Markets and Business News Review

TikTok to ‘Go Dark’ on Sunday for Its 170 Million American Users

David McCabe — Sat, 18 Jan 2025 00:10:28 -0500

The Chinese-owned company said it would cut off its services unless the U.S. assures Apple, Google and other companies that they would not be punished for hosting and distributing TikTok.

Trump’s Tariff Threat Stokes Anxiety in Canada’s Auto-Industry Hub

Ian Austen and Ian Willms — Sat, 18 Jan 2025 00:03:44 -0500

The president-elect’s vow to impose 25 percent duties on Canadian imports could ravage Canada’s auto industry and decimate Windsor, a city deeply tied to the U.S.

Bond wobble underscores allure of cash

Sat, 18 Jan 2025 00:00:33 -0500

The asset class has proven far stickier than most big fund managers anticipated

Investment trusts under fire again — are they finally listening?

Sat, 18 Jan 2025 00:00:33 -0500

Activist’s attack on ‘miserable seven’ highlights some well-known complaints

The president-elect of the US is promoting a shitcoin?

Fri, 17 Jan 2025 23:31:42 -0500

Not to be confused with the “digital assets venture” he supported before the election

Meatpacking Companies to Pay $8 Million for U.S. Child Labor Violations

Hannah Dreier — Fri, 17 Jan 2025 22:16:22 -0500

Perdue Farms and JBS have settled with the Labor Department after relying on migrant children to do dangerous work in their slaughterhouses. Most of the money will be used to help the children.

Supreme Court Backs Law Requiring TikTok to Be Sold or Banned

Adam Liptak — Fri, 17 Jan 2025 21:48:31 -0500

The company argued that the law, citing potential Chinese threats to the nation’s security, violated its First Amendment rights and those of its 170 million users.

When a spouse dies, there can be a ‘tax explosion’ for the one left behind

Beth Pinsker — Fri, 17 Jan 2025 21:35:00 -0500

If you know what’s coming, you can plan ahead to mitigate some of the pain.

US Supreme Court upholds divest-or-ban law targeting TikTok

Fri, 17 Jan 2025 21:13:41 -0500

Unanimous decision puts future of popular video app in hands of Donald Trump

How TikTok Evaded a Ban Again and Again, Until Now

Sapna Maheshwari, Madison Malone Kircher and David McCabe — Fri, 17 Jan 2025 20:48:20 -0500

After a decisive loss at the Supreme Court, the app is set to be blocked in the U.S. starting Sunday, ending its streak of Houdini-like escapes.

Jean Jennings, Who Wrote With Verve About Cars, Dies at 70

Clay Risen — Fri, 17 Jan 2025 20:39:00 -0500

A cabdriver and mechanic before becoming a journalist, she brought personality and adventure to a once-staid genre. She once won a demolition derby and motorcycled across China.

Vanguard to Pay $106 Million in Restitution to Retirement Fund Investors

Matthew Goldstein — Fri, 17 Jan 2025 20:09:35 -0500

An investigation by the S.E.C. and several states found that the company had failed to notify investors of changes in the terms of some funds, leading to higher capital gains taxes.

S&P 500 now up in 2025 after broadening rally ahead of Trump inauguration

Christine Idzelis — Fri, 17 Jan 2025 19:20:00 -0500

The U.S. stock market broadened its rally this week, with all S&P 500 sectors booking weekly gains, as investors appeared relieved by interest rates in the bond market reversing some of their recent startling climb.

Starbucks’s turnaround plan under new CEO now likely includes job cuts

Bill Peters — Fri, 17 Jan 2025 18:36:00 -0500

Coffee chain Starbucks’s promised overhaul may require cutting jobs as it tries to work more efficiently, CEO Brian Niccol said.

Elon Musk once called his questions ‘boneheaded.’ What Wall Street is losing as this clear-eyed analyst retires.

Therese Poletti — Fri, 17 Jan 2025 18:30:00 -0500

With the incoming pro-business Trump administration, Wall Street needs people willing to ask hard questions and look into whether there’s substance behind bold corporate predictions.

Ahead of Trump Presidency, the Fed Quits Global Climate Network

Madeleine Ngo and Lydia DePillis — Fri, 17 Jan 2025 18:27:37 -0500

The central bank said it had decided to leave the network after the group’s work “increasingly broadened in scope.”

American Airlines Accused of Discrimination by Interracial Couple

Christine Chung — Fri, 17 Jan 2025 18:23:34 -0500

In a lawsuit, two newlyweds say they were detained after a passenger and airline employees wrongly suspected the Black husband of trafficking his white wife.

T-bill supply will turn negative soon without a U.S. debt-limit deal: BofA

Joy Wiltermuth — Fri, 17 Jan 2025 18:06:00 -0500

Incoming President Donald Trump’s second administration kicks off as the U.S. debt-ceiling debate enters another critical juncture.

U.S. to Deploy ‘Extraordinary Measures’ to Avoid Default on Jan. 21

Alan Rappeport — Fri, 17 Jan 2025 17:50:10 -0500

Janet L. Yellen, the outgoing Treasury secretary, urged lawmakers to raise the debt limit and protect the full faith and credit of the United States.

Walgreens stock sinks after DOJ sues over illegal-prescription accusations

Bill Peters — Fri, 17 Jan 2025 17:39:00 -0500

The pharmacy “allowed millions of opioid pills and other controlled substances to flow illegally out of Walgreens stores,” the Justice Department said.

‘Severance’ Is Back. Here’s a Season 1 Recap to Jog Your Memory.

Sarah Bahr — Fri, 17 Jan 2025 17:20:52 -0500

It’s been almost three years since the Season 1 finale. This refresher should help jog your memory.

CNN Settles Defamation Suit After Being Ordered to Pay $5 Million

Michael M. Grynbaum — Fri, 17 Jan 2025 17:20:36 -0500

The case, which involved a 2021 segment about a private security contractor in Afghanistan, played out as media organizations face more legal and political pressures.

It starts with Red No. 3. These are the dyes and food additives that could be banned next.

Charles Passy — Fri, 17 Jan 2025 17:06:00 -0500

Experts say consumers may end up paying more if food and drink products are reformulated.

Retirement and drinking don’t mix

Jessica Hall — Fri, 17 Jan 2025 17:00:00 -0500

Retirees suffer more from depression as it is. Binge drinking makes it worse.

A final look at how the U.S. stock market performed under Joe Biden

Isabel Wang — Fri, 17 Jan 2025 16:53:00 -0500

U.S. stocks closed out the Biden era on a high note as the president bids farewell to the White House.

The 3 Best Ways To Save Money on Cruises, According to Experts

Katie Price — Fri, 17 Jan 2025 16:19:13 -0500

Key Points

Cruises are relaxing and affordable because everything is included.
Despite being one of the more affordable ways to travel, you can still get additional deals.
Experts suggest three tips to help you save money on your next cruise.
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Cruises are an all-inclusive experience with a variety of destinations. They’re extremely convenient and often include activities and entertainment onboard. Many are family-friendly, while there are also adult-only cruises for those who prefer a different experience. Ships have a huge variety of food and dining and are great for those who love a social atmosphere. Because everything is included, the entire family gets a chance to unwind. There’s no driving, planning, or even paying required if you do it the right way.

They can also be an extremely expensive way to travel if you aren’t prepared. Ships must obviously depart from the coast, so everyone must travel to a coastal city (most often in California or Florida). To help you find affordable travel options, we scoured this Reddit thread of travel experts and found the three best ways to save money on cruises.

Bring Your Own Alcohol

Have you ever wondered how all-inclusive resorts and cruises make enough money when their costs are so low? It’s often because alcohol isn’t included in the package, and they can charge more for it. If you haven’t carefully planned your budget and allowed for alcohol consumption, your tab can add up really fast.

These experts encourage you to entirely skip the drink plan unless it’s free or discounted. Many companies allow you to bring 1-2 bottles of wine on board per customer. Those who don’t have a limit may charge a corkage fee at the terminal, so find out the details beforehand.

Plan Your Own Activities

Cruise lines help plan activities when you are off the ship if you choose. Many of these same activities are available at a discounted price through the same companies – the cruise line simply marks them up. Research the company you use and check online reviews to make sure it’s a reputable one, particularly if you’re in another country.

Remember that if you use a third-party company to plan your excursion, they aren’t bound by time constraints. If you get back to the boat late, it could leave without you. However, it may be worth the risk to save money, as most companies understand their customer base and where it comes from.

Buy Stock for Shareholder Credits

Here’s one less common option you may not have considered: Some cruise lines offer onboard credits or discounts for company shareholders. While this is often part of a loyalty or promotional program, it may be worth it to buy stock in the company to receive special amenities, priority check-in, and extra credits.

These details change over time as stock prices fluctuate, so make sure you stay updated on the new terms before booking a trip. Contact the cruise line itself or its investor relations department. Don’t buy stock just for the travel perks, but rather on the investment fundamentals and how they benefit you.

Rapid Fire Tips

Some cruise lines are cheaper than others, but remember that you often get what you pay for. Many suggest using a travel agency and watching the cost to see if it decreases after you’ve paid for it. Consider an inside cabin, as they are cheaper than a balcony or oceanside option. Finally, travel during the off-season to avoid large crowds and high costs.

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The post The 3 Best Ways To Save Money on Cruises, According to Experts appeared first on 24/7 Wall St..

US stocks post best week since Donald Trump’s election win

Fri, 17 Jan 2025 16:16:17 -0500

Easing underlying US inflation pressures and strong bank earnings ‘emboldened the bulls’ on Wall Street

US Debt Faces Record as Trump and GOP Plan Tax Cuts

Alan Rappeport — Fri, 17 Jan 2025 16:07:10 -0500

The Congressional Budget Office forecasts that annual deficits will top $21 trillion over the next decade.

Treasury yields end with largest weekly declines since November ahead of Trump’s inauguration

Vivien Lou Chen — Fri, 17 Jan 2025 15:53:00 -0500

Yields on U.S. government debt finished higher on Friday as traders weighed the inflationary impact of possible tariffs from incoming President Donald Trump. Nonetheless, market-based rates still posted their biggest weekly declines since November, helped by the possibility inflation may still come down by enough to justify multiple 2025 rate cuts by the Federal Reserve.

RFK Jr. Sought to Stop Covid Vaccinations 6 Months After Rollout

Christina Jewett — Fri, 17 Jan 2025 15:50:43 -0500

Robert F. Kennedy Jr. petitioned the F.D.A. to revoke authorization of the shots at a time when they were in high demand and considered life-saving.

SpaceX faces US regulatory probe after Starship rocket explodes

Fri, 17 Jan 2025 15:49:11 -0500

FAA grounds Elon Musk’s largest rocket in a setback for billionaire following maiden launch of rival Blue Origin

Remote Work for Civil Servants Faces a Challenge Under Trump

Noam Scheiber — Fri, 17 Jan 2025 15:46:05 -0500

Federal employees and others in the capital have grown attached to work-from-home arrangements. But hybrid work may disappear in the second Trump era.

David Solomon scores an $80 million bonus. Doubt surrounded his tenure at Goldman Sachs as recently as 2023.

Steve Gelsi — Fri, 17 Jan 2025 15:41:00 -0500

Wall Street investment bank, whose stock price hit a record high this week, awards CEO Solomon a stock bonus set to vest in 2030.

World Economic Forum: Behind the Scenes at Davos

Shivani Vora — Fri, 17 Jan 2025 15:40:35 -0500

Planning and managing the World Economic Forum’s annual meeting is a huge task, and the work for next year’s event will begin as soon as this one ends.

How the hot EV market left middle-income Americans out in the cold

Venessa Wong — Fri, 17 Jan 2025 15:38:00 -0500

Electric vehicles made up about 9% of cars sold in the U.S. last year. Even with tax credits, they were too expensive for many middle-income households.

World Economic Forum: Will Trump and Davos Herald a New World Disorder

Steven Erlanger — Fri, 17 Jan 2025 15:36:30 -0500

Among the issues likely to be explored at the World Economic Forum this week is the future of Ukraine and its impact on Europe.

Oracle May Hold TikTok’s Future in Its Hands

Tripp Mickle — Fri, 17 Jan 2025 15:36:05 -0500

The company is one of the app’s leading server providers, managing the data centers where billions of 40-second videos are stored.

World Economic Forum: Davos Braces for Political Drama as the World Warms

David Gelles — Fri, 17 Jan 2025 15:34:52 -0500

A new U.S. president’s promise to expand fossil fuels that is at odds with global ambitions to combat climate change will be a topic of discussion at the World Economic Forum.

Oil prices score a 4th straight weekly gain on supply fears

Myra P. Saefong — Fri, 17 Jan 2025 15:31:00 -0500

Oil futures settled lower on Friday, but scored a fourth straight week of gains after wider sanctions against Russia’s energy industry tightened supply.

Oil traders make big bets on Trump policies. The path for prices isn’t so clear.

Myra P. Saefong — Fri, 17 Jan 2025 15:14:00 -0500

The volatility seen in oil prices in the new year has a lot to do with Donald Trump — and he doesn’t even officially become the president of the United States until Monday.

The Biden economy: Just how good was it? Here are the highs and lows for the 46th president.

Jeffry Bartash — Fri, 17 Jan 2025 15:03:00 -0500

Presidents get too much credit or too much blame for the economy, it’s often said, but the public never fails to render its own judgment. They gave Joe Biden and Kamala Harris a failing grade and put Donald Trump back in the White House. Here are the high-water marks — and biggest low points — during the Biden/Harris administration.

CNN Ordered to Pay at Least $5 Million for Defaming Security Contractor

Michael M. Grynbaum — Fri, 17 Jan 2025 15:00:00 -0500

The jury decision came after a two-week trial where lawyers for the contractor argued that the network had falsely accused him of illegal activity.

Capital One lawsuit reveals how bank customers can get smart and get their money’s worth

Andrew Keshner — Fri, 17 Jan 2025 14:51:00 -0500

A new lawsuit alleging that Capital One cheated savers out of larger yields is a wake-up call for people who want to wise up and get the most out of their deposits, experts say.

Tesla’s stock is surging ahead of Trump’s inauguration. What matters after that.

Tomi Kilgore — Fri, 17 Jan 2025 14:49:00 -0500

Tesla’s stock surges ahead of Inauguration Day, as investors bet on CEO Elon Musk’s ability to influence Federal rule making.

Bond funds are offering a ‘double whammy’ for investors

Brett Arends — Fri, 17 Jan 2025 14:45:00 -0500

Many of these funds are trading at deep discounts and may have tempting distribution yields

With XRP near highs ahead of Trump inauguration, can bitcoin crack a new record?

Frances Yue — Fri, 17 Jan 2025 14:35:00 -0500

Major cryptocurrencies rallied on Friday, with bitcoin back on track toward its record high days ahead of the second inauguration of crypto-friendly President-elect Donald Trump.

The Cost of Surviving a Wildfire

Colleen Hagerty — Fri, 17 Jan 2025 14:30:33 -0500

Evacuating a disaster is often the lifesaving choice, but it comes with short-term costs to address immediate needs and incalculable personal and financial tolls in the future.

My parents saved money for my siblings and I to go to college but I don’t want to help them with their retirement – am I wrong?

Katie Price — Fri, 17 Jan 2025 14:28:32 -0500

Key Points

Children aren’t legally obligated to support their parents’ retirement costs.
Parents aren’t legally obligated to give children any savings they created for them.
Familial relationships are often strained by unclear expectations around money.
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Reddit is full of wisdom and even financial questions we all need answers to. While we never advise you to take financial advice from strangers and always encourage meeting with a professional financial advisor to make any big decisions, we do value the opinion of our fellow Redditors. This writer came across an interesting post the other day regarding the responsibilities of adult children to fund their parents’ retirement, and the responses were fascinating. I’ll set the stage and provide some opinions, but let you decide for yourself what the right answer is.

College Education Fund Versus Early Retirement

In the original post, the writer speaks of his parents creating a college fund for him and his siblings. Both siblings used the fund to pay for college, but he received a full scholarship to the university. He also left home and worked as a welder to support himself, never asking for money from his parents. When he requested the money to help him get through school (although his tuition was paid for by scholarship), his parents responded that the money was intended for his education. He mentioned that he’d worked hard to get his scholarship, but they decided to put the money into a Disney vacation for the entire family and renovations for their home.

The writer doesn’t come right out and say he resents the decisions, but the moment comes full circle just over a decade later when he’s a successful engineer. Because his career doesn’t lend itself to relationships (he travels regularly), he doesn’t have a partner or kids. His siblings do. One sibling is a teacher, and one is a social worker, and both parents are teachers. Recently, his parents asked if he would help them out financially so they could retire early. He posed the questions to other Redditors if it’s his responsibility to support them and give up his own nest egg.

It’s important to note that when he asked his parents for his college fund, they mentioned that they weren’t “legally obligated” to give it to him. He used the same wordage when they asked him for retirement money, so they accused him of holding a grudge.

What Goes Around, Comes Around

Although the responses do not provide demographic information, most seem to come from adults in similar life situations. Here are some of the most common responses.

Many seem a bit vindictive and believe the situation has come full circle. They feel it’s karma doing her thing. Their exact words were “Rules for thee and not for me.”

Others mention that the money isn’t for a need. The parents just want to retire early. The original poster mentions that they aren’t doing hard labor or back-breaking work but rather teaching in classrooms. A common consensus is that the parents should’ve invested the money they saved for the OP’s college rather than taking a vacation, and their retirement would’ve been funded with their investment.

Some posters are bothered by the idea that it’s okay to ask the youngest child without a family for money but not the other children. They’re bothered because their lives don’t seem to be as valuable to their parents.

Perhaps one of the most compelling comments comes from a parent who states they didn’t have children as a retirement fund. If children are expected to fund their parent’s retirement, they are born with a weight around their neck that they didn’t ask for. When love or gifts are given in a quid pro quo fashion, the relationship becomes transactional, which can seriously harm it.

Is It Legally Required?

The post was full of snarky responses, but the OP did not desire to “stick it” to his parents. He only wanted to remind them that he was not legally obligated to support them any more than they were legally obligated to give him his college fund. In the United States, there are social safety nets and state programs to help retirees, but no laws that require children to fund a retirement.

Most commenters supported the OP and downvoted comments that supported the parents, but ultimately, it’s a decision that each individual must make.

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The post My parents saved money for my siblings and I to go to college but I don’t want to help them with their retirement – am I wrong? appeared first on 24/7 Wall St..

The ‘January defect’ could slam stocks if buyers don’t step up quick

Lawrence G. McMillan — Fri, 17 Jan 2025 14:22:00 -0500

For the bulls to reassert control, the S&P 500 would have to rally to all-time highs.

Hopes are high that home builders will fix America’s housing crisis. But the data tell a different story.

Aarthi Swaminathan — Fri, 17 Jan 2025 14:18:00 -0500

Construction of new homes jumped in December, but a look at 2024 overall shows builders weren’t ramping up construction despite strong demand.

Markets and Business News Review

TikTok to ‘Go Dark’ on Sunday for Its 170 Million American Users

Trump’s Tariff Threat Stokes Anxiety in Canada’s Auto-Industry Hub

Bond wobble underscores allure of cash

Investment trusts under fire again — are they finally listening?

The president-elect of the US is promoting a shitcoin?

Meatpacking Companies to Pay $8 Million for U.S. Child Labor Violations

Supreme Court Backs Law Requiring TikTok to Be Sold or Banned

When a spouse dies, there can be a ‘tax explosion’ for the one left behind

US Supreme Court upholds divest-or-ban law targeting TikTok

How TikTok Evaded a Ban Again and Again, Until Now

Jean Jennings, Who Wrote With Verve About Cars, Dies at 70

Vanguard to Pay $106 Million in Restitution to Retirement Fund Investors

S&P 500 now up in 2025 after broadening rally ahead of Trump inauguration

Starbucks’s turnaround plan under new CEO now likely includes job cuts

Elon Musk once called his questions ‘boneheaded.’ What Wall Street is losing as this clear-eyed analyst retires.

Ahead of Trump Presidency, the Fed Quits Global Climate Network

American Airlines Accused of Discrimination by Interracial Couple

T-bill supply will turn negative soon without a U.S. debt-limit deal: BofA

U.S. to Deploy ‘Extraordinary Measures’ to Avoid Default on Jan. 21

Walgreens stock sinks after DOJ sues over illegal-prescription accusations

‘Severance’ Is Back. Here’s a Season 1 Recap to Jog Your Memory.

CNN Settles Defamation Suit After Being Ordered to Pay $5 Million

It starts with Red No. 3. These are the dyes and food additives that could be banned next.

Retirement and drinking don’t mix

A final look at how the U.S. stock market performed under Joe Biden

The 3 Best Ways To Save Money on Cruises, According to Experts

Key Points

Bring Your Own Alcohol

Plan Your Own Activities

Buy Stock for Shareholder Credits

Rapid Fire Tips

Travel Cards Are Getting Too Good To Ignore (sponsored)

US stocks post best week since Donald Trump’s election win

US Debt Faces Record as Trump and GOP Plan Tax Cuts

Treasury yields end with largest weekly declines since November ahead of Trump’s inauguration

RFK Jr. Sought to Stop Covid Vaccinations 6 Months After Rollout

SpaceX faces US regulatory probe after Starship rocket explodes

Remote Work for Civil Servants Faces a Challenge Under Trump

David Solomon scores an $80 million bonus. Doubt surrounded his tenure at Goldman Sachs as recently as 2023.

World Economic Forum: Behind the Scenes at Davos

How the hot EV market left middle-income Americans out in the cold

World Economic Forum: Will Trump and Davos Herald a New World Disorder

Oracle May Hold TikTok’s Future in Its Hands

World Economic Forum: Davos Braces for Political Drama as the World Warms

Oil prices score a 4th straight weekly gain on supply fears

Oil traders make big bets on Trump policies. The path for prices isn’t so clear.

The Biden economy: Just how good was it? Here are the highs and lows for the 46th president.

CNN Ordered to Pay at Least $5 Million for Defaming Security Contractor

Capital One lawsuit reveals how bank customers can get smart and get their money’s worth

Tesla’s stock is surging ahead of Trump’s inauguration. What matters after that.

Bond funds are offering a ‘double whammy’ for investors

With XRP near highs ahead of Trump inauguration, can bitcoin crack a new record?

The Cost of Surviving a Wildfire

My parents saved money for my siblings and I to go to college but I don’t want to help them with their retirement – am I wrong?

Key Points

College Education Fund Versus Early Retirement

What Goes Around, Comes Around

Is It Legally Required?

Get Ready To Retire (Sponsored)

The ‘January defect’ could slam stocks if buyers don’t step up quick

Hopes are high that home builders will fix America’s housing crisis. But the data tell a different story.

Get Ready To Retire ^(Sponsored)