Main by morning: Meta under fire from lawsuits, Seoul and Taiwan getting closer over Trump's duties

Meta has come under pressure over allegations of hiding an internal study showing a drop in anxiety in users who abandoned Facebook and Instagram. South Korea said it was ready to coordinate with Taiwan in negotiations on U.S. duties on chips in a bid to get the most favorable terms possible amid a possible delay in the introduction of import restrictions by the Donald Trump administration. About these and other topics - in a review of key events for the morning of November 24.

Meta has halted an internal Project Mercury study that showed users who stopped using Facebook and Instagram for a week felt less anxious, lonely and depressed, according to a new lawsuit, CNBC reports. The lawsuit alleges that Meta failed to disclose the results and "lied to Congress" about its data, despite the fact that the study was conducted to examine the platforms' impact on people's well-being, polarization of opinions, and news consumption. The lawsuit is part of a sweeping lawsuit against Meta, YouTube, Snap and TikTok initiated by schools, parents and state attorneys general who accuse the companies of harming the mental health of teens.

Meta denied the accusations, saying the findings were taken out of context and distorted the picture, and that the 2019 study itself was methodologically weak. The company insists it has been implementing measures for years to protect young users, including Teen Accounts. Google also denied the claims, noting that YouTube is not a social network, but a video service with safety tools for kids. Snap and TikTok did not comment on the situation.

U.S. Treasury Secretary Scott Bessent said the country is not at risk of entering a recession in 2026 and will soon feel the effects of the Trump administration's economic measures, CNBC reports. He said the permanent extension of the 2017 tax cuts, new deductions and benefits for seniors and service workers, and lower energy prices should support "strong, non-inflationary growth." At the same time, he acknowledged weakness in housing and rate-sensitive industries.

According to Kevin Hassett, director of the National Economic Council, the data for the fourth quarter may look worse because of the record-long 43-day government shutdown. Polls show that about two-thirds of Americans consider the administration's work on the economic front insufficient, with assessments varying widely by income level: wealthy respondents rated their confidence at an average of 6.2 out of 10, while low-income respondents rated their confidence at only 4.4, the channel notes.

South Korea sees an opportunity to cooperate with Taiwan on the issue of U.S. duties on semiconductors, Trade Minister Yo Han-gu said, Yahoo Finance reported. Seoul has already struck a deal with the U.S. that reduced duties in exchange for large Korean investments in strategic industries, while Taiwan is still negotiating. Washington has promised to give Korea terms no worse than those that could be offered to other major chip exporters - i.e. Taiwan.

Against this backdrop, the US may postpone the imposition of key duties that Donald Trump had planned as an important element of his economic policy, Yahoo Finance noted. Meanwhile, South Korean chip exports to the US rose 51% to $1.2 billion in October, driven by increased demand for AI semiconductors.

Australia's Qube Holdings said Macquarie Asset Management has submitted a non-binding offer to buy the logistics company, valuing it at A$11.6 billion ($7.5 billion), CNBC reported. Macquarie is offering A$5.2 per share - nearly 28% above Friday's closing price - which immediately lifted Qube's quote by more than 20% to a record A$4.89.

The transaction assumes an exclusive review period until February 1, 2026 and requires board and regulatory approval. The valuation corresponds to about 14.4 times Qube's FY 2025 EBITDA. Citi analysts maintain a "buy" recommendation on Qube, citing competition risks and labor disputes, the channel points out.

Macquarie declined to comment.

- Japan's broad Topix index was almost unchanged. The benchmark Nikkei 225 was falling by 2.4%.

- Hong Kong's Hang Seng Index was up 1.99 percent, while mainland China's CSI 300 Index was up 0.13 percent.

- In South Korea, the Kospi index was up 0.17 percent and the Kosdaq was up 0.98 percent.

- Australia's S&P/ASX 200 was up 1.29 percent.

- Futures on the Nasdaq 100 were up 0.79 percent, the S&P 500 was up 0.55 percent and the Dow Jones Industrial Average was up 0.25 percent.

This article was AI-translated and verified by a human editor