US budget airlines are struggling. Will pursuing premium passengers solve their problems?
DALLAS (AP) -- Delta and United Airlines have become the most profitable U.S. airlines by targeting premium customers while also winning a significant share of budget travelers. That is squeezing smaller low-fare carriers like Spirit Airlines, which filed for bankruptcy protection on Monday. Some travel industry experts think Spirit's troubles indicate less-wealthy passengers will have fewer choices and higher prices. Other discount airlines are on better financial footing but also are lagging far behind the full-service airlines when it comes to recovering from the COVID-19 pandemic. Most industry experts think Frontier and other so-called ultra-low-cost carriers will fill the vacuum if Spirit shrinks, and that there's still plenty of competition to prevent prices from spiking.
Bitcoin ticks closer to $100,000 in extended surge following US elections
NEW YORK (AP) -- Bitcoin is jumping again, setting another new high above $99,000. The cryptocurrency has been shattering records almost daily since the U.S. presidential election, and has rocketed more than 40% higher in just two weeks. It's now at the doorstep of $100,000. Cryptocurrencies and related investments like crypto exchange-traded funds have rallied because the incoming Trump administration is expected to be more "crypto-friendly." Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, other experts continue to warn of investment risks.
Supreme Court steps into fight over FCC's $8 billion subsidies for internet and phone services
WASHINGTON (AP) -- The Supreme Court has stepped into a major legal fight over the $8 billion a year the federal government spends to subsidize phone and internet services in schools, libraries and rural areas, in a new test of federal regulatory power. The justices on Friday agreed to review an appellate ruling that struck down as unconstitutional the Universal Service Fund. The Federal Communications Commission collects money from telecommunications providers, who then pass the cost on to their customers. The Biden administration appealed the lower court ruling, but the case probably won't be argued until late March. At that point, the Trump administration will be in place and it is not clear whether it will take a different view of the issue.
Stock market today: Wall Street gains ground as it notches a winning week and another Dow record
Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average. The S&P 500 rose 0.3% Friday. The Dow added 1%, and the Nasdaq composite tacked on 0.2%. Retailers had some of the biggest gains. Gap soared after reporting quarterly results that easily beat analysts' estimates. EchoStar fell after DirecTV called off its purchase of that company's Dish Network unit. European markets closed mostly higher and Asian markets ended mixed. Treasury yields held relatively steady in the bond market. Crude oil prices gained ground.
Australia rejects Elon Musk's claim that it plans to control access to the internet
MELBOURNE, Australia (AP) -- An Australian Cabinet minister has rejected X Corp. owner Elon Musk's allegation that the government intends to control all Australians' access to the internet through legislation that would ban young children from social media. Treasurer Jim Chalmers said on Friday that Musk's criticism was "unsurprising" after the government introduced legislation to Parliament that would fine platforms including X up to $133 million for allowing children under 16 to hold social media accounts. The spat continues months of open hostility between the Australian government and the tech billionaire over regulators' efforts to reduce public harm from social media. Parliament could pass the legislation as soon as next week.
Oil company Phillips 66 faces federal charges related to alleged Clean Water Act violations
LOS ANGELES (AP) -- Oil company Phillips 66 has been federally indicted in connection with alleged violations of the Clean Water Act in California. The Texas-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease. The U.S. Department of Justice announced the indictment on Thursday. Phillips is charged with two counts of negligently violating the Clean Water Act and four counts of knowingly violating the Clean Water Act. An arraignment date has not been set. A spokesperson for the company said it was cooperating with prosecutors.
US regulators seek to break up Google, forcing Chrome sale as part of monopoly punishment
U.S. regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade. The proposed breakup floated in a 23-page document filed late Wednesday by the U.S. Justice Department calls for Google to sell its industry-leading Chrome web browser and impose restrictions designed to prevent Android from favoring its search engine. Regulators also want to ban Google from forging multibillion-dollar deals to lock in its dominant search engine as the default option on Apple's iPhone and other devices.
New York judge rejects state efforts to shutter bitcoin mine over climate concerns
NEW YORK (AP) -- A New York judge has rejected an effort by state regulators to shutter a bitcoin mine over concerns about its greenhouse gas emissions. The decision will allow the Greenidge power plant to continue operating in the Finger Lakes region of the state. The state had previously found the gas-powered crypto mine ran afoul of a climate law intended to limit greenhouse gas emissions. But on Thursday, a state Supreme Court judge found Greenidge was entitled to a process to defend its continued operation. Environmental groups have protested the facility, which they allege is pumping emissions into the air while contaminating the nearby Seneca Lake.
What you need to know about the proposed measures designed to curb Google's search monopoly
U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal judge ruled that Google maintained an illegal monopoly. The sweeping set of recommendations filed late Wednesday could radically alter Google's business. Regulators want Google to sell off its industry-leading Chrome web browser. They outlined a range of behavioral measures such as prohibiting Google from using search results to favor its own services such as YouTube, and forcing it to license search index data to its rivals. They're not going as far as to demand Google spin off Android, but are leaving that door open if the remedies don't work.
Apple and Google face UK investigation into mobile browser dominance
LONDON (AP) -- A British watchdog says Apple and Google aren't giving consumers a genuine choice of mobile web browsers. The watchdog's report Friday recommends they face an investigation under new U.K. digital rules taking effect next year. The Competition and Markets Authority took aim at Apple, saying the iPhone maker's tactics hold back innovation by stopping rivals from giving users new features like faster webpage loading. The CMA's report also found that Apple and Google manipulate the choices given to mobile phone users to make their own browsers "the clearest or easiest option." Apple said it disagreed with the findings.