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The U.S. Justice Department has opened an antitrust investigation into the National Football League to examine whether its media rights practices are harming consumers by driving up costs and limiting access to games. The probe comes amid growing scrutiny from regulators, lawmakers, and media companies over the NFL’s use of its long-standing antitrust exemption, granted under the 1961 Sports Broadcasting Act, which allows teams to collectively negotiate lucrative television deals. In recent years, the league has increasingly divided its game packages among traditional broadcasters and streaming platforms, contributing to a fragmented viewing experience that often requires fans to pay for multiple subscriptions. Regulators are particularly concerned that the current model may exploit the league’s antitrust protections in ways that no longer align with today’s media landscape, where games are no longer primarily available on free-to-air television. The Federal Communications Commission has already sought public input on how these changes affect viewers, and lawmakers have called for a review of the NFL’s exemption.

 

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Cargill’s head of world trading, Alex Sanfeliu, is leaving the company after three decades to pursue another opportunity, marking a senior leadership change during a broader restructuring at the agribusiness giant. Sanfeliu, who led global trading in key commodities such as corn, wheat, and soybeans, departs as Cargill continues to streamline operations, including reducing business units and cutting 8,000 jobs, alongside other executive departures and role changes.

 

Bloomberg

Meta has unveiled its new large language model, Muse Spark, marking its first major artificial intelligence (AI) release in over a year and a key test of its ambition to compete with OpenAI, Google, and Anthropic. The model represents a strategic shift from Meta’s previous open-source approach, as Muse Spark is a closed system that will power the company’s AI chatbot and broader AI features, with early access provided via a limited API rollout. Internal benchmarks suggest the model is competitive with leading peers - outperforming some rivals in certain tests - though it remains weaker in coding tasks, while Meta aims to iterate rapidly as part of its longer-term push toward “superintelligence.” The launch follows a costly overhaul of Meta’s AI operations after earlier setbacks, including criticism of its previous model, and has been supported by heavy investment in talent and infrastructure. Investors responded positively as shares rose following the announcement. 

 

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CarMax has agreed to appoint two new board members, including Starboard Value nominee William Cobb, after reaching a deal with the activist investor, which will withdraw its director nominations ahead of the annual meeting. The move follows pressure from Starboard, which holds a roughly $350m stake and has urged the used-car retailer to improve pricing, streamline digital operations, and cut costs, as the company looks to enhance performance under new chief executive Keith Barr.

 

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A new Goldman Sachs report which looked at decades of worker displacement in fields hit by new technology offers a warning to AI-displaced workers who face potentially steep economic pain. “AI-driven displacement could impose lasting costs on affected workers, worsening labor market outcomes for several years,” authors Pierfrancesco Mei and Jessica Rindels wrote. The report analyzed four decades of federal data and tracked the lives of more than 20,000 Americans born between the 1950s and 1980s. The researchers found that displaced workers in jobs hit by technological shifts - such as telephone operators and typists - suffered both short- and long-term economic impacts when compared with workers who lost jobs in more stable occupations.

 

Wall Street Journal

Apple has announced it will shut its Towson, Maryland store, the first of its U.S. locations to unionize, citing declining conditions at the mall and the departure of other retailers. The move has drawn criticism from the union representing workers, which claims the closure may be an attempt to undermine organized labor and is exploring legal options. The store was a landmark in U.S. labor relations after employees voted to unionize in 2022, and its closure comes as Apple also plans to shut two other locations, with staff offered opportunities to transfer to nearby stores.

 

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Morgan Stanley analysts have said the 36 biggest U.S. banks may be able to release up to $320bn in capital - 20% above the ​current $266bn - under new draft capital rules unveiled by ​regulators last month. The exact amount of money that may ultimately be released is unclear. "Clarity on capital rules is a key catalyst for ​the banks sector," the analysts wrote.

 

Reuters

U.S. economic growth slowed more sharply than previously estimated in the fourth quarter, with GDP revised down to an annualized rate of 0.5% from earlier estimates of 0.7% and 1.4%, according to the Commerce Department. The downgrade was primarily driven by weaker business investment, particularly in intellectual property, and a reduction in inventory accumulation, alongside a slight downward revision to consumer spending growth to 1.9%. Underlying domestic demand also softened, with final sales to private domestic purchasers - an indicator closely watched by policymakers - revised to 1.8%, down from 1.9% and well below the 2.9% pace seen in the prior quarter, reflecting a broader cooling in economic momentum following stronger third-quarter growth of 4.4%. Despite the slowdown in output, corporate profitability strengthened significantly, with profits rising by $246.9bn in the quarter, up from a $175.6bn increase in the previous period. Alternative measures of activity showed a somewhat stronger picture, with gross domestic income increasing at a 2.6% rate and the combined GDP/GDI measure rising 1.5%, though both also marked a deceleration from earlier in the year.

 

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US News and World Report

U.S. initial jobless claims increased by 16,000 to 219,000 in the seven days to April 4th, the Labor Department reported on Thursday, exceeding the 210,000 expected among economists polled by the Wall Street Journal, and reaching their highest level since February. The four-week moving average rose by 1,500 to 209,500, while continuing claims, reported with a one-week lag, dropped 38,000 to 1.79m. “The larger-than-expected rise in initial jobless claims in late-March and early-April comes in a period that typically sees greater volatility, due to holidays such as Passover and Good Friday," commented economist Eliza Winger. "Looking at smoothed data for all of March, average claims were lower in 37 states - including California, despite tech-sector layoffs - showing that layoffs remain limited geographically.”

 

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U.S. consumer spending showed minimal growth in February, rising just 0.1% after stagnating in January, as households remained cautious amid persistent inflation and a weakening income backdrop. The Federal Reserve’s preferred core PCE inflation gauge increased 0.4% month-on-month and 3% year-on-year, while real disposable income fell 0.5%, marking its sharpest decline in nearly a year. Spending on goods rebounded modestly, supported by motor vehicle purchases, while services spending edged higher, but the overall trend reflects subdued demand as consumers adjust to cost-of-living pressures and a sluggish labor market. The saving rate also declined to 4%, indicating reduced financial buffers. Inflationary pressures are expected to intensify further due to rising energy and material costs linked to the Iran conflict, with businesses already signaling price increases, including airlines and postal services. Although higher tax refunds provided some support in February, economists warn that elevated fuel prices and broader inflation could further dampen consumption and economic growth in the months ahead.

 

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Market Watch

Sazerac has approached Brown-Forman, the maker of Jack Daniel’s, about a potential acquisition, adding to ongoing consolidation discussions in the spirits industry as rivals seek growth amid slowing alcohol consumption. The move comes with Brown-Forman already in talks with Pernod Ricard over a possible mostly stock-based transaction. News of Sazerac’s interest sent Brown-Forman shares up nearly 14%, highlighting investor expectations for consolidation in a sector facing declining demand and shifting consumer preferences, with companies increasingly turning to M&A to drive scale and efficiencies.

 

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The United States and the European Union are close to an agreement to coordinate ‌on producing and securing critical minerals. The potential deal would include incentives such as minimum price ​guarantees that could favor non‑Chinese suppliers, according to a draft “action plan” seen by Bloomberg. The EU and U.S. would also cooperate on standards, investments and joint projects, as well as coordinate on any supply disruptions by countries like China.

 

Bloomberg

U.S. Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell summoned major bank chiefs to a meeting in Washington this week to warn of ‌cyber risks posed by Anthropic's latest AI model. Anthropic launched the powerful Claude Mythos model earlier this week to a small number of businesses, including Amazon, Apple and Microsoft, but held back on a broader release, citing concerns that the model could expose previously unknown ​cybersecurity vulnerabilities. A blogpost published by Anthropic at the beginning of the month said that AI models had surpassed “all but the most skilled humans at finding and exploiting software vulnerabilities,” adding: “The fallout – for economies, public safety, and national security – could be severe.” The Treasury-hosted meeting aimed to ensure banks are aware of the risks posed by Mythos and similar models and are taking ‌steps ⁠to defend their systems, a source said.

 

Reuters

The Guardian

Amazon chief executive Andy Jassy has outlined plans to invest around $200bn in 2026, primarily focused on artificial intelligence (AI) infrastructure, as he positions AI as a central driver of the company’s long-term growth. In his annual shareholder letter, Jassy described AI as a transformative technology that will reshape industries and become more accessible over time as costs decline. Alongside AI, Amazon is continuing to invest in robotics, satellite internet and faster delivery, including drone services and expansion into rural areas. The company is also scaling its logistics capabilities, with over one million robots in operation and growing same-day delivery coverage, as it seeks to improve efficiency and reach underserved markets.

 

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A group of Democratic U.S. senators has questioned Treasury Secretary Scott Bessent regarding the eligibility of large tankers that transport liquefied natural gas (LNG) for a tax credit designed for smaller vessels. The senators are concerned about whether these enormous tankers should benefit from the same financial incentives intended for smaller boats that utilize the fuel.

 

US News and World Report

Alibaba has led a $290m investment in Chinese start-up ShengShu to develop a new type of artificial intelligence (AI) focused on “world models” which aim to simulate real-world environments beyond the limitations of traditional text-based large language models. The funding will support the advancement of AI systems that integrate video, audio and physical data, with applications in robotics and autonomous technologies. The move reflects a broader industry shift towards AI capable of understanding and interacting with the physical world, as competition intensifies in areas such as AI video generation and embodied intelligence. Alibaba has been expanding its presence in this space through multiple investments and product launches, positioning itself at the forefront of next-generation AI development.

 

CNBC	South China Morning Post

Italian Prime Minister Giorgia Meloni has ousted the chief executive of defence group Leonardo, Roberto Cingolani, and replaced him with Lorenzo Mariani. The government renewed the terms of energy firm Eni's CEO Claudio Descalzi and Enel’s Flavio Cattaneo for another three years, as Meloni recalibrates the leadership of state-controlled firms ahead of re-elections which are set to take place by the end of next year.

 

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