’

Long before his son Lin-Manuel’s Tony Award-winning musical “Hamilton” brought his family international recognition and unexpected fortune, Luis A. Miranda Jr. had dedicated his life to expanding opportunity and representation for Latinos in the United States. He recounts his decades of work as a community organizer, political strategist and philanthropist in a new memoir, “Relentless: My Story of the Latino Spirit that Is Transforming America.” The Associated Press spoke to Miranda about the role giving can play in lifting up communities and the lessons learned in his family’s own quest to help Puerto Rico recover from Hurricane Maria.

Deadline for businesses to apply for their share of massive credit card company settlement looms

NEW YORK (AP) — A deadline is looming for millions of businesses who may be entitled to a payout in a $5.5 billion antitrust settlement with Visa and Mastercard. Any businesses that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004 and January 25, 2019 may be eligible to receive part of the settlement. Eligible owners whose businesses have closed can also submit a claim. The settlement stems from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks violated antitrust laws.

Stock market today: Wall Street holds steady after its 3-day winning streak

NEW YORK (AP) — U.S. stocks are holding relatively steady as trading on Wall Street calms following some sharp recent swings. The S&P 500 was up less than 0.1% Tuesday, coming off a strong three-day winning streak. The Dow Jones Industrial Average rose 6 points, and the Nasdaq composite slipped 0.2%. Kenvue, the company behind Band-Aids and Tylenol, rose after topping analysts’ forecasts for profit and revenue. The Walt Disney Co. sank after reporting revenue that fell a bit shy of forecasts. They’re among the tail end of companies reporting their results for the first three months of the year. Treasury yields eased.

The FAA investigates after Boeing says workers in South Carolina falsified 787 inspection records

SEATTLE (AP) — The Federal Aviation Administration has opened an investigation into Boeing after the beleaguered company reported that workers at a South Carolina plant falsified inspection records on certain 787 planes. Boeing said its engineers have determined that misconduct did not create “an immediate safety of flight issue.” An executive who leads the 787 program said in an April 29 email to employees that a worker observed an “irregularity” in a required test of the wing-to-body join and reported it to his manager. Boeing investigated and learned that several people had falsified inspection records by saying they had completed certain tests when they hadn’t. The executive says Boeing is taking “swift and serious corrective action.”