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The Senate has unanimously approved a bipartisan resolution to prohibit its members from participating in prediction markets. The decision follows concerns about senators using sensitive information for personal gain. Senator Bernie Moreno, who sponsored the resolution, said: “United States senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period.” The resolution also extends to staff members. Additionally, Senators Todd Young and Elissa Slotkin have proposed a bill to ban all federally elected officials from using insider information for betting.

 

U.S. News

There is a rapidly growing network of biobanks in China. Many are backed by the Chinese government as Beijing attempts to challenge Western dominance of the global bioresearch economy, and the infrastructure push comes at a moment when the United States and other Western nations are excluding Chinese scientists from accessing some databases for research and limiting their participation in international collaborations. “The concept of biodata as sort of a strategic resource has definitely been growing in the U.S., especially as the recognition of the competition with China over biotechnology and bioeconomy has grown,” observes Vikram Venkatram, research analyst at Georgetown University’s Center for Security and Emerging Technology.

 

The Japan Times Online

The U.S. Trade Representative's office has said Vietnam is a top concern or "Priority Foreign Country" ​on intellectual property rights. The identification is reserved by statute for countries with "the most egregious IP-related acts, policies, ​and practices with the greatest adverse impact on relevant ​U.S. products," and means ⁠that the listed country had not been entering into "good faith ​negotiations or making significant progress in negotiations" to provide adequate and effective ​IP rights protection, the USTR office explained.

 

Reuters

The City of San Francisco and the Port of Oakland have resolved their trademark dispute regarding the use of "San Francisco" in the Oakland airport's name. The Port of Oakland will now refer to its airport as "Oakland San Francisco Bay Airport," while limiting the use of "San Francisco" and "International." Port of Oakland attorney Mary Richardson said: "We're proud Oakland fought for, and preserved the right to retain our airport's full name that puts Oakland first." San Francisco city attorney David Chiu expressed satisfaction with the mutual resolution, saying it protects the San Francisco International Airport trademark. The dispute arose after the Port announced plans to change the airport's name in March 2024, leading to a lawsuit from San Francisco. U.S. Magistrate Judge Thomas Hixson had previously blocked the name change, citing potential consumer confusion.

 

U.S. News

The Supreme Court has heard oral arguments over a lucrative drug approval pathway that could have implications for the availability of cheaper generic medicines. The case, Hikma v. Amarin, concerns the process of so-called “skinny labeling,” whereby the Food and Drug Administration enables generic drugs to enter the market for unpatented uses and thus allows consumers to have quicker access to cheaper options. Amarin, which makes a fish-oil drug, Vascepa, for people at high risk of heart disease, is suing Hikma, a company that has gained approval for a generic version of the drug, arguing that Hikma's marketing material encourages doctors to prescribe it for Vascepa's patented use.

 

U.S. News

The focus of the EU’s Digital Markets Act (DMA) is to turn to cloud and AI services after the European Commission said it has seen progress in other digital areas. The commission said its aim for the near future was to make cloud services and AI “fairer and more contestable,” and that it planned to look into whether certain AI services should be designated as core platforms in the market for virtual assistants. "The DMA was designed to be future-proof and adapt to emerging challenges, for example ​in AI and cloud," European Union antitrust chief Teresa Ribera said.

 

Reuters

Nicolai Tangen, the CEO of Norway's $2.2trn sovereign wealth fund, has called on companies to use artificial intelligence to "lift everybody up" and not just to cut jobs. The boss of the world's largest wealth fund, which invests Norway's oil and gas revenues and owns on average 1.5% of all listed stocks across about 7,200 companies globally, cautioned that layoffs risked precipitating a backlash. "I'm surprised by people who basically use [AI] only to take out costs," Nicolai Tangen said. "Instead, why don't you use it to ​become more productive and gain market share? You are going to make adoption faster and easier for yourself . . . and you are going to make it easier for society so we don't get this total backlash against something that is really, really positive."

 

Reuters

Supply chain disruptions stemming from the U.S.-Israeli war in Iran are starting to create chokepoints across Japan's auto industry. "We're hearing from smaller suppliers that suddenly say they won't be able to deliver parts in two weeks' time, which makes things very hard to predict,” Koichi Ito, president of Toyota Industries, told reporters on Tuesday.

 

The Japan Times Online

The Federal Reserve’s preferred inflation gauge rose sharply to 3.5% annually in March, the highest level in nearly three years, as a surge in energy prices driven by the ongoing Iran conflict pushed monthly inflation up 0.7%, above expectations. The Commerce Department said that core inflation, which excludes food and energy, increased 0.3% on the month and reached 3.2% annually, indicating persistent underlying price pressures even beyond volatile fuel costs. The spike in gasoline and other energy expenses accounted for a significant share of overall consumer spending growth, with nominal spending rising 0.9% in March but only 0.2% after adjusting for inflation, highlighting how rising prices are eroding purchasing power. At the same time, real disposable income fell 0.1% for the second consecutive month, and the personal saving rate dropped to 3.6%, its lowest level in four years, signaling growing financial strain on households.

 

CNN

CNBC

Fox News

U.S. consumers are increasingly altering their spending behavior in response to rising prices, cutting back sharply on goods where inflation has been most pronounced while maintaining or even increasing spending on services and experiences. Data shows that categories such as clothing, furniture and sporting goods have seen notable declines in inflation-adjusted spending, down around 5%-7%, at the same time as prices in those areas have risen between 7% and 16%, highlighting a clear resistance to higher prices. This shift suggests that current inflation is being driven less by strong consumer demand and more by companies passing on higher input costs, including those linked to tariffs and supply chain pressures. Economists note that, unlike during the pandemic when demand surged, consumers are now more selective and price-sensitive, pushing back when goods become too expensive. They also warn that as income growth slows and elevated prices persist, particularly for energy, consumer spending is likely to weaken further, with inflation continuing to shape purchasing decisions across the economy.

 

Wall Street Journal

Wells Fargo is ramping up its Wall Street trading business following the removal of a Federal Reserve asset cap, significantly increasing trading-related assets by more than 40% year over year in the first quarter and driving a 19% rise in markets revenue. The bank is investing to catch up with larger rivals in trading and investment banking, aiming to attract more client activity and boost long-term returns, although the expansion is currently weighing on margins and faces risks from market volatility and intense competition across major banks.

 

Wall Street Journal

Grant Thornton U.S. has agreed to acquire its Australian sister firm, adding a business with $282m in revenue and nearly 200 partners as part of a broader private equity-backed strategy to consolidate its global network. The deal, which will create a combined firm with around 26,500 staff and $4.5bn in revenue if approved by partners, marks the latest move in a growing rivalry with Grant Thornton U.K. to scale international operations and compete more effectively for multinational clients.

 

Accountants Daily

Financial Times