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.
Supreme Court seems likely to uphold a federal law that could force TikTok to shut down on Jan. 19
WASHINGTON (AP) — The Supreme Court seems likely to uphold a law that would ban TikTok in the United States beginning Jan. 19 unless the popular social media program is sold by its China-based parent company. Hearing arguments Friday in a momentous clash of free speech and national security concerns, the justices seemed persuaded by arguments that the national security threat posed by the company’s connections to China override concerns about restricting the speech, either of TikTok or its 170 million users in the United States. Early in arguments that lasted more than two and a half hours, Chief Justice John Roberts identified as the “main concern” in the case TikTok’s ownership by China-based ByteDance and the parent company’s ties to Chinese government’s intelligence operations.
Supreme Court to weigh reinstating Obamacare care requirements struck down by lower court
WASHINGTON (AP) — The Supreme Court agreed Friday to consider some reinstating preventative care coverage requirements under the Affordable Care Act that were struck down by a lower court. The case came before the high court after the 5th U.S. Circuit Court of Appeals sided with employers who argued they can’t be forced to provide full insurance coverage for things like medication to prevent HIV and some cancer screenings. The lower-court ruling chipped away at the program sometimes referred to as Obamacare, but did not apply to all preventive care coverage.
Latest NFL season highlights financial risks for sports betting companies when so many favorites win
NEW YORK (AP) — It’s been a tough football season for sports books. FanDuel and its key rival DraftKings have both showed investors that the house can indeed lose, or at least lose more than anticipated, when so many favorites win. FanDuel’s parent company, Flutter Entertainment, and DraftKings have both warned investors about more payouts than anticipated to bettors during latest NFL season. The risks come along with steady growth for the industry, which has become a more established piece of the overall fan experience for sports. Overall, 38 states and Washington D.C. allow online sports books, according to the American Gaming Association.
IRS announces January 27 as the start of the 2025 tax season
The IRS on Friday announced January 27 as the official start date of the 2025 tax season, and expects more than 140 million tax returns to be filed by the April 15 tax deadline. The tax collection said it is expanding a program that allows people to file their taxes directly with the agency for free. The Direct File program, which allows taxpayers to calculate and submit their returns to the government directly without using commercial tax preparation software, will be available to taxpayers in 25 states starting Jan. 27, up from 12 states that were part of last year’s pilot program.
Stock market today: Wall Street recoils after good news on the economy raises inflation worries
NEW YORK (AP) — U.S. stocks dropped 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 1.6%, and the Nasdaq composite sank 1.6%. Stocks took their cue from the bond market, where yields rose to crank up the pressure after a report said U.S. employers hired many more workers 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.
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.
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