WASHINGTON (AP) — The Federal Reserve’s favored inflation gauge slowed sharply last month, an encouraging sign in the Fed’s yearlong effort to cool price pressures through steadily higher interest rates. Friday’s report from the Commerce Department showed that consumer prices rose 0.3% from January to February, down from a 0.6% increase from December to January. Measured year-over-year, prices rose 5%, slower than the 5.3% annual increase in January. The report also showed that consumer spending rose 0.2% from January to February, a drop from a month earlier but an indication that households are still providing fuel for economic growth.

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UN body mulls Deep Sea Mining amid demand for minerals

SAN JUAN, Puerto Rico (AP) — Pressure is mounting on an obscure U.N. body based in Jamaica to hit pause on plans to potentially open the world’s deep seas to mining as companies push for permission to extract metals from seabeds in international waters. The International Seabed Authority on Friday closed two weeks’ worth of negotiations without approving rules and regulations to oversee deep sea mining that would extract minerals used in green technology. The authority has yet to receive an application for actual mining. Countries and companies can start applying for provisional licenses on July 10th if the U.N. body does not approve a set of rules and regulations by July 9th.

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Calif., 3 other states join bid to block JetBlue-Spirit deal

California and three other states are joining a federal lawsuit against JetBlue over its proposed $3.8 billion purchase of Spirit Airlines. New Jersey, Maryland and North Carolina also joined the case on Friday. The Biden administration argues that the deal will reduce competition and drive up prices by eliminating Spirit, which is known for low fares. The original lawsuit against JetBlue was filed in early March by the U.S. Justice Department, Massachusetts, New York and the District of Columbia. A federal judge has scheduled a trial to begin Oct. 16 in Boston.

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Justice Department sues Norfolk Southern over derailment

The federal government has filed a lawsuit against railroad Norfolk Southern over environmental damage caused by a train derailment on the Ohio-Pennsylvania border that spilled hazardous chemicals into nearby creeks and rivers. The U.S. Department of Justice said in the suit filed Thursday that it’s seeking to hold the company accountable for polluting the waterways and to ensure it pays the full cost of the environmental cleanup. The derailment in early February led to the evacuation of about half the village of East Palestine. Norfolk Southern says it’s focused on cleaning up the site and helping the community recover.

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TikTok top attorney reiterates safety measures for users

SAN FRANCISCO (AP) — The top attorney for TikTok and its Chinese parent company ByteDance said Friday the Biden administration hasn’t given any feedback to the company since TikTok’s CEO testified in Congress last week. The comments come as TikTok is under intense scrutiny over concerns it could hand user data to the Chinese government or push pro-Beijing propaganda and misinformation on its behalf. To assuage concerns from U.S. officials, TikTok has been emphasizing a proposal to store all U.S. user data on servers owned and maintained by the software giant Oracle. TikTok maintains it has never been requested to turn over any kind of data and won’t do so if asked.

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Italy temporarily blocks ChatGPT over privacy concerns

ROME (AP) — Italy is temporarily blocking the artificial intelligence software ChatGPT in the wake of a data breach as it investigates a possible violation of stringent European Union data protection rules. The government’s privacy watchdog said Friday that it’s taking provisional action “until ChatGPT respects privacy.” The Italian Data Protection Authority’s measure involves temporarily limiting the company from processing Italian users’ data. U.S.-based OpenAI, which developed ChatGPT, didn’t immediately return a request for comment. The Italian watchdog says OpenAI must report within 20 days what measures it’s taken to ensure the privacy of users’ data or face a fine of up to either 20 million euros, which is nearly $22 million, or 4% of annual global revenue.

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Many electric vehicles to lose big tax credit with new rules

WASHINGTON (AP) — Treasury Secretary Janet Yellen says rules proposed by her department will help consumers save money on electric vehicles while strengthening U.S. energy and national security. But fewer new EVs will qualify for a full $7,500 federal tax credit under the rules proposed Friday. The rules taking effect April 18 are required under the Inflation Reduction Act and likely will slow consumer acceptance of EVs, which cost an average of over $58,000. The Biden administration concedes fewer EVs will be eligible for tax credits in the short term. West Virginia Sen. Joe Manchin says the Biden administration is ignoring the purpose of the law — to bring back manufacturing jobs and ensure reliable supply chains.

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Stocks gain as Wall Street closes out winning March, quarter

NEW YORK (AP) — Stocks rallied on Wall Street and closed out a winning March despite a long list of worries for investors. The S&P 500 gained 1.4% Friday and rose 3.5% for the month, with tech stocks leading the way. The index also notched its second winning quarter in a row after tumbling through most of last year on worries about high interest rates. Friday’s gains came after a report showed inflation slowed in February, though it was still high on a historical basis. A slowdown in inflation could give the Federal Reserve more leeway to take it easier on interest rates.

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Canada approves largest telecom deal in country’s history

OTTAWA, Ontario (AP) — The largest telecommunications deal in Canadian history will go forward after Rogers Communications Inc.’s $26-billion Canadian (US$19 billion) takeover of Shaw Communications Inc. received approval from Ottawa. The approval means the deal has cleared its final regulatory hurdle just over two years after it was first announced. Canada has among the most expensive cellular rates in the world. But Industry Minister François-Philippe Champagne vows “be like a hawk on behalf of Canadians” to ensure compliance with the conditions he outlined, aimed at bolstering competition and lowering phone and internet costs.

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Medicare, Social Security could fall short over next decade

WASHINGTON (AP) — An annual report on Social Security and Medicare says the financial safety nets millions of older Americans rely on and millions more young people are counting on will run short on funds to pay full benefits within the next decade. The Social Security and Medicare trustees report says Medicare will be unable to pay full benefits for inpatient hospital visits and nursing home stays by 2031. Friday’s report says Social Security won’t have enough cash on hand to pay out full benefits just two years later. About 65 million older and disabled people are enrolled in both programs. The future of Social Security and Medicare has become a top political talking point.

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The S&P 500 rose 58.48 points, or 1.4%, to 4,109.31. The Dow Jones Industrial Average rose 415.12 points, or 1.3%, to 33,274.15. The Nasdaq composite rose 208.44 points, or 1.7% to 12,221.91. The Russell 2000 index of smaller companies rose 34.10 points, or 1.9%, to 1,802.48.