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Milan prosecutors have requested a trial for Amazon's European unit and four executives over alleged tax evasion worth approximately 1.2 billion euros ($1.38 billion). This marks an unprecedented move in Italy, as Amazon already paid 527 million euros in December to settle the tax dispute with Italy's Revenue Agency. Unlike previous cases involving international companies, prosecutors did not drop the criminal investigation despite the settlement.

• Amazon's European unit faces trial despite paying 527 million euros (including interest) to Italy's Revenue Agency in December to settle the tax dispute
• The alleged tax evasion amounts to around 1.2 billion euros ($1.38 billion), with four Amazon managers also facing prosecution
• This represents a departure from standard Italian practice where prosecutors typically close criminal investigations after settlements with international companies through plea deals or case dismissals

U.S. Senator Elizabeth Warren is demanding details from Amazon CEO Andy Jassy about the company's algorithmic pricing practices on its procurement platform, following allegations that schools and local governments paid significantly different prices for identical office supplies. An advocacy group report found price disparities, including one city paying three times more for Sharpies than a nearby school district, raising concerns about dynamic pricing replacing standard fixed procurement pricing.

• The Institute for Local Self-Reliance reported in December that Amazon Business uses algorithm-driven dynamic pricing that allows the company to covertly raise prices for government buyers instead of offering fixed prices typical in procurement
• Warren sent a dozen questions to Amazon regarding how it determines prices for local governments and school districts and whether it uses personal consumer data for price-setting
• States including California and New York, along with the FTC, have raised concerns about collection and use of personal data to determine prices

The U.S. has launched Section 301 trade probes targeting China's unfair trade practices, particularly excess manufacturing capacity, less than three weeks before a high-stakes summit in Beijing between Presidents Trump and Xi Jinping. The investigation adds new friction to U.S.-China relations and serves as leverage for Trump ahead of the March 31-April 2 meeting, though analysts expect limited breakthroughs beyond maintaining bilateral stability.

• China's exports surged 21.8% in early 2026, pushing its trade surplus to a record $213.6 billion, despite global criticism of its over-reliance on external demand.
• The probes follow the Supreme Court striking down Trump's 'reciprocal' tariffs last month, forcing the administration to pivot to Section 301 authority which allows tariffs without congressional approval.
• Expectations for the summit have been scaled back, with deliverables likely limited to commercial purchases like soybeans rather than comprehensive deals, and few U.S. CEOs expected to join Trump's delegation.

Amazon announced plans to invest 23 billion zlotys ($6.23 billion) in Poland between 2026 and 2028, representing an acceleration of its commitment to the country. This three-year investment nearly matches the 45 billion zlotys Amazon invested over the previous 13 years (2012-2025), signaling significantly faster expansion in the Polish market.

• The 23 billion zloty investment over three years (2026-2028) compares to 45 billion zlotys invested over the previous 13-year period (2012-2025)
• Amazon VP for EU stores Mariangela Marseglia characterized the move as 'accelerating' investment in the Polish economy
• The investment translates to approximately $6.23 billion at current exchange rates (1 USD = 3.69 zlotys)

Tesla Energy Ventures received approval from UK regulator Ofgem to supply electricity to British homes, positioning the company to compete directly with established energy suppliers. The license, granted after an application process starting in July, allows Tesla to leverage its solar energy and battery storage business in Britain's residential market during a period of elevated energy price concerns.

• Tesla will compete with existing UK household suppliers like Octopus Energy, British Gas, and EDF using its Powerwall home battery and solar energy systems
• The expansion comes as energy prices have surged due to war in Iran, with British consumers protected by regulated tariffs only until July
• Tesla vehicle sales in Britain fell in 2025 amid competition from cheaper Chinese brands and consumer backlash against Elon Musk's political views

European markets are expected to open lower on Thursday, with major indices projected to decline 0.2% to 1.1%, as investors react to ongoing Iran war developments and rising oil prices. Despite the International Energy Agency announcing a strategic reserve release from 32 member countries to address supply disruptions, oil prices jumped more than 8% overnight as traders remain skeptical about offsetting the global supply shock.

• Oil prices surged over 8% despite IEA's strategic reserve release announcement, indicating market doubts about addressing supply disruptions from the Iran war
• European indices expected to open down 0.2% (UK) to 1.1% (Italy), with Germany and France declining 1% and 0.8% respectively
• Trump administration launched trade investigations into the EU and other economies under U.S. law that permits tariffs on nations found engaging in unfair trade practices

Nissan Motor, Uber Technologies, and British startup Wayve announced a partnership to develop robotaxi services, planning a pilot program in Tokyo by late 2026. The collaboration will use Nissan Leaf electric vehicles equipped with Wayve's autonomous driving technology, made available to customers through Uber's platform.

• Pilot program targeted to launch in Tokyo by late 2026
• Nissan Leaf EVs will be equipped with Wayve's autonomous driving technology
• Service will be accessible to customers through Uber's existing platform

Joby Aviation has begun flying its first production electric air taxi that will undergo FAA certification testing, marking a major milestone toward commercial operations. The six-rotor aircraft can carry a pilot and four passengers, taking off vertically like a helicopter and flying level like an airplane. Joby plans to launch limited operations in Dubai and the U.S. later this year.

• Joby test pilots have logged over 50,000 miles in developmental aircraft; FAA pilot evaluations are scheduled for later this year to obtain type inspection authorization
• The company aims to start operations in Dubai later this year with two of four landing sites under construction, and is participating in five of eight FAA pilot programs under a White House-backed initiative
• Joby targets production of four aircraft per month by 2027 at manufacturing facilities in California and Dayton, Ohio

UK regulators Ofcom and the ICO on March 12 demanded that Meta, TikTok, Snap, YouTube, and Roblox strengthen age verification and child safety measures, warning of enforcement action under the Online Safety Act. The platforms must demonstrate by April 30 how they will tighten age checks, restrict stranger contact with children, and make feeds safer.

• Companies face fines up to 10% of global revenue (Ofcom) or 4% of annual turnover (ICO) for non-compliance with child safety requirements
• Regulators cite concerns about algorithmic feeds exposing children to harmful content and platforms failing to enforce their own minimum age rules of 13
• The move follows the ICO's recent fine of Reddit for £14.5 million for inadequate age verification, as the UK considers broader restrictions similar to Australia's under-16 social media ban

Google is selling a majority stake in its GFiber internet unit, combining it with Astound Broadband to form an independent fiber provider. Investment firm Stonepeak will become the majority owner while Google retains a minority stake. The new entity will be managed by the existing GFiber executive team.

• The combined company will be majority owned by investment firm Stonepeak, with Google transitioning from operator to minority investor
• GFiber CEO Dinni Jain described the move as 'the next step in our decade-long mission to redefine what customers can expect from their internet provider'
• The existing GFiber executive team will continue to lead operations and manage the combined network footprint

SoftBank-backed PayPay priced its U.S. IPO at $16 per share, below its expected range, raising $880 million and achieving a $10.7 billion valuation. The Japanese digital wallet provider proceeded with the listing despite market volatility caused by the U.S.-Israeli war on Iran. This marks SoftBank's first major U.S. listing since Arm Holdings' IPO in 2023.

• The IPO raised $880 million through 55 million American depositary receipts at $16 per share, below the originally targeted price range amid challenging market conditions
• PayPay has approximately 72 million registered users in Japan and attracted anchor investors including Visa, Abu Dhabi Investment Authority, and Qatar Investment Authority purchasing up to $220 million in shares
• The company briefly paused its IPO earlier in the week to reassess market conditions before resuming, and will list on Nasdaq under the symbol 'PAYP'

Costco customers filed a nationwide class action lawsuit seeking refunds for higher prices charged due to tariffs that were later struck down by the Supreme Court. The suit demands that Costco return any tariff refunds it receives to customers who paid elevated prices, while the company has only committed to channeling potential refunds into future lower prices for an indeterminate group of shoppers.

• The Supreme Court ruled on February 20 that Trump overstepped authority by using emergency powers to impose tariffs, prompting over 2,000 companies including Costco to sue for duty recovery in the U.S. Court of International Trade
• Costco CEO stated it remains unclear if or when businesses will receive IEEPA tariff refunds, and the company plans to use any refunds for future lower prices rather than direct customer reimbursement
• The lawsuit accuses Costco of seeking 'double recovery' and argues the company has made no commitment to return refunds to consumers who actually bore the tariff costs

Atlassian announced it will lay off approximately 1,600 employees, representing 10% of its workforce, as part of a restructuring to prioritize artificial intelligence and enterprise sales. The software provider expects to incur pre-tax charges between $225 million and $236 million related to the layoffs and office space reductions.

• The layoffs affect roughly 10% of Atlassian's total workforce, equating to approximately 1,600 positions
• Total restructuring costs are expected to reach between $225 million and $236 million in pre-tax charges, covering both severance and office space reductions
• The company aims to 'rebalance' resources to focus on the 'future of teamwork in the AI era' and strengthen its enterprise sales capabilities

President Trump announced plans to tap the Strategic Petroleum Reserve to reduce energy costs amid the ongoing Iran conflict. This follows the International Energy Agency's agreement to release 400 million barrels of oil, the largest stockpile release in the IEA's 50-year history, to address supply disruptions caused by the war.

• Trump stated he will reduce the SPR temporarily to lower prices, then refill it later, noting he 'filled it up once' previously
• The IEA coordinated release of 400 million barrels represents the largest emergency oil stockpile deployment in over 50 years
• The reserve tapping is a direct response to massive supply disruptions resulting from the Iran war

The Trump administration plans to announce new trade investigations under Section 301 of the Trade Act of 1974, aiming to replace reciprocal tariffs that the Supreme Court ruled illegal in February. Treasury Secretary Scott Bessent predicts tariffs will return to pre-ruling levels by August, using authorities he describes as 'more robust' despite being slower-moving.

• Section 301 investigations allow the president to impose tariffs on nations found engaging in unfair trade practices, potentially replacing IEEPA-based tariffs struck down by the Supreme Court in a 6-3 ruling on February 20
• Trump previously signed an executive order imposing a 10% 'universal tariff' under Section 122 of the Trade Act, but these tariffs expire within 150 days
• Bessent stated that Section 301 authorities have 'survived more than 4,000 legal challenges' and characterized them as more legally durable than the invalidated approach

Bumble Inc. reported fourth-quarter revenue of $224.2 million, exceeding analyst estimates of $221.3 million, as the dating app operator begins seeing early results from its strategic turnaround plan. Founder Whitney Wolfe Herd returned as CEO about a year ago and has been implementing product improvements and AI-enabled features to attract younger users and compete in a saturated market.

• Revenue beat expectations at $224.2 million versus estimates of $221.3 million
• Total paying users decreased 20.5% to 3.3 million in the quarter, indicating user base challenges despite revenue growth
• CEO Whitney Wolfe Herd is leading a strategic overhaul focused on AI features and product improvements to appeal to younger daters

Oracle disclosed in its quarterly filing that its stake in TikTok's U.S. joint venture is valued at roughly $2 billion, representing a 15% ownership and board seat. The investment is part of a national security-driven restructuring that transferred TikTok's U.S. operations from China's ByteDance to a group of investors in January 2025, with the entire U.S. business valued at $14 billion.

• Oracle holds 15% of TikTok USDS Joint Venture with a board seat; Silver Lake and Abu Dhabi's MGX each own 15%, while ByteDance retains just under 20%
• Oracle's $2.2 billion in non-marketable investments recorded for the period ending Feb. 28 consists substantially of its TikTok stake, and the company serves as trusted technology provider housing all U.S. user data
• The transition has faced technical issues, including multiple data center outages causing service disruptions and content posting lags for creators in January and March 2025

President Donald Trump stated he is not concerned about potential domestic terror attacks from Iran amid an ongoing 11-day U.S.-Israel conflict with Iran. Trump claimed the U.S. has severely degraded Iran's military capabilities, destroying its Navy, Air Force, and air defense systems. The conflict has effectively closed the Strait of Hormuz, a critical oil shipping chokepoint, prompting Chubb to lead a government insurance program for ships transiting the area.

• Trump stated Iran has 'lost their Navy, their Air Force' and has 'no anti-aircraft apparatus at all,' claiming the U.S. is 'leaving certain things' in Iran that could be destroyed if needed
• The Strait of Hormuz remains effectively closed due to the conflict, with Chubb serving as lead underwriter for a U.S. government insurance program to protect ships passing through the strait
• Trump dismissed questions about a New York Times report citing video evidence that an American Tomahawk missile likely struck an Iranian elementary school, killing 175 people including many children

MercadoLibre announced a $3.4 billion investment in Argentina for 2023, marking a 30% increase from its $2.6 billion commitment for 2025. The e-commerce giant, which counts Argentina as one of its three main markets alongside Brazil and Mexico, will use the funds to expand logistics, develop distribution centers, improve technology, and grow its fintech arm Mercado Pago.

• The company plans to create nearly 2,000 new jobs in Argentina in 2026, adding to its current workforce of approximately 16,700 employees in the country
• Investment will focus on expanding logistics network, new distribution centers, platform technology improvements, and growing the Mercado Pago fintech service
• MercadoLibre was founded in Argentina but is currently headquartered in neighboring Uruguay, with operations across Latin America

Elon Musk announced 'Macrohard' (also called 'Digital Optimus'), a joint project between Tesla and xAI that combines AI systems to emulate the functions of entire software companies. The system pairs xAI's Grok language model with Tesla's AI agent to process real-time computer actions, positioning it as a potential disruptor to established software business models similar to Anthropic's Claude Cowork.

• The system runs on Tesla's in-house AI4 chip paired with xAI's Nvidia-based server hardware, described as cost-competitive
• This follows Tesla's $2 billion investment in SpaceX last month in an all-stock deal that valued SpaceX at $1 trillion and xAI at $250 billion
• xAI filed a trademark application for 'Macrohard' in August 2025, with the name serving as a reference to Microsoft