Category: Business

The head of global investment giant BlackRock saw his annual compensation jump to $37.7 million for 2025, according to regulatory documents filed Friday by the company.

Larry Fink’s pay package consisted of a $1.5 million base salary plus a $10.6 million bonus, representing a significant increase from his $30.8 million compensation in 2024. The boost came primarily from an additional $6.5 million in stock awards given to the chief executive.

“We’re entering 2026 with elevated momentum and we’re positioned ahead of significant future opportunities,” Fink said in a letter to investors.

The compensation increase comes after BlackRock faced criticism from shareholder advisory firm Institutional Shareholder Services, which urged investors to reject executive pay packages last year. Despite the opposition recommendation, BlackRock reported that 67% of shareholder votes supported the executive compensation plan.

The investment management firm announced in January that it now oversees a record-breaking $14 trillion in client assets.

BlackRock exceeded Wall Street earnings expectations in the final quarter of 2025, posting net profits of $2.18 billion after excluding certain one-time costs. While the company’s stock gained 4.5% throughout 2025, shares have dropped more than 12% in the current year.

A Texas-based convenience store chain has taken fresh steps toward becoming a publicly traded company, resubmitting documents Friday for a stock market debut that was previously put on hold.

Yesway, headquartered in Fort Worth, originally attempted to go public in 2021 but abandoned those efforts in late 2022 as economic instability devastated new stock offerings nationwide.

The company’s renewed filing occurs during a period when Middle East conflicts are creating market turbulence that could potentially derail the anticipated recovery in U.S. stock market debuts.

Despite these challenges, several companies have recently made their offering documents public, positioning themselves to proceed with investor presentations once market conditions stabilize.

“The outbreak of the war, and the uncertainty around its longevity, has diminished appetite for equities at a time when confidence was already suffering following a sell-off in U.S. software and technology names,” said Samuel Kerr, global head of equity capital markets at Mergermarket.

“For IPOs, this uncertainty is a nightmare, particularly given its impact on energy prices and consumer affordability in the U.S. and around the world.”

Founded in 2015 through Boston-based private equity firm Brookwood Financial Partners, Yesway has emerged as one of America’s most rapidly expanding convenience store operators.

Financial records show the company generated $54 million in net profits on $2.67 billion in revenue during 2025, representing significant growth from the previous year’s $23.6 million profit on $2.53 billion in sales.

The convenience retailer currently manages 449 locations spread across nine states throughout the Midwest and Southwest regions, with plans to issue new shares through the public offering.

Yesway has built its reputation around food service options and store-brand merchandise, selling everything from confections to fresh-baked items and fountain beverages.

The company expanded its footprint in 2019 through the purchase of Allsup’s convenience stores, a chain recognized for its signature deep-fried burritos and chimichangas.

Industry experts had expressed optimism about improved conditions for consumer-focused companies to enter public markets in 2026 following several challenging years, though rising inflation concerns may complicate any recovery.

Major investment banks including Morgan Stanley, J.P. Morgan, and Goldman Sachs will serve as lead underwriters for the stock offering. Yesway plans to trade on the Nasdaq exchange using the ticker symbol “YSWY.”

Wall Street experienced another brutal trading session Friday, with the Dow Jones Industrial Average dropping 1.7% as mounting concerns over Middle East warfare continue to rattle investors nationwide.

The blue-chip index has now fallen 10% below its February 10 record closing high, officially marking what financial experts call a market correction. This steep decline comes as traders grapple with uncertainty surrounding the ongoing U.S. and Israeli military conflict with Iran.

Friday’s selloff represents the Dow’s most significant downturn since April 2025, when former President Donald Trump’s announcement of his “Liberation Day” worldwide tariff policy triggered massive global market instability.

The tech-focused Nasdaq had already confirmed its correction status Thursday, having dropped from its October 29 peak. Meanwhile, the S&P 500 has shed approximately 9% since reaching record territory on January 27.

Although investment professionals typically don’t use the Dow as their primary benchmark, this 30-company index remains widely recognized by everyday investors, making its sharp decline a clear signal of deteriorating market confidence.

Market participants are now debating whether this downturn represents a temporary setback – similar to the rebound seen after 2025’s market troubles – or signals the beginning of prolonged instability linked to the Middle East crisis.

International markets have been in freefall and crude oil costs have skyrocketed since the U.S. and Israel initiated their military campaign against Iran on February 28. The Dow alone has shed more than 7% since hostilities commenced.

Soaring energy prices have reignited inflation worries, with market analysts now anticipating the Federal Reserve is more likely to implement interest rate increases rather than cuts before year’s end, based on data from CME’s FedWatch monitoring system.

Goldman Sachs Group led Friday’s losses with a 2.4% decline, contributing more to the Dow’s drop than any other individual stock.

Representatives from the European Union and a dozen Pacific Rim countries have decided to push ahead with negotiations for what Canada’s trade minister describes as a potentially groundbreaking digital commerce agreement.

The decision emerged Friday during discussions held alongside the World Trade Organization ministerial conference taking place in Cameroon. The talks involved EU officials and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which includes nations such as Japan, Britain, Canada, Mexico, Australia, and Malaysia.

“The concrete resolution from today’s conversation was: let’s move forward on digital trade agreement,” stated Maninder Sidhu, Canada’s Minister of International Trade, when speaking with Reuters.

Sidhu emphasized the potential significance of combining these two major trading groups, which collectively represent economies worth $35 trillion and serve 1.6 billion people worldwide.

“If this comes together, as it hopefully will, this will be historic. It will be the largest trading agreement in civilization,” Sidhu explained.

According to the Canadian minister, the proposed agreement would address electronic commerce, data transfer protocols, and information storage systems. Officials plan to continue discussions about the specific framework and provisions the deal might contain.

European Union officials also expressed enthusiasm for the initiative. A spokesperson for the EU noted that such an agreement could establish a model for future regional digital trade partnerships.

“An EU-CPTPP Digital Trade Agreement would be an enormous success. We need to accelerate, as DTAs represent a future-proof layer of trade agreements,” the EU spokesperson commented.

The European Union indicated in an official statement that this arrangement might serve as a template for developing regional approaches to digital commerce regulation and cooperation.

The Trump administration announced Friday that oil refineries must significantly increase their biofuel blending requirements over the next two years, sparking fierce opposition from industry leaders who warn the mandate will push fuel costs even higher amid ongoing conflict in Iran.

The decision has created an unusual public disagreement between the Trump White House and petroleum companies that have historically supported the administration’s pro-fossil fuel policies.

“It’s baffling, with fuel prices already rising due to the conflict in Iran, that EPA is finalizing a rule that will make things far worse for consumers,” said Chet Thompson, president and CEO of the American Fuel & Petrochemical Manufacturers.

“This is not what energy dominance looks like,” Thompson added.

The Environmental Protection Agency established biofuel blending targets of 26.81 billion RINs for 2026 and 27.02 billion RINs for 2027 under the nation’s Renewable Fuel Standard program. These requirements force refineries to mix billions of gallons of corn-derived ethanol and other alternative fuels into America’s gasoline and diesel supply annually, or purchase tradeable compliance credits known as RINs from companies that exceed their quotas.

Each RIN generally represents one gallon of biofuel blended into the fuel supply. The new quotas incorporate approximately 70% of roughly 2 billion gallons that were previously exempted between 2023-2025 through a small refinery waiver program.

Friday’s final numbers substantially exceed the EPA’s initial proposal from June 2025, which called for 24.02 billion RINs in 2026 and 24.46 billion RINs in 2027, without addressing how many waived volumes should be restored.

Agricultural groups praised the administration’s action, particularly when combined with this week’s decision to extend year-round availability of E15 gasoline containing 15% ethanol.

“Today’s announcement, coupled with the Trump administration’s E15 summertime waiver earlier this week, is a positive move for the nation’s corn growers who are navigating an exceptionally difficult economic environment,” the National Corn Growers Association stated.

However, the Renewable Fuels Association, representing ethanol manufacturers, expressed disappointment that only 70% of waived volumes were reinstated rather than the full 100% they had sought.

Thompson from the refining trade group claimed existing biofuel mandates have already added 25 cents per gallon to consumer fuel costs, with the new requirements expected to drive prices higher still.

Regular gasoline currently averages approximately $3.98 per gallon across the United States, representing an increase of more than one dollar since fighting began in Iran on February 28. Diesel fuel costs have climbed even more dramatically.

Rising energy expenses present a significant political challenge for Trump and Republican candidates heading into November’s midterm elections.

Congress established the biofuel blending requirement roughly twenty years ago to decrease American reliance on foreign oil imports while providing economic support to farming communities.

Beginning in 2028, the EPA announced that international fuels and raw materials will earn only half the RIN credits compared to domestically-produced alternatives, a policy designed to strengthen America’s biofuel sector.

MARNE-LA-VALEE, France – Disney’s theme park in Paris will bring on 1,000 additional employees as part of its latest expansion, company CEO Josh D’Amaro announced Friday during a joint appearance with French President Emmanuel Macron.

The French leader joined D’Amaro at the European Disney resort to reveal details about the new themed areas being added to the park, which has served as a major tourist draw across Europe since opening its doors in 1992.

“I believe we will continue to be the number one tourist destination. I believe that we will continue to add jobs. In fact, we’re adding 1,000 jobs, just for this new land that we have built,” D’Amaro stated during the announcement.

The employment boost comes as D’Amaro settles into his leadership position, having officially taken over as Disney’s chief executive just weeks ago during a period of significant transformation for the entertainment giant.

D’Amaro’s previous success managing Disney’s theme park operations – a division that generated 57% of the company’s $17.5 billion in profits last year – played a key role in his promotion to the top executive role.

Oil service companies worldwide are preparing for reduced profits as ongoing Middle East warfare damages energy facilities and causes producers to delay new drilling operations despite climbing oil prices.

While rising commodity costs—with Brent crude climbing 53% since February 27, one day before U.S. and Israeli military action against Iran began—usually make energy projects more lucrative and increase demand for drilling equipment and personnel, this conflict presents a different scenario.

The warfare has created security threats and infrastructure destruction that have caused drilling operations to drop significantly, reducing the need for oil services and equipment in a major global energy production area.

Igor Isaev, analytics director at European brokerage Mind Money, explained the complex situation: “For oilfield services companies, the situation is quite ambiguous: if producers do not increase activity, the price jump alone will not lead to a rise in orders.”

Operations face disruption from inactive drilling platforms in the Persian Gulf, delayed crew deployments, and increased logistics and insurance expenses, causing project postponements and reduced equipment usage.

According to Rystad Energy data from March 27, offshore drilling platforms have decreased approximately 39% to 72 active rigs in the Gulf region. The consulting company reported 118 offshore platforms were operational before February 28.

Navigation through the Strait of Hormuz, which handles about one-fifth of worldwide oil and gas transportation, has become more challenging due to heightened security threats, adding complications to offshore drilling and equipment transport.

Lauren Mayhew, MENA Research director at Welligence Energy Analytics, warned about potential consequences: “A persistent closure of the Strait of Hormuz would severely impact crew mobilizations in the region as well as create logistical challenges for movement of equipment and higher insurance costs.” She added that regional project delays would be anticipated.

Oil service companies are experiencing immediate consequences as Middle Eastern operations decrease and producers in other regions remain cautious.

American producers attending this week’s CERAWeek conference in Houston indicated they need sustained elevated oil prices for multiple months before increasing drilling rigs.

Industry leader SLB anticipates first-quarter revenues below projections and earnings reduced by 6-9 cents per share after halting travel and shutting down Middle Eastern operations.

Major companies SLB, Halliburton, and Baker Hughes face the greatest Middle Eastern exposure, while smaller competitors that recently invested in the region also confront pressure.

British-based Borr Drilling placed four platforms on standby throughout Saudi Arabia, UAE, and Qatar while evacuating personnel from one location.

Richard Spears, vice president at oilfield consulting firm Spears & Associates, projected that Middle Eastern oilfield services revenue could decline 10% to 20% during the first quarter.

“If the war keeps going on, well, the second quarter is not good,” Spears stated.

Although the conflict currently reduces activity, experts expect it will eventually increase future demand.

Refineries will require repairs after export channels reopen, work typically handled by oilfield service providers and engineering companies.

Rystad Energy estimates Middle Eastern energy infrastructure repair costs have reached at least $25 billion.

Rystad Energy analyst Karan Satwani noted: “Damage across Gulf energy infrastructure will generate meaningful demand for oilfield services … this would result in operators prioritizing repair and maintenance of existing fields over contract awards for new development.”

QatarEnergy’s chief executive informed Reuters that Iranian attacks eliminated one-sixth of the nation’s LNG export capability, valued at approximately $20 billion annually, with repairs expected to require three to five years.

Baker Hughes CEO Lorenzo Simonelli confirmed his company’s readiness to assist QatarEnergy during damage assessment.

Welligence Energy’s Mayhew concluded: “Additional repair and maintenance to damaged facilities in the region will to some extent result in additional demand for OFS companies, the extent to which this occurs however will be heavily dependent on broader market conditions and firm’s capital allocations.”

GREELEY, Colorado — A labor dispute at a major beef processing facility in Colorado shows no signs of ending as thousands of employees prepare to enter their third week on the picket line, demanding improved wages and healthcare benefits.

The walkout at Swift Beef Co.’s Greeley facility, which started March 16, marks the first time slaughterhouse workers have gone on strike in the United States since a 1985 work stoppage at a Hormel facility in Minnesota that lasted over a year and involved violent clashes.

Industry analysts say it remains unclear whether the ongoing labor action will affect meat prices at grocery stores nationwide.

JBS USA, which owns the facility, announced Friday that operations continue at reduced levels while the company has redirected beef processing to other locations to fulfill customer orders.

The strike received overwhelming support from union members, with 99% of the plant’s 3,800 United Food and Commercial Union Local 7 workers backing the walkout. Large crowds have gathered at picket lines throughout the past two weeks.

Labor representatives argue that management’s proposed 2% salary increase falls short of current inflation rates.

“The Union stands ready to meet with JBS at any time, but make no mistake, workers will continue to fight until JBS rights these wrong,” union President Kim Cordova said.

According to Jennifer Martin from Colorado State University’s animal sciences department, the stalled negotiations may actually favor the company over striking employees. She explained that reduced processing capacity across the industry, including this strike and the shutdown of a major Tyson Foods Nebraska plant, has helped boost profit margins for remaining operations.

“It’s not necessarily in favor of the employees,” she added. “The lack of harvest capacity at one facility right now might actually be a benefit to the larger industry in the sense of improving (profit) margins.”

JBS operates as the world’s largest meat processing corporation, valued at $17 billion in market capitalization. The company serves as Greeley’s primary employer in the city of approximately 114,000 residents, located 50 miles northeast of Denver.

“We are maintaining supply, supporting the long-term stability of the beef chain, and minimizing disruption for producers, customers, and consumers,” JBS spokesperson Nikki Richardson said in an email. “Our priority is to keep product moving while we work toward a resolution in Greeley.”

The Brazilian-owned company gained approval for New York Stock Exchange trading last May, despite facing environmental criticism and federal investigation that resulted in guilty pleas for bribing Brazilian government officials to secure financing for U.S. expansion efforts.

NEW YORK (AP) — With financial markets experiencing dramatic volatility lately, many investors feel compelled to take action to safeguard their retirement funds. However, historical data suggests that maintaining composure has typically yielded the best outcomes.

America’s stock market has consistently bounced back from every significant decline it has experienced. Whether facing global financial crises, trade disputes, or military conflicts, the S&P 500 has always managed to recover its losses and reach new highs. While this recovery process can span several years, investors who pulled their 401(k) funds from stocks often missed out on subsequent rebounds and additional profits.

Could this pattern repeat itself? Nobody can guarantee it, and certain factors make this situation unique. However, many investment professionals and market analysts continue to offer their standard recommendation: Provided it’s money you won’t need in the near future — which shouldn’t be invested in stocks anyway — try to remain patient and weather the market’s volatility, difficult as that may be.

This same guidance was offered following President Donald Trump’s announcement of worldwide tariffs on “Liberation Day” last year, during the inflation surge of 2021, and when COVID devastated the global economy in 2020. Enduring these types of market shocks represents the cost of accessing the larger returns that equities can provide over extended periods.

The conflict in Iran has disrupted global oil distribution and created severe market volatility.

The hostilities have stopped most shipping through the Strait of Hormuz, a narrow channel near Iran’s coastline where approximately 20% of the world’s oil typically passes daily. This disruption has pushed oil prices to occasional peaks of $119 per barrel, climbing from around $70 before the conflict began.

Should the war persist through the end of June, analysts at Macquarie predict oil could reach $200 per barrel. The all-time record stands slightly above $147, achieved during summer 2008.

Extended periods of elevated oil prices would create consequences extending well beyond increased costs at gas stations. Companies relying on trucks, ships, or aircraft for product transportation might be forced to increase their prices. Additionally, electricity generated by gas-powered facilities would become more costly.

The S&P 500 appears headed for its fifth consecutive week of declines, marking its longest losing streak in almost four years. The index has returned to approximately its August levels and sits nearly 8% below its record high established earlier this year.

The Nasdaq composite, which emphasizes technology companies, has already fallen more than 10% from its peak. This magnitude of decline is significant enough that investment professionals have designated it a “correction.”

Beyond the extent of the market’s decline, the erratic nature of these movements has also caused concern. American stock markets fluctuated dramatically throughout the past week as expectations about a potential war resolution rose and fell.

While the U.S. stock market doesn’t frequently exhibit this exact behavior, it has a consistent pattern of experiencing steep losses before recovering.

The S&P 500 typically sees declines of at least 10% every year or two. Experts often view these corrections as necessary adjustments that prevent excessive optimism from driving stock prices to unsustainable levels.

“I believe getting a correction is not a bad thing,” said Ann Miletti, head of equity investments at Allspring Global Investments. “In some ways, I feel like that is what keeps the market from having a bigger issue.”

“It keeps all of us honest,” she said.

Liquidating your stocks or shifting your 401(k) investments from equities to bonds might reduce the likelihood of experiencing major losses. However, exiting the market would also require determining the optimal time to re-enter, unless you’re prepared to forfeit any future recovery and gains.

Accurately timing market movements is consistently challenging. Some of the strongest trading days in U.S. stock market history have occurred during downturns.

While some recoveries require more time than others, experts typically recommend avoiding stock investments with money you cannot afford to lose for several years, potentially up to a decade. Emergency reserves for expenses like home repairs or medical costs should not be placed in stocks.

Smartphone applications have made trading more accessible and affordable than ever before. This development has attracted a new generation of investors who may lack experience with such dramatic market fluctuations.

The positive aspect is that younger investors often benefit from having time on their side. With decades remaining before retirement, they can weather market turbulence and allow their stock portfolios to potentially recover while benefiting from compound growth. For these investors, price drops might represent stocks becoming available at discounted rates.

Older investors have less time available for their investments to rebound.

Retirees might consider reducing spending and withdrawals following sharp market declines, since larger withdrawals eliminate future compounding potential. Even in retirement, some individuals will require their investments to sustain them for 30 years or longer.

If alternatives don’t exist, circumstances may force difficult decisions. However, selling 401(k) stocks and withdrawing cash creates dual negative impacts. First, you may face taxes plus a potential 10% early withdrawal penalty. Second, withdrawals eliminate any possibility for those investments to recover losses and grow over time.

401(k) loans may be available in certain situations, but these options carry their own complexities and potential penalties.

You can largely ignore these concerns if you have defined-benefit pensions, though few American workers still receive them. These pensions guarantee specific payments regardless of stock market performance.

During stock declines, Treasury bonds and gold prices often increase as investors seek safer investments. This explains why many advisors recommend maintaining diversified portfolios to help cushion market shocks.

However, this time Treasury prices have suffered due to concerns about elevated oil prices and inflation. Consequently, the 10-year Treasury yield has risen above 4.40%, up from just 3.97% before the war started.

Gold prices have also struggled despite their reputation as a safe haven during uncertain periods. This occurs because bonds offering higher interest rates make gold, which provides no returns to investors, appear less attractive by comparison.

No one knows, and don’t let anyone tell you otherwise.

Sony is implementing another significant price increase for its PlayStation gaming consoles, marking the second such adjustment in under twelve months and bringing the total cost increase to 30% compared to last year’s pricing.

Beginning next Thursday, the standard PlayStation 5 will retail for $649.99 in the United States, representing a $100 jump from current pricing. The digital-only version will also see a $100 increase to $599.99, while the premium PS5 Pro model will carry an even steeper $150 hike to $899.99.

The Japanese electronics giant attributed the increases to “continued pressures in the global economic landscape” and implemented similar adjustments across international markets including the United Kingdom, Europe, and Japan.

Several factors are contributing to rising costs in the electronics sector. U.S. trade policies have disrupted global commerce patterns, and Sony previously raised PlayStation prices by $50 last August. Additionally, the ongoing four-week conflict in Iran has created significant supply chain bottlenecks for energy and manufacturing materials, driving up costs for consumer electronics.

In a statement posted to their official blog, Sony acknowledged the impact on consumers, saying: “We know that price changes impact our community, and after careful evaluation, we found this was a necessary step to ensure we can continue delivering innovative, high-quality gaming experiences to players worldwide.”

A critical supply issue has emerged from Iran’s recent attack on Qatar’s natural gas export infrastructure, forcing facility shutdowns that threaten helium supplies. This matters because helium, while commonly associated with party balloons, plays an essential role in semiconductor manufacturing for computers and electronic devices. Qatar provides approximately one-third of global helium supplies according to U.S. Geological Survey data.

Qatar’s government-owned gas company announced the shutdown would reduce helium exports by 14%. Industry analysts warn that reduced supply availability could drive prices even higher if the regional conflict continues for months.

Despite these challenges, Sony reported strong financial performance with October-December quarter profits jumping 11% to 377.3 billion yen ($2.4 billion). The company has raised its annual profit projection to 1.13 trillion yen ($7.2 billion) based on these results.

The PlayStation brand marked its 30th anniversary in North American and European markets last year.

Sony isn’t alone in raising gaming console prices. Competitor Microsoft increased costs for certain Xbox models in September, citing “changes in the macroeconomic environment” well before the current Middle East conflict began.

Chinese electric vehicle manufacturer BYD announced Friday that it achieved record annual revenue of $116 billion, surpassing Tesla’s figures, though the company experienced its first earnings decline since 2021 amid intense market competition.

The Shenzhen-based automaker has claimed the title of world’s largest electric vehicle producer, delivering 2.26 million electric cars in 2025 – a 28% increase from the previous year. This milestone allowed BYD to overtake Tesla, which reported deliveries of 1.64 million vehicles, representing a 9% decrease.

BYD’s revenue climbed 3.5% to reach 804 billion yuan ($116 billion) in 2025, setting another company record and exceeding Tesla’s annual revenue of $94.8 billion. However, the company’s annual earnings dropped 19% to 32.6 billion yuan ($4.7 billion), marking the first profit decrease since 2021.

The electric vehicle manufacturer has been pursuing international expansion into markets across Latin America and Europe, where automotive industry experts indicate profit margins typically exceed those found in China. The company has also invested in advanced technology improvements, recently unveiling an innovative fast-charging battery system just before releasing its financial results.

Industry analysts predict challenging conditions ahead this year due to extremely competitive circumstances within China. However, rising oil and gasoline costs related to the Iran conflict may revive consumer interest in renewable energy alternatives, potentially benefiting electric vehicle companies.

BYD has reported declining domestic sales for six consecutive months, with total sales dropping 36% year-over-year to 400,241 units during January and February, as increased international sales failed to compensate for ongoing domestic market weakness.

“They cannot rely on mass market EVs to help them keep the same volume that they were selling,” stated Chris Liu, a senior analyst at Shanghai-based advisory firm Omdia.

An aggressive pricing battle in China, the globe’s largest automotive market, has damaged BYD’s profit margins, while competitors like Geely Auto have been capturing market share in early 2026.

Company chairman Wang Chuan-fu acknowledged in Friday’s earnings statement: “We also recognize that competition in the NEV (new energy vehicle) industry has reached a fever pitch, and is undergoing a brutal ‘knockout stage.’”

Extensive government incentives designed to encourage Chinese consumers to adopt electric vehicles have been renewed but reduced this year, creating additional pressure on manufacturers. Market expectations suggest the Iran conflict and resulting global energy crisis could drive more consumers toward electric vehicles, potentially benefiting companies like BYD domestically and internationally.

BYD’s Hong Kong-traded shares have declined more than 20% over the past year, though they have shown improvement during March trading.

Significant technological advances may prove crucial for market recovery, according to industry experts. In early March, BYD introduced an updated version of its powerful “blade” electric vehicle battery capable of reaching nearly full charge within nine minutes.

The company also unveiled new vehicle models including the redesigned Datang SUV equipped with cutting-edge technology, which HSBC automotive analysts noted in a research report could “help BYD to regain domestic market share through technology leadership.”

Internationally, BYD intends to continue expanding its global market presence to improve profitability. The company has established operations in the United Kingdom, Brazil, and Argentina, targeting sales of approximately 1.3 million vehicles overseas in 2026, up from roughly 1.05 million last year. According to S&P Global Ratings analyst Claire Yuan, BYD’s approach of constructing and expanding manufacturing facilities abroad will support its international market development.

SAN FRANCISCO (AP) — Once-dominant internet company Yahoo has launched Scout, an artificial intelligence-powered answer engine, as it attempts to reclaim its position in online search technology. When The Associated Press tested Scout by asking why one of Silicon Valley’s former giants lost its prominence ten years ago, the AI tool provided a thoughtful response.

“Yahoo’s journey illustrates how a company with an early advantage can disappear without continuous innovation,” Scout responded, while providing hyperlinks to additional websites that supported its analysis.

That assessment might need revision if Yahoo CEO Jim Lanzone successfully uses artificial intelligence to grow the company’s global base of 700 million users who continue using Yahoo’s financial, sports, news, fantasy and email platforms, despite a troubled history that almost eliminated a brand once considered synonymous with the internet.

“Always been the white whale of turnarounds for me,” Lanzone stated, noting his experience in reviving struggling internet companies. “I always thought I could do something with this thing.”

The 55-year-old executive received his opportunity when private equity company Apollo Global Management purchased Yahoo for $5 billion in September 2021 — far below its highest market valuation of $125 billion during the dot-com surge in early 2000. Apollo’s purchase followed Verizon Communications’ 2017 acquisition of Yahoo’s digital services and subsequent failed effort to merge them with AOL, another internet pioneer.

Verizon’s opportunity to acquire Yahoo’s online services only arose due to the company’s consistent poor decisions under seven different chief executives over 16 years.

While Yahoo’s troubled history didn’t eliminate the company entirely, it created a negative perception that makes it doubtful the company will ever return to its former status, according to Jeremy Ring, one of Yahoo’s earliest employees who started selling advertisements for the service from his New York apartment in 1996.

“Even though Yahoo isn’t what it once was, it hasn’t turned into a Blockbuster or Radio Shack story either,” Ring commented, who explored the company’s rise and fall in his 2018 book, “We Were Yahoo!” “What is going to enable them to compete against all the bigger companies using AI? I am not convinced all the best engineers in the world are suddenly going to come work at Yahoo.”

Lanzone’s rebuilding strategy initially concentrated on eliminating Yahoo’s problematic divisions. The restructuring involved removing some of Yahoo’s advertising technology, selling publications like TechCrunch and Rivals, and shutting down AOL’s dial-up internet service, which disconnected its remaining 500 customers. Currently, Yahoo is “very profitable” and generating billions in revenue, Lanzone reported, though he declined to provide exact figures.

After completing the cleanup phase, Lanzone started rebuilding what remained — work that included improving Yahoo’s successful fantasy sports section and completely redesigning its email service, which still holds the second-largest market share behind Google’s Gmail.

By introducing Scout to its 250 million American users, Yahoo is embracing the AI revolution with hopes the technology will make online searching easier and deliver more customized results based on individual user preferences. Lanzone also expects Scout to create a cycle that continuously directs traffic to Yahoo’s other services.

Yahoo faces competition from longtime rival Google, which remains the powerful competitor that contributed to the company’s downfall two decades ago and continues integrating more AI into its search platform through Gemini technology. Adding to the challenge, Yahoo must also compete against popular AI chatbots like OpenAI’s ChatGPT and Anthropic’s Claude, plus answer engines such as Perplexity.

Acknowledging it’s playing catch-up, Yahoo operates Scout using AI technology licensed from Anthropic.

Unlike other AI chatbots and answer engines, Scout avoids mimicking human conversations so users can’t “have a fake personal relationship with it,” Lanzone explained. “The product is very unique, even though we didn’t invent AI in the first place.”

Yahoo’s efforts to capture more online search traffic have mostly failed since the late 1990s, a decline that began just years after Stanford University students Jerry Yang and David Filo established the company as the internet’s first comprehensive website directory.

However, as the internet became more important for entertainment and business, Yahoo changed its strategy from directing traffic to other sites to creating an all-inclusive website that would keep visitors engaged. This strategic change allowed two other Stanford students, Larry Page and Sergey Brin, to develop a search engine called Google.

After rejecting an opportunity to purchase Google for only $1 million in 1998, Yahoo invested more heavily in becoming a complete destination while neglecting search so much that it outsourced that function to another company in 2000. Yahoo not only contracted Google as its search provider but also advertised Google’s brand on its website. By 2002, Yahoo offered to purchase Google for $3 billion, but Page and Brin demanded $5 billion. The failed negotiations set Google on a path toward building an internet empire now worth $3.7 trillion under parent company Alphabet Inc.

Yahoo cycled through seven CEOs, including former Google executive Marissa Mayer, in an unsuccessful attempt to compete in search before ending its 21-year run as a public company with its problematic sale to Verizon for $4.5 billion. During this period, Yahoo turned down a $44.6 billion acquisition offer from Microsoft in 2008 before eventually agreeing to use the software company’s Bing search engine.

Should Yahoo’s investment in Scout succeed, Lanzone admits it might result in the company returning to public trading more than 30 years after its 1996 initial public offering that heightened the dot-com excitement among investors at the time. Lanzone thinks another Yahoo IPO could still generate enthusiasm.

“We still have one of the biggest audiences on the internet, and that audience has been pretty loyal through a lot of ups and downs,” he stated. “If we just ‘super-serve’ them, good things will happen.”

Federal investigators have escalated their scrutiny of a massive entertainment industry merger by issuing subpoenas in their review of Paramount Skydance’s proposed takeover of Warner Bros Discovery, according to three sources with knowledge of the investigation.

The subpoenas signal that the Justice Department is advancing its examination of the $110 billion deal that would unite two entertainment giants, creating a combined entity that includes major film studios, streaming services, and news divisions. The proposed merger has captured significant attention from both Hollywood insiders and financial markets, as its approval could lead to workforce reductions while its rejection would cost Paramount $7 billion.

Federal officials are requesting detailed information about how the merger might impact film and television production levels, content licensing agreements, and rivalry between streaming platforms, sources revealed. Additionally, investigators are examining potential effects on movie theater operations, according to two of the sources.

When contacted for comment, a Justice Department representative did not provide an immediate response.

During an antitrust conference held in Washington on Wednesday, Paramount’s Chief Legal Officer Makan Delrahim indicated that the company had anticipated regulatory scrutiny from multiple jurisdictions regarding the proposed acquisition.

WASHINGTON – Economic uncertainty has intensified for Federal Reserve policy makers due to ongoing international conflicts and the rapid advancement of artificial intelligence technology, according to Richmond Federal Reserve President Thomas Barkin during remarks made Friday.

Speaking at an economic conference at East Tennessee State University, Barkin acknowledged that while some policy-related uncertainties around trade and immigration had started to diminish, new challenges have emerged. “I can’t stand here … and tell you the fog has lifted. If anything, it’s deepened and spread,” Barkin stated in his prepared remarks.

The Fed official pointed to the conflict with Iran as a major factor driving oil price volatility, while artificial intelligence investments are simultaneously creating opportunities and concerns about future employment and productivity changes.

During last week’s Federal Reserve meeting, officials chose to maintain current interest rate levels. “It felt prudent to hold rates and await more clarity on how we should be leaning to best support the economy going forward. I, for one, am hoping to see some of this fog burn off,” Barkin explained.

Market analysts believe the recent surge in oil costs has virtually eliminated the possibility of interest rate reductions this year, with many now expecting the central bank’s next action could be a rate increase as inflation continues exceeding the 2% goal.

Economic experts note that oil price impacts on inflation will depend on several factors including the duration of current conflicts, peak price levels, and how energy costs affect other sectors such as aviation, agricultural fertilizers, and transportation.

Despite steady consumer demand in the U.S. economy, Barkin warned that oil price shocks could alter spending patterns and affect consumer confidence. He noted that rising fuel costs “are highly visible, and there’s something fundamentally unsettling about driving by a sign every day that reminds you that prices are going up.”

Recent economic data shows that progress toward the Federal Reserve’s 2% inflation target had already stalled “and that was before the oil price spike,” Barkin added. The Fed’s primary inflation measure currently sits approximately one percentage point above the target level.

Consumer goods giant Unilever is moving forward with negotiations to merge its food division with Maryland-based McCormick & Company, according to sources close to the discussions.

The British company, known for producing Hellmann’s mayonnaise and Knorr bouillon cubes, announced last week that it had received an acquisition proposal from the spice manufacturer for its food operations.

McCormick, which produces Cholula hot sauce among other products, has acknowledged the ongoing discussions but has not revealed financial terms for what would represent the most significant restructuring in Unilever’s corporate history. The British firm currently holds a market capitalization of $131 billion.

According to individuals familiar with the negotiations who requested anonymity due to the confidential nature of the talks, the transaction is being designed to provide Unilever investors with more than half ownership of the resulting company while preventing a change of control that would create capital gains tax liabilities.

The arrangement would mark the largest transaction for CEO Fernando Fernández since he assumed leadership last year. The deal structure would require Unilever to first separate its food operations before transferring them to the Maryland-based McCormick through what’s known as a reverse Morris trust, which provides tax savings benefits.

Multiple sources indicate that negotiations are advancing rapidly.

While the exact percentage of ownership for Unilever shareholders remains undetermined, comparable consumer goods transactions have typically resulted in the selling company’s investors holding between 50% and 60% of the new combined entity.

A similar structure was used in 2021 when International Flavors & Fragrances acquired DuPont’s Nutrition & Biosciences division through a reverse Morris trust valued at $45.4 billion, with DuPont shareholders receiving 55.4% ownership of the merged company.

During the 2000s, J.M. Smucker purchased the Jif and Crisco brands, followed later by Folgers, from Procter & Gamble through all-stock reverse Morris trust transactions that provided P&G investors with approximately 53% stakes in Smucker.

Financial analysts at Barclays estimate Unilever’s food division to be worth between 28 billion and 31 billion euros (approximately $32 billion), including debt obligations. McCormick’s enterprise value stands at nearly $18 billion, which includes roughly $4 billion in net debt, according to LSEG data.

This size differential is characteristic of reverse Morris trust arrangements, where the acquiring company is substantially smaller than the seller.

Sources with knowledge of the advisory arrangements report that Unilever has engaged Goldman Sachs for the transaction, with Morgan Stanley and PwC also providing counsel on the potential business separation.

McCormick has retained Citi and Rothschild as its investment banking advisors for the deal, according to two individuals familiar with the matter.

Goldman Sachs, Morgan Stanley, and Citi have declined to provide comments on the transaction. PwC and Rothschild have not responded to requests for comment.

Industry sources reveal that McCormick has maintained interest in Unilever’s food operations for several years, attracted by the division’s international presence and potential opportunities to develop undervalued brands within the large conglomerate.

The spice company has maintained a conservative approach to mergers and acquisitions, which has positioned it to act quickly when this opportunity emerged. McCormick had previously attempted to acquire Sauer Brands, the producer of Duke’s mayonnaise, and Japanese barbecue sauce brand Bachan’s in recent years, but was outbid by competitors.

In 2017, McCormick successfully purchased Reckitt Benckiser’s food division, which included Frank’s RedHot hot sauce and French’s mustard brands.

Unilever recently completed a year-long process to separate its ice cream business, which began trading as The Magnum Ice Cream Company in December. The company maintained a 19.9% ownership stake in that business following the transaction, which also provided tax advantages including reduced taxable gains for shareholders when portions of their holdings were converted to Magnum shares.

Gaming enthusiasts will face steeper prices when purchasing Sony’s PlayStation 5 consoles, as the Japanese electronics giant announces its second major price increase within 12 months. The company attributes the $100 U.S. price bump to escalating costs for essential components, particularly memory chips.

Beginning April 2nd, American consumers will pay $649.99 for the standard PlayStation 5 model, a significant jump from the current $549.99 price point. The Digital Edition will reach $599.99, while Sony’s premium PS5 Pro model will command $899.99.

The PlayStation Portal remote gaming device will also see its price climb to $249.99 from $199.99.

Sony’s pricing strategy reflects broader industry challenges, as artificial intelligence development has created intense competition for memory components. Chip manufacturers are prioritizing more profitable data center products over consumer electronics, creating supply constraints that drive up costs.

The price adjustments will roll out across European and Japanese markets as well, following what Sony characterized as a thorough assessment of mounting supply chain cost pressures worldwide.

Industry experts warn these console price increases could slow video game market expansion this year. Epic Games, the company behind the popular “Fortnite” game, recently eliminated 1,000 positions and pointed to weak console sales as a contributing factor.

Sony’s PlayStation 5 sales declined 16% during the crucial holiday shopping period from October through December, dropping to 8 million units compared to the previous year. The console has been available to consumers for approximately six years.

This marks Sony’s second PlayStation 5 price adjustment since August, when the company implemented a roughly $50 increase. Microsoft similarly raised Xbox console prices during the past year.

A financial newsletter from Anna Szymanski examines how President Trump’s social media activity has created unprecedented volatility in global markets during the ongoing Iran crisis.

The power of presidential social media posts has reached new heights, with a single message from Trump on Truth Social capable of moving trillions of dollars in global assets. When the president posted on Monday about “very good and productive” discussions with Iran, financial markets experienced dramatic reversals across multiple sectors.

Trump’s announcement that he would extend his original 48-hour ultimatum to Iran regarding the Strait of Hormuz to five days triggered massive market movements. Oil prices dropped over 10%, global equities surged, the dollar declined, bond yields decreased, and gold prices climbed. However, these dramatic shifts proved temporary.

The president attempted to recreate Monday’s market impact on Thursday with mixed results. Following a challenging trading session that saw the Nasdaq fall 2% into correction territory and Brent crude rise nearly 6% to exceed $108 per barrel, Trump announced another deadline extension to April 6 at 8 PM EDT, stating negotiations with Tehran were progressing “very well.”

This time, market reactions were more muted. U.S. stocks only slightly reduced their losses, and oil prices merely stabilized rather than plunging. By early Friday, crude was climbing again with Brent topping $109 per barrel, while S&P futures returned to negative territory.

Asian markets, particularly vulnerable to energy supply disruptions, continued declining. South Korea’s KOPSI index dropped nearly 4% on Friday, reflecting regional concerns about the conflict’s economic impact.

The diminishing influence of Trump’s posts may stem from contradictory information emerging from both capitals. While Trump claims Iran requested a seven-day extension, Wall Street Journal sources indicate mediators deny any such request was made. Tehran has reportedly rejected Trump’s 15-point peace proposal, and the U.S. is considering deploying an additional 10,000 troops to the Gulf region according to media reports.

This uncertainty leaves investors facing two vastly different scenarios: either dramatic military escalation or a negotiated settlement within weeks. The challenge of pricing such divergent outcomes has created significant market instability.

Financial asset behavior during this crisis has defied some traditional expectations. Both Treasury bonds and gold have weakened since the conflict began February 28, surprising many analysts who typically view these as safe-haven investments during geopolitical turmoil.

The Treasury decline aligns with inflation concerns and expectations of Federal Reserve policy tightening, supported by centuries of financial precedent. Recent poor debt auction results suggest additional challenges ahead for the $30 trillion Treasury market.

Gold’s weakness has particularly surprised investors, potentially signaling a shift in safe-haven asset preferences. Meanwhile, private credit markets face their own pressures, with Ares Management and Apollo Global Management recently limiting investor withdrawals from private credit funds following increased redemption requests.

Paradoxically, U.S. equities may be emerging as the preferred refuge asset. Despite volatility from geopolitical tensions and concerns about artificial intelligence spending, several major banks have raised their S&P 500 forecasts based on expectations of strong earnings growth.

Oil futures markets appear optimistic given the scale of supply disruption, potentially reaching 20 million barrels daily, and extensive damage to energy infrastructure. Investors seem to be betting on a quick conflict resolution and full Strait of Hormuz reopening, but this optimistic pricing may ironically make continued closure more likely.

Trump may have initiated the Iran conflict believing America’s domestic oil production would shield the country from energy price shocks. However, with U.S. gasoline prices approaching $4 per gallon, this strategy appears problematic.

Despite Americans being arguably better positioned than ever to handle $100-per-barrel oil, public approval remains low. A recent Reuters/Ipsos poll shows only 29% approve of Trump’s economic management, his worst rating on this issue to date.

Natural gas markets may face greater disruption than crude oil due to inflexible supply chains, limited storage capacity, and difficult infrastructure repairs. This particularly threatens gas-dependent Europe, which may need to scale back ambitious climate initiatives.

Conversely, the crisis could accelerate Asia’s energy transition, especially electric vehicle adoption, benefiting China’s dominant EV industry.

Trump has postponed his planned Beijing meeting with President Xi Jinping from next week to mid-May, suggesting he expects the conflict to largely conclude within six weeks. For investors and those affected by the war, that timeline may seem distant.

The newsletter concludes with weekend reading recommendations from various Reuters columnists covering topics from global interest rates to Chinese electric vehicles and Middle East shipping risks.

This article appears to contain only a title header for a Wall Street business segment planned for Friday, March 27, 2026. No additional market data, financial news, or business information was included in the original report.

BEIJING (AP) — Beijing initiated a pair of trade investigations targeting American commercial practices on Friday, demonstrating China’s determination to retaliate against President Donald Trump’s tariff policies before his scheduled May visit.

The Commerce Ministry announced these new examinations as a direct counter to two trade probes that Trump revealed earlier this month, which target multiple nations including China.

According to a ministry announcement, the dual Chinese investigations were initiated to protect the interests of affected Chinese sectors and demonstrated “firm opposition” to the U.S. examinations.

The first investigation will scrutinize American policies that block Chinese products from accessing U.S. markets and restrict American exports of cutting-edge technology to China. The second probe will focus on obstacles facing Chinese renewable energy exports.

Ministry officials indicated the investigations are scheduled to last six months, with the possibility of a three-month extension if required.

These Chinese probes represent the most recent exchange in an extended trade dispute and may serve as negotiating tools to counter potential new American tariffs.

After the U.S. Supreme Court overturned several of Trump’s previous tariffs, he responded by initiating what are called Section 301 trade examinations.

One such examination is investigating claims of surplus industrial production capacity — which can boost exports — and government subsidies that might provide companies in China and other nations with unfair advantages over American businesses.

This investigation, which encompasses 16 trade partners including the European Union, may result in increased tariffs on imports from these regions.

The second investigation, covering numerous countries including China, could prohibit imports of products manufactured through forced labor.

During recent discussions with the United States in Paris, China’s trade representative cautioned that the American investigations might jeopardize the carefully maintained stability in economic relationships between both nations.

These discussions were intended to prepare for Trump’s Beijing visit, originally scheduled for next week. The American president has postponed the trip due to the conflict in Iran.

American stock market funds experienced their most significant weekly investment surge in four months during the period ending March 25, as optimism about potential Middle East peace negotiations boosted investor confidence following President Trump’s decision to delay military action against Iranian energy facilities while proposing a diplomatic solution to end the conflict.

According to data from LSEG Lipper, investors contributed a net total of $37.24 billion to American equity funds, marking the most substantial weekly investment since mid-November 2024 and breaking a three-week streak of net withdrawals.

Despite this positive trend, the technology-focused Nasdaq Composite index dropped more than 2% on Thursday after Iran continued rejecting any diplomatic discussions with the United States, raising questions about whether the nearly month-long conflict could be resolved quickly.

For the first time in seven weeks, investors purchased shares in American large-company funds, contributing a net $45.07 billion. Meanwhile, medium-sized and smaller company funds experienced withdrawals of $2.15 billion and $1.24 billion respectively.

Sector-specific American funds recorded net withdrawals of $2.9 billion, representing the largest weekly exodus since December 24. Technology sectors lost $1.45 billion in investments, while gold and precious metals funds saw $974 million withdrawn, and healthcare funds lost $507 million.

American bond funds received $7.56 billion in new investments, though this represented nearly a one-third decrease from the previous week’s $12.05 billion influx.

Short-to-intermediate investment-grade bond funds attracted $2.03 billion in net investments, the smallest amount in three weeks, while general domestic taxable fixed income funds experienced net withdrawals of $1.11 billion.

Government and treasury funds focusing on short-to-intermediate terms received $9.07 billion in net investments, marking their largest weekly purchase since at least May 2024.

Money market funds witnessed $57.96 billion in net withdrawals, ending a five-week period of consistent net purchases.

Wall Street futures showed minimal movement Friday morning as traders evaluated the possibility of reduced tensions in the Middle East following another postponement of threatened U.S. military action against Iran’s energy sector.

President Donald Trump announced Thursday that he would once more push back his ultimatum for Iran to reopen the Strait of Hormuz or risk having its energy facilities targeted, coming after Tehran turned down a comprehensive 15-point American peace proposal.

The postponement did little to ease market anxieties, as crude oil costs continued climbing while government bond values dropped, reflecting investor doubt about reaching any agreement between the nations.

Both the S&P 500 and Nasdaq were heading toward their fifth consecutive week of declines as the ongoing Iran conflict enters its second month. The Dow Jones, however, appeared positioned for weekly increases.

Thursday’s trading session saw the S&P 500 and Dow Jones each drop more than 1%, while the Nasdaq fell over 10% from its peak, officially entering correction territory.

“Words alone aren’t cutting it right now, with President Trump’s extension of the pause on Iran energy strikes failing to lift the mood in any meaningful way. Tangible evidence of progress is what’s needed,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

Early Friday trading showed modest gains, with Dow E-minis climbing 6 points or 0.01%, S&P 500 E-minis rising 5.5 points or 0.08%, and Nasdaq 100 E-minis increasing 11.5 points or 0.05% as of 5:33 a.m. Eastern Time.

Rising petroleum costs stemming from the Iranian standoff have heightened concerns about inflation, creating uncertainty around potential interest rate reductions by central banking authorities.

Financial market observers no longer expect the Federal Reserve to implement any rate cuts this year, a stark change from the two reductions that were anticipated before hostilities began, based on data from CME’s FedWatch Group.

Market participants will be monitoring the final March consumer sentiment report from the University of Michigan, along with speeches from Federal Reserve regional presidents Thomas Barkin, Mary Daly and Anna Paulson.

In individual stock movement, Unity Software shares surged approximately 15% during pre-market hours after the gaming software company disclosed preliminary first-quarter revenue figures that exceeded Wall Street projections.

Japanese investment giant SoftBank Group announced Friday it has obtained a massive $40 billion bridge loan aimed at expanding its partnership with artificial intelligence company OpenAI, which developed the popular ChatGPT platform.

The move represents another major step in founder Masayoshi Son’s ambitious artificial intelligence strategy, as his investment firm deepens its relationship with OpenAI amid fierce competition among technology companies in the rapidly growing AI sector.

SoftBank had already committed to putting $30 billion into OpenAI via its Vision Fund 2 investment arm. Company officials said the new bridge loan carries no collateral requirements.

The financing arrangement, set to expire in March 2027, was coordinated through several major financial institutions including JPMorgan Chase, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corp and MUFG Bank.

Microsoft-supported OpenAI has become a dominant force in the AI industry after ChatGPT gained massive popularity worldwide, triggering a wave of investment dollars flowing into the artificial intelligence sector.

This latest loan reflects Son’s bold strategy of betting heavily on AI technology, coming after years of SoftBank experiencing both massive profits and substantial losses through its Vision Fund investments.

Both SoftBank and OpenAI participated in last year’s Stargate Project initiative, an ambitious plan calling for up to $500 billion in AI infrastructure investments across the United States over a four-year period.

In December 2024, Son joined then President-elect Donald Trump to announce SoftBank’s commitment to invest $100 billion in artificial intelligence and related infrastructure projects throughout the U.S. over the next four years.

Canada and South America’s Mercosur trading alliance are making significant strides toward completing a comprehensive free-trade deal that could be finalized before the year ends, with fresh negotiations planned for next month in Brazil’s capital.

Three government sources from Canada, Argentina, and Brazil informed Reuters that they anticipate the agreement will be completed by 2024, with one official suggesting talks are moving so smoothly they could conclude before September arrives.

An Argentine government representative indicated the pact is likely to be formally signed during September or October, which would mark approximately one year since formal negotiations resumed.

A Brazilian-based diplomat also confirmed to Reuters that discussions are proceeding at unprecedented speed and with exceptional success, reinforcing expectations that the nations will likely finalize a deal within this calendar year.

The source mentioned that Canadian Prime Minister Mark Carney is anticipated to travel to Brazil during the upcoming quarter. While neither nation intends to announce an agreement during this visit, it could provide additional momentum to complete negotiations as quickly as possible.

Officials from Mercosur’s Montevideo headquarters and Canada’s trade ministry did not provide immediate responses when contacted for comment.

This renewed progress comes after months of technical discussions following Canada and Mercosur’s decision last year to restart negotiations that had been dormant since 2021. The Mercosur bloc includes Argentina, Brazil, Paraguay, and Uruguay, with Bolivia set to join as a full member in 2028.

Canada has ramped up efforts to broaden its trade relationships amid uncertainty surrounding tariffs implemented by U.S. President Donald Trump, with sources noting that South America, particularly Brazil, represents an essential trading partner for Canada. For Mercosur nations, which are major exporters of beef, soybeans, and minerals, a Canadian agreement would provide expanded access to developed markets and help draw investment in crucial sectors like mining.

In early March, trade representatives from Ontario, a province vital to Canada’s economic framework, traveled to Argentina and Uruguay to establish foundations for a potential agreement and demonstrate support for enhanced bilateral commerce. Ontario’s Minister of Economic Development, Job Creation and Trade, Victor Fedeli, engaged with technology and mining sector leaders during the trip, building upon a Brazil visit from late last year.

Fedeli explained that Ontario was increasing its South American outreach partly because of what he termed the “Trump acceleration” effect, highlighting that approximately 80% of the province’s trade involves the United States.

“We’re building on that momentum,” Fedeli stated during a Reuters interview in Montevideo. “The Canadian government is serious about diversifying away from the U.S., working to unlock new opportunities for trade, partnership, and investment,” he continued.

These Canadian discussions follow Mercosur’s completion of a trade agreement with the European Union in January, after 25 years of negotiations. Earlier this month, the European Commission announced that essential trade components of the accord, which has generated controversy in Europe, will take provisional effect starting May 1.

Stock market investors will be closely watching next week’s employment figures as financial markets grapple with the economic impact of an Iran conflict now in its second month.

The ongoing Middle East crisis continues to dominate market sentiment, particularly as it disrupts oil supply chains. Crude oil prices have skyrocketed more than 60% since the beginning of the year, approaching $100 per barrel and pushing gasoline costs to $4 per gallon nationwide. These rising energy costs threaten to reduce consumer spending power.

Inflation concerns have driven benchmark Treasury yields to their highest levels since last summer, creating additional pressure on stock valuations. Thursday’s sharp market selloff positioned the S&P 500 for its fifth consecutive weekly decline, marking a nearly 6% drop since U.S.-Israeli military actions against Iran began in late February. The Nasdaq Composite has fallen more than 10% from its October peak, officially entering correction territory.

Market volatility has been driven by conflicting signals about potential conflict resolution, keeping stocks sensitive to breaking news developments, according to Jim Baird, chief investment officer with Plante Moran Financial Advisors.

“Any signs of positive breakthroughs in terms of discussions with Iran and a cessation of the conflict there would go a long way towards providing some reassurance to investors and a boost in sentiment,” Baird said. “Anything that would lead to indications that this might become more long and drawn out, that would be a negative for investor sentiment and certainly would weigh on the market.”

Tuesday marks the conclusion of a challenging first quarter for American equities. Beyond the Iran situation, market concerns include business disruptions from artificial intelligence developments and weakness in private credit markets. The S&P 500 has declined more than 5% in 2026, breaking a three-year streak of strong double-digit gains.

“There’s a lot of uncertainty out there overall,” said James Ragan, co-CIO and director of investment management research at D.A. Davidson. “So as we get into the last couple of days of the quarter, I just think you could see the market sentiment kind of rolling over a little bit.”

March employment data is projected to show 48,000 new jobs added with unemployment holding at 4.5%, based on Reuters polling. The report will be released April 3, coinciding with the Good Friday market closure.

February’s employment report delivered disappointing results with 92,000 job losses. With two of the last three monthly reports showing negative job growth, “any positive number would probably be good for the market,” Ragan noted.

Additional economic indicators due next week include February retail sales figures and manufacturing and services sector reports.

Employment market deterioration previously prompted Federal Reserve rate cuts last year. However, the central bank faces a difficult position if job market conditions worsen further.

With inflation already exceeding the Fed’s target, surging energy costs complicate potential rate reductions. Financial markets now anticipate no additional rate cuts this year, with fed funds futures indicating a small possibility of rate increases in 2026, according to LSEG data through Thursday.

The benchmark 10-year Treasury yield has risen to 4.4% from approximately 4% before the conflict began.

“The equity market is also taking very careful notice” of rising yields, said David Bianco, Americas chief investment officer at DWS. “This affects so many things,” he said, including mortgages, the debt sustainability of the U.S. government and what is a fair price-to-earnings valuation.

Market valuations have indeed adjusted downward recently. The S&P 500’s price-to-earnings ratio, calculated on forward 12-month earnings estimates, currently sits just below 20, down from over 22 at year-start, according to LSEG Datastream. This ratio still exceeds the long-term average of 16.

Market participants are analyzing how the conflict and resulting energy price increases might affect corporate earnings. Despite higher fuel and operational costs, companies like Delta Air Lines and FedEx have recently delivered encouraging reports. Nike will announce quarterly results Tuesday, while the majority of first-quarter earnings reports arrive in coming weeks.

“I think the U.S. economy remains a safe distance from recession,” Bianco said. “We can debate the odds of recession going up as oil prices go up, but I still think we are a safe distance from a recession being likely.”

International stock funds received their largest weekly investment in over two months during the week ending March 25, as President Donald Trump postponed planned military strikes against Iran’s energy infrastructure, sparking optimism about reduced Middle East tensions and alleviating concerns over potential oil market disruptions.

According to LSEG Lipper data, investors moved a net $37.77 billion into worldwide equity funds, marking the biggest weekly investment since February 18 and breaking a two-week pattern of selling activity.

U.S. stock funds dominated the inflows, receiving $37.24 billion in net investments as a three-week selling period came to an end. Asian equity funds also performed well with $5.23 billion in weekly inflows, while European funds experienced outflows totaling $7.52 billion.

Despite the positive investment flows, international stock markets dropped approximately 1.6% on Thursday following Iran’s rejection of any diplomatic discussions with the United States, raising questions about the likelihood of a rapid ceasefire in the Middle East conflict that has continued for nearly a month.

Mark Haefele, chief investment officer at UBS Global Wealth Management, cautioned investors against expecting energy shipments through the Strait of Hormuz to resume quickly, although he doesn’t anticipate major or prolonged economic harm under most scenarios.

“This means long-term investors with well-diversified portfolios should stay invested,” UBS’s Haefele said.

Interest in bond-related investments dropped to its lowest point in almost three months, with only $2.53 billion flowing into international bond funds.

High-yield and euro-denominated bond fund categories experienced substantial withdrawals of $4.75 billion and $2.11 billion respectively, while short-term bond funds attracted a record-breaking $11.1 billion in investments.

Money market funds saw approximately $64.78 billion in withdrawals, ending an eight-week streak of net investments.

Gold and precious metals funds continued their decline for a fourth consecutive week, losing $3.14 billion in investments.

Emerging market investments faced selling pressure for the third straight week, with $2.78 billion pulled from stock funds and $1.73 billion withdrawn from bond funds, according to data covering 28,796 combined funds.

A major software collaboration between Volkswagen and electric vehicle manufacturer Rivian has achieved a significant development benchmark, moving the California-based company closer to receiving its next round of investment funding.

The German automaker announced Friday that winter testing of initial vehicles equipped with the new software technology has been completed successfully.

“We’re accelerating towards the future,” stated CEO Oliver Blume.

This collaborative effort focuses on creating a comprehensive software system that will support vehicle updates throughout Volkswagen’s main brand lineup, including its American Scout pickup truck division and luxury Audi subsidiary.

Blume turned to Rivian for external expertise after Volkswagen’s internal software division, Cariad, struggled with ongoing technical challenges for several years.

The European automotive giant faces mounting pressure to compete effectively against technology-focused competitors such as Tesla and Chinese manufacturer BYD.

Volkswagen committed to investing $5.8 billion in this partnership through 2027, according to agreements finalized in November 2024.

The investment structure includes a $1 billion payment scheduled for this year, contingent upon achieving specific “technological milestones.”

Company representatives declined to provide additional details about the financial arrangement when contacted for comment.

A major technology failure at Lloyds Banking Group compromised the personal information of nearly 450,000 customers during a software update gone wrong earlier this month, according to Britain’s Treasury Committee announcement on Friday.

The banking system malfunction allowed customers to access other users’ private financial information, including account details and national insurance numbers, when they logged into their banking applications on March 12.

According to documentation released by the Treasury Committee, the incident affected customers across three banking brands – Lloyds, Halifax, and Bank of Scotland. More than 114,000 users actually clicked on transactions that displayed other people’s confidential banking data.

The financial institution has distributed 139,000 pounds in payments to 3,625 affected customers to address the distress and inconvenience caused by the privacy breach. Bank officials report that no customers have experienced actual financial losses as a result of the incident.

In correspondence published by the committee, Lloyds explained that a defective software component during a routine overnight system update triggered the security breach. The incident underscores growing concerns about the security risks facing Britain’s increasingly digital banking sector, as financial institutions continue reducing physical branch locations while pushing customers toward online services.

Parliament’s Treasury Committee had demanded a detailed explanation from Lloyds regarding the circumstances that led to the March 12 system failure. The banking group must now submit progress reports to the committee within one month and again after six months.

Italian competition watchdogs announced Friday they have opened dual investigations targeting LVMH-controlled companies operating in Italy over allegations of inappropriate business practices involving the early promotion of adult beauty products to young people.

The Italian competition authority AGCM confirmed that investigators, working alongside Italy’s financial police force, conducted searches Thursday at the offices of Sephora Italia, LVMH Profumi e Cosmetici, and LVMH Italia as part of the ongoing inquiry.

The regulatory action centers on accusations that the luxury goods giant and its popular cosmetics chain engaged in questionable commercial tactics related to encouraging minors to use beauty products designed for adults.

Financial markets across the globe are experiencing extreme turbulence as the ongoing Middle East conflict enters its fifth week, leaving traders and investment managers struggling with unprecedented volatility and sleepless nights.

Wang Yapei, a fund manager based in Shanghai, has drastically reduced his investment positions to cope with the market chaos. “I don’t like rollercoaster rides … the opening was ugly, so I cut portfolio positions to roughly 30%,” Wang from Zijie Private Fund explained, referring to Monday’s severe decline in Chinese equities. “Then I felt quite relieved.”

Even as markets showed some recovery later in the week, Wang remains cautious about increasing his holdings due to unpredictable swings across all investment categories worldwide. “Today, you seek bottom-fishing and the next day, you suffer from another selloff,” Wang noted. “When there’s uncertainty, you reduce your holdings so you can sleep well at night.”

Wang’s experience reflects a broader pattern affecting financial professionals from Shanghai to New York, who are dealing with restless nights, weekend work sessions, extended client consultations, rapid portfolio adjustments, and last-minute anxiety about executing transactions.

These difficulties primarily arise from questions about the duration of the U.S.-Israeli conflict with Iran and its potential impact on oil costs, which have already climbed above $100 per barrel, along with concerns about inflation, interest rates, and central bank policies.

The conflict, which began with joint U.S.-Israeli attacks on Iran in late February, has caused gold prices to drop approximately 16% this month, marking the precious metal’s largest monthly decline since 2008. Treasury yields have increased by 46 basis points during the same period, representing the steepest rise since October 2024.

Many market participants are finding that strategies that worked during previous crises, including Russia’s 2022 invasion of Ukraine and the COVID-19 pandemic, are no longer effective in current conditions.

“There are very few risk-off assets,” explained Rajeev De Mello, chief investment officer at GAMA Asset Management, who has been working weekends and conducting longer team meetings than usual. “Treasuries are not working, typical risk-off currencies like the yen and the Swiss franc are not working. Gold and silver also not helping.”

The month-long conflict has resulted in Iran effectively blocking the Strait of Hormuz, a critical route for one-fifth of global oil and liquefied natural gas shipments. This situation has raised concerns about stagflation and prompted investors to sell nearly all assets except the U.S. dollar.

“Since the war broke out, we’ve reduced equities because there’s no place to hide,” De Mello said from Singapore.

Asian stock markets have been particularly affected, with South Korean equities declining about 13% this month and Japan’s Nikkei falling approximately 9%. U.S. stocks have performed somewhat better with a 6% decrease.

Kenyon Tse, head of sales trading at UBS in Hong Kong, reported that his firm’s trading desk has recorded daily net selling in TSMC, Asia’s largest company by market value, throughout March.

London-based Matthias Scheiber at Allspring Global Investments has reduced emerging market positions while increasing U.S. exposure, though he cautioned that conditions could worsen if global central banks follow Australia’s example of raising interest rates.

For those caught on the wrong side of market movements, the situation has been especially challenging. An energy company trader, speaking anonymously, described how their firm’s positions betting against oil price increases led to extreme stress. “I literally couldn’t sleep that weekend when it began,” the trader said, adding that the following week involved high stress due to sharp price swings and numerous internal meetings.

Kenneth Goh, director of private wealth management at UOB Kay Hian, faces similar sleep deprivation while managing client portfolios through the crisis. “It’s been non-stop,” Goh said. “If I’m lucky, I sleep at midnight. If not, I sleep at 2, 3 or 4 a.m. But that’s the life I chose.”

The market uncertainty has also affected corporate credit markets and new deal activity. In New York, banks supporting approximately $18 billion in debt for Electronic Arts’ $55 billion acquisition closely monitored developments around President Trump’s Monday deadline for strikes on Iran’s electrical infrastructure.

This deadline coincided with the marketing phase of EA’s debt to investors and could have resulted in less favorable borrowing terms, according to two bankers familiar with the situation who requested anonymity.

Banking professionals working on the deal spent the weekend preparing for possible attacks on Iranian infrastructure and potentially higher pricing that would likely follow.

After Trump announced a five-day delay of the strikes on Monday, banks were able to lower borrowing costs on roughly $6.6 billion of the debt’s cross-currency, high-yield bond component. On Thursday, Trump extended the pause on threatened attacks against Iranian energy facilities for 10 days until April 6.

The constant market volatility requires continuous attention from investors and traders. “You continuously need to watch, monitor and be a participant in the market and this obviously takes a toll in terms of your mental ability,” said Mukesh Dave, chief investment officer at Aravali Asset Management.

Dave, based in Singapore, noted experiencing similar intensity during the 2008 financial crisis and the Asian financial crisis of the late 1990s, but stopped short of comparing this situation to those events. “If this lasts for another week or so, then we’ll see,” he said. “You can’t afford to make mistakes, there is zero tolerance for mistakes.”

A federal court in Australia has imposed a substantial A$10 million ($6.9 million) fine on the local derivatives arm of cryptocurrency platform Binance for improperly categorizing the vast majority of its Australian customers, according to an announcement from the nation’s securities watchdog on Friday.

The penalty stems from violations involving the incorrect classification of more than 85% of Binance’s Australian customer accounts during the client registration process.

The exchange rate conversion shows $1 equals 1.4491 Australian dollars.

Swiss pharmaceutical giant Novartis announced Friday its plans to purchase California-based biotechnology company Excellergy in a transaction valued at up to $2 billion.

The pharmaceutical company stated it will provide the full amount through initial payments and performance-based milestones. Novartis expects the deal to finalize during the latter half of 2026, pending standard regulatory clearances and other typical closing conditions.

According to Novartis, this acquisition will enhance the company’s position within the immunology sector, specifically targeting food allergy treatments.

This purchase follows Novartis’ announcement just one week earlier regarding its acquisition of a breast cancer treatment candidate from American biotech company Synnovation Therapeutics, a deal valued at up to $3 billion.

Chinese technology behemoths ByteDance and Alibaba are preparing to purchase Huawei’s latest artificial intelligence processor following successful testing phases, according to three industry insiders familiar with the developments.

The positive reception represents a significant breakthrough for the Shenzhen-based telecommunications company. Previously, Huawei faced challenges convincing major private sector technology firms to adopt its existing flagship processor, the Ascend 910C, in substantial volumes despite government initiatives promoting domestic semiconductor usage.

Technology companies are now showing greater enthusiasm for the new 950PR processor due to its enhanced compatibility with Nvidia’s CUDA software platform and improved processing speeds, the sources revealed.

Huawei anticipates delivering approximately 750,000 units of the 950PR throughout this year, with sample units distributed to clients in January. Mass manufacturing is scheduled to commence next month, paving the way for full-scale deliveries during the latter half of 2024.

The timing of the 950PR’s introduction coincides with mounting challenges for Nvidia within the Chinese market. Washington has prohibited the sale of numerous Nvidia artificial intelligence processors in China due to concerns about potential military applications of the technology.

The previous Trump administration authorized sales of Nvidia’s H200 processors last year, which offer superior performance compared to currently restricted models, though with various limitations on quantities. Chinese regulators have also approved the H200, but the timeline for market entry remains uncertain.

Huawei first disclosed details about its new processor in September when presenting its comprehensive semiconductor strategy, promising to deliver some of the world’s most advanced computing platforms.

The 950PR will retail for approximately 50,000 yuan ($6,900) per unit with standard DDR memory, while an enhanced version featuring faster HBM memory will cost around 70,000 yuan, sources indicated.

Unlike previous models that relied exclusively on Huawei’s proprietary CANN software framework, the new processors enable Chinese technology companies’ developers to more seamlessly transition their existing models from Nvidia’s software ecosystem.

While the 950PR delivers only modest improvements in raw computational capability compared to the 910C, it excels specifically in inference processing tasks, which involve running trained artificial intelligence models to respond to queries and perform operations.

China’s demand for AI inference computing is experiencing rapid growth as the technology sector pivots from model creation to practical implementation, accelerated by widespread adoption of open-source AI platforms like OpenClaw.

The unnamed sources declined identification as they lack authorization to discuss the matter publicly. Huawei, ByteDance, and Alibaba did not respond to requests for comment.

Global financial markets showed a restrained response Friday after President Donald Trump announced he would postpone planned military action against Iranian power facilities for an additional 10 days, marking the second such delay amid ongoing Middle East tensions.

While investors had anticipated this development, the market reaction fell short of expectations. Oil prices declined modestly, with Brent crude dropping less than 1% to $107.24 per barrel, barely reversing the nearly 6% overnight spike. U.S. stock futures managed only a 0.4% increase, a far cry from Tuesday’s rally when Trump first extended his original 48-hour ultimatum to five days.

European markets fared slightly better, with EUROSTOXX 50 futures climbing 0.5%, while Treasury bonds and the dollar remained largely unchanged.

Market analysts suggest investors may be becoming desensitized to Trump’s repeated assurances. Many believe the dual deadline extensions represent a temporary solution that fails to address the underlying four-week conflict, indicating the crisis remains far from resolution.

Concerns deepened following reports that an additional 10,000 American military personnel could be deployed to the Middle East region, raising fears of potential ground operations. Experts warn of escalation risks that could draw the United States into a comprehensive military engagement, with no guarantee that the critical Strait of Hormuz shipping lane would reopen soon.

These uncertainties contributed to cautious trading heading into the weekend. The MSCI Asia-Pacific index excluding Japan fell 2.4% for the week and has dropped over 11% from its late February high. Japan’s Nikkei similarly declined 10% from its February peak, while South Korea’s KOSPI lost 1.5% Friday, bringing weekly losses to a substantial 7%.

Adding to market pressures, central banks are signaling potential interest rate increases to combat emerging stagflation concerns reminiscent of the 1970s. Norway’s central bank surprised markets Thursday with a dramatic policy reversal, indicating possible rate hikes this year after previously forecasting three cuts through 2028.

At the Federal Reserve, Governor Michael Barr and Vice Chair Philip Jeffers both expressed concerns about persistent inflation. Three additional Fed officials are scheduled to speak later today, with markets closely monitoring for any hawkish commentary.

The stakes remain elevated given recent dramatic shifts in market expectations, with September rate hike odds now at approximately 50% despite Fed officials previously projecting rate reductions this year.

Key market factors to watch Friday include ongoing Middle East developments, UK February retail sales data, and speeches from Fed officials Thomas Barkin, Anna Paulson and Mary Daly.

HONG KONG — Financial markets throughout Asia experienced widespread declines Friday morning following Wall Street’s steepest single-day drop since the Iran conflict commenced, as investors expressed growing skepticism about potential peace talks.

Japan’s Nikkei 225 benchmark declined 1.2% to reach 52,982.86 during morning trading sessions. South Korea’s Kospi experienced a more severe drop of 3.1%, falling to 5,293.26.

Hong Kong’s Hang Seng index decreased 0.1% to 24,825.50, though China’s Shanghai Composite managed a slight gain of 0.1% to 3,893.21.

Australia’s S&P/ASX 200 declined 0.5%, while Taiwan’s Taiex traded 1.5% lower.

Thursday’s trading session on Wall Street marked the most significant decline since the Iran war’s beginning, with the S&P 500 dropping 1.7% to 6,477.16 — its steepest fall since January. The Dow Jones Industrial Average decreased 1% to 45,960.11. The Nasdaq composite experienced a 2.4% decline to 21,408.08, placing it 10% beneath its recent peak, which qualifies as a market “correction.”

Market volatility this week has been driven by speculation regarding potential diplomatic negotiations between Washington and Tehran.

Following Thursday’s market close, President Donald Trump announced he would delay a planned strike on Iran’s energy infrastructure and extended until April 6 his deadline for Iran to reopen the Strait of Hormuz, a vital passage for global oil and gas shipments.

Skepticism about a potential conflict resolution intensified after Iran declined a U.S. ceasefire offer and presented an alternative proposal, while the United States continued deploying additional military personnel to the region.

Energy prices continued their downward trend Friday despite earlier increases. Brent crude futures, the global benchmark, dropped 1.1% to $100.77 per barrel after trading above $102 on Thursday.

U.S. benchmark crude oil fell 1.3% early Wednesday to $93.30 per barrel.

Precious metals saw gains in early Friday trading, with gold prices rising 1% to $4,420.70 per ounce. Silver increased 1.6% to $69.04.

Currency markets showed the U.S. dollar weakening to 159.56 Japanese yen from 159.81 yen. The euro strengthened to $1.1539 from $1.1527.

Markets across Asia plunged Friday, continuing a worldwide selloff as investors grappled with the economic fallout from escalating Middle East tensions that have sent energy costs soaring and pushed interest rates higher.

President Donald Trump provided some relief by extending his deadline for potential strikes against Iranian power facilities by an additional 10 days, after already pushing back his original 48-hour timeframe by five days. Oil prices responded with Brent crude dropping 1% to $107.07 per barrel, though it had spiked nearly 6% the previous night.

Despite the modest oil price retreat, concerns persist about the conflict expanding into ground warfare, particularly as reports suggest Trump may deploy additional military personnel to the region. The critical Strait of Hormuz shipping route remains uncertain for reopening.

Iran rejected a U.S. peace proposal, calling it “one sided and unfair.”

Wall Street futures managed a slight 0.2% rebound during Asian trading hours. The previous day saw the Nasdaq Composite crash 2.4%, putting it nearly 11% below its October 29 peak and officially confirming a correction phase.

ITC Markets senior foreign exchange analyst Sean Callow warned of continued volatility ahead. “The Middle East headlines won’t stop for the weekend so the weight of money leans towards assuming another risk-off week ahead as the U.S. continues to add military resources to the region,” Callow stated.

“Many see the Iranian regime as holding the upper hand and doubt that there are indeed productive negotiations with the U.S. in process… Underlying pressure towards higher oil prices, USD and yields along with weaker equities appears intact,” he added.

Regional markets showed widespread declines Friday. The MSCI Asia-Pacific index excluding Japan dropped 1.4% and appeared headed for a 3% weekly decline. Japan’s Nikkei fell 1.3%, down 0.9% for the week.

South Korea experienced particularly severe losses with the KOSPI diving 3%, resulting in a devastating 8.5% weekly drop. Chinese blue-chip stocks declined 1%, while Hong Kong’s Hang Seng slipped 0.4%.

Citi analysts warned that more severe conflict scenarios could push global economic growth below 2% this year while driving inflation above 4% and increasing recession risks.

“Asia, particularly Korea, Japan, and India, faces the most intense headwinds due to heavy reliance on imported fuel and direct exposure to disruptions in the Strait of Hormuz,” the analysts noted in their client advisory.

Bond markets worldwide faced significant pressure as rising oil costs intensified inflation worries. Norway’s central bank joined other institutions in signaling potential rate increases, reversing earlier projections of three cuts through 2028 and instead anticipating hikes this year.

Government bond yields climbed sharply, with Japan’s 10-year rate rising 4 basis points to 2.31% and Australia’s benchmark 10-year yield surging 7 basis points to 5.076%.

The two-year U.S. Treasury yield remained steady at 3.9714% Friday after jumping 10 basis points overnight as traders increased bets on Federal Reserve rate hikes this year to approximately 50%.

Currency markets reflected the risk-averse sentiment, with the U.S. dollar strengthening for a third consecutive session as investors sought safety. The Australian dollar, sensitive to risk sentiment, fell 0.2% to a two-month low of $0.6872 after declining 0.8% overnight.

The euro held steady at $1.1533 following a 0.3% overnight decline, while the yen traded near 159.70 against the dollar. Market observers expect potential intervention if the yen reaches 160.

Gold prices recovered 0.6% to $4,405 per ounce after falling nearly 3% the previous session.

SHANGHAI/BEIJING – Financial sector stocks in China showed stronger performance compared to the overall market on Friday, following reports that government regulators are exploring changes to investment restrictions that could expand funding opportunities for banking institutions.

According to sources who spoke with Reuters on Thursday, China’s banking oversight authority is considering modifications that would permit certain bank investors to acquire major ownership positions – classified as 5% or greater stakes – in one to two more banking institutions beyond the current maximum of two.

When contacted by Reuters on Thursday, the banking regulatory agency did not provide a response regarding any possible modifications to existing rules.

Friday morning trading showed China’s CSI Banks Index dropping 0.3% at the opening bell before stabilizing near even levels during early sessions. Meanwhile, the broader CSI300 Index started the day down 1%.

According to Citi analysts in a client advisory, the proposed regulatory adjustment “has a positive impact on China banks.”

Citi noted that such changes would support faster expansion of bank lending activities, create stronger management motivation to improve profits and stock values, and encourage additional purchases from institutional investors such as insurance companies.

JPMorgan analysts echoed this sentiment in their research report, stating the development “could broaden the investor base for China banks, and would thus be positive for the sector in general.”

HONG KONG – The U.S. dollar climbed toward multi-month highs Friday as global investors flocked to safe-haven assets while Middle East conflicts intensified and diplomatic solutions appeared increasingly elusive.

Financial markets experienced another volatile week after President Donald Trump extended his moratorium on strikes targeting Iran’s energy infrastructure through April. However, Washington and Tehran presented contradictory narratives about progress in diplomatic negotiations.

Adding to investor concerns, the Wall Street Journal reported Thursday that Pentagon officials are considering deploying as many as 10,000 additional ground forces to the Middle East region. This development further diminished market optimism about a swift resolution to the ongoing conflict.

The uncertainty drove investors toward the dollar as a secure asset while increasing expectations for a potential U.S. interest rate increase before year’s end, driven by inflationary pressures from sustained high energy costs.

Currency markets reflected the dollar’s strength, with the Japanese yen approaching 160 per dollar at 159.61, while the euro declined slightly by 0.03% to $1.1525. The British pound dropped 0.05% to $1.3325.

“It doesn’t look like the conflict will end anytime soon,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia. “The dollar is king while this conflict lasts.”

“If we’re right about this conflict being protracted, I think oil prices will just keep rising and it will push the dollar higher, at the expense of net energy importers like the Japanese yen and the euro,” she added.

Market pessimism pushed risk-sensitive currencies lower, with the Australian dollar falling to a two-month low of $0.68722. The New Zealand dollar similarly struggled near January lows, trading down 0.15% at $0.5754.

Measured against a basket of major currencies, the dollar rose marginally to 99.93, positioning for a 2.3% monthly gain that would represent its strongest performance since July of last year.

Market participants now assign a 46% probability to a 25-basis-point Federal Reserve rate increase by December, according to the CME Fedwatch tool. This marks a dramatic shift from expectations of more than 50 basis points of rate cuts that existed before the conflict began.

Both the Bank of England and European Central Bank are also anticipated to implement tighter monetary policies, with this hawkish shift in rate expectations pressuring bond markets and driving yields upward.

“A more prolonged disruption to energy supplies would deliver a larger hit to activity that would meet most definitions of a global recession and prompt a broader monetary tightening cycle,” said analysts at Capital Economics in a note.

U.S. Treasury yields remained stable Friday following sharp overnight increases, with two-year yields at 3.9776%. The benchmark 10-year yield decreased slightly to 4.4097%.

The former chairwoman of Ben & Jerry’s independent board has filed a defamation lawsuit against Unilever and its newly created ice cream division, claiming the companies destroyed her reputation because of her stance on Palestinian rights.

Anuradha Mittal, who lost her position as board chair in December, filed the legal action Thursday in federal court in Oakland, California. She alleges that Unilever and its spun-off Magnum ice cream company deliberately damaged her credibility following her vocal support for Palestinian rights and calls for a Gaza ceasefire.

The legal battle intensifies an ongoing conflict between Ben & Jerry’s leadership and Unilever over what the ice cream brand describes as corporate interference with their independence and progressive values, including the previous removal of former CEO Dave Stever.

Representatives from both Unilever and Magnum dismissed Mittal’s allegations as “unfounded” in separate public statements, expressing confidence that the court proceedings will vindicate their position.

According to Mittal’s court filing, her advocacy for Palestinian causes and ceasefire efforts “rankled” Unilever executives, with tensions intensifying after the company announced the Magnum spinoff last March.

The lawsuit details various allegedly false accusations against Mittal, including claims of financial misconduct, accepting inappropriate benefits, misusing nonprofit foundation resources, fostering workplace toxicity, and being unsuitable for leadership following company investigations.

“Defendants achieved their goal of thoroughly humiliating and discrediting Ms. Mittal,” the complaint states, describing damage to her professional standing and personal health effects including depression and sleep disorders.

Following December’s corporate restructuring, Unilever maintains a minority 19.9% ownership in Magnum, which now oversees multiple ice cream brands including Breyers, Klondike and Wall’s.

Mittal seeks both compensatory and punitive financial awards, arguing that Unilever and Magnum demonstrated “actual malice” by knowingly spreading false information or showing reckless disregard for accuracy.

The plaintiff, originally from Kanpur, India, currently leads the Oakland Institute, a research organization advocating for farmers, indigenous populations, forest communities and pastoral groups.

Ben & Jerry’s has maintained its commitment to social causes since Ben Cohen and Jerry Greenfield established the company in 1978, continuing this mission after Unilever’s 2000 acquisition.

The corporate relationship deteriorated significantly in 2021 when Ben & Jerry’s announced it would cease ice cream sales in Israeli-occupied West Bank territories.

Last November, Ben & Jerry’s initiated separate litigation against Unilever, seeking to prevent what they characterize as systematic efforts to eliminate their independent board and suppress their progressive activism, which has included criticism of President Donald Trump.

That earlier lawsuit continues in the courts, with the Ben & Jerry’s Foundation recently receiving judicial approval to join as an additional plaintiff last week.

Magnum has characterized the ongoing litigation as “regrettable” while maintaining their commitment to supporting the Ben & Jerry’s brand.

Federal Reserve Vice Chair Philip Jefferson expressed concerns Thursday about climbing energy costs, warning that prolonged price increases could present a dual challenge by both driving up inflation and reducing consumer and business expenditures.

Speaking at a Dallas Federal Reserve event, Jefferson described the Fed’s current monetary policy as “appropriately positioned” for the economic environment.

“The current policy stance should continue to support the labor market while allowing inflation to resume its decline toward our 2 percent target as the effects of tariff pass-through are completed,” Jefferson stated in his prepared remarks.

According to Jefferson, the job market has achieved relative balance, and he anticipates unemployment will hover around its present 4.4% rate through the remainder of 2024. However, he cautioned that the employment sector remains vulnerable to negative disruptions due to historically low hiring rates, with forecast risks “skewed to the downside.”

The Fed official indicated he anticipates inflation progress to pick up momentum once last year’s tariff impacts work through the economic system. He also pointed to deregulation and productivity improvements as factors that should help reduce inflationary pressures.

“Ongoing trade policy uncertainty and geopolitical tensions, however, pose upside risk to my inflation forecast,” Jefferson warned. “At least in the short term I expect overall inflation to move higher, reflecting a rise in energy prices stemming from the conflict in the Middle East.”

While Jefferson noted that temporary energy price spikes typically affect the economy for just one or two quarters, he emphasized that prolonged elevated oil costs could create more significant economic impacts.

The Federal Reserve maintained its benchmark interest rate between 3.50% and 3.75% earlier this month, with Chair Jerome Powell indicating rate reductions won’t occur without measurable inflation improvements. Jefferson endorsed this approach.

Looking ahead, Jefferson projected U.S. economic growth at approximately 2% or slightly higher for this year, supported by artificial intelligence investments, federal deregulation efforts, and increased business creation. Nevertheless, he acknowledged potential obstacles and uncertainty stemming from Middle Eastern conflicts.

Financial markets took a beating Thursday as Middle East tensions intensified, driving oil prices sharply higher while stocks, bonds, and gold tumbled amid renewed concerns about inflation.

The broad selloff reflected investor anxiety over diminishing prospects for peace in the region, creating a somber atmosphere as the trading quarter draws to a close.

Despite the challenging environment of ongoing conflict, $100 oil prices, and significant economic uncertainty, some Wall Street analysts remain optimistic about U.S. stock prospects. Barclays strategists recently increased their S&P 500 projections, joining other firms maintaining bullish outlooks.

Market Performance Overview

Asian markets led the decline, with South Korea’s KOSPI index dropping 3.5%. European markets fell 1% or more across major indices, while U.S. markets saw the Dow Jones down 1%, the S&P 500 declining 1.7%, and the Nasdaq falling 2.4% into correction territory from its October peak.

Nine of eleven S&P 500 sectors posted losses, with communications services leading the decline at -3.5%, followed by technology at -2.7% and industrials at -2.3%. Energy was the lone bright spot, gaining 1.6%.

Individual stock movements included Meta dropping 8%, Nvidia falling 4%, while Brown-Forman surged 9.5% and Valero climbed 8%.

The dollar strengthened 0.4%, with the USD/JPY pair approaching the significant 160.00 level. Emerging market currencies including the Thai baht and Chilean peso posted notable declines, while the Swedish krona and Australian dollar led losses among developed market currencies. Bitcoin retreated 4%, falling back below $70,000.

Bond Market Struggles

U.S. Treasury yields jumped to their highest closing levels since mid-2025, with the yield curve continuing to flatten. Thursday’s $44 billion auction of 7-year Treasury notes performed poorly, showing weak demand and leaving dealers holding a substantial portion of the offering. Similar weakness appeared in Wednesday’s 5-year auction and Tuesday’s 2-year sale.

The poor auction results reflect investor concerns about energy prices, Middle East conflict, and inflation pressures. Foreign central bank holdings of Treasuries at the Federal Reserve have also declined significantly, adding to market nervousness.

Commodity Markets

Oil prices jumped 5% on geopolitical tensions, while precious metals suffered steep losses with gold falling 3% and silver dropping 5%.

Conflicting Signals

Market volatility has been exacerbated by conflicting reports about potential diplomatic progress. President Trump’s administration claims to have presented Iran with a peace plan and established communication channels, though Tehran has rejected this characterization, calling any proposal “one-sided.”

The contradictory information has left investors struggling to interpret developments, with markets swinging dramatically on similar headlines from day to day.

Technical Concerns Mount

Beyond fundamental challenges, technical indicators are also deteriorating. All three major U.S. stock indices have broken below their 200-day moving averages, a chart level closely watched by traders for long-term market direction.

As legendary investor Paul Tudor Jones reportedly observed, “Nothing good ever happens below the 200-day moving average,” though market bottoms and recoveries can eventually emerge from such levels.

Looking Ahead

Friday’s market drivers will likely include further Middle East developments, energy market movements, and speeches from European Central Bank officials including board members Anneli Tuominen, Patrick Montagner, and Isabel Schnabel.

Economic data releases include UK retail sales for March and the final University of Michigan consumer sentiment and inflation expectations surveys for March. Federal Reserve officials scheduled to speak include Richmond Fed President Thomas Barkin, San Francisco Fed President Mary Daly, and Philadelphia Fed President Anna Paulson.

NEW HAVEN, Connecticut – A top Federal Reserve official expressed concerns Thursday that military operations in Iran are creating greater inflation pressures for the U.S. economy.

Speaking at Yale School of Management, Fed Governor Lisa Cook explained that the ongoing conflict has altered the central bank’s outlook on balancing price stability with employment goals.

“I see the balance of risks as being largely, on net, in balance, but I would argue that the inflation risk is greater right now as a result of the Iran war,” Cook stated during the event.

Regarding employment conditions, Cook noted: “With respect to the labor market, I see it as being in balance, but precariously so.”

Cook joins other Federal Reserve officials who have expressed worry that the military campaign launched February 28 by the United States and Israel against Iran could drive inflation rates higher than the Fed’s 2% goal.

According to Cook, tariffs implemented under President Donald Trump had already slowed progress toward reaching inflation targets over the past year, and the current conflict “takes us even further away.”

International oil markets have experienced significant volatility, with prices climbing from approximately $75 per barrel in late February to over $100 this month. The surge follows Iran’s effective blockade of roughly one-fifth of global petroleum shipments through the crucial Strait of Hormuz.

The Federal Reserve maintained its key interest rate between 3.50%-3.75% at last week’s meeting, with most officials previously anticipating a possible quarter-point reduction by year’s end. However, rising oil costs and uncertainty about the conflict’s duration have prompted bond markets to push interest rates higher, with futures markets now indicating virtually no possibility of rate cuts this year.

A groundbreaking mortgage program will soon allow potential homeowners to leverage their digital currency investments as security for down payments without having to sell their cryptocurrency assets.

Better Home & Finance Holding Co. announced Thursday they will launch this innovative crypto-collateralized mortgage within the next three months through a collaboration with digital currency exchange Coinbase.

“Better was founded to make homeownership more accessible for all Americans, and this partnership with Coinbase introduces a new pathway to realizing the American Dream for the 52 million Americans who own digital assets,” Better CEO Vishal Garg stated in the announcement.

Currently, cryptocurrency usage in home purchases remains minimal. According to National Association of Realtors survey data covering home buyers from July 2024 to June 2025, just 1% of respondents who made down payments reported using funds from cryptocurrency sales.

The new mortgage product differs significantly because borrowers won’t need to liquidate their digital currency investments for down payment funds. Instead, qualifying applicants will pledge their cryptocurrency holdings and transfer them to Coinbase as down payment security.

This structure enables cryptocurrency investors to maintain exposure to potential future appreciation in their digital assets rather than converting them to cash.

Even if cryptocurrency values decline, mortgage conditions stay the same without requiring additional security, according to the companies’ announcement. Nevertheless, borrowers risk having their cryptocurrency collateral liquidated if mortgage payments become 60 days delinquent.

The mortgage program will accept only Bitcoin and USDC as acceptable collateral types. USDC represents a stablecoin cryptocurrency that typically maintains a $1 value, the companies explained.

Better emphasized their crypto-collateralized mortgage follows “Fannie Mae guidelines,” enabling mortgage giant backing and qualification for “significantly lower interest rates” compared to alternative crypto-secured lending products.

Fannie Mae and Freddie Mac, operating under government oversight since the Great Recession, purchase qualifying mortgages from financial institutions, supplying housing market liquidity.

Financial institutions creating mortgages for purchase by these mortgage entities have traditionally only recognized borrowers’ cryptocurrency assets after conversion to dollars.

In June, the Federal Housing Finance Agency director, who supervises Fannie and Freddie, directed both agencies to develop proposals considering cryptocurrency as reserve assets when evaluating single-family mortgage loan risks.

Better Homes & Finance Holding stock climbed 5.4% Thursday, while Coinbase shares declined 4.3%.

NEW YORK, March 26 – Wall Street experienced another difficult trading session Thursday as the Nasdaq Composite index officially entered correction territory, marking a drop of more than 10% from its record high reached on October 29.

The technology-heavy index’s decline represents the most recent blow to American financial markets as the Middle East conflict approaches its one-month mark. Thursday’s trading saw all major U.S. stock indices fall by at least 1%, with the Nasdaq suffering the steepest losses at 2.4%. The S&P 500 appears headed for its fifth straight week of declines.

Meta Platforms contributed significantly to the market’s troubles, plummeting 7.9% following this week’s court decisions that found the Facebook owner failed to properly safeguard young users or provide adequate warnings. These rulings have raised investor fears about potential multi-billion dollar penalties from additional lawsuits and related legal action.

Meanwhile, U.S. crude oil prices jumped 4% as expectations for a quick resolution to Middle Eastern hostilities continued to diminish.

Market experts offered their perspectives on the ongoing volatility:

Steve Sosnick, a market strategist with Interactive Brokers in Greenwich, Connecticut, noted: “We’ve kind of gotten out of the habit of big drops, so this is a meaningful wakeup call to remind people that stock market risk still exists in a world where everyone has become accustomed to the rewards of investing. I’m not freaking out that this particular index is in correction territory, but it’s true that across the board, we’re seeing lower lows and lower highs. There definitely has been an erosion in market enthusiasm since hostilities broke out, and it’s unrealistic to expect that to reverse itself overnight, even if the conflict ends tomorrow.”

Jim Carroll, senior wealth advisor and portfolio manager at Ballast Rock Private Wealth in Charleston, South Carolina, emphasized the market’s unpredictable nature: “This has not been a straight line downwards: this week alone, in four trading days, we saw up days on Monday and Wednesday and retreats today and Tuesday. It’s reminiscent of 2022, when we had a pretty orderly retreat amid acceptable volatility.”

Carroll added: “However, this back and forth movement is enough to make people seasick. You think you know what is going to happen, make a change in your trading or portfolio, and you get punched in the face the next day when the market moves in the opposite direction. And I think we’re only one headline from the market ripping 10% higher.”

Art Hogan, chief market strategist at B. Riley Wealth Management in Boston, pointed to underlying technology sector weakness: “We entered this with softness in technology writ large, which makes up most of the Nasdaq to begin with. So, you flash back four weeks ago before this all started, and you had software-mageddon, you had AI CapEx concerns, and a lot of the big names in the Nasdaq had already rolled over, and then just add this fuel to that fire, and it’s not hard to get to a place where a 10% from peak to trough kind of makes sense. Just knowing full well that coming into this, tech was pretty washed out, and that makes up a big slug of the Nasdaq.”

Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska, observed broader market trends: “This is further confirmation that the weakness we’ve been seeing across the board continues. You know the large cap tech which did so well over the last two years has obviously peaked and weakened on a relative basis since late October and the Mag 7 is no longer the leaders they once were. You know, some call them now the ‘Lag 7’ as again the selling is indiscriminate really.”

Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia, offered historical context: “After three good years for markets, a sell-off of 10%-20% should not surprise anyone. We had one last year during the tariff proposals. Bad technical indicators might, however, encourage selling and discourage buying until the situation clears up a bit.”

While discussions about making social media safer for young people typically focus on Washington D.C. and European Union headquarters, a courtroom in Santa Fe, New Mexico now holds significant influence following a major legal victory.

A jury on Tuesday determined that Meta violated New Mexico’s consumer protection laws and put children at risk by allowing sexual exploitation to occur on its social media platforms, resulting in a $375 million judgment against the tech giant. The case will now proceed to a second phase scheduled for May, where Judge Bryan Biedscheid will conduct a bench trial regarding the state’s allegations that Meta created a “public nuisance” that damaged residents’ health and safety. This upcoming proceeding could lead to court-mandated modifications to Facebook, Instagram and other applications popular with teens.

The authority to require product modifications distinguishes New Mexico’s lawsuit from thousands of individual lawsuits filed against Meta claiming its services caused harm, including a significant social media addiction case in Los Angeles where Meta and Google suffered defeats this week.

New Mexico’s victory also strengthens other states’ efforts to force tech company reforms while federal action remains stalled, including proposed legislation requiring stronger age verification systems and limiting algorithmic content feeds for minors.

During an interview, New Mexico Attorney General Raúl Torrez outlined numerous potential modifications to Meta’s products that the state might seek. These include requesting court orders to limit content types recommended to minors, reduce frequency and timing of notifications encouraging teenagers to log in, eliminate “infinite scroll” features for children, and strengthen age verification processes.

The state also plans to propose measures addressing harm already caused to New Mexico residents by Meta’s products.

“It’s not out of the realm of possibility that we ask for and receive an even greater award” during the trial’s second phase compared to the first, Torrez stated. “But my perspective has been to focus on the changes of the product itself.”

Torrez, a Democrat, indicated the state would likely request that Biedscheid assign an independent monitor or special master to oversee Meta’s compliance with New Mexico consumer protection law for several years.

“I’m not sure at the initial stage we’re going to be articulating a super specific path in terms of what the court would do,” he explained.

State attorneys general have increasingly utilized public nuisance law, which permits governments to sue over conduct they claim unreasonably interferes with public health or safety, to target industries accused of causing widespread social harm, including opioid manufacturers.

Despite potential success, New Mexico’s campaign faces significant challenges ahead. Meta spokesperson Andy Stone announced the company would appeal the jury’s decision and “we will continue to defend ourselves vigorously.”

The appeal will likely challenge Section 230 of the Communications Decency Act, federal legislation that has historically protected tech companies from liability regarding user-created content.

Stone pointed out that Meta has implemented numerous safety improvements to its platforms since the lawsuit began – some overlapping with features Torrez seeks. The company has introduced specialized accounts for teen users with nighttime notifications disabled by default, added age verification tools and announced plans to filter inappropriate content for minors.

Meta recently announced it was eliminating end-to-end encryption from Instagram’s messaging feature. Although Meta cited low usage as the reason, child safety advocates praised the change.

The company confirmed it would maintain encrypted messaging on WhatsApp, while remaining silent about Facebook Messenger plans.

Max Willens, an eMarketer analyst, expressed doubt that New Mexico could successfully force changes to content recommendation systems central to Facebook and Instagram operations.

“Algorithm modification is not a likely remedy, but it is among the list of possible changes that could be required,” he stated. “The second phase of this trial may be more consequential to social media platforms than the first.”

Court-ordered remedies prove even more challenging for individual plaintiffs, noted Matthew Bergman from the Social Media Victims Law Center, who represents the plaintiff in the Los Angeles case alleging Meta, YouTube and other social media companies negligently designed products that harmed users’ mental health.

On Wednesday, a jury awarded the woman $6 million combined damages against Meta and Google, widely considered a test case for thousands of similar harm allegations.

Torrez acknowledged that regulating global social media platforms’ youth policies through state courts was “probably not the most efficient” approach to addressing social media product design, but said he refused to “wait any longer for a system to deliver what it should have 15 years ago.”

He noted that while New Mexico’s case centers on child predation and grooming, dozens of state attorneys general pursuing cases against Meta for broader youth mental health damage also seek to force product changes. Since the verdict, Torrez said his office has received inquiries from other states and international regulatory agencies.

“I have an expectation that Meta is in for a wave of litigation,” he said. “I’ve been real clear with colleagues that they could set up undercover investigations on these platforms right now and yield the same results.”

A major shake-up could be brewing in the global liquor industry as French beverage giant Pernod Ricard has been in discussions with Brown-Forman, the company behind Jack Daniel’s whiskey, about a potential merger, according to a source with knowledge of the situation.

The potential combination would bring together the globe’s second-biggest spirits company with America’s leading whiskey manufacturer during a challenging period for the alcohol industry. Companies across the sector are grappling with years of declining sales due to reduced consumer demand and the impact of trade tariffs.

Wall Street reacted strongly to news of the discussions on Thursday, with Brown-Forman’s stock price jumping as much as 21% during afternoon trading. The company currently has a market value of approximately $11 billion. Meanwhile, Pernod Ricard shares, valued at about 16 billion euros ($18.45 billion), dropped nearly 6%.

The French company boasts an impressive collection of spirit brands including Irish whiskey, scotch, and tequila varieties, along with Absolut vodka and Chivas Regal whiskey. However, the company has limited presence in the American whiskey market, which Brown-Forman dominates.

Both companies have recently implemented cost-cutting measures, including workforce reductions and organizational restructuring. The spirits industry has been under pressure from multiple directions: consumers in major markets like the United States have been drinking less due to budget constraints and health concerns, while the Trump administration’s tariff increases have added additional strain. Emerging competition from rapidly growing cannabis beverage products also poses a threat to traditional alcohol sales.

Import duties have created a difficult situation for spirits manufacturers, who must either absorb the increased costs or pass them along to consumers, both of which can harm sales volumes.

Industry analyst Javier Gonzalez Lastra from Berenberg suggested that while a merger wouldn’t necessarily resolve the companies’ growth problems, it could create meaningful operational benefits.

“They have clear overlaps in the U.S., there is also some overlap in Europe,” Lastra explained, noting that such a combination could result in “significant cost savings.”

“I see this as a defensive move, given the industry environment,” he added.

Financial analysts at TD Cowen noted that the Brown family, which maintains substantial voting power over Brown-Forman, has historically opposed similar merger proposals. However, they suggested the family might be more open to such discussions given the industry’s sluggish performance and unclear timeline for improvement.

Last October, Brown-Forman established a compensation plan that would provide severance payments and benefits to executives if their jobs are eliminated due to a change in company ownership. The company characterized this move as part of routine corporate governance updates when it was implemented.

Brown-Forman has not yet provided a response to requests for comment regarding the reported discussions.

According to Bloomberg News, which initially broke the story, the negotiations remain active but there is no guarantee that an agreement will be finalized.

United Airlines cabin crew members have successfully negotiated a new five-year contract with the airline, according to their union representatives who announced the agreement Thursday.

The Association of Flight Attendants-CWA revealed that this latest deal comes after flight attendants turned down a previous contract proposal last year, demanding better terms.

Key improvements in the new agreement include enhanced base wages, limitations on red-eye flight assignments, and increased back-pay compensation. Additionally, crew members will now receive payment during extended layovers between flights, along with stricter guidelines for hotel accommodations and advance notice of schedule modifications.

The cabin crew workforce had been participating in federal mediation since 2023, pushing for substantial wage increases in the double digits, improved compensation for all working hours including ground time, retroactive payments, greater scheduling flexibility, and enhanced working conditions. Their last pay increase occurred in 2020.

Union representatives stated that flight attendants dismissed the earlier proposed contract because it failed to adequately address their key concerns.

According to the union, this revised agreement incorporates the priorities that members highlighted during recent focused negotiations.

United Airlines confirmed the contract would provide immediate salary increases for its 30,000 flight attendants once approved, with maximum hourly wages climbing to $100 by the contract’s conclusion. The airline emphasized this would position their crew as the highest-paid in the aviation industry.

The agreement also introduces compensation for passenger boarding periods and provides signing bonuses for all flight attendants. United disclosed that these signing bonuses will amount to $740 million total.

The rejected previous agreement had promised approximately 40% financial improvements in the first contract year. Its rejection forced both parties to resume negotiations.

The current agreement requires union ratification before taking effect. The AFA announced its leadership will convene April 1 to determine whether to present the deal to members for voting. Should they proceed, complete contract details will be made public April 3.

If approved for member voting, the ratification process would begin April 23 and conclude May 12.

Tech giant Microsoft has directed leadership across several key business units to halt recruitment efforts, according to a Thursday report from The Information.

Company executives recently instructed managers within Microsoft’s cloud computing division and North American sales operations to stop bringing on new employees, the report states. Three workers with firsthand knowledge of the directive served as sources for the information.

The hiring suspension represents a significant shift for the technology company as it adjusts its workforce strategy across major revenue-generating departments.

FLORENCE, Italy — The birthplace of luxury fashion icon Guccio Gucci has unveiled a plaza bearing his name, creating a tribute site for admirers of the internationally recognized brand in the Italian city where it all began.

Thursday’s dedication ceremony for the newly christened Guccio Gucci Piazza drew four of the founder’s great-grandchildren, taking place exactly 145 years after his birth. The plaza offers scenic views of Florence’s iconic Ponte Vecchio bridge and the renowned Uffizi Gallery. Among those in attendance were current and former company executives, including an 88-year-old woman who once worked directly under Guccio Gucci himself.

“Gucci and Florence are synonymous with beauty,” great-granddaughter Patrizia Gucci told The Associated Press. “This means a great deal to the family, that he is being remembered as a great entrepreneur who invented this brand that has become famous throughout the world.”

The fashion mogul departed Florence during his youth for London, taking jobs as both an elevator attendant and hotel worker at the prestigious Savoy Hotel. Observing the high-quality luggage carried by affluent guests sparked his inspiration to return home and establish his own leather goods business, which future generations would expand to include shoes and apparel. By the early 1990s, the Gucci family had completely divested their ownership in the company.

The brand’s corporate headquarters continue to operate from Florence. The city also houses the Gucci Garden, a comprehensive brand destination featuring exhibits, retail space, and dining on Piazza della Signoria.

Throughout its evolution, Gucci has remained culturally significant across fashion shows, celebrity events, and the music industry. The debut collection from Gucci’s newest creative director, Demna, generated significant buzz during Milan Fashion Week this past February.

“Guccio Gucci’s story is of primary importance to Florence, representing creativity, know-how, quality, beauty, value and the dignity of work,” city official Caterina Biti said during the naming ceremony.

Elon Musk is breaking away from traditional Wall Street practices by considering a plan to reserve up to 30% of SpaceX’s upcoming public stock offering for individual investors — a portion that’s at least triple what companies typically set aside for retail buyers, according to a source with knowledge of the discussions.

This unconventional approach for what’s anticipated to be among the most watched initial public offerings in recent memory highlights Musk’s intent to control both the ownership structure of SpaceX and how its shares will perform once they begin trading publicly, according to individuals close to the planning process who requested anonymity due to the confidential nature of the discussions.

The strategy, communicated to Wall Street through SpaceX Chief Financial Officer Bret Johnsen, combines this unusually large retail portion with a highly selective process for choosing investment banks, these sources revealed. Rather than allowing financial firms to compete broadly for investor clients, SpaceX is giving banks specific, narrowly focused responsibilities based on personal connections and historical relationships, though they cautioned the plan remains subject to change.

In one example of this targeted approach, Musk personally selected Bank of America to concentrate on distributing shares to domestic retail investors, according to four sources familiar with the decision.

Neither SpaceX nor Bank of America provided responses to requests for comment.

Individual investors have historically shown strong loyalty to Musk’s ventures, a phenomenon SpaceX hopes to capitalize on as it prepares for its market debut with a potential valuation reaching $1.75 trillion.

Dedicated supporters have gained confidence from Musk’s track record of transforming entire sectors through bold, early investments that skeptics initially questioned. He guided Tesla’s evolution from specialty electric vehicles to mainstream manufacturing and transformed Starlink from an expensive experiment into a profitable satellite network.

Through SpaceX, he has established the company as a leading player in rocket launches while pursuing his goal of enabling human life on other planets.

Strong interest from individual investors is anticipated, encompassing both wealthy family investment offices that have supported SpaceX for years and smaller investors attracted to Musk’s business ventures, sources indicated.

“This is one of those lifetime moments in which people may say they just have to get in,” said Rowan Taylor, managing partner of Liberty Hall Capital Partners, a private equity firm focused on aerospace and defense. The firm is not involved in the IPO.

The excitement surrounding this offering resembles the public launch of Google twenty years ago, he noted. “The appetite is a statement about investor confidence in Elon Musk.”

SpaceX believes these investors — many who have followed the company’s progress in private markets for years — will be less inclined to sell immediately after the stock begins trading or participate in quick profit-taking strategies, sources explained.

Traditional public offerings usually designate between 5% and 10% of shares for retail investors.

Technology news publication The Information previously reported that individual investor allocation might surpass 20%, with banks receiving specific assignments.

SpaceX has designated financial institutions to target particular investor groups and geographic regions in what industry professionals call a “lane” approach, directing firms to concentrate on specific segments of the offering instead of competing across the entire deal.

Morgan Stanley is expected to serve smaller individual investors through its E*Trade platform, among other responsibilities. Bank of America will focus on wealthy individuals and family offices within the United States, while UBS will market to similar investors internationally, according to sources.

Citi is managing international retail and institutional distribution, collaborating with banks that have regional knowledge to assist in selling shares to individual investors overseas, they said.

Additional banks have received regional assignments, with Mizuho covering Japan, Barclays handling the United Kingdom, Deutsche Bank managing Germany, and Royal Bank of Canada overseeing Canada, according to the sources.

SpaceX has not yet determined the final size or timeline for the offering, which is expected to gauge investor interest in what could become one of history’s largest IPOs.

Barclays, Citi, Deutsche Bank, Mizuho, Morgan Stanley, and RBC declined to provide comments.

UBS did not immediately respond to comment requests.

The current record holder for largest IPO remains Saudi Aramco, which generated approximately $29 billion in 2019.

Private energy companies and their financial backers are taking charge of expanding shale oil development worldwide, while publicly traded American producers remain concentrated on maintaining financial discipline and their established domestic operations.

This development mirrors the early stages of America’s fracking revolution, when independent oil companies took initial risks to develop drilling and completion methods before major established energy corporations entered the market on a larger scale.

The fracking boom transformed the United States into the world’s top crude oil producer, and industry experts are confident that numerous international locations possess comparable shale oil resources. Energy consulting firm Wood Mackenzie projected in late 2024 that international shale production could reach 5-6 million barrels of oil equivalent daily by 2030, approaching the 6.6 million barrels per day currently extracted from America’s Permian basin region.

Within international markets, private companies are demonstrating greater readiness to take initial steps.

Continental Resources, led by Harold Hamm and known for pioneering hydraulic fracturing in North Dakota’s Bakken formation during the 1990s, has established agreements over the past year to develop emerging shale formations in Turkey and Argentina.

Formentera Partners, a private equity company co-established by former Parsley Energy leader Bryan Sheffield, has acquired holdings in Australia’s northern Beetaloo basin.

“We believe that the learnings from the U.S. shale plays are directly transferable to the shale play here in Argentina and we believe that there’s an extreme value proposition, not only for Argentina, but for the globe,” Doug Lawler, CEO of Continental Resources, told the CERAWeek conference in Houston this week.

Lawler stated last month that Argentina’s shale resources could rival those of the Permian basin.

The methods underlying American shale extraction are now well-understood, making much of the international growth focused on knowledge transfer to countries and national energy companies prepared to invest capital in developing local shale resources.

Middle Eastern nations including Kuwait, Saudi Arabia and the United Arab Emirates, already dominant in energy through conventional oil and gas industries, have expressed interest in shale development.

America’s fracking revolution took place within a country featuring stable regulations and extensive existing energy infrastructure, providing strong foundations for producers testing hydraulic fracturing methods. Some nations with promising shale resources, including Argentina and its celebrated Vaca Muerta formation, do not possess that regulatory and infrastructure stability.

These factors indicate that larger private companies with expertise and resources for overseas deployment will spearhead the expansion.

Quantum Capital Group has received outreach from several national oil companies within the last six months regarding potential partnerships with the Houston-based private equity firm for international shale projects, according to founder and CEO Wil VanLoh, who chose not to provide additional details.

VanLoh emphasized opportunities for American companies to develop premier international shale formations.

“Companies going abroad now can develop generational assets,” said VanLoh. “The window is now for U.S. shale players, and you maybe have five to seven years to get yourself positioned.”

Publicly traded American shale companies, however, are proceeding more cautiously.

Following years of concentrating their operations on select core regions while emphasizing returns to shareholders, many listed companies are hesitant to pursue international growth.

Significant overseas expansion could prompt difficult questions from investors regarding the quality and extent of their remaining American drilling locations, while also demanding new expenditures during a period of increased uncertainty in worldwide energy markets.

“International expansion must not compromise the capital discipline the industry has worked so hard to establish,” said Mark Viviano, managing partner at Kimmeridge Energy Engagement Partners.

“Investors will likely keep a short leash on companies that deviate from their proven areas of profitability.”

Nevertheless, some publicly traded shale producers have indicated willingness to consider international opportunities.

EOG Resources established partnerships with Abu Dhabi National Oil Company and Bahrain’s Bapco Energies last year for shale development collaboration. Ovintiv has been working to expand its Canadian operations through recent acquisitions, though Canada’s shale sector is already well-developed.

Most company leaders, however, have maintained careful approaches, stating they remain interested but disciplined until financial benefits clearly warrant the investment.

“We’ve clearly been interested in understanding the potential,” Devon Energy CEO Clay Gaspar said on an analyst call last month, when asked about international expansion.

“But I would tell you, those are long-dated investments, long-dated relationship builds, things that we need to evaluate over time.”

HOUSTON – Trump administration representatives delivered optimistic messages about temporary fuel price increases this week, while international petroleum industry leaders painted a much grimmer picture of worldwide energy shortages at a major Houston conference.

The divergent viewpoints emerged during the annual CERAWeek gathering, where American officials emphasized the nation’s energy production capabilities even as global executives described unprecedented supply chain disruptions caused by ongoing warfare in Iran.

Energy Secretary Chris Wright addressed conference attendees with confidence about market dynamics. “Markets do what markets do,” Wright stated during his keynote speech. “Prices went up to send signals to everyone that can produce more, please, produce more. The prices have not risen high enough yet to drive meaningful demand destruction.”

Wright highlighted America’s expanding liquefied natural gas exports, initiatives to maintain coal-fired power facilities, and proposals to streamline nuclear energy project approvals.

“Every day our mission remains clear: grow energy, improve American lives, strengthen American security and strengthen the world,” Wright declared.

Interior Secretary Doug Burgum similarly acknowledged Americans are feeling the pinch at gas pumps but predicted relief ahead. “President Donald Trump is super empathetic, as we all are, about the fact that there’s been a temporary increase in pricing,” Burgum commented during a conference side event.

However, international representatives painted a starkly different scenario. Iran’s continued missile and drone attacks on neighboring countries have forced the closure of the Strait of Hormuz, cutting off roughly 20% of worldwide oil and gas shipments. Crude oil costs have surged past $100 per barrel.

The supply interruptions are already dampening economic growth globally, with several Asian nations experiencing fuel shortages and implementing remote work policies. European countries are preparing for potential shortages beginning next month.

Sultan Al Jaber, who leads Abu Dhabi’s state energy company ADNOC, spoke to attendees remotely from the United Arab Emirates. “This is raising the cost of living for those who can least afford it and slowing economic growth everywhere. From factories to farms to families around the world, the human cost is mounting by the day,” Al Jaber said.

The UAE and other Gulf states have suffered Iranian attacks and reduced oil production due to export limitations through the blocked strait.

Asian governments heavily reliant on Middle Eastern energy imports are already implementing emergency measures reminiscent of COVID-19 pandemic responses. Japan’s Vice Minister for International Affairs, Takehiko Matsuo, said current emergency actions were “not enough” to relieve market pressure.

Japan has requested additional strategic petroleum reserve releases from the International Energy Agency while using government funds to offset rising gasoline costs. Officials are also considering oil futures market intervention to support their currency.

The Philippines has declared an emergency status, with only 45 days of oil reserves remaining as of March 20. South Korea has asked citizens to reduce shower times, charge devices during daylight hours, and limit vacuum use to weekends.

Shell’s CEO Wael Sawan warned that fuel shortages could reach Europe by April if fighting continues. “Countries cannot have national security without energy security,” Sawan told conference participants.

Industry analysts estimate war-related damage to refineries and LNG facilities could require $25 billion in repairs. Even undamaged infrastructure would need months to resume operations. Kuwait Petroleum’s CEO Sheikh Nawaf Saud Al-Sabah said his country would need three to five months to restore pre-war crude production levels.

Chevron CEO Mike Wirth noted Monday that the energy market disruption from the strait closure hasn’t been fully reflected in future oil pricing. “It will take time to come out of this,” Wirth observed.

Industry representatives cautioned that American producers cannot rapidly increase output to compensate for the supply disruption. Shale oil companies indicated that prices exceeding $100 per barrel would need to persist for months before considering increased drilling, as most have already finalized this year’s spending plans.

The energy crisis comes as President Trump faces declining approval ratings amid rising fuel costs and public opposition to the Iran conflict. Trump’s Republican Party confronts challenging battles to maintain narrow congressional majorities in November’s midterm elections, with affordability emerging as a key campaign issue.

A major cryptocurrency banking platform has opened the door for American institutional investors to access one of the world’s largest blockchain networks through regulated channels.

Anchorage Digital announced Thursday that it will integrate the Tron blockchain into its federally regulated platform, marking a significant step forward for Justin Sun’s cryptocurrency venture in the United States market.

This development represents another regulatory victory for Sun, who recently concluded a $10 million agreement with the U.S. Securities and Exchange Commission to settle charges against him and his companies. The SEC noted that Sun and his entities neither acknowledged nor disputed any misconduct in the settlement.

Based in San Francisco, Anchorage Digital holds the distinction of being America’s sole federally chartered cryptocurrency bank, offering custody services, transaction settlement, and other financial services to institutional clients including hedge funds and various cryptocurrency enterprises.

“By supporting Tron on Anchorage Digital’s regulated platform, we’re helping bring one of crypto’s largest ecosystems into an institutional framework,” stated Nathan McCauley, the company’s co-founder and chief executive officer.

The partnership will enable Anchorage’s institutional clients to securely store Tron’s native token, tronix, which could significantly increase the cryptocurrency’s adoption among American investors and advance Tron’s expansion goals in the United States.

The Tron Foundation, which manages the blockchain network’s operations, maintains its headquarters in Singapore.

Currently, American investors seeking to buy and trade Tron tokens primarily rely on decentralized trading platforms, which eliminate intermediaries and enable direct blockchain-based transactions between users.

The cryptocurrency industry has gained momentum under President Donald Trump’s administration, as he has advocated for establishing the United States as a leading global cryptocurrency center and pledged to reform digital asset regulations during his campaign.

Sun, who serves as a significant supporter of World Liberty Financial, the Trump family’s cryptocurrency project, expressed that Tron’s collaboration with Anchorage will facilitate “expanded secure institutional access” to the blockchain platform.

WASHINGTON – Home buyers are facing steeper borrowing costs as mortgage rates climb to levels not seen since early fall, driven by economic uncertainty from ongoing Middle East conflicts.

Freddie Mac reported Thursday that 30-year fixed mortgage rates have reached 6.38%, marking the highest level since September and representing a significant jump from the previous week’s 6.22%. This marks the fourth consecutive week of rate increases, challenging efforts by the Trump administration to improve housing accessibility.

The rate increases come as oil prices have surged more than 30% since fighting began in late February, creating inflationary pressures that have pushed up U.S. Treasury yields. Mortgage rates had previously fallen to 5.98% just before the Iran conflict began, following President Trump’s directive for Freddie Mac and Fannie Mae to increase their mortgage-backed securities purchases.

Since mortgage rates typically follow movements in the 10-year Treasury yield, the rising bond market has directly impacted home financing costs. The timing could significantly affect the traditionally active spring home buying season, as higher rates reduce purchasing power for potential buyers.

Housing costs have emerged as a major political concern heading into November’s midterm elections, with affordability becoming an increasingly important issue for voters nationwide.

Homebuyers across the nation are facing steeper borrowing costs as mortgage rates jumped to their highest point in over half a year, creating additional financial pressure during the traditionally busy spring buying season.

Freddie Mac reported Thursday that the standard 30-year fixed mortgage rate increased to 6.38% this week, up from 6.22% the previous week. This marks the steepest rate since September 4th, when it reached 6.5%. A year ago, the same rate stood at 6.65%.

Rising mortgage rates can significantly impact homebuyers’ purchasing power, potentially adding hundreds of dollars to monthly payments and reducing the price range they can afford.

Just one month ago, the average rate had fallen below 6% for the first time since the end of 2022. However, escalating oil prices linked to the Iran conflict have sparked inflation concerns, pushing rates upward again.

Homeowners looking to refinance are also feeling the pinch, as 15-year fixed-rate mortgages climbed to 5.75% from 5.54% last week, according to Freddie Mac. This compares to 5.89% one year ago.

Multiple economic factors drive mortgage rate fluctuations, including Federal Reserve policy decisions and bond market investor sentiment regarding economic growth and inflation expectations. Home loan pricing typically tracks the 10-year Treasury yield, which lenders use as a benchmark.

The 10-year Treasury yield reached 4.39% by midday Thursday, climbing from approximately 4.26% seven days earlier.

Treasury yields have been ascending as elevated oil prices heighten inflation expectations. When long-term bond yields increase, mortgage rates follow suit.

Persistent inflation could also prevent the Federal Reserve from reducing interest rates. While the central bank doesn’t directly control mortgage rates, its decisions regarding short-term rates significantly influence bond investors and ultimately impact 10-year Treasury yields.

During last week’s meeting, Fed officials chose not to cut interest rates. Chairman Jerome Powell emphasized growing uncertainty about the economic outlook and inflation trajectory due to the Iran conflict, indicating the Fed may maintain current rates for an extended period.

America’s housing market has struggled since 2022, when mortgage rates began climbing from their pandemic-era lows. Previously owned home sales remained virtually unchanged last year, hitting a three-decade low. Sales have continued to lag this year, dropping in both January and February compared to the same months in 2023.

Although home price increases have moderated or declined in numerous metropolitan areas, affordability challenges persist for potential buyers since income growth hasn’t matched housing price appreciation.

Current 30-year mortgage rates still sit below last year’s levels, potentially helping buyers who can manage today’s rates. However, the recent rate surge is causing hesitation among prospective purchasers just as spring buying season begins.

The Mortgage Bankers Association reported a 10.5% drop in mortgage applications last week compared to the prior week, with both purchase and refinancing applications declining.

“Higher borrowing costs, affordability pressures and economic uncertainty are likely prompting some prospective buyers to delay purchase decisions,” MBA CEO Bob Broeksmit said in a statement.

A federal judge has thrown out a legal challenge brought by Elon Musk’s X Corp against major advertisers, ruling Thursday that the social media company could not demonstrate it was harmed under antitrust regulations.

U.S. District Judge Jane Boyle, presiding in Dallas federal court, determined that X Corp failed to establish that it had sustained damage under federal antitrust statutes.

The legal action, initiated by X Corp in 2024, alleged that advertisers coordinated through the World Federation of Advertisers’ Global Alliance for Responsible Media program to deprive the platform of “billions of dollars in advertising revenue.” The platform was formerly called Twitter before Musk’s acquisition.

Neither X Corp nor the World Federation of Advertisers provided immediate responses when contacted for comment.

The legal complaint maintained that the advertising companies conspired against the social media site in violation of antitrust regulations, acting contrary to their own financial interests.

CVS and other named defendants had rejected any misconduct allegations and requested that Boyle throw out the case. The companies contended that X Corp could not demonstrate coordinated action, arguing instead that each business made independent choices about their advertising expenditures.

In legal documents submitted during the proceedings, the defendant companies stated that advertisers made separate decisions to use competing platforms because of worries about X’s dedication to brand safety after Musk’s 2022 acquisition. During that transition, he terminated staff members who the companies claimed had maintained the platform as “welcoming to users and accommodating to family-friendly brands.”

In her ruling, Judge Boyle stated that “the very nature of the alleged conspiracy does not state an antitrust claim, and the court therefore has no qualm dismissing with prejudice.”

MEXICO CITY – Mexico’s government unveiled a comprehensive support package Thursday aimed at strengthening the nation’s trucking and heavy vehicle manufacturing sectors.

Economy Minister Marcelo Ebrard detailed the initiative during a press briefing, explaining that the program focuses on helping domestic manufacturers and heavy truck operators while shielding them from foreign competition.

“It has an initial budget of 2 billion pesos ($112.41 million) in tax deductions and 250 million pesos in direct investment,” Ebrard stated.

The initiative will provide financial incentives for purchasing heavy-duty vehicles as part of broader efforts to strengthen Mexico’s commercial transportation sector.

President Claudia Sheinbaum emphasized that the measures are designed to increase commercial vehicle manufacturing within Mexico. She noted that upgrading the nation’s heavy-duty vehicle fleet will lead to reduced emissions and enhanced freight transportation infrastructure nationwide.

Concerns about potential restrictions from the Trump administration on European access to American payment systems are driving increased interest in a European alternative, according to the head of the European Payments Initiative.

Martina Weimert, CEO of the Brussels-based organization, told Reuters that European businesses are showing greater urgency in reducing their dependence on U.S.-based financial companies. When asked whether merchants are preparing for possible cuts to American financial system access under Trump’s leadership, Weimert responded “absolutely” and noted that two major retailers specifically mentioned international resilience as their motivation for adopting Wero.

“It’s not like this is out of the blue, totally vague scenario,” Weimert explained, adding that such changes can occur rapidly.

The European Payments Initiative developed Wero as a rival to the American companies that currently control European in-store transactions – Mastercard, Visa, and Apple Pay. Originally established in 2020 by 16 major European financial institutions including BNP Paribas and Deutsche Bank, the consortium has expanded to 45 members, with recent additions including fintech companies Mollie, Worldpay, and N26.

Trump’s “America First” approach, which has strained traditional Atlantic partnerships and challenged established global systems, has prompted European Union initiatives to decrease reliance on American corporations across critical sectors including payments and technology.

Despite launching in 2024, Wero confronts significant challenges in the marketplace. Currently limited to person-to-person money transfers, it competes against established international card networks that handle two-thirds of eurozone card payments, according to European Central Bank data.

Additional complications arise from separate national payment systems supported by banks in Spain and Italy, creating potential market fragmentation despite commitments to work toward a unified European platform.

Wero currently serves customers across Belgium, France, and Germany, with user numbers climbing from 43.5 million in September to 52.5 million – still representing a small portion of Europe’s payment market. The company plans expansion into Luxembourg and the Netherlands within the coming year.

Regarding the European Central Bank’s planned digital euro launch in 2029, Weimert views it as complementary rather than competitive, suggesting it could integrate with Wero’s digital wallet. However, she questions whether the timeline is adequate given current circumstances.

“I don’t have a problem with the digital euro. What I find quite strange is that in the current context, where we clearly every day would say, ‘Oh, we have a problem with European sovereignty,’ to say, ‘Oh, let’s wait another five years before the digital euro is there and then hope that this will work,’” she stated.

Tech giant Apple announced on March 26 that it’s welcoming four new partners into its American Manufacturing Program, committing $400 million in investments through 2030 to strengthen domestic component production.

The technology company revealed that Bosch, Cirrus Logic, TDK, and Qnity Electronics will join the manufacturing initiative, working alongside existing partners like TSMC and GlobalFoundries to enhance semiconductor and materials production on American soil for Apple devices.

This latest manufacturing push represents part of Apple’s broader strategy to reinforce its domestic supply chain capabilities while creating more US-based production opportunities for critical components used in its popular consumer electronics.

The new $400 million commitment supplements Apple’s previously announced four-year pledge of $600 billion toward American manufacturing and innovation initiatives that the company unveiled last year.

WASHINGTON — Weekly unemployment benefit applications saw a modest increase as American companies continue holding onto their workforce despite a significantly weakened job market over the past year.

New claims for unemployment assistance during the week that concluded March 21 climbed by 5,000 to reach 210,000, up from the prior week’s total of 205,000, according to Thursday’s Labor Department announcement. The figure aligned perfectly with forecasts from analysts polled by FactSet, who had predicted 210,000 new applications.

Weekly unemployment claims serve as a key indicator of job cuts across the nation and provide nearly real-time insight into employment market conditions.

Although weekly job losses have stayed within a stable range of 200,000 to 250,000 over recent years, several major corporations have recently declared workforce reductions, including Morgan Stanley, Block, UPS, and Amazon.

The Labor Department revealed earlier this month that American businesses surprisingly eliminated 92,000 positions in February, indicating continued pressure on the employment sector. Additional revisions removed 69,000 jobs from December and January employment figures, pushing the jobless rate to 4.4%.

February’s unexpectedly poor employment data contributes to economic uncertainty surrounding the conflict with Iran, which has driven oil prices up more than 40% and imposed additional costs on businesses and consumers.

This development occurs while inflation rates were already elevated across the United States.

Recent Commerce Department data showed the Federal Reserve’s preferred inflation measurement increased 2.8% in January year-over-year. This exceeds the Fed’s 2% goal and represents another indication that prices remained stubbornly high even before the Iranian conflict triggered spikes in oil and gasoline expenses.

The ongoing inflation, coupled with Middle East conflict uncertainties, prompted the Federal Reserve to maintain its benchmark interest rate at the most recent meeting. Central bank officials decided to implement three rate increases to conclude 2025 due to concerns about employment market deterioration.

The American job market appears trapped in what economic experts describe as a “low-hire, low-fire” condition that has maintained historically low unemployment rates while making job searches difficult for those seeking employment.

Information from the past year has consistently shown an employment market where hiring has clearly decelerated, hampered by uncertainty generated by President Donald Trump’s tariff policies and continuing effects from elevated interest rates the Federal Reserve implemented during 2022 and 2023 to control pandemic-related inflation surges.

Thursday’s Labor Department data indicated the four-week average of jobless claims, which smooths out weekly fluctuations, decreased by 250 to 210,500.

The overall count of Americans seeking unemployment benefits for the week ending March 14 dropped by 32,000 to 1.82 million, according to government figures. This represents the smallest number of ongoing claims since May 25, 2024, when it reached 1,804,000.

BRUSSELS (AP) — European Parliament members cast their votes Thursday in favor of a commercial agreement between the United States and European Union, though they inserted protective measures that would allow the deal’s suspension should America not fulfill its obligations.

The agreement was hammered out last July in Turnberry, Scotland, through negotiations between U.S. President Donald Trump and European Commission President Ursula von der Leyen. The pact establishes a 15% tariff rate on the majority of goods as a way to prevent much steeper import taxes on both sides that could have created economic turmoil worldwide.

Added language now states the agreement may be halted if Washington “undermined the objectives of the deal, discriminated against EU economic operators, threatened member states’ territorial integrity, foreign and defence policies, or engaged in economic coercion.”

This provision emerged due to disputes surrounding Greenland, according to Bernd Lange, a German parliament member who chairs the EU’s trade committee.

Trump faced sharp criticism throughout the 27-member union after making threats to seize control of Greenland, which operates as a semiautonomous Danish territory. The president has stepped back from these threats, at least temporarily.

“If this would happen again, then immediately the tariffs would be installed,” he said at a press conference after lawmakers voted. He said the the protective modifications were “weatherproofing” the Turnberry deal.

EU trade representatives Maroš Šefčovič and his American counterpart Jamieson Greer will continue discussions on the agreement when they meet Friday during the World Trade Organization gathering in Yaoundé, Cameroon.

“We need the EU-US deal in force on both sides — delivering real certainty for EU businesses and showing that genuine partnership gets results,” Šefčovič said after the vote in Brussels.

Parliament members held two separate votes to incorporate the protective clauses into the agreement. The first measure succeeded 417-154, while the second passed 437-144, with numerous abstentions recorded for both.

Andrew Pudzer, the U.S. Ambassador to the EU, stated the vote would bring “stability and predictability” for American and European businesses while spurring economic expansion. “We encourage all parties to think to the future and the importance of unleashing opportunities for businesses on both sides of the Atlantic,” he said.

Malte Lohan, CEO, American Chamber of Commerce to the European Union, said the vote is “the right signal for businesses that have been stuck in limbo over the past year” and “a necessary step towards a more predictable transatlantic marketplace.”

Croatian lawmaker Željana Zovko said the despite the trade spat between Brussels and Washington, trade across the Atlantic had grown over the past year. “This resilience proves the trans-Atlantic trade works, and if it works, we should strengthen it, not hold it back.”

Two significant court decisions this week have held major social media platforms accountable for endangering children on their services.

A Los Angeles jury on Wednesday delivered a verdict finding both Meta and YouTube responsible for causing harm to minors who use their platforms. Meanwhile, in New Mexico, jurors reached a decision Tuesday that Meta deliberately damaged children’s mental wellbeing and hid information about sexual exploitation of minors occurring on its social networks.

The verdicts represent a collection of visual documentation compiled by Associated Press photography staff.

Warner Bros Discovery announced Thursday that its shareholders will decide the fate of a massive $110 billion Paramount Skydance acquisition on April 23, marking a crucial milestone in a deal that could dramatically transform the entertainment industry.

Should investors approve the proposal, the transaction would still need to clear significant regulatory hurdles as competition watchdogs in both the United States and Europe examine whether the combined company might drive up consumer costs or stifle market competition.

To expedite the closing process, Paramount has committed to paying Warner Bros shareholders a quarterly “ticking fee” of 25 cents per share beginning in October if the transaction remains incomplete by that time.

This consolidation represents another major combination within the media industry and will cement CEO David Ellison’s position as a dominant force among studio executives, following his leadership of Skydance’s separate $8.4 billion Paramount acquisition.

Industry experts believe Paramount may encounter fewer regulatory obstacles partly due to connections between Ellison’s father, Oracle billionaire co-founder Larry Ellison, and President Donald Trump.

Nevertheless, Omeed Assefi, the Acting Assistant Attorney General overseeing the Justice Department’s antitrust division, firmly stated to Reuters that political considerations will “absolutely not” expedite the approval process for this merger.

WASHINGTON – The number of Americans filing for unemployment benefits climbed modestly last week, indicating the job market continues to show stability while providing Federal Reserve officials flexibility to maintain current interest rates as they watch inflation pressures stemming from Middle East tensions.

Weekly filings for state unemployment assistance grew by 5,000 to reach a seasonally adjusted 210,000 during the week ending March 21, according to Thursday’s report from the Labor Department. This figure aligned with the 210,000 applications that economists surveyed by Reuters had anticipated.

Throughout this year, weekly claims have stayed within a narrow band of 201,000 to 230,000 applications, reflecting minimal layoff activity across the country.

Economic analysts noted that ongoing uncertainty from President Donald Trump’s aggressive tariff policies on imports has dampened employer demand for new workers, resulting in private sector job creation averaging just 18,000 positions monthly over the three-month period ending in February. The Trump administration’s strict immigration enforcement has also contributed to slower job growth by constraining available workers, economists explained.

This situation has produced what Federal Reserve Chair Jerome Powell described this month as a “zero employment growth equilibrium” that carries “a feel of downside risk.”

Although economists anticipate the labor market will remain steady, the ongoing U.S.-Israeli conflict with Iran has generated concerns about potential inflation spikes. Crude oil costs have surged over 30% since fighting began in late February.

Both import and producer price indices jumped in February, and economists predict the conflict’s impact, which has also driven up fertilizer costs, will show up in March consumer price data. Economic forecasters have been consistently raising their inflation projections for the year as the conflict continues.

Federal Reserve policymakers kept the central bank’s key overnight lending rate unchanged in the 3.50%-3.75% range this month. Officials indicated they expect just one interest rate reduction during the current year. Financial markets are seeing diminishing chances for any rate cuts.

The count of individuals collecting unemployment benefits beyond their first week of assistance, which serves as an indicator of hiring activity, dropped by 32,000 to a seasonally adjusted 1.819 million for the week ending March 14, according to the claims data. These continuing claims figures cover the timeframe when the government conducted household surveys for March’s unemployment rate calculation.

Although continuing claims have fallen from last year’s elevated numbers, this decline may partially reflect some recipients running out of benefit eligibility, which is capped at 26 weeks in most states.

The statistics don’t capture last year’s unemployed college graduates since they typically lack eligibility for benefits due to having minimal or no employment history. February’s unemployment rate climbed to 4.4% from January’s 4.3%.

America’s most prominent LGBT advocacy organization is witnessing a dramatic drop in corporate cooperation with its business evaluation program. The Human Rights Campaign has traditionally published its Corporate Equality Index, which assesses how major companies support LGBT initiatives and policies.

Following President Trump’s 2024 electoral victory, corporate participation in this ranking system has plummeted significantly. Roughly 60 percent of businesses that previously participated in the HRC’s evaluation process have chosen to withdraw their cooperation. This exodus includes major retail and technology companies such as Walmart, McDonald’s, and IBM.

Financial sector workers in New York City collected their largest average bonuses on record in 2025, with payouts reaching $246,900 per person, according to a Thursday report from New York State Comptroller Thomas DiNapoli.

This represents a 6% jump from 2024, translating to nearly $15,000 more per bonus recipient. The total bonus pool for securities industry workers expanded to an all-time high of $49.2 billion, marking a 9% increase year-over-year.

DiNapoli attributed these hefty increases to Wall Street firms’ profit surge of more than 30% in 2025, which climbed to $65.1 billion.

“Wall Street saw strong performance for much of last year, despite all of the ongoing domestic and international upheavals,” DiNapoli said in a prepared release.

Despite experiencing several dramatic market selloffs triggered by concerns ranging from President Donald Trump’s tariff policies to interest rate fluctuations and potential artificial intelligence sector overvaluation, 2025 proved lucrative for investors who weathered the volatility.

The S&P 500, a cornerstone of many Americans’ retirement portfolios, delivered nearly 18% returns in 2025 and reached an all-time peak on December 24, marking its third consecutive year of substantial gains.

Chris Connors, a managing director at compensation consulting firm Johnson Associates, expressed little surprise at the bonus figures given Wall Street’s trajectory.

“I think 2025 was a great year, probably the best year since 2021 for many firms on Wall Street. Trading, in particular, had an exceptional year,” Connors said.

Connors emphasized that bonus payments constitute a substantial portion of total compensation for financial services professionals, as the industry heavily depends on performance-based incentives.

The financial sector serves as a crucial economic engine for New York City and generates significant tax revenue for both municipal and state governments. DiNapoli projected that the 2025 bonus payments will produce an additional $199 million in state income tax collections and $91 million extra for the city compared to the prior year.

“However, we are seeing slower job growth, and geopolitical conflicts have global repercussions that pose extraordinary risks for the short- and long-term outlook on the financial sector and for broader economic markets,” DiNapoli cautioned.

Financial analysts believe robust business profits will help stabilize stock markets that have declined since Middle East tensions escalated in late February, driving oil costs higher and raising inflation concerns.

The S&P 500 index has fallen approximately 4% since the conflict began, while petroleum prices have climbed more than 30%.

However, analysts still anticipate first-quarter profit growth of 14% for S&P 500 companies, according to LSEG data. This projection remains close to the 14.4% forecast from early January and exceeds the 12.4% estimate from October 1.

“So much is happening, yet nothing is happening. … Companies inherently are becoming more resilient to geopolitical risks, particularly U.S. companies,” Krishna Chintalapalli, portfolio manager at Parnassus Investments in San Francisco, said in an interview with Reuters.

Energy costs have climbed as the conflict has disrupted shipping through the Strait of Hormuz, intensifying inflation concerns and reducing expectations for Federal Reserve interest rate reductions this year.

JP Morgan analysts project that “each sustained 10% increase in oil prices could yield a 15 to 20 basis point hit to GDP” and warn that if petroleum stays near $110 per barrel through 2026, profit forecasts could decline by 2% to 5% or more if energy costs rise further.

On Wednesday, domestic oil contracts traded around $91 while international Brent crude approached $103.

Market participants fear that escalating energy and fertilizer costs could reignite inflation, reduce consumer purchases and prevent Fed rate reductions. Nevertheless, profit projections have remained relatively stable.

“The companies we talk to, whether they’re in the midst of the AI boom, or they are consumer-oriented companies like Walmart, or they’re industrial companies like FedEx, they take a certain level of uncertainty will remain going forward as par for the course,” Chintalapalli said.

LSEG information through Friday revealed that among 120 first-quarter profit forecasts from S&P 500 corporations, 48% were optimistic while 44% were pessimistic compared to analyst predictions.

“Many companies noted that it was early days or too soon to tell what the impacts will be,” said Lori Calvasina, head of U.S. Equity Strategy at RBC Capital Markets, in a recent note that analyzed company commentary. She added that “the outlook commentary we read left us thinking companies have had good reasons for staying calm,” with the risk to earnings more likely to be in the second half of the year.

Aviation companies, among businesses most vulnerable to rising fuel costs and decreased consumer spending, have helped ease worries about the coming earnings period. United Airlines and Delta Air Lines recently reported that travel demand stayed robust, allowing them to increase ticket prices even while higher fuel expenses forced flight reductions.

“Companies in general play the earnings expectations game pretty well because they want to be able to announce a beat in most cases,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Southfield, Michigan. “So I wouldn’t be surprised if we see some companies start to rein in expectations a little bit to try to dampen enthusiasm so that when they actually come through with the actual announcement.”

Mike Wilson, chief U.S. equity strategist at Morgan Stanley, noted that with forward earnings growth remaining strong, the current 12-month forward price-to-earnings ratio for the S&P 500 has dropped 15% from its October highs, which “supports our stance that the probability remains low for this oil spike to end the business cycle.”

Venu Krishna, head of U.S. equity strategy at Barclays, on Tuesday increased the firm’s 2026 S&P 500 price target to 7,650 from 7,400. This move reflected confidence that strong corporate profits driven by technology companies and steady economic expansion will overcome rising macro risks, including Middle East warfare, AI-driven disruption and stress in private credit markets.

Ultimately, positive expectations for business earnings depend on hopes the Iranian conflict will not continue indefinitely.

“Everything suggests that the market has convinced itself, or investors have convinced themselves, that this is kind of measured in weeks, maybe a couple months, and not anything kind of too much further from that perspective,” said Michael Arone, chief investment strategist at State Street Investment Management in Boston, in an interview with Reuters.

“This quarter’s earnings won’t be so impacted, contributing to why you haven’t seen a big negative reaction. But what do they have to say about the outlook, given where we are in the middle of April on the conflict, will be crucially important to where we go next.”

Two groundbreaking court decisions against major technology companies could fundamentally change how social media platforms are held accountable for protecting children online.

In California this week, a Los Angeles jury determined that Meta and Google bear responsibility for a young woman’s mental health struggles, including depression and suicidal ideation, after she developed an addiction to Instagram and YouTube during her childhood. The jury awarded $6 million in combined damages against the companies. Meanwhile, in New Mexico, another jury ordered Meta to pay $375 million on Tuesday, ruling that the company deceived users about platform safety for minors and allowed sexual exploitation of children to occur.

These decisions represent significant breaches in the legal protection that has historically made it difficult to successfully sue technology companies: Section 230 of the Communications Decency Act. This 1996 federal legislation typically shields online platforms from responsibility regarding content created by users. However, both legal teams avoided this obstacle by focusing their arguments on how the companies designed their platforms rather than on the content hosted there.

“Courts are increasingly trying to distinguish claims about platform functionality or platform conduct from claims that would really just impose liability for third-party speech,” explained Gregory Dickinson, an assistant professor at University of Nebraska College of Law who specializes in technology and legal issues.

Both Meta and Google have rejected the allegations and maintain they have implemented measures to safeguard young users.

During pre-trial proceedings, both companies attempted to have the lawsuits dismissed, invoking Section 230 protections. The presiding judges in each case denied these motions, allowing the trials to proceed.

A Meta representative declined to provide additional comment but confirmed the company intends to appeal both verdicts. Google has similarly announced plans to appeal the Los Angeles decision but did not respond to requests for further comment.

These anticipated appeals will likely focus heavily on Section 230 interpretation and could have far-reaching consequences across the technology industry.

Meta, Google, Snap Inc (Snapchat’s parent company), and ByteDance (TikTok’s parent company) are currently defending against thousands of similar lawsuits in both state and federal courts. These cases allege that design decisions made by these companies have contributed to a widespread mental health crisis among teenagers and young adults. Over 2,400 cases have been consolidated under a single federal judge in California, with thousands more grouped together in California state courts.

Legal scholars note that courts have been adopting increasingly restrictive interpretations of Section 230’s liability protections. While several lower courts have ruled that companies’ platform design decisions fall outside the law’s protection, no appellate court has yet issued a definitive ruling on this matter. Appellate court decisions carry more legal weight as they establish precedents that bind other courts.

The implications of an appellate ruling on Section 230 could extend well beyond social media platforms, potentially affecting lawsuits against any online platform that hosts content accessible to children. Currently, more than 130 federal lawsuits are pending against Roblox Corporation, alleging the popular gaming platform failed to protect users from sexual exploitation. Roblox disputes these claims.

“I think the internet is on trial, not social media,” said Eric Goldman, co-director of the High Tech Law Institute at Santa Clara University School of Law. “If the theories work, they will be deployed elsewhere.”

Appeals in both cases would initially be heard by state-level appellate courts but could potentially advance to higher courts.

The U.S. Supreme Court has demonstrated interest in potentially determining Section 230’s scope. In 2023, the court heard arguments in a case involving Google’s YouTube platform but ultimately avoided making a definitive ruling on internet company legal protections.

In 2024, the Supreme Court declined to hear a Texas teenager’s attempt to revive his lawsuit against Snap, alleging the company failed to protect underage users from sexual predators. However, two conservative justices, Clarence Thomas and Neil Gorsuch, dissented from this decision and warned about continued delays in addressing the issue. “Social-media platforms have increasingly used (Section) 230 as a get-out-of-jail free card,” they wrote in their dissent.

Meetali Jain, director of the Tech Justice Law Project, which pursues litigation against technology companies, believes the U.S. Supreme Court may now be prepared to examine Section 230’s scope more closely.

“I personally think that the Supreme Court is even ready for a case like this, for the right case,” Jain said.

Tuesday marks Equal Pay Day across the nation, an annual recognition that highlights the ongoing wage disparity between men and women in the workplace.

The date represents how many additional days women must work into the current year to match the earnings men received during the previous year. In 2026, that milestone falls on March 26 – one day later than the observance occurred in 2025.

This backward shift signals that the gender pay gap has expanded for two years running, with women working full-time throughout the year earning approximately 81 cents for each dollar that full-time male workers receive.

The timing of Equal Pay Day serves as a concrete illustration of the financial disadvantage women continue to face in the American workforce, despite decades of advocacy for wage equality.

Financial executives on Wall Street collected record-setting bonuses totaling $49.2 billion in 2025, representing a 9% increase over the prior year, according to data released Thursday by New York State Comptroller Tom DiNapoli.

Individual bonus payments averaged $246,900, up 6% from 2024, as investment professionals benefited from robust trading volumes, strong underwriting activity, and healthy management fee income. This occurred despite market turbulence caused by international tensions and trade policy changes. The securities sector’s overall profits jumped more than 30% to reach $65.1 billion, state estimates show.

“Wall Street saw strong performance for much of last year, despite all of the ongoing domestic and international upheavals,” DiNapoli said in a statement. “When Wall Street does well, it’s good for our state and city budgets, which are reliant on the industry’s significant tax contributions.”

The financial services sector contributes more than 19% of New York state’s total tax revenue.

Employment growth in the industry has slowed, with preliminary figures showing a slight drop in workforce numbers to 198,200 employees in 2025, down from a three-decade peak of 201,500 workers in 2024. However, the comptroller noted that final employment data may be adjusted upward to show modest job gains.

Total annual compensation in New York’s securities sector increased 7.3% to $505,677 in 2024, with bonus payments accounting for approximately 42% of overall wages.

The South Korean government announced Tuesday it will pump $166 million into a homegrown artificial intelligence chip company as part of an ambitious plan to compete with American tech giants like Nvidia.

Officials from the country’s industry ministry revealed that the Financial Services Commission’s advisory board has given the green light to invest 250 billion won in Rebellions, a startup focused on AI semiconductor technology.

The four-year-old company specializes in creating neural processing units that power artificial intelligence calculations. Rebellions was established in 2020 and has been working to develop chips that can handle complex AI workloads.

This historic investment marks the inaugural direct funding through South Korea’s “National Growth Fund” under what officials are calling the “K-Nvidia” program. The initiative represents a collaborative effort between the Financial Services Commission and the Ministry of Science and ICT.

According to the industry ministry’s official statement, the substantial funding will enable Rebellions to scale up manufacturing of their neural processing chips while advancing research into future AI semiconductor technologies.

The “K-Nvidia” strategy aims to establish South Korea as a major player in the global AI chip market, which remains heavily dominated by American companies, particularly Nvidia. Officials hope to create a domestically-grown competitor capable of challenging international tech leaders.

This investment highlights Seoul’s broader strategy to strengthen its role in artificial intelligence supply chains while decreasing dependence on foreign technology providers. The move comes as worldwide demand for high-performance computing processors continues to skyrocket across multiple industries.

Industry experts are raising concerns that President Trump’s campaign against offshore wind energy could create ripple effects throughout the broader American economy, potentially dampaging business confidence across multiple sectors.

The President has made efforts to eliminate the future of offshore wind development in the United States, but economic analysts warn these actions may have consequences beyond the renewable energy industry.

According to industry specialists, the sustained criticism of offshore wind projects could create uncertainty that affects investment decisions and business planning across various economic sectors.

Proponents of offshore wind development argue these projects serve as crucial resources for addressing increasing electricity demands while maintaining grid reliability along coastal regions.

The debate over offshore wind policy continues as business leaders monitor potential impacts on the broader investment climate and economic growth prospects.

Three major Japanese technology corporations are preparing to enter discussions about merging their power semiconductor operations in a move that could reshape the global chip industry, according to reports from the Nikkei newspaper on Thursday.

Rohm, Toshiba, and Mitsubishi Electric are expected to announce the start of these integration discussions, potentially creating what would become the globe’s second-largest power semiconductor company behind Germany’s Infineon Technologies.

The anticipated announcement could come as soon as Friday, March 26, according to the Tokyo-based financial publication. This development may also impact ongoing acquisition efforts by automotive supplier Denso, which has been pursuing a deal to purchase Rohm.

Power semiconductors are critical components used in electric vehicles, renewable energy systems, and various industrial applications, making this potential consolidation significant for the global technology supply chain.

Google’s chief legal officer in India has stepped down from her position, marking another significant leadership departure for the technology company in a market where it’s encountering increased regulatory pressure.

Bijoya Roy left her role as Google’s top India counsel last month after serving for 16 months, according to two sources familiar with the matter who spoke on condition of anonymity since the decision hasn’t been made public.

The departure represents a notable exit for Alphabet’s Google in India, a critical market where the majority of mobile devices operate on the company’s Android system, despite Apple’s expanding market presence.

Roy stepped away from her position for personal reasons to launch her own business venture, one source revealed on Thursday. Neither Google nor Roy provided responses when contacted for comment.

The resignation adds to Google’s leadership challenges in India, where the company is navigating multiple legal and regulatory obstacles. These include ongoing antitrust proceedings, legal disputes regarding artificial intelligence training practices, and new content removal requirements that took effect for technology companies in February.

Google’s leadership turnover in India extends beyond Roy’s departure. The company’s head of public policy for India, Sreenivasa Reddy, left his position last year, representing the second person to vacate that role within approximately two years. The position remains unfilled.

Despite these challenges, Google has demonstrated its commitment to the Indian market through substantial investment. In October, the company announced plans to invest $15 billion over five years to establish an artificial intelligence data center in Andhra Pradesh, a southern Indian state. This represents Google’s largest financial commitment ever in the world’s most populous country.

German consumer products giant Henkel announced Thursday it has reached an agreement to purchase professional hair care company Olaplex for $1.4 billion in cash, marking a significant expansion of the company’s premium beauty portfolio.

The acquisition will see Henkel pay $2.06 per share for the publicly-traded hair care brand, representing approximately a 55% premium above Wednesday’s closing stock price and roughly 45% higher than the 30-day trading average.

Olaplex, known for its bond-building hair treatments popular in professional salons, generated $423 million in revenue during 2025 and maintained strong profit margins according to Henkel’s announcement.

Private equity firm Advent International, which currently holds approximately 75% of Olaplex according to the company’s annual filing, has committed to selling its complete ownership stake as part of the transaction.

Henkel praised Olaplex’s market position, stating the brand’s “focus on consistent quality and meaningful relationships within the professional community has resonated strongly with stylists and consumers alike.”

The Frankfurt-based acquiring company, which trades on German exchanges, maintains a market capitalization of approximately 28.46 billion euros, equivalent to $32.89 billion based on current exchange rates.

Uber Technologies announced Thursday it has formed a groundbreaking partnership to bring Europe’s first commercial self-driving taxi service to Zagreb, Croatia, working alongside Chinese technology company Pony.ai and Croatian startup Verne.

The collaboration divides responsibilities among the three companies: Pony.ai will provide the autonomous driving technology, Verne will own and operate the vehicle fleet on a daily basis, while Uber will incorporate the service into its worldwide ride-sharing network. Customers will be able to access the robotaxis through both Uber’s app and Verne’s dedicated platform.

According to a joint statement, the companies “aim to build a scalable path toward commercial robotaxi services in Zagreb and, over time, potentially into additional European cities and other markets, with plans to scale to a fleet of thousands of robotaxis over the next few years.”

As part of the agreement, Uber will make a financial investment in Verne, which takes its name from renowned French author Jules Verne, and will act as a strategic partner to help the company grow.

The three companies have already begun conducting road tests in Zagreb and are making preparations to launch paid rides for customers.

Verne will take the lead in securing European regulatory approvals needed for the service launch and will oversee the rollout of Pony.ai’s autonomous vehicles across both Verne’s and Uber’s platforms.

This partnership represents part of Uber’s broader strategy to position itself in the autonomous vehicle market, having established relationships with nearly two dozen companies specializing in self-driving technology across various sectors including robotaxis, freight transportation, sidewalk delivery robots, and drone services.

Chinese banking regulators are exploring modifications to investment restrictions that could allow major shareholders to expand their stakes in additional financial institutions, according to sources familiar with the discussions. The potential policy change represents an effort to provide struggling banks with more options for raising capital during challenging economic conditions.

The National Financial Regulatory Administration (NFRA), which oversees China’s banking industry, conducted discussions with bank representatives in January regarding possible rule adjustments, the sources revealed.

Current regulations established in 2018 limit individual investors to holding major stakes of 5% or greater in no more than two commercial banks, or maintaining controlling interest in just one lending institution.

Officials are now evaluating whether to permit certain bank shareholders to acquire significant positions in one or two additional lenders, according to one source who requested anonymity due to the confidential nature of the talks.

Any expansion of bank holdings would require NFRA approval, with regulators examining investor credentials and assessing each bank’s capital requirements individually, the source explained.

This potential relaxation of ownership regulations within China’s $70 trillion banking industry comes as financial institutions face mounting pressure from economic headwinds and the ongoing property market crisis that has weakened balance sheets and asset quality.

Growing international tensions and volatile global financial markets are adding urgency to efforts aimed at strengthening domestic banks’ financial positions, particularly as Beijing increases support for key strategic sectors.

Sources indicated that any rule changes designed to expand funding sources through well-funded investors would occur during a period when traditional government fiscal support has become more difficult to maintain. However, they cautioned that discussions remain preliminary and could still change direction.

The NFRA has not provided responses to requests for comment regarding these potential policy modifications.

The proposed ownership rule changes would partially reverse nearly a decade of efforts by the world’s second-largest economy to limit the power of controlling shareholders within financial institutions.

These restrictions were implemented following the collapse of insurance company Anbang Group and the failure of Baoshang Bank, and included measures preventing major shareholders from improperly interfering with bank or insurer operations.

Government takeover of Baoshang Bank resulted from improper and illegal fund usage by Tomorrow Holdings, which owned 89% of the institution’s shares, creating a severe credit crisis according to central bank statements from that period.

China’s sovereign wealth fund and provincial government investment entities control most large publicly traded banks, while insurance companies, asset management firms, and central government conglomerates rank among significant shareholders.

Stricter ownership regulations and restricted access to private capital, particularly affecting smaller regional banks, have made China’s banking sector heavily dependent on government recapitalization efforts in recent years.

During this month’s annual parliamentary session, China announced plans to inject 300 billion yuan ($44 billion) into state-owned banks this year to prevent systemic risks, following approximately $72 billion in recapitalization during the previous year.

As part of ongoing regulatory discussions, officials are also considering relaxing shareholding restrictions for large state-owned insurance companies’ bank investments, with one source noting the goal is directing such investments toward smaller city commercial banks.

Multiple large insurers have already reached the 5% shareholding limit in two commercial banks and must therefore maintain investments in any additional banks below that threshold, according to analysts.

China’s major state-owned banks maintain capital levels meeting regulatory requirements, but face pressure to replenish reserves as continued economic support needs will likely increase risk-weighted assets, according to a Fitch analysis.

Chinese lenders are planning to increase credit availability to technology-focused companies, bankers have indicated, as Beijing accelerates efforts to integrate artificial intelligence throughout the economy.

While this strategy provides banks with new lending growth opportunities, analysts caution that the emerging nature of target companies and insufficient collateral in some cases could create asset quality risks.

Smaller regional banks encounter even greater capital strengthening challenges compared to larger institutions, as they deal with reduced profit margins and increased pressure to eliminate bad loans.

China’s top leadership has committed to “strengthen capital replenishment through multiple channels,” according to a government work report presented at the National People’s Congress annual meeting earlier this month.

A major beauty industry acquisition was announced Thursday as German consumer products giant Henkel revealed plans to purchase Olaplex Holdings for $1.4 billion.

The hair care company confirmed it has signed a final purchase agreement with the German firm on March 26, marking a significant consolidation move in the competitive beauty market.

Henkel, known for its consumer goods portfolio, will add the popular hair treatment brand to its existing product lineup through this multi-billion dollar transaction.

The Finance Sector Union announced Thursday that National Australia Bank plans to eliminate approximately 170 positions throughout the country as the financial institution restructures its business operations and expands internationally.

According to the union representing banking employees nationwide, the restructuring proposal involves eliminating 447 existing positions while establishing 277 new domestic roles, creating a net reduction of roughly 170 jobs across Australia. Additionally, the bank intends to establish 237 new positions overseas, with most located in India and Vietnam.

The country’s second-largest bank by market capitalization described these workforce changes as part of its initiative to develop a “modern workforce.” Bank officials stated they remain committed to recruiting and training employees within Australia, especially for customer service positions, though they declined to verify specific job numbers affected by the reorganization.

Bank representatives explained that the proposed international positions would function as extensions of their Australian operations, designed to provide more reliable service outcomes for customers.

Finance Sector Union national president Wendy Streets commented that the reorganization would transfer specialized ongoing positions to less expensive international markets. However, she recognized that the bank had improved career transition opportunities for some impacted employees.

National Australia Bank’s most recent annual report indicates the institution employs over 38,000 people worldwide, with approximately 76.6% of permanent employees working in Australia, suggesting around 29,000 Australian staff members.

This workforce reduction follows similar moves by competing banks in the sector. ANZ announced in September it would eliminate roughly 3,500 jobs and 1,000 contractor positions under new CEO Nuno Matos. Commonwealth Bank revealed in July it was cutting 45 positions as part of transitioning to artificial intelligence-driven operations, which drew criticism from the Finance Sector Union.

Global financial markets remain volatile as conflicting statements from Iranian and American officials regarding potential peace negotiations continue to create uncertainty among investors dealing with skyrocketing energy costs.

Trading sessions across Asia showed erratic patterns, with stock prices fluctuating between positive and negative territory. European market indicators suggest a weaker opening, though outcomes will largely depend on rapidly changing Middle Eastern developments.

The current situation presents a complex picture: Iranian officials stated they are examining an American ceasefire proposal but emphasized they have no plans to engage in negotiations to resolve the ongoing hostilities. Conversely, President Donald Trump claimed Iran is eager to reach an agreement to conclude nearly a month of warfare.

The effective blockade of the Strait of Hormuz has severely impacted global energy supplies, as this waterway typically handles twenty percent of worldwide oil and liquefied natural gas shipments. Nations worldwide are now confronting fuel shortages, supply disruptions, and escalating energy costs.

South Korean leader Lee Jae Myung urged citizens Thursday to reduce electricity consumption, while energy regulators in the Philippines announced the suspension of the nation’s wholesale electricity marketplace across all three power grids.

Oil prices exceeding $100 per barrel threaten to impact the worldwide economy, with certain nations facing greater vulnerability and limited capacity to manage increasing energy expenses.

These circumstances have prompted investors to continue their month-long pattern of divesting from equities and bonds, with the dollar serving as the primary safe-haven asset.

Regional Asian markets have experienced significant selling pressure, with the MSCI Asia-Pacific index excluding Japan projected to decline 8.7 percent for the month, marking the largest monthly decrease since October 2022.

International investors have liquidated $50 billion in regional equities following the commencement of U.S. and Israeli military operations against Iran on February 28, which subsequently triggered Iranian counterattacks and expanded conflict into Lebanon.

The European STOXX 600 index continues facing downward pressure as the continent’s reliance on petroleum imports has negatively affected equity markets since hostilities began. This comprehensive index has dropped over 7 percent, while the S&P 500 has declined slightly above 4 percent during March.

Important economic indicators scheduled for Thursday include German consumer sentiment data for April, French consumer confidence figures for March, and quarterly earnings reports from Delivery Hero and Porsche.

Job seekers today face what may be one of the most challenging employment markets in recent memory.

White-collar positions have become particularly scarce in what economic experts describe as a “low-hire, low-fire” environment where companies retain existing employees while dramatically reducing new hires, creating barriers for younger professionals seeking stable employment.

Digital tools have transformed the application process in complex ways. While automated platforms allow candidates to submit applications more efficiently, these same technologies have created additional hurdles for getting noticed. Data from recruiting platform Greenhouse shows that hiring managers now review 3.5 times more applications than they processed just a few years ago.

However, artificial intelligence has emerged as a potential solution, offering job hunters innovative methods to enhance their candidacy through improved resumes and better interview preparation. Industry professionals share guidance on leveraging these tools effectively:

Refreshing your resume remains fundamental to any successful job search. While AI excels at enhancing CVs and cover letters, specialists caution that widespread adoption has created new challenges.

“Absolutely does risk reducing your job application materials to the same style as every other applicant’s,” explained Daniel Zhao, chief economist at Glassdoor. “As a hiring manager, this is something I have seen myself in application materials that have clearly been customized using AI. For job seekers, that makes it hard for your application to stand out from your peers.”

Daniel Chait, CEO of Greenhouse, suggests advancing beyond basic AI assistance by using technology to “personalize your approach” to target companies. Candidates might utilize AI to analyze a company’s annual reports or examine their job postings to “help you improve your cover letter or the wording of your resume in very specific ways,” he noted.

Many applicants believe hidden strategies exist for bypassing automated screening systems. A persistent myth involves inserting keywords in invisible white text that computers can detect while remaining hidden from human reviewers.

Modern screening technology has evolved far beyond such tactics, Chait clarified.

“There’s no secret keyword you can put in, that’s just wasting your time. Don’t bother doing that.”

Resumes alone won’t secure employment in today’s market.

“The resume is still an important part of the job search process but it is not sufficient. You need far more than your resume,” stated Pat Whelan, a LinkedIn product manager.

As artificial intelligence becomes integrated into workplace operations, Whelan recommends showcasing any AI competencies you possess.

LinkedIn has partnered with AI platforms including Lovable and Relay.app to verify users’ abilities to employ AI for tasks like coding applications.

Other experts emphasize developing fundamental AI skills that will transfer across future office environments.

“When the state of art is shifting so rapidly, focusing on narrow AI certifications or skills isn’t as important as being thoughtful about the benefits and risks and also being able to adapt quickly,” Zhao advised.

Recruitment standards are evolving rapidly, with employers beginning to establish AI usage policies for their hiring processes, so verify whether your target company has specific requirements.

Companies like Target, SAP, Zscaler, and Britain’s civil service have published guidelines governing AI use during recruitment. Generally acceptable applications include resume formatting, technical concept explanations, and brainstorming, while prohibited uses involve fabricating qualifications, accomplishments, or completing assessments artificially.

The entire process from application to final interview should “be an authentic representation of your own skills, experience, and thought process. This principle is especially important in the age of AI,” according to Zscaler.

When you advance to interviews, AI becomes valuable for preparation.

Chait suggests using AI to research the company, industry, position, hiring manager, and interview best practices.

He then recommends spending one to two hours conducting AI-powered mock interviews to develop strong responses for actual conversations.

While AI tools marketed to help candidates pass remote interviews and assessments exist, professionals strongly discourage their use.

These applications typically monitor interview questions and display suggested answers during video calls. However, their usage often becomes apparent to interviewers.

Chait shared that clients have described interviews where candidates consistently responded to every question by saying, “Let me think for a minute,” before answering, clearly indicating they were reading AI-generated responses.

“You’re not fooling anyone,” he emphasized.

An emerging development job seekers should anticipate is AI-conducted interviews. More employers are expected to deploy automated systems for initial screening rounds through text chat, audio calls, or video avatars.

While this technology remains in early development, Chait predicts rapid adoption due to improved fairness and efficiency.

“Being comfortable with being screened by a bot first is something that will help give you an edge as a job seeker. It will make you applicable to more jobs,” Chait observed.

AI technology is unfortunately enabling employment fraud affecting both job seekers and employers.

Workers should watch for fraudulent job postings designed to exploit vulnerable individuals. These advertisements, typically distributed via email or text messages, claim well-known companies are hiring and direct recipients to follow links for additional information.

Experts recommend verifying legitimate opportunities by visiting company websites directly or checking reputable job boards to confirm actual postings.

Clicking suspicious links often leads to conversations with scammers promoting nonexistent positions. These fraudsters request identification, social security numbers, or banking information under the pretense of payroll setup, Chait warned.

Meanwhile, employers are increasing verification measures for remote candidates following incidents where companies inadvertently hired North Korean IT workers, generating revenue for that regime.

Job applicants should prepare for identity confirmation requests from potential employers, who typically require selfies compared against government-issued identification.

LinkedIn also provides verification services through ID checking or work email confirmation.

Markets across Asia experienced widespread declines Thursday while petroleum prices continued their upward trajectory due to persistent doubts about resolving Middle Eastern conflicts.

American market futures showed a 0.1% decrease ahead of trading.

Japan’s Nikkei 225 index dropped 0.3% to reach 53,607.75, while South Korea’s Kospi experienced a sharper decline of 1.9%, settling at 5,537.30.

In Hong Kong, the Hang Seng index decreased 1.4% to 24,978.71, and mainland China’s Shanghai Composite fell 0.6% to 3,909.16.

Australia’s S&P/ASX 200 slipped 0.2%, though Taiwan’s Taiex managed a 0.4% gain against the regional trend.

Petroleum markets saw renewed increases Thursday following earlier declines. Brent crude, the global benchmark, advanced 1.3% to $98.51 per barrel after trading below $95 on Wednesday. U.S. benchmark crude climbed 1.6% to $91.75 per barrel.

Energy price increases followed Tehran’s Wednesday rejection of a U.S. ceasefire proposal. The Trump administration had presented a 15-point plan to Iran, with the president postponing his self-imposed deadline to “obliterate” Iranian power facilities as leverage to reopen the Strait of Hormuz.

Iranian forces continued attacks against Israel and Gulf Arab nations while Israel conducted airstrikes on Tehran and the U.S. prepared additional troop deployments to the region.

The Strait of Hormuz, a vital shipping channel between Iran and Oman through which approximately 20% of global oil normally flows, has remained mostly blocked since hostilities commenced. Oil prices have swung dramatically, rising roughly 40% since the conflict entered its fourth week.

Wednesday’s U.S. trading session ended positively. The S&P 500 increased 0.5% to 6,591.90, the Dow Jones Industrial Average advanced 0.7% to 46,429.49, and the Nasdaq composite gained 0.8% to 21,929.83.

Arm Holdings shares surged 16.4% in U.S. trading after the British company announced plans to develop and market its own semiconductor products, a move expected to boost future earnings.

Swiss athletic wear company On Holding saw its U.S.-traded shares plummet 11.2% following CEO Martin Hoffmann’s resignation announcement and the appointment of two company co-founders as replacement co-CEOs.

Precious metals declined in early Thursday trading. Gold fell 0.8% to $4,513.90 per ounce while silver dropped 0.9% to $71.97 per ounce.

Currency markets showed the U.S. dollar weakening to 159.42 Japanese yen from 159.47 yen. The euro strengthened to $1.1570 from $1.1559.

A fresh national survey reveals a significant disconnect between how working men and women view wage equality in the workplace, with compensation emerging as a primary concern for female employees.

The research from The Associated Press-NORC Center for Public Affairs Research shows approximately 60% of working women believe men receive better opportunities for competitive compensation, while roughly one-third think neither gender holds an advantage. Nearly 30% of female workers report personally facing wage discrimination due to their gender.

Male perspectives tell a different story: roughly 40% acknowledge men have wage advantages, while half believe both genders enjoy similar opportunities and 10% think women have better prospects. Only about 10% of men report experiencing gender-based wage discrimination themselves.

The study also reveals that most working women consider their current pay a “major” life stressor, compared to approximately 40% of working men who feel similarly.

These findings emerge as male earnings climb faster than female wages, with the gender pay gap expanding for two consecutive years, according to U.S. Census Bureau data.

This trend influenced Equal Pay Day’s timing — the symbolic date representing how many additional days women must work to match men’s previous year earnings — which occurred Thursday, one day later than in 2025. However, this still represents improvement from the inaugural Equal Pay Day on April 11, 1996, when women earned roughly 75 cents per male dollar.

The nation remains split on addressing gender pay disparities. Numerous Democratic-controlled states are implementing pay transparency legislation designed to expose unfair practices, including mandating salary range disclosure in job advertisements.

Meanwhile, President Donald Trump’s current administration has reduced certain agencies and restricted legal mechanisms previously used to investigate unfair compensation practices, contending these tools undermined merit-based systems and wrongly assumed workplace disparities stemmed from discrimination.

Jessica Thompson, 47, describes witnessing gender bias throughout her career. Before losing her position in January, Thompson earned $65,000 annually as a senior sales manager in Rockford, Illinois, while a male colleague with comparable qualifications made $87,000.

“I really had to prove myself over four years to get the role. And you know, he just came in, just within a few months and got it,” Thompson explained.

The survey indicates women particularly view wages as problematic. Approximately 20% of women report hiring discrimination based on gender, with men reporting similar experiences at comparable rates.

Key factors driving the gender wage gap include women’s overrepresentation in lower-paying positions, especially among Black and Hispanic women, plus the “motherhood penalty.” Research demonstrates women’s earnings decline after having children while men’s wages typically increase upon becoming fathers.

Female earnings remained nearly flat in 2024, while male earnings surged 3.7%, expanding the gender wage gap for the second consecutive year following two decades of gradual improvement, according to the latest U.S. Census Bureau analysis of full-time worker earnings. Women working full-time averaged 80.9% of male earnings in 2024, down from 82.7% in 2023.

Beyond pay equity concerns, the poll found working women experience greater economic stress across multiple areas.

About 60% of working women describe grocery costs and housing expenses as “major” life stressors, with 56% saying the same about their compensation. In contrast, roughly 40% of working men share these concerns.

Economists partially attribute the widening pay gap to many low-wage women returning to work post-pandemic, which reduced average female earnings. However, the past two years have also seen declining labor force participation among mothers with young children, partly due to return-to-office requirements reducing pandemic-era workplace flexibility.

Democratic legislators have criticized the Trump administration for complicating wage discrimination investigations as part of efforts to eliminate diversity and inclusion programs.

Trump has directed federal agencies to cease enforcing “disparate impact liability,” a civil rights legal concept used in wage discrimination cases against major corporations. The Labor Department has also significantly reduced the Office of Federal Contract Compliance Programs, an agency that audited major companies’ pay practices and secured hundreds of millions in compensation for women and minorities affected by unfair policies.

The Equal Employment Opportunity Commission has shifted focus toward prioritizing anti-DEI investigations, claiming men, particularly white men, face discrimination from practices designed to advance women and minorities in workplaces.

The poll suggests few men consider themselves disadvantaged compared to women professionally. Only about 10% of working men believe women have superior opportunities regarding competitive wages or career advancement.

Michael Bettger, a 51-year-old mechanic earning $26 hourly in rural Arkansas, has seen his wages decline due to layoffs and a decade-long battle with opioid addiction that began after a workplace back injury. Despite his struggles, he believes women face greater challenges advancing in his male-dominated field due to witnessed misogyny, noting fellow mechanics joke about accident-proneness caused by female colleague distractions.

“Men do have an advantage and more opportunities for wages. I’ve seen that first hand,” Bettger stated. “I have a daughter who wants to be a mechanic, and I’m scared to death of what kind of work she’s going to get.”

The AP-NORC poll surveyed 1,156 adults from February 5-8 using NORC’s probability-based AmeriSpeak Panel, designed to represent the U.S. population. The margin of sampling error for all adults is plus or minus 3.9 percentage points.

An artificial intelligence startup backed by Nvidia is pursuing a massive funding round that could establish its worth at $25 billion, according to a Wednesday report from the Wall Street Journal.

Reflection AI is currently in discussions to secure $2.5 billion in new investment capital, with sources close to the negotiations providing details to the financial publication.

Several key aspects of the potential deal have emerged:

JPMorgan Chase may join the investment round as part of its Security and Resiliency Initiative, the newspaper reported. The $25 billion figure represents what the company would be worth before receiving the new $2.5 billion investment, according to Wall Street Journal sources.

Reuters was unable to independently confirm these details, and Reflection AI has not responded to requests for comment about the reported fundraising efforts.

This potential valuation represents growth from previous targets, as the company had reportedly been aiming for a worth exceeding $20 billion according to earlier Financial Times coverage this month.

Negotiations between German industrial giant Thyssenkrupp and Indian steel manufacturer Jindal Steel International are on the verge of collapse due to major disagreements over pension obligations, future investments, and escalating energy expenses, according to four sources with knowledge of the discussions.

The potential acquisition of Thyssenkrupp Steel Europe has been under consideration for nearly six months, but sources indicate a successful deal now appears increasingly unlikely. Company representatives could formally terminate the negotiations within the next month, one insider revealed.

Several complex issues are derailing the talks, including approximately 2.4 billion euros ($2.8 billion) in pension obligations connected to the steel division, which have previously complicated sale attempts. The companies also hold conflicting views on the level of future investment required for the operation.

Rising energy expenses across Europe have also created additional concerns for Jindal Steel International, particularly as costs were already elevated compared to the United States and Asia before increasing further due to ongoing conflicts in Iran, a second source explained.

This marks another unsuccessful attempt by Thyssenkrupp to divest its steel operations, having previously explored various options including public listings, spin-offs, joint ventures, and complete sales of the challenging, cyclical business over recent decades.

The failure to complete this transaction would represent a significant obstacle for Thyssenkrupp CEO Miguel Lopez’s strategy to transform the historic German engineering corporation into a holding company by selling stakes across all business segments, from automotive components to clean technology.

On Wednesday, Thyssenkrupp confirmed that private discussions with Jindal Steel International and labor representatives are continuing, noting that agreements on valuation, obligations, and future investments remain necessary between all parties. Jindal Steel International, the global steel division of the Naveen Jindal Group, declined to provide immediate comment.

Earlier this month, Lopez stated the company would proceed with restructuring its steel division “with or without Jindal,” while Thyssenkrupp’s deputy supervisory board chairman, Juergen Kerner, acknowledged last week that negotiations had reached an impasse.

Lopez has also indicated that upcoming European Union measures designed to support the region’s struggling steel industry have improved investor confidence and strengthened Thyssenkrupp’s negotiating position.

Last September, Jindal Steel International submitted a preliminary proposal for the steel division that included completing an environmentally-friendly steel production facility in Duisburg and committing more than 2 billion euros ($2.31 billion) to develop additional electric arc furnace capabilities.

Global financial markets displayed mixed signals Thursday as investors remained cautious while monitoring rapidly changing developments in the Middle East, where Iran indicated it might consider a U.S. proposal aimed at ending the Gulf conflict.

The expanding conflict has disrupted worldwide markets, driving oil costs higher, sparking renewed inflation concerns, and altering global interest rate projections.

Trading results varied across Asia during early sessions, with Japan’s Nikkei climbing 0.6% while South Korean markets fell 1.2%. The MSCI Asia-Pacific index excluding Japan dropped 0.23%, heading toward an 8.7% monthly decline – its largest monthly fall since October 2022.

The U.S. dollar maintained strength near recent peaks and appeared positioned for a 2% monthly increase, reinforcing its role as investors’ preferred safe-haven currency.

Recent statements from Iran indicated some openness by Tehran to negotiate a war’s end if certain conditions were satisfied. The United States had submitted a 15-point ceasefire plan to Iran that Iranian officials initially rejected.

“While the headline flow points to a more constructive tone, markets remain unsure which signals to trust and act upon,” Chris Weston, head of research at Pepperstone, said.

“Price action suggests participants expect further twists and turns, even as the probability of a negotiated outcome edges higher.”

The conflict, which has lasted nearly a month following joint U.S.-Israeli strikes on Iran in late February, has effectively blocked the Strait of Hormuz, a critical passage for one-fifth of worldwide oil and liquefied natural gas transportation.

This disruption has pushed prices beyond $100 per barrel. Brent crude futures reached $103.35 per barrel, gaining 1% daily and heading for a 42% monthly increase.

“If you look at what the U.S. wants to achieve, what Israel wants to achieve, and what Tehran wants to achieve, it will be very hard to reconcile all these points,” said Matthias Scheiber, senior portfolio manager and the head of the Multi Asset team at Allspring Global Investments.

“We still think there is a case to make for structurally higher energy prices for the moment.”

Concerns about inflationary impacts from rising energy costs have led traders to eliminate expectations for Federal Reserve rate cuts this year, strengthening the dollar. Speculation about U.S. rate increases temporarily gained momentum but has since diminished.

European Central Bank President Christine Lagarde suggested Wednesday that eurozone interest rates might rise if Middle Eastern warfare drives regional inflation higher for an extended period.

“If the shock gives rise to a large though not-too-persistent overshoot of our target, some measured adjustment of policy could be warranted,” Lagarde said in Frankfurt.

The euro remained relatively stable at $1.1562, while the British pound traded at $1.3358. The Japanese yen stayed near 159.43 per dollar, maintaining proximity to the closely monitored 160 level that traders view as a possible intervention trigger.

In commodity markets, gold increased 0.66% to $4,537 per ounce, though it has declined significantly this month and faces a potential 14% monthly drop – its sharpest decrease since October 2008.

TAIPEI – Stock prices for Taiwan-based memory chip manufacturer Nanya Technology hit their daily maximum increase of 10% when trading began Thursday morning, following news of a massive private investment deal.

The dramatic stock price jump came after Nanya Technology revealed late Wednesday that it had secured $2.5 billion through private stock sales to major technology companies, including SanDisk Technology and Cisco Systems.

The private placement represents a significant vote of confidence from established tech industry players in the memory chip maker’s future prospects.

WASHINGTON, March 25 – A new academic study from the Brookings Institution reveals that President Donald Trump’s extensive tariff policies implemented last year generated substantial federal revenue while producing minimal effects on the nation’s overall economic performance, according to research published Wednesday.

The analysis examining the immediate effects of Trump’s tariff strategy determined that the “net welfare impact” on the American economy ranged from a positive 0.1% of GDP to a negative 0.13% of GDP, with variations depending on trade term assumptions and the degree to which consumer demand shifted toward American-made products.

University of California-Los Angeles economist Pablo Fajgelbaum and Yale University economist Amit Khandelwal conducted the research and identified several significant findings:

The study found that while real consumption showed little change, substantial transfers occurred from consumers to producers, though this economic distortion was largely balanced by increased federal revenues and salary improvements in certain sectors.

The research demonstrated that tariff costs were passed along to consumers at rates between 80% and 100%. Using a baseline estimate of 90%, researchers calculated that foreign exporters absorbed only 10% of the additional tariff expenses.

Tariff rates climbed to 9.6% – the highest level in eight decades – compared to the previous 2.4%. However, actual applied rates remain lower and affect only a small fraction of GDP. The study noted that approximately 57% of American imports continue to enter without duties due to the U.S.-Mexico-Canada trade agreement and exemptions for energy and specific electronics.

Tariff collections in 2025 reached $264 billion, representing about 4.5% of total federal receipts – a significant increase from the roughly 1.6% average over the previous ten years.

China’s portion of U.S. imports dropped dramatically to just 7% in December 2025, down from 23% in December 2017, before Trump implemented punitive measures on Chinese products during his initial presidency. However, much of this import volume has relocated to other nations.

The research found no evidence that tariffs have promoted “friend-shoring” of supply chains to allied nations, increased American manufacturing jobs, or reduced the overall trade deficit. The potential benefits from the Trump administration’s recent trade deals designed to expand foreign market access for U.S. exports have yet to materialize.

A refinery worker has taken legal action against Valero Energy Corporation following an explosion that rocked the company’s Port Arthur, Texas facility earlier this week.

Jonathan Jaimes filed the lawsuit Wednesday in Jefferson County District Court in Beaumont, Texas, seeking damages exceeding $1 million. The legal action claims Valero failed to maintain proper safety standards at the refinery.

The explosion occurred Monday evening when a diesel hydrotreater unit detonated with such force that it rattled homes located 11 miles away from the facility near the Texas-Louisiana border.

According to court documents, Jaimes was present at the refinery during the incident but had no involvement in the activities that led to the blast. The filing states that the explosion’s impact and intense heat from the resulting fire knocked Jaimes to the ground, causing significant injuries.

The lawsuit details that Jaimes suffered damage to his back, neck, spine, and other areas of his body. He is also dealing with post-traumatic stress disorder as a result of the incident.

In a regulatory filing submitted Tuesday to the Texas Commission on Environmental Quality, Valero described the incident: “An unforeseeable release of process fluid in Complex 2 resulted in an ignition event and multiple process unit upsets.”

Kyle Findley, an attorney with Arnold & Itkin representing Jaimes, criticized the company’s safety practices in a written statement. “This was not an unavoidable accident – it was the result of gross negligence and a flagrant disregard for worker safety,” Findley stated.

The attorney further alleged: “Valero had awareness of the risks at this facility and chose to ignore them. When a company shows that kind of disregard for the safety of its workers and the surrounding community, it must be held accountable.”

Jaimes chose not to provide comment when contacted through his legal representation. Valero representatives did not respond to requests for comment Wednesday evening.

A new study released Wednesday by the Brookings Institution outlines several strategies the Federal Reserve could employ to reduce its massive $6.6 trillion balance sheet through regulatory adjustments and operational changes.

Stanford University Graduate School of Business professor Darrell Duffie authored the research, which maps out a multi-faceted approach that would require significant time to implement. According to Duffie, the primary objective in shrinking the Fed’s holdings involves reducing financial institutions’ substantial demand for reserves.

The professor suggests several methods to decrease this demand, including relaxing liquidity requirements so banks feel more comfortable maintaining smaller cash reserves. Additionally, modifications to the Fed’s Fedwire payment system could better coordinate incoming and outgoing transactions for financial firms, reducing their need to hold excess funds.

Other proposed changes include adjusting the interest rates paid to financial institutions, potentially lowering compensation for reserves above certain thresholds. The Fed could also increase its use of temporary open market operations for liquidity management rather than relying on the current automated approach.

“I’m not taking a stand on whether the Fed should reduce its balance sheet,” Duffie explained during a virtual press conference. “That’s a big cost-benefit analysis that I’m leaving up to the Fed.”

However, Duffie acknowledged that “the benefits of a large balance sheet are quite tangible,” noting that abundant system liquidity provides financial stability advantages and supports the Fed’s monetary policy objectives effectively.

“The costs are more intangible and sometimes verge into politics,” he added, referencing concerns about how extensive Fed asset holdings might impact the central bank’s independence.

This research emerges as Kevin Warsh, a vocal opponent of large Fed balance sheets, prepares to replace current Chair Jerome Powell when his term concludes in May. Treasury Secretary Scott Bessent has similarly criticized the Fed’s substantial presence in asset markets.

The Fed’s current holdings represent a dramatic expansion from economic crises and the central bank’s responses. Balance sheet size has grown from under $1 trillion before the 2008 financial crisis to today’s $6.6 trillion, down from a 2022 peak of $9 trillion.

These holdings expanded through multiple episodes where the Fed purchased Treasury and mortgage securities aggressively to stabilize disrupted markets and provide economic stimulus beyond what traditional short-term rate adjustments could achieve.

Bond purchases resulted in massive increases in bank reserves, as institutions selling securities to the Fed received newly created central bank funds. Simultaneously, post-crisis regulations have encouraged banks to maintain higher reserve levels.

The Fed has developed various tools to manage short-term interest rates effectively, maintaining strong control over the federal funds rate, its primary monetary policy instrument.

However, removing too much liquidity from the system risks undermining the Fed’s interest rate control. This occurred in 2019 when the central bank allowed maturing bonds to expire without replacement to reduce holdings, and nearly happened again recently.

After reducing the balance sheet from 2022 forward, the Fed has aggressively purchased Treasury bills since December to restore liquidity during tax season, describing this as a purely technical operation. Market observers widely expect these purchases to slow once May arrives.

South Korean automaker Hyundai Motor unveiled aggressive expansion goals Thursday, announcing plans to introduce three dozen new vehicle models throughout North America before 2030 concludes.

The company’s CEO Jose Munoz shared these ambitious targets with shareholders during Hyundai’s yearly investor meeting held in Seoul on March 26th.

Along with the North American model rollout, Hyundai has set a goal of achieving 500,000 vehicle sales within the Chinese market during the current year.

The announcements signal Hyundai’s commitment to strengthening its presence in two of the world’s largest automotive markets as the industry continues evolving toward electric and hybrid technologies.

SANTA FE, N.M. — A pair of groundbreaking jury decisions targeting social media giants have emerged as the leading edge of numerous lawsuits claiming these widely-used platforms pose risks to young people’s mental well-being.

The combined monetary penalties reach $381 million across two cases — one involving Meta in New Mexico, and another featuring both Meta and YouTube in California. These decisions signal a notable transformation in how the public views social media corporations and their obligations to protect children.

However, it remains unclear whether these legal battles will actually modify how major social media and messaging services operate — or affect the sophisticated algorithms that distribute content to users across the globe.

Several important questions emerge as similar cases move toward trial.

The reality is not quite — at least not at this point.

Meta — which operates Instagram, Facebook and WhatsApp — reported $201 billion in revenue during the previous year.

This massive income significantly overshadows the $375 million in civil fines handed down Tuesday by a New Mexico jury, which determined that Meta deliberately damaged children’s mental health while hiding its knowledge of child sexual exploitation across its social platforms.

Meta expressed disagreement with the jury’s conclusions and announced plans to challenge the finding that it broke the state’s Unfair Practices Act.

Additionally, technology companies continue to enjoy legal protection from liability regarding user-generated content under Section 230 of the 1996 Communications Decency Act.

Wall Street investors appear unfazed by these verdicts. Meta’s share price ended Wednesday trading slightly up, though it has dropped roughly 8% since the beginning of the year.

This week’s jury decisions don’t require specific modifications to social media platform design or the algorithms that power their operations.

However, a second portion of the New Mexico case scheduled for May, which will be decided by a judge without a jury, might result in court-ordered changes to Meta’s platforms for users in that state.

A state district court judge will decide whether Meta created a public nuisance — potentially leading to imposed restrictions and orders for the company to fund programs addressing potential harm to children.

New Mexico Attorney General Raúl Torrez, who initiated the 2023 lawsuit against Meta, stated his office seeks better enforcement of minimum age requirements and improved removal of sexual predators — partly by reducing encryption on communications that can hinder police investigations.

Meta maintains it constantly works to enhance safety measures and has already implemented changes including reducing encryption on Instagram, restricting teenagers’ access to explicit material, blocking unwanted adult messages to children, and helping young users control their platform time while avoiding sleep interference.

The California and New Mexico trials both emphasized the habit-forming nature of platform algorithms and their harmful effects on children’s mental health.

In New Mexico, Santa Fe jurors reached the $375 million penalty against Meta by approving the maximum $5,000 fine per violation of state consumer protection laws — calculated across thousands of social media accounts belonging to users under 18.

Prosecutors plan to seek additional damages during the trial’s second phase, while an appeal could postpone payment or overturn the penalties entirely.

In California, jurors determined that Meta and Google’s YouTube platform must pay at least $3 million in damages to a 20-year-old woman who claims childhood social media addiction worsened her mental health problems. TikTok and Snap reached settlements before the trial started.

California jurors also suggested an additional $3 million in punitive damages, subject to final judicial approval.

Google maintains that YouTube operates as a responsibly designed streaming service rather than a social media platform.

The California decision carries much wider legal and financial consequences. This case served as a bellwether trial that could influence how thousands of other pending lawsuits are resolved, including hundreds in California alone.

The New Mexico outcome might preview results for cases filed by other state prosecutors.

More than 40 state attorneys general have sued Meta, alleging it contributes to a youth mental health crisis. Most are seeking remedies through federal courts.

The US dollar maintained its upward momentum during Thursday’s early Asian market session as financial markets evaluated whether tensions involving the United States, Israel and Iran might be cooling down, while simultaneously reducing expectations for potential Federal Reserve interest rate increases.

Currency trading showed the dollar holding steady against the Japanese yen at 159.41, remaining close to its highest point since 2024. The Australian dollar slipped 0.1% to $0.6943, while New Zealand’s currency held firm at $0.5806.

Iran’s top diplomat announced Wednesday that the nation is examining an American proposal aimed at ending the Gulf war, though officials indicated no plans to participate in broader discussions about resolving the expanding Middle Eastern crisis. Due to continued geopolitical instability, the dollar index — which tracks the greenback’s performance against six major currencies — climbed 0.5% to 99.641, marking its largest single-day increase in a week.

“Markets remain decisively headline driven, with a square focus on weighing up whether recent news marks a genuine de-escalation attempt, or a precursor to a new kinetic equilibrium,” analysts from Westpac wrote in a research report.

Following the shutdown of the Strait of Hormuz that caused energy costs to surge, financial traders are reconsidering previous inflation forecasts and becoming increasingly convinced the Federal Reserve will maintain current policy throughout the remainder of the year. Federal funds futures now indicate a 70.6% likelihood that America’s central bank will keep rates unchanged at its December meeting, up from 60.2% probability the previous day, based on CME Group’s FedWatch tracking tool.

The dollar remained unchanged against China’s yuan at 6.9026 in offshore markets after President Donald Trump announced plans to meet with Chinese leader Xi Jinping on May 14-15 during Trump’s first China visit in eight years, following delays caused by the Iranian conflict.

Europe’s common currency stayed flat at $1.1560, finding stability after declining for two consecutive days following Wednesday remarks from European Central Bank chief Christine Lagarde, who suggested the possibility of eurozone interest rate increases if Middle Eastern warfare continues driving regional inflation higher.

Britain’s pound remained steady at $1.3365, working to avoid a third straight day of losses after Wednesday’s data revealed consumer price inflation stayed at 3.0% in February, matching January’s figure but exceeding official targets.

Digital currency markets saw bitcoin rise 0.4% to $71,247.25 while ethereum gained 0.2% to reach $2,170.88.

A prominent Brazilian retail chain has requested court approval to conclude its bankruptcy protection process, stating it has satisfied all mandated requirements following a massive financial scandal.

Americanas submitted paperwork to a Rio de Janeiro court on Wednesday seeking to end the bankruptcy proceedings that began in January 2023. The retailer was forced into protection after revealing roughly $4 billion in financial discrepancies within its accounting records.

The company, which has operated for nearly 100 years with physical locations across Brazil and an online presence, initially sought to reorganize approximately 43 billion reais (equivalent to $8.23 billion) in outstanding debt when the proceedings commenced.

Throughout the bankruptcy process, Americanas has sold off various assets and permanently closed numerous retail locations nationwide. The company shuttered more than 170 physical stores during the previous year alone.

The retailer declined to specify which particular obligations it completed to qualify for exiting the bankruptcy protection process in Wednesday’s announcement.

The United States Postal Service has submitted a request for an 8% temporary price increase on several widely-used shipping services to help manage escalating transportation expenses.

On Wednesday, USPS submitted paperwork to the Postal Regulatory Commission requesting approval for the price adjustment, which would begin April 26 and continue through January 17, 2027, if given final approval.

In a news release, the postal agency explained that “This temporary price adjustment will provide needed flexibility for the Postal Service by helping to ensure that the actual costs of doing business are covered, as required by Congress.” The statement also highlighted that competing delivery companies have implemented “a number of surcharges” in response to increasing fuel costs.

The agency emphasized its restraint in pricing, stating “We have steadfastly avoided surcharges and this charge is less than one-third of what our competitors charge for fuel alone.” Should regulators approve the request, the higher rates would apply to Priority Mail Express, Priority Mail, USPS Ground Advantage, and Parcel Select services. According to the postal service, no other products or services would see price changes, including First-Class Stamps.

This pricing request comes amid ongoing financial challenges for the postal service. Postmaster General David Steiner has recently cautioned Congress that the agency faces a cash shortage within twelve months unless legislators remove existing borrowing restrictions that have been in place for decades. Steiner has also advocated for additional changes, including permission to increase postage rates sufficiently to offset financial losses, as mail delivery volumes continue to decline significantly.

ORLANDO, Florida – Financial markets experienced a broad rally Wednesday as investors expressed growing confidence that diplomatic efforts between the United States and Iran may be advancing toward a peaceful resolution. The positive sentiment drove the MSCI All Country equity index to its strongest performance in six weeks.

Market analysts noted that equities climbed while oil prices and bond yields declined, reflecting investor hopes for reduced Middle East tensions. The optimism spread across global markets, creating what traders described as widespread gains.

According to market data, equity markets showed strong performance across regions. Asian markets led gains with Japan climbing 3%, while European indices including the Euro Stoxx and FTSE 100 each rose 1.4%. Mexico’s market surged 3.6%, and Wall Street’s three major indices posted gains between 0.5% and 0.8%. The MSCI World index advanced approximately 1%, marking its best trading session since February 9.

Within U.S. sectors, nine of the eleven S&P 500 categories posted gains. Materials led with a 2% increase, followed by consumer discretionaries and healthcare, each up 1%. Energy was the notable exception, declining 0.5%. Technology stocks showed particular strength, with Amazon and Nvidia each gaining 2%, while Intel, AMD, Super Micro Computers and Hewlett Packard all jumped between 7% and 8%.

Currency markets saw the dollar strengthen broadly, with the USD/JPY pair approaching the 160.00 level. The Australian dollar experienced the largest decline among G10 currencies.

Bond markets rallied as the yield curve flattened, with the 2-year to 10-year spread falling below 44 basis points – its lowest close since August. However, Treasury auctions continued to show weakness, following Tuesday’s poor 2-year note sale with Wednesday’s disappointing 5-year auction.

Commodity markets presented mixed results, with oil prices dropping 2% while gold advanced 2%. Copper futures on the Comex exchange gained 1.5%.

Economic data released Wednesday revealed that U.S. import prices accelerated at their fastest pace in four years during February, rising 1.3% following an upwardly revised 0.6% increase in January. Imported capital goods prices posted their largest gain since 1988.

Energy cost increases, driven by Middle East conflict concerns, were cited as the primary factor behind the import price surge. Oil prices had risen approximately 15% during January and February, with an additional 35% gain recorded so far this month. Economists warned that consumers and businesses should prepare for even steeper price increases in upcoming months.

Technology sector valuations showed signs of convergence with broader market metrics. The premium that U.S. tech stocks have historically maintained over the general market has nearly disappeared, with forward 12-month price-to-earnings ratios showing the smallest gap in seven years.

The Roundhill “Mag 7” ETF has declined 10% year-to-date, triple the S&P 500’s decline. Investment banks offered conflicting views on the sector’s prospects, with JPMorgan suggesting the artificial intelligence narrative is losing steam while Barclays maintained that tech growth momentum remains intact.

Foreign central bank Treasury holdings reached concerning levels, with custody accounts at the New York Federal Reserve hitting their lowest point since 2012. These holdings are positioned to drop below $3 trillion for the first time since 2010, having decreased by $75 billion over the past four weeks.

Deutsche Bank analysis indicated that approximately $60 billion of the decline represented actual selling – the highest level since 2020. While foreign central banks were modest sellers last year, private sector purchases of $440 billion offset those sales. Questions remain whether private buyers will continue filling the gap if official selling accelerates.

Investment banking firm Jefferies Financial reported Wednesday that while first-quarter earnings increased 22% driven by robust dealmaking activity, the results fell short of Wall Street expectations due to substantial losses from failed business loans.

The financial services company absorbed $17 million in losses tied to the collapse of British lending firm Market Financial Solutions and the bankruptcy of American auto-parts company First Brands, after accounting for compensation and tax adjustments. The firm’s exposure to First Brands has now been reduced to nothing.

Financial industry leaders remain optimistic about merger and acquisition activity heading into 2026, despite ongoing Middle Eastern conflicts creating market uncertainty. Expected drivers include growing artificial intelligence investments and anticipated regulatory changes favoring business deals in the United States.

“Assuming a reasonable end to hostilities in the Middle East, we should continue to have an increasingly strong M&A environment as well as an active IPO market,” Jefferies President Brian Friedman told Reuters in an interview.

The investment bank maintains operations across the United Arab Emirates, Saudi Arabia, and Israel. Some employees have been relocated from Middle Eastern offices while others continue working remotely, though trading activities remain largely unaffected, according to Friedman.

Deal announcements have exceeded $1 trillion in value this year, representing a 27% increase compared to the same period last year, based on Dealogic’s tracking data.

Investment banking revenues at Jefferies jumped 45% to reach $1.02 billion compared to the previous year’s quarter, while overall company revenues grew to $2.02 billion. The firm participated as lead underwriter in major initial public offerings during the quarter, including York Space and Forgent, and expanded its stock repurchase program authorization to $250 million.

These earnings mark the beginning of a closely monitored reporting period for major Wall Street institutions, with JPMorgan Chase, Goldman Sachs and Morgan Stanley scheduled to announce results in coming weeks.

Jefferies drew attention Tuesday following Financial Times reports suggesting Japan’s Sumitomo Mitsui Financial Group was considering a potential acquisition of the investment bank. Subsequent reports disputed this claim, indicating Japan’s second-largest banking institution was not pursuing acquisition discussions and that Jefferies had no interest in selling currently.

SMFG, which holds a board position at Jefferies, initially acquired ownership in the company during 2021. Last September, SMFG announced plans to invest an additional 135 billion yen ($912.84 million), expanding its ownership stake to approximately 20% from the previous 14.5%.

The companies previously announced plans for a Japanese joint venture combining their wholesale equities operations in that market.

“We have great ambition for that joint venture. We have lots of other initiatives and activity that we are jointly pursuing in accordance with our alliance,” Friedman said, while declining to comment if SMFG was planning a takeover of the firm.

Jefferies has faced significant investor criticism regarding its financial exposure to Market Financial Solutions and First Brands-related losses. Company shares have declined approximately 35% year-to-date.

“Management is disappointed and takes full responsibility for the losses already recognized and that may be absorbed over time in respect of First Brands, all of which are manageable,” the company said in a statement on Wednesday.

Jefferies reported adjusted earnings of 85 cents per share for the quarter, falling below analyst expectations of 96 cents per share according to LSEG data compilation.

Two groundbreaking court decisions against major technology companies are setting the stage for what could become a wave of successful litigation targeting social media platforms over alleged harm to young users.

A Los Angeles jury this week awarded $6 million in combined damages against Meta and Google in a case brought by Kaley G.M., now 20 years old. She claimed the companies’ platforms caused her to develop depression and suicidal ideation after she became dependent on their services as a child due to deliberately engaging design elements. The jury determined both companies acted negligently in creating their platforms and did not adequately inform users about potential dangers.

Meanwhile, a separate New Mexico jury delivered an even larger blow to Meta on Tuesday, ordering the company to pay $375 million. This verdict came after the state’s attorney general successfully argued that Meta deceived users about Facebook and Instagram’s safety while allowing child sexual exploitation to occur on these platforms.

These cases represent the first successful courtroom challenges testing whether major technology firms can be held accountable for application designs allegedly responsible for damaging young people’s mental health. Companies including Meta, Snap Inc., Google’s YouTube, and ByteDance’s TikTok currently face thousands of legal challenges across federal and state courts. These lawsuits claim the companies deliberately incorporated addictive features into their platforms targeting children and teenagers, contributing to widespread mental health problems.

The Los Angeles case serves as a benchmark trial for thousands of similar claims consolidated within California’s state court system. Such test cases typically help judges and legal teams evaluate the potential worth of remaining claims and inform settlement discussions. Usually, several benchmark trials occur before reaching broader settlements or resolutions.

In addition to the California state proceedings, over 2,400 similar lawsuits against Meta and other social media companies have been consolidated in California federal court. This federal litigation encompasses cases filed by state attorneys general claiming harm to their jurisdictions, plus lawsuits from school districts arguing that social media addiction has created expensive disruptions and challenges in their systems.

Both recent verdicts highlighted a crucial legal debate that will likely influence future cases: the extent to which federal law protects social media companies from legal responsibility.

Meta, Google, and other social media platforms have maintained that such lawsuits are prohibited under Section 230 of the Communications Decency Act, which typically shields platforms from responsibility over user-created content. However, plaintiffs argue their cases focus on harmful design elements rather than content itself.

The judges overseeing the Los Angeles and Santa Fe cases rejected the companies’ arguments when they permitted the trials to proceed. These verdicts may provide grounds for appeals that would allow higher courts to examine whether Section 230 protections apply to claims targeting platform design versus content moderation.

Looking ahead, the New Mexico case will continue into a second phase in May, where the state attorney general will seek court orders requiring Meta to modify its platforms along with additional financial penalties.

Both Meta and Google have announced plans to appeal their respective verdicts. Beyond the Section 230 issue, the companies may also challenge various trial proceedings, including judicial decisions regarding evidence or conduct by juries and attorneys.

Additional trials are scheduled in both state and federal courts. A federal court trial involving a lawsuit from Breathitt County, Kentucky’s school district against Meta, ByteDance, Snap, and Google is set for June. California state court has another trial beginning in July featuring claims against Instagram, YouTube, TikTok, and Snapchat.

Workers at General Motors’ manufacturing facility in Silao, Mexico are preparing to cast ballots on a proposed double-digit pay increase for their upcoming contract period.

The labor union SINTTIA has put forward a 10% wage boost covering the years 2026 through 2028, according to union president Alejandra Morales, who spoke with Reuters on Wednesday.

Morales announced that the membership vote is scheduled for April 9 and 10. Should negotiations with GM management fail to reach a resolution, the union has established April 15 as their strike deadline.

Federal regulators have issued an emergency waiver that will make E15 ethanol-blend gasoline available throughout the United States, a move designed to increase fuel supplies and help drivers save money at gas stations.

The Environmental Protection Agency announced the temporary measure will take effect May 1, 2026, allowing gas stations nationwide to sell the fuel blend that contains 15% ethanol. Currently, approximately half the nation cannot access E15 during certain periods, but this waiver eliminates those restrictions through May 20, 2026.

The federal action also suspends enforcement of various state fuel requirements, creating uniform standards across the country to improve how gasoline is distributed. Officials worked with the Department of Energy on the decision, using Clean Air Act authority to address fuel supply concerns before the busy summer driving period begins.

EPA Administrator Lee Zeldin stated the policy change will boost available fuel options and give consumers more choices while keeping environmental safeguards in place. Agriculture Secretary Brooke Rollins highlighted how continuous E15 access helps both motorists and agricultural producers by creating bigger markets for American-made biofuels and strengthening the nation’s energy self-reliance.

More than 3,000 gas stations currently offer E15, which typically costs less than other gasoline options. Federal officials hope that by relaxing certain gasoline blending and volatility rules temporarily, the country can depend less on fuel imports, reduce what consumers pay for energy, and strengthen America’s domestic fuel production capabilities.

Regulators plan to keep monitoring fuel supply situations and may choose to extend the waiver beyond its initial May 20, 2026 expiration date if conditions warrant the continuation.

A Los Angeles jury delivered its decision Wednesday in a significant legal battle targeting Meta’s Instagram and Google’s YouTube over allegations of social media addiction, representatives for both the plaintiff and Meta confirmed.

The verdict was scheduled to be announced publicly on Wednesday afternoon.

This groundbreaking case could set important precedent for thousands of comparable lawsuits filed against major technology companies by parents, state attorneys general, and school systems across the country. Data from the Pew Research Center shows that more than half of American teenagers access YouTube or Instagram on a daily basis.

The central Los Angeles lawsuit centers on a 20-year-old woman who claims she developed an addiction to these social media platforms during her youth due to their deliberately engaging interface design. The legal team representing the plaintiff concentrated their arguments on how the platforms are structured and designed, rather than focusing on specific content, which makes it more challenging for the technology companies to escape legal responsibility.

While Snap and TikTok were initially named as defendants in this case, both companies reached settlement agreements with the plaintiff before the trial commenced. The financial details of these settlements remain confidential.

Major American technology corporations have encountered increasing scrutiny over the past ten years regarding the protection of children and teenagers online. This ongoing debate has now moved into courtrooms and state legislative chambers, as the United States Congress has failed to enact comprehensive federal regulations governing social media platforms.

Last year alone, at least 20 states passed new legislation addressing social media use among minors, according to tracking data from the nonpartisan National Conference of State Legislatures.

These new state laws include measures that control cellphone usage within schools and mandate age verification processes for creating social media accounts. NetChoice, an industry trade group supported by technology giants including Meta and Google, is currently challenging these age verification mandates through the court system.

A separate federal lawsuit involving social media addiction claims, filed by multiple states and school districts against technology companies, is scheduled for trial this summer in Oakland, California federal court.

Attorney Matthew Bergman, who represents plaintiffs in these cases, announced that another state-level trial is set to begin in Los Angeles this July, involving Instagram, YouTube, TikTok, and Snapchat.

In related legal developments, a New Mexico jury ruled Tuesday that Meta violated state regulations in a lawsuit filed by New Mexico’s attorney general. The state accused the company of providing misleading information about the security of Facebook, Instagram, and WhatsApp, while also facilitating child sexual exploitation across these platforms.