Retail sales unchanged in December from November, closing out year on a lackluster tone

NEW YORK (AP) — Shoppers unexpectedly paused their spending in December from November, closing out the holiday shopping season and the year on a lackluster tone. The report, issued by the Commerce Department on Tuesday, surprised economists who were looking for growth despite mounting concerns about a slowing job growth, uncertainty about President Donald Trump’s tariffs and other economic headwinds. And it raised questions about shoppers’ ability to spend after they have remained resilient for months despite souring consumer confidence, economists said.

Trump EPA set to repeal scientific finding that serves as basis for US climate change policy

WASHINGTON (AP) — The White House says the Trump administration will revoke a scientific finding that long has been the central basis for U.S. action to regulate greenhouse gas emissions and fight climate change. The Environmental Protection Agency will issue a final rule Thursday rescinding a 2009 government declaration known as the endangerment finding. The Obama-era policy determined that carbon dioxide and other greenhouse gases endanger public health and welfare. Legal challenges are certain. The White House says the action “will be the largest deregulatory action in American history" and will save as much as $1.3 trillion in avoided regulations. Environmental groups called the shift the single biggest attack in U.S. history on federal efforts to address climate change.

Moderna says FDA refuses its application for new mRNA flu vaccine

WASHINGTON (AP) — The U.S. Food and Drug Administration is refusing to consider Moderna’s application for a new flu vaccine made with mRNA technology. The company announced the news on Tuesday. The FDA's decision reflects heightened scrutiny under Health Secretary Robert F. Kennedy Jr., who has criticized mRNA technology. Moderna received a “refusal-to-file” letter, objecting to its clinical trial methods. The FDA said the trial didn’t compare the new shot to the best available standard of care. Moderna has requested an urgent meeting with the FDA and noted it has applied for approval in Europe, Canada and Australia.

Survey says democracies' anti-corruption efforts are slipping and raises concern about the US

BERLIN (AP) — Established democracies’ efforts against public-sector corruption appear to be flagging, according to a survey that serves as a barometer of perceived corruption worldwide. It raised concern about developments in the United States and the impact elsewhere of U.S. funding cuts. Transparency International’s Corruption Perceptions Index for 2025 gave top place to Denmark, with 89 out of 100, followed by Finland and Singapore. At the bottom were South Sudan and Somalia with nine points apiece, followed by Venezuela. The U.S. scored its worst yet under the current methodology, raising concerns about the use of public office to target independent voices and the weakening of anti-corruption laws.

Asian shares advance after weak US retail data weigh on Wall Street

BANGKOK (AP) — Shares are moderately higher in Asia after U.S. stocks drifted to a mixed finish following a discouraging report on how much money U.S. retailers made during the holidays. Tokyo's markets were closed for a holiday. On Tuesday, the S&P 500 fell 0.3% after briefly surpassing its all-time high set a couple weeks ago. The Dow Jones Industrial Average added 0.1% to its own record, and the Nasdaq composite fell 0.6%. Treasury yields sank following the lackluster report on U.S. retail sales. That raised expectations that the Federal Reserve will cut interest rates later this year to boost the economy.

Paramount sweetens offer for Warner Bros. shareholders in hostile takeover fight

NEW YORK (AP) — Paramount is intensifying its efforts to take over Warner Bros. Discovery. On Tuesday, the company offered Warner shareholders an added “ticking fee” if the deal doesn't close by year-end. Paramount also pledged to fund Warner's proposed $2.8 billion breakup payout to Netflix under their merger agreement. Paramount's offer otherwise remains at the same price of $30 per share in cash. Paramount aims to buy Warner for $77.9 billion but needs more shareholder support — and is again extending the deadline for its tender offer, which is now March 2. Meanwhile, Warner's leadership has continued to back its $72 billion studio and streaming deal with Netflix. Both deals face tremendous antitrust scrutiny.

Google, Meta, push back on addiction claims in landmark social media trial

LOS ANGELES (AP) — Jurors in a landmark social media case that seeks to hold companies responsible for harms to children got their first glimpse into what will be a lengthy trial characterized by dueling narratives from the plaintiffs and the two remaining defendants, Meta and YouTube. At the core of the Los Angeles case is a 20-year-old identified only by the initials “KGM,” whose case could determine how thousands of other, similar lawsuits against social media companies will play out. She and two other plaintiffs have been selected for bellwether trials — essentially test cases for both sides to see how their arguments play out before a jury.

US stocks drift to a mixed finish as yields fall after a discouraging report on US shoppers

NEW YORK (AP) — Stocks drifted to a mixed finish after flirting with record highs. The S&P 500 fell 0.3% Tuesday after briefly rising above its all-time high, which was set a couple weeks ago. The Dow Jones Industrial Average added 0.1% to its own record, and the Nasdaq composite fell 0.6%. The action was stronger in the bond market, where Treasury yields sank following a discouraging report on how much money U.S. retailers made in December. That raised expectations that the Federal Reserve will cut interest rates later this year to boost the economy.

Landmark trial accusing social media companies of addicting children to their platforms begins

LOS ANGELES (AP) — The world’s biggest social media companies face several landmark trials this year that seek to hold them responsible for harms to children who use their platforms. Opening statements for a trial in Los Angeles County Superior Court began on Monday. Instagram parent company Meta and Google’s YouTube will face claims that their platforms deliberately addict and harm children. TikTok and Snap, which were originally named in the lawsuit, settled for undisclosed sums. The companies will argue their case before a jury, and the outcome could have profound effects on their businesses and how they will handle children using their platforms.

Honda reports declining profit as Trump's tariffs and EV moves hurt Japanese automaker's results

TOKYO (AP) — Honda has reported a 42% drop in profit for the nine months through December compared to a year earlier. U.S. President Donald Trump’s tariffs are hurting the Japanese automaker’s earnings. Tokyo-based Honda said Tuesday that its profit over the three quarters totaled 465.4 billion yen or $3 billion. That's down from 805.2 billion yen. That marked the second straight year that profit declined during the period at Honda. The company also reported that its sales for the three quarters dipped 2.2%. Honda stuck to its full fiscal year profit forecast at 300 billion yen or $1.9 billion.