How a US blockade on Iran has sanctioned ships turning around
FRANKFURT, Germany (AP) — Some Iran-linked or sanctioned vessels that have left the Persian Gulf through the Strait of Hormuz have stopped or turned around. They appear to have jammed or faked their locations in some instances, complicating an uncertain and risky shipping situation. The head of U.S. Central Command says the blockade that started Monday “has been fully implemented" and that U.S. forces have completely halted economic trade going in and out of Iran by sea. The blockade could put serious pressure on the Iranian economy. The U.S. military says 10 vessels have complied with directions to turn around and return toward an Iranian port or Iran’s coastal area.
Prosecutors sought access to Federal Reserve building as Trump threatens to fire Powell
WASHINGTON (AP) — Federal prosecutors made an unannounced visit this week to a construction site at Federal Reserve headquarters that is the focus of an investigation into a $2.5 billion renovation project, according to two people familiar with the visit. Two prosecutors and an investigator from U.S. Attorney Jeanine Pirro’s office were turned away on Tuesday by a building contractor and referred to Fed attorneys, one of the people said. The two people familiar with the visit spoke on condition of anonymity because they weren’t authorized to publicly discuss an ongoing investigation.
China's economy grows at 5% in first quarter, shrugging off initial impact of Iran war
HONG KONG (AP) — China’s economy accelerated in the first quarter of this year, expanding 5% from a year earlier as it largely shrugged off impacts from the Iran war so far. The January-March data released by the government on Thursday, covering a period during which the Iran war began, was better than what economists expected and was up from the 4.5% growth seen in the October-December quarter. Economists expect China to be able to weather short term impacts from the Iran war, now in its seventh week, but longer term China may face weaker demand for its exports and other headwinds.
What to know about the Live Nation verdict and how it could affect concertgoers
Music lovers who have long complained about Ticketmaster fees for concert tickets are surely reveling in a jury verdict that found its parent company Live Nation has been running a harmful monopoly over big venues. But they will have to wait to see if the verdict leads to changes that make concerts more affordable. The lawsuit led by more than 30 states accused Live Nation of smothering competition. A federal jury in Manhattan found that Ticketmaster had overcharged customers $1.72 per ticket in 22 states, which a judge could order the company to pay back. That could cost Live Nation hundreds of millions of dollars.
It's Tax Day. Treasury says 53 million filers used new Trump tax breaks before the deadline
WASHINGTON (AP) — The tax filing deadline for most Americans is Wednesday, and President Donald Trump's administration is highlighting the impacts of Republicans' massive tax and spending law. The law eliminates taxes on tips and overtime for millions of people, exempts interest on certain car loans and gives new deductions to some seniors. The administration says more than 53 million filers claimed deductions under these provisions, as of Tuesday. Despite these changes, polling finds that most Americans still think their taxes are too high. Democrats say Americans are reeling from the high cost of living as Trump focuses his attention on the Iran war.
Wall Street hits a record as S&P 500 continues its 2-week rally on hopes for an end to the Iran war
NEW YORK (AP) — U.S. stocks have hit a record following their big rally over the last two weeks. The S&P 500 rose 0.8% Wednesday and eclipsed its prior all-time high set in January. After falling nearly 10% below its record in late March, the S&P 500 has roared 10% higher on hopes the global economy can avoid a worst-case scenario because of the Iran war. Hopes remain high as mediators moved closer to extending the U.S.-Iran ceasefire and restarting negotiations. Some caution remains in markets still. The Dow Jones Industrial Average dipped 0.1%, and oil prices drifted up and down through the day. The Nasdaq composite gained 1.6%.
Why many Americans are turning to AI for health advice, according to recent polls
NEW YORK (AP) — Many Americans are turning to artificial intelligence tools such as ChatGPT for health advice. A Gallup poll out Wednesday found that about 1 in 4 U.S. adults had used AI for health information in the past month. The poll comes on the heels of at least three other surveys with similar findings. Gallup found that people often use AI chatbots for quick answers, additional information or research before or after seeing a doctor. However, concerns about accuracy and privacy persist. Experts warn that AI chatbots can sometimes provide false information and emphasize the need for caution.
Jury finds that Ticketmaster and Live Nation had an anticompetitive monopoly over big concert venues
NEW YORK (AP) — A jury has found that concert giant Live Nation and its Ticketmaster subsidiary engaged in an anticompetitive monopoly. The New York jury decided Wednesday on claims from dozens of U.S. states that the entertainment ticketing behemoth was a monopoly that cost concertgoers and sports fans. Live Nation Entertainment owns, operates or controls booking for hundreds of venues. Its subsidiary Ticketmaster is widely considered the world’s largest ticket-seller for live events. The civil case, initially led by the U.S. federal government, accused Live Nation of using its reach to smother competition. Live Nation said in a statement that the verdict was not the last word on the matter and promised appeals. A lawyer for the states called it a “great day for antitrust law.”
BofA's trading desk avoided a single daily loss in Q1 amid market turmoil
NEW YORK (AP) — Recent market volatility, partly due to the War in Iran, continues to boost Wall Street profits. On Wednesday, Bank of America reported a 30% increase in stock trading revenues for the first quarter, earning $2.8 billion. Morgan Stanley's equity trading revenues rose 25% to $5.15 billion. The bank also saw a 29% rise in bond-trading revenues. Both banks had strong investment banking performances, advising major companies like SpaceX. Despite rising energy prices, Bank of America noted no deterioration in U.S. consumer spending. CEO Brian Moynihan remains cautious about geopolitical risks and energy prices.
Tax procrastinators, this is how to seek an extension and some other tips at the IRS deadline
NEW YORK (AP) — It’s officially Tax Day in the U.S. And if you’ve waited till the last minute to file your taxes, don’t panic. You still have time to get it done. And if you’re worried that you still might not be able to finish in time, you can file for an extension, which will give you until Oct. 15 to file your return. However, it’s important to remember the extension is only to file your tax return, not to pay owed taxes. If you owe taxes, you should pay an estimated amount before the deadline to avoid paying penalties and interest. If you expect to receive a refund, you’ll still receive your money when you file your taxes.
