Plus, suspect arrested in tech exec Bob Lee's fatal stabbing.
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What happened: U.S. inflation rose 5% in March compared to last year, down from 6% reported for February and below the 5.1% Dow Jones estimate. Core CPI rose 5.6% YoY and 0.4% month to month. Transportation services, including airfare, had the largest increase YoY at 13.9%. Why it matters: The Fed has been raising rates since March 2022, hoping to bring down inflation to its target 2% annual increase. U.S. inflation peaked at 9.1% in June 2022, its highest since 1980. The Fed has raised its federal funds rate from near zero to a range of 4.75% to 5%. Where to see the impact: The Fed’s interest rate hikes have impacted various sectors of the economy, from banking to real estate to tech. The tech sector laid off more than 150,000 people in 2022, and the layoffs do not appear to be easing as multiple firms have announced job cuts this year.
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Google has asked U.S. District Judge Amit Mehta to dismiss the DOJ’s antitrust lawsuit over its search engine dominance. The tech giant has also asked Judge Mehta to dismiss a similar suit brought by a bipartisan coalition of 38 state attorneys general. More: - Google argued that consumers use its search engine because it is a superior product and not because of anticompetitive agreements.
- The DOJ claims Google maintains a monopoly in search engines through exclusionary distribution agreements that direct billions of search queries to Google every day.
- Google handles about 90% of search-engine queries globally.
- Judge Mehta is expected to give a written decision this spring or summer.
- If Google’s request is denied, the trial is expected to begin later this year.
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Canada’s Teck Resources has rejected Switzerland-based Glencore’s updated $23B merger offer, saying that its plan to split into two separate companies is in the best interest of its shareholders. Glencore is a multinational commodities company, and Teck is a mining and mineral development company. More: - Last week, Glencore offered to merge with Teck and create two separate companies for their combined metals and coal businesses.
- Teck rejected the all-stock offer, noting it would expose its shareholders to Glencore’s large thermal coal business.
- On Tuesday, Glencore updated its offer to allow Teck shareholders a way to avoid exposure to its coal business.
- The updated offer would give Teck shareholders 24% of the combined metals company and $8.2B in cash.
- Glencore has said the merger would create one of the largest cobalt and copper businesses in the mining and mineral sector.
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Boeing warned that it would reduce the deliveries of its 737 Max airplane due to supply chain issues. Boeing said a supplier, Spirit AeroSystems, informed the aircraft manufacturer there was a problem with the manufacturing process used on two fittings in aft fuselages. More: - Boeing said the issue affects certain 737 Max 8 planes, its most popular aircraft model.
- The issue also impacts certain 737 Max 7, 737 8200, and P-8 planes.
- Boeing noted that the issue was not an immediate safety issue and that in-service planes could continue operating safely.
- Boeing said the issue would affect a significant number of undelivered 737 MAX airplanes, both in production and in storage.
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Germany is asking Intel to increase its planned €17B ($18.8B) chip factory investment in Magdeburg, Germany, in exchange for higher subsidies. The factory is gearing up to be Germany’s largest foreign direct investment since WWII. More: - Intel is expected to receive €6.8B ($7.5B) in subsidies from the German government to build the chip manufacturing plant.
- According to sources, Intel is seeking at least €10B ($11.1B) in subsidies, citing higher energy and construction costs.
- German officials are considering increasing the amount of subsidies on the condition that Intel invests more in the country.
- The discussions come amid the U.S.’s CHIPS and Science Act, which offers $52.7B in subsidies for semiconductor research, development, and manufacturing in the U.S.
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Multiple cities, including Cleveland, Seattle, and St. Louis, are suing Kia and Hyundai over a rise in auto thefts. The cities claim the automakers didn’t install anti-theft technology to cut costs, making the vehicles easier to steal and their cities less safe. More: - In the lawsuits, the cities argue that the vehicles don’t have immobilizers, which prevent the car from starting if the driver doesn’t have the right key.
- Auto thieves have focused on cars with keyed ignition systems rather than push-to-start buttons.
- Thefts spiked after videos on social media showing how to do it with a screwdriver and USB plug went viral.
- Many of the thieves are teens or even younger.
- The cities claim that the increased thefts have led to property damage and increased use of police resources.
- NHTSA estimates that as of February, there had been eight deaths and 14 crashes related to the thefts.
- The issue affects roughly 4.5 million Kias built between 2011 and 2021 and about 3.8 million Hyundais built between 2016 and 2021.
- Kia said the lawsuits have no merit, and Hyundai noted its vehicles meet federal safety requirements.
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Quick Hits - These robots are knee-deep in a $19.4B joint surgery market potential. Invest in Monogram ahead of their planned Nasdaq listing.*
- The San Francisco Police Department has arrested a suspect in the killing of former Square executive Bob Lee. The suspect, believed to be an acquaintance of Lee’s, is Nima Momeni, a tech entrepreneur and consultant. Bob Lee was fatally stabbed in the early hours of April 4.
- French protesters stormed the Paris headquarters of luxury conglomerate LVMH Moët Hennessy Louis Vuitton on Thursday.
- A Hague-based international-arbitration panel has ordered Russia to pay Ukrainian state-owned gas giant NJSC Naftogaz $5B for losses due to the seizure of its assets when Russia annexed Crimea.
- The FBI has arrested a suspect connected with the leak of classified documents. Jack Teixeira, 21, a member of the Massachusetts Air National Guard, was arrested on Thursday for allegedly leaking the classified documents on Discord.
- Eliminate application bottlenecks by bringing the performance and data portability of open-source, lightweight SQL close to your users with low overhead.*
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 |  | Vanessa Omeokachie writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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