JPMorgan Chase CEO Jamie Dimon said on Tuesday that the U.S. is becoming more like Europe in terms of defense procurement, and it’s holding the country back.

Dimon spoke at the Hill & Valley Forum, which is an annual meeting that brings together policymakers, defense leaders, tech builders and investors to discuss national security, emerging technology and U.S. competitiveness.

He said he was “deeply frustrated” by what he sees as excessive bureaucracy in the defense procurement process at the Department of War that inhibits its ability to respond quickly and adapt during a conflict.

“We’ve become like Europe, we’re unable to move and change – change budgeting, change procurement. You know, let people do what they need to do,” Dimon said.

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JPMorgan Chase CEO Jamie Dimon expressed frustration with what he sees as a lack of adaptability in the defense procurement process. (Alexander Tamargo/Getty Images for America Business Forum)

Dimon added that the bureaucracy’s rules and compliance processes as well as Congress’ involvement create barriers to the ability of defense contractors to deliver on time and on budget.

He added that the defense industrial base and policymakers need to be more adaptable as he sees a need to increase defense spending given threats around the world.

“Of course, you also know that there’s going to be a lot more spent on the military, which we really need to do,” he said. “We just want to be part of helping their supply chain.”

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Dimon said the U.S. will likely need to spend more on defense in the years ahead given geopolitical threats. (U.S. Air Force/Senior Airman Trevor Gordnier/51st Fighter Wing/DVIDS)

Dimon added that he thinks the involvement of more private companies in the defense industrial base could foster more rapid development and deployment of new technologies. Some private companies like Anduril and SpaceX are emerging as significant defense contractors in their areas of expertise.

As the competition between the U.S. and China intensifies and the threat of conflict over Taiwan grows, Dimon said that the dependencies that the U.S. government and American corporations developed for components from China were harmful over the long-term. 

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Dimon said the U.S. defense industrial base has been too slow to adapt to changes and is becoming like Europe’s. (Christopher Furlong/Getty Images)

However, that experience could be informative for the U.S. if a conflict with China ever arises, as it could attempt to emulate aspects of what China has done in terms of critical industries.

“We should acknowledge [China has] done some things magnificently well,” Dimon said, noting the country’s manufacturing of cars, drones, ships and batteries. “We should look at our own shortcomings and then be prepared, if they ever become an adversary, to face off against them.”

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He added that winning the wars in Ukraine and Iran would be “very helpful” for the U.S. approach to dealing with China.

Reuters contributed to this report.

A Los Angeles jury on Wednesday found Meta and Google liable in a closely watched trial accusing social media platforms of designing their products to get young users addicted, awarding the plaintiff $3 million in damages. 

The verdict came after nine days, roughly 43 hours of deliberations. 

The case centered on a now 20-year-old California woman identified as K.G.M., who said social media platforms encouraged addictive use when she was a minor and contributed to depression and suicidal thoughts.

Her lawsuit alleged that companies behind several major platforms designed their products in ways that encouraged compulsive use among young people. 

The companies have denied wrongdoing and argued their services include safety tools and parental controls.

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Supporters of “K.G.M.” pose with signs outside the Los Angeles Superior Court during a social media trial over whether platforms were deliberately designed to be addictive to children in Los Angeles, Feb. 25, 2026. (Frederic J. Brown/AFP Via Getty Images / Getty Images)

TikTok and Snap, the parent company of Snapchat, were originally named as defendants but settled ahead of trial, leaving Meta and Google-owned YouTube as the remaining companies in the case.

The trial had been closely watched as one of the first to test in front of a jury whether social media companies can be held legally responsible for alleged harms tied to youth use of their platforms.

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Jurors were asked to determine whether Meta or YouTube should have known their platforms posed a danger to children, whether the companies were negligent in designing their products, and if so, whether their services were a “substantial factor” in causing the plaintiff’s mental health issues.

On Monday, jurors told the judge that they were having difficulty coming to a verdict with one of the two defendants and asked how to move forward. They were given their previous instructions, with the judge suggesting they read the details out loud before they were sent back for more deliberations. 

Meta Platforms CEO Mark Zuckerberg departs the court after taking the stand at a trial in a key test case accusing Meta and Google’s YouTube of harming kids’ mental health through addictive platforms, in Los Angeles, Feb. 18, 2026. (REUTERS/Mike Blake / Reuters Photos)

The verdict came a day after a jury in New Mexico ordered Meta to pay $375 million after finding the company misled users about the safety of its platforms and allegedly enabled child sexual exploitation.

This is a breaking news story; check back for updates.

FOX Business’ Kelly Saberi contributed to this report.

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Club among objectors to Homes England scheme

A plan for 250 homes in Carnforth has been refused by Lancaster councillors, after fears that it threatened a football club’s activity and wider community needs.

There were also concerns the plan failed to consider reopening a nearby Lancaster Canal marina, and that residents’ cars from the new homes would add to local congestion.

Carnforth Rangers FC was among a number of objectors to the plan by government agency Homes England, for up to 250 houses at the Lundsfield Quarries site, off Kellet Road.

Now, Lancaster City Council’s planning committee (on Monday, March 23) has refused the application, against planning officers’ advice.

Homes England wanted outline planning permission for 250 homes and bought the land after developer Redrow Homes failed to deliver an earlier scheme some years ago, council planning papers said.

The 29-acre site covers the former Lodge Quarry Works bordering the canal south of Carnforth town centre. The football club’s location, Quarry Park, is on the northern edge of the application site.

Neil Wakeman, representing Carnforth Rangers FC trustees, wrote an objection letter to the council, included in planning papers.

He said: “We have real concerns for the incompatibility of football activities with this proposed housing development. This would threaten the viability of improved football facilities in the area.

“A significant shortfall of playing pitches in the Carnforth area has already been identified in Lancaster City Council local plans. Rather than building housing around the existing football ground, we believe all proposals should be considered holistically – together with the community’s sport and footballing needs. Plans for the district should facilitate the expansion of football facilities.”

Carnforth Town Council had also objected. It claimed there has been poor consultation with the community, had worries about traffic congestion and feared the football club would face complaints about disturbance from future residents living in the new homes.

Elsewhere, Lancaster Canal Trust had raised concerns, but not objections. It said the potential loss of canal boat moorings would not encourage a focus for leisure activity in Carnforth. It and the Canal and Rivers Trust also made suggestions to protect the canal infrastructure and its enhance its surrounds.

The Homes England plan included demolition of some existing buildings to build new homes, access and infrastructure. It also proposed a car and coach park for Carnforth Rangers.

Lancaster City Council planning officers had advised councillors to approve the plan with conditions and a legal agreement. Officers said news homes were needed and the canal could be protected.

Their recommendations include having a football club car park with at least 58 spaces and two coach spaces, with long-term security of tenure for the club. Also a contribution by the developers for other sports amenities elsewhere.

Also recommended were affordable homes, new traffic signals on Kellet Road and the developer making a bus service contribution of £500,000. New public space at the housing estate and a management company to maintain open space, roads, landscaping and drainage were also recommended by officers.

But city councillors on the planning committee refused the application.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

The Federal Communications Commission (FCC) said on Monday it was banning the import of all new foreign-made consumer routers, a move that comes as the latest crackdown on Chinese-made electronic gear over security concerns.

China is estimated to control at least 60% of the U.S. market for home routers – which are the boxes that connect computers, phones and smart devices to the internet.

The FCC order does not impact the import or use of existing models, but will ban new ones.

The agency said a White House-convened review deemed imported routers pose “a severe cybersecurity risk that could be leveraged to immediately and severely disrupt U.S. critical infrastructure.”

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The FCC said that malicious actors had exploited security gaps in foreign-made routers “to attack households, disrupt networks, enable espionage, and facilitate intellectual property theft,” citing their role in major hacks like Volt and Salt Typhoon.

Hackers can exploit consumers’ home internet routers that aren’t properly secured. (Getty Images)

The determination includes an exemption for routers the Pentagon deems do not pose unacceptable risks.

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Lawmakers have previously raised security concerns about Chinese-made routers and Michigan Rep. John Moolenaar, the Republican chair of the House select committee on China, praised the FCC order.

“Today’s tremendous decision by the FCC and the Trump administration protects our country against China’s relentless cyberattacks and makes it clear that these devices should be excluded from our critical infrastructure,” Moolenaar said. “Routers are key to keeping us all connected, and we cannot allow Chinese technology to be at the center of that.”

The Chinese Embassy in Washington did not immediately comment.

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The Federal Communications Commission (FCC) announced a ban on imported internet routers after finding security vulnerabilities. (Andrew Harrer/Bloomberg via Getty Images)

Last month, Texas Attorney General Ken Paxton sued TP-Link Systems, a California-based router manufacturer spun off from a Chinese firm, for allegedly marketing its networking devices deceptively and allowing Beijing to access American consumers’ devices.

Texas Attorney General Ken Paxton speaks during the AmericaFest 2024 conference sponsored by Turning Point in Phoenix, Arizona, on Dec. 21, 2024. (Cheney Orr/Reuters)

TP-Link Systems said it would “vigorously defend” its reputation, adding that the Chinese government had no form of ownership or control over the company, its products or user data.

Reuters reported last month the Trump administration had put on hold a proposed ban on domestic sales of routers made by TP-Link.

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The FCC issued similar rules in December that ban the import of all new models of Chinese drones.

Reuters contributed to this report.

In an exchange filing, TVS Holdings said that its board of directors, during its meeting today, has declared the interim dividend of Rs 86 per share with a face value of Rs 5 each for the ongoing financial year 2026, with the total dividend payout standing at Rs 174 crore.

Record date for TVS Holdings dividend

The record date to determine the eligibility of the shareholders set to receive the dividend has been set on April 2. This means that only those shareholders who have the shares of the company on their demat accounts on April 2 will be eligible for the dividend. The dividend will be paid within 30 days from the declaration of the interim dividend, the company announced.

This comes after the company paid an interim dividend of Rs 93 to its shareholders in March last year, and Rs 94 in April 2024.

Additionally, the company also announced that it has raised Rs 650 crore by issuing non-convertible debentures (NCDs) at an 8.10% coupon rate with a 39-month term.

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TVS Holdings share price

The shares of the company sharply surged nearly 3% to trade at Rs 14,125 apiece on NSE on Wednesday. The stock has gained more than 57% in the past one year, and over 265% over the past three years.
The Chennai-headquartered company has undergone key transformations in recent years, including its rebranding from Sundaram-Clayton to TVS Holdings. The company acts as the holding arm of the larger TVS Group, which has been expanding its footprint across mobility solutions, electric vehicles, and global operations.Through its subsidiaries and associates, TVS Holdings has interests in two-wheeler manufacturing, electric vehicle initiatives and global operations. Earlier in January this year, TVS Holdings reported a 28% year-on-year rise in consolidated net profit to Rs 493 crore for the October-December quarter of the ongoing financial year 2026. The firm’s revenue from operations grew 34% YoY to Rs 15,276 crore during the same period.

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The Supreme Court unanimously ruled Wednesday that internet providers are not liable for copyright infringement by their users, delivering an opinion in Cox v. Sony and tossing a $1 billion verdict.

“Under our precedents, a company is not liable as a copyright infringer for merely providing a service to the public with knowledge that it will be used by some to infringe copyrights,” Justice Clarence Thomas wrote in the opinion. “Accordingly, we reverse.”

The ruling marks a significant win for broadband providers facing pressure from copyright owners to police subscriber activity.

Cox Communications now cannot be held liable for piracy by its internet service subscribers of songs owned by Sony Music, Warner Music Group, Universal Music Group and other labels, ending their billion-dollar-plus music copyright lawsuit.

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The 9-0 ruling overturned a lower court’s decision to order a new trial to determine how much the internet service provider owed the record labels for a form of liability called contributory copyright infringement. Cox had said a retrial could have produced a verdict against the Atlanta-based ISP of as much as $1.5 billion.

“The judgment of the Court of Appeals for the Fourth Circuit is reversed, and the case is remanded for further proceedings consistent with this opinion,” the ruling concluded.

Justice Sonia Sotomayor, joined by Justice Ketanji Brown Jackson, agreed Cox should prevail in this case but rejected the majority’s broader reasoning. 

In her separate opinion, Sotomayor wrote that “the majority, without any meaningful explanation, unnecessarily limits secondary liability” and warned that the decision “also upends the statutory incentive structure that Congress created.” 

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All nine members of the Supreme Court agreed that an internet provider cannot be held liable for the copyright infringement of their subscribers. (Getty Images / Getty Images)

“The facts of this case do not establish the requisite intent needed to hold Cox liable for infringement that occurred on its network,” she concluded. 

“Because the majority needlessly curtails secondary liability in a manner inconsistent with both precedent and statute, I concur only in the judgment.”

More than 50 labels joined together to sue Cox in 2018. Internet service providers like Cox are generally not considered liable under U.S. law for infringement by their users if they take reasonable measures to address it. But the labels accused Cox, the largest unit of privately owned Cox Enterprises, of failing to respond to thousands of infringement notices, cut off internet access for repeat infringers or take other piracy-deterrence steps.

A jury in Alexandria, Virginia, in 2019 found Cox owed the labels $1 billion for user infringement of more than 10,000 copyrights. The jury found Cox liable both for contributory infringement and vicarious infringement, two forms of secondary copyright infringement liability.

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The Richmond, Virginia-based 4th U.S. Circuit Court of Appeals threw out the damages award in 2024. The 4th Circuit ordered a retrial on the award’s size after affirming the jury’s finding of contributory infringement but reversing its finding of vicarious liability.

People look at the U.S. Supreme Court building in Washington, D.C., March 14, 2026.  (REUTERS/Will Dunham / Reuters Photos)

Contributory infringement involves holding parties liable for someone else’s infringement because they knew about it and contributed to it. Vicarious infringement involves holding parties liable for someone else’s infringement because they had the ability to control the infringement and benefited financially from it.

Cox argued that the position taken by the labels in the case would expand the concept of contributory infringement too broadly. Cox said this stance would threaten to cut off access for thousands of innocent internet users including “entire households, coffee shops, hospitals, universities” and others “merely because some unidentified person was previously alleged to have used the connection to infringe.”

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Cox utility trucks are parked at the Cox Communications Springfield Warehouse on May 16, 2025, in Springfield, Virginia. (Kevin Dietsch/Getty Images / Getty Images)

The Supreme Court heard arguments in the case in December. A lawyer for President Donald Trump‘s administration argued in support of Cox. Alphabet, Amazon, Microsoft and other internet-focused tech companies supported Cox in the case, too. Music, film and book industry trade groups backed the labels.

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Reuters contributed to this report.