Retail sales rise 0.6% in February, but impact of Iran war threatens to derail spending
NEW YORK (AP) — Shoppers increased their spending in February, particularly on cars and clothing, after pulling back at the start of the year due to severe winter storms. Retail sales rose a better-than-expected 0.6% in February, from a revised 0.1% decline in January, the Commerce Department said Wednesday. But there’s concern that the Iran war, which is sending gasoline prices soaring and whose impact wasn’t reflected in the retail sales data, will derail spending at a time when Americans have already been squeezed by years of elevated inflation. Gas sped past an average of $4 a gallon on Tuesday for the first time since 2022 and jumped another 4 cents overnight. The national average for a gallon of regular gasoline hit $4.06 Wednesday. That was a dollar more per gallon before the war.
FDA grants speedy approval to Eli Lilly's weight-loss pill for obesity
U.S. health officials have approved a new weight-loss pill from Eli Lilly. The Food and Drug Administration's decision Wednesday means patients in the United States will soon have access to a second daily oral medication to treat obesity and weight-related issues. The drug will be sold as Foundayo and it's expected to begin shipping Monday. Lilly says pricing for people with insurance will start as low as $25 per month. The new pill joins Novo Nordisk’s oral Wegovy pill, which has generated more than 600,000 prescriptions in the U.S. since its approval in December.
What you need to know about desalination, a growing source of drinking water
As droughts worsen and freshwater grows scarce, desalination is expanding rapidly. More than 20,000 plants now convert seawater to drinking water worldwide. Most use reverse osmosis, forcing seawater through membranes that filter out salt. But the process carries steep environmental costs: plants emit millions of tons of carbon annually, rivaling aviation’s footprint, while concentrated brine discharge harms ocean ecosystems and intake systems kill marine organisms. Some companies are testing renewable energy and deep sea systems to reduce impacts, though experts say water recycling remains more sustainable.
Apple's 50-year odyssey has redefined technology, pop culture and comeback stories
CUPERTINO, Calif. (AP) — A scrawny hippie and a nerdy engineer who became prank-playing friends vowed to change the world when they founded a Silicon Valley startup on April Fools’ Day 50 years ago and then — no joke — pulled it off. The improbable odyssey began April 1, 1976 when a then-shaggy Steve Jobs and his gadget-tinkering friend Steve Wozniak signed the partnership papers that created Apple Computer Co. What happened next has become ingrained in the cultural zeitgeist. The Associated Press looks back Apple's peaks and valleys during a journey that thrust the company to the brink of bankruptcy before its exiled co-founder Steve Jobs came back to build an empire.
Stopgap measures aren't enough to halt rising gas prices as the world scrambles for more oil
NEW YORK (AP) — Global leaders have been scrambling to contain the rising cost of oil and gasoline since the start of the Iran war. President Donald Trump and other heads of state have been pulling on various levers while hoping to ease pain for consumers. They coordinated to launch 400 million barrels of oil onto the market. And Trump lifted sanctions on Russian and Iranian crude. Experts say the maneuvers are adding some oil to the market but it's not enough to halt the steep climb in gas prices that consumers are experiencing.
Hershey says it will shift back to classic recipe for all Reese's products after criticism
Hershey said Wednesday it will use classic recipes for all Reese’s products starting next year. The change comes after the grandson of Reese’s founder criticized the company for shifting to cheaper ingredients. Reese’s Peanut Butter Cups have always been made with real milk chocolate or dark chocolate and peanut butter. But a small portion of Hershey’s and Reese’s products, like mini Easter eggs, are now made with a coating that contains less chocolate. Hershey said that in 2027, it will shift those products to “their classic milk chocolate and dark chocolate recipes.” It will also be transitioning to natural colors in its sweets next year.
Stocks rally worldwide as oil prices ease on hopes for a possible end to the Iran war
NEW YORK (AP) — Stocks are rushing higher worldwide, and oil prices are easing as hopes build that the war with Iran could end soon. That’s even though some of the signals investors saw as hopeful on Wednesday are already under dispute. The S&P 500 rallied 1.1% Wednesday and added to its leap from the day before, which was its best since last spring. That followed even bigger gains for markets across Europe and Asia, including an 8.4% surge in South Korea, which were catching up to Wall Street’s rally from Tuesday. The Dow Jones Industrial Average rose 401 points, and the Nasdaq composite jumped 1.7%.
Macron calls for ceasefire in Mideast during visit to Japan
TOKYO (AP) — French President Emmanuel Macron has held talks with Japanese Prime Minister Sanae Takaichi in Japan. Macron called for a ceasefire in the Middle East and safe passage through the Strait of Hormuz during a news conference Wednesday. Takaichi said the two leaders agreed on the importance of quickly de-escalating the conflict and to secure the safety of the vital waterway and the stable supply of goods. The leaders also agreed to deepen their cooperation in defense, rare earths development, nuclear energy, space and other areas.
The war in Iran has shaken up financial markets. See the impact of the conflict, in five charts
NEW YORK (AP) — After meandering for a couple of months, financial markets endured numerous frenzied swings during March as the war in Iran raged. The price of a barrel of Brent crude oil is above $100 for the first time since the summer of 2022 and gasoline prices have soared. In the stock market, investors’ attention is squarely on how long the Iran war will last, how much inflation could jump and what that could mean for the economy. Typically investors turn to the bond market for safety when a global event threatens the economy. But in this case, the chance of a spike in inflation caused a jump in Treasury yields.
Trans-Atlantic rift widens as Trump lashes out at NATO allies over Mideast war
LONDON (AP) — U.S. President Donald Trump says he’s strongly considering pulling the United States out of NATO. Trump remarks have ratcheted up his criticism of European allies and exposed a wider rift in the trans-Atlantic alliance. This time over the Iran war. Trump’s talk of a possible NATO pullout dates back years. But the comments to The Telegraph newspaper in the U.K. published Wednesday were among the clearest and most disparaging yet. Trump was asked whether he would reconsider U.S. membership in the alliance after the conflict in the Middle East ends. Trump replied: “Oh yes, I would say (it’s) beyond reconsideration.” NATO didn’t provide immediate comment when contacted by The Associated Press.
