Business

He beat Big Tobacco. Will the same playbook work against Meta and social media?

Cq-roll Call, Inc.
Mike Moore, who was a key figure in the $246 billion master tobacco settlement of 1998 and helped to negotiate it, sees the signs for Meta’s social media competitors like TikTok or Google YouTube.
Moore led the fight against Big Tobacco as Mississippi’s attorney general. Moore has retired, but he is still using his expertise to inform the state AGs as they craft a possible sweeping settlement. The social media industry was also accused by the same group of intentionally fostering addictions and harming America’s youth.
Meta agreed this week to pay nearly $17 billion as part of a landmark agreement with a group of state AGs who had sued Meta for understating the damage Facebook and Instagram caused in the mental health of children. This is the largest settlement in the social media litigation, yet experts warn that the issue will not be resolved anytime soon as there are still a number of open cases.
Moore, co-leader and founder of Attention Initiative (a new nonprofit), told CNBC that he believes there is an opportunity to reach a settlement with a broader range of companies, and to implement impactful solutions, such as a national education fund.
Meta has agreed to make changes, including “nighttime blocking” and daily limits for teens who use its apps. It also accepted “advanced age-assurance measures” which would stop children using the app and create additional tools for guardians and parents. Over a period of five years, an independent auditor will report and monitor whether Meta complies with the terms of the settlement.
Moore, who made his first comments about the issue in public, said that the settlement reached with the state is an important first step to protecting our children against the dangers of social media. The attorneys general did a fantastic job in their investigations and litigations in exposing Meta’s bad practices and that of the social media sector. They now provide a template for corrective measures the industry needs to take.
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Moore draws parallels between the battle against tobacco and the social media age. However, there are many challenges in the world of Big Tech that could limit the effectiveness of this old strategy. Consumer technology, unlike tobacco, is constantly evolving. The lines between addictively harmful and helpful to society are often blurred.
Jonathan Caulkins is a professor at Carnegie Mellon University’s Heinz College. He said, “Cigarettes and cigarettes are the same thing.” He said that there were stark differences in apps such as Facebook and TikTok.
Caulkins stated that, in light of the rapidly evolving technology, he is not sure a single settlement can address all the health concerns.
Moore said that it is important to create settlement proposals to make sure litigators pursue the best solutions. Moore believes that a fund for public education is a good solution, even though dozens of state, cities, counties, and school districts will be seeking various remedies.
He said that the goal of Attention Initiative is “to make sure everyone hears clearly” about “the need for a public education remediation program or prevention program.”
He said that it was better to do this on a nationwide scale than city-by-city, county-by county, and state by state. This would waste a great deal of money.
Bloomberg
Meta reached a settlement just over one week after a trial that took place in Oakland, California. California AG Rob Bonta was the co-lead on behalf of plaintiffs. In 2023, Meta was accused of breaking federal and state law, such as the Children’s Online Privacy Protection Act (COPPA) and other consumer protection laws.
Bonta, after the announcement of the agreement, called it “a conceptual floor, not a roof” and stated that it “alerts others in the sector to the fact that we are not finished and expect them to deliver similar results as well.”
Meta did not comment on whether it is planning a larger settlement to resolve its legal issues. In its announcement, the company stated that a portion of the payout was contingent upon YouTube and TikTok making similar changes.
Google and TikTok did not respond to comments. Snap, which is also facing a number lawsuits, has declined to make a comment.
If you assume that ‘nothing changes’, then it’s a mistake.
Josh Jacobs, a 22-year old Josh Jacobs, created the Attention Initiative. The Colorado non-profit was modeled in part on the Truth Initiative public health organization, founded as part of tobacco settlements and chaired Moore.
Jacobs co-founded with friends an e-commerce and online advertising startup and became frustrated with the “perverse incentives” of social media’s industry to maximize engagement.
Moore was contacted by him after he began researching similarities between tobacco and social media. The topic was hot and he felt the urge to act.
Jacobs stated that “most people of my generation don’t follow this trial in the news.” They’re reading about it in social media and most of the comments are cynical. It is assumed that nothing will ever change.
Courtesy: Joshua Jacobs
Some techies are worried about the amount of change.
Experts say that there are many nuances in social media that makes it difficult to regulate. The age verification and parental control systems have many loopholes. According to reports, teenagers in Australia use social media apps even more than before despite the ban imposed late last year. This is partly because of their ability to bypass local laws by using virtual private networks.
There are also artificial intelligence companions, which can be a source of concern for those underage. However, these chatbots or assistants don’t fall into the scope of social media.
Allison Ball, former Facebook Product Leader, invested previously in Jacobs’ startup. Ball, a former Facebook product leader who is now a venture investor, said that while she appreciates what Jacobs and Moore do she wants them to remain “maniacally focussed on what can actually help”, instead of advocating regulations she feels could have unintended effects.
Ball stated that it was difficult to achieve in the modern world. Ball said that the government has a difficult time deciding how to handle freedoms, and who should be held accountable.
Although she agreed with her, “education is not the answer to all problems.”
Social media has evolved from tobacco
Moore’s not the only one who has noticed the parallels between social media and the tobacco case.
Joe Rice and Steve Berman, along with Moore, played a major role in the settlement of opioid litigation. Berman predicts Meta will settle next the case of school districts, which was brought by 1,200 school districts in the United States accusing Facebook and social media firms of intentionally promoting addictive features.
Berman stated that “they’re either going to solve this problem or be in court forever.”
Rice, who is the head of Motley Rice and has been involved in several social media cases, stated that for there to be a settlement, tech companies would have to work together in ways they are not used to, given their fierce competition.
He said that at some point, the three or four largest platforms could say: “Look, let’s all agree on this.” They’re not on the same page right now.
Moore stated that he has initiated possible master settlement languages with AGs. However, he refused to elaborate. Moore is enlisting the help of his co-workers at the Truth Initiative in order to collaborate with Jacobs, and the AGs.
Court cases will continue to be scheduled until there is a broader solution.
One of them involves Snap, in New Mexico. Raul Torrez is the state AG and a member of Truth Initiative’s board. He is leading an exploitation-of-children lawsuit. This is similar to the case Meta lost earlier in New Mexico. It is estimated that the trial will take place in about one year.
Watch: Meta’s challenges after settlement: What you need to know.

Business

Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise

Goldman Sachs says that oil prices may surge up to $120 per barrel if the attacks against shipping in Middle East increase.
Bloomberg TV interviewed Daan Struyven on Monday, the co-head for global commodities at Goldman Sachs.
The price of oil has risen in recent weeks due to renewed hostilities. It soared early Monday morning in Asian trades, reaching its highest level since July.
This weekend, the situation escalated after the U.S. announced that it had hit three Iranian oil tanks in response to the IRGC’s use of ballistic missiles against two U.S. Warships.
After the attack, Iranian Parliament Speaker Mohammad Bagher Qalibaf declared that “proportionate response” was over and that Iran’s future retaliations will be “faster and heavier.”
Iran said that it will announce in the next few days a “new exclusion zone”, which “will start from the U.S. Naval Blockade line, extend towards the Strait of Hormuz and continue from this side into the Persian Gulf.”
Mohsenrezaei said that any ship found to be entering this area in order to pass through the Strait of Hormuz, and which is identified, will appear on the sanctions list.
Brent Crude was trading at more than $97 a barrel early on Monday. The U.S. benchmark WTI Crude was also above $92 per barrel.
Struyven, a Goldman analyst who spoke to Bloomberg, said that Goldman believes “significant upside in crude oil prices” but also added that investors would bet more on the rising prices of natural gas and refined products.
Experts say that in gas and fuel markets, the supply shocks were greater than on the crude oil market.
By Tsvetana Paraskova for Oilprice.com
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Business

Labor Day sales are live: Shop expert-approved deals from Amazon, Apple, Hoka, Patagonia and more up to 75% off

Labor Day is the unofficial ending of summer. Whether you are sad to say goodbye or excited for autumn, everyone can agree that finding great deals will make any season more enjoyable. We can help. We have a team of experts who spend hours scouring retailer sales so that you know what to buy now, and what is better to hold off on. We’ve found markdowns up to 75% this Labor Day on homewares, clothing staples, tech gear, and much more from Apple, Kate Spade and Patagonia. We’ve put together a list of all the Labor Day deals you shouldn’t miss.
Labor Day Deals: The Best Labor Day Offers
Hanes Men’s Hoodie (originally $27): A Rare 70% Discount
Patagonia Men’s Nano Puff jacket ($160, originally $229): rare sale on a editor’s pick
Apple AirTag 4 Pack ($80, originally $99): lowest price ever seen
Ninja Flip Toaster Oven & Air Fry ($150, Was $250): Get $100 off
Dyson V8 Cyclone cordless vacuum cleaner ($300 instead of $400): rare deal
New Labor Day deals
Neutrogena Dry Touch Sunscreen 70 SPF 50 ($5, used to be $13): lowest price in months
Bose QuietComfort headphones ($199, originally $349): rare 45% discount
Levi’s Women’s Ribcage straight Jeans (45 dollars, originally $85): Lowest price for 30 days
How to pick up the best Labor Day deals
We only highlight markdowns that we think will save you real money. Some sales are not good; prices may be inflate to appear larger, or some products will cost less elsewhere. What we would skip on Labor Day
Apple iPhone: Wait — there will be a new iPhone model soon. Prices on the existing model typically drop when it launches.
Black Friday is the best time to buy video games and high-ticket technology.
Winter clothing: The new season collection is now in stores, but wait until November to get the biggest discounts on winter staples such as coats and booties.
Best Labor Day deals: Top picks
Best Labor Day deals: Rare deals
Best Labor Day deals: Style
Our style expert says that retailers are clearing summer stock to make way for the fall and winter. So, you can expect steep discounts over Labor Day on items like sundresses and sandals. I recommend shopping for the current season. Stock up now on lighter (and cheaper) clothes, and then grab the discounted styles of fall when the next round of sales comes around in October. Browse more style deals here.
Best Labor Day deals: Home
Our home expert says that now is the time to buy the outdoor furniture you have been wanting. Keep an eye on deals for pillows and mattresses. Mattress prices are usually at their lowest around Presidents’ Day. However, you may still be able to find some great discounts during this period. If you’re looking for new bedding and towels that are luxurious, I recommend waiting until the “white sales” in January. These items usually have even greater discounts. Click here to see more deals on home products.
Best Labor Day deals: Kitchen
Our kitchen expert says that as the seasons change, deals on kitchen equipment start to appear. Many of these products are useful all year round. Air fryers and cookware are great for summer, but also useful as we move into the fall. Black Friday is when you’ll see the biggest price cuts on larger appliances like refrigerators and ranges. If you can wait until November, then it might be worth buying one. Browse more kitchen deals here.
Best Labor Day deals: Tech
Our tech expert says that if you have been waiting to upgrade your tablet or laptop, it may now be time. The AI industry is creating a huge demand for components and memory chips, so the low prices we experienced in late 2017 and early 2018 are not returning. What’s the exception? Amazon devices. Prime Day is coming up, so I would wait to buy Kindles or Echo devices until they are heavily discounted. Find more deals on tech here.
Live4 Updates
These reviews are the latest versions available at the moment of publication.

Business

$40 trillion U.S. national debt just got uglier as interest payments rise to $1.25 trillion a year

Doubleline, an investment management company, noted in a recent report that by 2025 the net federal interest payments on the U.S. national debt, now at $40 trillion, will surpass the previous record of 18.4%. The U.S. collects nearly 19% (or $1.25 trillion) of its total tax and revenue to pay interest, which is equivalent to the 2026 Defense Budget.
Increasing interest payments can create a vicious cycle. The government has to borrow more money to pay the interest and is then less able to invest in infrastructure, education or other areas that promote growth.
According to the Kobeissi letter, a global market commentary, interest expenses as a percent of revenues have tripled since 2015. The Congressional Budget Office predicts that interest expense will reach 25% in 2036.
The Kobeissi Letter posted on social media that “the US debt crisis has never been seen before.” These projections are based on the assumption that there will be no recession or major slowdown in this time period.
How the interest rate on debt today is different than in 1991
In 1991, when the U.S. was still recovering from recession and the oil shocks of the Gulf War, it had a booming economy. At the time, the high demand for Treasuries pushed the yields to 8%. This was down from over 10% during previous decades.
Doubleline said that the situation is very different today. Doubleline argued that the government was able to handle an interest rate of 8% when debts were smaller. But this is not true today. The public debt in 1991 was 44% of U.S. Gross Domestic Product. Today, it is more than 100%. The government still has to spend more because of the lower interest rate, even though the debt is so large.
Analysts wrote: “The federal interest burden is at a new record, but the yield on long bonds has not reached that record.” The yield may seem normal by historical standards but not the government’s reaction to it.
In order to complicate matters, hyperscalers and major tech firms are now turning towards debt markets. AI companies will issue $225 billion of bonds during the first half 2026. This capital spending may worsen national debt, as many of the investments are tax-deductible. It also bucked a trend where private companies borrow less when governments were borrowing more. Tech giants are flocking to bonds with a 10-to-30 year term to raise the long-term funds needed to build out AI. This is straining the U.S. economy and forcing the government to offer higher interest rates to maintain demand.
Ed Yardeni, a Wall Street veteran and economist who has been in the business for over 30 years, wrote a note recently that said: “Capital is not flowing to Treasuries because it’s going into corporate bonds. Treasury yields had to go up to clean out the market.” The AI revolution has a crowding out effect that is causing Treasury yields rise.
Scott Bessent, U.S. Treasury secretary, doubled Treasury buybacks for 10-to-30 year bonds from $2 billion up to $4 billion. This move surprised investors, and was a rare example of direct involvement by the Treasury chief. Doubleline analysts said the strategy blurred between managing cash and controlling markets. It also showed how crucial a time it is for the U.S. to manage interest rates on its debt.
Analysts said that “Net interest expenses have already reached a new record as a share of revenues, and the Treasury is continuing to finance large budget deficits on a market where private capital demand is high.” The level of long bonds is therefore more important than what the comparison with historical data suggests.

Business

US fuel prices hit record high for Labor Day weekend

Filling up your tank to go on a last trip for the summer over Labor Day Weekend is more expensive than ever before in the U.S.
According to AAA, the average cost of gas for regular was $4.14 per gallon before the Labor Day holiday. This is nearly $1 higher than the previous year, and more than double the Labor Day Weekend record price of $3.82 in 2012.
Nicole Collins was planning to travel from Philadelphia to South Carolina in order to see friends. However, she explained that her family had spent the majority of summer at home because it is so costly to drive.
Gas is expensive right now. Collins added, “It doesn’t matter that we have a child, we have to also pay for this.” Collins was speaking outside of a Claymont gas station, Delaware where the price per gallon is $4.199.
The prices have risen since the U.S., Israel and other countries attacked Iran on February 22nd. The flow of crude oil through the Strait of Hormuz, a vital waterway for the transportation of crude oil to the world market, has plummeted. Iran refuses to open the Strait.
Tom Seng is a Texas Christian University professor of energy and finance. He said, “Everything pointed to the Iran War” and the Strait of Hormuz.
The Energy Secretary Chris Wright gave few details on the date when drivers could expect to see a reduction in gas prices, but acknowledged that the price is higher than Labor Day 2025.
Wright stated on ABC’s This Week that “yes, the prices are higher, but we will do everything to bring them back down.”
Gas prices are still below the national average of $5.02 per gallon, set by June 2022.
Diesel is another story. It reached a new record Friday of $5.85 per gallon, the national average.
Diesel is used by trucks and other systems for freight delivery. This increased cost of transportation, which can be passed onto consumers at grocery stores or package delivery services, increases the price.
Collins stated that “it doesn’t seem as if there is an end” to the situation.
As the driving season in summer ends, gas prices tend to drop. Refineries then switch over to a winter blend that is cheaper.
Seng added that there were other factors, even outside the unstable situation in the Middle East this year, which make the future price of oil unpredictable. U.S. refining plants are operating at 98% of their capacity. Many in Texas’s unusually hot heat. Prices will be hard to lower if there are any problems or hurricanes knock some systems off line.
It’s not just an issue in the Middle East. Diesel supplies are being squeezed by Ukrainian drone attacks against Russian refineries. Matthew Metzgar is a clinical economist at UNC Charlotte and he said that Chinese refiners also see a decline in output.
Metzgar stated that “there is just less fuel coming out of these refineries.”
Wright, energy secretary Wright, stated that Trump administration is taking steps to increase the production, and the markets are forecasting lower prices for the next few months.
If you take a look at futures, you’ll see that if you buy gasoline in bulk today for November two months in advance, the price is $0.35 less than today. The marketplace believes that gasoline prices will be significantly lower in the future,” said he.
There is not much a motorist can do geopolitically to bring down the price of gas.
Metzgar says that price apps are a good way to save money on trips, particularly long ones. Gas prices along the Interstate could be up to 10 cents per gallon higher than in stations just a few miles away.
___
Mingson Lau, a videojournalist with Associated Press and Gary Fields, a reporter for the Associated Press contributed.

Business

Amazon cargo plane crashes after overshooting Miami airport runway; at least 5 killed

Officials said that at least five people died and five were injured Sunday when an Amazon cargo aircraft overran the runway and hit several cars. Emergency crews were called to the crash scene, which prompted an approximately 3-hour stop on the ground at Miami International Airport.
Officials said that the Prime Air aircraft, operated by North Carolina’s 21 Air, had overrun one of airport runways before coming to rest on a nearby field.
Miami-Dade Fire Rescue reported that the plane struck several vehicles in the area of the 2100 Block of Northwest 42nd Avenue. More than 60 units of the department responded to this crash. Miami-Dade Sheriff’s Office also said that it responded.
Miami-Dade Fire Rescue battles fire after plane crash, rescues victims
Three of the five injured people were transported to local trauma centers in critical conditions. The two other people were evaluated and transported to hospitals in the area. No one has been identified.
MDFR reported that when the crews reached the aircraft, it was ablaze and emitting heavy smoke.
MDFR chief Ray Jadallah stated, “What we discovered was a complex situation.”
MDFR reported that crews used foam as well as specialized firefighting equipment to fight the flames. MDFR reported that crews conducted rescue and search operations for both the co-pilot and pilot inside the cockpit as well as locating patients at the scene.
The officials did not give any further details on the crew’s condition. The officials have stated that it is too soon to determine if those killed on board the plane were also among the passengers.
Officials said that several people had been trapped in their cars and needed to be rescued by MDFR’s technical rescue staff.
Amazon crash site fuel leak confirmed
MDFR reported that a fuel leak was “occurring from the aircraft and is currently being mitigated.” Natalie Milian Orbis, commissioner of the MDFR said that residents and motorists should avoid the area between 67th Ave and 25th Street.
The officials said that there is no threat to the public’s safety.
Amazon reacts to cargo plane accident
Amazon has confirmed that one of their planes is involved in this crash.
We’re working with officials and local authorities to determine exactly what happened. Our absolute priority right now is to ensure the safety and well-being of all involved. Kelly Nantel said that Amazon was doing all it could to help those who were affected.
Nantel stated that the company is “heartbroken” to hear of five deaths in an incident today at Miami International Airport. We extend our deepest sympathy to all the affected families and loved ones.
Nantel said that Amazon “will cooperate fully” with any investigations.
Does Miami International Airport remain under ground stop?
Around 2:30 pm, the Air Traffic Control System Command Center of the Federal Aviation Administration issued the Ground Stop. ET. Greg Chin is the director of communications for Miami-Dade Aviation Department. He says that two runways at the airport have been reopened. After about three hours the ground stop ended, however, as of Sunday evening, an average flight delay was six and a half hours.
FAA confirms that the Boeing 767 300 that left San Juan Puerto Rico was at fault for this crash. According to Flightradar24, the 767 was 32 years old. It had flown for a number of airlines as a passenger aircraft before being converted into a freight plane in 2015.
The National Transportation Safety Board and FAA both investigate.
Sean Duffy of the U.S. Department of Transportation shared a short statement with X informing travelers of potential delays and cancellations.