U.S. stocks dropped on speculation the Federal Reserve may raise interest rates this year to keep a lid on inflation.

The S&P 500 slumped 1.2% Wednesday after the Fed released projections showing nearly half its policymakers foresee at least one increase to its main interest rate in 2026. The Dow Jones Industrial Average went from a gain of 0.5% in the morning to a drop of 1%, while the Nasdaq composite sank 1.3%.

Japanese trade officials raid 6 ice cream makers

Six major Japanese ice cream makers have been raided by the government fair trade watchdog officials on suspicion of price fixing. Tokyo-based Meiji Co. said in a statement Tuesday that it had been raided on suspicion of violating anti-monopoly laws.

Morinaga Milk Industry Co., Morinaga & Co., Lotte Co., Ezaki Glico Co. and Akagi Nyugo Co. issued similar statements. The companies also make various food items, desserts and confectionery goods including pudding, chocolate bars and chewing gum.

French president urges US to share AI

French President Emmanuel Macron is urging the U.S. not to keep cutting-edge AI to itself, calling for global cooperation on AI regulation. Speaking at a high-level meeting in France, Macron criticized the U.S. for restricting foreign access to advanced AI models.

OpenAI CEO Sam Altman echoed this sentiment at the G7 summit, emphasizing the need for an international forum to establish AI safety standards. The White House’s recent directive against Anthropic’s AI models has fueled European distrust of U.S. tech dominance. Macron warns that restricting access could harm U.S. firms and pledges increased funding for France’s AI sector.

US tells states to deal with jobless fraud

The U.S. Department of Labor is telling states they have to combat fraud, waste and abuse in their unemployment insurance programs. And if they don’t, they could face having federal administrative funds withheld.

The warning to states on Wednesday was the latest in a line of announced actions addressing fraud in state-run programs that use federal money. Like others, this announcement focused on allegations of problems in states where Democrats control the governments. The department did not explain the source of those allegations.

Protesters block copper exports to China

Protesters have blocked copper exports from a Rio Tinto mine in Mongolia, partially disrupting supply of a mineral important to China’s renewable energy sector.

The Radical Reform Movement is demanding a greater share of revenues from the mine for Mongolians. The protest highlights long-standing conflicts where poverty persists despite the country’s abundant mineral wealth. The Oyu Tolgoi mine, developed by Rio Tinto, is partly owned by the Mongolian government and contributes significantly to the nation’s tax revenues. Mongolia’s prime minister urged legal action against those obstructing business operations.

African nations urge quick execution of treaty

African and Commonwealth nations have called for a swift implementation of a landmark treaty protecting the high seas. This call to action was made Tuesday at the 11th Our Ocean Conference in the Kenyan city of Mombasa.

The conference is being hosted by an African nation for the first time. It’s focusing on critical ocean issues like climate change and pollution. The treaty aims to protect 30% of the world’s oceans by 2030.