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TikTok settles as social media giants face landmark trial over youth addiction claims

TikTok settles as social media giants face landmark trial over youth addiction claims

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By KAITLYN HUAMANI and BARBARA ORTUTAY, AP Technology Writers

LOS ANGELES (AP) — TikTok agreed to settle a landmark social media addiction lawsuit just before the trial kicked off, the plaintiff’s attorneys confirmed.

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The social video platform was one of three companies — along with Meta’s Instagram and Google’s YouTube — facing claims that their platforms deliberately addict and harm children. A fourth company named in the lawsuit, Snapchat parent company Snap Inc., settled the case last week for an undisclosed sum.

Details of the settlement with TikTok were not disclosed, and the company did not immediately respond to a request for comment. read more

Fed expected to keep rates unchanged as Chair Powell pivots back to economics

Fed expected to keep rates unchanged as Chair Powell pivots back to economics

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By CHRISTOPHER RUGABER, Associated Press

WASHINGTON (AP) — After two weeks of intense political and legal scrutiny, the Federal Reserve will seek to make this week’s meeting about interest rates as straightforward and uneventful as possible, though President Donald Trump probably still won’t like the result.

The central bank’s interest rate-setting committee is almost certain to keep its key short-term rate unchanged at about 3.6%, after three straight quarter-point cuts last year. Fed Chair Jerome Powell said after December’s meeting that they were “well positioned to wait to see how the economy evolves” before making any further moves.

When the Fed lowers its short-term rate, it can over time influence other borrowing costs for things like mortgages, auto loans and business borrowing, though those rates are also affected by market forces.

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EU steps in to make sure Google gives rivals access to AI services and data


Watch: Investigator describes intense air traffic at time of deadly midair collision near DC read more

Americans’ confidence in the U.S. economy falls sharply in January to lowest level since 2014

Americans’ confidence in the U.S. economy falls sharply in January to lowest level since 2014

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By MATT OTT, Associated Press Business Writer

WASHINGTON (AP) — U.S. consumer confidence declined sharply in January, hitting the lowest level since 2014 as Americans grow increasingly concerned about their financial prospects.

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The Conference Board said Tuesday that its consumer confidence index cratered 9.7 points to 84.5 in January, falling below even the lowest readings during the COVID-19 pandemic.

A measure of Americans’ short-term expectations for their income, business conditions and the job market tumbled 9.5 points to 65.1, well below 80, the marker that can signal a recession ahead. It’s the 12th consecutive month that reading has come in under 80. read more

Wall Street flirts with a record as stocks zigzag following mixed profit reports

Wall Street flirts with a record as stocks zigzag following mixed profit reports

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By STAN CHOE, AP Business Writer

NEW YORK (AP) — Wall Street is flirting with a record on Tuesday, as stocks zigzag under the market’s surface following mixed profit reports from UnitedHealth, General Motors and other big companies.

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The S&P 500 rose 0.4% and could top its all-time high set a couple weeks ago, even though more stocks fell within the index than rose. The Dow Jones Industrial Average was down 483 points, or 1%, as of 12:57 p.m. Eastern time, and the Nasdaq composite was 0.9% higher.

UnitedHealth Group tumbled 19.8% despite reporting a profit for the latest quarter that was a bit better than analysts expected. More attention was on the company’s forecast for revenue in the upcoming year, which fell short of Wall Street’s expectations and could be weaker than it was in 2025. read more

How to open a savings account for a baby or child

How to open a savings account for a baby or child

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By Yuliya Goldshteyn, Bankrate.com

Opening a savings account for your child can provide a safe place for their money and allow the funds to earn some interest — all while teaching them about banking and money management.

When setting up an account for a child, parents or guardians can choose between a custodial account or a savings account designed for kids. Many financial institutions offer both options.

How to open a savings account for a child

Opening a savings account for a child is very similar to opening one for an adult. Here are the steps to take to open a savings account for a baby or child.

1. Choose your account

There are two types of savings accounts you can open for a kid: a custodial account and a kid’s savings account.

  • A custodial account is an account that adults can set up and manage on a minor child’s behalf until the child is a legal adult. These can be standard savings accounts, certificates of deposit (CDs), or certain investment accounts that allow you to hold assets other than cash (called uniform transfer to minors accounts (UTMA) or uniform gift to minors accounts (UGMA).
  • A kid’s savings account is usually opened as a joint savings account where both the parent or guardian and the minor child are the owners. These accounts often come with features like parental controls, educational tools and features for learning about money.

You can find both types of accounts at banks and credit unions, though not all financial institutions offer them. For UTMAs and UGMAs, you can also look at brokerages.

Two of the most important things to look for in a savings account for a kid are high yields and low (or no) fees. Before you choose, ask about account special features, such as parental controls. read more