ABC Business

Inflation report shows upsurge days before Trump takes office

Monday, January 20 by ABC News

(WASHINGTON) -- Consumer prices rose 2.9% in December compared to a year ago, ticking up from the previous month and extending a resurgent bout of inflation just days before President-elect Donald Trump takes office. The reading matched economists' expectations.The fresh data arrives after a...

TikTok thanks Trump after it begins restoring service to US users

Monday, January 20 by ABC News

TikTok said Sunday it's "restoring service" after a ban in the United States initially began to take effect earlier in the day."In agreement with our service providers, TikTok is in the process of restoring service. We thank President Trump for providing the necessary clarity...

Los Angeles fire losses could reach $30 billion for insurers

Tuesday, January 14 by ABC News

(LOS ANGELES) -- Multiple fires insurers as much as $30 billion, Wells Fargo and Goldman Sachs estimated in a report released this week.After accounting for non-insured damages, the total costs will balloon to $40 billion, the...

Will TikTok users be able to access the app after a potential ban? Experts explain

Saturday, January 11 by ABC News

(NEW YORK) -- TikTok mounted a last-ditch effort at the Supreme Court on Friday meant to stop a ban of the app set to take effect within days -- but the platform's arguments may have landed with a thud.A majority of the justices appeared...

Online holiday shopping soars to record high amid rise of AI shopping assistants, Adobe data shows

Tuesday, January 7 by ABC News

(NEW YORK) -- Online data released on Tuesday by Adobe.E-commerce sales topped $240 billion in November and December, climbing...

Facebook, Instagram dump fact-checkers citing election as cultural tipping point

Tuesday, January 7 by ABC News

(NEW YORK) -- Facebook plans to replace its fact-checkers with "community notes," a move that Meta CEO Mark Zuckerberg said would allow the social network to return "to our roots around free expression.""We're replacing fact checkers with Community Notes, simplifying our...

New federal rule will remove medical debt from credit reports

Tuesday, January 7 by ABC News

(WASHINGTON) -- In a major change that could affect millions of Americans' credit scores, the Consumer Financial Protection Bureau on Tuesday finalized a rule to remove medical debt from consumer credit reports.The rule would erase an estimated $49 billion in unpaid medical bills from...

Biden blocks US Steel takeover by Japan-based Nippon

Friday, January 3 by ABC News

(WASHINGTON) -- President Joe Biden on Friday announced a decision to block the $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, saying domestically produced steel is essential to U.S. national security."Without domestic steel production and domestic steel workers, our nation is less...

Will 2025 be a better year to buy a house?

Friday, January 3 by ABC News

(NEW YORK) -- Homebuyers eager to forget this year's housing market may ring in 2025 with an extra dash of zeal.A rapid rise in home prices has coincided with stubbornly high mortgage rates, shutting out potential buyers with daunting costs.A burst of supply could...

These states will raise the minimum wage in 2025

Wednesday, January 1 by ABC News

(NEW YORK) -- Nearly half of U.S. states are set to raise their workers stretching from California to Maine.In all, 21 states will raise their wage floors on Jan. 1 in keeping...