Judge bars Arizona from regulating prediction market operators and pauses prosecution of Kalshi
PHOENIX (AP) — A judge has temporarily barred Arizona from enforcing its gambling laws against predictive market operators like Kalshi. The judge ruled Friday in a lawsuit filed by the Trump administration after state prosecutors filed criminal charges that alleged Kalshi is running an illegal gambling operation in Arizona. The ruling also halted Arizona’s criminal case against Kalshi, which was scheduled for an arraignment hearing Monday. The federal Commodity Futures Trading Commission had sued Arizona in response to Arizona’s enforcement. Kalshi maintains it’s a financial marketplace rather than a gambling operation.
FAA says proper use of anti-drone lasers that prompted Texas airspace closures is safe for flights
Counter-drone lasers will now be able to be used along the southern border. The Federal Aviation Administration agreed with the Pentagon on Friday that they are safe, so additional airspace closures aren’t expected. The FAA and Defense Department have signed an agreement outlining the safety precautions that will be employed when these lasers are used to protect travelers. Earlier this year, the FAA twice shut down parts of Texas airspace after anti-drone lasers were deployed. In early February, the El Paso airport had to close for several hours, leaving many travelers stranded. A demonstration of the lasers conducted last month convinced the FAA that they can be used safely.
War in Iran sends inflation soaring and the mood of American consumers plunging
WASHINGTON (AP) — The largest monthly jump in gas prices in six decades caused a sharp spike in inflation in March, creating major challenges for the inflation-fighters at the Federal Reserve and heightening the political challenges of rising costs for the White House. The gas price shock stemming from the Iran war has shifted inflation’s trajectory, from a slow, gradual decline to a sharp increase further away from the Fed’s 2% target. As a result, the central bank will almost certainly postpone any cut in interest rates for months. Gas prices are also a highly visible cost that has outsize impacts on consumer confidence and political sentiment.
Well-timed bets on Polymarket tied to the Iran war draw calls for investigations from lawmakers
NEW YORK (AP) — Calls are increasing inside Congress for investigations into the prediction market platform Polymarket. This comes after The Associated Press reported that at least 50 new Polymarket accounts placed substantial bets on a U.S.-Iran ceasefire hours before President Donald Trump announced the ceasefire on social media. These accounts had never bet on Polymarket before and this isn't the first time such well-timed bets have occurred. Researchers at Harvard University estimate that $143 million in profits on Polymarket may have been made by individuals with insider information. Rep. Ritchie Torres has demanded that regulators review such trades, raising concerns about potential market abuse.
Prediction markets are back in the spotlight, this time because of the war in Iran
Prediction markets let people wager on anything from a basketball game to the outcome of a presidential election — and recently, even the fate of the U.S. and Israel’s war against Iran. Shortly ahead of a fragile ceasefire agreement earlier this week, a new group of accounts on prediction market platform Polymarket made highly specific, well-timed trades betting on a halt in fighting for April 7. The trades once again put the spotlight on a murky — and growing — world of speculative, 24/7 transactions now filling the internet. The commercial use of prediction markets has skyrocketed in recent years. And because these wagers are categorized differently than traditional forms of gambling, tensions about government oversight have erupted.
Stocks drift lower and oil prices ease ahead of planned US-Iran talks
Stocks drifted mostly lower on Wall Street and oil prices slipped ahead of planned U.S.-Iran talks following a shaky ceasefire agreement. The S&P 500 fell 0.1% Friday. The Dow Jones Industrial Average lost 0.6%, and the Nasdaq composite rose 0.4%. Trading remained choppy ahead of high-level talks between negotiators from Iran and the U.S. planned for Saturday in Pakistan. The U.S. government reported a sharp spike in inflation in March because of the biggest monthly jump in gas prices in six decades, but the increase wasn't quite as bad as economists were expecting. Treasury yields rose in the bond market.
Federal court hears new case against Trump's latest global tariffs
NEW YORK (AP) — The centerpiece of President Donald Trump’s economic policy — sweeping taxes on global imports — is under legal assault again. The U.S. Court of International Trade is hearing oral arguments Friday in an attempt to overturn the temporary tariffs Trump turned to after the Supreme Court in February struck down his preferred choice — even bigger, even more sweeping tariffs. Defeated at the high court, Trump reached for a stopgap solution — imposing temporary worldwide tariffs under a 1974 trade law. Now two dozen states and some businesses are challenging the president's authority to impose the new tariffs.
Federal judge extends restraining order on $6.2B merger of local TV giants Nexstar and Tegna
A federal judge has extended an emergency restraining order on a $6.2 billion merger between Nexstar Media Group and Tegna for one week. U.S. District Judge Troy L. Nunley sain a ruling Friday the extension will give him time to decide if a longer block is needed. Eight state attorneys general and DirecTV sued to stop the merger, arguing it would raise consumer prices and harm local journalism. The merger, approved by the FCC, would create a company owning 265 TV stations in 44 states, most of them local affiliates of ABC, CBS, Fox and NBC. Nexstar's attorneys argue the deal will expand local journalism and programming.
Coachella looks like fun and glamour for influencers. Behind the scenes, they fiercely strategize
LOS ANGELES (AP) — Social media content that comes out of the sprawling Coachella music festival often looks spontaneous and fun, but many content creators engage in intense levels of planning and strategy weeks or even months in advance. Securing brand partnerships, lining up sponsored content opportunities and building out a content plan for videos related to the festival require business acumen. The festival, which will feature performances from headliners Sabrina Carpenter, Justin Bieber and Karol G this year, attracts a vast online audience with an insatiable appetite online for Coachella content.
China's car exports surge as expectations grow for EV pivot on Iran war energy shock
HONG KONG (AP) — The China Association of Automobile Manufacturers says Chinese exports of passenger cars have accelerated in March. Car exports last month have seen a 82% increase from the previous year, up from February's 58% growth. Exports of new energy vehicles, including EVs and plug-in hybrids, jumped over 140%. Domestic passenger car sales, however, fell by 19% in the fifth straight month of year-on-year sales decline. Major Chinese automakers like BYD and Geely have been increasing efforts to boost sales abroad, including expanding production facilities outside China. There have been growing expectations that the global energy shock and higher fuel prices from the Iran war could prompt more drivers to switch to EVs.
