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By SAM McNEIL, Associated Press

BRUSSELS (AP) — The European Union on Friday said Meta and TitTok had breached their transparency obligations after an investigation that could result in billions of dollars in fines.

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The inquiry found both companies had violated the Digital Services Act, the EU’s trailblazing digital rule book that imposes a set of strict requirements designed to keep internet users safe online, including making it easier to report counterfeit or unsafe goods or flag harmful or illegal content like hate speech, as well as a ban on ads targeted at children. read more

By WYATTE GRANTHAM-PHILIPS, Associated Press

NEW YORK (AP) — The stunning indictment that led to the arrest of more than 30 people, including Miami Heat guard Terry Rozier and other NBA figures, on charges of illegal sports betting has drawn new scrutiny of the booming business of professional sports gambling across the U.S.

Since widespread legalization, the multibillion-dollar industry has made it easy to place wagers on everything from the outcome of games to that of a single play with just a few taps of a cellphone. It’s just about impossible to go to a basketball, football, baseball or other pro game today — or watch a matchup on TV — without seeing ads for sports betting.

Fans can place wagers from their stadium seats, while “Bet” tickers scroll on TV sports broadcasts. Star athletes are frequently at the center of ads promoting it all.

In Thursday’s indictment, federal investigators accused Rozier and other defendants of breaking the law by exploiting private information about players to win bets on NBA games. Rozier’s lawyer, Jim Trusty, said in a statement that his client is “not a gambler” and “looks forward to winning this fight.” read more

By Rick VanderKnyff, NerdWallet

Many of us live paycheck to paycheck, as a wide range of surveys confirm.

So when those paychecks suddenly stop coming, because of a layoff or other unforeseen event, the effect can be profound and immediate. How do you pay for the basics — food, shelter, child care and more — with no money coming in, especially if you haven’t been able to build an adequate emergency fund?

Virtually all of the nation’s nearly 3 million federal workers are facing life without pay for the foreseeable future as the federal government shutdown (which began Oct. 1) slogs through its third week.

And it’s not just federal employees living with disruption and uncertainty: The livelihoods of an estimated 3 million contractors also depend on federal dollars. Although work continues, for now, on many contracts that had already been funded before Oct. 1, effects of the shutdown are beginning to ripple through the contract sector, with hours trimmed and other measures reported.

As the shutdown drags on, and millions of financially strapped families cut back on spending, effects are bound to spread into an already uncertain economy and an anemic labor market. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks hit records on Friday after an update on inflation came in a bit less painful than feared.

The S&P 500 rose 0.8% and topped its prior all-time high, which was set earlier this month. The Dow Jones Industrial Average rallied 472 points, or 1%, and the Nasdaq composite climbed 1.1%. Both also set records.

The data on inflation is encouraging because it could mean less pain for lower- and middle-income households struggling with still-high increases in prices every month. Even more importantly for Wall Street, it could also clear the way for the Federal Reserve to keep cutting interest rates in hopes of giving a boost to the slowing job market.

The Fed just cut its main interest rate last month for the first time this year, but it’s been hesitant to promise more relief because lower rates can make inflation worse, beyond goosing the economy and prices for investments. Following the inflation report, traders continue to bet on a near certainty that the Fed will cut rates at its next two meetings, including one next week. read more

By FATIMA HUSSEIN, Associated Press

WASHINGTON (AP) — The Social Security Administration’s annual cost-of-living adjustment will go up by 2.8% in 2026, translating to an average increase of more than $56 for retirees every month, agency officials said Friday.

The benefits increase for nearly 71 million Social Security recipients will go into effect beginning in January. And increased payments to nearly 7.5 million people receiving Supplemental Security Income will begin on Dec. 31.

Friday’s announcement was meant to be made last week but was delayed because of the federal government shutdown.

The cost-of-living adjustment, or COLA, for retirees and disabled beneficiaries is financed by payroll taxes collected from workers and their employers, up to a certain annual salary, which is slated to increase to $184,500 in 2026, from $176,100 in 2025.

Recipients received a 2.5% cost-of-living boost in 2025 and a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, brought on by record 40-year-high inflation. read more