AP Business SummaryBrief at 5:10 p.m. EDT (2024)

Tobacco-like warning label for social media sought by US surgeon general who asks Congress to act

The U.S. surgeon general has called on Congress to require warning labels on social media platforms similar to those now mandatory on cigarette boxes. In a Monday opinion piece for The New York Times, Dr. Vivek Murthy said that social media is a contributing factor in the mental health crisis among young people. Murthy said that the use of just a warning label wouldn’t make social media safe for young people, but would be a part of the steps needed.

A year after the Titan's tragic dive, deep-sea explorers vow to pursue ocean's mysteries

PORTLAND, Maine (AP) — The deadly implosion of an experimental submersible en route to the deep-sea grave of the Titanic last June has not dulled the desire for ocean exploration. Tuesday marks one year since the Titan vanished on its way to the historic wreckage site. The U.S. Coast Guard quickly convened a high-level investigation into the disaster, but officials said no results will be released for at least another two months. The implosion killed the submersible's operator, Stockton Rush, and four others. Family, friends and fellow sea explorers plan to hold both public and private ceremonies this week to honor the victims.

The high cost of living is still biting the UK. Many don't think the election will change anything

LONDON (AP) — Since calling a general election for July 4, British Prime Minister Rishi Sunak has been at pains to repeat a key message on the campaign trail: The economy is turning a corner. Inflation is down. Things are looking up. But that’s not the reality for millions across the U.K. still feeling the squeeze from high food, energy and housing prices. The persistent cost-of-living crisis is a top concern for voters in the parliamentary election. While Sunak’s Conservatives are widely expected to lose after 14 years in power, the dire state of the economy and a deep disillusionment with politics and politicians means that the prevailing mood ahead of the election is one of malaise. There isn't much excitement or hope for change, even if the opposition Labour Party wins.

Stock market today: Wall Street rises to more records as big tech stocks keep climbing

NEW YORK (AP) — U.S. stocks rallied to more records as gains for technology companies keep pushing the market higher. The S&P 500 rose 0.8% Monday, beating the all-time high it set on Thursday. The Nasdaq composite climbed 1% to set a record of its own. The Dow Jones Industrial Average added 0.5% but remains below its all-time high. Broadcom piled more onto its strong gains from last week and helped lift the market along with other technology companies benefiting from the frenzy around AI. They helped more than offset increased pressure on the stock market from higher Treasury yields in the bond market.

Gamestop shares slump following annual shareholder meeting

NEW YORK (AP) — Gamestop’s CEO Ryan Cohen said the struggling video game retailer will focus on cutting costs and long-term profitability in an annual shareholder meeting Monday. Cohen said this would involve “a smaller network of stores” — suggesting that store closures could be in sight. But no further details of reductions were immediately provided. Shares for Gamestop were down more than 12% following Monday’s meeting. At the center of the meme stock craze, Gamestop saw a resurgence last month after Keith Gill, better known as “Roaring Kitty,” came back online for the first time in three years.

The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process

WASHINGTON (AP) — The Internal Revenue Service plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade. That's according to the U.S. Treasury. A proposed rule and guidance announced Monday includes plans to stop “partnership basis shifting” — a process by which a business or person can enter into a series of transactions to avoid taxes. Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo saying it was “really just a shell game.” The officials stressed that the additional IRS funding through the 2022 Inflation Reduction Act had enabled increased oversight and greater awareness of the practice.

Drug shortages keep on growing. Older, injectable medicines are among the most vulnerable

Erin Fox has tracked drug shortages for more than 20 years, and she sees no easy solutions for what has become a record run. The University of Utah Drug Information Service says total active shortages hit an all-time high of 323 earlier this year. That’s up 85% from a 10-year low of 174, at the end of 2017. There have been 48 new shortages recorded through March. Fox is associate chief pharmacy officer at University of Utah Health. She sees some positive news developing, thanks to growing interest from Congress in the subject.

Keeping children safe on social media: What parents should know to protect their kids

At what age should kids be on social media? Should they be on it at all? If they aren’t, will they be social pariahs? Should parents monitor their conversations? Do parental controls work? Navigating social media as a parent — not to mention a child — is not easy. Using social media platforms is still the default for most American teenagers. But parents — and even some teens themselves — are growing increasingly concerned about the effects of social media use on young people. So how can parents help kids stay safe? There is no magic bullet, but experts recommend, above all, open communication.

Singapore says dredger that hit tanker reported sudden loss of control, oil spill cleanup ongoing

KUALA LUMPUR, Malaysia (AP) — Singapore authorities say a dredger boat reported a sudden loss in engine and steering control before it hit a cargo tanker last week, causing the oil spill that has blackened part of the city-island’s southern shores. The Netherlands-flagged dredger Vox Maxima struck the Singaporean fuel supply ship Marine Honor on Friday. It ruptured one of the cargo tanks on the Marine Honor, which leaked low-sulfur oil into the sea. The leak has been contained, but tides have washed the spilled oil further along the shore including to the popular resort island of Sentosa. Singapore authorities said the Vox Maxima's crew was assisting the ongoing investigations.

A new airport could spark the economy in a rural part of Florida. Will the workforce be ready?

LaBELLE, Fla. (AP) — A rural Florida county is hoping a new $300 million airport will transform its economy and create more than 1,400 new, high-skilled jobs. But to make good on its promise, Hendry County's educators will have to overcome some harsh realities. A third of Hendry County’s working-age adults lack a high school diploma, while almost half speak a language other than English at home, among the highest in Florida. As the airport project pursues approval, community groups and schools are working to fill teacher shortages and making investments in adult education.