From 5m agoMeta reaches $16.7bn settlement over social media harms to childrenNEWFLASH: Meta, the parent company behind Facebook and Instagram, has agreed to pay a maximum $16.68bn as part of a settlement to resolve claims brought by states across the country that the company designed Facebook and Instagram to addict children, misled consumers about their safety, and improperly collected personal ⁠data of children who used its platforms, ⁠court papers show.The settlement was ​reached during a California federal trial over claims brought by 29 states, averting one of the highest-profile tests yet of allegations that social media companies harmed young users.Meta also agreed to make changes for teenage users of Facebook and ⁠Instagram nationwide, including daily usage limits and nighttime blocks, the filing shows.Meta shares rose 4.4% in pre-market trading.The claims were part of a broader wave of litigation brought by states, local governments, ⁠school districts and individuals alleging Meta and other social media companies fuelled a nationwide youth mental health crisis.The federal trial covered claims from California, Colorado, Kentucky and New Jersey that ​Meta violated their state laws protecting consumers. It also covered claims from 29 ‌states that Meta violated the federal Children’s Online ‌Privacy Protection Act by collecting personal data from users it knew were children without parental notification or consent, and using the data to train machine learning and generative ‌AI models.Meta, based in California, has denied the allegations, saying it has worked hard to protect children on its platforms. The company has argued it could not have misled consumers about whether its services were addictive because “social media addiction” is not a recognised psychiatric condition.In a filing before the trial, Meta said California, Colorado, Kentucky and New Jersey were seeking up to $1.4 trillion in penalties. The states suggested before the trial began that the figure would be closer to $200bn. The states were also seeking additional monetary damages, plus an order directing Meta to make major changes to its platforms and to bar children from creating accounts.Key events5m agoMeta reaches $16.7bn settlement over social media harms to children42m agoKey US inflation gauge points to elevated price pressures2h agoCBI: UK retail sales weaken in August but stores expect pickup next month2h agoGovernment bond yields dip as oil prices fall; UK 10-year gilt below 5%3h agoIran faces strait of Hormuz paradox as strategic value of chokehold erodes4h agoBurnham recognises rising energy bills are 'difficult for people'5h agoBrent crude drops 3% on hopes strait of Hormuz could reopen soon5h agoLabour’s energy bills crisis is getting worse. Political honesty is essential6h agoAge UK calls on government to raise warm home discount to £2006h agoGovernment looking at 'fundamental reforms' to lower energy bills7h agoTUC renews call for windfall tax on bank profits to pay for social tariff7h agoCornwall Insight forecasts another 9% rise in energy bills in January7h agoIntroduction: British households face 4% rise in energy bills to average of £1,723 from OctoberKey US inflation gauge points to elevated price pressuresA key gauge of US inflation was slightly higher than expected last month, suggesting inflation pressures remained elevated during the Iran war and the US’s trade battles.The personal consumption expenditures (PCE) price index rose 0.2% in July from June, according to the US Bureau of Economic Analysis. Excluding food and energy, which tend to be volatile, the index also rose 0.2%.Compared with the same month last year, the index was 3.7% higher, the same annual rate as in June, while analysts had expected a dip to 3.6%. This means inflation is well above the US Federal Reserve’s target of 2%, and will add to the debate over whether interest rates need to be raised or not.The core annual rate, stripping out food and energy, was 3.3% stripping out food.The figures were slightly higher than economists had expected.A separate report showed US GDP grew 1.5% in the second quarter, unrevised from earlier estimates.US stock indices dipped after the data was released.CBI: UK retail sales weaken in August but stores expect pickup next monthRetail sales in the UK weakened in August after recording their ⁠strongest performance in six months in July, although stores expect a recovery ⁠in September, according to a survey.A monthly ​survey from the Confederation of British Industry showed its headline ⁠sales volume balance — based on retailers’ assessment of sales volumes compared with a ⁠year earlier — fell to a two-month low -48 in ​August from -26 in July.The Next store on Oxford Street, the busiest shopping street in London. Photograph: ScottyH/AlamyThe CBI’s lead economist, Martin Sartorius, said: