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U.S. consumer prices rose 3.8% annually in April, the Labor Department reported on Tuesday, marking the highest inflation rate since May 2023, as higher energy costs and broader price increases intensified concerns about persistent inflationary pressures. The consumer price index increased 0.6% for the month, while core inflation, which excludes food and energy, rose 0.4% monthly and 2.8% annually, remaining above the Federal Reserve’s 2% target. Energy prices climbed 3.8% in April and were up 17.9% year-over-year, with gasoline prices surging 28.4% annually. Food prices rose 0.5% during the month, while grocery prices recorded their biggest monthly increase since August 2022. Inflation pressures also spread across shelter, apparel, airline fares, and household furnishings, while tariffs and elevated oil prices linked to the conflict in Iran added to broader economic concerns. The report also showed real average hourly wages fell 0.5% during the month and declined 0.3% annually, signaling that inflation is now outpacing wage growth.

 

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Washington Post

The European Commission has said EU regulators will give Google more time ​to allay their concerns about the company's compliance with the ​Digital ⁠Markets Act after a ‌previous proposal fell short. "Google is engaging with ​the Commission to defend itself . . . in order to offer ⁠a solution that really addresses the concerns ​that were raised in the case and ​in the preliminary findings," Commission spokesperson Thomas Regnier said, adding: "The reality for now ​is that solution is simply not ​strong enough. So we're giving Google a bit more ‌time ⁠to keep engaging with the Commission to offer a solution that really addresses the concerns in the interest of European ​businesses and European ​citizens." 

 

Reuters

Meta Platforms has lost its fight against an Italian ​regulatory order that it should compensate publishers ‌for using snippets of their news articles, in a case which Reuters says underscores ​the ongoing copyright battle over the use of ⁠newspaper articles or authors' work for AI ​training that has triggered litigation against tech companies for infringement. "The Court finds that a right to fair compensation for publishers is consistent with EU law, ​provided that that remuneration constitutes consideration for ​authorizing their publications to be used online," said the Luxembourg-based Court of Justice ‌of ⁠the European Union (CJEU).

 

Reuters

Nike faces a proposed class action lawsuit from consumers alleging that the company did not refund tariff-related costs reflected in higher prices. The consumers argue that Nike should not retain significant refunds expected after the U.S. Supreme Court recently annulled tariffs imposed by President Trump, which cost Nike approximately $1bn. The complaint states that Nike raised prices on footwear and apparel to offset these costs without a commitment to return overcharges to consumers. The lawsuit highlights concerns that Nike could benefit from recovering tariff payments both through consumer pricing and refunds from the government. This case joins similar actions against other companies like Costco and EssilorLuxottica for not adequately passing on tariff refunds to consumers. The lawsuit was filed in Portland, Oregon, federal court.

 

Reuters

President Trump has criticized Supreme Court Justices Amy Coney Barrett and Neil Gorsuch on Truth Social, claiming they "have hurt our Country so badly" by ruling against his tariff policy. The Supreme Court ruled 6-3 that the tariffs were unlawfully imposed, precipitating an estimated $166bn refund for businesses. Trump expressed disappointment in the justices, questioning their loyalty and suggesting they should support the person who appointed them. He also pressured them regarding his executive order on birthright citizenship, stating that a ruling against it would not be "economically sustainable" for the U.S. Trump's comments follow Chief Justice John Roberts' recent warning against personal attacks on justices. The Supreme Court is expected to rule on the birthright citizenship case next month.

 

Forbes

The Baltimore Sun

Victoria’s Secret has disclosed that it rejected Australian billionaire Brett Blundy’s request for a board seat due to concerns over potential reputational, legal and competitive risks, according to a regulatory filing. The retailer said one director, Mariam Naficy, will not stand for re-election partly because of the time demands created by BBRC International’s proxy campaign. Victoria’s Secret also alleged that a BBRC employee improperly sought confidential sales information from stores, while citing concerns over Blundy’s links to businesses facing harassment allegations and conflicts arising from his interests in competing lingerie and beauty businesses.

 

Bloomberg

Reuters

Wall Street Journal

U.S. credit card balances fell by $25bn in the first quarter of 2026 to $1.25tn, according to new data from the Federal Reserve Bank of New York, marking a seasonal decline after holiday spending pushed debt to a record high late last year. Despite the quarterly drop, balances remained 5.9% higher than a year earlier. The report showed overall household debt continued to edge higher, with increases in mortgages, auto loans, and home equity lines of credit offsetting lower credit card balances. Researchers said the data reflected a continuing “K-shaped” economy, with higher-income consumers remaining financially stable while lower-income households faced growing strain from rising living costs and higher gasoline prices. New York Fed researchers noted that delinquency rates were rising primarily among subprime borrowers, while credit performance among prime borrowers remained relatively resilient. Analysts warned that recent fuel price increases could further pressure financially vulnerable households.

 

Bloomberg

CNBC

The U.S. government recorded a budget surplus of $215bn in April 2026, down 17% from the $258bn surplus reported a year earlier, as higher tax refunds, rising interest payments, and increased military spending weighed on federal finances. According to the Treasury Department, total receipts fell 2% year-over-year to $837bn, while federal outlays increased 5% to $622bn. Individual tax refunds rose 17% to $101bn, driven by new tax breaks related to tips, Social Security payments, overtime pay, and domestic auto loan interest. Corporate tax receipts also declined 8% to $89bn, while corporate refunds nearly doubled to $6bn. Military spending increased by $6bn, or 10%, to $73bn in April, partly reflecting costs associated with the war in Iran, alongside higher personnel, maintenance, procurement, and research expenses. Interest payments on the national debt reached a record monthly high of $112bn, up 10% from a year earlier, as rising debt levels continued to push borrowing costs higher. For the fiscal year-to-date, gross interest costs climbed to a record $734bn. Despite the weaker April surplus, the cumulative federal deficit for the first seven months of fiscal 2026 narrowed 9% to $954bn. Total receipts rose 7% to $3.32tn, while spending increased 3% to $4.27tn.

 

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Bloomberg

Reuters

eBay has rejected GameStop’s proposed $55bn cash-and-stock takeover bid, describing the offer as “neither credible nor attractive” after reviewing it with legal and financial advisers. In a letter to GameStop, eBay chair Paul Pressler cited concerns including the deal’s financing structure, the potential debt burden, and uncertainty around the combined company’s credit quality. A key element of GameStop’s financing plan was a non-binding “high confidence” letter from TD Bank indicating it could raise $20bn for the acquisition, contingent in part on the merged company achieving investment-grade credit ratings. However, eBay reportedly does not believe the combined entity would qualify for investment-grade status, and Moody’s has already labeled the proposal “credit-negative". Analysts believe GameStop may now either attempt to improve its offer or pursue a hostile bid directly with eBay shareholders.

 

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Financial Times

New York Times

Reuters

The Seoul High Court has upheld a lower court's decision in favor of Google Korea, cancelling corporate taxes worth over 150bn won ($103m) imposed in 2020. The tax authorities had challenged Google's transfer of income to Google Asia Pacific in Singapore. Google argued that this income was not taxable in Korea. The appellate court dismissed the request for local income tax cancellation, saying it had no practical benefit as local taxes are linked to corporate taxes. The case follows a similar ruling for Netflix Services Korea, which had 68.7bn won in taxes cancelled.

 

Korea Joongang Daily

In Stockholm, the Andon Café is testing the limits of artificial intelligence with an AI agent named "Mona" which oversee operations while human baristas serve coffee. The experimental café, which has been set up by San Francisco-based startup Andon Labs, has made more than $5,700 in sales since it opened in mid-April, but less than $5,000 remains from its original budget of more than $20,000, much of which was spent on one-time setup costs. Emrah Karakaya, an associate professor of industrial economics at Stockholm's KTH Royal Institute of Technology, says putting AI in charge could cause many problems - for example, the apportioning of responsibility if a customer gets food poisoning. “If you don't have the required organizational infrastructure around it, and if you overlook these mistakes, it can cause harm to people, to society, to the environment, to business,” Karakaya cautions. “The question is, do we care about this negative impact?”

 

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