DOJ confirms antitrust investigation into top beef producers. Beef prices are hovering at record highs this year, with the average cost of ground beef reaching close to $7 a pound. To address prices, federal lawmakers have zeroed in on the consolidation of the beef sector, noting that just four firms control 85% of processing: JBS, Cargill, Tyson and National Beef. (Supply Chain Dive) 

Global equity funds draw inflows for the seventh week on earnings optimism. Global equity funds attracted inflows for a seventh straight week in the period through May 6, supported by upbeat first quarter ​earnings and hopes for a U.S.-Iran peace agreement. (Reuters) 

USTR to review China tariffs as Section 301 takes center stage. The Office of the United States Trade Representative has begun a review of Section 301 tariffs on China imports implemented during the first Trump administration, according to a Federal Register filing published Wednesday. (Supply Chain Dive) 

Worldwide race to trace passengers from hantavirus-hit cruise ship. Health authorities across the globe are racing to trace dozens of people who disembarked from a cruise ship before an outbreak of hantavirus was detected, and anyone who has come into close contact with them since. (BBC) 

Paraguay ‘deeply values’ Taiwan ties, president says in Taipei. Paraguay “deeply values” its relations with Taiwan and will continue to offer support, President Santiago Pena said on Friday as he was formally welcomed ​in Taipei by President Lai Ching-te. (Reuters) 

U.S. added 115,000 jobs in April as economy contends with Iran war impact. The U.S. economy added 115,000 jobs in April, a sign that the labor market retained its resiliency even in the face of a global energy shock triggered by the U.S. war with Iran. The unemployment rate remained steady at 4.3%. (NBC News) 

Starmer’s Labour suffers huge losses as hard-right Reform gains in UK elections. Early results Friday from nationwide elections in Britain suggested a historic drubbing for Prime Minister Keir Starmer’s Labour Party and sweeping gains for hard-right Reform U.K., led by Trump ally Nigel Farage. (NBC News) 

Asia-Pacific markets mostly fall as renewed US-Iran clashes keep investors on edge. Asia-Pacific markets mostly traded lower Friday, as concerns grew over renewed hostilities between Iran and the U.S. amid a fragile ceasefire. The U.S. and Iran traded fire in the Strait of Hormuz, with each side claiming the other initiated the attack. (CNBC) 

IMF warns that evolving AI threat could upend financial markets. Advances in artificial intelligence can strengthen markets’ defense against cyber threats but the technology now has the capacity to cause a macro-financial shock too, the IMF warns. (Wall Street Journal) 

Trump threatens EU with ‘much higher’ tariffs if no trade deal signed by new deadline. President Donald Trump has said he will give the European Union until July 4 to ratify its trade agreement with the U.S., threatening to raise tariffs to “much higher” levels if the 27-nation bloc fails to do so. (CNBC) 

Despite gains combating deforestation in Brazil’s Amazon, forest degradation is a looming threat. The administration of Brazilian President Luiz Inácio Lula da Silva frequently touts how it has sharply slowed deforestation in the Amazon, and indeed it has. Despite gains in keeping forest standing, however, many other threats, ranging from climate change to potential legislation on the horizon, are putting the forest at risk. (AP) 

Bank of Canada Gov. Macklem vows action if affects from high energy prices spread. Bank of Canada Gov. Tiff Macklem said officials would act quickly should evidence emerge that the impact from higher energy prices begins to spread beyond gas stations to other goods and services. (Wall Street Journal)