States take Meta to trial in California in the biggest fight yet over social media harms to children
Of the thousands of lawsuits Meta faces over child safety on its platforms, none may be more consequential than one going to trial this week in California. States are seeking extensive financial damages that could, in theory, total as much as $1.4 trillion, plus changes to how the company operates Facebook and Instagram. The lawsuit accuses the social media giant of contributing to the youth mental health crisis by knowingly and deliberately designing features that are addictive. The trial set to begin Tuesday in federal court in Oakland, California, features four of the states as plaintiffs — California, Colorado, Kentucky and New Jersey.
Ukraine takes aim at Russia’s economy and morale by attacking online retailer
Day after day over recent weeks, Ukrainian drones have pummeled giant depots belonging to Wildberries, the country’s biggest online retailer, burning estimated billions of dollars’ worth of merchandise and bringing the war home to the broad public. The attacks that hit about 20 depots belonging to Wildberries in a month reflect Ukraine’s ability to strike deep inside Russia and cast a new challenge to President Vladimir Putin nearly 4 ½ years after the start of the full-scale invasion of Ukraine. The strikes have shaken the empire founded by Tatyana Kim, the country’s richest female entrepreneur. Forbes Russia estimated her fortune at $8.1 billion before the strikes began.
Asian shares are mostly higher while US futures and oil prices hold steady
BANGKOK (AP) — Shares are mostly higher in Asia after U.S. stocks edged back from their all-time high following a weaker than expected report on the U.S. economy. U.S. futures were little changed and oil prices were mixed. The Japanese government reported Monday that the economy grew slightly faster than forecast. On Friday, the S&P 500 slipped 0.2% from a record set the day before. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite fell 0.3%. A report showed shoppers spent less at U.S. retailers last month. Such data could keep interest rates low, which is a plus for investors. But it also suggests growth may be slowing at a time when inflation is still high.
Avocado pickers in Mexico welcome restart of exports to US, but security fears remain
SANTA ANA ZIROSTO, Mexico (AP) — Authorities have lifted a U.S. security alert that halted avocado exports from Michoacán, Mexico's main avocado-producing state. The alert had left around 200,000 workers in limbo while the military set up increased security measures. By the weekend, orchards and packing plants were back in operation, and U.S. inspectors had returned to certify the fruit. Some workers are relieved to have their wages back, while others fear the calm won't last. The region is plagued by violence and extortion from local cartels. Increased security measures have been deployed, but growers remain cautious, hoping for lasting improvements.
Berkshire Hathaway boosted stake in Alphabet, homebuilders in the second quarter
Berkshire Hathaway is increasing its stake in Google’s parent company, Alphabet. It is also boosting its holdings in homebuilders. The company also continued to pare its stake in financial companies and a number of other stocks in the April-June quarter. That's according to a regulatory filing filed late Friday. The company agreed in June to invest $10 billion in Alphabet. It expanded its stake to roughly 106 million shares worth about $37.76 billion as of June 30. Berkshire also increased its investments in builder Lennar, Delta Air Lines and Macy’s, while reducing stakes in several financial companies, among others.
BBC asks a US court for help in getting testimony from the Trump family in defamation suit
LONDON (AP) — The BBC has asked a U.S. court for help getting documents and testimony from U.S. President Donald Trump's family in connection to his $10 billion defamation lawsuit against the broadcaster. Trump filed the lawsuit in December, accusing the BBC of defamation and deceptive practices. The case centers on a 2024 documentary that allegedly misrepresented a speech Trump gave on Jan. 6, 2021. Lawyers for the BBC argue that Ivanka Trump, Jared Kushner, and Donald Trump Jr. have relevant knowledge of Trump’s intentions in giving the speech. The BBC apologized for the edit but denied defamation. A trial is provisionally set for February.
Japan's economy manages 1.1% growth rate despite headwinds
TOKYO (AP) — Japan’s economy grew an annualized rate of 1.1% in the April-June quarter, even as private consumption stayed flat and the growth of exports declined. The Cabinet Office said Monday that Japan’s real GDP, or gross domestic product, the sum value of nation’s goods and services, grew at a seasonally adjusted 0.3% in the second quarter of this year from the first quarter. The annual, or annualized, rate shows what that rate would have been if it had continued for a whole year. That rate in the January-March period was 2.1%. Private spending dipped 1.2% in April-June compared to January-March, while exports grew 0.5%.
Wall Street week ahead: Home Depot and Walmart report earnings, minutes of Fed meeting are released
NEW YORK (AP) — Wall Street will get financial updates from some of the nation’s biggest retailers this week, along with more details from the Federal Reserve’s most recent meeting. Home Depot reports its latest results on Tuesday, followed by Target and Lowes on Wednesday, and then Walmart on Thursday. The results will help give investors a more detailed picture of how businesses and consumers are handling stubbornly high inflation. Wall Street and economists will get more details about the Federal Reserve’s interest rate policy when the central bank releases minutes from the July meeting on Wednesday.
US civil rights agency denies issuing order halting all federal class discrimination complaints
NEW YORK (AP) — A civil rights agency accused of halting a sexual harassment case filed on behalf of female prison guards is now blaming an administrative judge for doing so in error. A labor union and two female prison guards sued the Equal Employment Opportunity Commission for indefinitely suspending proceedings in their case as part of a wider effort to halt all federal-sector class claims pending before the agency’s administrative judges. The EEOC enforces employment anti-discrimination laws.
Maryland tax court voids digital ad tax, orders refunds to Apple, Google and Peacock TV
ANNAPOLIS, Md. (AP) — A Maryland state tax court has struck down the state’s tax on digital advertising. The court says the tax violates the federal Internet Tax Freedom Act and parts of the U.S. Constitution. The decision, issued Friday, orders the state to repay digital ad tax money collected from companies like Apple and Google. Maryland introduced the tax in 2021 to fund education, expecting to raise $250 million annually. The law targeted large companies with global revenues over $100 million. Maryland officials disagree with the ruling and plan to continue the legal fight. The case has been closely watched by other states considering similar taxes.
