Federal Trade Commission and 22 states sue Amazon over inflated advertising prices
NEW YORK (AP) — The Federal Trade Commission and 22 states have filed a lawsuit against online retailer Amazon claiming that it defrauded advertising customers. The lawsuit was filed Monday in the U.S. District Court in the Western District of Washington. It claims Amazon overcharged 1.2 million advertising customers by misleading them on prices for online auctions for ads. The complaint says Amazon said it was offering competitive prices on several ad products when it was actually inflating auction prices. FTC Chairman Andrew Ferguson says millions of advertising customers were misled into paying higher prices. Amazon says the allegations are false.
Oil prices rise and stocks fall after US hits Iranian sites in the Strait of Hormuz
Oil prices rose and U.S. stocks fell after American forces struck Iranian rocket launchers on the Strait of Hormuz, marking the first military action in a month. Brent crude rose 2.7% Monday, closing back above $90 a barrel. The S&P 500 fell 0.3%, the Dow Jones Industrial Average dropped 374 points, or 0.7%, and the Nasdaq slipped 0.1%. Still, all three indexes closed with gains for the month of August. The yield on the 10-year Treasury rose to 4.75%, around the level seen two weeks ago when the Trump administration took the unusual step of announcing it would intervene in the bond market.
Japanese automakers Nissan and Honda agree to work together on software for cars
TOKYO (AP) — Japanese automakers Nissan and Honda are going to jointly develop computer parts and software for vehicles set to enter the market in fiscal 2029. Under the deal, announced Monday, the two automakers will share standardized parts in “core ECUs,” or “electronic control units,” as well as software. The companies started talks in 2024 to work together in developing electric vehicles and auto intelligence technology to pool resources. Competition in the auto industry is increasingly intensifying in new technology like automated driving and zero emissions. Each vehicle is starting to be more like a computer, rather than the old gas-guzzling engines.
Fast-fashion giant Shein's shares fall after Hong Kong trading debut that spotlights its China roots
HONG KONG (AP) — Shares in fast-fashion online retail giant Shein have begun trading on Hong Kong’s stock exchange after a long delay. Its shares lost around 10% in early trading. The company's $1.7 billion share listing in Hong Kong highlights its Chinese roots, though it moved its headquarters to Singapore. Earlier, Shein considered listing its shares in New York and London and it moved its headquarters to Singapore from China. But increasingly strict scrutiny by Beijing, as well as from regulators in the U.S. and Europe, led it to switch to a listing in Hong Kong. The company’s market value is about $27 billion, a fraction of its peak valuation a few years ago.
Social media companies are trying harder to know which users are kids
Determining which accounts belong to children is the linchpin of online child safety measures that Meta, Google, TikTok, Roblox and other companies are ramping up as public and regulatory sentiment increasingly turns against them. As countries like Australia, the U.K and France are enacting or planning bans on social media for young teens and legal and regulatory pressure builds for tech platforms to do more to protect kids from online harms, most major platforms have announced ways they are trying to strengthen online age checks. But the fact remains that online age verification technology remains imperfect, while coming with privacy implications not just for children but for adults who maybe have to prove that they are over 18.
Days after Trump announces Venezuela oil deal, White House fills in some of the details
WASHINGTON (AP) — The White House says it’s partnering with North American Blue Energy Partners in a deal that will give the Pentagon a stake in Venezuela’s vast oil reserves. New details of the plan were released by the White House on Monday. The U.S. is forming a new company with NABEP, already the second largest operator in Venezuela, in hopes of creating a new oil giant. The deal will give the Pentagon a 35% ownership stake in the company, and the State Department will get a guarantee to purchase 20% of the output at cost. The plan was initially announced Friday.
Trump has asked Apple to change Lake Ontario name to 'Lake America' on its maps, interior chief says
CHICAGO (AP) — U.S. President Donald Trump has asked Apple to change the name of Lake Ontario to “Lake America” on its maps app, his administration’s interior chief said Monday — days after signing an executive order over the body of water now in the spotlight amid his escalating trade war with Canada. Interior Secretary Doug Burgum told Fox that Trump “reached out to Apple directly.” Apple did not immediately comment. Just over the weekend, competitor Google Maps rolled out the new label for its U.S. users. The move echoes Trump's order last year to rename the Gulf of Mexico the Gulf of America — and both Apple and Google updated their maps in the U.S. soon after.
Nepal floods expose risks to hydropower in a warming Himalayas
DHADING, Nepal (AP) — As rescuers in Nepal struggle to find hundreds of workers in the tunnels that were buried in last week's flooding, attention has focus on where to rebuild crucial hydropower projects. These projects provide power and revenue for developing countries like Nepal but increased risk due to climate change means that billions of dollars are lost in every disaster. Nepal loses over $100 million every year due to damage to infrastructure projects and rebuilding in a climate resilient way is key to prevent further loss, according to experts.
United Arab Emirates says it intercepted an Iranian drone over its territorial waters
DUBAI, United Arab Emirates (AP) — The United Arab Emirates’ air force has intercepted an Iranian drone over its territorial waters. The Defense Ministry said that the attack Monday came after the U.S. and Iran exchanged fire over the weekend. It was the first action in a month. The Defense Ministry said it “dealt with” an Iranian drone that was detected over its waters approaching from Iran. There were no reports of damage. It happened after U.S. forces on Sunday struck Iranian rocket launchers on an Iranian island. It broke a lull in fighting in the war that has lasted more than six months. Iran responded by launching missiles at U.S. sites in Jordan.
US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP
ASHEVILLE, N.C. (AP) — Treasury Secretary Scott Bessent says the Trump administration plans to impose sanctions on another bank this week in effort to clamp down on Iran transactions. Bessent spoke with The Associated Press on Sunday ahead of Group of 20 meetings in Asheville, North Carolina, where he will huddle individually with his counterparts from the world’s major and developing economies to encourage participation in the economic isolation of Iran. He said in the interview that “This is going to be financial violence if we have to. We are showing people that we know who you are, you know who you are, and this has got to stop.”
