Judge rules companies are entitled to refunds for Trump tariffs overturned by the Supreme Court

WASHINGTON (AP) — In a defeat for the Trump administration, a federal judge in New York ruled Wednesday that companies that paid tariffs struck down last month by Supreme Court are due refunds. Judge Richard Eaton of the U.S. Court of International Trade wrote that “all importers of record’’ are “entitled to benefit’’ from the Supreme Court ruling that struck down sweeping double-digit import taxes President Donald Trump imposed last year under the 1977 International Emergency Economic Powers Act (IEEPA). Eaton also wrote that he alone “will hear cases pertaining to the refund of IEEPA duties.’’ The ruling offers some clarity about the tariff refund process, something the Supreme Court did not even mention in its Feb. 20 decision.

Repatriation flights ramp up as nations race to bring citizens home from Middle East

Governments around the world are rushing to organize the return of their citizens from the Middle East on Wednesday and air traffic seems to be picking up slightly as travel across the region remains heavily disrupted by the widening Iran war. A plane carrying French citizens from Oman and then Egypt landed in Paris early Wednesday, the first of several expected repatriation flights organized by France’s government. A group of students also returned to Italy after their government evacuated them from Dubai in the United Arab Emirates. Britain, Ireland and Norway said they arranged flights or emergency teams to assist their citizens.

Stranded travelers in the Middle East share their accounts of being stuck during the war

The U.S. and Israel’s war with Iran has stranded hundreds of thousands of travelers amid flight cancellations and airspace closures. In a matter of days, the conflict has continued to escalate — particularly with strikes in the Gulf states where, beyond the Middle East, airports serve as critical hubs connecting travelers going to Europe, Africa and Asia. Despite ongoing evacuation efforts, flights remain deeply disrupted. Many tourists, business travelers, migrant workers and others are navigating it all.

Asian shares jump after US stocks rebound, while oil prices resume their climb

BANGKOK (AP) — Shares have opened sharply higher in Asia after a rebound on Wall Street, while oil prices resumed their upward climb. South Korea's Kospi gained as much as 12% after its worst plunge ever the day before. In Tokyo, the Nikkei 225 surged 2.4%. U.S. stocks rebounded Wednesday as oil prices paused their ascent due to the war in the Middle East. Reports also gave encouraging updates on the American economy. The S&P 500 rose 0.8% and the Dow industrials added 0.5%. The Nasdaq composite climbed 1.3%. Uncertainty about the war has rattled financial markets this week, with most taking their cues from what the price of oil is doing.

US stocks rebound after strong economic updates and as oil prices stop spiking

NEW YORK (AP) — The U.S. stock market rebounded after oil prices stopped spiking and reports gave encouraging updates on the economy. The S&P 500 rose 0.8% Wednesday and erased much of its loss since the war with Iran began. The Dow Jones Industrial Average added 0.5%, and the Nasdaq composite climbed 1.3%. The strength followed a scary start to the day, when South Korea’s Kospi stock index plunged 12.1% for its worst loss in history. Uncertainty about the war has sent prices in financial markets careening this week, with most taking their cues from what the price of oil is doing. Oil prices moderated through the day.

Elon Musk defends himself against accusations of misconduct leading up to Twitter takeover

SAN FRANCISCO (AP) — A defiant Elon Musk on Wednesday took the stand in a jury trial to defend himself against accusations that he engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his $44 billion deal to buy Twitter before he finally completed the takeover. The civil trial in San Francisco centers on a class-action lawsuit filed just before Musk took control of Twitter in October 2022, six months after agreeing to buy the embattled company for $44 billion, or $54.20 per share. The case revolves around allegations that Musk violated federal securities laws that unfairly harmed Twitter shareholders between May 13 and Oct. 4, 2022.

War with Iran chokes flows of oil and natural gas, highlighting energy security risks for Asia

BANGKOK (AP) — The war with Iran is disrupting oil and LNG shipments through the Strait of Hormuz, a key artery for global energy trade, sending prices higher and threatening global growth. The risks are highest for countries in Asia. Japan, South Korea and Taiwan depend heavily on the Middle East for their fuel, while India and China face inflation and supply risks if the conflict drags on. National stockpiles will help but provide only short-term relief. Fast growing Southeast Asian economies are especially vulnerable to price spikes and bidding wars for scarce cargoes. Analysts warn prolonged disruption could slow economic activity worldwide, hitting transport, industry and household budgets across Asia hardest.

New Mexico jurors watch Zuckerberg deposition in Meta child safety bellwether trial

SANTA FE, N.M. (AP) — Jurors in a bellwether trial about the impacts of social media on children are studying a deposition from Meta CEO Mark Zuckerberg. Shown in a New Mexico courtroom on Wednesday, the video interview with Zuckerberg explores research and company discussions about negative experiences among young users of Instagram and other Meta social media platforms. Prosecutors say Meta failed to disclose what it knows about the harmful effects of its platforms, in violation of state consumer protection laws. Meta says the company discloses risks and makes efforts to weed out harmful content. Depositions from Zuckerberg and Instagram leader Adam Mosseri are centerpieces of the case.

Trump says deal on data centers will lower electricity prices as tech companies vow to cover costs

WASHINGTON (AP) — President Donald Trump is pressing Big Tech to build its own power as AI data centers spark anger over electric bills. On Wednesday, he hosted technology companies at the White House and promoted a “ratepayer protection” pledge. The pledge asks companies to build or buy new generation for their centers and asks them to pay for grid upgrades. Experts say the deal lacks federal enforcement and doubt that promises by the tech companies can slow down fast-rising electricity prices.

Rising energy prices from the Iran war could help Russia pay for fighting in Ukraine

FRANKFURT, Germany (AP) — Oil and gas prices are soaring after the Iran war choked off tanker supplies from the Middle East. And that's going to put more money in Russia's government coffers that it can use to pay for its own war against Ukraine. Prices for Russia's oil have risen along with global crude prices. And the effective shutdown of the Strait of Hormuz also has taken Qatar, a key natural gas supplier, off the market. That will increase demand for Russia's supplies. A lot depends on how long the Mideast conflict lasts. But if it goes on, Russia will see significant relief for its strained state finances and added help in paying for its full-scale invasion of Ukraine.