Category: Business

Danish pharmaceutical giant Novo Nordisk has dropped its patent violation case against telehealth provider Hims & Hers after both companies struck a partnership agreement that will bring authentic weight loss medications to the Hims online platform.

The legal dispute began last month when Hims & Hers announced plans to introduce a lower-cost generic alternative to the popular weight loss drug Wegovy, coming just weeks after Novo Nordisk released its much-awaited updated version of the bestselling medication. Novo Nordisk immediately threatened legal action, describing the proposed product as “an unapproved, inauthentic, and untested knockoff” of semaglutide, Wegovy’s active ingredient.

However, Hims abandoned its generic drug plans within 48 hours. The reversal occurred one day after federal regulators at the Food and Drug Administration warned they would limit access to the raw materials companies use to create imitation weight loss treatments.

Federal regulations allow specialized pharmacies and similar businesses to produce copied versions of brand-name medications during supply shortages. The explosive popularity of GLP-1 medications in recent years led companies including Hims to enter the multi-billion dollar drug market, with numerous patients paying out-of-pocket for treatments.

In 2024, the FDA declared that GLP-1 medications were no longer experiencing shortages, a decision anticipated to halt the copying practice. However, businesses like Hims continued operating under a regulatory loophole that permits the practice when prescriptions are tailored to individual patients.

Under the partnership agreement announced Monday, Hims will begin offering both pill and injection forms of Wegovy and Ozempic through its website later this month. The company has also committed to ending all advertising of copied GLP-1 medications across its platform and marketing campaigns.

Novo Nordisk indicated in a public statement that it maintains the option to restart legal proceedings at a future date.

Stock prices for Hims & Hers Health Inc. surged over 36% during Monday morning market activity. Even with this increase, shares remain significantly below their yearly peak of approximately $70. American-traded Novo Nordisk shares climbed 1.8%.

Financial markets worldwide are grappling with fears that the current Middle East conflict could spark an economic scenario reminiscent of the 1970s, when energy supply disruptions caused inflation to soar while economic growth stagnated.

“The risk of a 1970s scenario is rising,” said Kaspar Hense, portfolio manager at RBC BlueBay Asset Management. “If there is another extended war, with oil prices going up significantly further, then the safe-haven status of government bonds are at risk, and with that, all assets.”

Energy costs remain at the heart of these concerns. Brent crude oil jumped past $100 per barrel on Monday, marking its largest single-day increase since the 2020 COVID crisis. The commodity has climbed 70% since January began, while European natural gas wholesale prices have reached their highest point in more than three years.

These price increases spell trouble for inflation rates. According to Capital Economics, “A useful rule of thumb is that a 5% rise in oil prices adds around 0.1 percentage points to developed market inflation.”

Rising energy costs also threaten to slow economic expansion. The International Monetary Fund calculates that each sustained 10% increase in oil prices typically leads to a 0.1-0.2 percent decline in global economic output. Historical data shows that oil price spikes contributed to U.S. economic downturns in 1973, 1980, 1990 and 2008.

This situation creates a challenging predicament for central banks, as raising interest rates to combat inflation could further damage economic growth. Chicago Fed President Austan Goolsbee warned the Wall Street Journal on Friday that a “stagflationary environment that’s as uncomfortable as any” could be approaching.

Market expectations for monetary policy have shifted dramatically. Traders now anticipate at least one European Central Bank rate increase this year, compared to a 40% probability of a rate cut before the conflict began. Similarly, markets now see potential for a Bank of England rate hike this year, having previously expected at least two rate reductions.

“It seems only retreating oil prices could reverse rate hike fears, even with dovish minds at the ECB also stressing downside growth risks,” said Commerzbank rates strategist Rainer Guntermann.

Global bond markets have suffered as investors abandon fixed-income securities, where inflation diminishes future returns. Short-term bonds face the greatest pressure. British two-year government bond yields have surged nearly 50 basis points over the past week, representing their worst performance since the 2022 budget crisis, amid the UK’s persistent inflation and stagnant growth.

German and Australian two-year yields have increased more than 30 basis points during the same period, while U.S. two-year yields rose a relatively modest 13 basis points.

These conditions have driven investor interest toward inflation-protected securities, where both principal and interest payments adjust with inflation rates. British five-year breakeven inflation rates have climbed 28 basis points since February ended, reaching nearly 3.5% on Monday – their highest level since last April.

Market observers questioning whether economic pressures might influence U.S. President Donald Trump’s policies should note that America may experience less severe stagflationary effects than Europe or Asia.

“The U.S., with the Americas, is self-sufficient in many (of the) commodities being choked off directly or indirectly via (Strait of) Hormuz,” explained Rabobank senior global strategist Michael Every. Beyond oil, he highlighted fertilizer and helium, which plays a crucial role in semiconductor production.

American markets have demonstrated relative resilience. The S&P 500 declined 2% last week, compared to a 5.5% drop in Europe and a 6.3% fall for MSCI’s Asia Pacific ex-Japan index. U.S. bonds also performed better than German securities last week.

However, America remains vulnerable to stagflationary pressures and showed some weakness even before energy prices spiked. The economy unexpectedly lost jobs in February, and upcoming data releases are expected to reveal higher U.S. inflation.

Stagflation presents challenges for investors because it damages both stocks and traditional bonds while potentially affecting even gold, given its lack of yield. The precious metal fell 2% last week and continued declining Monday, though analysts attributed some selling to investors covering losses in other areas.

The dollar has emerged as the primary safe haven since the conflict began, gaining strength against nearly all other developed market currencies.

“The U.S. is a major oil producer and can withstand an oil shock – though there will be political fallout,” said Kit Juckes, head of FX strategy at Societe Generale. “The same simply isn’t true of Europe, and the UK in particular.”

Aviation fuel costs are climbing dramatically as Middle East conflicts disrupt worldwide oil distribution, creating financial strain for airlines just as the peak summer travel period draws near.

Industry specialists indicate the question isn’t whether ticket prices will increase, but rather the timing, duration, and magnitude of these hikes. Long-distance international flights may experience the most significant impact since they consume considerably more fuel compared to domestic routes.

Several international carriers have already implemented price hikes or additional fuel fees to combat rising expenses. United Airlines CEO Scott Kirby recently cautioned that fare increases will “probably start quick” as elevated fuel expenses ripple throughout the aviation sector.

The ongoing conflict is limiting oil shipments and causing major producers including Kuwait, Saudi Arabia and Iraq to reduce production as transportation routes face increasing challenges.

Iran has launched attacks on commercial vessels throughout the Persian Gulf and targeted energy facilities in Gulf Arab countries following strikes by the U.S. and Israel. These assaults have essentially stopped movement through the Strait of Hormuz, a critical waterway that handles approximately 20% of global oil transportation.

The unstable crude oil market that has caused retail gas prices to spike dramatically has similarly affected aviation fuel costs. U.S. average prices hit $3.99 per gallon on Friday, climbing from $2.50 the day before hostilities began two weeks earlier, based on the Argus U.S. Jet Fuel Index. This index monitors average costs airlines pay for fuel at major American airports.

Data from the U.S. Department of Transportation’s Bureau of Transportation Statistics indicates American airlines paid approximately $2.36 per gallon for fuel in January, the latest available information.

Certain airlines maintain partial protection against sudden cost spikes through fuel hedging, a practice allowing them to secure fuel prices months or years ahead. However, not every carrier uses hedging, and those that do typically protect only part of their fuel requirements, meaning extended price increases could force more airlines to boost fares.

“No one hedges anymore, and even if you do, hedging the crack spread is really hard to do,” Kirby stated at a Harvard event last week. The crack spread represents the price difference between crude oil and refined products like gasoline.

Airlines face an additional challenge as airspace restrictions have forced flight rerouting around Middle Eastern regions, resulting in longer routes, increased fuel consumption and elevated operational expenses.

Passengers may experience the effects in multiple ways.

Airlines can implement or raise fuel surcharges, an additional fee commonly used by international carriers that’s added to the base ticket cost.

Major American airlines, however, don’t impose separate fuel surcharges. Instead, they incorporate fuel expenses into overall ticket pricing, meaning increases will likely appear as higher base fares for travelers, according to Tyler Hosford, security director at global risk management company International SOS.

Airlines may also modify pricing for premium services such as seat upgrades, extra legroom, checked baggage or priority boarding as another method to counter higher operational costs. For consumers, this means even if base fares don’t rise immediately, total trip expenses could still climb when additional fees and upgrades are included.

If elevated fuel prices continue, airlines might also modify schedules or eliminate certain routes, said Christopher Anderson, a Cornell University business school professor whose research covers operations and information management in hospitality and airline sectors.

Predicting exact ticket price increases resulting from costlier oil and fuel remains challenging. Industry experts say higher jet fuel costs impact varies depending on the route, airline and travel demand.

Fuel generally represents 20% to 25% of airline operating expenses, making it the second-largest cost after labor, according to Rob Britton, a Georgetown University adjunct marketing professor and former American Airlines executive. Sharp fuel price increases can therefore significantly affect airline budgets.

Currently, most fare increases and fuel surcharges originate from Asia-Pacific region airlines, but experts anticipate more carriers will follow suit if high jet fuel prices continue, particularly those without fuel hedging protection.

Hong Kong’s national carrier, Cathay Pacific, announced it would raise fuel surcharges beginning Wednesday.

“The price of jet fuel has approximately doubled since March amid the latest developments in the Middle East,” the airline stated Thursday.

Additional airlines implementing price increases or new surcharges include:

— Air France-KLM announced roundtrip economy fares on long-distance flights could increase by roughly 50 euros (approximately $57).

— Air India implemented fuel surcharges Thursday on select routes. After March 18, the carrier indicates the surcharge will rise by up to $50 for all tickets to Europe, North America and Australia.

— Hong Kong Airlines raised fuel surcharges across multiple routes starting Thursday.

— FlySafair in South Africa declared a temporary fuel surcharge.

Experts advise travelers planning summer vacations may minimize rising airfare impact by booking earlier instead of waiting for last-minute offers.

Securing ticket prices sooner, particularly with flexible booking policies allowing changes, can help obtain lower rates before airlines implement further adjustments.

Hosford, the International SOS security director, recommends travelers remain flexible with travel dates, compare fares at nearby airports and establish alerts for price reductions. He also suggests using frequent flyer miles or credit card points for flight bookings rather than waiting for a “perfect deal.”

“If you were going to spend cash on the flight but now you’re not, then that’s a good redemption deal,” he said.

Chicago-based derivatives and securities exchange operator Cboe announced Monday its intention to introduce prediction market contracts featuring flexible payout structures that reward traders based on the precision of their forecasts, departing from conventional winner-take-all formats.

This approach resembles functionality found in popular betting applications, where participants can withdraw their wagers early while events unfold, and draws inspiration from traditional vertical spread concepts within options trading.

“Real-world opinions aren’t always binary, and investors shouldn’t be confined to a yes-or-no framework,” stated JJ Kinahan, Head of retail expansion and alternative investment products at Cboe.

The company intends to introduce this new framework using a Mini S&P 500 Index prediction market contract, building upon Cboe’s previous work developing a regulated product utilizing options structures for complete win-or-lose payouts.

Leading U.S. exchange operators are progressively pursuing opportunities within the event prediction markets sector, which has gained significant popularity following the 2024 U.S. presidential election cycle.

Nasdaq is currently awaiting SEC approval for prediction market-style options connected to major stock indexes, while Intercontinental Exchange has committed up to $2 billion in investments to Polymarket.

U.S. financial markets defied global trends Monday, recovering from opening declines to close higher despite ongoing turmoil from the Iran conflict that has pushed oil prices beyond $100 per barrel.

While Asian and European stock exchanges suffered significant losses as the Middle East war entered its second week, American markets reversed course after President Donald Trump suggested the conflict might conclude soon. Oil prices initially spiked as much as 30% before retreating later in the session.

The market analyst examining today’s trading noted Wall Street’s unusual strength compared to international exchanges. “As selling snowballs across other equity markets, why has the global avalanche not yet engulfed U.S. stocks? Are there reasonable explanations, or is complacency setting in?” the analyst questioned.

Trump reportedly told CBS News the war against Iran is “very complete,” helping calm investor fears about prolonged conflict.

Monday’s market performance showed stark regional differences. Asian markets were severely impacted and European indices tumbled, but major U.S. stock measures finished between 0.5% and 1.4% higher after overcoming early losses.

Within the S&P 500, nine sectors posted gains with technology leading at 1.6% higher, while energy dropped 1%. Notable individual stock movements included Caterpillar rising 3.5%, Nvidia gaining 2.7%, and Amgen up 2%. Declining stocks included Cisco falling 3%, Boeing down 2.6%, and IBM losing 2%.

Currency markets saw the dollar strengthen initially before reversing direction late in U.S. trading. Emerging market currencies bounced back with Brazilian real and South African rand each gaining 1.5%, while bitcoin jumped 3%.

Oil markets experienced extreme volatility, settling 4-7% higher after the dramatic 30% spike, then plummeting 7% in after-hours trading. Gold declined while other precious metals rose 2-3%.

The energy price surge following the February 28 joint U.S.-Israeli attack on Iran has created a challenging situation for central banks worldwide. Policymakers face difficult decisions between raising interest rates to combat inflation or maintaining accommodative policies to support economic growth amid rising unemployment risks.

Economic data released Monday revealed inflation pressures were building even before the Middle East crisis began. China’s consumer inflation reached a three-year high in February, Mexico’s inflation exceeded central bank targets, and Japan saw real wages increase for the first time in over a year.

With oil prices substantially higher than last year’s levels, inflation indicators continue pointing upward. U.S. consumer price data expected later this week is anticipated to show further increases above 3%.

Government officials worldwide are exploring options to mitigate economic impacts from $100 oil. While G7 nations discussed releasing strategic petroleum reserves Monday, they determined no immediate supply shortage exists. Alternative measures include China’s fuel price caps, South Korea considering similar controls for the first time in three decades, and Japan preparing possible crude releases and emergency spending.

Key factors that could influence Tuesday’s trading include Middle East developments, energy market movements, and economic data releases from Australia, Japan, Germany, and the United Kingdom. The U.S. Treasury will auction $58 billion in three-year notes, and existing home sales figures for February are scheduled for release.

Facebook’s parent company Meta is reportedly considering major workforce reductions that could eliminate jobs for 20% or more of its employees, according to three sources with knowledge of the discussions.

The potential cuts stem from the company’s massive spending on artificial intelligence infrastructure and its belief that AI tools will make workers more productive, requiring fewer staff members overall.

Company executives have not established a timeline for the job eliminations, and the final scope remains undetermined, sources revealed. Senior leadership has begun briefing other executives about the plans and instructed them to start developing reduction strategies.

Meta spokesperson Andy Stone dismissed the reports, stating: “This is speculative reporting about theoretical approaches.”

Should Meta proceed with eliminating 20% of positions, it would mark the company’s largest workforce reduction since its major restructuring during late 2022 and early 2023, which executives called their “year of efficiency.” The social media giant employed approximately 79,000 workers at the end of December.

The company previously eliminated 11,000 positions in November 2022, representing roughly 13% of its staff at that time. Four months afterward, Meta announced an additional 10,000 job cuts.

Chief Executive Mark Zuckerberg has been driving Meta to compete more aggressively in the generative artificial intelligence space over the past year. The company has offered compensation packages worth hundreds of millions of dollars across four-year periods to attract leading AI researchers to join a new superintelligence division.

Meta has committed to investing $600 billion in data center construction through 2028. This week, the company purchased Moltbook, a social networking platform designed for AI agents. Meta is also spending at least $2 billion to acquire Chinese AI startup Manus, according to previous reports.

Zuckerberg has referenced productivity improvements from these investments, noting in January that he was beginning to observe “projects that used to require big teams now be accomplished by a single very talented person.”

Meta’s workforce reduction plans mirror similar moves by other major American corporations, especially technology companies, throughout this year. Corporate leaders have cited recent advances in AI capabilities as justification for these changes.

Amazon confirmed in January that it would eliminate approximately 16,000 positions, representing nearly 10% of its workforce. Last month, financial technology company Block reduced its staff by nearly half, with CEO Jack Dorsey specifically citing AI tools and their increasing ability to help organizations operate with smaller teams.

Meta’s planned AI investments follow several challenges with its Llama 4 models last year, including criticism that early versions produced misleading benchmark results. The company canceled the release of the largest version of that model, dubbed Behemoth, which had been scheduled for summer release.

The superintelligence team has been working to restore the company’s reputation this year by developing a new model called Avocado, though that system’s performance has also fallen short of expectations.

Spirit Aviation Holdings announced Friday its plans for a dramatic downsizing, revealing the budget airline will operate roughly one-third the number of aircraft it had before entering bankruptcy proceedings, according to new court documents.

The discount carrier has been actively marketing planes and seeking potential purchasers as it continues an extensive financial overhaul designed to reduce expenses and restore stability following two bankruptcy filings within 12 months.

When Spirit first sought Chapter 11 bankruptcy protection last August, the airline operated 214 planes. By October, the company had already eliminated approximately 100 aircraft through lease cancellations and aircraft retirements.

This week, a federal bankruptcy judge granted Spirit permission to begin auction proceedings for roughly 20 more planes from its current operating fleet of 114 aircraft. Friday’s announcement represents the next phase in the airline’s fleet reduction strategy.

“We are pleased to achieve another milestone that reflects the confidence our lenders and noteholders have in our future, with our plan better positioning Spirit to continue delivering value to American consumers,” Spirit’s President and CEO Dave Davis stated.

According to Friday’s court filing, Spirit intends to further decrease its fleet to between 76 and 80 aircraft by the third quarter of 2026, with the remaining planes primarily being Airbus A320 and A321ceo aircraft.

The restructuring plan calls for Spirit’s debt and lease commitments to drop to approximately $2 billion, down from $7.4 billion prior to the bankruptcy filing.

During a Wednesday court hearing, the airline cautioned that unpredictable fuel costs related to the Iran conflict have made negotiations for exiting Chapter 11 more challenging.

Spirit submitted both a restructuring support agreement and a proposed reorganization plan to the U.S. Bankruptcy Court for the Southern District of New York.

On Wednesday, U.S. Bankruptcy Judge Sean Lane authorized Spirit to proceed with bidding procedures featuring CSDS Asset Management as the initial “stalking-horse” bidder, establishing a baseline price of approximately $530 million while permitting other interested parties to submit higher bids through April 20.

During the hearing, Spirit’s attorney Marshall Huebner from Davis Polk & Wardwell explained that negotiations have extended beyond initial expectations partly due to fuel expenses becoming more difficult to predict amid geopolitical tensions surrounding the Iran war. This uncertainty has prompted creditors to question Spirit’s projected cash flow and liquidity estimates.

Judge Lane acknowledged these concerns as reasonable, observing that airlines face particular vulnerability to fuel price fluctuations caused by international events.

“Global uncertainty regarding fuel is just a fact of life for any airline,” Lane commented.

Huebner indicated Spirit is working toward confirming its Chapter 11 bankruptcy plan by late May or potentially June.

Moving forward, the airline plans to concentrate on its most successful routes and markets, which include Fort Lauderdale, Orlando, Detroit, and the New York City region.

Spirit also indicated it anticipates adding aircraft between 2027 and 2030 when profitable expansion opportunities arise, while planning to enhance its Spirit First and Premium Economy offerings by continuing the deployment of premium economy seating throughout its fleet.

An HVAC company preparing to enter the stock market has revealed impressive financial growth in newly released public documents filed Monday.

Madison Air Solutions reported net sales climbing to $3.34 billion for the year ending December 31, representing a substantial increase from the previous year’s $2.62 billion. The company also posted net income of $124.3 million in 2025.

The announcement comes as Madison Air moves forward with plans for its initial public offering, though recent market turbulence has dampened earlier predictions of a banner year for new stock listings. Geopolitical concerns and technology stock declines have created uncertainty, making investors more cautious about new opportunities.

Despite these headwinds, financial experts indicate the market remains receptive to quality IPO candidates, though companies face heightened scrutiny from potential investors.

Madison Air operates well-known brands including Nortek Air Solutions and Nortek Data Center Cooling, specializing in air quality and temperature control systems for business, industrial, and data center customers.

The heating and cooling industry has experienced a boost from the expansion of data centers, as artificial intelligence and cloud computing growth creates greater need for sophisticated cooling technology to handle heat generated by high-powered servers.

Commercial operations generated 66% of Madison Air’s total sales in the most recent year, while residential customers contributed the remaining portion.

While the company hasn’t revealed specific details about the size or pricing of its stock offering, a January report from Bloomberg News suggested Madison Air might attempt to raise at least $2 billion through the public listing.

The company, which initially filed confidential IPO paperwork in December, intends to trade on the New York Stock Exchange using the symbol “MAIR.”

Madison Air was created through multiple acquisitions starting in 2017, according to company information. Goldman Sachs, Barclays, Jefferies, and Wells Fargo Securities are serving as primary underwriters for the stock market listing.

NEW YORK — A significant antitrust case against Live Nation and Ticketmaster will move forward Monday as more than 30 states rejected a federal settlement and chose to continue their legal battle against the entertainment conglomerate.

During a Friday court session in New York, attorneys informed the presiding judge that just seven states with Republican attorneys general — Arkansas, Iowa, Mississippi, Nebraska, Oklahoma, South Carolina and South Dakota — agreed to accept the Justice Department’s negotiated settlement with the concert industry powerhouse.

The remaining 32 states intend to press their case before a jury, alleging that Live Nation Entertainment and its ticketing division Ticketmaster use intimidation, retaliatory measures and other anti-competitive strategies to dominate nearly every facet of the live entertainment business, including concert promotion and ticket sales, ultimately inflating costs for consumers.

Live Nation maintains its innocence, arguing the company does not hold a monopoly position and that performers, athletic organizations and entertainment venues are responsible for setting ticket prices and determining sales methods.

The trial had already begun with witness testimony when the U.S. Justice Department, which initiated the lawsuit against Live Nation, announced it had negotiated an agreement with the company. The federal deal would allegedly benefit consumers by allowing Live Nation’s competitors access to certain ticket markets where they are currently shut out.

Numerous states expressed dissatisfaction with the federal agreement, claiming government negotiators failed to secure adequate concessions from the entertainment giant.

Court proceedings were suspended for one week to allow additional settlement discussions, but Judge Arun Subramanian announced Friday that the trial would proceed after no significant progress was achieved.

The judge also rejected Live Nation’s attempt to exclude certain trial evidence, including internal communications where a company worker described VIP pricing at a Tampa, Florida amphitheater as “outrageous,” called customers paying the fees “so stupid” and wrote “I almost feel bad taking advantage of them” followed by “BAHAHAHAHAHA.”

Live Nation’s legal team opposed including these materials, arguing the employees were making “passing references to non-ticket ancillary products — such as VIP club access, premier parking, or lawn chair rentals — sold to concertgoers at two amphitheaters” in Florida and Virginia.

Judge Subramanian determined that the complete fan experience relates to the connection between performers and their audiences, noting that some artists might refuse to perform if fans face excessive charges for lawn chairs or other amenities.

The judge drew a comparison to potential damage to the movie industry if theaters began charging $50 for concession items like beverages, candy and popcorn.

During Tuesday’s court hearing, Live Nation attorney Dan Wall informed the judge that the likelihood of all states resolving their claims during the week was “about zero.”

The digital content aggregation platform Digg announced Friday it will reduce its workforce following what company leadership describes as overwhelming challenges from AI-powered automated accounts that have compromised the site’s core functionality.

In a Friday blog post, Chief Executive Officer Justin Mezzell explained the company will shrink to a minimal core team after struggling to compete effectively with major social media giants and establish a sustainable market position.

The platform has been battling what Mezzell characterized as an “unprecedented” wave of advanced artificial intelligence bots and fake accounts that have corrupted the site’s voting mechanisms and user interaction features.

“When you can’t trust that the votes, the comments, and the engagement you’re seeing are real, you’ve lost the foundation a community platform is built on,” Mezzell stated.

Company founder Kevin Rose had partnered with former competitor Alexis Ohanian to acquire Digg, banking on an artificial intelligence-enhanced revival of the service that previously attracted approximately 40 million users monthly.

According to Mezzell, Rose will resume full-time leadership responsibilities at Digg beginning in April to spearhead platform reconstruction efforts. “We’re not giving up. Digg isn’t going away,” he emphasized.

The company has not disclosed the specific number of employees affected by the downsizing when contacted for additional details.

Originally created in 2004 by Rose, who was 27 at the time, Digg earned recognition as the “homepage of the internet” and competed directly with Reddit, which Ohanian co-established.

New York technology incubator Betaworks purchased the platform in 2012, after Microsoft’s LinkedIn had already acquired its most valuable intellectual property and patent portfolio.

Investment conglomerate Berkshire Hathaway announced Friday that its board members have unanimously recommended shareholders vote against a proposal calling for detailed workforce management reporting across all company operations.

The recommendation came in a proxy filing ahead of Berkshire’s annual shareholder meeting scheduled for May 2 in Omaha, Nebraska. The proposed measure would have required the company to create comprehensive reports detailing how it oversees employee and human resources management throughout its various business units.

The same filing revealed that legendary investor Warren Buffett, who turned 95 and stepped away from his CEO role at year’s end, earned total compensation of $389,488 during 2025. This figure includes his standard annual salary of $100,000 along with additional costs for personal security services and home protection.

Federal authorities announced Friday that software company Adobe Inc. will pay $150 million and accept court oversight to settle claims that its subscription business practices broke federal consumer protection rules.

The Justice Department revealed that Adobe has reached the settlement agreement to resolve accusations that the company violated the Restore Online Shoppers’ Confidence Act through its subscription service operations.

Along with the substantial financial penalty, Adobe must also comply with an injunction as part of the resolution with federal regulators.

WASHINGTON – The American economy experienced a more pronounced deceleration during the final three months of last year than federal officials initially calculated, according to updated data released Friday by the Commerce Department.

The Bureau of Economic Analysis announced that the nation’s gross domestic product expanded at just a 0.7% annualized rate during the fourth quarter, a substantial reduction from the 1.4% growth rate that was first reported. Financial experts surveyed by Reuters had anticipated the growth figure would remain unchanged at the original 1.4% estimate.

This represents a significant decline from the robust 4.4% expansion recorded during the third quarter of the year.

The downward adjustment stems from reduced estimates in several key economic sectors, including consumer expenditures and corporate capital investments. Additional factors contributing to the revision include lower government expenditures, particularly at the state and municipal level for infrastructure projects, along with decreased export activity. The unprecedented 43-day federal government closure that occurred last year also contributed to the dampened economic performance.

A critical indicator monitored by economic policymakers – final sales to private domestic purchases, which strips out government activity, international trade, and inventory changes – registered growth of 1.9%. This domestic demand measurement had originally been calculated at 2.4%, compared to the 2.9% rate achieved in the July through September period.

While analysts anticipate improved economic performance in the current quarter, the ongoing U.S.-Israeli conflict with Iran has elevated oil costs and created uncertainty about future economic conditions.

HOUSTON – The ongoing conflict in Iran is driving California’s already steep fuel costs to extreme heights, with energy analysts warning that gas prices in the Golden State could reach an unprecedented $10 per gallon.

California’s unique fuel requirements and geographic isolation from other U.S. markets have made the state particularly vulnerable to supply disruptions. The closure of the Strait of Hormuz has blocked crucial energy shipments from Asia that California depends on heavily.

Energy economist Philip Verleger issued a stark warning about the situation. “The U.S. West Coast will become the poster child for the consequences of the attacks on Iran,” Verleger stated in his analysis, predicting that California motorists should prepare for both fuel shortages and prices that could exceed $10 per gallon.

The numbers paint a troubling picture for California drivers. Regular unleaded gasoline has jumped over 18% in the past month alone, reaching $5.42 per gallon on Friday – significantly above the national average of $3.63, according to AAA data. Aviation fuel costs at Los Angeles airports have climbed even more dramatically, surging 47% to approximately $3.85 per gallon since Middle Eastern hostilities began.

Verleger’s analysis suggests that West Coast states may need to slash gasoline and diesel consumption by 20% if fuel-exporting nations decide to restrict shipments to protect their domestic supplies.

California’s vulnerability stems from its transformation over recent years. Once among America’s leading oil-producing states, California has become increasingly dependent on imported crude oil and refined fuels as local refineries have either closed or switched to renewable fuel production.

The supply crisis has rippled across Asia, where refineries in China, Korea, and India have reduced operations due to Middle Eastern crude shortages. Some facilities have invoked force majeure clauses, legally allowing them to suspend deliveries during emergencies. Both China and Thailand have halted fuel exports entirely.

Import data reveals California’s heavy reliance on foreign fuel supplies. The West Coast brought in a record 128,000 barrels daily of motor gasoline and additives in the previous year, primarily from South Korea and India. Additionally, California imported roughly 54,000 barrels per day of jet fuel, with nearly one-third originating from South Korea.

Randy Hurburun from Energy Aspects explained the challenging outlook: Korean fuel imports are expected to cease temporarily, while neighboring Washington state lacks sufficient spare refining capacity to help fill the gap.

The crude oil supply situation is equally concerning. West Coast refineries typically import about 230,000 barrels daily from Middle Eastern sources, representing half of all Middle Eastern crude coming into the United States.

Kpler analyst Matt Smith outlined the predicament facing regional refineries. “All the crude that West Coast refiners import from the Middle East is at risk,” Smith explained, noting that facilities will be forced to purchase more expensive oil from Canadian or Latin American sources.

Major California refineries owned by Chevron in Richmond and El Segundo, along with Marathon Petroleum’s Los Angeles operation, have been the state’s primary crude importers. Marathon representatives confirmed they are fulfilling contractual commitments but declined to discuss sourcing strategies. Chevron similarly avoided operational details while stating their refineries continue serving regional customers.

Alternative crude sources remain limited due to strong Asian demand. Smith noted that Canadian oil availability is constrained to roughly 500,000 barrels by Trans Mountain Pipeline limitations and competition from Chinese buyers. Asian refineries are also competing for Latin American crude from Ecuador and Guyana.

“There is not a great deal of incremental supply available to U.S. West Coast refiners,” Smith emphasized.

Industry experts suggest West Coast refiners will maximize Alaskan North Slope crude usage, redistribute Canadian supplies, and potentially purchase Venezuelan oil despite shipping complications.

President Donald Trump is reportedly considering a temporary waiver of the Jones Act, which mandates that domestic crude shipments use U.S.-flagged vessels. This requirement increases costs for California refineries seeking Gulf Coast oil, and suspending it could provide some price relief.

S&P Global Energy’s Debnil Chowdhury summarized the global competition for available supplies: “All other regions are also needing barrels at this point due to a widespread panic of availability. There’s competition now for the barrels.”

A troubled Chinese real estate company announced Friday its comprehensive strategy to reorganize $4.66 billion in international debt obligations, proposing to address creditor claims through fresh stock issuances, convertible securities, and long-term secured bonds.

Fantasia, the Shenzhen-headquartered property firm, detailed its restructuring approach involving new equity shares, mandatory convertible bonds, and approximately $1.44 billion in newly secured notes to resolve outstanding creditor demands.

The company joined numerous other developers who failed to meet debt obligations in 2021 during China’s widespread real estate industry turmoil. An increasing number of these firms have successfully negotiated restructuring deals with their lenders.

According to company disclosures, Fantasia carried roughly 66,972 million Chinese yuan (equivalent to $9.71 billion) in total debt as of June 30, 2025.

The restructuring framework calls for distributing 5.14 billion new shares to participating creditors, priced at HK$1.52 per share.

Additionally, Fantasia plans to distribute zero-interest mandatory convertible bonds valued at $501.2 million, which will transform into 2.57 billion shares at the identical HK$1.52 pricing.

The company will also distribute secured notes totaling $1.44 billion, structured as $632.5 million in bonds maturing in 2031 and $809.6 million due in 2034, both offering 3% annual interest rates.

The restructuring includes converting a complete HK$1.31 billion ($167.36 million) shareholder loan by distributing 4.38 billion fresh shares to its primary shareholder at HK$0.30 each, with all accumulated interest permanently eliminated once the reorganization takes effect.

In a related move, controlling shareholder Baby Zeng will provide $6 million as a shareholder loan carrying 8% annual interest. These resources will cover costs and expenses associated with the proposed restructuring process.

The aerospace giant Boeing is conducting repair work on up to 25 undelivered 737 MAX aircraft after discovering wiring problems, according to two sources with knowledge of the situation who spoke to Reuters.

The aircraft manufacturer confirmed earlier this week that repair crews are addressing electrical wires that sustained minor scratches. According to one source, Boeing was responsible for causing the damage to the wiring systems.

Both individuals requested anonymity since they lack authorization to discuss the matter publicly.

A Boeing representative confirmed on Tuesday that certain March aircraft deliveries would experience delays. However, it remains uncertain whether April deliveries will also be affected by these repairs.

When contacted on Friday, the company chose not to provide additional details about the situation.

Elon Musk has initiated another round of departures at his artificial intelligence company xAI, removing additional co-founders due to his concerns about poor performance in the startup’s coding operations, according to a Financial Times report released Friday.

Last month, Musk restructured xAI’s leadership team in preparation for a potential public stock offering that could become one of the largest in history, following the company’s integration with his space exploration business SpaceX.

The tech billionaire brought in troubleshooters from SpaceX and Tesla to evaluate xAI’s operations, resulting in the termination of multiple workers whose performance was considered insufficient, the Financial Times reported.

Guodong Zhang, a co-founder who led xAI’s Imagine division, informed his coworkers of his departure after Musk held him responsible for problems with the coding software and stripped him of his main responsibilities, according to two sources familiar with the situation cited in the report.

Zhang announced his exit through a post on X Thursday.

Another co-founder, Zihang Dai, also departed from xAI earlier this week, the report indicated. These departures mean the artificial intelligence company, established three years ago, now retains just two of the 12 original co-founders who assisted Musk in launching xAI in March 2023.

SpaceX, which acquired xAI to form a company valued at $1.25 trillion, has not yet provided a response to Reuters’ request for comment.

Employees at xAI have expressed concerns that the organizational turmoil is hurting workplace morale and preventing the company from achieving its maximum capabilities, the Financial Times report stated.

Research staff members continue departing due to exhaustion from Musk’s demanding work culture described as “extremely hardcore” or after accepting superior employment opportunities with competing companies.

Hiring managers have been reaching out to previously rejected job candidates to extend new employment offers, frequently with enhanced compensation packages, the report noted.

“Many talented people over the past few years were declined an offer or even an interview at xAI. My apologies,” Musk wrote in a Friday post on X, stating he would reconnect with qualified candidates.

On Thursday, xAI recruited Andrew Milich and Jason Ginsberg from Cursor, a startup specializing in code generation technology.

Workers at BP’s Indiana refinery have delivered a resounding rejection of the energy company’s contract proposal, with nearly all union members voting against what BP had described as its final offer.

United Steelworkers union officials announced Thursday that 94% of eligible members participated in the vote, and a decisive 98.3% chose to turn down BP’s contract terms.

The energy giant had given the union one week to consider what it termed its “last, best, and final” proposal, setting a 10-day deadline for acceptance.

According to the USW, BP’s contract terms included significant changes that would harm workers, such as restrictions on the union’s strike capabilities, removal of collective bargaining rights, pay reductions for various job categories, elimination of 100 union positions through outsourcing, and removal of seniority-based layoff protections.

The dispute involves United Steelworkers Local 7-1, representing approximately 800 employees at what stands as the Midwest’s largest petroleum refinery. Union representatives have informed BP of the vote outcome and indicated they remain open to reviewing a more acceptable proposal from the company.

BP acknowledged the vote results Thursday evening, confirming that workers had declined to approve the company’s contract terms.

“BP will continue to bargain in the best interests of our employees, our company, and the community,” the company stated.

USW Local 7-1 President Eric Schultz described recent company tactics aimed at undermining union solidarity, including management distributing pastries to workers during their shifts while simultaneously warning of potential health insurance losses and workplace lockouts.

Workers have continued their duties under temporary 24-hour contract extensions since their previous agreement ended on January 31, following two months of unsuccessful negotiations.

Consumer staples stocks, which experienced a remarkable surge earlier this year, are now losing their appeal among investors who are growing concerned about elevated stock prices paired with weakening profit expectations, according to financial analysts.

These household name companies, typically viewed as secure investments during market uncertainty, attracted significant investor interest at the start of 2024 as money flowed away from expensive technology stocks. Concerns about massive artificial intelligence spending and potential business disruption drove this shift in investment strategy.

This dramatic movement pushed the forward price-to-earnings ratio for the S&P 500 consumer staples index to levels not seen since June 1999, according to LSEG data.

But warning signs emerged after the index reached an all-time peak in mid-February.

The sector has dropped 5.6% during March alone, as technology and energy stocks regained investor interest following the outbreak of Middle East tensions on February 28. Typically, investors seek shelter in defensive sectors during times of geopolitical turmoil, looking for consistent profits regardless of broader economic conditions.

“Rising inflation expectations tied to potential escalation with Iran could begin to undermine the defensive appeal of staples, particularly given how strongly the sector has already performed this year,” said Neil Wilson, investor strategist at Saxo.

Market experts worry that widespread inflation pressures, driven by the Iran conflict, might reduce consumer spending and damage sector earnings growth. Food manufacturers, which represent a significant portion of the staples index, already face challenges from shifting dietary preferences due to growing weight-loss drug usage.

Expected earnings growth for S&P 500 consumer staples companies in the first quarter has fallen to 1.9%, down from the 6.6% growth projected at year’s beginning, according to Tajinder Dhillon, head of earnings and equity research at LSEG.

By comparison, the broader S&P 500 index anticipates 12.8% earnings growth for the current quarter.

Even before U.S. and Israeli military action against Iran began, General Mills, maker of Cheerios cereal, reduced its annual core sales and profit projections, triggering widespread selling among food company stocks last month. More recently, Campbell’s Company lowered its outlook and halted share repurchase programs, pointing to sluggish demand for its snack products.

These companies rank among the poorest performing staples stocks this year, with Campbell’s shares hitting their lowest point since March 2003.

“We want to be selective in this environment, focused on earnings growth, as further multiple expansion (is) unlikely,” said Jake Johnston, deputy CIO of Advisors Asset Management.

However, the earlier shift toward defensive investments and strong quarterly performance from major retailers Costco Wholesale and Walmart have driven their stock prices to double-digit increases this year.

“A consequence of the rally is that the two largest stocks in the index are overvalued,” said Mark Preskett, senior portfolio manager at Morningstar Wealth.

Both Costco and Walmart shares trade at more than 40 times their projected earnings, representing the sector’s highest valuations.

“Walmart’s latest results were excellent. However, it is still overvalued in our eyes, and investors are clearly paying a lot for the perceived resilience of earnings,” Preskett said.

Despite recent losses, the sector maintains a 10% gain year-to-date, and some analysts don’t expect continued decline, particularly if AI concerns resurface.

“In this period now where we are living through so much AI-related uncertainty, including around its potential impact on which companies survive and broader employment, staples have a benefit in investors’ minds because they are not in AI’s path of destruction,” said Erika Maschmeyer, portfolio manager at Columbia Threadneedle.

Amazon Web Services announced Friday a new partnership with artificial intelligence chip manufacturer Cerebras Systems to enhance AI-powered applications including chatbots and programming assistance tools.

The collaboration brings together the $23.1 billion chip company with Amazon’s cloud computing division. Cerebras has positioned itself as a competitor to Nvidia by developing AI processors that operate without the costly high-bandwidth memory required by Nvidia’s leading chips. The startup recently secured a massive $10 billion contract to provide processors to OpenAI, the company behind ChatGPT.

The new arrangement will place Cerebras processors within Amazon Web Services data centers, where they’ll work alongside Amazon’s proprietary Trainium3 AI chips through specialized networking infrastructure.

“Every customer large or small is on AWS, from individual developers to the largest banks in the world,” Cerebras CEO Andrew Feldman explained to Reuters, adding that the partnership will “make it easy as a click to get on Cerebras.”

Neither company revealed the financial value of their agreement.

The partnership focuses on improving “inference” operations, where trained AI systems process user requests and generate responses. Amazon and Cerebras plan to divide this process into two distinct phases: “prefill,” which converts human language into computer tokens, and “decode,” where the AI generates the final answer.

Amazon’s Trainium3 processors will manage the prefill phase, while Cerebras chips will handle decoding operations in what Feldman described as a “divide and conquer strategy.”

This approach mirrors expectations for Nvidia’s upcoming announcement next week, where the company is anticipated to reveal how it will integrate its graphics processing units with chips from Groq, a startup Nvidia acquired for $17 billion in December.

Amazon expressed confidence that its service will provide superior value compared to Nvidia’s forthcoming offering, though detailed comparisons aren’t yet possible.

“The timeline for that (Nvidia-Groq) pairing remains unclear while our Trainium3 program is just months away from running production workloads,” Amazon stated. “What we can say is that we believe (Trainium3)—and future (Trainium4)—will continue to lead in price-performance versus merchant GPUs.”

The Amazon-Cerebras service is expected to launch during the second half of this year.

WASHINGTON — Available positions throughout the United States climbed to nearly 7 million during January, surpassing economist predictions at a time when employment growth has appeared sluggish.

The Labor Department announced Friday that job postings reached 6.95 million in January, marking an increase from December’s 6.55 million openings. This figure exceeded what economic analysts had predicted.

Workforce reductions decreased slightly while the count of Americans leaving their positions voluntarily — an indicator of worker optimism about future opportunities — dropped modestly.

During the employment surge that came after coronavirus pandemic restrictions, available positions reached an all-time high of 12.3 million in March 2022.

The nation’s employment sector is struggling. During the previous month, companies eliminated 92,000 positions. Throughout 2025, monthly job additions remained below 10,000, representing the weakest employment growth outside of recession periods since 2002.

The country’s economy has shown resilience despite President Donald Trump’s tariff policies and deportation efforts. However, the Commerce Department announced Friday that economic expansion decelerated dramatically during 2025’s final quarter — dropping to 0.7%, which represents half of the initial fourth-quarter growth projection and a decline from the robust 4.4% increase recorded in the third quarter.

The conflict in Iran has additionally generated significant uncertainty regarding future economic conditions.

Organizers of a prominent cryptocurrency conference set to take place in Dubai have announced they are delaying the event until 2027 due to mounting security concerns in the Middle East.

The TOKEN2049 conference, originally planned for late April, will now be rescheduled to April 2027, according to a Friday announcement posted on the event’s official website. Attendees who already purchased tickets will have them transferred to the rescheduled date.

While the organizers did not directly reference the ongoing conflict involving the United States, Israel, and Iran, they explained their decision stemmed from “ongoing uncertainty in the region and its impact on safety, international travel, and logistics.”

The regional instability has disrupted Dubai’s reputation as a secure destination for business and tourism. This week, two unmanned aircraft crashed near Dubai’s primary airport, and falling debris from a defensive intercept caused slight damage to a building facade in downtown Dubai, according to the emirate’s media office.

TOKEN2049 typically draws approximately 15,000 participants and has featured high-profile speakers in previous years, including Eric Trump and former Binance CEO Changpeng Zhao. This year’s lineup was expected to include executives from major cryptocurrency firms Binance, Tether, and Telegram.

Despite the postponement, organizers expressed continued faith in Dubai’s role in the digital currency sector. “Dubai remains one of the most important hubs for the digital asset ecosystem. We remain confident in the city and its continued leadership as a global center for innovation and digital assets,” the statement read.

The United Arab Emirates has established itself as a significant player in the cryptocurrency industry, with major exchanges like Binance expanding their operations in the country over the past year.

The conference cancellation adds to a growing list of sporting and business events across the region that have been impacted by the current security situation.

Federal economic data released Friday showed consumer price increases matching analyst forecasts for January, providing another indication that inflation pressures remained relatively controlled before recent geopolitical tensions escalated.

The Commerce Department’s Personal Consumption Expenditures Price Index climbed 0.3% compared to December, matching economist predictions and down from the previous month’s 0.4% increase. When excluding volatile food and energy costs, the core measure advanced 0.4% monthly, also meeting expectations.

Over the full 12-month period ending in January, consumer price inflation reached 2.8%, slightly below the anticipated 2.9% increase. The core inflation measure hit 3.1% annually, matching forecasts and up from December’s revised 3% rate. Federal Reserve officials use these price indicators to guide policy toward their 2% inflation goal.

Separately, the Commerce Department’s updated estimate revealed gross domestic product expanded just 0.7% during the fourth quarter, falling well short of the 1.4% growth economists had projected.

MARKET RESPONSE:

Wall Street stocks climbed following the data release, with the Dow Jones Industrial Average gaining 0.6%, the S&P 500 advancing 0.8%, and the Nasdaq Composite rising 0.9%.

Government bond yields declined, with the benchmark 10-year Treasury note dropping 3 basis points to 4.24%. The two-year yield, closely tied to Federal Reserve policy expectations, fell 6 basis points to 3.70%.

The dollar index strengthened 0.2% to reach 99.95.

EXPERT ANALYSIS:

Gary Schlossberg, global strategist at Wells Fargo Investment Institute in San Francisco, noted: “The January report on personal income, spending and inflation showed inflation-adjusted consumer spending barely keeping pace with the rise in prices, partly due to harsh winter weather, despite solid growth in after-tax incomes.”

He continued: “The sluggish January pace of inflation-adjusted spending, slippage in the report’s headline inflation measure and news that the first-quarter GDP growth estimate was cut in half (to 0.7%) initially sent stock and bond prices higher on increased hopes for an early rate cut by the Federal Reserve.”

Schlossberg added: “Inflation as measured by the PCE deflator, the report’s price gauge favored by the Federal Reserve, slowed a notch, to 2.8%, but maintained its distance above more benign CPI inflation. Moreover, core inflation climbed to a March 2024 high in accelerating a second straight month, to 3.1%. Unexpectedly strong income growth, supported by cost-of-living adjustments at the start of the year, kept pace with a solid gain in consumer spending not adjusted for inflation in lifting the personal saving rate to a six-month high of 4.5%.”

James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California, observed: “The Fed’s preferred inflation measure is still running hot thanks to services. It certainly doesn’t help the dovish case, but the reality is it’s old news. The effects of skyrocketing energy prices are just starting. If you’re looking for a silver lining it’s that goods prices remain somewhat contained.”

Matt Bush, U.S. economist at Guggenheim Investments in New York, commented: “The big news is the core PCE inflation number coming in not quite as bad as feared. We’ve had relatively good news on the CPI inflation front in recent months, but core PCE inflation has been quite a bit hotter than the CPI data. And while that was still true with January’s numbers, the January core PCE wasn’t quite as bad as feared. And so I think that’s causing some reaction in rates markets and pricing for the path of Fed policy.”

Peter Cardillo, chief market economist at Spartan Capital Securities in New York, stated: “We have a mixed bag of macro news here. Of course, the downward revision of GDP was much more than expected and that’s not good news, along with the fact that consumer spending was revised downward. The good news is that the inflation data measured by the PCE basically in line with expectations. … Inflation remains elevated, sticky and with the possibility of energy prices eventually moving into the pipeline, the Fed is likely to stay on hold for a longer period of time.”

Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York, noted: “Most of today’s economic numbers were generally in line with expectations with the exception of durable goods orders, which was weak and the GDP estimate which was also weak. There’s some concern about the economy from these numbers. These are numbers worth looking at and they question the strength of the U.S. economy. War issues in the Middle East are the most important determinant of financial markets at the moment.”

Ulta Beauty shares tumbled as much as 9.6% during Friday morning trading after escalating operational expenses dampened the impact of robust consumer demand, though Wall Street analysts remain hopeful about the company’s digital strategy targeting younger customers through TikTok under new leadership.

The cosmetics retailer delivered impressive holiday quarter sales figures and projected positive annual revenue growth, buoyed by strong consumer interest in popular product lines including celebrity-backed brands like Rihanna’s Fenty Beauty collection. However, mounting operational expenses created concerns for investors.

New Chief Executive Kecia Steelman, who assumed leadership in January 2025, also warned about potential effects from “global conflicts” on business operations.

J.P. Morgan analysts noted that despite the quarter demonstrating a “lack of flow-through” from robust sales to actual earnings, Ulta is adopting a measured approach to future projections – a view shared by multiple other investment firms.

The company’s selling, general and administrative expenses jumped 23% to reach $1 billion during the December quarter, primarily due to increased incentive compensation payments and ongoing investments in marketing efforts and Space NK, the British retail chain acquired in the previous year.

In efforts to appeal to younger and more affluent customers, the retailer has emphasized celebrity-owned and luxury brands such as Beyonce’s Cecred hair care products. The company also executed holiday marketing campaigns featuring Khloe Kardashian and Paris Hilton.

Oppenheimer Research analysts observed that Ulta traditionally provides cautious guidance and the stock had been “priced close to perfection,” making the investor retreat predictable.

The beauty retailer plans to introduce an exclusive product collection on TikTok Shop, aiming to capture Gen Z and Gen Alpha consumers while capitalizing on digital beauty sales as traditional retail competition from Target and Walmart intensifies.

“To Ulta’s credit, it is capturing share in what we believe is a larger beauty category migration online,” William Blair analysts stated, showing confidence about potential upside to annual sales projections.

Ulta anticipates double-digit growth in selling, general and administrative costs during the first half of fiscal 2026 as Space NK-related expenses and investments persist, before moderating in the latter half as integration costs become annualized.

Following these results, at least seven investment firms reduced their price targets for the stock.

The company’s forward price-to-earnings ratio currently stands at 21.62, compared to Estee Lauder’s 29.53 and Elf Beauty’s 19.84.

March 9 – Leaders at artificial intelligence company Anthropic warn that potential Pentagon blacklisting could slash the firm’s revenue by billions of dollars in 2026 while inflicting lasting damage to its business reputation.

The AI company initiated legal action Monday seeking to prevent the Department of Defense from adding it to a national security exclusion list, intensifying a major dispute with military officials over technology use limitations.

In federal court documents, company executives detailed the financial impact they expect from the government’s actions.

Chief Financial Officer Krishna Rao stated that “Across Anthropic’s entire business, and adjusting for how likely any given customer is to take a maximal reading, the government’s actions could reduce Anthropic’s 2026 revenue by multiple billions of dollars.”

Rao warned that if federal officials proceed with their plans, the damage to Anthropic would be “almost impossible to reverse.” The company estimates that hundreds of millions in 2026 earnings tied specifically to Defense Department work face elimination.

The CFO also noted that the situation threatens investor confidence and will drive up costs for securing necessary operating capital. Defense contractors and related entities could reduce their business with Anthropic by 50% to 100%.

Public Sector Division Head Thiyagu Ramasamy emphasized the immediate consequences, explaining that “The government’s actions immediately and irreparably harm Anthropic. The designation also impugns Anthropic’s integrity and reputation as a trusted partner, having a real but incalculable effect on sales to non-governmental customers.”

Ramasamy projects an instant loss exceeding $150 million in yearly recurring income from current and anticipated Pentagon agreements. Between December 2025 and January 2026, the company experienced a four-fold jump in annual recurring revenue from government clients, with five-year projections reaching multiple billions.

Should defense industry partners sever relationships, Anthropic’s anticipated government sector annual recurring revenue of over half a billion dollars in 2026 could “shrink substantially or disappear altogether,” according to Ramasamy.

Chief Commercial Officer Paul Smith documented specific business losses already occurring. One partner holding a multi-million-dollar yearly agreement abandoned Claude AI software in favor of a competing system for Food and Drug Administration applications, eliminating an expected revenue stream worth more than $100 million.

Smith reported that discussions with financial institutions valued at approximately $180 million combined have been disrupted. A $15 million agreement was suspended, and one financial technology client reduced their contract from $10 million to $5 million, citing the Pentagon “situation” as reason for limiting Claude spending.

More than 100 corporate customers have contacted Anthropic expressing “deep fear, confusion and doubt” regarding potential consequences of maintaining business relationships with the company, Smith revealed.

WASHINGTON — America’s economic growth stumbled badly in the final months of last year, with the Commerce Department on Friday slashing its growth estimate to a mere 0.7% annual rate for the October-December period. The revised figure represents a dramatic reduction from the government’s original projection of 1.4%.

The disappointing performance of the nation’s gross domestic product — which measures all goods and services produced — marked a steep decline from the robust 4.4% growth rate recorded in the third quarter and 3.8% in the second quarter. Analysts had anticipated the revision would actually show improved growth rather than the weaker numbers released.

The 43-day federal government shutdown that occurred last fall dealt a severe blow to economic activity. Government spending and investment collapsed at a 16.7% rate during the quarter, subtracting 1.16 percentage points from overall economic expansion.

Looking at the full year 2025, the economy managed 2.1% growth — a respectable showing but lower than the initially reported 2.2%. This also represented a slowdown from the 2.8% growth achieved in 2024 and 2.9% in 2023.

Consumer spending, which drives much of the nation’s economic activity, expanded at a modest 2% pace during the fourth quarter. This marked a deceleration from the third quarter’s 3.5% rate and fell short of the government’s initial 2.4% estimate. Business investment outside of housing managed a solid 2.2% increase, likely boosted by companies investing heavily in artificial intelligence technology, though this too represented a slowdown from the previous quarter’s 3.2% growth.

International trade also weighed on growth, with exports declining at a 3.3% annual rate — a steeper drop than originally calculated.

A key economic indicator that strips out volatile components like trade, inventories and government spending showed underlying economic strength growing at just 1.9%. This core measure fell short of the third quarter’s 2.9% pace and the initial estimate of 2.4%.

Despite being the world’s largest economy, the United States has faced headwinds from President Donald Trump’s economic policies, including broad import tariffs and large-scale deportation efforts. Rising oil and gas prices stemming from the conflict with Iran have further complicated the economic picture.

The job market has also shown signs of strain. Employment fell by 92,000 positions last month, while 2025 saw companies, nonprofits and government agencies add fewer than 10,000 jobs monthly — the weakest hiring performance outside of recession years since 2002.

Friday’s report represents the second of three quarterly growth estimates, with the final revision scheduled for release on April 9.

WASHINGTON — A critical inflation measurement that Federal Reserve officials closely watch climbed higher during January, indicating that cost pressures remained stubbornly high even before the conflict with Iran triggered dramatic increases in fuel expenses.

Consumer costs increased 2.8% compared to the same month last year, according to Friday’s Commerce Department release, marking a slight decrease from December’s figure in a report that experienced delays due to the six-week government shutdown last fall. Officials are nearly finished clearing the data backlog created by that shutdown.

However, when removing the unpredictable food and energy sectors — categories that Federal Reserve officials focus on more intently — underlying prices climbed 3.1%, rising from the previous month’s 3% and reaching the steepest level in almost two years.

Looking at month-to-month changes, costs advanced 0.3% during January, while underlying prices surged 0.4% for the consecutive second month, a rate that would push inflation well beyond the Fed’s 2% yearly goal if it continues.

These statistics have been overshadowed by the Iranian conflict that started February 28, which has blocked the Strait of Hormuz and eliminated one-fifth of global oil supplies. Crude oil costs have skyrocketed over 40% since fighting commenced, and gasoline prices have climbed to $3.60 per gallon from just below $3 one month ago, AAA reports. Economic experts predict these developments will likely trigger inflation spikes in March and possibly April.

Federal Reserve officials fighting inflation have maintained elevated benchmark interest rates to reduce lending, consumer spending, and economic expansion in their effort to further reduce price increases. Fed policymakers convene next week and are broadly anticipated to maintain current rates given that Middle Eastern tensions will boost inflation, at minimum temporarily.

The data also revealed that Americans increased their purchases at a robust 0.4% rate during January, equaling December’s growth and demonstrating that consumers continue fueling consistent economic expansion. Personal spending accounts for approximately two-thirds of economic activity.

Personal earnings also advanced 0.4%, a encouraging indicator that shoppers avoided depleting their savings to maintain January spending levels. After-tax earnings surged 0.9%, driven by substantial Social Security payment increases following a major cost-of-living adjustment that began this year.

Friday’s data includes the personal consumption expenditures price index, which differs from the more commonly referenced consumer price index released Wednesday. The PCE measurement is currently running higher than the CPI, primarily because it assigns significantly less importance to housing rental expenses, which have been declining consistently in recent months.

While the PCE index generally tracks lower than the CPI, it has moved ahead only within the last several months.

Software company Adobe announced Friday it has reached a $150 million settlement with federal authorities over allegations the company misled customers about expensive cancellation charges and made it challenging for users to end their subscriptions.

The maker of popular software including Photoshop and Acrobat will pay $75 million directly to the U.S. government to settle the federal lawsuit. Additionally, Adobe has committed to providing another $75 million worth of complimentary services to eligible customers affected by the disputed practices.

The legal action centered on claims that Adobe failed to properly disclose significant early termination penalties associated with its widely-used subscription services, while simultaneously creating barriers that made it difficult for consumers to cancel their accounts.

The airline industry is experiencing a fundamental shift in how carriers generate revenue and reward customer loyalty, with credit card partnerships now playing a central role in their business models.

Major U.S. carriers are overhauling their frequent flyer programs to emphasize credit card usage rather than traditional flight-based rewards. This transformation reflects how banking partnerships have become a crucial income stream, sometimes rivaling what airlines earn from their core operations.

United Airlines announced significant changes taking effect April 2, 2026, where standard members without the airline’s credit card will receive just 3 miles per dollar on qualifying flights, compared to at least 6 miles for cardholders. Additionally, passengers flying basic economy fares must have a United-branded card to earn any miles at all.

Similar adjustments are happening across the industry. American Airlines has eliminated both AAdvantage miles and Loyalty Points for basic economy passengers, while Delta Air Lines allows customers to count spending on its American Express partnership cards toward elite status qualification.

Financial filings from 2021 through 2025 reveal the substantial monetary impact of these banking relationships on airline bottom lines. Banks contribute billions annually to carriers through mile purchases and loyalty program payments, creating a revenue stream less vulnerable to traditional aviation challenges like fluctuating fuel costs and passenger demand.

This financial model gains particular importance as Middle East conflicts drive jet fuel prices higher, pressuring airline profit margins. However, it also creates new dependencies on banking strategies, credit market conditions, and potential regulatory changes affecting rewards program funding.

Industry analysts note that airlines are deliberately making rewards more difficult to obtain on their lowest-priced tickets while pushing credit card adoption.

“The value provided to frequent-flyer members has decreased over time,” stated Jay Sorensen, who leads consultancy IdeaWorks. His organization’s 2025 U.S. Domestic Reward Report discovered that reward “payback” – comparing cash ticket prices to award redemption costs – has dropped approximately 50% since 2019 as multiple airlines reduced or eliminated mile-earning opportunities on budget fares.

David Robertson from the Nilson Report cautioned that if mile redemption becomes too challenging, consumers might abandon airline credit cards entirely, potentially creating pressure from banks that purchase miles in large quantities.

Airlines dispute suggestions that credit cards are replacing flight activity as the primary route to earning rewards. Alaska Airlines loyalty executive Kevin Scott emphasized that non-cardholders “continue to earn meaningful value through flying.” He described co-branded cards as program enhancements rather than replacements for traditional earning methods.

The financial scale of these banking partnerships varies across carriers but represents substantial sums industry-wide.

Delta collected $8.2 billion from American Express in 2025, representing approximately 14% of adjusted operating revenue and roughly 1.4 times their adjusted operating income. A Delta representative explained that portions of this money become immediate revenue while other amounts are held until customers redeem their miles.

American Airlines reported $6.2 billion in 2025 payments from co-brand and additional partners, about four times their adjusted operating income. The carrier anticipates its new Citi credit card agreement will help close profitability gaps with competitors Delta and United.

At Alaska Airlines, loyalty-related revenue comprises roughly 16% of total revenue, with CFO Shane Tackett noting that co-brand partnerships help maintain stable financial results despite demand fluctuations.

These arrangements also create stronger ties between airlines and their banking partners, along with exposure to credit market cycles. Delta acknowledges that nearly all marketing agreement revenue comes from American Express, while Southwest Airlines indicates most of its sold points go to JPMorgan Chase.

Payments analyst Brian Riley explained that during economic downturns, banks typically reduce lending and cut co-branded card marketing efforts, slowing new account acquisition and impacting airline earnings within two to three quarters.

The credit card-focused loyalty approach faces challenges from merchants and legislators seeking to reform the fee structure supporting rewards programs. A bipartisan congressional measure called the Durbin-Marshall proposal would mandate increased competition in payment network routing, which supporters claim would reduce merchant expenses.

Airlines for America, an industry trade organization, warned this legislation could threaten airline credit card rewards, pointing to reduced debit card rewards following similar regulatory changes. The group maintains that consumers highly value airline loyalty programs.

Merchant and consumer advocacy groups disagree with this assessment. Dylan Jeon from the National Retail Federation noted that premium rewards cards carry the highest interchange fees, with merchants frequently passing these costs to consumers, meaning non-users effectively subsidize cardholders.

Industry experts indicate that elevated U.S. interchange fees help support generous rewards programs, with research demonstrating that fee caps in Europe and Australia reduced rewards, increased annual fees, and eliminated some card products entirely.

Additionally, President Donald Trump has suggested implementing a one-year 10% cap on credit card interest rates, which banking institutions and airline organizations claim could damage rewards programs.

Airline rewards programs have attracted regulatory attention as well. A U.S. Department of Transportation representative confirmed the department requested information about rewards programs and policies from American, Delta, Southwest, and United in 2024. All four airlines provided responses currently under departmental review.

John Breyault, public policy vice president at the National Consumers League, argued for enhanced disclosure requirements since airlines can modify earning and redemption values without providing customers clear advance warning.

“The modern airline is a gigantic rewards program that just happens to fly airplanes,” Breyault observed.

A German technology startup is moving forward with ambitious plans to construct a major artificial intelligence data center that would significantly boost the country’s domestic computing capabilities.

Polarise announced its intention to develop a 30-megawatt AI data center in Amberg, Bavaria, with operations expected to begin by mid-2027. The project represents a substantial expansion that would double Germany’s current domestically-operated computing capacity.

The facility could potentially grow to 120 megawatts in future phases, according to company officials. This development comes as European nations increasingly prioritize gaining greater sovereignty over essential technology infrastructure amid rising global tensions and varying international regulations regarding online content.

At the end of last year, Germany’s AI data centers had a combined capacity of 530 megawatts, based on data from Bitkom, a German technology industry association. However, foreign providers operated much of that capacity.

The proposed facility would rank among Germany’s largest data centers, though it would still be smaller than typical installations operated by major technology corporations like Google and Amazon Web Services, which usually run centers of 100 megawatts or higher.

Polarise currently manages 13 data centers across Germany and internationally. Company officials declined to specify the exact investment amount required for the new project.

“The final investment volume depends heavily on how many customers install their own servers or rent computing power,” explained Marc Gazivoda, who serves as Polarise’s marketing director. He noted that the company operates without state subsidies and that investment levels could fluctuate.

An individual familiar with the project indicated that the initial development phase would require investment “in the triple-digit million euro range.” This figure covers primary infrastructure but excludes the computer chips themselves, with final costs varying based on the quantity and types of processors needed.

Last month, Polarise opened a 12-megawatt data center in Munich with an estimated cost of 1 billion euros ($1.16 billion), according to Deutsche Telekom’s assessment. That facility had already doubled Germany’s existing locally-operated capacity before the new Amberg project was announced.

Energy costs for power-intensive data centers have become an increasing concern as oil prices have risen above $100 per barrel.

To address power needs, Polarise indicated that its partner WV Energie will establish wind and solar power generation facilities for the center, along with battery systems for temporary electricity storage.

SAN FRANCISCO, March 13 – Nvidia CEO Jensen Huang will take center stage at a packed Silicon Valley hockey arena Monday to launch his company’s annual developer conference, where he’s expected to unveil new products and partnerships designed to maintain the AI chipmaker’s dominance against rising competition.

The Nvidia GTC conference, spanning four days in the heart of Silicon Valley, has evolved into Huang’s signature platform for demonstrating the company’s latest artificial intelligence innovations across chips, data centers, programming software CUDA, digital AI assistants, and robotics technology.

This year’s gathering carries heightened importance as investors look for confirmation that Nvidia’s strategy of reinvesting profits back into AI development is delivering results.

“I expect Nvidia to present a full-stack roadmap update from Rubin to Feynman while emphasizing inference, agentic AI, networking, and AI factory infrastructure,” eMarketer analyst Jacob Bourne explained, referencing Nvidia’s current and upcoming chip generations.

While Nvidia’s processors power hundreds of billions in global data center investments by governments and corporations worldwide, the company now confronts challenges from competing chipmakers and even some customers creating their own processing units.

Industry experts speaking with Reuters anticipate continued growth in the overall AI chip sector, though they predict Nvidia’s market dominance may decline as the industry rapidly evolves toward AI agents that move between computer programs to complete human tasks. This represents a departure from training applications, where AI laboratories connect multiple Nvidia chips to process massive datasets for model development.

These digital agents are projected to become so widespread that humans will require additional AI management systems – what experts term an “orchestration” layer – to coordinate between users and their agent networks.

Analysts note this development benefits Nvidia by demonstrating AI’s growing practical value.

However, these operations, known as “inference” in the AI field, can operate on alternative chip types, including processors that major Nvidia clients like OpenAI and Meta are developing independently. Meta recently announced plans to release new AI chips biannually.

“Nvidia is definitely going to see more competition compared to a year ago,” stated KinNgai Chan, managing director at Summit Insights Group. “Nvidia still has close to over 90% market share in both training and inference markets today.”

“We think Nvidia will begin to see share loss starting in 2027, once in-house ASIC programs gain some scale especially in the inference market,” Chan added, referring to specialized circuits designed for specific functions that offer greater efficiency than standard graphics processors.

Nvidia has been strengthening its competitive position, spending $17 billion in December to acquire Groq, a startup specializing in rapid, cost-effective inference computing. During last month’s earnings call, Huang indicated the company would demonstrate at GTC how Nvidia plans to integrate Groq’s high-speed AI capabilities into their established CUDA platform.

Third Bridge analyst William McGonigle said his organization expects Nvidia to introduce new server systems combining Groq’s processors with Nvidia’s networking solutions to deliver fast, economical products.

Central processing units, or CPUs – the chip category long dominated by Intel and Advanced Micro Devices – present another growing competitive challenge to Nvidia.

Though these processors were overshadowed by Nvidia’s graphics units in recent years, McGonigle said they are “back in focus” and anticipates Nvidia will demonstrate servers using exclusively its CPUs, which Huang promoted during a recent earnings presentation.

“With the rise of agentic AI, the bottleneck is now at the agent orchestration level, which is carried out by the CPUs,” McGonigle explained.

Industry watchers also expect Nvidia to detail its $2 billion investments in both Lumentum and Coherent, companies that manufacture lasers for transmitting data between chips using light beams. Implementing these lasers in co-packaged optics could accelerate connections between Nvidia’s processors within large data centers, though current production volumes don’t match Nvidia’s annual chip sales.

“Nvidia will likely frame co-packaged optics as key to connecting massive AI clusters more efficiently, but the challenge is making it affordable enough to deploy at scale,” eMarketer’s Bourne observed.

Financial markets are bracing for crucial Federal Reserve decisions this week as the ongoing Middle East conflict creates uncertainty around anticipated interest rate reductions.

The Federal Reserve will convene for its first policy meeting since U.S. and Israeli forces launched airstrikes against Iran approximately two weeks ago, triggering significant oil price increases that have impacted financial markets worldwide.

During their two-day session, Fed officials must consider how the energy price shock affects both inflation rates and economic expansion. The central bank plans to publish updated economic forecasts on Wednesday. Financial markets have scaled back expectations for rate reductions following the conflict, despite earlier optimism from investors counting on such cuts to boost stock performance this year.

“The Fed is going to be front and center, especially given the fact that we have seen the market push back… these rate cut expectations,” explained Angelo Kourkafas, senior global investment strategist at Edward Jones.

American stock markets have declined and volatility has increased since the Iran conflict started. Market participants are closely monitoring dramatic oil price movements, with U.S. crude reaching nearly $120 per barrel early in the week before settling near the significant $100 threshold. Iranian officials warned the global community should prepare for $200 oil as their military forces targeted commercial vessels.

The S&P 500 benchmark index had dropped more than 4% from its January record high as of Thursday, heading toward its third consecutive weekly loss.

“We’re seeing wild swings in the market as traders are latching on to any hint of developments, positive or negative, on the Iran conflict,” noted Sid Vaidya, chief investment strategist at TD Wealth.

Market analysts widely anticipate the Fed will maintain current interest rates unchanged for the second meeting in a row when announcing its policy decision Wednesday. The central bank reduced rates last year to support a weakening job market but halted further cuts in January after noting decreased risks to employment and inflation.

Investors had been counting on additional rate reductions this year, which typically boost stock and asset values. However, these expectations have diminished due to concerns that rising energy costs will drive inflation higher.

“We believe this will just keep the Fed in a holding pattern for longer,” Vaidya stated.

Meanwhile, February’s unexpectedly poor employment report might encourage the Fed to maintain its accommodative stance.

Federal funds futures markets on Thursday reflected expectations for approximately one quarter-point rate cut by December, down from two such reductions projected in late February before the war commenced, based on LSEG data.

The Fed will publish updated projections from policymakers regarding future rate expectations, along with inflation and employment forecasts. Federal Reserve Chair Jerome Powell’s Wednesday press conference following the policy announcement could provide insights into how officials view the conflict’s economic impact.

“I think it’s going to set the table for the year and how to look at inflation being induced by oil prices,” said Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest Wealth Management.

This represents Powell’s second-to-last meeting before his chairmanship concludes in May. The next rate adjustment may not occur until President Donald Trump’s Fed chair nominee, former Fed Governor Kevin Warsh, assumes leadership of the central bank.

Next week will also feature Nvidia’s annual developer conference, which could renew attention on artificial intelligence investments that created technology sector volatility earlier this year.

However, investors expect Iran-related developments will continue dominating market sentiment.

“Headlines continue to drive market movements as investors wait for greater clarity on the timing of a U.S. exit strategy,” Adam Turnquist, chief technical strategist for LPL Financial, wrote in Thursday commentary.

Target’s newly appointed CEO Michael Fiddelke has announced his first major initiative since assuming leadership last month: reducing prices on over 3,000 items across the retailer’s stores.

The price reductions, ranging from 5% to 20% on clothing, household items, and everyday necessities, echo the approach used by his predecessor Brian Cornell throughout his decade-long leadership of the company. However, Cornell’s similar pricing strategies delivered only temporary improvements in sales performance.

This latest pricing initiative comes as Fiddelke faces mounting pressure from investors to demonstrate that his increased spending plans for the year will generate better financial results and that his comprehensive strategy outlined during his inaugural investor presentation on March 3 can halt three consecutive years of sales declines.

“The price cuts are a step in the right direction, but they alone are not enough to win back customers. The winning playbook is broader than simply lowering prices,” said CFRA analyst Arun Sundaram.

Target has implemented multiple price reduction campaigns from 2017 through 2024, responding to fierce competition from Walmart, Aldi, Amazon, and other retailers that sparked industry-wide pricing battles, often timed around holiday seasons or major strategic adjustments.

Following Target’s decision to lower prices on 5,000 products in 2024, the company briefly experienced positive same-store sales growth. However, this improvement proved temporary as Target’s heavy dependence on customers’ discretionary purchases during a period when consumers focused primarily on essential items led to renewed sales pressure.

The retailer has experienced declining revenues for five consecutive quarters, with operating profits falling for the last three quarters, though the rate of year-over-year decline has begun to moderate.

Target shareholders have witnessed total returns decrease by more than 20% over the past five years, a stark contrast to competitors Walmart and Costco, which have achieved gains exceeding 200% during the same timeframe. The priority for Target now centers on rapidly attracting customers back to stores amid intense competition and widespread consumer bargain-seeking behavior.

Target representatives did not respond to requests for comment.

“Target’s new chapter is all about fueling growth, and we’ll do so by playing our own game and making big changes to delight our guests,” Fiddelke stated last week.

Industry observers have highlighted his urgent approach to implementing changes. Following his presentation, investors drove Target’s stock price up 6% that day.

Fiddelke has increased the company’s annual budget to $6 billion, promising more fashionable clothing inventory, accelerated delivery services, and artificial intelligence integration across Target’s approximately 2,000 store locations.

His transformation strategy encompasses $5 billion in capital investments, representing a one-third increase from the previous year. The plan allocates $1 billion toward faster product restocking, new store openings, and renovations of current locations. The grocery segment will receive more than $1 billion in investment, with stores expanding space dedicated to fresh food offerings.

The retailer will also restructure some locations as fulfillment-focused distribution centers while others concentrate on serving in-store shoppers, departing from the previous approach of utilizing nearly all stores as mini-fulfillment facilities. Fiddelke has also committed an additional $1 billion toward operational expenses.

“Fiddelke’s pace is aggressive but realistic if store execution and supply chain stay disciplined,” said Michael Ashley Schulman, a partner at wealth management advisory firm Cerity Partners. “The challenge is to do this consistently across 2,000 stores. Retail turnarounds rarely get a second shot, and this is a big bet on consistency.”

Cornell’s tenure at Target involved a decade-long effort to transform the company, producing varying degrees of success. Target withdrew from unprofitable Canadian operations in 2015, resulting in substantial financial write-downs during Cornell’s leadership. In a move comparable to Fiddelke’s current investment strategy, Cornell allocated $7 billion in 2017 for store renovations, which ultimately compressed profit margins.

Fiddelke, who previously held both chief operating officer and chief financial officer positions at Target, has projected sales growth for every quarter this year. He has also forecasted an adjusted operating income margin of 4.8% for 2026, representing a 20 basis point improvement over last year’s performance.

Walmart, renowned for generating substantial sales volumes through thin profit margins, anticipates an operating margin reaching 4.4% for the same timeframe, along with comparable revenue growth.

Target currently carries higher debt levels than Walmart, providing less financial flexibility as it increases spending. Capturing market share may prove challenging for Target, given that Walmart has established dominant positioning in the crucial grocery sector.

Jay Woods, chief market strategist at Freedom Capital Markets, noted that benefits from a return-to-fundamentals retail approach will emerge gradually.

“The question is not only can (Fiddelke) do it, but will investors have the patience to wait.”

French automotive manufacturer Renault has announced an ambitious five-year expansion plan that targets a 23% increase in vehicle sales by 2030, with international markets playing a central role in the company’s growth strategy.

The automaker revealed on March 10 that it intends to sell 50% of its Renault-branded vehicles in overseas markets by the end of the decade, a significant jump from the current 38%. This international push comes as the company faces mounting pressure from budget-friendly Chinese competitors such as BYD and Chery, along with established European rivals like Stellantis.

Renault’s expansion blueprint includes launching 36 new vehicle models over the next five years, with 14 specifically designed for markets beyond Europe. This represents a dramatic increase from the eight international models introduced in the previous five-year period.

The company projects annual sales of more than 2 million Renault-branded vehicles by 2030, representing a 23% increase from the 1.63 million units sold in 2025. CEO Francois Provost, who assumed leadership last year, emphasized the company’s commitment to global competitiveness.

“We will show that we are here for the long term and we will become the benchmark for the European automotive industry on the global stage,” Provost stated.

The French manufacturer plans to leverage partnerships with companies like China’s Geely to strengthen its presence in South America and South Korea, while relying primarily on internal technology development for European products.

Renault’s current position marks a significant improvement from five years ago, when substantial financial losses forced the company to withdraw from multiple international markets and eliminate thousands of positions.

The automaker will continue investing in electric vehicle technology despite reduced U.S. government support for EVs under the current administration. Renault plans to introduce 16 fully electric models by 2030, representing 44% of its total planned lineup.

A new electric vehicle platform scheduled for 2028 will feature a range-extender option with a backup gasoline engine, providing up to 870 miles of driving range. The company will also utilize its Horse Powertrain partnership with Geely to create smaller engines for hybrid vehicles.

Two new models will be unveiled at the company’s research facility near Paris: the Bridger, a compact SUV designed for the Indian market, and the Dacia Striker, a crossover wagon intended to compete with Volkswagen Group’s Skoda Octavia.

Telecommunications company Veon announced Friday that its core profits jumped approximately 19% for the full year, powered by increased demand for digital services as the company prepares to bring its Starlink satellite partnership to Bangladesh.

The digital services operator reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2 billion. Digital services revenue surged 62.5% over the year, now accounting for 17.3% of the company’s total income.

CEO Kaan Terzioglu explained to Reuters that operations in Ukraine demonstrated the limitations of ground-based networks, citing challenges from landmines blocking technician access to power outages shutting down cell towers, making satellite integration necessary.

Following Bangladesh, the technology will roll out to Uzbekistan and Pakistan, Terzioglu disclosed.

According to Terzioglu, Veon has become “the largest partner when it comes to the number of customers utilizing direct-to-cell technology of Starlink,” serving nearly 5 million users in Ukraine over four months with 7 million messages transmitted through the network.

In Pakistan, Veon’s Jazz division obtained 190 MHz during this week’s spectrum auction – the biggest single allocation – setting the stage for 5G network rollout.

Terzioglu commended Pakistan’s strategy to triple available spectrum while cutting costs, describing it as “a best practice the world needs to hear.”

While acknowledging he’s watching potential conflict between Pakistan and Afghanistan, he noted that lessons from Ukraine and the COVID-19 pandemic proved “when things get difficult, our services become more essential.”

The company’s total digital monthly active users climbed to 135.5 million, representing an 11.4% year-over-year increase.

Regarding future growth, Terzioglu said he’s “continuously monitoring” markets with populations exceeding 100 million that lack sufficient banking infrastructure, identifying them as natural expansion targets given Veon’s expertise in providing digital services through telecommunications networks.

Looking ahead to 2026, Veon projects revenue growth between 9%-12% and EBITDA growth of 7%-10%.

A major milestone has been reached in the automotive technology sector as Geely, the Chinese car manufacturer, secured European Union approval for its intelligent driving assistance technology on Friday.

The company’s G-ASD smart driving system has become the first Chinese-developed driver assistance technology to gain certification under European Union regulations for advanced automated driving features, according to a statement from Geely Holding.

This regulatory approval means that automobiles featuring Geely’s G-ASD technology can now be marketed and sold across select European Union member nations without requiring any additional certification processes from those individual countries.

The certification represents a significant breakthrough for Chinese automotive technology in the competitive European market, where safety and technology standards are particularly stringent.

Leading financial institutions have updated their oil price projections for 2026 as the Iranian conflict reached nearly two weeks on Friday, with Goldman Sachs and Bank of America among the major firms adjusting their forecasts.

Energy market specialists predict oil costs will stay high in the immediate future while they evaluate potential supply chain interruptions through the Strait of Hormuz, a critical waterway handling more than one-fifth of worldwide oil transportation. Most analysts predict market stabilization in the latter part of the year.

Both Brent and U.S. West Texas Intermediate crude futures climbed to their peak levels since June 2022 during this week’s trading, with Brent posting gains exceeding 10% and WTI rising more than 7% for the week.

Iran’s newly appointed Supreme Leader, Mojtaba Khamenei, declared on Thursday his intention to maintain the closure of the Strait of Hormuz as a bargaining tool against the United States and Israel, while the ongoing Middle Eastern crisis continues affecting millions of people and creating instability in global energy and financial sectors.

Goldman Sachs has set Brent crude targets at $77 per barrel for 2026 and $71 for 2027, with WTI projections at $72 and $67 respectively. The firm anticipates Brent will average $75 per barrel over the next three months and $71 per barrel over the coming year.

BMI Research forecasts Brent at $70 per barrel for both 2026 and 2027, with WTI estimates at $68 for each year. They project Brent will average $67 per barrel in the third quarter of 2026 and $69 per barrel in the fourth quarter.

Citigroup has established Brent targets at $71 for 2026 and $64 for 2027, with WTI projections at $68 and $61. The bank sees Brent averaging $75 per barrel in the first quarter of 2026, $78 in the second quarter, and $68 in the third quarter.

Bank of America projects Brent at $78 per barrel for 2026 and $65 for 2027, with WTI estimates at $73 and $61. The bank expects Brent to average $80 per barrel in the second quarter of 2026, but anticipates a return to $65 per barrel averages in 2027 as pre-conflict supply surpluses return.

HSBC has set higher targets with Brent at $80 for 2026 and $70 for 2027, projecting WTI at $76 and $67 respectively.

Macquarie Bank warns that crude prices could potentially surge to $150 per barrel or higher if the Strait of Hormuz blockade continues for multiple weeks.

UBS forecasts Brent at $72 for 2026 and $70 for 2027, with WTI at $68 and $66. The bank anticipates prices could climb above $100 per barrel and reach severe demand destruction levels of $120 or more if Hormuz shipping lanes remain blocked.

Families throughout New England are experiencing financial strain as energy costs surge across the region. The harsh winter weather combined with escalating home heating oil expenses tied to Middle Eastern conflicts is creating budget challenges for many households.

The dual impact of severe cold temperatures and elevated fuel costs is making it increasingly difficult for residents to manage their monthly expenses, putting additional pressure on family finances during an already challenging season.

American companies that produce liquefied natural gas are experiencing a surge in business as international buyers seek energy alternatives during the Iranian conflict.

The war has created heightened demand for U.S. energy exports as nations look to secure reliable fuel sources outside the volatile Middle East region. Energy producers across the country are capitalizing on this increased international appetite for American-made liquefied natural gas.

Federal aviation officials suspended all JetBlue Airways operations nationwide on Tuesday after the airline itself asked for the halt, according to the Federal Aviation Administration.

The flight suspension affects JetBlue aircraft traveling to every destination in the carrier’s network, based on the official notice.

Neither JetBlue nor federal aviation authorities have explained the reason behind the airline’s request for the operational halt or provided details about when normal flight operations might resume.

Both the airline and the Federal Aviation Administration have not yet responded to requests for additional information from news organizations.

JetBlue Airways, which began operations more than two and a half decades ago, operates from its main headquarters in New York City and maintains its primary hub at John F. Kennedy International Airport in that city.

Australia’s flagship airline Qantas Airways announced Tuesday that it will raise ticket prices on international flights this week as jet fuel expenses climb due to ongoing Middle East conflicts.

In a company statement, the Australian carrier revealed it is also evaluating the possibility of expanding service capacity on current European flight paths over the next several months.

The ongoing U.S.-Israeli conflict with Iran has driven oil prices higher, disrupting international travel patterns and raising concerns about potential widespread flight cancellations and a significant downturn in the travel industry.

Ticket costs for flights between Asia and Europe have already jumped sharply as airlines face restricted airspace access and reduced flight availability.

Earlier the same day, Air New Zealand, which competes with Qantas, revealed similar widespread price increases, marking one of the first major airlines to implement such changes since the conflict began.

In an email response to Reuters, Qantas reported that its European flight schedule remains unchanged and planes are operating at more than 90% capacity during March, representing approximately 15 percentage points higher than normal occupancy rates for this period.

“More customers have also been choosing to travel to Europe via the United States, other Asian cities, and Johannesburg, connecting through Qantas’ partner airline network,” Qantas said.

“We are exploring options to redeploy capacity into Europe on existing routes in the coming months.”

A heated legal dispute between two electric aircraft manufacturers has escalated, with Archer Aviation filing serious allegations against competitor Joby Aviation regarding undisclosed Chinese government connections.

In a countersuit submitted to federal court on Monday, Archer claims that Joby engaged in fraudulent activities by concealing its relationship with China while securing U.S. government funding and advantages. The lawsuit alleges that Joby misrepresented aircraft materials from China as consumer products to avoid tariffs and regulatory scrutiny.

The legal battle began when Joby took Archer to court in November, claiming trade secret theft. Joby alleged that Archer recruited one of its employees who brought sensitive company information including business plans, partnership details, and aircraft designs to the competing firm. The case was later transferred to federal court in December.

Joby’s legal representative Alex Spiro dismissed the countersuit claims. “Archer’s constant legal issues and flailing business operations have left it no choice but to resort to invented nonsensical theories,” Spiro stated. “We will see them in court.”

The countersuit further alleges that Joby received financial support and grants from Chinese authorities while maintaining what Archer describes as “a profound, undisclosed foreign dependency.” Archer contends that Joby has been “wrapping itself in the American flag” instead of being transparent about its Beijing connections, which allegedly provided unfair market advantages.

The timing of the countersuit coincides with a U.S. Department of Transportation announcement regarding eight new grant programs designed to accelerate air taxi and drone technology development. Both Archer and Joby are listed as participants in three of these programs.

These grant initiatives were originally announced by former President Trump as part of efforts to compete with China’s advancing drone and air mobility technologies.

Both companies are part of the rapidly growing electric vertical takeoff and landing aircraft industry, working to obtain certification and launch their flying vehicles to meet growing demand for faster, environmentally friendly urban transportation solutions.

Swiss engineering giant ABB is launching an aggressive acquisition campaign and has the financial firepower to complete several major deals worth billions of dollars, according to Chairman Peter Voser in an exclusive interview with Reuters.

Speaking from ABB’s headquarters in Zurich, Voser revealed that the company, which carries a market valuation of $159 billion, is currently assessing potential purchases ranging up to hundreds of millions of dollars while remaining ready to pursue much larger opportunities.

“If you look at our balance sheet and the cash flow we produce every year, and the $5 billion coming in from the robotics divestment, we could also do more than one larger deal,” Voser explained during the March 13 interview.

This marks a significant strategic shift for ABB, which has spent recent years divesting assets, including last year’s robotics division sale to SoftBank, rather than making major acquisitions.

When asked about speculation that ABB had explored a potential bid for French electrical equipment manufacturer Legrand, valued at approximately $43 billion, Voser remained tight-lipped about specific targets.

“ABB has never done such a large deal but generally speaking I wouldn’t completely rule out a deal of that size in the future,” he stated, though he noted that transactions similar to the company’s record $4.2 billion Baldor motor manufacturer acquisition were more probable.

The engineering firm, which competes directly with industry leaders Siemens and Schneider Electric, has recently concentrated on improving profit margins while divesting operations outside its core focus areas of electrification products for data centers and automation systems.

Voser indicated that upcoming acquisitions would target the electrification, motion, and automation sectors, noting the company remains “constantly in negotiations” regarding smaller transactions while larger deals continue to be discussed at the highest corporate levels.

“We want to grow organically by 5-7% on average per year, but we have aspirations to grow more, and that will come through M&A,” he said, referencing sales targets.

Addressing geopolitical concerns, Voser, a former Shell CEO, warned that the ongoing Middle East conflict could potentially disrupt global energy markets and economic demand if it continues.

“The longer it lasts, the more the global economy will suffer — you will get energy shortages, prices will go up, and that should have a direct impact on demand,” he cautioned.

The chairman emphasized that even a quick resolution wouldn’t immediately restore normal operations, explaining that complex energy infrastructure requires significant time to restart.

“To restart a refinery is not a one-day show; it will take one or two months before the whole global energy supply system would be fully working again,” Voser noted.

Despite these concerns, the IBM board member expressed continued optimism about demand related to electrifying data centers supporting artificial intelligence operations, which has emerged as a key growth driver for the company.

However, he issued a warning about potential instability in the AI sector, suggesting that debt-financed AI companies lacking revenue streams may face challenges, particularly creating credit pressures in the United States.

The 67-year-old executive, who has served as ABB’s chairman since 2015, also hinted at upcoming board changes beginning next year, potentially paving the way for his own departure by 2028 when he reaches age 70.

“We’re planning to make some changes to the board and then obviously at some stage my time comes as well,” he concluded.

A major European semiconductor company has announced an innovative approach to modernizing its manufacturing operations by introducing humanoid robots while simultaneously retraining its workforce, rather than shutting down older facilities.

STMicroelectronics revealed its strategy during a semiconductor industry conference held Thursday in Sopot, Poland, organized by the trade group SEMI. Thomas Morgenstern, who oversees manufacturing operations for STMicro, demonstrated the company’s vision by showing footage of a robotic worker handling silicon wafer carriers.

“This is the first one we have,” Morgenstern explained. “In the next couple of years, we are talking about numbers beyond one hundred humanoids doing jobs in our facilities.”

The initiative comes as European semiconductor manufacturers like STMicro and competitor NXP confront intensifying competition from global rivals, especially Chinese companies operating state-of-the-art automated production facilities that deliver superior efficiency.

Legacy chip manufacturing facilities, commonly called “fabs” in the industry, need substantial capital investment to remain competitive, yet many cannot accommodate newer equipment. Demolishing and reconstructing these plants presents complex challenges including steep costs, regulatory obstacles, and labor union negotiations across Europe.

Current EU Chips Act subsidies typically support only cutting-edge “first-of-a-kind” initiatives, leaving older manufacturing sites without funding eligibility. However, industry organizations like SEMI are advocating for expanded investment in existing supply chains and established industrial capabilities through a potential Chips Act 2.0.

STMicroelectronics launched a major restructuring effort in October 2024 involving the planned reduction of 5,000 positions. While the company has made headway with this initiative in France, similar efforts have encountered obstacles in Italy, underscoring the operational challenges facing the semiconductor manufacturer.

According to Morgenstern, the humanoid robots will handle routine and physically intensive work, enabling human employees to transition into more specialized positions where the company faces staffing shortages. The organization has initiated comprehensive training programs to prepare workers for these evolving job requirements.

“If you have a three or four-shift system, one humanoid can replace three out of four shifts,” Morgenstern told Reuters. “We don’t want to close any facility in Europe … the goal is to increase efficiency.”

German automotive giant Volkswagen announced Friday that it has commenced manufacturing of its inaugural electric vehicle created through a collaboration with Chinese electric car manufacturer Xpeng, marking a significant step in the company’s ambitious plan to regain its footing in the Chinese market through the introduction of more than 20 new models throughout this year.

The electric SUV, called the ID. UNYX 08, represents Volkswagen’s most extensive electric vehicle initiative ever undertaken in China, a crucial market where the German manufacturer is working to match the competition from domestic brands like BYD and Geely.

This new vehicle, scheduled for retail availability during the first six months of this year, symbolizes Volkswagen’s refreshed approach in the globe’s largest automotive marketplace, emphasizing domestic development and accelerated production timelines.

The German automaker has stated that its China-focused platform enables 30% faster vehicle development cycles. The company reported completing the ID. UNYX 08 from concept to production within a 24-month timeframe.

“Our ‘in China, for China’ strategy is delivering results,” said Ralf Brandstätter, Volkswagen Group board member for China.

“With the ID. UNYX 08, we are launching the Group’s largest electric vehicle offensive in China.”

The continent’s biggest automaker confronts another challenging year, characterized by trade tariffs and its struggle to reclaim China, its most important individual market, where it has surrendered territory to domestic competitors who have moved more rapidly to introduce technology-rich, affordable electric vehicles.

Chinese manufacturer Geely Auto surpassed Volkswagen in Chinese sales during the previous year, pushing the German company to third position after ending its ten-year market leadership, which BYD claimed in 2024.

Counting the more than 20 battery-electric and plug-in hybrid models planned for release by 2026, Volkswagen intends to introduce a combined total of 50 new electric vehicles in China before 2030.

The ID. UNYX 08 stems from a 2023 technological alliance with Xpeng, which supplies Volkswagen with self-driving technology and Turing AI processors incorporated into the new model.

A second collaboratively designed electric vehicle with Xpeng is planned for introduction later this year.

Production of both models will occur at Volkswagen’s Hefei manufacturing facility, located west of Shanghai, which maintains yearly production capability of 350,000 vehicles and currently manufactures the Cupra Tavascan SUV for European export markets.

Financial markets worldwide are grappling with mounting concerns over a prolonged Middle East conflict that could push oil prices to nearly $100 per barrel, triggering widespread selling in both bond and stock markets as investors worry about stagflation.

With leaders from Iran, Israel, and the United States maintaining firm stances as the conflict nears its two-week anniversary this Friday, market participants are preparing for continued instability by adopting defensive positions and purchasing U.S. dollars.

The diminishing possibility of a swift conflict resolution has dramatically altered expectations for global interest rates. Market participants have abandoned expectations for Federal Reserve rate cuts this year, a stark contrast to February when two reductions were anticipated.

Regarding the European Central Bank, financial markets now fully expect a rate increase by July, with a 70% probability of another hike by December. This represents a complete reversal from February, when traders saw approximately a 40% likelihood of rate cuts before year’s end.

Given these changing rate projections, several central bank meetings scheduled for next week will draw significant market attention as officials have opportunities to share their perspectives on inflation, interest rates, and economic growth.

European benchmark Bund yields reached their highest point in nearly two and a half years Thursday, while rate-sensitive two-year U.S. Treasury yields climbed to a six-month peak.

Among safe-haven assets, only the U.S. dollar has maintained strength since hostilities began, rising more than 2% against six major currencies.

Asian markets received some positive news as the United States granted a 30-day exemption allowing countries to purchase sanctioned Russian oil and petroleum products currently stuck at sea. This announcement helped ease oil prices and reduced some stock market losses.

Treasury Secretary Scott Bessent described the decision as a measure to bring stability to global energy markets, though the subdued market response highlighted persistent inflation concerns and pessimistic investor attitudes worldwide.

Both U.S. and European stock futures indicate a modestly positive opening, though maintaining that upward trend remains uncertain.

Important economic data releases scheduled for Friday include UK GDP figures, France’s consumer price index, and eurozone industrial and manufacturing statistics.

The tech giant Apple announced Thursday it will reduce commission charges for developers operating through its App Store in mainland China, marking a significant victory for Chinese app creators following regulatory pressure in what represents Apple’s second-biggest market globally.

Beginning Sunday, the California-based company will decrease fees for in-app purchases and paid transactions from the current 30% down to 25%, according to a company statement posted online. Developers participating in Apple’s small business and mini apps partner programs will see even steeper cuts, with their fees dropping from 15% to 12%.

The term “mini apps” describes smaller software programs that function inside larger applications, such as those found within Tencent’s popular WeChat platform.

This development represents a major breakthrough for Chinese app developers and companies operating “super apps,” including tech giants Tencent and ByteDance, the parent company of TikTok. These platforms serve as hosts for numerous smaller applications developed by third-party creators.

According to a Thursday report from the state-run Economic Daily, the fee reduction could save Chinese developers more than 6 billion yuan ($873 million) in operational expenses each year. The publication presented this change as beneficial for Chinese digital consumers.

“This adjustment will … improve consumption choices and information transparency,” the Economic Daily reported.

“The premium for digital goods and services on the iOS side will be gradually eliminated, and the prices of membership subscriptions, game recharges, live broadcast tips, mini programs and other scenarios are expected to decrease, which is expected to save consumers up to nearly 1 billion yuan per year.”

The controversial 30% commission, often called the “Apple Tax,” continues to face antitrust examination from regulators around the world. European Union legislation implemented in 2024 compelled Apple to reduce commission rates to between 10% and 17% for developers. Meanwhile, in the United States, Apple now permits users to make in-app payments through alternative payment systems.

“In China’s case, (Apple) have been talking with the IT ministry and other departments, and have been requested or pressured to reduce their fees,” explained Rich Bishop, who founded AppInChina, a consulting firm that helps international software developers launch their applications in China.

The timing of this announcement is notable, as it takes effect on World Consumer Rights Day this Sunday, when Chinese state media traditionally spotlights companies accused of violating consumer rights. Apple faced similar scrutiny in 2013 when state broadcaster CCTV criticized the company’s customer service practices, resulting in a public apology from Apple.

Bishop suggested that Chinese authorities might eventually require Apple to process App Store revenue domestically rather than overseas, while also increasing regulatory supervision of foreign applications distributed in China.

Apple has previously complied with Chinese internet regulators’ requests to remove certain applications, including virtual private networks (VPNs), from its China App Store.

VPNs work by masking users’ actual locations through reassigned device codes, allowing Chinese users and foreign businesses operating in China to circumvent the country’s strict internet censorship of international websites.

Bloomberg News reported last year that China’s antitrust authority was considering an investigation into Apple’s policies and App Store fees, while Chinese consumers filed an antitrust complaint regarding the company’s fee structure last October. Google recently reduced Android developer fees globally.

The fee reduction extends to international developers whose applications are available through the China App Store.

“Duolingo, the top-grossing education app in China, makes about $50 million a year from the Chinese market and this will be saving them a decent amount of money,” Bishop noted.

Elon Musk’s space exploration company SpaceX is reportedly favoring the Nasdaq stock exchange for its highly anticipated initial public offering, which industry experts believe could set records as the largest IPO ever conducted, according to four individuals with knowledge of the company’s internal discussions.

The rocket and satellite manufacturing giant has made early admission to the prestigious Nasdaq 100 index a key requirement for any potential stock market debut on the technology-focused exchange, two sources revealed. However, these plans remain fluid and subject to change, noted the individuals who requested anonymity due to the sensitive nature of the ongoing deliberations.

Previous reporting has indicated SpaceX is targeting an IPO timeline as soon as this June.

The New York Stock Exchange remains in contention for the high-profile listing, with neither exchange having received final word on SpaceX’s decision, according to multiple sources close to the situation.

The Nasdaq 100 index, managed by Nasdaq Inc, represents a premier collection of blue-chip stocks closely monitored by major institutional investors and serves as a key indicator of market health for the world’s largest publicly traded companies, including technology giants such as Nvidia, Apple, and Amazon. The index posted approximately 21% gains in the previous year and has shown modest declines year-to-date.

Last month, Nasdaq introduced a proposed regulation that could expedite the process for adding newly public megacap companies to its flagship index.

This potential rule change, still awaiting final approval and implementation over the coming months, aims to attract highly valued private enterprises including SpaceX, Anthropic, and OpenAI to choose the exchange for their public debuts.

The proposed “Fast Entry” provision would allow qualifying newly listed companies to join the index in approximately one month, provided their market capitalization places them among the index’s current top 40 constituents. SpaceX is reportedly pursuing a valuation near $1.75 trillion for its public offering, which would position it as the sixth-most valuable U.S. company based on current market prices.

Current regulations require newly public companies to wait as long as one year before becoming eligible for inclusion in major indices like the S&P 500 or Nasdaq 100, allowing time to prove their stability and capacity to manage substantial institutional investment flows.

Membership in elite indices such as the Nasdaq 100 or S&P 500 provides companies enhanced access to well-funded institutional investors who typically purchase substantial stakes for their index-tracking funds, expanding the shareholder base and enhancing trading liquidity over time. While the NYSE maintains a comparable index of its 100 largest U.S. stocks, it receives less attention from the investment community, making Nasdaq 100 inclusion particularly valuable for major IPOs.

For company leadership and early investors, improved liquidity could minimize market disruption from large stock sales following the expiration of lockup periods, which typically last 90 to 180 days post-IPO, though significant insider selling could still pressure share prices.

SpaceX has not responded to requests for comment regarding these reports.

Earlier reporting in February revealed that SpaceX advisers had contacted major index providers, including Nasdaq, to explore accelerated inclusion in key market indices.

The SpaceX public offering is anticipated to headline what appears to be one of the most active IPO periods in recent years, with numerous prominent venture-backed companies and startups, including OpenAI and Anthropic, preparing for their own market debuts.

The head of mining giant Glencore remains optimistic about rekindling merger discussions with Rio Tinto, banking on rising coal prices to strengthen his company’s negotiating position, according to three investors who met with executives from both firms in Australia this week.

Gary Nagle, Glencore’s chief executive, believes recent market shifts could pave the way for renewed talks aimed at forming what would become the world’s largest mining operation, the investors revealed in private discussions.

The two mining powerhouses had been negotiating earlier this year to create a massive $240 billion enterprise that would combine Glencore’s marketing operations and copper holdings with Rio Tinto’s mining expertise to meet surging demand for copper.

Those negotiations collapsed in February when the companies couldn’t agree on valuation terms. British regulations now prevent Rio Tinto from restarting discussions with Glencore for six months.

Despite the setback, Nagle expressed confidence about future opportunities to strike a deal, according to the three investors who requested anonymity due to the sensitive nature of the conversations.

“This is definitely not going away, unfortunately,” commented one investor who opposes the potential merger.

Both Glencore and Rio Tinto refused to provide comment when contacted.

Rio Tinto CEO Simon Trott had explained the breakdown during a February media briefing, stating: “Ultimately we formed the view that we couldn’t stand up a value case, and that’s where it stands.”

Market performance has shifted in Glencore’s favor since the talks ended. The Switzerland-based commodity trading and mining company’s stock has outpaced Rio Tinto’s this year, potentially giving Glencore grounds to demand a larger portion of any merged entity.

According to the sources, Glencore took issue with Rio Tinto’s valuation method, which relied on commodity spot prices from January 7 – the day before merger talks became public knowledge.

Nagle argued for incorporating future price projections rather than relying solely on that snapshot, the investors reported.

Market movements since January 7 have favored Glencore significantly. Coal prices and Glencore shares have surged 26%, while Rio Tinto’s stock has gained only 9% as declining iron ore prices limited its growth.

These shifts have increased Glencore’s share of the combined market value to approximately 35% from the previous 31.5%, moving closer to the 40% stake Glencore had sought in the rejected proposal.

Glencore expects Rio Tinto’s core iron ore business to face challenges as the market moves toward oversupply, sources indicated. Nagle believes this trend will continue shifting the companies’ relative values, making a future deal more feasible.

Some Australian investors questioned the logic of Rio Tinto reacquiring coal assets after previously selling them to enhance its environmental profile. Nagle reportedly told investors that Australia lagged behind Europe, where environmental concerns about coal were “no longer an issue,” according to one source.

While valuation remained the primary obstacle, five Australian investment funds sent a joint letter to Rio Tinto’s board on January 20 raising additional concerns about governance, particularly citing ongoing corruption investigations into Glencore’s business practices.

Glencore dismissed the Australian opposition as representing roughly 4% of total shareholders – a small but vocal minority.

However, sources emphasized that more than half of Rio Tinto’s profits originate from Australian operations, meaning any merger could significantly impact the country and would require government approval. Additionally, the deal would need support from 50% of Australian stock exchange shareholders present and voting, plus 75% of all votes cast.

One investor noted that Glencore had underestimated Australian resistance, though the company’s investor outreach efforts were showing results. This investor viewed Glencore as a viable investment if it listed on the Australian exchange but saw no meaningful operational benefits from the proposed merger.

Another investor suggested that short-term stock gains wouldn’t be enough to change Rio Tinto’s position. During January discussions, the companies disagreed on valuing Glencore’s undeveloped copper projects in Argentina.

“I don’t see how Rio can change their mind in six months just because coal has gone up and iron ore has gone down,” the investor concluded.

ByteDance, the Chinese corporation behind TikTok, is securing access to advanced artificial intelligence technology by partnering with a Southeast Asian cloud computing company, according to a Wall Street Journal report released Thursday.

The social media giant is collaborating with Malaysia-based Aolani Cloud to install approximately 500 Nvidia Blackwell computing systems, which would include around 36,000 B200 processors, sources with knowledge of the arrangement told the Wall Street Journal.

According to the report, Aolani obtains these server systems from Aivres, a company that builds servers incorporating Nvidia’s chip technology. If the partnership moves forward as planned, the computing equipment could carry a price tag exceeding $2.5 billion.

A spokesperson for Aolani informed the Wall Street Journal that the company currently operates with approximately $100 million worth of hardware equipment.

The computing infrastructure will support ByteDance’s artificial intelligence research initiatives outside China while helping the company respond to increasing worldwide customer demand for AI services, the report indicated.

Reuters was unable to independently confirm these details. Representatives from Nvidia, ByteDance, and Aolani Cloud did not provide immediate responses to Reuters’ requests for comment.

In February, Reuters reported that United States officials were prepared to permit ByteDance to purchase Nvidia’s H200 processors, though the semiconductor manufacturer had not accepted the proposed terms for their usage, according to a source familiar with the negotiations.

Medical technology giant Medtronic announced Tuesday its plans to acquire Scientia Vascular for $550 million, a strategic move designed to strengthen the company’s stroke treatment capabilities.

The Salt Lake City-based target company employs approximately 310 workers and specializes in manufacturing specialized guidewires and catheters designed for navigating blood vessels within the brain during medical procedures.

According to Medtronic, these specialized medical instruments will complement their current neurovascular product offerings without requiring significant integration challenges.

“The deal positions Medtronic with a full suite of products and supports procedures across both hemorrhagic and acute ischemic stroke,” stated Linnea Burman, who serves as senior vice president and president of Medtronic’s Neurovascular business division.

The medical device manufacturer anticipates completing the transaction during the first six months of fiscal year 2027.

Financial projections suggest the acquisition will have minimal impact on Medtronic’s adjusted earnings for 2027, with positive contributions expected in subsequent years.

While Medtronic confirmed that additional earn-out payments and milestone-based compensation could follow the initial purchase, company officials declined to provide specific details about these potential future payments.

HONG KONG (AP) — Stock markets across Asia declined Friday, mirroring overnight losses on Wall Street, as crude oil prices stayed close to $100 per barrel amid continuing concerns about Iran’s ongoing conflict and potential disruptions to global energy supplies.

Japan’s Nikkei 225 dropped 1.1% to close at 53,867.74, with technology stocks experiencing some of the steepest declines. SoftBank Group shares tumbled 4.5% during trading.

South Korea’s Kospi index decreased 1.3% to finish at 5,511.83.

Hong Kong’s Hang Seng declined 0.1% to 25,680.65, while mainland China’s Shanghai Composite managed a slight 0.1% gain to 4,131.44.

Australia’s S&P/ASX 200 posted a modest 0.1% increase to 8,639.60, while Taiwan’s Taiex dropped 0.7%.

U.S. futures showed a 0.4% advance.

Energy prices remained elevated, with Brent crude, the global benchmark, rising 0.6% to $97.22 per barrel. The international standard crossed above $100 on Thursday, after spiking near $120 earlier this week. U.S. benchmark crude slipped 0.2% to $95.22 per barrel.

Iran’s newly appointed Supreme Leader Ayatollah Mojtaba Khamenei made his inaugural public remarks Thursday, declaring that Iran would persist in its military campaign and continue utilizing the Strait of Hormuz as a strategic weapon against the United States and Israel. The vital shipping channel for oil and gas has been effectively blocked, causing major disruptions to maritime commerce.

Approximately 20% of global oil supplies pass through this strategic waterway, and attacks on vessels in and near the strait have already intensified fears “over the scale of supply disruption and persistent shipping bottlenecks,” according to commentary from Mizuho Bank analysts.

The Iranian leader’s statements followed President Donald Trump’s assessment that the conflict was “very complete,” raising questions about the duration of the current tensions.

Energy markets have experienced significant volatility since the Iran conflict started, with Brent crude climbing near $120 this week to reach its highest point since 2022. Despite the International Energy Agency’s Wednesday announcement that member nations would release a record 400 million barrels from emergency stockpiles, some economists doubt this measure will calm market fears.

Worldwide inflation is expected to intensify as energy costs surge, with higher fuel expenses already beginning to impact consumers across the globe. Increased energy prices could also drive up costs for artificial intelligence and semiconductor development and manufacturing, according to some analysts.

U.S. markets posted losses Thursday after experiencing significant fluctuations throughout the month. The S&P 500 fell 1.5% to 6,672.62, while the Dow Jones Industrial Average dropped 1.6% to 46,677.85, and the Nasdaq composite declined 1.8% to 22,311.98.

Companies with high fuel dependency experienced larger declines. Carnival, the cruise line operator, dropped 7.9%, while United Airlines fell 4.6%.

In Friday’s early currency trading, the U.S. dollar strengthened to 159.35 Japanese yen from 159.34 yen. The euro remained virtually flat at $1.1511.

Financial markets across Asia tumbled Friday as the continuing Middle East conflict involving Iran pushed oil prices toward the critical $100 per barrel threshold, triggering concerns about inflation and economic stability worldwide.

The ongoing war between the United States and Israel against Iran has dramatically reduced investor optimism about a quick resolution, keeping energy costs elevated and casting uncertainty over global economic prospects. Asian markets are heading toward their second consecutive week of losses.

Investors have flocked to the U.S. dollar as their preferred safe investment during this period of instability, weakening other currencies in the process. The dollar has strengthened for two straight weeks and has climbed 2% since the conflict began in late February.

Energy prices stayed near the significant $100 benchmark on Friday, though they dropped slightly in morning trading after the United States granted a 30-day permit allowing nations to purchase Russian oil and petroleum products currently stuck at sea. Brent crude was trading at $99.85 per barrel, while West Texas Intermediate reached $95.05 per barrel.

Throughout Asia, the MSCI Asia-Pacific stock index declined 0.5%, positioning for a 1.5% weekly drop. Japan’s Nikkei index fell 1.3%, South Korean technology stocks plummeted nearly 2%, and Taiwan’s market decreased 1%.

Iran’s new Supreme Leader Mojtaba Khamenei has intensified military operations throughout the Middle East region and pledged to maintain the closure of the Strait of Hormuz shipping corridor, leading investors to prepare for an extended conflict and sustained high energy costs.

Rising inflation concerns have forced markets to quickly adjust their expectations for central bank policies this year. Traders now predict only 20 basis points of interest rate reductions from the Federal Reserve, down from the 50 basis points anticipated last month.

“Markets were positioned for Fed cuts this year but the runway to justify Fed cuts is no longer there with the U.S. excursion into Iran,” said Prashant Newnaha, senior rates strategist at TD Securities. “The markets are recalibrating for a higher terminal rate.”

The decline in global stocks and bonds shows no indication of stopping. U.S. markets dropped significantly overnight, and two-year Treasury yields, which typically follow Federal Reserve rate expectations, reached a six-month peak Thursday.

“With the possibility of higher oil prices still elevated, investors should be prepared for continued volatility and potentially further downside in the near term,” said Vasu Menon, managing director of investment strategy at OCBC in Singapore.

Jose Torres, senior economist at Interactive Brokers, explained that rising oil prices are negatively affecting corporate profit margins, inflation expectations, rate reduction possibilities, and bond yields, creating market instability with limited options for investors.

“Indeed, sinking optimism about Fed rate reductions amid strengthening cost pressures is weighing on traditional safe havens such as silver, gold, and government debt.”

The two-year Treasury note yield decreased 3 basis points to 3.730% after reaching its highest point since August 22 on Thursday. This yield has increased 35 basis points during the two weeks since the war commenced. The 30-year bond yield has risen 24 basis points this month.

Market attention will turn to multiple central bank policy meetings next week, with the Federal Reserve, Bank of Japan, European Central Bank, and Bank of England all scheduled to convene. Most are expected to maintain current interest rates unchanged, while the Reserve Bank of Australia is widely anticipated to raise rates.

In currency markets, the euro traded at $1.1527, showing slight daily gains but still heading for nearly a 1% weekly decline. The dollar index reached 99.599, positioned for a 0.8% weekly increase.

The Japanese yen strengthened slightly to 159.13 per dollar, remaining near the 160 level, though discussions about possible government intervention have been relatively quiet. Analysts noted that Tokyo’s threshold for intervention is higher due to the oil price crisis.

“What was once a ‘line in the sand’ at 160 has evolved into more of a moving goalpost,” said Tony Sycamore, market analyst at IG.

“Against such a hostile macro backdrop, it makes little sense for authorities to waste precious intervention ammunition—whether verbal or physical, trying to defend the 160ish level this time around.”

Gold prices increased 0.7% to $5,114 per ounce Friday but remained on track for a 1% weekly decline.

WASHINGTON – Federal trade officials announced Thursday evening they have begun investigating 60 nations worldwide for alleged failures to address forced labor practices within their borders.

The investigations, launched under Section 301 trade law provisions, will examine whether foreign governments have adequately blocked imports of products manufactured using forced labor, according to the U.S. Trade Representative’s office.

“These investigations will determine whether foreign governments have taken sufficient steps to prohibit the importation of goods produced with forced labor and how the failure to eradicate these abhorrent practices impacts U.S. workers and businesses,” stated U.S. Trade Representative Jamieson Greer.

The wide-ranging probe represents a significant escalation in American efforts to combat what officials describe as unacceptable labor practices that harm both international workers and domestic economic interests.

Crude oil prices declined Friday morning following the United States’ decision to grant a temporary 30-day permit allowing nations to purchase Russian petroleum and oil products currently stuck on vessels at sea, providing some relief to global supply worries.

Brent crude fell 71 cents, representing a 0.71% decrease to $99.75 per barrel by 0123 GMT, while U.S. West Texas Intermediate crude dropped 88 cents, or 0.92%, reaching $94.85.

Treasury Secretary Scott Bessent described the permit as a measure designed to bring stability to worldwide energy markets that have been disrupted by the Iranian conflict.

“Issuing the license has eased market concerns, but it won’t resolve the most fundamental issue. The most important thing is the restoration of navigation in the Strait of Hormuz,” stated Yang An, an analyst with Haitong Futures.

This Russian oil announcement followed Thursday’s news from the U.S. Energy Department about releasing 172 million barrels from the Strategic Petroleum Reserve to combat soaring oil costs resulting from the Iranian war.

The Strategic Petroleum Reserve release was coordinated with the International Energy Agency, which committed to releasing an unprecedented 400 million barrels from strategic reserves worldwide, including America’s contribution.

According to IG analyst Tony Sycamore, the temporary market relief from the IEA announcement was quickly overshadowed by renewed escalation of Middle Eastern tensions.

Both major oil benchmarks jumped over 9% Thursday, reaching their peak levels since August 2022.

Iran’s new supreme leader Mojtaba Khamenei declared that Iran would continue fighting and maintain the Strait of Hormuz closure as bargaining power against the United States and Israel.

Iraqi security officials reported Thursday that two fuel tankers in Iraqi waters were hit by Iranian boats carrying explosives. An Iraqi official informed state media that the nation’s oil ports have ceased all operations.

According to a Bloomberg News report Thursday, Oman moved all ships away from its primary oil export facility at Mina Al Fahal, located outside the Strait of Hormuz, as a safety precaution.

However, additional steps are being implemented to address the growing threats.

Treasury Secretary Scott Bessent informed Sky News during an interview that the U.S. Navy, potentially working with an international alliance, would provide escort protection for ships traveling through the Strait of Hormuz when militarily feasible.

Reports indicate Saudi Arabia is paying extra costs to redirect tankers toward the Red Sea, utilizing its East-West pipeline system to deliver oil to international markets.

According to IG’s Sycamore, Iran is permitting one to two tankers daily to pass through, primarily bound for China, maintaining Chinese support while ensuring continued revenue flow.

WASHINGTON – Escalating fuel costs and unstable financial markets tied to the ongoing U.S.-Israeli conflict with Iran are creating mounting economic pressure for American families across all income brackets, threatening the consumer spending that economists had expected to fuel growth in 2024.

At the start of this year, financial experts believed both ends of America’s divided economy would maintain strong spending patterns. Wealthy households were expected to increase purchases based on rising investment portfolios, while working-class families would benefit from enhanced tax refunds due to new exemptions on overtime and tip earnings.

However, both groups now face distinct financial challenges. National fuel costs reached $3.50 per gallon by Tuesday morning, according to American Automobile Association figures – a 17% increase from approximately $3.00 before the conflict began. Every state except Kansas, where prices averaged $2.96, now sees gas above $3.00 per gallon. Market experts warn that continued shipping disruptions through the Strait of Hormuz could push prices to $4.00 if hostilities continue.

Financial markets have retreated from recent peaks, with uncertainty affecting household spending decisions based on portfolio values. This volatility was evident when President Donald Trump suggested Monday that the conflict might end quickly, boosting stock prices, only to moderate his comments overnight and leave open the possibility of prolonged fighting with its associated risks to global supply networks, commodity markets, and corporate profits.

Major American stock indexes showed little movement when Tuesday trading began.

For families with limited incomes, increased gasoline expenses could reduce spending in other areas, creating ripple effects across businesses that might then scale back hiring and investment plans amid growing uncertainty.

“The higher the price and the longer it goes the more you shift from higher prices benefitting some companies who boost oil production and get more revenue…to really pinching consumers and being a drag on the economy. There is some point of prices being at a certain level for a certain amount of time that it flips from being a plus to GDP to a drag on GDP and increasing the likelihood of a downturn,” explained Luke Tilley, chief economist at Wilmington Trust. He noted that oil prices in the $85 to $100 per barrel range sustained over several months would likely “materially increase the risk of recession because the labor market is already in such a challenging state.”

Benchmark Brent crude exceeded $116 per barrel Monday before dropping below $90, then climbing again Tuesday morning. Rather than de-escalation, U.S. Defense Secretary Pete Hegseth announced Tuesday would bring the most intensive strikes against Iran yet, while military leaders discussed targeting Iran’s mine-laying capabilities in the Strait of Hormuz – potentially clearing the way to restore oil shipments through the critical waterway where Middle Eastern petroleum transport has virtually ceased.

This rapid change in economic risks presents challenges for central bank officials, particularly in the United States, where policymakers had viewed the economy as fundamentally sound with balanced risks between inflation running about one percentage point above their 2% goal but expected to decline, and unemployment holding steady around 4.3% with no clear indication of imminent increases.

That assessment now faces pressure from multiple directions: with the economy unexpectedly losing jobs in February, there’s additional concern that conflict-related uncertainty could make businesses more cautious about hiring, while inflation could broaden if higher oil prices increase costs for shipping, home heating, and other sectors.

Although elevated fuel prices might only temporarily affect inflation, or could potentially reduce broader price pressures if consumers cut spending elsewhere and overall growth slows, the current situation presents additional risks.

Research conducted by Kansas City Federal Reserve economists following oil price spikes in 2022 after Russia’s Ukraine invasion found that increases in highly visible consumer prices like gasoline can disproportionately impact household inflation expectations when those expectations are already elevated by previous price shocks – a concern Fed policymakers continue monitoring and cite as justification for maintaining restrictive monetary policy to control expectations.

Investors still anticipate Fed interest rate cuts this year, but the timing has been pushed back following the start of U.S. military action, potentially creating tension among policymakers between inflation and growth concerns.

The Federal Reserve meets next week and is expected to maintain its current policy rate in the 3.5% to 3.75% range.

Vincent Reinhart, chief economist at BNY Investments and former senior Fed official, said it’s premature for the central bank to draw conclusions about likely economic consequences from the conflict. Even growth concerns must be balanced against the fact that America’s position as a net energy producer means while higher global prices increase pump costs for U.S. consumers, they also generate higher income and potentially more jobs and investment for domestic energy companies.

However, prolonged elevated prices increase risks, with per-barrel costs in the upper $90 range lasting a month or more representing the type of significant shock that could begin undermining consumption and growth.

“You have to have prices meaningfully higher than what people are used to,” for an oil shock to alter the U.S. economy’s trajectory, Reinhart said. “It’s got to be big enough. We’re not at the big enough stage.”

The United States has authorized a temporary 30-day permit allowing nations worldwide to purchase Russian crude oil and petroleum products currently trapped aboard vessels at sea, according to an announcement from Treasury Secretary Scott Bessent aimed at stabilizing global energy markets disrupted by the Iran conflict.

This development follows the U.S. Energy Department’s announcement one day earlier that America would tap its strategic petroleum reserve for 172 million barrels of oil to help control soaring energy prices triggered by the Middle East war.

The strategic reserve release represents part of a larger coordinated effort by the 32-member International Energy Agency to inject 400 million barrels into global markets. Agency officials declared Thursday that the Middle Eastern conflict has created the most severe oil supply shortage in recorded history.

Speaking on social media platform X after benchmark crude prices surged past $100 per barrel, Bessent characterized the authorization as “narrowly tailored” and “short-term” while emphasizing it would not deliver substantial financial gains to Russia’s government.

“The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,” Bessent stated, reflecting President Donald Trump’s position on the matter.

The authorization, which covers Russian crude oil and petroleum products loaded onto ships by March 12, will expire at midnight Washington time on April 11, based on documentation published on the Treasury Department’s official website.

Previously, the Treasury Department had granted India a specific 30-day exemption on March 5, permitting New Delhi to acquire Russian oil stranded at sea.

Additional measures to address energy costs include Trump’s directive for the U.S. International Development Finance Corporation to offer political risk insurance and financial backing for maritime commerce in the Gulf region, while also considering U.S. Navy escort services for regional shipping.

The Trump administration is also evaluating a temporary suspension of the Jones Act shipping regulation to facilitate unrestricted movement of energy and agricultural commodities between American ports, according to White House officials. Suspending this rule would permit foreign vessels to transport fuel between U.S. ports, potentially reducing costs and accelerating deliveries.

“The president is taking every action he can to lower prices … unsanctioned oil that’s at sea to get that into the market, continuing to push our own producers to drill and expand production as fast and as far as they can, providing regulatory relief, and you’re going to see more and more in the days to come,” White House Deputy Chief of Staff Stephen Miller explained during an appearance on Fox News’ “Primetime” program Thursday evening.

Approximately 124 million barrels of Russian-origin crude oil remained aboard vessels at 30 different locations worldwide as of Thursday, according to Fox News reporting, with the U.S. authorization potentially providing five to six days of additional supply considering daily losses from the Strait disruptions.

Earlier Thursday, Trump suggested the United States could profit significantly from elevated oil prices caused by the conflict, drawing criticism from some congressional members who accused him of prioritizing wealthy interests.

Military actions by the United States and Israel against Iran, followed by Tehran’s retaliation, have escalated regional tensions and halted shipping through the Strait of Hormuz, disrupting critical Middle Eastern oil and natural gas transportation routes while driving energy costs upward.

Iran’s Islamic Revolutionary Guard Corps has threatened to block all Gulf oil shipments unless American and Israeli military operations end, raising concerns for the global economy.

A major Dutch semiconductor equipment company has become the target of acquisition efforts from several American firms, driven by increasing demand for specialized chip packaging technology essential to artificial intelligence applications.

BE Semiconductor Industries, traded on Amsterdam’s stock exchange with a valuation of 14 billion euros ($16.20 billion), has received multiple buyout proposals and enlisted Morgan Stanley’s investment banking services to assess these offers, according to three individuals with knowledge of the situation who requested anonymity due to the confidential nature of the negotiations.

Among the companies pursuing the Dutch firm is U.S. semiconductor equipment manufacturer Lam Research, which has engaged in acquisition discussions, one source revealed. Applied Materials, another American equipment producer that purchased a 9% ownership stake in BESI last April to become its top shareholder, also represents a potential buyer, according to multiple sources.

The acquisition conversations began in mid-2025 but experienced a temporary halt earlier this year amid escalating diplomatic tensions between the United States and European Union regarding President Donald Trump’s efforts to gain control over Greenland, one person explained. Any purchase of the Dutch company would require national security clearance due to its strategic technology. Despite this pause, interested parties including Lam Research have maintained their pursuit and recently resumed talks, the source added.

When contacted for comment, BESI, Morgan Stanley, and Applied Materials all declined to respond, while Lam Research did not provide an immediate reply. In 2024, BESI stated its dedication to continuing operations as an independent entity, referencing media coverage about potential strategic transactions involving the company.

The acquisition interest underscores BESI’s valuable position in advanced packaging technology, which plays a crucial role in developing next-generation semiconductors for artificial intelligence and high-performance computing applications.

This advanced packaging currently represents a significant production constraint for the semiconductor industry. BESI and Applied Materials have maintained an extended partnership focused on hybrid bonding technology, which creates direct chip connections through copper-to-copper links, enabling enhanced data transmission speeds and reduced power usage in sophisticated semiconductors.

Degroof Petercam analyst Michael Roeg noted in April that BESI investors “will assume that Applied Materials will eventually want to buy the entire company.”

Financial institutions across China are redirecting their lending focus toward technology companies and innovative businesses, banking officials report, following the government’s announcement of an aggressive artificial intelligence expansion strategy designed to establish dominance in emerging industries.

This shift in credit distribution toward the tech sector is already in motion and expected to gain momentum following government plans announced recently to fully commit to technologies spanning AI, semiconductors, and advanced manufacturing, according to banking sources.

During the annual National People’s Congress gathering, China’s leadership committed to providing substantial funding and policy backing for technology and innovation initiatives over the coming five years.

A representative from a prominent state-controlled bank informed Reuters that technology financing has become a top priority for new loan distribution this year, with the institution increasing funding to areas such as advanced manufacturing, artificial intelligence, and biotechnology.

The financial institution is examining the possibility of introducing new lending products featuring reduced interest rates, specifically created for small and micro-scale technology startups, according to the official, who requested anonymity due to lack of authorization to discuss the matter publicly.

A business lending executive at a joint-stock bank located in Jiangsu province reported that the institution has established a goal of 30% growth in new loans to high-technology and innovation companies in 2026, an increase from approximately 20% in the previous year.

Although this development provides banks with a new avenue for lending expansion as they recover from a property sector debt crisis and economic slowdown, analysts caution that the emerging nature of these target companies and insufficient collateral in certain situations could create asset-quality concerns.

Loans outstanding to small and medium-sized technology companies totaled 3.63 trillion yuan ($528 billion) by the end of 2025, representing a 19.8% increase from the previous year and exceeding overall loan growth by 13.6 percentage points, based on central bank statistics.

In contrast, outstanding real estate loan values decreased 1.6% during the same timeframe to 51.95 trillion yuan by year’s end, highlighting a significant capital reallocation away from the sector that previously dominated bank portfolios.

“This shift is essentially the result of the real estate adjustment combined with policy mandates,” stated Xiaoxi Zhang, China finance analyst at Gavekal Dragonomics, noting that the property sector situation was “too severe” to do much lending.

“At the same time, regulators are vigorously promoting technology finance with various assessment targets, so banks are indeed working hard to develop loan products suitable for high-tech companies,” Zhang explained.

The National Financial Regulatory Administration, China’s banking oversight body, did not provide a response to Reuters’ request for comment.

China’s technology emphasis reflects its necessity to address an aging population and approaching demographic challenges, intense competition with the United States for technological leadership, and significant advancement by Chinese AI model developers.

Considering the reluctance among international financial companies to provide loans to advanced Chinese technology firms due to U.S.-China tensions, analysts indicate that domestic startups must depend on local funding sources, which are primarily dominated by bank lenders.

In Monday statements, major state-owned institutions China Construction Bank and Bank of China declared they would fulfill their obligations by supporting national strategic technology programs.

A lending officer at a medium-sized Shanghai-based bank reported to Reuters that the institution has established a specialized expedited approval process for advanced technology companies, though the official declined to elaborate further.

“This has become a political mandate – if you don’t perform well in this area, it affects the performance assessments of the bank president and the branches below,” the loan officer said, also requesting anonymity.

Technology loans represent a minor portion of bank lending – credit to high-technology and innovation companies plus small and medium-sized tech firms reached approximately 8% last year, compared with roughly 19% for real estate, according to central bank information.

Despite the limited percentage of technology lending, some loans may become problematic, particularly in industries experiencing overcapacity, noted Ming Tan, a director at S&P Global Ratings.

“Compared with traditional sectors, many tech startups are in the early stages with negative operating cash flows, higher failure rates and collateral that is often intellectual property,” said Gary Ng, a senior economist at Natixis.

“These make it hard for banks to assess their prospects of business models and evaluate potential recovery rates.”

Damaging workplace communications where a Live Nation worker called concert-goers “so stupid” and boasted about “robbing them blind, baby” are now part of the public record in a federal antitrust case targeting the entertainment company and its Ticketmaster division.

These inflammatory messages, sent between late 2021 and early 2023 through the workplace platform Slack, were spotlighted Wednesday in court documents filed by prosecutors in Manhattan federal court. Government attorneys want these communications admitted as evidence in their week-old lawsuit against Live Nation and Ticketmaster.

Federal prosecutors alongside 39 states and Washington D.C. claim the companies have eliminated competition and inflated ticket costs for music fans through intimidation, retaliation and other methods designed to “suffocate the competition” by dominating nearly every sector of the entertainment business, from concert promotion to ticket sales. Live Nation and Ticketmaster counter that performers, sports organizations and venues determine pricing and sales methods.

According to government attorneys, the communications should be allowed in court because they represent “candid, internal messages” where Ben Baker “calls fans ‘so stupid,’ explains that he ‘gouge(s)’ them, and brags that Live Nation is ‘robbing them blind, baby.’”

Court filings to Judge Arun Subramanian reveal that Baker held the position of regional ticketing director overseeing a major Florida amphitheater when he made these statements, but has since received a promotion to lead ticketing operations for Venue Nation, managing all Live Nation properties.

According to prosecutors, the workers were debating Live Nation’s pricing for VIP section access at a concert at the MidFlorida Credit Union Amphitheatre in Tampa when Baker described the costs as “outrageous,” called “these people are so stupid” and wrote “I almost feel bad taking advantage of them” followed by “BAHAHAHAHAHA.”

Live Nation is fighting to exclude these materials from the trial, arguing the messages represent “off-the-cuff banter, not policy” between two personal friends who don’t work in the same department.

Defense attorneys argue the communications don’t connect to the antitrust allegations. They claim the employees were making “passing references to non-ticket ancillary products — such as VIP club access, premier parking, or lawn chair rentals — sold to concertgoers at two amphitheaters” in Florida and Virginia.

However, attorneys representing the plaintiff states and federal government maintain that “excessive prices for ancillary services are directly relevant” to their case and that “ancillaries are a significant way that Live Nation monetizes its monopoly position in the amphitheater market.”

In a Thursday statement, the company declared the Slack conversation “from one junior staffer to a friend absolutely doesn’t reflect our values or how we operate.”

The company continued: “Because this was a private Slack message, leadership learned of this when the public did, and will be looking into the matter promptly.”

These exhibit disputes emerged after Bloomberg News, The New York Times, MLex (a legal and regulatory publication), and Inner City Press petitioned for their public release.

The trial’s future remains uncertain following this week’s announcement that the federal government reached a settlement agreement with Live Nation that would provide Live Nation’s competitors some access to ticket sales they’re currently blocked from.

More than two dozen state attorneys have requested the current trial be dismissed and a fresh jury selected in coming weeks. The jury that started hearing testimony last week was instructed to remain home this week with expectations the proceedings would restart Monday.

Judge Subramanian has urged attorneys for the states and Live Nation to engage in negotiations this week before informing him by late Friday whether they’ve achieved an agreement.

While the parties haven’t disclosed details about negotiation progress publicly, a Live Nation attorney suggested during Tuesday’s court session that reaching a quick settlement with all states was unrealistic.

In correspondence to the judge Thursday, a states’ attorney indicated the trial would likely continue, noting the judge must decide on the Slack message evidence because his ruling will significantly impact which witnesses the states plan to call as they “prepare to resume trial next week.”

A major homebuilding company reported disappointing delivery numbers for the first quarter on Thursday, falling short of financial analysts’ expectations as America’s housing affordability crisis continues to hurt sales.

Lennar, headquartered in Miami, Florida, saw its stock price drop 1.2% in after-hours trading following the announcement.

“Our first quarter of fiscal year 2026 was defined by the same persistent headwinds that have challenged the housing market for over three years — high mortgage rates, constrained affordability, cautious consumer sentiment, and geopolitical uncertainty, especially now including the recent conflict in Iran,” stated Stuart Miller, who serves as Co-CEO of Lennar.

The homebuilder completed construction and delivered 16,863 homes during the three-month period, falling short of the 17,677 homes that Wall Street had projected, based on LSEG data.

Companies that build single-family homes, including Lennar, have faced declining sales for multiple quarters as housing shortages from years of insufficient construction, combined with ongoing inflation, have driven up home prices significantly.

To maintain profit margins, the company has implemented cost-cutting measures and offered strategic incentives such as mortgage rate reductions to attract buyers.

Despite these efforts, confidence among U.S. homebuilders dropped for the second consecutive month in February, according to industry surveys, as high land costs, expensive construction materials, and home prices that remain out of reach for many buyers continue to weigh on the market.

The National Association of Home Builders/Wells Fargo Housing Market index declined by one point to reach 36 in February, staying below the neutral 50-point threshold for 22 months in a row.

Looking ahead, Lennar projects it will complete between 20,000 and 21,000 home deliveries in the upcoming second quarter, slightly below analysts’ forecast of 20,232 units.

For comparison, the company delivered 20,131 homes during the same quarter in 2025.

The homebuilder anticipates its second-quarter gross profit margin on home sales will fall to between 15.5% and 16%, down from the previous 17.8%.

When excluding one-time items, the company earned 88 cents per share in the first quarter, missing Wall Street’s expectation of 96 cents per share.

Total revenue for the quarter ending February 28, 2026, reached $6.62 billion, below the anticipated $6.88 billion that analysts had predicted.

Medical equipment manufacturer Stryker announced Thursday that a cyberattack targeting its computer networks has severely impacted business operations across the company, disrupting everything from order processing to manufacturing and shipping capabilities.

A hacking organization with ties to Iran, known as Handala, has taken credit for the cyber breach, stating the attack was carried out as payback for a military strike on a girls’ educational facility in Minab, located in Iran’s southern region.

The educational facility was struck during the initial day of coordinated U.S.-Israeli military operations against Iran, resulting in approximately 150 student fatalities, as reported by Iran’s U.N. representative in Geneva, Ali Bahreini. Reuters has been unable to confirm this casualty count independently.

The company initially revealed the security incident on March 11, describing it as a global disruption affecting its Microsoft technology infrastructure.

Despite the widespread operational impact, Stryker emphasized that patient care services and its internet-connected medical devices have remained uncompromised, though officials acknowledge the complete scope and monetary consequences remain unclear.

The medical device manufacturer, which employs 56,000 people worldwide and maintains facilities across 61 nations, continues to investigate the security breach.

NEW YORK — A tentative agreement between Live Nation and federal prosecutors this week promises to give music venues and artists additional options for ticket sales, though skeptics question whether the deal will deliver real benefits to concert fans.

Concert ticket purchases have long been a source of frustration and expense for music lovers. Live Nation, which has owned Ticketmaster since 2010, has faced significant criticism from fans, performers, and government officials alike.

The Justice Department announced Monday, during an ongoing trial, that it had reached a preliminary settlement over allegations that Live Nation operates an illegal monopoly that stifles competition and inflates live music costs. Federal officials praised the agreement for creating new opportunities for promoters and venues while ending what they called unlawful market control. Live Nation, while continuing to deny wrongdoing, stated the settlement would provide artists with greater ticketing flexibility while maintaining reasonable costs for fans.

However, the agreement stops short of breaking up Ticketmaster and Live Nation, which was an initial objective in the DOJ’s 2024 lawsuit.

Opponents characterized the deal, which awaits court approval, as favoring the corporation over consumers. More than two dozen states announced their intention to continue pursuing the case.

Industry analysts emphasize that addressing concert fans’ primary concerns will require action beyond this legal settlement.

Ticketmaster holds the position as the globe’s biggest ticket distributor for live entertainment. Company records show it processed 646 million tickets through its systems in 2025. Live Nation maintained ownership, operational control, exclusive booking arrangements, or financial stakes in 460 venues worldwide, including 78 amphitheaters.

The legal action focuses on major concert facilities using Ticketmaster for sales, typically venues accommodating 8,000 or more attendees. Settlement documents indicate Live Nation agreed to allow these locations to establish new contracts for selling portions of their tickets through companies other than Ticketmaster. However, venues could still maintain completely exclusive Ticketmaster arrangements for up to four years.

For amphitheaters under Live Nation’s ownership or management, the company committed to limiting service charges to 15%. Additionally, promoters at these amphitheaters may independently decide how to distribute up to half of available tickets.

While expanded selling alternatives could theoretically provide consumers with more options, the agreement only makes this possibility available rather than mandatory for venues considering competitors like SeatGeek or AXS.

Regarding technology, Ticketmaster also committed to creating backend systems for listing and delivering tickets through “any third-party primary marketplaces,” though only for participating venues that choose this option.

Bill Werde, who directs Syracuse University’s Bandier music business program, noted that Live Nation would “continue to benefit from the synergy of selling both the shows and the tickets.” Even if competitors utilize Ticketmaster’s technology, he explained, “I have to imagine they will always have a competitive advantage as the company that owns it.”

Werde remains doubtful about consumer advantages, describing the agreement as addressing just “one small part” of concert fans’ main complaints: fees. The proposed 15% limit applies only to amphitheaters, not all Live Nation-owned or operated venues.

Others note uncertainty about how this compares to existing charges overall, since service fees are divided between venues and ticketing platforms.

Shubha Ghosh, who leads intellectual property law at Syracuse, anticipates seeing minimal impact on ticket costs at most. He questions whether major artists will reduce their prices or whether aggressive resellers will decrease activity soon — factors he and Werde identified as primary drivers of extremely high prices American consumers encounter today, though these issues fall outside this case’s scope.

Live Nation emphasized it made substantial compromises to the government. Dan Wall, the company’s executive vice president of corporate and regulatory affairs, described the agreement as a “very good outcome for artists and venues” and said the conditions exceeded what the government achieved in previous competition cases.

“People who are trying to dismiss this as inadequate are not being realistic,” Wall said.

Monday’s preliminary agreement establishes a $280 million settlement fund for state damage claims.

Critics dismissed this amount as insignificant compared to Live Nation’s $25.2 billion revenue last year.

The $280 million payment, either fully or partially, depends on states accepting the deal. Attorneys general from over two dozen states — including New York and California — committed to continuing their fight, potentially leading to additional compensation or what they consider superior consumer and artist benefits compared to the Justice Department agreement.

Kenneth Dintzer, a Crowell & Moring partner and former DOJ Antitrust Division senior trial counsel, explained there’s “an opportunity for the states, if they want to keep litigating, to continue to try to break (Live Nation) up.” He added, “So this creates a floor, not a ceiling necessarily.”

The preliminary settlement requires court approval. Dintzer, who spent over 30 years at the DOJ, described the current terms as “bare bones” — emphasizing that important details must be completed before a final order.

Future litigation remains closely watched. States rejecting the DOJ agreement plan to proceed, though they’ve requested the judge dismiss the current trial and begin with a new jury within one to two months.

“We will keep fighting this case without the federal government so that we can secure justice for all those harmed by Live Nation’s monopoly,” New York Attorney General Letitia James said following Monday’s announcement.

A DOJ representative confirmed states could pursue their claims while noting the federal government “sought meaningful relief for consumers now” rather than prolonged litigation. The official stated the settlement would “open up” the ticketing market and “enable competition which will lower prices.” Monday’s agreement comes during broader DOJ changes under the Trump administration, which removed the agency’s antitrust division leader last month.

Industry experts stress additional measures are needed to assist concert fans beyond this case’s scope. Werde highlighted the largely unregulated American resale market — where a “typical fan can’t even buy a ticket” due to overwhelming demand during mass sales and bot attacks that quickly purchase tickets for resale at higher prices.

Werde advocated for stronger anti-scalping legislation, including prohibiting ticket resales above original listing prices, along with broader fee limitations. Beyond federal action, several states have begun addressing these issues.

“We’ve seen this work in other countries. It’s not that complicated,” Werde said. “The ideal scenario would be one where every fan and everyone in business knows that artists set the prices — and that once artists set those prices, that’s basically what fans are going to pay.”

A major media data company has taken legal action against the creators of ChatGPT, claiming its copyrighted material was stolen to help train the popular artificial intelligence system.

Gracenote, owned by Nielsen, filed the federal lawsuit in Manhattan court on Tuesday. The company specializes in creating detailed information about movies, television shows, and other entertainment content.

According to the legal filing, OpenAI improperly took Gracenote’s protected material to teach ChatGPT how to generate similar content descriptions and identification tags without obtaining proper authorization.

An OpenAI representative defended the company’s practices, stating their artificial intelligence systems “empower innovation, and are trained on publicly available data and grounded in fair use.”

Gracenote’s chief executive Jared Grusd criticized OpenAI’s actions in a public statement, saying the company “chose to use decades of our proprietary work without permission to build and sell its models.”

The lawsuit seeks unspecified financial compensation and a judicial order preventing OpenAI from continuing to utilize Gracenote’s information.

Gracenote highlighted that it maintains a workforce of over 1,000 editors who “painstakingly source, ingest, aggregate, research, edit, write, curate, and link content” to build comprehensive databases about entertainment programming.

The legal complaint demonstrates that researchers were able to get ChatGPT to generate exact copies of Gracenote’s descriptions and tags for hit television series such as “Breaking Bad,” “Game of Thrones,” “The Office” and “Saturday Night Live,” suggesting OpenAI incorporated this material during the training process.

Gracenote typically earns revenue by licensing its entertainment metadata to media distribution companies. The lawsuit notes that the company also provides authorized licensing agreements to other artificial intelligence developers for training purposes. The complaint argues that OpenAI’s unauthorized usage could damage both of these business segments.

Federal banking regulators working under President Trump are set to release revised capital requirements this month that will reshape how major financial institutions calculate risk and determine reserve funds for potential losses.

The updated “Basel Endgame” regulations have generated significant debate since their initial introduction in 2023 during the Biden administration, prompting fierce resistance from major Wall Street institutions who argued the rules would damage lending practices and economic growth.

However, opponents of the banking industry contend that financial institutions currently hold substantial cash reserves and that modifications to these regulations would undermine important protections established following the 2007-09 financial crisis, particularly as geopolitical tensions from Iran-related conflicts and declining private credit markets create market instability.

Federal Reserve Vice Chair for Supervision Michelle Bowman announced Thursday that the revised proposal, when paired with adjustments to additional capital regulations, will moderately decrease capital requirements for numerous lending institutions.

Understanding the Basel Framework

The Basel Committee on Banking Supervision operates under the Bank for International Settlements in Basel, Switzerland, working to establish consistent global minimum capital standards that enable banks to withstand loan defaults during economic downturns.

Following the 2007-09 worldwide financial crisis, the committee developed the “Basel III” framework, incorporating multiple capital, leverage and liquidity mandates for banking institutions. International regulators have spent years implementing these standards, with the “endgame” version, finalized in 2017, representing the concluding phase.

The Federal Reserve spearheads this initiative in America, collaborating with the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency.

Reasons for the New Proposal

The initial 2023 Basel proposal, developed under Bowman’s Democratic predecessor Michael Barr, suggested increasing capital by 16%. Major banks warned this could elevate their requirements by up to 20%. This surprised the financial sector, which anticipated the regulation would redistribute capital while maintaining relatively stable overall amounts.

Banking institutions responded with an extraordinary lobbying campaign and public relations effort, including attack advertisements during football broadcasts, claiming the regulations were unwarranted since banks already maintained adequate capital levels and would harm lending, small businesses and economic growth. Financial institutions also threatened legal action.

Barr committed to revising the regulation, but the three regulatory agencies failed to reach consensus on implementation, allowing the matter to transition to the Trump administration, which has typically supported industry positions.

Proposal Objectives and Expected Effects

The American proposal would restructure how large banks assess risk and subsequently determine appropriate capital reserves against potential losses. Primary focus areas include credit risk, market risk and operational risk.

Bowman stated Thursday that the new proposal would “right-size” requirements to better address risks while reducing redundancies. The modifications would also provide banks relief for activities regulators consider less risky and wish to encourage, including mortgage lending.

For smaller banking institutions, the plan would establish new standardized risk measurements that would “moderately reduce” their requirements and promote lending activities.

Overall, Basel regulations are still anticipated to slightly increase capital for the largest, highest-risk banks. However, when combined with changes to surcharges imposed on risky global or “GSIB” American banks, capital at major Wall Street institutions would decrease by “a small amount,” according to Bowman.

The GSIB Surcharge Explained

The GSIB surcharge mandates that eight major American banks considered globally risky maintain additional capital reserves. These large institutions have long advocated for updates to the surcharge calculation methodology.

Bowman announced Thursday that the Fed intends to update certain calculation components, which remained fixed since 2015, to account for economic growth and more accurately represent bank size relative to the global economy. The Fed had previously considered this modification, but efforts stalled during the broader Basel controversy.

The Fed also plans to adjust requirements for reserves related to short-term funding risks, as Bowman argued these had become more expensive than originally anticipated.

Opposition Perspectives

While regulatory specialists acknowledge the reasonableness of questioning capital allocation methods, many argue that current system-wide amounts are appropriate and that reducing capital and liquidity mechanisms will ultimately weaken financial system protections. Thursday, Democratic Senator Elizabeth Warren, who helped develop regulations implemented after the 2007-09 crisis, stated the changes endanger the economy.

Research conducted by Stephen Cecchetti, a Brandeis International Business School professor who analyzed comprehensive Fed loan data spanning more than ten years, discovered no clear evidence that higher bank capital requirements resulted in reduced lending by American banks, Reuters reported in 2024. Cecchetti also contributed to post-crisis Basel rule development.

Future Steps

Bowman indicated the Fed will vote on the proposals shortly and public feedback will be accepted. Regulators have expressed intentions to proceed quickly, but the proposals are extensive and complex, potentially requiring many months to finalize drafts.

Crude oil experienced its steepest single-day decline since 2022 on Tuesday, dropping more than 10% as investors grew optimistic about potential de-escalation of Middle East conflicts. While stock markets in Asia and Europe posted significant gains, American markets moved in the opposite direction with U.S. equities closing slightly lower.

Market analysts are drawing comparisons between current stresses in private credit markets and the subprime mortgage crisis of 2007. Though this doesn’t necessarily signal an impending global financial crash, experts warn investors should remain vigilant about underlying market risks.

The trading day showcased unusual market dynamics, with timing proving especially critical for oil traders who faced record-breaking intraday price swings. Crude oil fluctuated within a $36 range on Monday, creating conditions where leveraged positions could generate or destroy significant wealth within minutes.

Market sensitivity to news headlines became apparent when oil prices extended their decline after U.S. Energy Secretary Chris Wright posted on social media about navy escorts through the Strait of Hormuz, suggesting supply constraints might be easing. However, the post was removed shortly after, causing oil to rebound approximately $10, with additional support from CBS reports indicating U.S. intelligence detected potential Iranian plans to deploy mines in the strategic waterway.

Key market movements included solid Asian gains, particularly South Korea’s 6% surge, and European benchmark indices rising as much as 3%. Conversely, the S&P 500 declined 0.2% while the Nasdaq and Dow ended flat. In U.S. sectors, only communications services and technology posted gains, while energy dropped 1.3%. Top Dow performers included 3M, Cisco, and Caterpillar, while Boeing, Salesforce, and Chevron led declines. Oracle jumped 8% in after-hours trading.

Currency markets saw the dollar weaken as safety demand diminished, with the Australian dollar leading G10 performers and Chile’s peso topping global gains at 2%. Bond markets experienced yield reversals, ending slightly higher at the long end with curve steepening of up to 4 basis points, though the three-year auction showed weakness.

Commodity markets reflected the day’s volatility, with oil tumbling 11% in choppy trading while gold declined 2%.

Meanwhile, China’s export engine accelerated dramatically, with shipments surging 22% in the first two months of 2024, more than tripling December’s growth rate and exceeding Reuters forecasts. The January-February trade surplus reached $213 billion. As tariffs reduce U.S.-bound shipments, Chinese trade with other regions is flourishing, potentially breaking last year’s record $1.2 trillion trade surplus. This contrasts sharply with German export data showing January’s fastest decline since May 2024.

Looking ahead, market watchers will monitor Middle East developments, energy market movements, Japanese wholesale inflation data, German CPI figures, European Central Bank officials’ speeches, U.S. Treasury’s $39 billion 10-year note auction, U.S. CPI inflation data, and Federal Reserve Vice Chair Michelle Bowman’s remarks on supervision and regulation.

Database software giant Oracle Corporation experienced a significant stock price boost Tuesday evening, with shares climbing 8% in after-hours trading following the company’s optimistic projections about artificial intelligence revenue lasting through 2027.

The technology firm announced that surging demand for AI data center services will drive revenues well past what Wall Street analysts had predicted, helping to ease investor worries about whether Oracle’s expensive multi-billion dollar investment in AI infrastructure would deliver returns fast enough.

A crucial metric called remaining performance obligations, which indicates future contracted revenue, skyrocketed 325% compared to the previous year, reaching $553 billion and surpassing the $540.37 billion projection from four Visible Alpha analysts.

According to a company statement, the majority of this quarter’s RPO growth stems from major AI contracts where Oracle “does not expect to have to raise any incremental funds.”

Oracle also boosted its revenue projection for fiscal 2027 to $90 billion, exceeding analyst predictions of $86.6 billion based on LSEG data.

eMarketer analyst Jacob Bourne commented on the results, saying “Oracle’s quarter is a beat and a stress test result for the AI trade.” He added, “As the most debt-exposed major player in AI infrastructure, Oracle is the canary in the coal mine and this report suggests there’s underlying health in AI spending beyond the hype.”

The company, traditionally recognized for database software and business applications for financial services, has been transforming itself into a cloud computing infrastructure rival in recent years by hiring top executives from competing firms.

Oracle’s aggressive data center expansion strategy has allowed it to secure a portion of the rapidly growing artificial intelligence market. The firm has been investing heavily to expand its cloud infrastructure capabilities for generative AI applications, challenging major competitors like Amazon Web Services and Microsoft Azure.

The company also revealed it has been reorganizing its product development divisions, as emerging AI code generation tools allow it to create more software products faster with smaller teams.

Oracle posted total quarterly revenue of $17.19 billion, beating analysts’ average projection of $16.91 billion according to LSEG data.

Looking ahead to its current fiscal fourth quarter, Oracle forecasts adjusted earnings between $1.96 and $2.00 per share, above analysts’ expectations of $1.94 per share.

The company anticipates fourth-quarter revenue growth of 19% to 21%, matching analysts’ estimates of 20.2% growth to $19.12 billion. Oracle also projected cloud revenue growth of 46% to 50%, aligning with estimates of 48% growth to $9.98 billion, according to LSEG information.

WASHINGTON – The Atlanta Federal Reserve will cast a wide net in its search for a new president, according to board Chair Gregory Haile, who confirmed the selection process will consider candidates from across the country rather than focusing solely on the southeastern region.

Haile emphasized the importance of finding qualified applicants during a recent interview, stating the search committee’s priority is expanding their candidate pool. “We want the pool to be wide. We want to make sure that we embrace candidates who fit the mold to support the 6th District,” Haile explained as the selection process moves forward, with application reviews continuing and candidate interviews scheduled to start within approximately one month.

The Federal Reserve’s 6th District encompasses a diverse economic landscape, stretching from affluent Florida coastal communities to Atlanta’s corporate headquarters and Alabama’s agricultural areas.

According to Haile, previous connections to the district aren’t mandatory for potential candidates. “What we did want to make sure we created room for was ‘what’s it look like to have someone who we can be assured will engage in understanding the district?’ … that means not hesitating to go whether it’s Miami, whether it’s Red Bay, Alabama, whether it’s somewhere in Tennessee, to have a willingness to engage face to face,” he said.

Former President Raphael Bostic, originally from New Jersey and working as an academic in California before joining the Atlanta Fed, made extensive regional visits during his leadership and frequently addressed rural development and community concerns.

Treasury Secretary Scott Bessent announced in early December his intention to support requiring future regional bank presidents to have resided in their respective districts for three years, warning “we’re going to veto them” if they haven’t met this criterion. The December 15 announcement regarding Bostic’s successor search mentioned hopes to “identify a large pool of candidates who have meaningful ties to the Sixth Federal Reserve District.”

However, Haile indicated no such restrictions have been imposed on their current search efforts. While regional bank boards select presidents, the Washington-based Federal Reserve Board of Governors must approve these appointments.

“We haven’t had any engagement along those lines,” Haile noted. “That has actually not needed to be a consideration for us … the search has been going incredibly well. I haven’t felt the sense of any negative intrusion at all.”

This selection process occurs during a particularly complex period for the Federal Reserve system.

Bostic made history as both the first Black president and first openly gay leader among the Fed’s 12 regional banks, frequently advocating for addressing economic inequality while recognizing monetary policy’s limitations in directly tackling such issues.

The new appointment will take place amid criticism of diversity initiatives under the Trump administration and concerns about Federal Reserve independence, with Kevin Warsh expected to be confirmed as the new Fed chair this spring and President Trump pursuing greater influence over the central bank through additional appointments.

“I don’t think there’s a scenario where we don’t view this as one of the most important jobs in America,” Haile emphasized. “So there is a focus on getting the best candidate to service this district … and that is unwavering.”

A major Brazilian pharmaceutical company is setting its sights on global expansion after completing a massive acquisition deal worth more than half a billion dollars.

EMS, owned by Grupo NC holding, completed the purchase of Medley, Sanofi’s Brazilian generic drug manufacturing division, for over $500 million last week. The transaction solidifies EMS’s position as a leading generic medication producer in Latin America’s biggest economy.

As the company works to integrate its new Medley acquisition, leadership is already considering additional purchases throughout its current operational territories including Brazil, Mexico, and Eastern Europe, according to Thiago Tavares, who serves as CEO of parent company Grupo NC holding. Tavares shared these plans during a Tuesday interview.

“We should also look beyond Brazil to expand our operations and truly become a more global company,” Tavares explained, noting that EMS used its own funds to finance the Medley purchase.

The executive expressed optimism about future acquisition opportunities, particularly in international markets. “I see us with major possibilities for acquisitions, especially abroad,” Tavares stated, outlining intentions to grow the company’s presence in the United States, where it currently maintains a preoperational facility, sometime after 2030.

If Brazilian antitrust authority CADE approves the Medley transaction, EMS could control approximately 30% of Brazil’s generic drug market, Tavares projected. He anticipates regulatory approval will proceed smoothly given the presence of strong market competitors including Cimed and Eurofarma.

Beyond the Medley acquisition, EMS has additional growth strategies in development. The company is preparing to introduce its own semaglutide-based injection devices pending approval from Brazilian health regulator Anvisa, Tavares revealed.

Brazil’s patent protection for semaglutide, the key component in Novo Nordisk’s popular diabetes and weight management medication Ozempic, is nearing expiration. This will allow Brazilian manufacturers to develop their own generic alternatives.

Competitor Hypera previously announced plans to release its semaglutide generic version during the current year.

While Tavares expects to finalize decisions regarding the semaglutide product launch soon, he couldn’t provide a specific timeline. “I think the product has already been more than sufficiently tested, so once the approval comes through, we’ll launch it,” he said. “It’s very feasible to launch it this year.”

Italian regulators have imposed a hefty 17.6 million euro penalty on the country’s largest financial institution, Intesa Sanpaolo, following violations involving unauthorized use of customer information affecting approximately 2.4 million account holders.

The banking giant transferred customers to its digital banking platform Isybank without obtaining proper authorization, according to Italy’s data protection regulatory body announced Thursday.

Officials determined that the financial institution created customer profiles based on specific criteria including age (those younger than 65), how often clients used online banking services, and details about their investment portfolios and assets.

These profiling practices resulted in significant impacts on customers, including potential account transfers to different data management systems and one-sided modifications to their banking agreements.

Regulators criticized the bank’s customer communication strategy during the transition process, noting that notifications were frequently distributed during summer months and buried in the mobile application’s archive area without sending alerts to users.

When determining the penalty amount, officials considered both the substantial number of affected customers and the bank’s unintentional violations, while also factoring in the institution’s willingness to assist throughout the regulatory review.

Intesa Sanpaolo has not yet provided a response to the fine.

The Walt Disney Company announced Thursday that it has promoted Paul Roeder, a quarter-century company employee, to the position of senior executive vice president and chief communications officer, with the role beginning March 19.

This leadership adjustment represents another shift in Disney’s executive structure following last month’s appointment of Josh D’Amaro as the entertainment company’s new chief executive officer, replacing long-serving CEO Bob Iger.

Prior to his promotion, Roeder held the position of executive vice president of communications overseeing Disney Entertainment Studios, Direct-to-Consumer, and International divisions.

In his new capacity, Roeder will answer directly to incoming CEO D’Amaro while managing global communications operations and functioning as the company’s primary public spokesperson.

“He has a passion for Disney and a deep understanding of what it stands for, and I know he’ll do an outstanding job leading our exceptional Communications teams worldwide,” D’Amaro said.

Roeder began his Disney career in 2001 with the company’s ABC communications division and has overseen studio communications since 2010, guiding messaging through major corporate purchases including Lucasfilm and 21st Century Fox.

Applied Materials announced Tuesday that it has formed a strategic alliance with SK Hynix to fast-track the creation of sophisticated memory technologies needed for artificial intelligence and powerful computing systems.

The collaboration will focus on advancing DRAM technology and high-bandwidth memory solutions that are essential components for AI applications and high-performance computing environments. The partnership aims to accelerate innovation in these critical memory technologies as demand continues to grow in the rapidly expanding AI sector.

A federal judge in Manhattan pressed more than two dozen states on Tuesday to resolve their antitrust lawsuit against Ticketmaster and Live Nation Entertainment by week’s end, following the Justice Department’s separate settlement that removed federal prosecutors from the ongoing trial.

During a court hearing, Dan Wall, an attorney representing Live Nation Entertainment, informed Judge Arun Subramanian that the likelihood of all remaining states agreeing to settle their claims by Friday was essentially nonexistent.

Wall explained his pessimistic outlook stemmed from recent negotiations between the entertainment conglomerate and state officials over the previous week. He noted that different states are seeking varying forms of relief in their cases.

“There are too many parties,” Wall explained to the court. “We want to stick the landing here. Get it down. And we won’t stick the landing by Friday.”

Wall later emphasized his position, stating: “There is zero chance we get this done by Friday.”

Judge Subramanian responded with humor, remarking: “Not with that attitude.”

Despite the pessimistic forecast, the judge convinced attorneys from both sides to conduct negotiations within the Manhattan federal courthouse throughout the week. He wants to assess their progress before determining whether to approve the states’ mistrial motion and schedule a new trial, or continue with proceedings that began last week.

“Right now you should be focused on can we make a deal,” the judge instructed, offering conference rooms throughout the building for their discussions. He even volunteered his personal robing room as workspace, adding: “I want to see if we can get a deal done here.”

Live Nation’s president and CEO Michael Rapino was present for Tuesday’s courthouse discussions.

The Justice Department announced Monday that it had resolved its antitrust case against Ticketmaster, characterizing the agreement as a consumer victory that would dismantle an unlawful monopoly controlling live entertainment across America.

During the trial proceedings, government attorneys and representatives from 39 states plus the District of Columbia argued that Live Nation and Ticketmaster were eliminating competition and inflating ticket prices for consumers. They alleged the companies used intimidation, retaliation and other aggressive strategies to “suffocate the competition” by dominating nearly every sector of the entertainment industry, from concert promotion to ticket sales. The defendants maintained that performers, sports organizations and venues determine pricing and sales methods.

State officials immediately criticized the Justice Department’s settlement announcement. North Carolina Attorney General Jeff Jackson characterized it as “a terrible deal.”

Senator Amy Klobuchar, a Minnesota Democrat who serves on the Senate Judiciary Subcommittee on Privacy, Technology and the Law, said Monday the new agreement resembled previous Justice Department deals that failed to stop Live Nation’s monopolistic behavior.

Klobuchar commended states for rejecting the deal and expressed concern that it was revealed one month after the Justice Department’s antitrust division leader was removed from office.

Court filings show Live Nation committed to allowing up to half of all tickets at amphitheaters under its ownership, operation or control to be distributed through alternative ticketing platforms.

The company also agreed to limit service charges at those venues to 15% and sell its ownership or relinquish control of 13 amphitheaters, including facilities in Milwaukee, Cincinnati, Syracuse, New York, and Austin, Texas. Live Nation will establish a $280 million settlement fund to resolve claims or cover civil penalties for participating states.

However, no funds will be distributed unless states agree to settle. A Justice Department spokesperson said Monday that at least 10 states had committed to joining the federal settlement.

State attorneys indicate that more than two dozen states remain opposed to the proposed agreement.

The operator of Canada’s primary stock exchange is working with national regulators to establish new regulations that would permit all publicly traded companies to issue earnings reports twice annually rather than every three months, following a comparable initiative taking place in the United States.

TMX Group, which runs the Toronto Stock Exchange, is pursuing this change as Canada works to revitalize its initial public offering market and halt the ongoing decline in publicly traded companies caused by delistings and corporate acquisitions.

Late last year, the Canadian Securities Administrators, the nation’s primary securities regulatory body, released a proposal allowing smaller companies with annual revenues under $10 million to substitute quarterly earnings reports with semi-annual filings.

According to CEO John McKenzie, who spoke during an interview at the Futures Industry Association’s annual conference in Florida, TMX believes these proposed regulations should extend to larger publicly traded companies as well.

Former U.S. President Donald Trump advocated last year for eliminating quarterly reporting requirements and transitioning to semi-annual earnings schedules. The Securities and Exchange Commission indicated it would prioritize Trump’s recommendation.

Companies across Europe, Asia, and Australia have been issuing earnings reports every six months for multiple years.

“We have recommended that (CSA) should actually take it all the way, and we should actually consider making it optional for all public companies,” McKenzie stated. “Then the companies will decide with their shareholders. If the shareholders need more information, they will tell them or they won’t provide capital.”

To attract more companies to list on stock exchanges, Canada has recently lowered tax obligations for smaller businesses while reducing burdensome financial disclosure requirements for companies seeking public market access.

“Last year, at one point, Trump said (getting rid of quarterly reporting) was a good idea. If it gets traction in the U.S., we’ve already had engagement with the Canadian regulators who said we have to follow it immediately, like there could be zero lag time,” McKenzie explained.

TMX anticipates significant growth in IPO activity this year, fueled by mining industry recovery that has helped counterbalance market instability from conflicts in Iran and recent technology sector declines.

Multiple companies, including AGT Food and Ingredients and pharmaceutical company Apotex, plan to enter public markets this year.

McKenzie said the Toronto Stock Exchange is positioned to reclaim its position as the global leader in mining listings, following recent sector revival driven by increasing worldwide demand for essential minerals over the past year.

Approximately 1,100 mining companies currently trade on Canadian stock exchanges.

“With what the U.S. administration is actually doing in terms of kind of onshoring or creating mineral relationships to counter the Chinese market, which is actually also trying to do the same thing, you’re creating more and more opportunities for prospectors and developers to build out these mines. So it’s a very pro-mining economy,” McKenzie noted.

Homebuyers face higher borrowing costs this week as mortgage rates climbed due to bond market uncertainty surrounding the Iran conflict.

Freddie Mac reported Thursday that 30-year fixed mortgage rates increased to 6.11% from the previous week’s 6%, marking a return to levels seen five weeks earlier. This represents a decrease from last year’s 6.65% average.

The current rate matches where it stood over a month ago, after hitting a three-and-a-half-year low just two weeks prior. Rates have remained near the 6% mark throughout this year, providing a relatively stable environment for qualified buyers entering the spring housing market.

Fifteen-year fixed mortgages, commonly chosen by homeowners seeking to refinance, also saw increases this week. These rates climbed to 5.5% from 5.43% the week before, though they remain below last year’s 5.8% level, according to Freddie Mac data.

Multiple elements drive mortgage rate fluctuations, including Federal Reserve policy choices and investor sentiment regarding economic growth and inflation expectations. Home loan pricing typically mirrors the 10-year Treasury yield movement, which serves as a benchmark for lenders.

Thursday’s midday trading showed the 10-year Treasury yield at 4.25%, rising from approximately 4.13% seven days earlier.

Recent Treasury yield increases reflect inflation concerns triggered by climbing oil prices. These worries have overshadowed last month’s disappointing employment data and relatively steady consumer inflation figures recorded before the Iran conflict began.

“Under normal circumstances, these soft economic readings would put downward pressure on mortgage rates, however, the news out of the Middle East is overriding those signals,” Hannah Jones, senior economist research analyst at Realtor.com said in an email.

Rising oil costs can fuel inflation, potentially preventing Federal Reserve interest rate reductions.

While the Federal Reserve doesn’t directly control mortgage rates, its short-term rate adjustments significantly influence bond investor behavior and ultimately impact 10-year Treasury yields that guide home loan pricing.

America’s housing sector continues struggling through a downturn that began in 2022 when mortgage rates started climbing from pandemic-era record lows.

Existing home sales have maintained roughly a 4-million annual pace since 2023, falling well below the historically normal 5.2-million yearly rate. Sales dropped to a three-decade low last year and remain sluggish in 2024, trailing previous year levels in January and February despite lower rates compared to twelve months ago.

WASHINGTON – Major financial institutions will see a modest reduction in their capital requirements following revisions to comprehensive banking regulations, Federal Reserve Vice Chair for Supervision Michelle Bowman announced Thursday. The announcement marks a significant win for large banks that had successfully opposed more stringent capital increases proposed in previous versions.

During remarks delivered at the Cato Institute in Washington, Bowman detailed modifications to what are known as Basel rules and the “GSIB surcharge” – regulations that dictate the amount of money financial institutions must reserve to cover potential losses. She described the changes as creating an overall decrease in capital requirements for major banks through what she termed a “sensible recalibration” of current regulations.

Bowman, who received her appointment to the position last year under Republican President Donald Trump, explained that the revisions would remove duplicate standards and adjust requirements to better reflect the actual risk levels faced by banks. She criticized the ongoing trend of requiring banks to maintain increasingly higher reserves against possible losses.

“When capital requirements become excessive, they impair the banking system’s fundamental function of providing credit to the real economy,” she stated in her prepared speech.

A growing movement toward downsized dining is sweeping through America’s restaurant industry.

Eateries across the country are introducing specialized menus featuring reduced portions at lower prices, spanning from national chains such as Olive Garden and The Cheesecake Factory to upscale local establishments and farm-fresh dining venues.

Restaurant owners believe these downsized offerings beyond traditional children’s menus will satisfy diverse customer demands. Many diners seek more affordable dining experiences, while others pursue healthier choices or weight management goals. Today’s younger consumers frequently prefer grazing throughout the day rather than consuming large meals, according to Maeve Webster, president of Menu Matters, a culinary consulting company.

“These are really driven by, I think, changes in the way people are thinking about their relationship with food, the way they spend money on food, what is a good value and what’s not,” Webster said.

At Daniel Girls Farmhouse Restaurant in Connersville, Indiana, co-owner Beth Tipton launched an eight-option Mini Meals selection this past autumn following customer requests for reduced servings. The offerings, featuring daily selections such as half a meatloaf portion accompanied by green beans, mashed potatoes and gravy for $8, now represent approximately 20% of total restaurant sales, according to Tipton.

Senior diners comprise roughly half the establishment’s customer base, Tipton noted, with some patrons expressing that standard menu pricing strained their finances. Having undergone weight-loss surgery herself, she understood firsthand that many establishments prohibit adults from ordering children’s menu items.

“We wanted it to be available to all without the word ‘kids meals’ attached,” Tipton said. “With the rising costs all around us we wanted to help in any way we can, and this is a great option.”

Certain establishments are developing specialized menus targeting customers using GLP-1 weight-loss and diabetes medications such as Zepbound, Wegovy, Ozempic and Mounjaro.

This past fall, restaurateur Barry Gutin encountered two separate acquaintances who shared their experiences taking GLP-1 medications and facing challenges finding suitable restaurant options for their reduced appetites and dietary requirements. Individuals using GLP-1 drugs typically consume smaller quantities, requiring nutrient-rich foods that are low-fat while containing high protein and fiber levels.

Gutin, who co-owns Cuba Libre Restaurant and Rum Bar locations in Philadelphia, Washington, Atlantic City, New Jersey, and Orlando, Florida, consulted with a weight-loss specialist physician and the chain’s culinary director, Angel Roque. Within a month, they created the restaurant’s GLP-Wonderful menu, offered during dinner service.

The selection features five traditional Cuban dishes. Roque explained that Cuba Libre’s standard pollo asado contains nearly 1,000 calories, while the GLP-1 version reduces this to 400 calories while maintaining high protein and fiber content. He emphasized the importance of keeping these specialized meals both flavorful and visually appealing to stimulate appetite.

“Many times when people are on those kind of regimes, they feel that they can’t do the same as everybody else. So we wanted to show them, yes, at Cuba Libre, you can,” Roque said.

Gutin reports the menu has boosted business, estimating that 10 to 20 dining parties at each location weekly include at least one person ordering from the GLP-Wonderful selection.

“People say, ‘Thank you for serving us’,” Gutin said.

Olive Garden launched its seven-item “Lighter Portions” menu nationally in January, with GLP-1 users among the target demographics. The Italian-style chain also aimed to attract customers seeking healthier options or more economical meals, explained Rick Cardenas, president and CEO of parent company Darden Restaurants.

“There is a consumer group out there that believes in abundance, but abundance is different for everybody,” Cardenas said in September during a conference call with investors. “So consumers can choose. We’re not changing our entire menu to make it a smaller portion.”

Asian fusion restaurant P.F. Chang’s introduced medium-sized portions last autumn. The Cheesecake Factory incorporated smaller, budget-friendly Bites and Bowls options last summer, while TGI Fridays recently began testing an “Eat Like A Kid” menu featuring reduced portions.

Reduced serving sizes aren’t entirely novel. Two decades ago, small-plate tapas establishments experienced tremendous popularity, for example.

However, Webster, the menu consultant, views current scaled-down offerings as representing a more permanent transformation. The trend transcends specific cuisine types, she notes. Webster believes modern consumers are increasingly conscious of food waste, and smaller portions help address these environmental concerns.

“I think it is a core need that consumers have, and a demand that has been lingering under the surface for a long time because restaurant meals, particularly at chains, have become so large,” she said. “Sure, it sounds great to take leftovers home, but they never taste as good.”

During a recent trip to Shelburne, Vermont, from his North Carolina residence, Jack Pless was pleased to discover the Teeny Tuesday menu at Barkeaters Restaurant, which focuses on locally sourced ingredients. Pless, in his 60s and a former restaurant owner, explained he cannot consume as much food during meals as previously.

“So many times you go out to restaurants, especially me or my wife, and we’ll take home a box and it’ll sit in the refrigerator for two, three days and start to grow a beard,” he said.

Julie Finestone, Barkeaters co-owner, introduced the Teeny Tuesday menu last month to increase weekday winter traffic. Despite initial concerns about offering lower-priced options like $12 reuben sliders, the program has generated more business than anticipated.

Finestone expressed confidence that Teeny Tuesday will become a permanent year-round feature.

“Some people, it’s dietary. Some have smaller appetites. Some people don’t like to overindulge in the middle of the week,” Finestone said. “I think that it just spoke to people.”

NEW YORK — With financial markets experiencing dramatic fluctuations lately, many investors feel compelled to take action to safeguard their retirement funds. However, historical data suggests maintaining composure typically yields better results.

America’s stock exchanges have consistently bounced back from every significant decline they’ve experienced. From global economic crises to trade disputes and military conflicts, the S&P 500 has repeatedly recovered its losses and reached new heights. While this process can span several years, those who shifted their retirement account investments away from equities often missed subsequent recoveries and additional profits.

Could this pattern repeat itself? Nobody can guarantee it, and certain factors differ this time. However, numerous investment professionals and market analysts continue offering their standard guidance: provided it’s capital you won’t need immediately — which shouldn’t be invested in stocks anyway — attempt to remain patient and weather the market’s turbulence, despite the difficulty.

This same advice was given following President Donald Trump’s announcement of global tariffs on “Liberation Day” last year, when inflation surged in 2021, and when COVID devastated the worldwide economy in 2020. Enduring these types of disruptions represents the cost of accessing the larger returns stocks can provide over extended periods.

“Although volatility may feel uncomfortable, could rise from here, and possibly cause a near-term drawdown in stocks, volatility in itself tends to be brief when it reaches more extreme levels,” stated Anthony Saglimbene, chief market strategist at Ameriprise. “And, more often than not, the extreme volatility provides investors with a solid long-term entry point to buy stocks rather than sell.”

The conflict in Iran has disrupted global oil distribution and triggered severe market fluctuations.

The hostilities have stopped most shipping through the Strait of Hormuz, a narrow passage along Iran’s coastline where approximately 20% of worldwide oil typically travels daily. This has caused regional crude storage facilities to reach capacity with nowhere to send the oil. Consequently, oil companies are announcing production cuts.

Crude prices briefly jumped to nearly $120 per barrel on Monday, reaching levels not seen since summer 2022, amid concerns the supply issues could persist. Some market watchers predict prices might quickly hit $150 if the strait stays blocked.

Extended periods of elevated oil costs could create a worst-case economic situation known as “stagflation.” This term describes when economic growth stalls while inflation stays elevated. It’s a devastating combination that the Federal Reserve and global central banks lack effective tools to address.

As of Thursday morning, the S&P 500 sits just 4% beneath its record high established in January. The situation feels worse due to the sharp price movements occurring recently, sometimes changing hour by hour as well as daily.

Multiple times since the Iran conflict began, the Dow Jones Industrial Average has dropped approximately 900 points during morning trading only to eliminate those losses later the same day or come very close.

While U.S. equity markets don’t frequently behave exactly this way, they have a consistent pattern of experiencing steep declines before climbing again.

The S&P 500 typically sees drops of at least 10% annually. These declines occur frequently enough that investment professionals have labeled them “corrections.” Experts often view these as eliminations of excessive optimism that might otherwise push stock values too high.

Moving your equities or shifting retirement investments from stocks to bonds might reduce the likelihood of experiencing massive losses. However, exiting the market would also require determining the proper moment to re-enter, unless you’re prepared to forfeit any future recovery and gains.

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

Just last Monday, anyone who sold when the S&P 500 fell 1.5% during morning hours would have missed the afternoon rally. The index finished with a 0.8% increase.

While some recoveries require more time than others, professionals typically advise against investing money in stocks that you cannot afford to lose for several years, potentially up to a decade. Emergency reserves for expenses like home maintenance or medical costs should never be placed in equities.

Mobile applications have made trading more accessible and affordable than ever before. This has attracted a new wave of investors who may lack experience with such extreme market movements.

Fortunately, younger investors often possess the advantage of time. With decades remaining until retirement, they can weather the fluctuations and allow their equity portfolios to hopefully recover while benefiting from compounding and eventual growth. For them, price drops might represent stocks going on sale.

Older investors have less time for their investments to rebound.

Those already retired might consider reducing spending and withdrawals following sharp market declines, since larger withdrawals eliminate future compounding potential. Even in retirement, some individuals need their investments to last three decades or longer.

You don’t need to monitor any of this closely if you have defined-benefit pensions, which few American workers still receive, as you’re guaranteed specific payments regardless of stock market performance.

When equities decline, Treasury bond and gold prices often increase as investors seek safer options. This explains why many advisors recommend maintaining diversified portfolios to help cushion shocks.

This time, however, Treasury prices have suffered due to concerns about high oil costs and inflation. Gold prices have also occasionally struggled when Treasury bond yields have risen. This occurs because gold, which provides no income to investors, appears less appealing when Treasuries offer higher interest payments.

Nobody has the answer, and don’t believe anyone who claims otherwise.

Prosecutors in Milan are moving forward with criminal charges against Amazon’s European operations and four company executives in connection with alleged tax evasion totaling approximately $1.4 billion, according to sources familiar with the matter.

The decision to pursue criminal proceedings represents a rare departure from standard practice in Italy, particularly given that Amazon reached a settlement agreement with the country’s tax authorities in December, paying $527 million including interest to resolve the dispute.

Historically, when international corporations have settled tax matters and made required payments, Italian prosecutors have typically concluded their criminal investigations through plea agreements or case dismissals. However, Milan prosecutors chose not to follow the tax agency’s lead and continued their investigation, ultimately requesting that the defendants face trial.

Amazon has not responded to requests for comment regarding the latest development. Following the December tax settlement, the technology company stated it would “forcefully defend its position on the potential ungrounded criminal case.”

The company also expressed concerns about Italy’s business climate, stating: “Unpredictable regulatory environments, disproportionate penalties, and protracted legal proceedings are increasingly affecting Italy’s attractiveness as an investment destination.”

A judge will schedule a preliminary hearing to determine whether the defendants should be formally indicted or if the case should be dismissed.

The investigation centers on what prosecutors describe as a “VAT-avoidance algorithm” involving Amazon EU Sarl, based in Luxembourg, and four company managers. Authorities allege the scheme involved VAT evasion on online sales conducted in Italy from 2019 through 2021.

According to charging documents, Amazon’s software systems and business operations facilitated sales of products in Italy by tens of thousands of sellers from outside the European Union – primarily from China – while concealing the sellers’ identities and helping them avoid value-added tax obligations.

Italian regulations hold intermediary platforms jointly liable for unpaid VAT when non-EU sellers use their services to conduct business in the country. Prosecutors have identified Italy’s Economy Ministry as the harmed party in their trial request.

Legal experts suggest that if the allegations are proven in court, they could threaten Amazon’s operational framework throughout Europe, since VAT regulations are standardized across EU member nations.

This case represents just one of multiple legal challenges Amazon faces in Italy. The European Public Prosecutor’s Office is conducting a separate investigation into similar alleged violations covering the period from 2021 to 2024.

Milan prosecutors are also pursuing two additional investigations: one examining alleged customs and tax fraud related to Chinese imports, and another questioning whether Amazon maintained an undeclared permanent business presence in Italy between 2019 and 2024, which would have required additional tax payments.

In a separate matter, Italy’s privacy regulator issued an order on February 24 requiring a local Amazon subsidiary to cease using personal information from more than 1,800 workers at a distribution facility located northeast of Rome.

NEW YORK, March 12 – French biotechnology firm Abivax has firmly rejected reports from a French publication claiming the company had provided British pharmaceutical giant AstraZeneca with exclusive access to sensitive company data for a possible acquisition.

The reports from “La Lettre,” a French media outlet, alleged that Abivax had given AstraZeneca special access to confidential company information through March 23, potentially paving the way for AstraZeneca to make a formal buyout proposal.

However, an Abivax representative strongly pushed back against these claims on Tuesday.

“We deny the information, these are unfounded rumors,” the company spokesperson stated.

The denial comes as speculation swirls around potential consolidation in the biotechnology sector, though Abivax maintains no such discussions are taking place with the British pharmaceutical company.

NEW YORK, March 10 – Rising costs for diesel fuel connected to ongoing Middle East warfare are creating concerns about potential worldwide economic slowdown, as conflicts disrupt both fuel supplies and the crude oil needed for production, according to industry experts and market analysts.

The industrial fuel has faced supply constraints for several years following Ukrainian strikes on Russian refining facilities and Western economic penalties against Moscow’s exports. Current Israel-U.S. conflicts with Iran have intensified supply concerns as Tehran continues interfering with maritime traffic through the Strait of Hormuz, a waterway carrying 10% to 20% of worldwide seaborne diesel shipments.

“Diesel is the most exposed product to this conflict structurally,” stated Shohruh Zukhritdinov, founder of Dubai-based Nitrol Trading. “Diesel underpins freight, agriculture, mining and industrial activity, making it the most macro-sensitive barrel in the system.”

Energy economist Philip Verleger calculated that supply disruptions from Strait of Hormuz interference amount to approximately 3 to 4 million barrels daily, representing roughly 5% to 12% of worldwide consumption. He noted that an additional 500,000 barrels per day will be unavailable due to blocked Middle Eastern refinery exports.

“By shutting the Strait (of Hormuz) Iran has cut the exports of distillate-rich Middle Eastern crude, jet fuel, and diesel. There is a term for this in chess: CHECK,” Verleger explained.

Consequently, diesel costs have climbed much more rapidly since Middle East hostilities began compared to oil and gasoline, and retail prices could approximately double if the Strait of Hormuz remains blocked for extended periods, Verleger indicated.

U.S. diesel futures increased more than $28 per barrel between February 27 and March 10, while U.S. crude oil futures rose over $16 per barrel during the same timeframe.

Comparable increases occurred in Singapore’s Asian trading center and Europe’s Amsterdam-Rotterdam-Antwerp hub, creating elevated diesel profit margins worldwide.

The diesel price surge will likely impact global economic activity. Extended diesel and jet fuel cost increases will reduce demand and slow economic growth, according to Sparta Commodities analyst James Noel-Beswick.

“Transport costs for almost everything are up, which will inevitably show up in food and consumer prices soon enough. If diesel prices stay elevated, the biggest risk is a second wave of cost-push inflation,” explained Dean Lyulkin, chief executive officer of U.S.-based small business lender Cardiff.

Increased diesel costs could immediately affect food prices by forcing American farmers to reduce plantings just as growing season begins.

“A sustained diesel-led fuel shock can be inherently stagflationary because it raises the cost of moving goods and producing food and commodities while squeezing consumers,” said Shaia Hosseinzadeh, founder of OnyxPoint Global Management.

Throughout Asia, among primary Middle Eastern fuel importers, profit margins for 10ppm sulfur diesel reached approximately $33 per barrel, about $12 higher than pre-war levels, after hitting a three-and-half-year peak of $48 per barrel on March 4.

In Europe, another major Middle Eastern refined product importer, ultra-low sulfur diesel barge spot prices at the Amsterdam-Rotterdam-Antwerp trading hub jumped nearly 55% since February 27 to around $1,165 per metric ton, according to Quantum Commodities Intelligence data.

Europe, among the largest diesel pricing drivers as a top importer, has become particularly dependent on Middle Eastern imports while reducing Russian supply dependence, noted Alex Hodes, director of market strategy at StoneX.

“Historically, (diesel) sells for perhaps $20-$25/bbl above crude, but these days we’ve seen margins of $30-$65/bbl and even higher,” said Tom Kloza, senior adviser to fuel supplier Gulf Oil.

“The stellar margins for this fuel can essentially pay all of the bills for U.S. and foreign refiners.”

Software company BlackLine has authorized its strategic committee to begin exploring a potential sale or merger following pressure from an activist investor, according to regulatory documents filed Tuesday evening.

The strategic committee now has authority to “explore, evaluate, consider, review, negotiate and, as appropriate, recommend to the board for approval a potential business combination transaction or other similar strategic transaction involving the Company,” the filing states.

This development comes after BlackLine reached a settlement with hedge fund Engaged Capital, which had threatened two months earlier to install new board members focused on pursuing strategic alternatives, including a possible company sale.

As part of the agreement, BlackLine appointed two new directors: Storm Duncan, a technology investment banker recommended by Engaged Capital, and Megan Prichard, an Uber executive with expertise in disruptive technologies and high-growth sectors.

Duncan will join the four-member strategic committee alongside Scott Davidson, Gregory Hughes, and David Henshall, who serves as BlackLine’s lead independent director and chairs the committee. “Storm’s skillset will be additive to the strategic committee, which has been, and continues to be, empowered to evaluate strategic transactions involving the company,” Henshall stated.

The company currently holds a market capitalization of $2.15 billion, though its shares have dropped 33% since January, closing Tuesday at $36.16. Software stocks broadly declined in recent weeks due to concerns about artificial intelligence disrupting the industry.

Previously, Reuters revealed that European software giant SAP, which maintains a strategic partnership with BlackLine, made an unsuccessful bid worth nearly $4.5 billion to acquire the company last year.

Engaged Capital, led by Glenn Welling, has operated for over ten years and has successfully pressured multiple companies to consider sales, including Envestnet and New Relic, both of which ultimately went to market.

Crude oil prices experienced a significant rebound Wednesday morning, with West Texas Intermediate climbing $2.90 per barrel to reach $86.33 during early trading sessions.

The 3.5% increase comes as Middle Eastern conflicts continue to disrupt oil supply routes from the Gulf region, where the United States and Israel have intensified military operations against Iran.

Wednesday’s price recovery follows a dramatic market downturn on Tuesday, when both major oil contracts dropped more than 11% – marking the sharpest decline since 2022. The previous day’s plunge occurred after President Donald Trump expressed optimism about a swift resolution to the regional conflict.

Military operations intensified Tuesday as U.S. and Israeli forces conducted what Pentagon officials and Iranian sources described as the war’s most devastating aerial bombardment campaign to date.

The U.S. Central Command reported destroying 16 Iranian vessels designed for laying naval mines in waters near the Strait of Hormuz on Tuesday. President Trump has demanded Iran immediately clear any mines from the strategic shipping lane.

While Trump has stated America’s readiness to provide military protection for oil tankers navigating the Strait of Hormuz, industry sources reveal the U.S. Navy has declined shipping companies’ requests for armed escorts, citing excessive security risks under current conditions.

Market analyst Tony Sycamore from IG in Sydney anticipates continued price instability ahead. “We continue to expect crude oil to remain highly volatile, driven by headlines while trading within a wide range between $75ish and $105ish in the sessions ahead,” Sycamore stated.

Oil markets reached session peaks above $119 per barrel on Monday – the highest levels recorded since June 2022. The dramatic price movement prompted G7 officials to convene emergency discussions about potentially releasing strategic petroleum reserves to stabilize markets.

French President Emmanuel Macron has scheduled a virtual meeting with fellow G7 leaders for Wednesday to address how the Middle Eastern crisis affects global energy markets and explore potential response measures.

Research firm Wood Mackenzie estimates the Iranian conflict has eliminated roughly 15 million barrels per day from Gulf oil and petroleum product supplies, with projections suggesting crude prices could reach $150 per barrel if disruptions continue.

Domestic inventory data released by the American Petroleum Institute on Tuesday showed declining U.S. stockpiles of crude oil, gasoline, and distillate products last week, indicating increased demand pressures on the market.

WASHINGTON – America’s trade deficit decreased significantly in January, falling by 25.3% to $54.5 billion as the nation’s exports climbed to unprecedented levels while imports declined, according to new federal data released Thursday.

The Commerce Department’s Bureau of Economic Analysis and Census Bureau reported that exports surged 5.5% to reach an all-time record of $302.1 billion during the month. This marked the strongest export growth since October 2021. Meanwhile, imports dropped 0.7% to $356.6 billion.

The January trade gap came in well below economists’ predictions of $66.6 billion. December’s deficit was also revised upward from the initial estimate of $70.3 billion to $72.9 billion.

The data release was postponed due to last year’s federal government shutdown. Trade figures have experienced significant fluctuations amid ongoing tariff policies implemented by President Donald Trump, who has pursued import duties under emergency powers legislation that was later overturned by the Supreme Court.

Following the court’s decision, Trump implemented a 10% worldwide tariff that he indicated would increase to 15%. His administration announced Wednesday that it was initiating two separate trade probes – one examining industrial overcapacity among 16 key trading partners and another investigating forced labor practices.

Trump has justified these tariff measures as essential for correcting trade imbalances and safeguarding American industries. However, the anticipated manufacturing revival has yet to occur, with 100,000 factory positions eliminated since January 2025.

Goods exports experienced remarkable growth of 8.1% to reach $195.5 billion in January. This increase was primarily driven by a $9.4 billion jump in industrial supplies and materials exports, particularly nonmonetary gold and other precious metals.

Capital goods exports also performed strongly, rising $5.4 billion to establish a new record, supported by increased shipments of computers, civilian aircraft, and computer accessories. Other goods exports climbed $2.9 billion to another all-time high. However, consumer goods exports fell $2.8 billion to their lowest point since October 2022, largely due to a $2.1 billion drop in pharmaceutical preparations.

On the import side, goods imports declined 1.0% to $277.3 billion. Consumer goods imports decreased by $3.3 billion, with pharmaceutical preparations again leading the decline. Automotive imports, including vehicles, parts, and engines, fell $2.8 billion due to reduced imports of trucks, buses, special-purpose vehicles, and passenger cars.

Industrial supplies and materials imports dropped $1.4 billion, with nonmonetary gold falling $1.1 billion. Conversely, capital goods imports increased $3.4 billion to a record high, driven by computers and telecommunications equipment, likely connected to artificial intelligence development and data center construction.

The merchandise trade deficit contracted 17.6% to $81.8 billion in January. Services exports grew $1.2 billion to a record $106.7 billion, reflecting increases in business services, financial services, and intellectual property charges. Travel services exports declined $0.3 billion, possibly indicating reduced tourism activity.

Services imports rose $0.2 billion to an all-time high of $79.3 billion, supported by gains in business services and insurance services.

Trade activity had minimal impact on the economy’s 1.4% annualized growth rate during the fourth quarter of last year.

WASHINGTON – Construction of new single-family homes declined in January as brutal winter conditions disrupted building activity across the nation, according to new federal data that suggests recovery may be slow.

The Commerce Department’s Census Bureau reported Thursday that single-family home construction starts – which represent most residential building activity – decreased 2.8% to a seasonally adjusted annual pace of 935,000 units during January. December figures were also revised downward, showing construction activity at 962,000 units rather than the previously reported 981,000-unit pace.

The data release was postponed due to last year’s federal government shutdown. Construction activity plummeted dramatically in the Northeast, falling 33.3%, while the South – the nation’s most populated region – saw a 4.6% decline. The Midwest and Western regions posted increases. Severe snowstorms and freezing temperatures battered much of the country throughout January.

Compared to the same month last year, single-family construction starts fell 6.5%. The homebuilding sector continues struggling with multiple challenges including tariffs on imported materials like lumber and bathroom fixtures, workforce shortages linked to immigration restrictions, and elevated borrowing costs.

While mortgage interest rates have dropped this year, encouraging home buyers, the ongoing U.S.-Israeli conflict with Iran is driving up oil costs and increasing U.S. Treasury bond yields. Mortgage rates typically follow the 10-year Treasury benchmark.

Builder confidence remains low, indicating that single-family home construction is unlikely to see substantial improvement soon.

Multi-family housing projects with five or more units – a highly unpredictable market segment – jumped 29.1% to an annual rate of 524,000 units in January. Total housing construction increased 7.2% to 1.487 million units annually, representing a 9.5% year-over-year gain.

Building permits for future single-family construction dropped 0.9% to 873,000 units in January, down 11.6% from the previous year.

Permits for multi-family projects with five or more units plunged 13.4% to 453,000 units annually. Overall construction permits fell 5.4% to 1.376 million units, declining 5.8% compared to January of last year.

Housing investment, which encompasses all homebuilding activity, has now declined for four consecutive quarters.

WASHINGTON – Fewer Americans applied for unemployment benefits last week, providing a glimmer of hope following concerns about job market weakness after February’s surprising employment drop.

New filings for state unemployment assistance decreased by 1,000 to a seasonally adjusted 213,000 during the week ending March 7, according to Thursday’s Labor Department report. Economic forecasters had predicted 215,000 new claims for that period.

Throughout this year, jobless claims have stayed within a 199,000 to 232,000 range due to minimal layoff activity. These figures indicate a labor market that remains steady. Last week’s government data revealed that nonfarm employment fell by 92,000 positions in February, marking the sixth monthly drop since January 2025 and representing the second-largest decline.

Officials attributed February’s job losses to severe winter conditions, a healthcare worker strike, adjustments following January’s unusually strong hiring numbers, and employer reluctance to expand their workforce due to uncertainty surrounding import duties and artificial intelligence integration in various job functions.

After the U.S. Supreme Court overturned President Donald Trump’s broad tariff measures, which were implemented using emergency authority legislation, Trump responded by establishing a 10% worldwide tariff that he indicated would increase to 15%.

On Wednesday, the Trump administration announced it was initiating two trade examinations focusing on excessive industrial production capacity among 16 key trading nations and investigating forced labor practices.

Economic experts warn that the ongoing U.S.-Israeli conflict with Iran, which has driven up oil and gas costs, creates additional risks for employment. Rising fuel expenses and stock market instability could reduce consumer purchases and diminish worker demand.

Slow recruitment has resulted in extended unemployment periods for many job seekers, including recent university graduates. The number of individuals collecting unemployment assistance beyond their first week, which indicates hiring activity, fell by 21,000 to a seasonally adjusted 1.850 million for the week ending February 28, the report indicated.

Recent college graduates from last year don’t appear in the claims statistics because their minimal or nonexistent employment history makes them ineligible for unemployment compensation.

February’s unemployment rate rose to 4.4% from January’s 4.3%.

WASHINGTON — Weekly unemployment benefit filings decreased slightly last week, dropping to 213,000 as job cuts continue at historically manageable levels despite ongoing concerns about labor market weakness.

New jobless claims for the week that concluded March 7 declined by 1,000 from the prior week’s total, according to Thursday’s Labor Department data. Economic experts polled by FactSet had predicted 215,000 fresh applications.

Weekly unemployment filings serve as an immediate gauge of workforce layoffs and provide near real-time insight into employment market conditions.

Although weekly terminations have generally stayed within the historically modest range of 200,000 to 250,000 over recent years, several prominent corporations have recently declared workforce reductions, with Morgan Stanley, Block, UPS, and Amazon among those cutting positions in recent weeks.

The Labor Department revealed last week that employers surprisingly eliminated 92,000 positions in February, indicating continued labor market pressure. Economic forecasters had anticipated 60,000 job additions for February.

Employment data revisions also removed 69,000 positions from December and January totals, pushing the jobless rate to 4.4%.

Recent Labor Department findings showed job vacancies dropped in December to their lowest point in over five years, with January’s report expected next week.

Currently, the employment landscape appears trapped in what analysts describe as a “low-hire, low-fire” condition that maintains historically minimal unemployment rates while making job searches difficult for those seeking work.

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

The conflict in Iran adds further uncertainty, driving oil costs 25% higher within two weeks.

This development occurs while inflation remains elevated domestically. Wednesday’s data revealed consumers faced living costs including food, fuel, and other necessities that were 2.4% higher in February compared to the previous year.

February’s inflation matched the prior month’s rate and performed better than economists’ 2.5% projection, though it exceeds the Federal Reserve’s 2% economic target. These figures don’t reflect recent gasoline price increases due to the war.

The Federal Reserve’s preferred inflation measurement, personal consumption expenditures or PCE, releases Friday, preceding the Fed’s upcoming interest rate decision meeting.

Thursday’s Labor Department data indicated the four-week rolling average of unemployment claims, which smooths weekly fluctuations, decreased by 4,000 to 212,000.

Total Americans receiving unemployment benefits for the week ending February 28 fell by 21,000 to 1.85 million, government statistics showed.

The Pentagon’s Chief Technology Officer Emil Michael declared Thursday that his agency will not pursue future discussions with artificial intelligence company Anthropic, following the military’s decision to classify the tech firm as a supply-chain threat.

During a CNBC interview on March 12, Michael firmly stated his position on potential future talks with the AI company. “There’s no chance. The (Anthropic) leadership has proven, through the leaking and through sort of bad faith negotiation that they don’t want to reach an agreement,” Michael explained.

When contacted by Reuters for a response, Anthropic representatives did not provide immediate comment.

The Defense Department made the decision last week to classify Anthropic as a supply-chain threat, a designation that prohibits military personnel from using the company’s artificial intelligence systems and prevents defense contractors from incorporating the technology into military projects.

In response to the government’s action, Anthropic filed a lawsuit against the Trump administration this Monday, arguing the Pentagon’s decision violates the law and threatens to eliminate hundreds of millions of dollars in potential business revenue.

The conflict stands out particularly because Anthropic had actively pursued partnerships with U.S. national security agencies ahead of many competing artificial intelligence firms.

Anthropic’s Chief Executive Dario Amodei has previously stated he does not fundamentally oppose the development of AI-powered weapons systems, though he maintains that today’s artificial intelligence capabilities lack the precision necessary for such applications.

According to Reuters reporting, Anthropic’s financial backers have been working urgently to minimize the business impact from the Pentagon dispute. Several parties, including rival company OpenAI and various investors, have voiced concerns about the government’s decision.

Market volatility stemming from Middle Eastern conflicts is expected to push SoftBank’s mobile payment subsidiary PayPay toward a more conservative pricing strategy for its upcoming stock market debut, according to insider sources.

Two individuals with knowledge of the situation indicated that the Japanese digital payment company will likely set its initial public offering price closer to the bottom of its previously announced range due to current market conditions.

Despite the challenging market environment, investor appetite for the offering remains robust, with one source revealing that demand has exceeded the available shares by more than five times. The order collection period has concluded, and final pricing decisions will be made following the close of U.S. trading markets on Wednesday.

According to regulatory documents filed earlier this month, PayPay had planned to sell 55 million American depositary shares at a price point ranging from $17 to $20 per share, which could have resulted in a company valuation reaching as high as $13.4 billion.

The sources requested anonymity since the pricing information has not been made available to the public. PayPay representatives were not immediately available to provide comment on the matter.

The International Energy Agency is weighing an unprecedented release from strategic oil stockpiles to combat surging crude prices driven by escalating conflict between the U.S.-Israel alliance and Iran, according to a Wall Street Journal report published Tuesday.

Sources familiar with the discussions indicate this potential release would surpass the previous record of 182 million barrels that member nations deployed to markets through two separate actions in 2022 following Russia’s comprehensive assault on Ukraine.

An emergency session of IEA member nations took place Tuesday, with a final decision on the reserve release expected Wednesday, the Journal reported. The plan would move forward unless any member country raises objections, though even a single nation’s opposition could stall the initiative.

Oil futures markets reacted immediately to news of the potential release, with both U.S. crude and Brent prices declining following the report.

Neither the International Energy Agency nor White House officials provided immediate responses when contacted for comment.

Global oil prices climbed to nearly four-year peaks Monday before retreating Tuesday after President Donald Trump expressed optimism that Middle Eastern hostilities might conclude in the near future.

Energy ministers from G7 nations fell short of approving strategic reserve releases during Tuesday discussions, instead directing the IEA to evaluate current market conditions before taking action.

TOKYO, March 11 – Global crude oil markets experienced a decline Wednesday following reports that the International Energy Agency is considering an unprecedented release from strategic oil reserves, according to the Wall Street Journal.

The proposed reserve release would mark the largest in the agency’s history and is designed to counter escalating crude prices that have surged due to ongoing conflicts involving the United States, Israel, and Iran in the Middle East.

Market data showed Brent crude futures declining by 23 cents to $87.57 per barrel, representing a 0.26% decrease as of 0023 GMT. Meanwhile, U.S. West Texas Intermediate crude dropped 37 cents to $83.08 per barrel, marking a 0.44% decline for the trading session.

ATLANTA (AP) — Digital imaging technician Chris Ratledge once earned up to $9,500 weekly working on movie sets in Atlanta. Today, the 48-year-old relies on food stamps to survive.

Ratledge relocated from Indiana to Georgia in 2017 when film studios, attracted by substantial tax incentives, transformed Atlanta into what became known as the “Hollywood of the South.” The city served as the filming location for major productions including “The Hunger Games,” “Stranger Things,” and numerous Marvel superhero films.

The work demanded long hours — typically 70-hour weeks — but Ratledge said the $72 hourly wage was life-changing. “I paid off three years of back taxes in one year, just from the money I made,” says Ratledge, who contributed to Netflix’s “Red Notice” and television series like TBS’ “Miracle Workers” and Starz’s “P-Valley.”

That prosperity has vanished: Since May 2024, Ratledge has managed only four days of film work.

He now works part-time at a tennis facility’s front desk and repairs tennis rackets for additional income, struggling to support his family of four on $15 hourly without health benefits. His wife, a cancer survivor, has begun house cleaning work several days weekly, and the family has moved to a smaller rental home. Their combined $2,000 monthly earnings barely cover rent, creating debt and leaving Ratledge severely discouraged.

“All I want for Christmas is for my film career back,” Ratledge posted on Instagram in December.

Following a record $4.4 billion in production spending during 2022, Georgia’s film and television industry has experienced a sharp decline, falling to only $2.3 billion in the most recent fiscal year. Total productions decreased from 412 in 2022 to 245 last year. The downturn worsened following the 2023 writers and actors strikes that suspended productions for months, further damaging an industry still recovering from COVID-19 shutdowns.

“We saw a lot of productions start looking overseas, knowing that they wouldn’t have another work stoppage,” said Lee Thomas, the deputy commissioner of the Georgia Film Office. “We knew that it would be like a reset to the industry … but it certainly was a bigger, harder fall than we anticipated — and longer.”

Marvel Studios has departed Georgia’s market — with 2025’s “Thunderbolts” being its final local production — relocating its large-scale projects to the United Kingdom where labor and production expenses are lower. Streaming services like Netflix are also increasingly filming internationally while reducing overall show production. Meanwhile, competing states including California and Texas have enhanced their incentive packages to challenge Georgia’s tax credits, which can cover up to 30% of production expenses.

Atlanta costume supervisor Monique Younger noted that local industry Facebook groups are flooded with work shortage complaints, with some members frustrated that experienced veterans are securing the limited available positions. Younger reports her workload has dropped to less than half its previous level, making her “feel a little bit useless.”

Location scout Jen Farris, an Atlanta native with extensive industry experience, previously turned down offers due to excessive work demands. Currently, she faces two- to three-month periods between projects, requiring her to “watch her pennies.”

“You just pray that you have nested away enough to float a little bit,” she said.

Despite challenging conditions, Shadowbox Studios, among metro Atlanta’s largest soundstage facilities, remains optimistic about the region’s prospects and encourages local filmmakers and industry professionals to explore new opportunities.

Shadowbox has marketed its extensive facilities to various clients, from independent filmmakers to content creators and esports organizations. The company also prioritizes maintaining the city’s skilled workforce.

Atlanta has historically functioned as the nation’s “antidote” to Hollywood productions moving abroad, according to Shadowbox COO Mike Mosallam, who highlights the city’s skilled crews, relatively affordable production costs, abundant soundstage facilities, and varied filming locations. Preserving this talent pool is essential to preventing additional productions from relocating, he explained.

In November, Shadowbox welcomed approximately 25 Black college students for Backlot Academy, a program established in 2022 to increase diversity in professions where personal networks often determine hiring decisions.

Experienced crew members instructed participants on reading call sheets, using walkie-talkie communication, and enduring 12-hour workdays. Participants received free enrollment in a multi-week digital production course and mentorship support for securing their first industry position.

Trainee Julian Williams, who grew up watching Atlanta transform into a Hollywood destination, witnessed one of the “Alvin and the Chipmunks” films being shot on his street. The 24-year-old digital media student at Georgia Piedmont Technical College aims to enter the industry as a production assistant, hoping to eventually become an assistant director.

While prepared to pursue his filmmaking aspirations wherever they may lead, Williams currently believes in Atlanta and its supportive film community.

“People are genuinely helpful and willing to share what they know,” Williams said.

Among those mentoring Williams and fellow trainees was Joseph Jones, a Backlot graduate who attributes his successful production assistant career to Shadowbox’s program. “It changed my life,” said Jones, 53, who previously worked in hospitality but always aspired to work in film production.

However, Shadowbox executives acknowledge current realities: The industry is experiencing significant decline, particularly in Atlanta. During the training day, only one of Shadowbox’s nine soundstages was occupied by an active production, noted sales director Jeremiah Cullen.

Cullen explained that Shadowbox has adapted by negotiating flexible pricing to accommodate filmmakers’ budgets while regularly contacting former clients to identify potential opportunities.

“Hey, we miss you on the lot,” he tells them. “You got anything cooking?”

Ratledge also developed his love for cinema early, particularly after seeing his small Indiana town of Milan featured in 1986’s “Hoosiers” when he was nine years old. Despite continuing to contact his professional network, he’s prepared to transition to other work.

Ratledge isn’t seeking extraordinary opportunities — simply one consistent television project that would provide financial stability and planning time. A five- or six-month series, he explained, would restore his health insurance, enable bankruptcy filing, and allow him to “hit the reset button.”

“I don’t think I’m any different than the people who worked in Detroit when the auto industry collapsed in the ’70s and everything went overseas,” he said.

This concern has attracted attention from President Donald Trump, who proposed tariffs last year to retain film production domestically — a plan experts have criticized as unclear and impractical.

Georgia Film Office’s Thomas reported that business has improved considerably compared to the previous fiscal year. She partially attributes the recovery to new state legislation extending Georgia’s tax incentives to additional production types, including short-form vertical videos and free ad-supported streaming platforms like Tubi.

Some Atlanta industry veterans remain hopeful about future prospects, including location scout Farris. She believes too many skilled, creative professionals have established themselves in Atlanta for the industry to simply disappear.

“People moved their families here. They’re raising children here. This wasn’t just about film,” she said. “It changed our landscape — it brought in brilliant new minds. Artists. Creators. And I really believe Georgia will find a way to foster an entirely new wave of artistic possibility.”

LONDON – Lloyds Banking Group issued an apology Thursday following a technical malfunction that temporarily exposed customers’ private banking information to other users through the bank’s mobile application.

The British financial institution confirmed it is examining what led to the system failure that permitted app users to access transaction details belonging to other account holders during Thursday morning hours.

“We’re sorry that some customers experienced an issue viewing transactions in the app for a short time this morning,” a bank representative stated after news outlets reported the privacy breach affecting the institution’s digital banking platform.

Bank officials confirmed the technical problem has been fixed and stated they are conducting a thorough review to determine the root cause of the malfunction.

This incident adds to mounting concerns about digital banking reliability in the United Kingdom. According to Britain’s cross-party Treasury Committee of lawmakers, nine major UK banks and building societies experienced a combined total of at least 803 hours of unexpected technology failures and system breakdowns from January 2023 through February 2025, preventing millions of customers from accessing their funds.

Defense technology company Anduril Industries announced Wednesday it has reached a final agreement to purchase ExoAnalytic Solutions, a national security firm that specializes in tracking objects in space and missile defense systems.

The acquisition is part of Anduril’s strategy to secure a larger role in President Donald Trump’s Golden Dome missile defense initiative, a program designed to create a space-based protective system that can stop ballistic, cruise and hypersonic missiles.

Numerous companies are competing for contracts in the Golden Dome project. Anduril was among the firms that secured smaller space-based interceptor contracts distributed in late November.

ExoAnalytic began with missile defense computer algorithms and expanded to create a worldwide telescope network that monitors thousands of objects orbiting Earth.

The firm operates and maintains over 400 telescope systems positioned around the globe, providing what Anduril called continuous, detailed monitoring of deep space on an international level.

ExoAnalytic also leads in computer modeling and simulation for secret national security space operations and supplies software and technical knowledge for missile warning and defense systems.

Gokul Subramanian, Anduril’s senior vice president of engineering, described the purchase as a major boost for the company’s goals.

“We expect this acquisition to enable us to tap into those capabilities more and more,” he told reporters, noting that the merged company would enhance Anduril’s work in space detection, tracking, battle management and fire control systems.

This marks Anduril’s first purchase within its space division and its 11th acquisition overall, combining ExoAnalytic’s worldwide sensor network and data analysis with Anduril’s expertise in automated systems and command operations.

Financial details of the transaction were not revealed.

The purchase still requires government regulatory approval.

WASHINGTON, March 11 – Economic forecasters anticipate that consumer prices rose in February as gasoline expenses climbed amid expectations of intensifying Middle East warfare, with the regional conflict pushing oil costs higher and potentially driving inflation even further upward in March.

The expected Consumer Price Index rise last month would also mirror the ongoing, gradual effects from President Donald Trump’s extensive tariff policies, which he implemented using emergency powers legislation that was later overturned by the Supreme Court.

Wednesday’s inflation data from the Labor Department is predicted to demonstrate that fundamental price pressures grew at a measured pace last month, aided by relatively lower costs for pre-owned vehicles and air travel. The report is not anticipated to influence immediate Federal Reserve policy decisions, as the central bank is expected to maintain current interest rates at next week’s meeting.

“The February CPI is likely to show that progress on lowering inflation is stalling out again,” said Sarah House, a senior economist at Wells Fargo.

“Although the conflict in the Middle East started at the end of February, oil and gasoline prices were already rising last month in anticipation of an escalation,” House said.

Economic projections suggest the CPI rose 0.3% last month following January’s 0.2% gain, according to a Reuters economist survey. Forecasts varied from 0.1% to 0.3% growth. Over the twelve-month period ending in February, the CPI was projected to increase 2.4%, matching January’s rate as last year’s elevated figures fall out of yearly comparisons.

The Federal Reserve monitors Personal Consumption Expenditures price measurements to track progress toward its 2% inflation goal.

Analysts estimated gasoline prices increased approximately 0.8% in the CPI data after two consecutive months of decreases.

Fuel costs have surged more than 18% to $3.54 per gallon since the U.S.-Israeli conflict with Iran began in late February, according to AAA data. Crude oil prices jumped above $100 per barrel before retreating Tuesday following Trump’s comments that the war might conclude soon.

“The recent 15% move alone suggests a 0.15-0.30 percentage point lift to headline inflation depending on how the conflict evolves,” said Andy Schneider, a senior U.S. economist at BNP Paribas Securities.

Food costs likely continued rising at a steady rate, though Schneider noted “a sustained oil price shock would raise fertilizer and transportation costs that could push food inflation higher later in the year.”

Removing volatile food and energy sectors, the CPI was projected to gain 0.2% after January’s 0.3% increase. This core CPI inflation was likely restrained by falling used car prices and smaller increases in housing costs and airline tickets.

However, merchandise prices for clothing and home goods likely rose significantly as companies transferred tariff costs to consumers. January’s Producer Price Index showed expanding profit margins, particularly in clothing, footwear and accessories retail.

While companies have absorbed substantial import duties, economists indicated they were unlikely to continue this practice, pointing to persistently elevated input costs in Institute for Supply Management surveys.

Trump responded to the Supreme Court decision by establishing a 10% worldwide tariff, which he indicated would increase to 15%.

“The trouble is that there is evidence that input costs continue to escalate, even as the level of tariffs has mostly stabilized,” said Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets. “The pass-through dynamic could persist for a while.”

Over the year through February, core CPI inflation was forecast to rise 2.5%, matching January’s pace and benefiting from favorable year-over-year comparisons.

Economists cautioned that moderate core CPI figures were unlikely to produce similarly restrained core PCE inflation increases in February. Friday’s delayed January PCE price data is expected to reveal substantial core inflation growth.

“Weighting differences and unexpected strength in PPI service prices are likely to produce a significantly larger increase in the broader consumption index,” said Lou Crandall, chief economist at Wrightson ICAP. “Similar effects are likely to give the core PCE price index an upward bias in the February data due out on April 9.”

Technology industry leaders are mounting a strong defense against growing concerns that artificial intelligence could eliminate the need for traditional software companies, with Oracle’s top executive becoming the latest to reject such predictions.

During a Tuesday analyst conference call, Oracle’s Mike Sicilia firmly dismissed speculation about AI’s threat to his sector. “You’ve all heard … that new companies coding quickly using AI will spell the death of SaaS (software as a service),” Sicilia stated. “I don’t agree with that at all. I do think that AI tools and their coding capabilities would be a threat if we weren’t adopting them, but we are, and very rapidly.”

These defensive statements come after Wall Street expressed significant anxiety about AI’s potential to handle functions traditionally managed by software companies, including customer data organization and business process guidance.

The concerns triggered a massive sell-off last month, wiping nearly $1 trillion from software company valuations after AI startup Anthropic launched Claude Cowork plugins – digital assistants capable of automating various business tasks. Software executives have since used earnings calls to counter these fears.

Sicilia positioned Oracle as superior to competitor Salesforce, claiming his company leverages AI for creating entirely new products and automating complete business workflows, rather than simply adding AI features to existing offerings.

Salesforce CEO Marc Benioff has taken a different approach to addressing what some call the “SaaS-pocalypse” – referring to last month’s stock market rout affecting software-as-a-service companies. Benioff assured analysts his company would survive any industry upheaval.

During presentations, Benioff featured Salesforce clients who described the company’s evolution into an enterprise platform that creates, implements, and manages AI agents using vast amounts of exclusive customer and sales data.

Even Nvidia CEO Jensen Huang, a prominent AI industry figure, recently called concerns about AI replacing software tools “illogical.”

Oracle’s optimistic AI revenue projections for upcoming quarters sent its stock price up 10% Wednesday. The company maintains extensive enterprise databases covering finance, supply chain, and human resources – information that’s difficult for AI systems to duplicate.

Technology research firm Valoir CEO Rebecca Wettemann highlighted Oracle’s competitive advantages, noting the company provides cost-effective cloud systems and databases compatible with major cloud platforms. “That flexibility gives customers choice – and that’s a powerful position to be in as the AI ecosystem evolves,” Wettemann explained.

Nearly a dozen technology analysts and investors contacted by Reuters agreed that companies possessing years of exclusive financial, legal, design, or technical information have the strongest protection against AI disruption.

“Proprietary data is the deepest moat by far,” said James St. Aubin, chief investment officer at Ocean Park Asset Management.

Despite startup companies challenging Salesforce’s customer-relationship software market leadership, the company’s systems remain deeply integrated into corporate infrastructures. Its real-time data platform handles over 50 trillion records, and the company is repositioning itself as an AI-agent provider through its Agentforce service, though this remains a small revenue stream.

Industry analysts note that Salesforce benefits from businesses having built their daily operations around the company’s products, making switching costs prohibitively expensive.

However, AI advancement is beginning to lower these barriers by simplifying code generation and application development with reduced human involvement and costs.

Salesforce AI executive vice president Madhav Thattai emphasized that while businesses test individual AI tools, his company has developed a comprehensive system that provides competitive differentiation, supported by decades of enterprise expertise.

Oracle declined to provide additional comments for this report.

Despite executive optimism, analyst concerns about traditional software companies persist, with experts noting that data quality varies significantly across companies.

Workday, which specializes in employee data and payroll services, possesses substantial information but faces unique challenges. Analysts point out that HR and payroll data typically follow standardized industry formats, making it easier for AI companies to study or replicate similar tools.

Workday recently reinstated founder Aneel Bhusri as CEO to navigate “the rapidly evolving AI era.” However, the company’s shares have dropped more than one-third this year, reaching five-year lows following disappointing sales forecasts. Bhusri maintains that Workday systems incorporate twenty years of business processes that AI cannot duplicate.

“AI, for all of its incredible capabilities, is probabilistic by nature,” Bhusri told analysts during an earnings call. “It reasons, predicts and recommends based on patterns and likelihoods. Maybe it will eventually become a state machine – a system that follows the same steps and gets the same result, every time – but it is not there today.”

A Workday representative directed inquiries to Bhusri’s previous public statements.

Some analysts believe the enterprise software sector will demonstrate greater resilience than current market valuations suggest, arguing that AI-driven productivity improvements could stimulate hiring and business growth.

“I would not write the obituary for some of these companies just yet because there is an opportunity for them to reinvent themselves with AI,” Ocean Park’s St. Aubin concluded.

LONDON, March 12 – The tech giant Google has revealed the official name for its massive new London headquarters, calling it ‘Platform 37’ as a tribute to both the adjacent King’s Cross railway terminal and a historic artificial intelligence milestone from nearly ten years ago.

The name references ‘Move 37,’ a crucial decision made by Google’s DeepMind AI system called AlphaGo during its famous competition against Go world champion Lee Sae Dol, according to company officials.

Google and Google DeepMind staff will start relocating to Platform 37 during the summer months, the company announced.

Demis Hassabis, who co-founded and leads Google DeepMind, explained in a Thursday blog post that Move 37 was so unusual that human Go experts initially believed the AI had made an error. ‘Move 37,’ played by AlphaGo almost 10 years ago to the day, was so unconventional human experts initially thought it was a mistake,’ Hassabis wrote.

However, the strategic move ultimately proved brilliant as AlphaGo secured victory in the match.

‘AlphaGo’s victory heralded the beginning of what is now recognised as the modern era in AI,’ Hassabis stated.

The innovative structure, created by architects Thomas Heatherwick and Bjarke Ingels, extends 330 meters alongside the railway lines connecting to King’s Cross station. The horizontal design, nicknamed a ‘landscraper,’ actually exceeds the height of London’s famous Shard tower, which stands at 310 meters.

This marks Google’s first completely owned and designed facility outside American borders, though the project has experienced a lengthy development process since its initial announcement in 2013, including construction and interior finishing setbacks.

The company plans to launch ‘The AI Exchange’ within the building before year’s end, creating a public space where visitors can explore and understand artificial intelligence technology.

Financial institutions across Wall Street are turning to former military officials and national security experts to help navigate the risks posed by escalating Middle East tensions, according to industry sources.

Before U.S.-Israeli forces conducted airstrikes that resulted in the death of Iran’s Supreme Leader on February 28, several major financial firms had already been alerted to the possibility of military action through specialized consulting services.

WestExec Advisors, a geopolitical risk consulting company, informed their banking clients on Friday evening that there was a 65% chance of weekend military operations, according to managing partner Nitin Chadda.

“It was clear to us that there was an intention to take some meaningful Iran military action,” Chadda explained, noting that his firm had seen increased inquiries from financial clients seeking help with conflict scenario planning.

Chadda, who previously served as a senior Pentagon advisor, established WestExec in 2017 alongside colleagues including current Secretary of State Antony Blinken. The firm’s client roster has included investment bank Lazard, private equity firm Blackstone, and Japan’s Softbank, based on 2021 Senate disclosure documents.

The appetite for geopolitical intelligence has grown significantly since tensions between the U.S. and China intensified during Trump’s initial presidency, followed by pandemic-related supply chain disruptions and the ongoing Ukraine conflict.

The current Middle East crisis, which has created turbulence in equity and bond markets while triggering an oil market emergency, has highlighted the value of such advisory services, particularly given Trump’s unpredictable foreign policy approach.

Financial sector professionals have been actively seeking briefings from former military and national security specialists as investors and corporations seek understanding on topics ranging from Iran’s naval mine capabilities to how the conflict might affect semiconductor production, according to multiple consultants, banking insiders, and investment professionals.

“What you’re really seeing from the financial industry is how national security and economic security have been merging over the last few years, and that is accelerating,” explained Amy Mitchell, founding partner at Kilo Alpha Strategies and former Pentagon senior advisor.

The military strikes came after three weeks of U.S.-Iran diplomatic efforts focused on limiting the Islamic Republic’s nuclear program, during which Trump issued force threats and the U.S. significantly expanded its Gulf military deployment.

Those negotiations concluded on Thursday without apparent progress, though Omani intermediaries indicated some advancement and suggested talks would continue shortly.

However, some observers remained skeptical. WestExec executives, despite lacking access to official military plans, detected increasing frustration among individuals connected to the negotiations, while additional indicators suggested an imminent attack, Chadda reported.

He cited what he described as a “last ditch” Washington visit by Oman’s foreign minister that Friday as one such signal.

Chad Sweet, former CIA officer and CEO of The Chertoff Group advisory firm, identified the USS Gerald R. Ford aircraft carrier’s arrival in Israel early Friday as another significant indicator.

Additional observers noted reports of U.S. embassy personnel being permitted to depart the region.

“That was one of the final major trip wires,” stated Jay Truesdale, CEO of TDI global geopolitical strategy advisors.

TDI had already briefed clients, including hedge funds, traders, shipping companies, and industrial firms, to watch for government action indicators reflecting military planning, Truesdale said, emphasizing that such intelligence comes from publicly available sources.

“We knew that once the trip wires were triggered that the likelihood of military action within 24-72 hours dramatically increased.”

Unusual U.S. Treasury market activity that Friday suggested some investors were responding to these warning signs.

Despite inflation data that would typically cause investors to sell long-term Treasuries, trading moved in the opposite direction, pushing 10-year Treasury yields below 4%. Such significant movement toward safe-haven assets typically occurs when adverse economic events happen or are strongly anticipated.

Tom di Galoma, managing director of global rates trading at boutique broker-dealer Mischler Financial, said market discussions suggested the movements might have resulted from briefings by former military officials.

White House press secretary Karoline Leavitt stated in an email that Iran represented an immediate threat and the strike demonstrated courageous leadership.

Responding to increasing investor interest, major financial institutions including JPMorgan, Bank of America, Lazard, Goldman Sachs, and Deutsche Bank have established their own geopolitical advisory divisions in recent years, while others have invested in military and national security expertise.

Deutsche Bank announced in November 2022 that it had hired late former Secretary of State Henry Kissinger. Santander brought on former British Army head General Sir Patrick Sanders last year to support its defense lending initiatives.

Representatives from Deutsche Bank, JPMorgan, and Santander declined comment, while Goldman Sachs did not respond to inquiries. A Bank of America spokesperson confirmed their geopolitical department employs experienced national security and intelligence analysts.

As the conflict expands, investors are requesting regular updates, shipping route intelligence, oil price forecasts, and analysis of crisis impacts on energy-dependent industries, according to industry sources.

“It’s been 24/7, fielding very specific questions from clients across the spectrum, including investors and energy folks,” said Teddy Bunzel, who leads Lazard’s geopolitical advisory division launched in 2022, which employs several former military advisors including retired four-star Admiral William McRaven.

“Everyone is wondering – how does this end?”