Category: Business

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market Performance Overview

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

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

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

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

Bond Market Struggles

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

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

Commodity Markets

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

Conflicting Signals

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

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

Technical Concerns Mount

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

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

Looking Ahead

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market experts offered their perspectives on the ongoing volatility:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UBS did not immediately respond to comment requests.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The collaboration divides responsibilities among the three companies: Pony.ai will provide the autonomous driving technology, Verne will own and operate the vehicle fleet on a daily basis, while Uber will incorporate the service into its worldwide ride-sharing network. Customers will be able to access the robotaxis through both Uber’s app and Verne’s dedicated platform.

According to a joint statement, the companies “aim to build a scalable path toward commercial robotaxi services in Zagreb and, over time, potentially into additional European cities and other markets, with plans to scale to a fleet of thousands of robotaxis over the next few years.”

As part of the agreement, Uber will make a financial investment in Verne, which takes its name from renowned French author Jules Verne, and will act as a strategic partner to help the company grow.

The three companies have already begun conducting road tests in Zagreb and are making preparations to launch paid rides for customers.

Verne will take the lead in securing European regulatory approvals needed for the service launch and will oversee the rollout of Pony.ai’s autonomous vehicles across both Verne’s and Uber’s platforms.

This partnership represents part of Uber’s broader strategy to position itself in the autonomous vehicle market, having established relationships with nearly two dozen companies specializing in self-driving technology across various sectors including robotaxis, freight transportation, sidewalk delivery robots, and drone services.

Chinese banking regulators are exploring modifications to investment restrictions that could allow major shareholders to expand their stakes in additional financial institutions, according to sources familiar with the discussions. The potential policy change represents an effort to provide struggling banks with more options for raising capital during challenging economic conditions.

The National Financial Regulatory Administration (NFRA), which oversees China’s banking industry, conducted discussions with bank representatives in January regarding possible rule adjustments, the sources revealed.

Current regulations established in 2018 limit individual investors to holding major stakes of 5% or greater in no more than two commercial banks, or maintaining controlling interest in just one lending institution.

Officials are now evaluating whether to permit certain bank shareholders to acquire significant positions in one or two additional lenders, according to one source who requested anonymity due to the confidential nature of the talks.

Any expansion of bank holdings would require NFRA approval, with regulators examining investor credentials and assessing each bank’s capital requirements individually, the source explained.

This potential relaxation of ownership regulations within China’s $70 trillion banking industry comes as financial institutions face mounting pressure from economic headwinds and the ongoing property market crisis that has weakened balance sheets and asset quality.

Growing international tensions and volatile global financial markets are adding urgency to efforts aimed at strengthening domestic banks’ financial positions, particularly as Beijing increases support for key strategic sectors.

Sources indicated that any rule changes designed to expand funding sources through well-funded investors would occur during a period when traditional government fiscal support has become more difficult to maintain. However, they cautioned that discussions remain preliminary and could still change direction.

The NFRA has not provided responses to requests for comment regarding these potential policy modifications.

The proposed ownership rule changes would partially reverse nearly a decade of efforts by the world’s second-largest economy to limit the power of controlling shareholders within financial institutions.

These restrictions were implemented following the collapse of insurance company Anbang Group and the failure of Baoshang Bank, and included measures preventing major shareholders from improperly interfering with bank or insurer operations.

Government takeover of Baoshang Bank resulted from improper and illegal fund usage by Tomorrow Holdings, which owned 89% of the institution’s shares, creating a severe credit crisis according to central bank statements from that period.

China’s sovereign wealth fund and provincial government investment entities control most large publicly traded banks, while insurance companies, asset management firms, and central government conglomerates rank among significant shareholders.

Stricter ownership regulations and restricted access to private capital, particularly affecting smaller regional banks, have made China’s banking sector heavily dependent on government recapitalization efforts in recent years.

During this month’s annual parliamentary session, China announced plans to inject 300 billion yuan ($44 billion) into state-owned banks this year to prevent systemic risks, following approximately $72 billion in recapitalization during the previous year.

As part of ongoing regulatory discussions, officials are also considering relaxing shareholding restrictions for large state-owned insurance companies’ bank investments, with one source noting the goal is directing such investments toward smaller city commercial banks.

Multiple large insurers have already reached the 5% shareholding limit in two commercial banks and must therefore maintain investments in any additional banks below that threshold, according to analysts.

China’s major state-owned banks maintain capital levels meeting regulatory requirements, but face pressure to replenish reserves as continued economic support needs will likely increase risk-weighted assets, according to a Fitch analysis.

Chinese lenders are planning to increase credit availability to technology-focused companies, bankers have indicated, as Beijing accelerates efforts to integrate artificial intelligence throughout the economy.

While this strategy provides banks with new lending growth opportunities, analysts caution that the emerging nature of target companies and insufficient collateral in some cases could create asset quality risks.

Smaller regional banks encounter even greater capital strengthening challenges compared to larger institutions, as they deal with reduced profit margins and increased pressure to eliminate bad loans.

China’s top leadership has committed to “strengthen capital replenishment through multiple channels,” according to a government work report presented at the National People’s Congress annual meeting earlier this month.

A major beauty industry acquisition was announced Thursday as German consumer products giant Henkel revealed plans to purchase Olaplex Holdings for $1.4 billion.

The hair care company confirmed it has signed a final purchase agreement with the German firm on March 26, marking a significant consolidation move in the competitive beauty market.

Henkel, known for its consumer goods portfolio, will add the popular hair treatment brand to its existing product lineup through this multi-billion dollar transaction.

The Finance Sector Union announced Thursday that National Australia Bank plans to eliminate approximately 170 positions throughout the country as the financial institution restructures its business operations and expands internationally.

According to the union representing banking employees nationwide, the restructuring proposal involves eliminating 447 existing positions while establishing 277 new domestic roles, creating a net reduction of roughly 170 jobs across Australia. Additionally, the bank intends to establish 237 new positions overseas, with most located in India and Vietnam.

The country’s second-largest bank by market capitalization described these workforce changes as part of its initiative to develop a “modern workforce.” Bank officials stated they remain committed to recruiting and training employees within Australia, especially for customer service positions, though they declined to verify specific job numbers affected by the reorganization.

Bank representatives explained that the proposed international positions would function as extensions of their Australian operations, designed to provide more reliable service outcomes for customers.

Finance Sector Union national president Wendy Streets commented that the reorganization would transfer specialized ongoing positions to less expensive international markets. However, she recognized that the bank had improved career transition opportunities for some impacted employees.

National Australia Bank’s most recent annual report indicates the institution employs over 38,000 people worldwide, with approximately 76.6% of permanent employees working in Australia, suggesting around 29,000 Australian staff members.

This workforce reduction follows similar moves by competing banks in the sector. ANZ announced in September it would eliminate roughly 3,500 jobs and 1,000 contractor positions under new CEO Nuno Matos. Commonwealth Bank revealed in July it was cutting 45 positions as part of transitioning to artificial intelligence-driven operations, which drew criticism from the Finance Sector Union.

Global financial markets remain volatile as conflicting statements from Iranian and American officials regarding potential peace negotiations continue to create uncertainty among investors dealing with skyrocketing energy costs.

Trading sessions across Asia showed erratic patterns, with stock prices fluctuating between positive and negative territory. European market indicators suggest a weaker opening, though outcomes will largely depend on rapidly changing Middle Eastern developments.

The current situation presents a complex picture: Iranian officials stated they are examining an American ceasefire proposal but emphasized they have no plans to engage in negotiations to resolve the ongoing hostilities. Conversely, President Donald Trump claimed Iran is eager to reach an agreement to conclude nearly a month of warfare.

The effective blockade of the Strait of Hormuz has severely impacted global energy supplies, as this waterway typically handles twenty percent of worldwide oil and liquefied natural gas shipments. Nations worldwide are now confronting fuel shortages, supply disruptions, and escalating energy costs.

South Korean leader Lee Jae Myung urged citizens Thursday to reduce electricity consumption, while energy regulators in the Philippines announced the suspension of the nation’s wholesale electricity marketplace across all three power grids.

Oil prices exceeding $100 per barrel threaten to impact the worldwide economy, with certain nations facing greater vulnerability and limited capacity to manage increasing energy expenses.

These circumstances have prompted investors to continue their month-long pattern of divesting from equities and bonds, with the dollar serving as the primary safe-haven asset.

Regional Asian markets have experienced significant selling pressure, with the MSCI Asia-Pacific index excluding Japan projected to decline 8.7 percent for the month, marking the largest monthly decrease since October 2022.

International investors have liquidated $50 billion in regional equities following the commencement of U.S. and Israeli military operations against Iran on February 28, which subsequently triggered Iranian counterattacks and expanded conflict into Lebanon.

The European STOXX 600 index continues facing downward pressure as the continent’s reliance on petroleum imports has negatively affected equity markets since hostilities began. This comprehensive index has dropped over 7 percent, while the S&P 500 has declined slightly above 4 percent during March.

Important economic indicators scheduled for Thursday include German consumer sentiment data for April, French consumer confidence figures for March, and quarterly earnings reports from Delivery Hero and Porsche.

Job seekers today face what may be one of the most challenging employment markets in recent memory.

White-collar positions have become particularly scarce in what economic experts describe as a “low-hire, low-fire” environment where companies retain existing employees while dramatically reducing new hires, creating barriers for younger professionals seeking stable employment.

Digital tools have transformed the application process in complex ways. While automated platforms allow candidates to submit applications more efficiently, these same technologies have created additional hurdles for getting noticed. Data from recruiting platform Greenhouse shows that hiring managers now review 3.5 times more applications than they processed just a few years ago.

However, artificial intelligence has emerged as a potential solution, offering job hunters innovative methods to enhance their candidacy through improved resumes and better interview preparation. Industry professionals share guidance on leveraging these tools effectively:

Refreshing your resume remains fundamental to any successful job search. While AI excels at enhancing CVs and cover letters, specialists caution that widespread adoption has created new challenges.

“Absolutely does risk reducing your job application materials to the same style as every other applicant’s,” explained Daniel Zhao, chief economist at Glassdoor. “As a hiring manager, this is something I have seen myself in application materials that have clearly been customized using AI. For job seekers, that makes it hard for your application to stand out from your peers.”

Daniel Chait, CEO of Greenhouse, suggests advancing beyond basic AI assistance by using technology to “personalize your approach” to target companies. Candidates might utilize AI to analyze a company’s annual reports or examine their job postings to “help you improve your cover letter or the wording of your resume in very specific ways,” he noted.

Many applicants believe hidden strategies exist for bypassing automated screening systems. A persistent myth involves inserting keywords in invisible white text that computers can detect while remaining hidden from human reviewers.

Modern screening technology has evolved far beyond such tactics, Chait clarified.

“There’s no secret keyword you can put in, that’s just wasting your time. Don’t bother doing that.”

Resumes alone won’t secure employment in today’s market.

“The resume is still an important part of the job search process but it is not sufficient. You need far more than your resume,” stated Pat Whelan, a LinkedIn product manager.

As artificial intelligence becomes integrated into workplace operations, Whelan recommends showcasing any AI competencies you possess.

LinkedIn has partnered with AI platforms including Lovable and Relay.app to verify users’ abilities to employ AI for tasks like coding applications.

Other experts emphasize developing fundamental AI skills that will transfer across future office environments.

“When the state of art is shifting so rapidly, focusing on narrow AI certifications or skills isn’t as important as being thoughtful about the benefits and risks and also being able to adapt quickly,” Zhao advised.

Recruitment standards are evolving rapidly, with employers beginning to establish AI usage policies for their hiring processes, so verify whether your target company has specific requirements.

Companies like Target, SAP, Zscaler, and Britain’s civil service have published guidelines governing AI use during recruitment. Generally acceptable applications include resume formatting, technical concept explanations, and brainstorming, while prohibited uses involve fabricating qualifications, accomplishments, or completing assessments artificially.

The entire process from application to final interview should “be an authentic representation of your own skills, experience, and thought process. This principle is especially important in the age of AI,” according to Zscaler.

When you advance to interviews, AI becomes valuable for preparation.

Chait suggests using AI to research the company, industry, position, hiring manager, and interview best practices.

He then recommends spending one to two hours conducting AI-powered mock interviews to develop strong responses for actual conversations.

While AI tools marketed to help candidates pass remote interviews and assessments exist, professionals strongly discourage their use.

These applications typically monitor interview questions and display suggested answers during video calls. However, their usage often becomes apparent to interviewers.

Chait shared that clients have described interviews where candidates consistently responded to every question by saying, “Let me think for a minute,” before answering, clearly indicating they were reading AI-generated responses.

“You’re not fooling anyone,” he emphasized.

An emerging development job seekers should anticipate is AI-conducted interviews. More employers are expected to deploy automated systems for initial screening rounds through text chat, audio calls, or video avatars.

While this technology remains in early development, Chait predicts rapid adoption due to improved fairness and efficiency.

“Being comfortable with being screened by a bot first is something that will help give you an edge as a job seeker. It will make you applicable to more jobs,” Chait observed.

AI technology is unfortunately enabling employment fraud affecting both job seekers and employers.

Workers should watch for fraudulent job postings designed to exploit vulnerable individuals. These advertisements, typically distributed via email or text messages, claim well-known companies are hiring and direct recipients to follow links for additional information.

Experts recommend verifying legitimate opportunities by visiting company websites directly or checking reputable job boards to confirm actual postings.

Clicking suspicious links often leads to conversations with scammers promoting nonexistent positions. These fraudsters request identification, social security numbers, or banking information under the pretense of payroll setup, Chait warned.

Meanwhile, employers are increasing verification measures for remote candidates following incidents where companies inadvertently hired North Korean IT workers, generating revenue for that regime.

Job applicants should prepare for identity confirmation requests from potential employers, who typically require selfies compared against government-issued identification.

LinkedIn also provides verification services through ID checking or work email confirmation.

Markets across Asia experienced widespread declines Thursday while petroleum prices continued their upward trajectory due to persistent doubts about resolving Middle Eastern conflicts.

American market futures showed a 0.1% decrease ahead of trading.

Japan’s Nikkei 225 index dropped 0.3% to reach 53,607.75, while South Korea’s Kospi experienced a sharper decline of 1.9%, settling at 5,537.30.

In Hong Kong, the Hang Seng index decreased 1.4% to 24,978.71, and mainland China’s Shanghai Composite fell 0.6% to 3,909.16.

Australia’s S&P/ASX 200 slipped 0.2%, though Taiwan’s Taiex managed a 0.4% gain against the regional trend.

Petroleum markets saw renewed increases Thursday following earlier declines. Brent crude, the global benchmark, advanced 1.3% to $98.51 per barrel after trading below $95 on Wednesday. U.S. benchmark crude climbed 1.6% to $91.75 per barrel.

Energy price increases followed Tehran’s Wednesday rejection of a U.S. ceasefire proposal. The Trump administration had presented a 15-point plan to Iran, with the president postponing his self-imposed deadline to “obliterate” Iranian power facilities as leverage to reopen the Strait of Hormuz.

Iranian forces continued attacks against Israel and Gulf Arab nations while Israel conducted airstrikes on Tehran and the U.S. prepared additional troop deployments to the region.

The Strait of Hormuz, a vital shipping channel between Iran and Oman through which approximately 20% of global oil normally flows, has remained mostly blocked since hostilities commenced. Oil prices have swung dramatically, rising roughly 40% since the conflict entered its fourth week.

Wednesday’s U.S. trading session ended positively. The S&P 500 increased 0.5% to 6,591.90, the Dow Jones Industrial Average advanced 0.7% to 46,429.49, and the Nasdaq composite gained 0.8% to 21,929.83.

Arm Holdings shares surged 16.4% in U.S. trading after the British company announced plans to develop and market its own semiconductor products, a move expected to boost future earnings.

Swiss athletic wear company On Holding saw its U.S.-traded shares plummet 11.2% following CEO Martin Hoffmann’s resignation announcement and the appointment of two company co-founders as replacement co-CEOs.

Precious metals declined in early Thursday trading. Gold fell 0.8% to $4,513.90 per ounce while silver dropped 0.9% to $71.97 per ounce.

Currency markets showed the U.S. dollar weakening to 159.42 Japanese yen from 159.47 yen. The euro strengthened to $1.1570 from $1.1559.

A fresh national survey reveals a significant disconnect between how working men and women view wage equality in the workplace, with compensation emerging as a primary concern for female employees.

The research from The Associated Press-NORC Center for Public Affairs Research shows approximately 60% of working women believe men receive better opportunities for competitive compensation, while roughly one-third think neither gender holds an advantage. Nearly 30% of female workers report personally facing wage discrimination due to their gender.

Male perspectives tell a different story: roughly 40% acknowledge men have wage advantages, while half believe both genders enjoy similar opportunities and 10% think women have better prospects. Only about 10% of men report experiencing gender-based wage discrimination themselves.

The study also reveals that most working women consider their current pay a “major” life stressor, compared to approximately 40% of working men who feel similarly.

These findings emerge as male earnings climb faster than female wages, with the gender pay gap expanding for two consecutive years, according to U.S. Census Bureau data.

This trend influenced Equal Pay Day’s timing — the symbolic date representing how many additional days women must work to match men’s previous year earnings — which occurred Thursday, one day later than in 2025. However, this still represents improvement from the inaugural Equal Pay Day on April 11, 1996, when women earned roughly 75 cents per male dollar.

The nation remains split on addressing gender pay disparities. Numerous Democratic-controlled states are implementing pay transparency legislation designed to expose unfair practices, including mandating salary range disclosure in job advertisements.

Meanwhile, President Donald Trump’s current administration has reduced certain agencies and restricted legal mechanisms previously used to investigate unfair compensation practices, contending these tools undermined merit-based systems and wrongly assumed workplace disparities stemmed from discrimination.

Jessica Thompson, 47, describes witnessing gender bias throughout her career. Before losing her position in January, Thompson earned $65,000 annually as a senior sales manager in Rockford, Illinois, while a male colleague with comparable qualifications made $87,000.

“I really had to prove myself over four years to get the role. And you know, he just came in, just within a few months and got it,” Thompson explained.

The survey indicates women particularly view wages as problematic. Approximately 20% of women report hiring discrimination based on gender, with men reporting similar experiences at comparable rates.

Key factors driving the gender wage gap include women’s overrepresentation in lower-paying positions, especially among Black and Hispanic women, plus the “motherhood penalty.” Research demonstrates women’s earnings decline after having children while men’s wages typically increase upon becoming fathers.

Female earnings remained nearly flat in 2024, while male earnings surged 3.7%, expanding the gender wage gap for the second consecutive year following two decades of gradual improvement, according to the latest U.S. Census Bureau analysis of full-time worker earnings. Women working full-time averaged 80.9% of male earnings in 2024, down from 82.7% in 2023.

Beyond pay equity concerns, the poll found working women experience greater economic stress across multiple areas.

About 60% of working women describe grocery costs and housing expenses as “major” life stressors, with 56% saying the same about their compensation. In contrast, roughly 40% of working men share these concerns.

Economists partially attribute the widening pay gap to many low-wage women returning to work post-pandemic, which reduced average female earnings. However, the past two years have also seen declining labor force participation among mothers with young children, partly due to return-to-office requirements reducing pandemic-era workplace flexibility.

Democratic legislators have criticized the Trump administration for complicating wage discrimination investigations as part of efforts to eliminate diversity and inclusion programs.

Trump has directed federal agencies to cease enforcing “disparate impact liability,” a civil rights legal concept used in wage discrimination cases against major corporations. The Labor Department has also significantly reduced the Office of Federal Contract Compliance Programs, an agency that audited major companies’ pay practices and secured hundreds of millions in compensation for women and minorities affected by unfair policies.

The Equal Employment Opportunity Commission has shifted focus toward prioritizing anti-DEI investigations, claiming men, particularly white men, face discrimination from practices designed to advance women and minorities in workplaces.

The poll suggests few men consider themselves disadvantaged compared to women professionally. Only about 10% of working men believe women have superior opportunities regarding competitive wages or career advancement.

Michael Bettger, a 51-year-old mechanic earning $26 hourly in rural Arkansas, has seen his wages decline due to layoffs and a decade-long battle with opioid addiction that began after a workplace back injury. Despite his struggles, he believes women face greater challenges advancing in his male-dominated field due to witnessed misogyny, noting fellow mechanics joke about accident-proneness caused by female colleague distractions.

“Men do have an advantage and more opportunities for wages. I’ve seen that first hand,” Bettger stated. “I have a daughter who wants to be a mechanic, and I’m scared to death of what kind of work she’s going to get.”

The AP-NORC poll surveyed 1,156 adults from February 5-8 using NORC’s probability-based AmeriSpeak Panel, designed to represent the U.S. population. The margin of sampling error for all adults is plus or minus 3.9 percentage points.

An artificial intelligence startup backed by Nvidia is pursuing a massive funding round that could establish its worth at $25 billion, according to a Wednesday report from the Wall Street Journal.

Reflection AI is currently in discussions to secure $2.5 billion in new investment capital, with sources close to the negotiations providing details to the financial publication.

Several key aspects of the potential deal have emerged:

JPMorgan Chase may join the investment round as part of its Security and Resiliency Initiative, the newspaper reported. The $25 billion figure represents what the company would be worth before receiving the new $2.5 billion investment, according to Wall Street Journal sources.

Reuters was unable to independently confirm these details, and Reflection AI has not responded to requests for comment about the reported fundraising efforts.

This potential valuation represents growth from previous targets, as the company had reportedly been aiming for a worth exceeding $20 billion according to earlier Financial Times coverage this month.

Negotiations between German industrial giant Thyssenkrupp and Indian steel manufacturer Jindal Steel International are on the verge of collapse due to major disagreements over pension obligations, future investments, and escalating energy expenses, according to four sources with knowledge of the discussions.

The potential acquisition of Thyssenkrupp Steel Europe has been under consideration for nearly six months, but sources indicate a successful deal now appears increasingly unlikely. Company representatives could formally terminate the negotiations within the next month, one insider revealed.

Several complex issues are derailing the talks, including approximately 2.4 billion euros ($2.8 billion) in pension obligations connected to the steel division, which have previously complicated sale attempts. The companies also hold conflicting views on the level of future investment required for the operation.

Rising energy expenses across Europe have also created additional concerns for Jindal Steel International, particularly as costs were already elevated compared to the United States and Asia before increasing further due to ongoing conflicts in Iran, a second source explained.

This marks another unsuccessful attempt by Thyssenkrupp to divest its steel operations, having previously explored various options including public listings, spin-offs, joint ventures, and complete sales of the challenging, cyclical business over recent decades.

The failure to complete this transaction would represent a significant obstacle for Thyssenkrupp CEO Miguel Lopez’s strategy to transform the historic German engineering corporation into a holding company by selling stakes across all business segments, from automotive components to clean technology.

On Wednesday, Thyssenkrupp confirmed that private discussions with Jindal Steel International and labor representatives are continuing, noting that agreements on valuation, obligations, and future investments remain necessary between all parties. Jindal Steel International, the global steel division of the Naveen Jindal Group, declined to provide immediate comment.

Earlier this month, Lopez stated the company would proceed with restructuring its steel division “with or without Jindal,” while Thyssenkrupp’s deputy supervisory board chairman, Juergen Kerner, acknowledged last week that negotiations had reached an impasse.

Lopez has also indicated that upcoming European Union measures designed to support the region’s struggling steel industry have improved investor confidence and strengthened Thyssenkrupp’s negotiating position.

Last September, Jindal Steel International submitted a preliminary proposal for the steel division that included completing an environmentally-friendly steel production facility in Duisburg and committing more than 2 billion euros ($2.31 billion) to develop additional electric arc furnace capabilities.

Global financial markets displayed mixed signals Thursday as investors remained cautious while monitoring rapidly changing developments in the Middle East, where Iran indicated it might consider a U.S. proposal aimed at ending the Gulf conflict.

The expanding conflict has disrupted worldwide markets, driving oil costs higher, sparking renewed inflation concerns, and altering global interest rate projections.

Trading results varied across Asia during early sessions, with Japan’s Nikkei climbing 0.6% while South Korean markets fell 1.2%. The MSCI Asia-Pacific index excluding Japan dropped 0.23%, heading toward an 8.7% monthly decline – its largest monthly fall since October 2022.

The U.S. dollar maintained strength near recent peaks and appeared positioned for a 2% monthly increase, reinforcing its role as investors’ preferred safe-haven currency.

Recent statements from Iran indicated some openness by Tehran to negotiate a war’s end if certain conditions were satisfied. The United States had submitted a 15-point ceasefire plan to Iran that Iranian officials initially rejected.

“While the headline flow points to a more constructive tone, markets remain unsure which signals to trust and act upon,” Chris Weston, head of research at Pepperstone, said.

“Price action suggests participants expect further twists and turns, even as the probability of a negotiated outcome edges higher.”

The conflict, which has lasted nearly a month following joint U.S.-Israeli strikes on Iran in late February, has effectively blocked the Strait of Hormuz, a critical passage for one-fifth of worldwide oil and liquefied natural gas transportation.

This disruption has pushed prices beyond $100 per barrel. Brent crude futures reached $103.35 per barrel, gaining 1% daily and heading for a 42% monthly increase.

“If you look at what the U.S. wants to achieve, what Israel wants to achieve, and what Tehran wants to achieve, it will be very hard to reconcile all these points,” said Matthias Scheiber, senior portfolio manager and the head of the Multi Asset team at Allspring Global Investments.

“We still think there is a case to make for structurally higher energy prices for the moment.”

Concerns about inflationary impacts from rising energy costs have led traders to eliminate expectations for Federal Reserve rate cuts this year, strengthening the dollar. Speculation about U.S. rate increases temporarily gained momentum but has since diminished.

European Central Bank President Christine Lagarde suggested Wednesday that eurozone interest rates might rise if Middle Eastern warfare drives regional inflation higher for an extended period.

“If the shock gives rise to a large though not-too-persistent overshoot of our target, some measured adjustment of policy could be warranted,” Lagarde said in Frankfurt.

The euro remained relatively stable at $1.1562, while the British pound traded at $1.3358. The Japanese yen stayed near 159.43 per dollar, maintaining proximity to the closely monitored 160 level that traders view as a possible intervention trigger.

In commodity markets, gold increased 0.66% to $4,537 per ounce, though it has declined significantly this month and faces a potential 14% monthly drop – its sharpest decrease since October 2008.

TAIPEI – Stock prices for Taiwan-based memory chip manufacturer Nanya Technology hit their daily maximum increase of 10% when trading began Thursday morning, following news of a massive private investment deal.

The dramatic stock price jump came after Nanya Technology revealed late Wednesday that it had secured $2.5 billion through private stock sales to major technology companies, including SanDisk Technology and Cisco Systems.

The private placement represents a significant vote of confidence from established tech industry players in the memory chip maker’s future prospects.

WASHINGTON, March 25 – A new academic study from the Brookings Institution reveals that President Donald Trump’s extensive tariff policies implemented last year generated substantial federal revenue while producing minimal effects on the nation’s overall economic performance, according to research published Wednesday.

The analysis examining the immediate effects of Trump’s tariff strategy determined that the “net welfare impact” on the American economy ranged from a positive 0.1% of GDP to a negative 0.13% of GDP, with variations depending on trade term assumptions and the degree to which consumer demand shifted toward American-made products.

University of California-Los Angeles economist Pablo Fajgelbaum and Yale University economist Amit Khandelwal conducted the research and identified several significant findings:

The study found that while real consumption showed little change, substantial transfers occurred from consumers to producers, though this economic distortion was largely balanced by increased federal revenues and salary improvements in certain sectors.

The research demonstrated that tariff costs were passed along to consumers at rates between 80% and 100%. Using a baseline estimate of 90%, researchers calculated that foreign exporters absorbed only 10% of the additional tariff expenses.

Tariff rates climbed to 9.6% – the highest level in eight decades – compared to the previous 2.4%. However, actual applied rates remain lower and affect only a small fraction of GDP. The study noted that approximately 57% of American imports continue to enter without duties due to the U.S.-Mexico-Canada trade agreement and exemptions for energy and specific electronics.

Tariff collections in 2025 reached $264 billion, representing about 4.5% of total federal receipts – a significant increase from the roughly 1.6% average over the previous ten years.

China’s portion of U.S. imports dropped dramatically to just 7% in December 2025, down from 23% in December 2017, before Trump implemented punitive measures on Chinese products during his initial presidency. However, much of this import volume has relocated to other nations.

The research found no evidence that tariffs have promoted “friend-shoring” of supply chains to allied nations, increased American manufacturing jobs, or reduced the overall trade deficit. The potential benefits from the Trump administration’s recent trade deals designed to expand foreign market access for U.S. exports have yet to materialize.

A refinery worker has taken legal action against Valero Energy Corporation following an explosion that rocked the company’s Port Arthur, Texas facility earlier this week.

Jonathan Jaimes filed the lawsuit Wednesday in Jefferson County District Court in Beaumont, Texas, seeking damages exceeding $1 million. The legal action claims Valero failed to maintain proper safety standards at the refinery.

The explosion occurred Monday evening when a diesel hydrotreater unit detonated with such force that it rattled homes located 11 miles away from the facility near the Texas-Louisiana border.

According to court documents, Jaimes was present at the refinery during the incident but had no involvement in the activities that led to the blast. The filing states that the explosion’s impact and intense heat from the resulting fire knocked Jaimes to the ground, causing significant injuries.

The lawsuit details that Jaimes suffered damage to his back, neck, spine, and other areas of his body. He is also dealing with post-traumatic stress disorder as a result of the incident.

In a regulatory filing submitted Tuesday to the Texas Commission on Environmental Quality, Valero described the incident: “An unforeseeable release of process fluid in Complex 2 resulted in an ignition event and multiple process unit upsets.”

Kyle Findley, an attorney with Arnold & Itkin representing Jaimes, criticized the company’s safety practices in a written statement. “This was not an unavoidable accident – it was the result of gross negligence and a flagrant disregard for worker safety,” Findley stated.

The attorney further alleged: “Valero had awareness of the risks at this facility and chose to ignore them. When a company shows that kind of disregard for the safety of its workers and the surrounding community, it must be held accountable.”

Jaimes chose not to provide comment when contacted through his legal representation. Valero representatives did not respond to requests for comment Wednesday evening.

A new study released Wednesday by the Brookings Institution outlines several strategies the Federal Reserve could employ to reduce its massive $6.6 trillion balance sheet through regulatory adjustments and operational changes.

Stanford University Graduate School of Business professor Darrell Duffie authored the research, which maps out a multi-faceted approach that would require significant time to implement. According to Duffie, the primary objective in shrinking the Fed’s holdings involves reducing financial institutions’ substantial demand for reserves.

The professor suggests several methods to decrease this demand, including relaxing liquidity requirements so banks feel more comfortable maintaining smaller cash reserves. Additionally, modifications to the Fed’s Fedwire payment system could better coordinate incoming and outgoing transactions for financial firms, reducing their need to hold excess funds.

Other proposed changes include adjusting the interest rates paid to financial institutions, potentially lowering compensation for reserves above certain thresholds. The Fed could also increase its use of temporary open market operations for liquidity management rather than relying on the current automated approach.

“I’m not taking a stand on whether the Fed should reduce its balance sheet,” Duffie explained during a virtual press conference. “That’s a big cost-benefit analysis that I’m leaving up to the Fed.”

However, Duffie acknowledged that “the benefits of a large balance sheet are quite tangible,” noting that abundant system liquidity provides financial stability advantages and supports the Fed’s monetary policy objectives effectively.

“The costs are more intangible and sometimes verge into politics,” he added, referencing concerns about how extensive Fed asset holdings might impact the central bank’s independence.

This research emerges as Kevin Warsh, a vocal opponent of large Fed balance sheets, prepares to replace current Chair Jerome Powell when his term concludes in May. Treasury Secretary Scott Bessent has similarly criticized the Fed’s substantial presence in asset markets.

The Fed’s current holdings represent a dramatic expansion from economic crises and the central bank’s responses. Balance sheet size has grown from under $1 trillion before the 2008 financial crisis to today’s $6.6 trillion, down from a 2022 peak of $9 trillion.

These holdings expanded through multiple episodes where the Fed purchased Treasury and mortgage securities aggressively to stabilize disrupted markets and provide economic stimulus beyond what traditional short-term rate adjustments could achieve.

Bond purchases resulted in massive increases in bank reserves, as institutions selling securities to the Fed received newly created central bank funds. Simultaneously, post-crisis regulations have encouraged banks to maintain higher reserve levels.

The Fed has developed various tools to manage short-term interest rates effectively, maintaining strong control over the federal funds rate, its primary monetary policy instrument.

However, removing too much liquidity from the system risks undermining the Fed’s interest rate control. This occurred in 2019 when the central bank allowed maturing bonds to expire without replacement to reduce holdings, and nearly happened again recently.

After reducing the balance sheet from 2022 forward, the Fed has aggressively purchased Treasury bills since December to restore liquidity during tax season, describing this as a purely technical operation. Market observers widely expect these purchases to slow once May arrives.

South Korean automaker Hyundai Motor unveiled aggressive expansion goals Thursday, announcing plans to introduce three dozen new vehicle models throughout North America before 2030 concludes.

The company’s CEO Jose Munoz shared these ambitious targets with shareholders during Hyundai’s yearly investor meeting held in Seoul on March 26th.

Along with the North American model rollout, Hyundai has set a goal of achieving 500,000 vehicle sales within the Chinese market during the current year.

The announcements signal Hyundai’s commitment to strengthening its presence in two of the world’s largest automotive markets as the industry continues evolving toward electric and hybrid technologies.

SANTA FE, N.M. — A pair of groundbreaking jury decisions targeting social media giants have emerged as the leading edge of numerous lawsuits claiming these widely-used platforms pose risks to young people’s mental well-being.

The combined monetary penalties reach $381 million across two cases — one involving Meta in New Mexico, and another featuring both Meta and YouTube in California. These decisions signal a notable transformation in how the public views social media corporations and their obligations to protect children.

However, it remains unclear whether these legal battles will actually modify how major social media and messaging services operate — or affect the sophisticated algorithms that distribute content to users across the globe.

Several important questions emerge as similar cases move toward trial.

The reality is not quite — at least not at this point.

Meta — which operates Instagram, Facebook and WhatsApp — reported $201 billion in revenue during the previous year.

This massive income significantly overshadows the $375 million in civil fines handed down Tuesday by a New Mexico jury, which determined that Meta deliberately damaged children’s mental health while hiding its knowledge of child sexual exploitation across its social platforms.

Meta expressed disagreement with the jury’s conclusions and announced plans to challenge the finding that it broke the state’s Unfair Practices Act.

Additionally, technology companies continue to enjoy legal protection from liability regarding user-generated content under Section 230 of the 1996 Communications Decency Act.

Wall Street investors appear unfazed by these verdicts. Meta’s share price ended Wednesday trading slightly up, though it has dropped roughly 8% since the beginning of the year.

This week’s jury decisions don’t require specific modifications to social media platform design or the algorithms that power their operations.

However, a second portion of the New Mexico case scheduled for May, which will be decided by a judge without a jury, might result in court-ordered changes to Meta’s platforms for users in that state.

A state district court judge will decide whether Meta created a public nuisance — potentially leading to imposed restrictions and orders for the company to fund programs addressing potential harm to children.

New Mexico Attorney General Raúl Torrez, who initiated the 2023 lawsuit against Meta, stated his office seeks better enforcement of minimum age requirements and improved removal of sexual predators — partly by reducing encryption on communications that can hinder police investigations.

Meta maintains it constantly works to enhance safety measures and has already implemented changes including reducing encryption on Instagram, restricting teenagers’ access to explicit material, blocking unwanted adult messages to children, and helping young users control their platform time while avoiding sleep interference.

The California and New Mexico trials both emphasized the habit-forming nature of platform algorithms and their harmful effects on children’s mental health.

In New Mexico, Santa Fe jurors reached the $375 million penalty against Meta by approving the maximum $5,000 fine per violation of state consumer protection laws — calculated across thousands of social media accounts belonging to users under 18.

Prosecutors plan to seek additional damages during the trial’s second phase, while an appeal could postpone payment or overturn the penalties entirely.

In California, jurors determined that Meta and Google’s YouTube platform must pay at least $3 million in damages to a 20-year-old woman who claims childhood social media addiction worsened her mental health problems. TikTok and Snap reached settlements before the trial started.

California jurors also suggested an additional $3 million in punitive damages, subject to final judicial approval.

Google maintains that YouTube operates as a responsibly designed streaming service rather than a social media platform.

The California decision carries much wider legal and financial consequences. This case served as a bellwether trial that could influence how thousands of other pending lawsuits are resolved, including hundreds in California alone.

The New Mexico outcome might preview results for cases filed by other state prosecutors.

More than 40 state attorneys general have sued Meta, alleging it contributes to a youth mental health crisis. Most are seeking remedies through federal courts.

The US dollar maintained its upward momentum during Thursday’s early Asian market session as financial markets evaluated whether tensions involving the United States, Israel and Iran might be cooling down, while simultaneously reducing expectations for potential Federal Reserve interest rate increases.

Currency trading showed the dollar holding steady against the Japanese yen at 159.41, remaining close to its highest point since 2024. The Australian dollar slipped 0.1% to $0.6943, while New Zealand’s currency held firm at $0.5806.

Iran’s top diplomat announced Wednesday that the nation is examining an American proposal aimed at ending the Gulf war, though officials indicated no plans to participate in broader discussions about resolving the expanding Middle Eastern crisis. Due to continued geopolitical instability, the dollar index — which tracks the greenback’s performance against six major currencies — climbed 0.5% to 99.641, marking its largest single-day increase in a week.

“Markets remain decisively headline driven, with a square focus on weighing up whether recent news marks a genuine de-escalation attempt, or a precursor to a new kinetic equilibrium,” analysts from Westpac wrote in a research report.

Following the shutdown of the Strait of Hormuz that caused energy costs to surge, financial traders are reconsidering previous inflation forecasts and becoming increasingly convinced the Federal Reserve will maintain current policy throughout the remainder of the year. Federal funds futures now indicate a 70.6% likelihood that America’s central bank will keep rates unchanged at its December meeting, up from 60.2% probability the previous day, based on CME Group’s FedWatch tracking tool.

The dollar remained unchanged against China’s yuan at 6.9026 in offshore markets after President Donald Trump announced plans to meet with Chinese leader Xi Jinping on May 14-15 during Trump’s first China visit in eight years, following delays caused by the Iranian conflict.

Europe’s common currency stayed flat at $1.1560, finding stability after declining for two consecutive days following Wednesday remarks from European Central Bank chief Christine Lagarde, who suggested the possibility of eurozone interest rate increases if Middle Eastern warfare continues driving regional inflation higher.

Britain’s pound remained steady at $1.3365, working to avoid a third straight day of losses after Wednesday’s data revealed consumer price inflation stayed at 3.0% in February, matching January’s figure but exceeding official targets.

Digital currency markets saw bitcoin rise 0.4% to $71,247.25 while ethereum gained 0.2% to reach $2,170.88.

A prominent Brazilian retail chain has requested court approval to conclude its bankruptcy protection process, stating it has satisfied all mandated requirements following a massive financial scandal.

Americanas submitted paperwork to a Rio de Janeiro court on Wednesday seeking to end the bankruptcy proceedings that began in January 2023. The retailer was forced into protection after revealing roughly $4 billion in financial discrepancies within its accounting records.

The company, which has operated for nearly 100 years with physical locations across Brazil and an online presence, initially sought to reorganize approximately 43 billion reais (equivalent to $8.23 billion) in outstanding debt when the proceedings commenced.

Throughout the bankruptcy process, Americanas has sold off various assets and permanently closed numerous retail locations nationwide. The company shuttered more than 170 physical stores during the previous year alone.

The retailer declined to specify which particular obligations it completed to qualify for exiting the bankruptcy protection process in Wednesday’s announcement.

The United States Postal Service has submitted a request for an 8% temporary price increase on several widely-used shipping services to help manage escalating transportation expenses.

On Wednesday, USPS submitted paperwork to the Postal Regulatory Commission requesting approval for the price adjustment, which would begin April 26 and continue through January 17, 2027, if given final approval.

In a news release, the postal agency explained that “This temporary price adjustment will provide needed flexibility for the Postal Service by helping to ensure that the actual costs of doing business are covered, as required by Congress.” The statement also highlighted that competing delivery companies have implemented “a number of surcharges” in response to increasing fuel costs.

The agency emphasized its restraint in pricing, stating “We have steadfastly avoided surcharges and this charge is less than one-third of what our competitors charge for fuel alone.” Should regulators approve the request, the higher rates would apply to Priority Mail Express, Priority Mail, USPS Ground Advantage, and Parcel Select services. According to the postal service, no other products or services would see price changes, including First-Class Stamps.

This pricing request comes amid ongoing financial challenges for the postal service. Postmaster General David Steiner has recently cautioned Congress that the agency faces a cash shortage within twelve months unless legislators remove existing borrowing restrictions that have been in place for decades. Steiner has also advocated for additional changes, including permission to increase postage rates sufficiently to offset financial losses, as mail delivery volumes continue to decline significantly.

ORLANDO, Florida – Financial markets experienced a broad rally Wednesday as investors expressed growing confidence that diplomatic efforts between the United States and Iran may be advancing toward a peaceful resolution. The positive sentiment drove the MSCI All Country equity index to its strongest performance in six weeks.

Market analysts noted that equities climbed while oil prices and bond yields declined, reflecting investor hopes for reduced Middle East tensions. The optimism spread across global markets, creating what traders described as widespread gains.

According to market data, equity markets showed strong performance across regions. Asian markets led gains with Japan climbing 3%, while European indices including the Euro Stoxx and FTSE 100 each rose 1.4%. Mexico’s market surged 3.6%, and Wall Street’s three major indices posted gains between 0.5% and 0.8%. The MSCI World index advanced approximately 1%, marking its best trading session since February 9.

Within U.S. sectors, nine of the eleven S&P 500 categories posted gains. Materials led with a 2% increase, followed by consumer discretionaries and healthcare, each up 1%. Energy was the notable exception, declining 0.5%. Technology stocks showed particular strength, with Amazon and Nvidia each gaining 2%, while Intel, AMD, Super Micro Computers and Hewlett Packard all jumped between 7% and 8%.

Currency markets saw the dollar strengthen broadly, with the USD/JPY pair approaching the 160.00 level. The Australian dollar experienced the largest decline among G10 currencies.

Bond markets rallied as the yield curve flattened, with the 2-year to 10-year spread falling below 44 basis points – its lowest close since August. However, Treasury auctions continued to show weakness, following Tuesday’s poor 2-year note sale with Wednesday’s disappointing 5-year auction.

Commodity markets presented mixed results, with oil prices dropping 2% while gold advanced 2%. Copper futures on the Comex exchange gained 1.5%.

Economic data released Wednesday revealed that U.S. import prices accelerated at their fastest pace in four years during February, rising 1.3% following an upwardly revised 0.6% increase in January. Imported capital goods prices posted their largest gain since 1988.

Energy cost increases, driven by Middle East conflict concerns, were cited as the primary factor behind the import price surge. Oil prices had risen approximately 15% during January and February, with an additional 35% gain recorded so far this month. Economists warned that consumers and businesses should prepare for even steeper price increases in upcoming months.

Technology sector valuations showed signs of convergence with broader market metrics. The premium that U.S. tech stocks have historically maintained over the general market has nearly disappeared, with forward 12-month price-to-earnings ratios showing the smallest gap in seven years.

The Roundhill “Mag 7” ETF has declined 10% year-to-date, triple the S&P 500’s decline. Investment banks offered conflicting views on the sector’s prospects, with JPMorgan suggesting the artificial intelligence narrative is losing steam while Barclays maintained that tech growth momentum remains intact.

Foreign central bank Treasury holdings reached concerning levels, with custody accounts at the New York Federal Reserve hitting their lowest point since 2012. These holdings are positioned to drop below $3 trillion for the first time since 2010, having decreased by $75 billion over the past four weeks.

Deutsche Bank analysis indicated that approximately $60 billion of the decline represented actual selling – the highest level since 2020. While foreign central banks were modest sellers last year, private sector purchases of $440 billion offset those sales. Questions remain whether private buyers will continue filling the gap if official selling accelerates.

Investment banking firm Jefferies Financial reported Wednesday that while first-quarter earnings increased 22% driven by robust dealmaking activity, the results fell short of Wall Street expectations due to substantial losses from failed business loans.

The financial services company absorbed $17 million in losses tied to the collapse of British lending firm Market Financial Solutions and the bankruptcy of American auto-parts company First Brands, after accounting for compensation and tax adjustments. The firm’s exposure to First Brands has now been reduced to nothing.

Financial industry leaders remain optimistic about merger and acquisition activity heading into 2026, despite ongoing Middle Eastern conflicts creating market uncertainty. Expected drivers include growing artificial intelligence investments and anticipated regulatory changes favoring business deals in the United States.

“Assuming a reasonable end to hostilities in the Middle East, we should continue to have an increasingly strong M&A environment as well as an active IPO market,” Jefferies President Brian Friedman told Reuters in an interview.

The investment bank maintains operations across the United Arab Emirates, Saudi Arabia, and Israel. Some employees have been relocated from Middle Eastern offices while others continue working remotely, though trading activities remain largely unaffected, according to Friedman.

Deal announcements have exceeded $1 trillion in value this year, representing a 27% increase compared to the same period last year, based on Dealogic’s tracking data.

Investment banking revenues at Jefferies jumped 45% to reach $1.02 billion compared to the previous year’s quarter, while overall company revenues grew to $2.02 billion. The firm participated as lead underwriter in major initial public offerings during the quarter, including York Space and Forgent, and expanded its stock repurchase program authorization to $250 million.

These earnings mark the beginning of a closely monitored reporting period for major Wall Street institutions, with JPMorgan Chase, Goldman Sachs and Morgan Stanley scheduled to announce results in coming weeks.

Jefferies drew attention Tuesday following Financial Times reports suggesting Japan’s Sumitomo Mitsui Financial Group was considering a potential acquisition of the investment bank. Subsequent reports disputed this claim, indicating Japan’s second-largest banking institution was not pursuing acquisition discussions and that Jefferies had no interest in selling currently.

SMFG, which holds a board position at Jefferies, initially acquired ownership in the company during 2021. Last September, SMFG announced plans to invest an additional 135 billion yen ($912.84 million), expanding its ownership stake to approximately 20% from the previous 14.5%.

The companies previously announced plans for a Japanese joint venture combining their wholesale equities operations in that market.

“We have great ambition for that joint venture. We have lots of other initiatives and activity that we are jointly pursuing in accordance with our alliance,” Friedman said, while declining to comment if SMFG was planning a takeover of the firm.

Jefferies has faced significant investor criticism regarding its financial exposure to Market Financial Solutions and First Brands-related losses. Company shares have declined approximately 35% year-to-date.

“Management is disappointed and takes full responsibility for the losses already recognized and that may be absorbed over time in respect of First Brands, all of which are manageable,” the company said in a statement on Wednesday.

Jefferies reported adjusted earnings of 85 cents per share for the quarter, falling below analyst expectations of 96 cents per share according to LSEG data compilation.

Two groundbreaking court decisions against major technology companies are setting the stage for what could become a wave of successful litigation targeting social media platforms over alleged harm to young users.

A Los Angeles jury this week awarded $6 million in combined damages against Meta and Google in a case brought by Kaley G.M., now 20 years old. She claimed the companies’ platforms caused her to develop depression and suicidal ideation after she became dependent on their services as a child due to deliberately engaging design elements. The jury determined both companies acted negligently in creating their platforms and did not adequately inform users about potential dangers.

Meanwhile, a separate New Mexico jury delivered an even larger blow to Meta on Tuesday, ordering the company to pay $375 million. This verdict came after the state’s attorney general successfully argued that Meta deceived users about Facebook and Instagram’s safety while allowing child sexual exploitation to occur on these platforms.

These cases represent the first successful courtroom challenges testing whether major technology firms can be held accountable for application designs allegedly responsible for damaging young people’s mental health. Companies including Meta, Snap Inc., Google’s YouTube, and ByteDance’s TikTok currently face thousands of legal challenges across federal and state courts. These lawsuits claim the companies deliberately incorporated addictive features into their platforms targeting children and teenagers, contributing to widespread mental health problems.

The Los Angeles case serves as a benchmark trial for thousands of similar claims consolidated within California’s state court system. Such test cases typically help judges and legal teams evaluate the potential worth of remaining claims and inform settlement discussions. Usually, several benchmark trials occur before reaching broader settlements or resolutions.

In addition to the California state proceedings, over 2,400 similar lawsuits against Meta and other social media companies have been consolidated in California federal court. This federal litigation encompasses cases filed by state attorneys general claiming harm to their jurisdictions, plus lawsuits from school districts arguing that social media addiction has created expensive disruptions and challenges in their systems.

Both recent verdicts highlighted a crucial legal debate that will likely influence future cases: the extent to which federal law protects social media companies from legal responsibility.

Meta, Google, and other social media platforms have maintained that such lawsuits are prohibited under Section 230 of the Communications Decency Act, which typically shields platforms from responsibility over user-created content. However, plaintiffs argue their cases focus on harmful design elements rather than content itself.

The judges overseeing the Los Angeles and Santa Fe cases rejected the companies’ arguments when they permitted the trials to proceed. These verdicts may provide grounds for appeals that would allow higher courts to examine whether Section 230 protections apply to claims targeting platform design versus content moderation.

Looking ahead, the New Mexico case will continue into a second phase in May, where the state attorney general will seek court orders requiring Meta to modify its platforms along with additional financial penalties.

Both Meta and Google have announced plans to appeal their respective verdicts. Beyond the Section 230 issue, the companies may also challenge various trial proceedings, including judicial decisions regarding evidence or conduct by juries and attorneys.

Additional trials are scheduled in both state and federal courts. A federal court trial involving a lawsuit from Breathitt County, Kentucky’s school district against Meta, ByteDance, Snap, and Google is set for June. California state court has another trial beginning in July featuring claims against Instagram, YouTube, TikTok, and Snapchat.

Workers at General Motors’ manufacturing facility in Silao, Mexico are preparing to cast ballots on a proposed double-digit pay increase for their upcoming contract period.

The labor union SINTTIA has put forward a 10% wage boost covering the years 2026 through 2028, according to union president Alejandra Morales, who spoke with Reuters on Wednesday.

Morales announced that the membership vote is scheduled for April 9 and 10. Should negotiations with GM management fail to reach a resolution, the union has established April 15 as their strike deadline.

Federal regulators have issued an emergency waiver that will make E15 ethanol-blend gasoline available throughout the United States, a move designed to increase fuel supplies and help drivers save money at gas stations.

The Environmental Protection Agency announced the temporary measure will take effect May 1, 2026, allowing gas stations nationwide to sell the fuel blend that contains 15% ethanol. Currently, approximately half the nation cannot access E15 during certain periods, but this waiver eliminates those restrictions through May 20, 2026.

The federal action also suspends enforcement of various state fuel requirements, creating uniform standards across the country to improve how gasoline is distributed. Officials worked with the Department of Energy on the decision, using Clean Air Act authority to address fuel supply concerns before the busy summer driving period begins.

EPA Administrator Lee Zeldin stated the policy change will boost available fuel options and give consumers more choices while keeping environmental safeguards in place. Agriculture Secretary Brooke Rollins highlighted how continuous E15 access helps both motorists and agricultural producers by creating bigger markets for American-made biofuels and strengthening the nation’s energy self-reliance.

More than 3,000 gas stations currently offer E15, which typically costs less than other gasoline options. Federal officials hope that by relaxing certain gasoline blending and volatility rules temporarily, the country can depend less on fuel imports, reduce what consumers pay for energy, and strengthen America’s domestic fuel production capabilities.

Regulators plan to keep monitoring fuel supply situations and may choose to extend the waiver beyond its initial May 20, 2026 expiration date if conditions warrant the continuation.

A Los Angeles jury delivered its decision Wednesday in a significant legal battle targeting Meta’s Instagram and Google’s YouTube over allegations of social media addiction, representatives for both the plaintiff and Meta confirmed.

The verdict was scheduled to be announced publicly on Wednesday afternoon.

This groundbreaking case could set important precedent for thousands of comparable lawsuits filed against major technology companies by parents, state attorneys general, and school systems across the country. Data from the Pew Research Center shows that more than half of American teenagers access YouTube or Instagram on a daily basis.

The central Los Angeles lawsuit centers on a 20-year-old woman who claims she developed an addiction to these social media platforms during her youth due to their deliberately engaging interface design. The legal team representing the plaintiff concentrated their arguments on how the platforms are structured and designed, rather than focusing on specific content, which makes it more challenging for the technology companies to escape legal responsibility.

While Snap and TikTok were initially named as defendants in this case, both companies reached settlement agreements with the plaintiff before the trial commenced. The financial details of these settlements remain confidential.

Major American technology corporations have encountered increasing scrutiny over the past ten years regarding the protection of children and teenagers online. This ongoing debate has now moved into courtrooms and state legislative chambers, as the United States Congress has failed to enact comprehensive federal regulations governing social media platforms.

Last year alone, at least 20 states passed new legislation addressing social media use among minors, according to tracking data from the nonpartisan National Conference of State Legislatures.

These new state laws include measures that control cellphone usage within schools and mandate age verification processes for creating social media accounts. NetChoice, an industry trade group supported by technology giants including Meta and Google, is currently challenging these age verification mandates through the court system.

A separate federal lawsuit involving social media addiction claims, filed by multiple states and school districts against technology companies, is scheduled for trial this summer in Oakland, California federal court.

Attorney Matthew Bergman, who represents plaintiffs in these cases, announced that another state-level trial is set to begin in Los Angeles this July, involving Instagram, YouTube, TikTok, and Snapchat.

In related legal developments, a New Mexico jury ruled Tuesday that Meta violated state regulations in a lawsuit filed by New Mexico’s attorney general. The state accused the company of providing misleading information about the security of Facebook, Instagram, and WhatsApp, while also facilitating child sexual exploitation across these platforms.

Computer system failures at the NYSE American Options exchange disrupted trading activities and market information distribution on Wednesday, according to the exchange operator Intercontinental Exchange.

The technical problems affected multiple areas of operations including trading functions, post-trade processes, and the flow of market data to investors and traders.

“All systems are currently operational,” representatives from the exchange announced after resolving the computer issues.

Former Google executive Tejpaul Bhatia believes he owns part of Elon Musk’s SpaceX, though he admits he cannot be completely certain.

When Bhatia entered the aerospace sector in 2021, SpaceX had already become one of the globe’s most coveted private enterprises, worth approximately $75 billion, with ownership concentrated among original investors and entities connected to Musk. Unable to purchase stock directly, Bhatia accessed the secondary marketplace where an informal network of dealers trade shares of private corporations.

With SpaceX potentially heading toward a public offering this year at nearly $1.75 trillion in value, Bhatia might possess a profitable investment, though his shares came through intermediaries that complicate ownership verification.

“I hope I didn’t get duped,” stated Bhatia, who previously served as Axiom Space’s chief executive. “I don’t think I did, but again, there’s no way to know.”

Bhatia chose not to disclose his investment amount or identify his broker.

The potential returns from holding SpaceX stock before its market debut are substantial enough that many investors willingly pay extra for access while accepting the uncertainty. “It’s the hottest IPO opportunity in history,” Bhatia commented.

Bhatia represents part of an expanding group of investors who have invested in SpaceX through the unclear private company share market. These transactions frequently depend on special-purpose vehicles, or SPVs, which don’t directly hold company shares but instead combine investor funds to secure rights for future share purchases.

“You are relying on the counterparties in these transactions and their reputations,” explained Mitchell Littman, a New York attorney who counsels SPV managers and secondary market participants. He noted, “Every time there is hype around these type of things, inevitably the fraudsters come out of the woodwork because they smell an opportunity.”

The overwhelming interest in SpaceX shares has caused investors to accept remarkably complicated structures, based on interviews with 10 investors, industry specialists and analysts conducted by Reuters.

SpaceX, the Securities and Exchange Commission and the Department of Justice did not provide responses to requests for comment.

The emergence of SpaceX and other popular private enterprises like OpenAI has transformed the initial public offering environment. Currently, many of the world’s most valuable businesses remain private for extended periods, developing brand awareness and generating intense investor interest, unlike previous eras when rapidly expanding technology companies went public relatively quickly.

This shift has driven investors anxious about missing opportunities into secondary markets, where shares trade before IPOs. As interest has increased, so has the utilization of complex investment structures. Shares may move through up to five intermediaries, each adding their own fees and obscuring ultimate ownership, according to two brokers.

“It’s getting a little loosey-goosey,” said Namek Zu’bi, who oversees a fund managing over $500 million in assets. He rejected requests from his own investors to participate in SpaceX transactions due to fraud concerns.

“A lot of people are going to make a lot of money,” Zu’bi said. “But you’re also going to get a lot of people who are surprised or shocked” that they don’t own any shares.

In numerous SPV arrangements, investors only see the entity immediately above them, not whether actual shares exist at the top level. “That’s not enough to be certain the shares exist,” said one senior executive in the secondary market industry.

Additional layering increases costs, effectively reducing potential profit margins and benefits for IPO investors.

“The bigger dangers are overpaying and then multiple layers of fees,” said Jay Ritter, a University of Florida professor emeritus who studies IPOs, adding that beginning from an already elevated valuation provides limited growth potential for investors, with historical data showing that companies at high revenue multiples have typically underperformed the market.

As SpaceX’s worth increases, some investors worry that many could possess nothing more than documents when it becomes public.

Recently, SPVs have faced increased examination following several prominent pre-IPO fraud incidents. In December, financier Giovanni Pennetta was taken into custody at New York’s JFK airport on allegations that he created a fraudulent investment vehicle to sell non-existent shares in defense technology firm Anduril. Pennetta admitted guilt to wire fraud charges earlier this month.

In 2023, a financier received an eight-year prison sentence after deceiving over 50 investors who provided him nearly $6 million to purchase pre-IPO shares in various companies, including SpaceX.

The Department of Justice has not publicly disclosed a pre-IPO fraud case involving SpaceX since that time. However, investors and industry leaders said the company’s appeal has increased the dangers.

Last month, Peter Wright, who occasionally serves as an intermediary between investors and brokers, got a text from another broker representing an Emirati sheikh seeking a significant SpaceX position.

“We have a family office interested in buying about $1.2 billion of SpaceX stock immediately, and are looking for a seller,” stated the message, which Reuters reviewed.

However, even such a large offer did not lead to a completed transaction. Wright and the sheikh’s broker informed Reuters that the client could not purchase shares directly, and the deal fell through.

Wright said his company refuses transactions involving more than one intermediary, citing difficulties in verifying ownership. “At that point, diligence is impossible,” he stated.

Zu’bi said interest often stems from fear of missing out rather than company fundamentals.

“They want to say to their yacht friend, ‘Hey, I’m in SpaceX. Are you in SpaceX too?’” he explained.

The Federal Reserve announced Wednesday that it reduced its operational deficit significantly in 2025, according to newly released audited financial records.

In its comprehensive financial statement, the central bank disclosed annual losses totaling $19.6 billion for 2025, marking a substantial improvement from the $77.5 billion deficit recorded in 2024 and the $114.6 billion shortfall from 2023. The Fed’s last profitable year was 2022, when it generated $76 billion in returns for the federal government, though this was below the $109 billion it contributed in 2021.

The Federal Reserve’s financial difficulties stem directly from its expanded balance sheet, which grew dramatically during the coronavirus pandemic. During that period, the central bank purchased massive quantities of Treasury securities and mortgage-backed bonds to steady volatile financial markets and stimulate the economy when traditional interest rate cuts were no longer possible due to rates already being near zero.

Rideshare giant Lyft announced Wednesday the launch of a temporary assistance program designed to help drivers manage the financial strain of escalating gasoline prices across the United States.

The surge in fuel expenses, stemming from energy supply chain disruptions connected to the continuing U.S.-Israeli conflict with Iran, has created significant financial pressure for gig economy workers.

Gas prices nationwide have surged more than 30% over recent weeks, with costs now averaging approximately $4 per gallon.

The company’s two-month relief initiative, scheduled to operate from March 27 through May 26, provides enhanced cash-back rewards and fuel discounts for drivers who use Lyft’s Direct debit card at participating gas stations.

Through this program, the highest-performing drivers will earn an additional 2% cash back on fuel purchases, while mid-tier drivers will receive an extra 1% back, supplementing current reward rates that span from 1% to 10% depending on driver performance levels.

When combined with partner offers, the total savings could amount to as much as 94 cents per gallon for elite drivers, calculated using the national average fuel price of $3.97 per gallon, according to company officials.

Competitor DoorDash announced a comparable relief program on Monday, with their initiative set to continue through April 26.

Facebook’s parent company Meta Platforms eliminated several hundred positions on Wednesday across various departments, according to a source with knowledge of the situation.

Earlier this month, reports indicated Meta was considering much larger workforce reductions that could impact one-fifth or more of its staff, with senior executives reportedly briefing leadership on potential cutback strategies.

However, Wednesday’s job eliminations were more limited in scope. Previous reporting from The Information indicated the reductions would target Meta’s Reality Labs virtual reality unit, social media departments, and hiring teams.

“Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals. Where possible, we are finding other opportunities for employees whose positions may be impacted,” a company spokesperson stated.

The social media giant is working to manage escalating expenses related to substantial artificial intelligence investments, with projected total costs ranging from $162 billion to $169 billion by 2026, plus increased employee compensation as the company invests heavily to recruit leading AI specialists.

According to its most recent annual report, Meta employed approximately 79,000 people as of December 31.

HONG KONG (AP) — Stock prices for Pop Mart, the Chinese company that creates the wildly popular Labubu monster dolls, dropped nearly 23% on Wednesday even though the business posted impressive revenue numbers. Financial experts say investors are concerned about the toy maker’s heavy dependence on income from its Labubu product line.

The dramatic decline in Pop Mart’s Hong Kong stock market value occurred after the company announced yearly revenue of 37.1 billion yuan ($5.4 billion) for 2025, representing a 185% increase compared to the previous year, though falling just short of what analysts had predicted.

The company’s annual profits reached 12.8 billion yuan ($1.9 billion) for the full year, marking an increase of more than 300% from the 3.1 billion yuan earned in 2024.

The distinctive Labubu dolls, featuring pointed ears and prominent teeth, became a global sensation starting in 2024 after gaining traction on social media platforms and appearing as accessories carried by famous personalities. Pop Mart retail locations in numerous cities experienced long customer lines as collectors eagerly sought the newest releases.

According to Jeff Zhang, an equity analyst with Morningstar, Pop Mart’s dependence on Labubu products likely contributed to Wednesday’s stock price decline. Despite the recent selloff, the company’s shares remain 33% higher than they were a year ago.

“We think the market’s biggest concern still lies in the earnings growth prospect,” Zhang said, though he noted that the Labubu phenomenon appears “yet to cease.” The company generates approximately 38% of its revenue from “The Monsters” brand of proprietary characters, which encompasses Labubu.

“Labubu’s popularity has been a huge success,” said Gary Ng, a senior economist at French bank Natixis. “However, there is an emerging concern that there is no second growth driver.”

Ng warned that if Labubu and related merchandise lose momentum, it could create a “concentration risk” that would negatively impact investor confidence. Pop Mart’s roster also features other characters like Molly and Skullpanda.

During Wednesday’s earnings presentation, Pop Mart CEO Wang Ning attempted to address investor anxiety about the company’s growth potential.

“People have expressed worries when talking about Labubu,” Wang said, “(About) whether it might just be a craze, and if it would be experiencing huge fluctuations.”

“However, based on our observations, we are pleased to see that it is becoming a lifestyle for more and more people,” he said. “We have strong expectations and confidence for (its) future.”

Beyond toy manufacturing, Pop Mart operates a theme park in Beijing and recently announced a collaboration with Sony Pictures Entertainment to produce a Labubu-centered film.

The company has been working to expand internationally and increase production capacity, establishing manufacturing partnerships in Cambodia, Indonesia, and Mexico in addition to its operations in China.

Pharmaceutical giant Merck has announced its intention to acquire Terns Pharmaceuticals for roughly $6.7 billion as the company strengthens its oncology division ahead of losing patent protection on its major cancer treatment Keytruda within the next two years.

The Food and Drug Administration granted accelerated approval to Keytruda in September 2014 for treating advanced melanoma that cannot be surgically removed. Since then, the medication has received approval for treating over 15 different cancer types and has become a major revenue source for Merck.

The California-based Terns, headquartered in Foster City, is working on developing a treatment for specific patients diagnosed with chronic myeloid leukemia. This particular blood cancer grows slowly and causes excessive white blood cell production that builds up in blood and bone marrow, interfering with normal blood cell creation.

Under the agreement, a Merck subsidiary will purchase each Terns share for $53 in cash.

Trading on Wednesday morning showed Terns stock climbing more than 5%, while Merck shares increased by less than 1%.

The boards of both companies have given their approval to the transaction, with completion anticipated during the second quarter. Final approval requires a majority of Terns shareholders to accept the tender offer that will be launched by Merck’s subsidiary.

The New Jersey-based Merck, located in Rahway, announced it will record a charge of roughly $5.8 billion, equivalent to about $2.35 per share, in connection with this purchase in both its second-quarter and annual financial reports.

This acquisition follows Merck’s announcement last year of its plan to purchase respiratory disease specialist Verona Pharma in a deal worth approximately $10 billion.

WASHINGTON — In a unanimous decision Wednesday, the U.S. Supreme Court delivered a victory to Cox Communications in a major copyright dispute with music industry giants over customers’ illegal downloading activities.

The nation’s highest court determined that the internet service provider cannot be held responsible for copyright infringement committed by its subscribers, overturning both a jury’s decision and previous appellate court findings.

The legal battle originated from a lawsuit spearheaded by Sony Music Entertainment, which argued that Cox failed to take adequate measures to prevent or disconnect users who illegally downloaded copyrighted music without payment.

The 4th U.S. Circuit Court of Appeals had previously supported portions of the jury’s ruling against Cox.

Originally, a jury had determined Cox owed more than $1 billion in damages, though the 4th Circuit later dismissed the monetary penalty amount.

Cox Communications serves internet connectivity to over 6 million residential and commercial customers across more than a dozen states nationwide. The company had cautioned that an unfavorable Supreme Court ruling could lead to massive service disruptions.

According to Cox, the company might have been forced to cut off internet access to homes, medical facilities, educational institutions, and local businesses based on just “a couple accusations of infringement.”

The globe’s leading lithium manufacturer, Albemarle Corporation, announced Wednesday that it has launched environmental assessment procedures in Chile for its inaugural Direct Lithium Extraction facility.

According to company officials, this innovative technology will enable the recovery of approximately double the amount of lithium while simultaneously decreasing the volume of brine removed from underground sources compared to traditional mining methods.

The comprehensive development carries an estimated price tag of $3.1 billion and is projected to remain operational until 2045, according to documents submitted to Chile’s environmental evaluation authority.

“The initiative aims to move toward more efficient and sustainable production in the Salar de Atacama,” company representatives stated, referring to the location recognized as among the planet’s most abundant sources of the critical mineral used in electric vehicle battery production.

The proposed facility would feature a Direct Lithium Extraction plant situated within Albemarle’s current mining lease territory, incorporating up to six processing units positioned in Chile’s expansive salt flats, along with the installation of electrical transmission infrastructure.

Environmental documentation indicates that brine removal rates would decrease from 442 liters per second to 342 liters per second when operating a single extraction unit, and could drop as low as 142 liters per second when all six processing trains are functioning.

Water resources surrounding the massive Atacama salt flats, including both freshwater and mineral-rich brine, have historically created tensions for mining companies working in this arid region. Indigenous populations have expressed concerns that mining activities are depleting limited freshwater and lithium-containing brine supplies, potentially reducing availability for local communities and desert wildlife.

The seafood industry is taking an unusual approach to win over American consumers: making fish products that look nothing like fish at all.

Companies are now creating tuna nuggets that mimic fried chicken, shrimp formed into burger patties, and salmon processed into salami-style strips. This transformation was on full display at the recent Seafood Expo North America held in Boston.

Jack Chi, representing Taiwan-based Tuna Fresh, explained their strategy. “Our Taiwanese magic is making tuna taste like fried chicken,” Chi said. His company produces tuna as fried “nuggets” and breaded strips resembling chicken tenders. “We wanted to be able to engage in the U.S. market, and we found that fried foods are the way.”

Justin Rogers from SK Food Brands in Los Angeles has noticed this shift gaining momentum. “It’s been a big trend for the last couple of years,” Rogers said. His company now offers shrimp burgers in both small and large sizes. “It makes it more palatable to people who aren’t big seafood fans. Especially with things like these sliders, it gives them an entry point.”

The strategy targets a significant market opportunity. Americans consume approximately 19 pounds of seafood annually – a figure that has remained relatively unchanged for a century. This pales in comparison to the worldwide average of 45 pounds, with some European nations reaching 90 pounds per person yearly. Iceland tops the list at roughly 200 pounds per capita.

While disguising seafood isn’t completely novel – frozen fish sticks and McDonald’s Filet-O-Fish have existed for decades – today’s products represent a more dramatic departure from traditional presentation.

Holly Phillips from Seattle-based Harbor Bell Seafoods described their salmon snack strips, which come in smoked, lemon-pepper, mango, and original varieties. “It looks like a Slim Jim by design,” Phillips explained. “It doesn’t smell fishy. It doesn’t taste fishy.”

However, not everyone supports this camouflaged approach to seafood marketing.

“Eat fish that looks like fish!” declared Niaz Dorry, coordinating director of the North American Marine Alliance, which advocates for sustainable seafood practices. “The likelihood that that fish came from a community-based, scale-appropriate entity is much higher if that fish still looks like what it was when it was swimming in the water. Factory scale and fake are the two F-words I tell everybody to avoid.”

This transformation comes during challenging times for the seafood industry. The $24 billion market has remained stagnant for years, with growth limited to sushi sales and price increases. Remarkably, just 10% of consumers account for nearly half of all seafood purchases.

Steve Markenson, vice president of research and insights for consumer marketing firm FMI, sees parallels between sushi’s success and these new products, citing convenience and novelty as key factors. However, he remains skeptical about the strategy’s effectiveness.

“The non-seafood folks — which is about 40% of the population — I don’t know that this is really going to be appealing to them,” Markenson said. “They’re not looking to necessarily add seafood into their diet.”

Even dedicated seafood consumers might not embrace these alternatives. “They love what they love about it,” Markenson noted. “They might want it seasoned up a little, but they want that full-blown salmon.”

Joshua Bickert, a seafood market reporter and analyst for Expana, believes children might be the most receptive audience. “If you package it like hot dogs and hamburgers and chicken tenders, you maybe change that mindset at a younger age,” he suggested.

Mike Simon, owner of Florida-based Surfsnax, focuses on making unfamiliar foods more approachable. “We want to put it in a format that people are used to eating,” Simon said while demonstrating his salmon salami. “But it’s not hiding that it’s salmon.”

Among the most unusual offerings were fish spareribs made from Brazilian tambaqui, a substantial freshwater fish with a build suitable for creating pork-like ribs. Friocenter Pescados spokesman Danillo Souza Alves emphasized that tambaqui provides a better meat-to-bone ratio than traditional pork ribs.

“It’s a finger food. You can easily eat it in stadiums for football, baseball and hockey,” Alves claimed.

The trend extends to snack foods as well, with various seafood being transformed into chips, crackers, and crunchy sticks. Ina Park, representing the expo’s Korean pavilion, promoted Balance Grow’s Fried Calamari Snack, which resembled potato sticks.

“They taste like Cheetos,” Park said.

A major oilfield services corporation announced Wednesday it’s strengthening its collaboration with technology giant Nvidia to create specialized artificial intelligence systems for energy companies seeking to implement advanced technology solutions.

SLB revealed the enhanced partnership will focus on building AI infrastructure and specialized models tailored for the energy sector, as businesses across the industry work to integrate these emerging technologies into their operations.

The collaboration between the two companies has deep roots, starting in 2008 when SLB first adopted Nvidia’s high-performance computing technology. The relationship evolved further in 2024 when both firms began working together on generative AI applications specifically designed for energy sector use.

This latest development addresses the energy industry’s growing challenge of rapidly analyzing massive amounts of geological, production, and infrastructure information. Companies are under pressure to reduce operational costs, enhance system reliability, and decrease their environmental impact.

Meanwhile, oilfield service providers like SLB are exploring new revenue streams by supplying equipment, turbines, and data management solutions to data centers and AI infrastructure projects, particularly as traditional drilling activity experiences a downturn.

The enhanced collaboration will position SLB as a design partner for modular AI data centers powered by Nvidia’s technology. Together, the companies plan to establish what they’re calling an “AI Factory for Energy” – a comprehensive platform designed to help oil and gas producers along with power companies utilize AI to process vast amounts of operational information.

“Building AI Factory infrastructure and domain models is needed to turn massive amounts of energy data into actionable insights and accelerate more efficient and sustainable energy systems,” said Vladimir Troy, vice president of AI Infrastructure at Nvidia.

The chief executive of investment giant BlackRock issued a stark warning this week that crude oil could climb to $150 per barrel and trigger a worldwide economic collapse if Middle Eastern tensions continue to threaten global trade routes.

Larry Fink delivered the cautionary message during a BBC interview released Wednesday, focusing on potential long-term impacts even after current conflicts subside.

“If there is a cessation of war, and yet Iran remains a threat, a threat to trade, a threat to the Strait of Hormuz, a threat to this peaceful coexistence of the GCC region, then I would argue that we could have years of above $100 closer to $150 oil which has profound implications in the economy,” Fink stated during the Big Boss Interview podcast.

When pressed about the consequences of sustained $150 oil prices, Fink was direct: “We will have global recession.”

Energy markets have experienced significant turbulence and sharp increases since the U.S.-Israeli conflict with Iran commenced. Yet crude prices dropped approximately 4% Wednesday following news reports that the United States had presented Iran with a comprehensive 15-point plan designed to halt hostilities and potentially establish a ceasefire.

The ongoing conflict has effectively stopped oil and liquefied natural gas shipments through the critical Strait of Hormuz waterway. This vital shipping channel normally handles roughly 20% of global gas and crude oil transportation. The International Energy Agency has characterized the current situation as the largest oil supply disruption in history.

Six Flags Entertainment has installed new leadership at the top of its board following mounting pressure from investors who want the amusement park company to consider selling itself.

The company announced Wednesday that Richard Haddrill will take over as executive chairman, replacing Marilyn Spiegel, who had only held the position since January. Spiegel will now serve as lead independent director, a role she’ll fill while continuing as a board member since joining in 2023.

The leadership shuffle comes after activist investment firm Jana Partners sent a letter to Six Flags demanding immediate changes. The hedge fund specifically called for new board leadership and urged the company to begin exploring potential buyers.

Haddrill brings significant gaming and entertainment industry experience to the role, having previously worked as executive vice chairman at Scientific Games and served as CEO of Bally Technologies.

Jana Partners expressed approval of the appointment, with a company spokesperson stating Wednesday morning that “This change in board leadership is an important step in the right direction.”

According to previous reporting, Jana’s managing partner Scott Ostfeld had written to Six Flags expressing doubts about the current board’s capacity to “deliver” value for shareholders and pushed for engagement with potential acquirers.

While Jana has voiced support for CEO John Reilly, who joined the company in November, the investment firm had grown frustrated with board effectiveness after months of behind-the-scenes discussions. Investors face an approaching deadline to potentially launch a proxy battle by putting forward their own director candidates.

Six Flags shares have gained 10% so far this year, though they remain down 56% over the past year. In February, Reilly acknowledged that 2025 performance fell short of company goals but emphasized that “the work completed over the past year has strengthened the foundation of our enterprise.”

The CEO highlighted improvements to park facilities, new ride additions, technology upgrades, and enhanced dining options. He expressed confidence these efforts would “restore profitable growth that is sustainable over time.”

Jana isn’t the first activist investor to target Six Flags for changes. Last October, around the time Jana’s stake became public, the company added an executive from activist hedge fund Sachem Head Capital Management to its board. Sachem Head holds approximately 5% of Six Flags shares.

WASHINGTON – The cost of goods brought into the United States climbed sharply in February, reaching levels not seen in nearly four years as energy expenses soared amid growing tensions in the Middle East, according to federal data released Wednesday.

The Bureau of Labor Statistics reported that import costs rose 1.3% during February, marking the steepest monthly climb since March 2022. This surge followed a revised 0.6% increase in January. Financial analysts had predicted a more modest 0.5% rise, significantly lower than the actual figures.

Over the full 12-month period ending in February, import costs climbed 1.3%, representing the largest annual increase since February 2025 and a sharp jump from January’s 0.3% yearly gain.

The February spike adds to mounting evidence that inflation pressures are building. Federal officials reported last week that producer costs also jumped by their largest margin in seven months during February, with both goods and services seeing widespread price increases.

A Tuesday survey from S&P Global revealed that companies faced higher costs for materials in March and responded by raising their own prices, citing soaring energy expenses and supply chain problems. Oil prices have climbed more than 30% since the U.S.-Israeli conflict with Iran began in late February, while fertilizer costs have also increased, threatening to drive food prices higher.

These war-related pressures compound existing challenges from import duties that companies continue to gradually shift to consumers.

Fuel import costs bounced back 3.8% in February after falling 1.2% the previous month.

American families seeking roomy vehicles with three rows of seating often turn to midsize SUVs, avoiding the higher costs of larger models and the reputation concerns that come with minivans. Two standout options in this segment are the Ford Explorer and Nissan Pathfinder, both offering established reputations and multiple trim options, including versions built for light off-road adventures. Automotive specialists at Edmunds conducted detailed testing to determine which vehicle provides better value for families.

Explorer comfort varies significantly based on your chosen trim and seating position. The front seats provide excellent cushioning and can include cooling and massage features, but passengers in rows two and three will find insufficient padding and uncomfortable headrests. The performance-focused ST variant delivers a stiffer ride, while other Explorer versions handle road imperfections smoothly.

While the Pathfinder offers comparable ride smoothness, it surpasses the Explorer in overall comfort features. The Nissan stands out with its highly customizable seating position, user-friendly controls, and ample passenger room. Additional strengths include an effective climate system and exceptionally quiet interior. Passengers will find all three seating rows more spacious and comfortable compared to the Ford option.

Winner: Pathfinder

Families wanting dynamic performance from their three-row vehicle will find the turbocharged Ford Explorer delivers impressive results. It provides quicker acceleration and superior handling compared to competitors, with the sport-tuned ST version offering particularly responsive driving. The Explorer also maintains pleasant characteristics during routine daily use.

The Nissan Pathfinder provides excellent visibility and strikes a good balance between comfort and stability. However, its performance capabilities in both acceleration and cornering fall short of the Explorer’s abilities. While family SUVs don’t require sporty characteristics, the Explorer’s engaging driving experience enhances daily commutes and errands.

Winner: Explorer

The 2026 Nissan Pathfinder introduces a new 12.3-inch touchscreen display, providing considerably more viewing area than previous versions, with intuitive software design that makes finding functions simple. The system includes wireless Android Auto and Apple CarPlay connectivity. However, additional USB charging ports would better serve families’ device needs.

Ford’s Explorer features a larger 13.2-inch touchscreen plus a standard digital gauge cluster for a modern appearance. The Explorer surpasses the Pathfinder with additional USB ports and Google Built-In technology, incorporating onboard Google Maps and voice assistant capabilities.

Winner: Explorer

Both vehicles offer comparable cargo capacity. Each provides roughly 16 cubic feet behind the third row – sufficient for grocery runs or small luggage. Folding both rear seat rows creates approximately 80 cubic feet in the Pathfinder and 85 cubic feet in the Explorer.

The Explorer handles up to 5,000 pounds when properly equipped for towing, and now offers a Tremor trim enhancing off-road capability with elevated suspension, all-terrain tires, and a limited-slip differential that optimizes the all-wheel-drive system’s power distribution. The Pathfinder’s towing package increases capacity to 6,000 pounds. Nissan’s Rock Creek trim competes with the Tremor but provides less comprehensive off-road enhancements.

Winner: Tie

The 2026 Ford Explorer offers extensive trim and option combinations, allowing buyers to find configurations matching their specific needs. Base 2026 Explorer pricing begins at $40,260 including destination charges. This entry price provides solid equipment levels, though premium features require substantial additional investment. The top-tier ST commands premium pricing due to performance upgrades, while the Platinum trim costs $52,760.

The 2026 Pathfinder’s redesigned interior represents a significant improvement over earlier models, with updated exterior styling adding to its attractiveness. Entry-level Pathfinder SV pricing starts at $41,445, with the premium SL trim reaching $51,945. While not achieving luxury status, the Pathfinder provides slightly better value justification for its pricing.

Winner: Pathfinder

These two SUVs present a close competition. Nissan has successfully revitalized the Pathfinder through comprehensive 2026 updates, with its roomy cabin particularly benefiting second and third-row occupants. However, buyers seeking a three-row SUV combining driving enjoyment with practical versatility will find the current Ford Explorer takes the victory in this comparison.

This report was provided to The Associated Press by automotive website Edmunds. Bradley Iger contributed to this analysis.

CLEVELAND, Ohio — Far beneath the streets of Cleveland, workers are toiling in an underground world that most people never knew existed, mining the essential mineral that keeps winter roads safe — salt.

Cargill’s Whiskey Island mining operation, situated deep under Lake Erie, is working to supply road salt throughout the Northeast and Great Lakes regions, where this winter’s unusually cold and snowy conditions have created unprecedented demand. According to Cargill representative Emily Tangeman, many local governments have already depleted salt stockpiles that normally would carry them into spring.

“Our teams have been working overtime since September to support customers across the snowbelt,” Tangeman explained, adding that the early arrival of persistent winter conditions has increased demand industry-wide.

This underground facility, ranking among the largest salt mines globally, typically generates between 3 million and 4 million tons of salt each year, though even this massive output sometimes cannot satisfy demand during particularly severe winters.

Positioned 1,800 feet below the surface, workers reach the mine through Whiskey Island, an industrial district adjacent to downtown Cleveland’s waterfront. Operations began in the 1960s, running continuously throughout the year as crews use drilling and explosive techniques to harvest salt from expansive tunnels carved through deposits left by an ancient sea that evaporated millions of years ago.

The mine’s interior resembles a labyrinth of roughly square-shaped chambers featuring white, chalky surfaces that stretch for miles. Lighting is minimal, often completely dark except for workers’ headlamps and industrial floodlights. The sound of heavy equipment and conveyor systems fills the air while small all-terrain vehicles transport miners through the passages.

George Campbell, who oversees maintenance operations, explained that mining continues without interruption, using any downtime for equipment servicing and repairs to maintain consistent output. Cargill officials say they are focusing on shipping priorities to deliver salt where it’s most urgently needed as winter conditions persist in various regions. Tangeman noted that frequent smaller storms increase salt usage, requiring multiple applications and creating distribution challenges.

The return of severe weather patterns throughout the Eastern United States has led several cities — including Boston, Bangor, Maine, and Ithaca, New York — to endure their coldest winters in over ten years. With winter conditions continuing in many areas, operations at the Cleveland facility remain at full capacity.

Campbell indicated that salt reserves will support mining operations for many years to come.

“I think that we have enough reserves to continue to keep people working for a long time,” Campbell stated.

American Express rolled out a fresh commercial credit card Wednesday and announced plans for a second launch later in 2024, part of the financial giant’s ongoing effort to strengthen its grip on small and medium-sized business customers.

The credit card company recognizes that business clients typically generate higher spending volumes, making them valuable targets for financial institutions. Although American Express already holds a commanding position in this market, these new offerings could help cement its competitive advantage.

The newly launched Graphite Business card carries a yearly fee of $295 and provides customers with 2% cash back on qualifying purchases, plus 5% back on airline tickets and prepaid hotel reservations booked through the company’s travel booking system.

American Express has also scheduled the debut of an additional corporate cashback card for autumn, though specific pricing information will be revealed closer to that launch date.

“The two new cashback cards are a continuation of a strategy that we’ve been executing for a long while,” said Raymond Joabar, group president of AmEx’s global commercial services.

“Our customers need partners who understand the complexities of their business as they grow from small operations to mid-sized firms and potentially, multinational companies.”

The competitive landscape shifted in January when Capital One, a major American Express competitor, announced a $5.15 billion acquisition of Brex, a technology company specializing in corporate credit cards and expense management solutions.

This purchase is anticipated to expand Capital One’s presence in the business spending sector. However, during a recent earnings discussion, AmEx CEO Stephen Squeri emphasized that his company remains “three times larger than anybody else.”

Recognizing the growing popularity of artificial intelligence tools, American Express also revealed it will reimburse up to $300 annually for ChatGPT Business subscription fees for customers holding its U.S. Business Platinum and Business Gold cards.

Additionally, the company plans to launch new expense management software within the year, designed to help businesses better track and control their spending.

A decision that seemed questionable twelve years ago is now appearing brilliant for Delta Air Lines as aviation fuel costs skyrocket amid ongoing conflicts.

Back in 2012, Delta made an unconventional move by purchasing an older refinery facility near Philadelphia. While most airlines simply purchase jet fuel from external suppliers, Delta chose to own the entire operation that converts crude oil into aviation fuel and other petroleum products.

The acquisition aimed to reduce fuel expenses but also attracted criticism as airlines faced mounting pressure to reduce their environmental impact.

Today, with aviation fuel costs climbing more rapidly than crude oil prices during wartime conditions, the profit margins built into airline fuel expenses are expanding – making Delta’s strategic investment increasingly valuable.

While other carriers face higher costs when the gap between crude and jet fuel widens, Delta continues paying market rates for fuel transferred from its Monroe facility to airline operations.

However, by controlling the refinery, the profits from fuel processing remain within Delta rather than flowing to external suppliers, the company explained to Reuters.

UNDERSTANDING THE FINANCIAL PRESSURE

Aviation fuel costs have surged dramatically in recent weeks, expanding what industry experts call the crack spread – the price difference between crude oil and refined petroleum products.

During the March 20 week, North American jet fuel averaged approximately $179 per barrel, while Brent crude traded around $110, based on International Air Transport Association data. U.S. spot aviation fuel prices reached even higher levels, hitting about $4.56 per gallon on March 20, equivalent to roughly $192 per barrel, according to Airlines for America.

For carriers purchasing fuel through standard market channels, this spread gets built into their costs. When the gap expands, airline fuel expenses can spike rapidly even when crude prices remain relatively stable.

Alaska Air Group CEO Benito Minicucci revealed last week that his airline consumes approximately 100 million gallons monthly, meaning each $1 increase in jet fuel adds roughly $100 million to monthly expenses.

THE REFINERY ADVANTAGE

While Delta hasn’t disclosed how much Monroe could offset current price spikes, company filings demonstrate material cost containment during periods of expanded refining margins.

According to Delta’s reports, Monroe reduced average fuel costs by approximately 23 cents per gallon in 2022, 10 cents in 2023, one cent in 2024, and four cents in 2025. Considering disclosed fuel consumption, these savings translated to roughly $785 million, $393 million, $41 million, and $171 million respectively.

Monroe produced $777 million in operating income during 2022, when refining margins jumped following Russia’s Ukraine invasion that disrupted global fuel markets.

Throughout history, Delta’s fuel cost benefits increased when refining margins expanded and decreased when they contracted.

Morningstar analyst Nicolas Owens explained the structure helps cushion refining margin spikes.

“When crack spreads widen, Delta is essentially paying itself the crack spread for that portion of the fuel,” Owens noted. “It does mute the impact of the fuel price spike for Delta.”

However, the refinery can become problematic when refining margins shrink. Delta’s documents show Monroe recorded a $216 million operating loss in 2020, when the pandemic devastated jet fuel demand and disrupted refined product markets.

COMPETITIVE COMPARISON

The advantage became apparent during the previous major fuel price surge.

Delta’s average fuel cost increased to $3.36 per gallon in 2022 from $2.02 in 2021, raising its annual fuel expense to approximately $11.5 billion, representing 24% of total operating costs, up from 20% in 2021.

United Airlines, in contrast, paid an average $3.63 per gallon in 2022, rising from $2.11 in 2021, pushing its fuel bill to roughly $13.1 billion, or 31% of total operating expenses, compared to 22% in 2021.

Fleet composition, route structures, and other variables also influence airline per-gallon costs.

COMPETITORS STRUGGLE WITH RISING COSTS

Minicucci said Alaska has been redirecting fuel supply away from the U.S. West Coast – including transporting fuel from Singapore to Seattle – because refinery margins there have pushed jet fuel prices approximately 20 cents per gallon higher.

American Airlines reported that elevated fuel prices added about $400 million to its first-quarter fuel expenses since its late January update.

United CEO Scott Kirby cautioned employees last week that jet fuel prices had more than doubled within three weeks and, if maintained, could add approximately $11 billion to United’s annual fuel bill – exceeding twice the airline’s best-ever yearly profit.

“At the moment owning a refinery is almost like a hedge,” said Denton Cinquegrana, chief oil analyst at Oil Price Information Service.

CHALLENGES AND LIMITATIONS

The refinery doesn’t eliminate Delta’s vulnerability to higher fuel prices. Refining profits can vary with market conditions.

The facility also creates regulatory expenses. Delta reported its costs for U.S. Renewable Fuel Standard compliance increased to $312 million in 2025 from $203 million in 2024.

During years of narrow refining margins, these compliance costs can reduce Monroe’s financial benefits.

DELTA’S STRATEGIC POSITION

Delta CEO Ed Bastian said last week that rising jet fuel prices added approximately $400 million to the airline’s fuel bill in March.

However, he emphasized the refinery provides a “meaningful hedge” on refining margins between crude oil and jet fuel.

“It’s not going to cover the crack entirely,” he explained. “But (it) gives us a fairly significant hedge.”

Bastian indicated Monroe’s profits should begin contributing starting in the second quarter.

Shares of Arm Holdings surged almost 12% during pre-market trading Wednesday following the company’s announcement of a new artificial intelligence processor expected to bring in billions in yearly revenue.

This represents a significant strategic shift for the semiconductor company, which has historically focused on licensing its chip designs to major tech firms like Nvidia and Qualcomm, earning money through royalty payments tied to sales volume.

The company’s new AGI CPU differs from existing processors that primarily handle chatbot responses. Instead, this chip is designed to manage the computational demands of “agentic AI” – advanced systems capable of acting independently on users’ behalf with limited supervision.

Company CEO Rene Haas told Reuters in an interview that the data-center processor is projected to bring in approximately $15 billion in annual revenue within roughly five years.

Haas also indicated the company anticipates total revenue of $25 billion during that timeframe, along with yearly earnings reaching $9 per share.

Citigroup analysts praised the company’s bold approach, stating: “Arm has not taken a baby step, say the production of a die or a chiplet for its customers; it has jumped in with both feet, developing the highly performing and energy efficient Arm AGI CPU.”

The analysts added: “The industry move to inference and, in particular, agentic AI is showing the need for more CPUs.”

The growing demand for “agentic AI” technology has already boosted interest in comparable processors produced by manufacturers including Intel and Advanced Micro Devices.

Intel’s stock climbed 3.4% while AMD shares increased more than 1% following the news.

According to LSEG data, Arm currently trades at 63.08 times analysts’ forward earnings estimates, compared to AMD’s 26.64 multiple and Intel’s 71.27 ratio.

TAOYUAN, Taiwan – Shipping giant United Parcel Service unveiled its newest and largest Asia Pacific logistics facility on Wednesday, a $100 million investment designed to capitalize on surging demand from technology companies.

The strategic location takes advantage of Taiwan’s position as headquarters to TSMC, the globe’s leading contract semiconductor manufacturer and primary producer of cutting-edge chips that fuel artificial intelligence advancement.

Located in Taoyuan in northern Taiwan, just minutes from the nation’s primary international airport, the new UPS facility will serve as an Asian distribution hub for Applied Materials, America’s biggest semiconductor equipment manufacturer.

“Around 80% of the freight is high-tech,” Lauren Zhao, president of UPS Asia Pacific Supply Chain Solutions and Freight Forwarding, explained to media during the facility’s opening.

“Everyone knows that Taiwan’s semiconductor industry is the most advanced in the world, and the manufacturing processes related to the semiconductor industry are also where Taiwan is leading the world,” she continued.

Currently, UPS operations are limited to Taoyuan airport, but Sam Hung, the company’s managing director for Japan, South Korea and Taiwan, indicated potential expansion to southern Taiwan’s Kaohsiung airport based on client needs.

The southern city of Kaohsiung hosts TSMC’s construction of a major new manufacturing plant, part of an expanding semiconductor hub being developed in Taiwan’s southern region.

Swiss athletic footwear company On Holding announced Wednesday that co-founders David Allemann and Caspar Coppetti will assume leadership as co-chief executives beginning May 1, taking over from current CEO Martin Hoffmann.

Hoffmann is departing the company following a five-year tenure as chief executive. The outgoing CEO will continue serving in an advisory capacity until March 2027, according to the company’s announcement.

On Holding stated it plans to “implement a leadership structure that sustains close connectedness across the organization, unifying strategic intent, innovation, product, brand, and commercial execution.”

The executive transition follows the company’s announcement earlier in March forecasting slower annual revenue growth, news that led to a significant decline in the company’s stock price.

A prominent British hedge fund manager appeared in court Tuesday to challenge financial regulators’ attempt to permanently bar him from working in the country’s financial services sector.

Crispin Odey, who established Odey Asset Management in 1991, testified before London’s Upper Tribunal as part of his appeal against the Financial Conduct Authority’s proposed industry prohibition. The regulatory agency announced last year it planned to fine and ban Odey due to integrity concerns regarding how his former company handled sexual harassment allegations.

Odey gained significant recognition during the 2008 financial crisis when he earned substantial profits by betting against banking stocks. He subsequently became a prominent supporter of Brexit and contributed to the Conservative Party.

During Tuesday’s proceedings, the 67-year-old acknowledged feeling “deeply embarrassed” about an incident involving inappropriate contact with a staff member. In his witness statement, he admitted to being “something of a dinosaur” but largely defended his overall behavior.

The FCA contends that Odey intentionally undermined his company’s disciplinary procedures by removing executive committee members on two separate occasions in 2021 and 2022. Odey maintains he was attempting to safeguard OAM during what he described as an “existential crisis.”

When questioned about various allegations from female employees at OAM, including a 2005 incident where he allegedly gave an unwanted massage and inappropriate touching, Odey attributed his actions to medication from a dental procedure that day. The FCA’s attorney Claire Sibson suggested he had difficulty controlling himself around women, to which Odey responded: “No, this was 2005, we are now (in) 2026.”

Odey stated he apologized to the woman the following day and noted she remained employed at OAM for nearly ten more years. He also said he never intentionally made women uncomfortable and gained better understanding of his behavior following a disciplinary hearing, recognizing “it was not appropriate that I should be trying to chat up” younger employees.

This court appearance represents the first of two scheduled for Odey this year. A joint trial beginning in June will address his defamation lawsuit against the Financial Times alongside personal injury claims filed by five women against him.

In 2020, Odey faced criminal charges for allegedly sexually assaulting a woman in 1998, but was found not guilty in 2021.

Federal transportation safety officials announced Wednesday that Toyota Motor Corporation will pull more than 144,000 vehicles from American roadways due to malfunctioning backup camera systems that could lead to accidents.

The National Highway Traffic Safety Administration reported that affected vehicles may experience complete failure of rear camera displays when drivers shift into reverse, creating dangerous blind spots that significantly increase collision risks.

According to federal regulators, the safety recall encompasses specific Lexus models including NX350 and NX250 vehicles manufactured between 2022 and 2025, RX350 models from 2023 through 2026, and TX350 vehicles produced from 2024 to 2026.

NHTSA officials stated that authorized dealerships will address the defect by installing updated software or completely replacing the backup camera systems at no cost to vehicle owners.

Major Chinese food delivery companies saw their stock prices climb sharply Wednesday after government officials and state-controlled media urged an end to damaging price competition in the sector.

Meituan, a leading delivery platform traded in Hong Kong, experienced the biggest gains with shares jumping as much as 12.6% to reach HK$89 during afternoon trading sessions. Competitors Alibaba and JD.com also posted strong performances, with both companies seeing increases of more than 3%.

The market rally came after Economic Daily, a state-run publication, released a commentary piece Wednesday demanding that food delivery companies stop their destructive pricing battles. The State Administration for Market Regulation later shared the article on its official website, signaling government support for the position.

According to the published report, the ongoing competition has created harmful market conditions. “The entire industry has fallen into a vicious cycle of losing money in an attempt to grab market share, ultimately dragging down the broader trend of consumption recovery,” the report said.

The government intervention suggests Chinese authorities are concerned about the financial sustainability of the delivery sector and its impact on economic recovery efforts.

SEOUL – The automotive giant General Motors announced Wednesday its intention to pour $600 million into its South Korean operations, marking a significant commitment to the region.

The substantial financial investment will target enhancements to production facilities and product improvements within the company’s Korean division, according to the announcement made this week.

A major French industrial gas company warned Wednesday that ongoing Middle East conflicts have triggered a temporary worldwide helium shortage, prompting the firm to shift supply sources to other global regions.

Air Liquide’s group vice president Armelle Levieux announced the supply disruption during a company event in Taiwan, explaining the connection between recent violence and helium availability.

“With the situation in the Middle East and the attacks that happened last week on the natural gas field, there is today a shortage of helium,” Levieux stated.

The executive explained that QatarEnergy, among the globe’s biggest natural gas producers, has invoked force majeure with its clients. Helium production relies heavily on natural gas operations, as the element emerges as a secondary product during gas extraction.

Levieux emphasized that Air Liquide maintains regular communication with clients while working to redirect helium resources from alternative worldwide locations.

The company made this announcement while inaugurating its first major advanced materials manufacturing facility in Taichung, Taiwan.

Air Liquide serves as a crucial supplier for Taiwan’s semiconductor sector, including partnerships with Taiwan Semiconductor Manufacturing Co, the globe’s biggest contract chip producer.

The French company maintains operations at more than 60 locations throughout Taiwan, with 54 of these facilities specifically serving the semiconductor manufacturing industry.

Taiwan’s Economy Ministry reported Tuesday that the island’s helium supply chains remain steady, noting that imports from the United States are currently accessible.

A Chinese toy company behind one of the world’s most popular collectible characters announced Wednesday that its annual revenue nearly tripled, reaching $5.38 billion and meeting Wall Street projections.

Pop Mart International Group, headquartered in Beijing, reported that 2025 revenue jumped 185% compared to the previous year, climbing to 37.12 billion yuan. The company specializes in collectible “blind box” toys, with its breakout star being Labubu, a distinctive character known for its prominent teeth and mischievous grin.

The toy manufacturer has experienced explosive growth, transforming from a small domestic retailer into one of China’s most watched consumer companies. Pop Mart’s success stems from global enthusiasm for its collectible figures, plush items, and accessories featuring popular characters from franchises like The Monsters series, which includes Labubu, along with Molly and Crybaby.

Financial results showed the company’s profit attributable to shareholders reached 12.78 billion yuan in the past year, representing a dramatic 308% increase from the prior year’s 3.13 billion yuan figure. Total revenue climbed from 13.04 billion yuan to 37.12 billion yuan year-over-year.

Labubu has emerged as the primary catalyst behind Pop Mart’s transformation into an uncommon Chinese brand with significant international recognition. To meet surging global demand and bolster supply chain stability, the company expanded manufacturing operations to Mexico, Cambodia and Indonesia in January.

Pop Mart’s international ambitions continue expanding, with plans to establish London as its European operational center. The company has also partnered with Sony Pictures to develop a feature film centered on the Labubu character, highlighting its strategy to capture larger overseas market share.

Two executives who founded artificial intelligence company Manus are being prevented from departing China while government officials examine Meta’s proposed $2 billion purchase of their technology startup, according to a Wednesday report from the Financial Times.

Chinese regulatory authorities are conducting a thorough review to determine if the massive acquisition by Meta violates the nation’s foreign investment regulations, the publication stated.

The travel restrictions on the company’s co-founders come as part of the ongoing governmental scrutiny of the high-profile technology deal.

Reuters noted they were unable to independently confirm the Financial Times report at the time of publication.

Markets across Asia experienced substantial gains Wednesday as investors reacted positively to President Donald Trump’s suggestions that diplomatic discussions with Iran might be possible, leading to a sharp decline in oil prices exceeding 5%.

Japan’s Nikkei 225 index jumped 2.8% to reach 53,721.30 during early trading sessions. South Korea’s Kospi index performed even better, climbing 3.1% to 5,728.22.

Other regional markets also showed strong performance, with Hong Kong’s Hang Seng advancing 1.2% to 25,374.95 and Shanghai’s Composite index rising 0.9% to 3,914.09.

Australia’s S&P/ASX 200 recorded a 2.2% increase, while Taiwan’s Taiex surged 3%.

Reports indicate the Trump administration has presented Iran with a 15-point ceasefire proposal. Market confidence grew after Trump spoke about progress in discussions with Iran this week and delayed his Monday ultimatum to destroy Iran’s power facilities regarding the Strait of Hormuz reopening, raising expectations that the Iranian conflict might conclude soon.

The Strait of Hormuz serves as a critical shipping route for crude oil and liquefied natural gas, causing energy prices to surge and remain volatile recently.

Energy markets responded to diplomatic optimism with another price drop. International benchmark Brent crude decreased 5.9% to $94.42 per barrel, down from approximately $104 on Tuesday.

U.S. benchmark crude oil declined 5.1% in early Wednesday trading to $87.65 per barrel.

Despite Iran’s rejection of ongoing negotiation claims and continued Middle Eastern hostilities, Pakistan has volunteered to facilitate discussions between Washington and Tehran. Even as Trump expressed optimism about conflict de-escalation, reports suggest at least 1,000 additional American soldiers from the 82nd Airborne Division will deploy to the Middle East soon.

U.S. market futures showed gains exceeding 0.5% on Wednesday.

Tuesday’s American stock trading ended negatively. The S&P 500 dropped 0.4% to 6,556.37. The Dow Jones Industrial Average slipped 0.2% to 46,124.06, and the Nasdaq composite fell 0.8% to 21,761.89.

Estee Lauder shares plummeted more than 9% after the U.S.-based company confirmed merger discussions with Spanish beauty and fragrance corporation Puig.

During early Wednesday trading, gold prices rebounded after previous declines. The precious metal had fallen partly due to increasing U.S. Treasury yields amid reduced Federal Reserve rate cut expectations following oil price spikes that could drive worldwide inflation.

Gold prices surged 4.4% early Wednesday to $4,594.60 per ounce, though it traded above $5,000 earlier this month.

Currency markets saw the U.S. dollar trading at 158.70 Japanese yen with minimal change. The euro strengthened to $1.1611 from $1.1608.

Facebook’s parent company Meta Platforms announced Tuesday it has provided stock-based compensation packages to several top executives as part of an effort to prevent key leadership from leaving the social media giant.

The compensation includes restricted stock units and stock options for high-ranking officials such as Chief Financial Officer Susan Li and Chief Technology Officer Andrew Bosworth. These packages are structured around performance metrics and ambitious stock price goals.

Companies commonly use stock-based compensation to incentivize employees, prevent the departure of valuable personnel, and ensure leadership priorities match long-term corporate objectives.

A company representative described the compensation packages as a “big bet” and stated they “will not be realized unless Meta achieves massive future success, benefiting all of our shareholders.”

International currency trading remained largely stagnant during Wednesday’s Asian session as financial markets expressed doubt regarding President Donald Trump’s claims of diplomatic advancement with Iran.

Trump informed White House reporters that the United States was achieving meaningful progress in discussions with Iranian leadership, though Tehran has refuted any assertion that face-to-face negotiations are currently underway, leaving global investors uncertain.

European currency gained modest ground, rising 0.1% to reach $1.1619, while most other major currency exchanges held steady. Britain’s pound increased 0.1% to $1.3428, and New Zealand’s dollar remained unchanged at $0.5834.

This muted trading activity stood in sharp contrast to Tuesday’s dramatic movements in stock futures and oil markets following Trump’s statements about potential conflict resolution.

“For those reacting to every breaking headline around dialogue between the U.S. and its allies and Iran, including speculation of high-level talks and temporary ceasefire proposals, an element of fatigue is now firmly setting in,” said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne.

The dollar maintained stability against Japan’s yen at 158.645, following the release of Bank of Japan meeting records from January that revealed board members’ consensus on continuing interest rate increases without establishing a predetermined timeline.

Australia’s currency initially dropped 0.2% to $0.6983 before recovering to neutral territory after February inflation figures showed a 3.7% increase prior to the Middle East conflict’s escalation, falling slightly below analyst predictions.

Financial markets continue to expect unchanged U.S. interest rates throughout the year, though speculation about policy tightening has intensified. Federal Reserve futures data from CME Group’s FedWatch tool indicates a 30.2% probability of a 25-basis-point increase at December’s Federal Reserve meeting, jumping significantly from the previous day’s 8.2%.

Federal Reserve Governor Michael Barr stated Tuesday that interest rates may need to remain steady “for some time” before additional reductions become appropriate, citing persistent inflation above the Fed’s 2% target and Middle Eastern conflict risks.

Government bond markets recovered following recent volatility, with 10-year Treasury yields declining 5 basis points to 4.338%. Westpac analysts noted that “Higher oil prices added to expectations of increasing inflationary pressures and tighter monetary policy.”

The dollar index, measuring American currency strength against six major currencies, fell 0.1% to 99.126.

Digital currencies showed positive movement, with bitcoin advancing 1.2% to $70,910.16 and ethereum gaining 0.8% to reach $2,164.74.

Financial markets experienced significant gains Wednesday following reports that the United States has proposed a temporary halt to hostilities and delivered a comprehensive peace proposal to Iran, sparking investor optimism about reduced regional tensions.

Futures for the S&P 500 climbed 0.9% during Asian trading hours, while European market futures advanced 1.2%. Meanwhile, Brent crude oil prices tumbled approximately 6% to $98.30 per barrel as traders anticipated potential resumption of Persian Gulf oil shipments.

Asian equity markets showed strong performance, with exchanges in Australia, South Korea and Japan posting roughly 2% gains during morning sessions. Gold prices also increased 1.6% as investor sentiment shifted.

“The market is trading the headlines at the moment,” explained Kerry Craig, global market strategist at J.P. Morgan Asset Management in Melbourne. “So there’s a positive tone. The difficulty is now…there are still unknowns about where this actually goes from here and whether there’s anything material in terms of a ceasefire.”

President Donald Trump indicated Tuesday that negotiations were advancing toward ending the conflict, mentioning an important concession obtained from Tehran. Sources confirmed Washington had delivered a 15-point settlement framework to Iranian officials.

According to Israel’s Channel 12, citing three sources, American officials are pursuing a month-long cessation of hostilities to facilitate discussions around the 15-point proposal. However, Tehran has disputed claims that direct negotiations have occurred.

Market reactions have been positive yet measured since Monday’s initial reports of American efforts to conclude hostilities, though uncertainty remains about when the Strait of Hormuz might reopen for oil transport.

Currency markets showed the dollar weakening slightly throughout the week, trading at 158.8 yen and $1.1620 per euro Wednesday morning.

Despite the recent decline, Brent crude remains elevated 35% since conflict began, hovering near $100 per barrel – a level already creating economic strain for Asian buyers purchasing jet fuel and diesel.

Interest rate markets continue anticipating aggressive central bank responses, with pricing indicating upcoming rate increases across Europe, Britain, Japan and Australia to combat inflation, while no additional U.S. rate reductions are expected.

Treasury bond yields declined during Tokyo trading, with benchmark 10-year yields dropping approximately five basis points to 4.34% and two-year yields falling similarly to 3.875%.

“For now, it feels like a market that is reacting rather than anticipating, and until there is clearer alignment from both sides, I would expect price action to remain fragile,” stated Marc Velan, head of investments at Lucerne Asset Management in Singapore. “People are reluctant to chase moves that are entirely headline-driven and can reverse quickly.”

Despite diplomatic developments, military operations continue on the ground, with U.S., Israeli and Iranian strikes ongoing. Sources indicate Washington is preparing additional troop deployments to the region.

Two individuals familiar with the situation told Reuters Tuesday that thousands of soldiers from the Army’s elite 82nd Airborne Division are expected to deploy to the Middle East.

The Australian dollar remained steady around 70 U.S. cents following February inflation data that came in slightly below expectations, recorded before the current conflict began.

War concerns have also overshadowed growing credit market anxieties, where private credit stress indicators are emerging. Ares Management became the latest asset manager Tuesday to restrict withdrawals from a private debt fund, unsettling investors.

Ares shares, representing approximately $623 billion in managed assets at the end of 2025, declined 1% Tuesday and are down 36% year-to-date.