Honda announced a $15.7 billion writedown of its electric vehicle (EV) business last week as the company shifts its U.S. strategy to account for weak consumer demand for EVs.

The second-largest automaker in Japan said Thursday that it will restructure its EV business and cancel three planned battery-powered EV models that were going to be built and sold in the U.S. market.

Demand for EVs has pulled back in recent years as consumers have shown a preference for hybrid vehicles, while President Donald Trump’s administration has pulled back tax credits that helped incentivize EV purchases.

Honda’s move to pull back on its EV plans, as well as to write down the value of some of its operations in China, may cost as much as $15.7 billion, while the company also said it will report its first annual loss in nearly 70 years. The company’s cash outflows stemming from the writedowns will largely be due to the cost of compensating suppliers.

FORD CEO SAYS ‘CUSTOMER HAS SPOKEN’ AFTER EV SHIFT DRIVES MAJOR QUARTERLY LOSS

Honda’s writedown comes as consumers are turning away from EVs in favor of hybrids. (Jay L Clendenin/Getty Images)

Honda first unveiled two concept models for its “Honda 0 Series,” including the Saloon sedan, at the CES trade show in Las Vegas in January 2024, and it had expected to roll out the series’ first vehicles this year, starting in North America.

Those plans have now been called off, with Honda canceling the Saloon along with the Honda 0 SUV and the Acura RSX.

Honda will now pivot its U.S. focus to hybrid vehicles and will also look to strengthen lineup and cost competitiveness in India.

ASTON MARTIN TO CUT UP TO 20% OF ITS WORKFORCE

The company also said that it has struggled to compete with newer companies in China that are focused more on short development cycles and software technologies, like advanced driver-assistance systems (ADAS).

“In such a difficult competitive environment, Honda was unable to deliver products that offer value for money better than that of newer EV manufacturers, resulting in a decline in competitiveness,” the company said.

Battery-powered cars accounted for 2.5% of Honda’s 3.4 million global sales last year, or about 84,000 vehicles. 

LAMBORGHINI SCRAPS FIRST EV LAUNCH, CALLS DEVELOPMENT ‘EXPENSIVE HOBBY’

Honda is refocusing its U.S. production on hybrid vehicles. (David Paul Morris/Bloomberg via Getty Images)

China is the world’s largest auto market and Honda introduced several battery-powered models in the market, but it only sold 17,000 last year, which accounted for just 2.5% of its sales of around 677,000 vehicles in the country and just a fifth of its total EV sales.

Honda said that its initiatives around future EV model introductions will be implemented with flexibility from a long-term perspective while “monitoring the balance between profitability and market trends.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The company also said it will announce details related to the reestablishment of its mid- to long-term strategy for its auto business at a press conference in May.

Reuters contributed to this report.

Union leaders representing Transportation Security Administration (TSA) workers in Atlanta called on lawmakers Monday to end the Department of Homeland Security (DHS) shutdown, saying the stalemate has crippled its members financially as they continue to work without being paid. 

Aaron Barker, the president of AMG local 554, said the union’s members are financially exhausted as they face a range of fiscal difficulties amid a standoff between lawmakers in Washington over DHS funding on the heels of their first missed full paycheck.

“Unlike other federal agencies such as ICE and CBP, TSA employees are working without pay,” Barker said at Hartsfield-Jackson Atlanta International Airport. “Many are coping with eviction notices. Vehicle repossessions, empty refrigerators and overdrawn bank accounts.”

“Every available financial option has been exhausted, yet these officers are still coming to work to protect the traveling public, facing disciplinary action if they do not show up to work,” he added.

HOW MUCH DO GOVERNMENT SHUTDOWNS COST AMERICAN TAXPAYERS?

TSA agents work at a security checkpoint at Ronald Reagan International Airport in Arlington, Virginia., March 15, 2026. (Aaron Schwartz / Reuters Photos)

About 300 TSA agents have quit, Transportation Secretary Sean Duffy said Sunday, and call-outs have doubled.

Duffy has blamed Democrats for the funding standoff, amid a debate over proposed reforms to U.S. Immigration and Customs Enforcement (ICE), which many Republicans oppose. 

DHS has been partially shut down for more than 30 days as Republicans hold out for a budget proposal that fully funds all parts of the agency. Democrats have said they’re willing to fund individual branches within the department, including TSA, but not Immigration and Customs Enforcement (ICE) or Customs and Border Protection (CBP) until the Trump administration agrees to immigration reform.

Meanwhile, Barker said, TSA personnel are bearing the burden of the standoff. 

TRAVEL EXPERT WARNS AMERICANS TO ‘BOOK NOW’ AS OIL PRICES THREATEN HIGHER AIRFARES

Travelers and staff walk through Ronald Reagan Washington National Airport in Arlington, Virginia, on March 13, 2025. Union leaders in Atlanta called on Congress to end the Department of Homeland Security shutdown amid the financial stress for TSA wo (Annabelle GORDON / AFP via Getty Images)

“I’ve heard from officers who cannot afford co-payments for cancer treatments or office visits for their sick children,” he said. 

“Requiring employees to work without pay is unconstitutional, and the financial consequences of this shutdown — damaged credit, missed payments and lost housing — will remain ever after the government reopens,” he added. “This is not a partisan issue. TSA employees did not cause this shutdown, yet they are bearing the burden of congressional inaction.”

A DHS spokesperson told FOX Business that 100,000 DHS workers did not receive their first full paycheck last week, amounting to $1 billion in unpaid wages each month.

“American travelers across the country are facing hours-long airport lines, that will worsen as this shutdown continues,” the spokesperson said. “Democrats are shamelessly playing politics with national security, punishing hardworking TSA workers and their families.”

Passengers wait in a check-in line at Ronald Reagan Washington National Airport, as the Department of Homeland Security (DHS) continues to go unfunded, in Arlington, Virginia, March 16, 2026. (Kylie Cooper / Reuters Photos)

CLICK HERE TO GET FOX BUSINESS ON THE GO

Barker said essential public services shouldn’t be used as leverage in political disputes, especially while members of Congress continue to receive their own paychecks. He said TSA officers have resorted to finding other ways to make ends meet, such as ridesharing.

“To be quite frank, officers are pissed off. And we’re not just talking about here in Atlanta,” said Barker. “We’re talking about nationwide. The officers are pissed off. They want this to end. They’re ready to get back to…some normalcy or some consistency within their lives.”

FOX Business’ Max Becall contributed to this report. 

Microsoft Corp. (NASDAQ: MSFT) shares advanced modestly in early trading on March 16, 2026, as the tech giant participated in a broader equity rebound fueled by easing geopolitical tensions and a retreat in oil prices. The stock, a key component of the NASDAQ Composite, traded higher after a sharp pullback last week that saw it close at $395.55 on March 13 — down 1.57% or $6.31 from the prior session.

By mid-morning Eastern Time, MSFT was changing hands around $397, up approximately $1.50 or 0.38% from Friday’s close, with volume picking up steadily. Real-time quotes showed the stock opening near $397.95, reaching a session high of $398.14 and dipping to a low of $394.79 before stabilizing. Pre-market activity had pointed to gains, aligning with positive sentiment across major indices following reports of potential de-escalation in Middle East conflicts that had previously driven crude prices higher and pressured growth stocks.

The move came after a volatile stretch for Microsoft shares. The stock had declined notably in early March, part of a broader correction in big tech amid concerns over sustained AI infrastructure spending, macroeconomic uncertainty and regional instability. From a recent peak in late 2025 near $540, MSFT had shed significant value, trading in the mid-$390s by mid-March — a level some analysts viewed as presenting a buying opportunity for long-term investors.

Microsoft’s performance remains closely tied to its dominance in cloud computing through Azure and its aggressive push into artificial intelligence via the OpenAI partnership and Copilot integrations across its product suite. Despite recent headwinds, the company continues to report robust demand for its AI-enabled services, with analysts highlighting Azure’s growth as a primary driver. Wall Street consensus maintains a “Strong Buy” rating on the shares, with average price targets hovering well above current levels, some projecting upside to $600 or more over the next 12-18 months.

Recent commentary has emphasized Microsoft’s strategic positioning. In analyst notes and market discussions, the focus has shifted toward upcoming earnings potential and productivity gains from AI tools. One portfolio manager described the current dip as a potential entry point, noting that “AI is still going to be a major influence on markets,” particularly in enhancing enterprise efficiency. Microsoft’s heavy investments in data centers and AI infrastructure — part of an industry-wide surge expected to approach hundreds of billions in spending — have drawn scrutiny over costs but also praise for long-term revenue prospects.

The stock’s recent weakness contrasted with its strong fundamentals. For fiscal 2026, expectations call for continued double-digit revenue growth, driven largely by Intelligent Cloud segment performance. Azure’s year-over-year expansion has consistently outpaced rivals in recent quarters, bolstered by enterprise adoption of generative AI features. Microsoft has also expanded partnerships in key regions, though some reports noted temporary concerns around data center stability in volatile areas — issues that appear to have eased in recent days.

Broader market dynamics supported the March 16 uptick. With oil retreating and inflation fears moderating, investors rotated back into growth names like Microsoft, which had been oversold relative to historical multiples. The NASDAQ’s parallel advance — up over 1% in early action — underscored renewed risk appetite, with tech heavyweights leading the charge after a period of rotation toward more defensive sectors.

Microsoft’s valuation metrics reflect a premium but justified by growth. Trading at forward multiples that account for its AI exposure, the stock has historically rewarded patient holders through cycles of innovation. Analysts point to recurring revenue streams from Office 365, Dynamics and enterprise agreements as providing stability amid macro volatility.

Looking ahead, attention turns to Microsoft’s next earnings report and any updates on AI monetization. Upcoming catalysts could include further details on Copilot adoption rates, Azure capacity expansions and potential new product announcements. Market participants also monitor geopolitical developments closely, as any escalation could renew pressure on tech spending sentiment.

Despite the pullback year-to-date — with shares down roughly 18% from 2026 highs in some calculations — optimism persists among bulls. Predictions for the stock in coming years vary, but many forecast sustained compounding from cloud and AI tailwinds. One analysis suggested the current environment offers “203 billion reasons” to stay invested, referencing massive projected infrastructure outlays.

Trading volume on March 16 remained healthy in early sessions, with institutional participation evident. Options activity showed interest in calls at higher strikes, signaling some conviction in a near-term recovery. Market breadth favored advancers, and Microsoft’s gains contributed meaningfully to index performance.

As the trading day progressed, the focus remained on whether MSFT could hold above key technical levels, such as its 21-day moving average, amid ongoing choppiness. Investors weighed the balance between short-term risks — including energy market fluctuations and economic data — and the company’s entrenched position in the world’s most transformative technologies.

Microsoft’s trajectory continues to serve as a bellwether for the broader tech sector and AI investment theme. With the stock showing signs of stabilization on March 16, many see the recent correction as a healthy pause rather than a reversal of longer-term uptrends. For now, the shares reflect a market recalibrating expectations while betting on Microsoft’s ability to deliver on its ambitious vision.

Scheme focuses on growing student population at Tremough Campus

The next stage of an approved scheme to build a “village” for 1,858 students has been submitted to Cornwall Council.

Verto Homes, which is based at Threemilestone, near Truro, has applied for a ‘targeted planning performance agreement’ (PPA) for the Halo Village development on land at Penvose Farm, Roskrow, Penryn.

A PPA is a voluntary, project-managed framework between a developer and local council to manage the design and development of complex or large-scale proposals.

Cornwall Council granted planning permission in 2024 for the purpose-built student accommodation and amenities for 1,858 students after first rejecting the “objectionable” scheme in 2023.

The development is for 1,858-bed student accommodation including 97 wheelchair-accessible units, amenities for students and the local community, including a new doctor’s surgery, business units and sustainable transport infrastructure.

As part of the village, a 48-bed budget hotel, a pub, restaurant, café and hot food takeaway, a shopping parade, children’s day nursery and sports and leisure facilities, including gym, yoga studio, squash and tennis courts, and sports clinic could also be built.

The development is intended to service the growing student population at the Tremough Campus in Penryn. It will house students from both Exeter and Falmouth universities.

At the time it received planning consent for the scheme, Verto said the new student village would be constructed to “the very highest environmental standards, while embodied and operational carbon will be net zero – or even beyond zero”.

Verto previously said that the project could create 1,550 construction jobs over the build period, as well as 350 permanent jobs once the development is up and running.

For more details see PA26/00357/PREAPP.

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

Shares of Robinhood Markets, Inc. (NASDAQ: HOOD) rose in early trading on March 17, 2026, participating in a market-wide recovery as investors rotated back into growth and fintech names following a sharp pullback last week. The retail brokerage platform’s stock, which has experienced significant volatility since its 2021 debut, traded higher as geopolitical tensions eased and oil prices retreated, supporting risk assets.

By mid-morning Eastern Time, HOOD was quoted around $75.20, up approximately $1.81 or 2.47% from Friday’s close of $73.39. Pre-market activity showed gains building on overnight momentum, with the stock opening near $75.10 and reaching a session high of about $75.77 before settling in positive territory. Volume was picking up, with more than 7 million shares traded in the initial hours on March 16 data extending into the new session.

The advance reversed much of the prior session’s decline on March 13, when HOOD closed down 3.59% or $2.73 at $73.39 on elevated volume of over 33 million shares. That drop came amid broader market pressure from lingering inflation concerns and regional instability, though the fintech sector showed resilience compared to some peers.

Robinhood’s performance in 2026 has been mixed after a blockbuster 2025 that saw shares surge nearly 200%, driven by expanded product offerings, increased trading activity and successful feature rollouts. The stock hit an all-time high near $153 in late 2025 but has corrected sharply in early 2026, trading in the low-to-mid $70s recently. From a 52-week range of roughly $29.66 to $153.86, HOOD reflects the cyclical nature of retail trading volumes and market sentiment toward commission-free brokers.

Recent operating data released by the company underscored steady user growth. On March 12, Robinhood reported February 2026 metrics showing funded customers reaching 27.4 million, up about 140,000 from January’s end. The incremental additions signal continued platform adoption despite competitive pressures in the brokerage space. Analysts view this as a positive indicator of Robinhood’s ability to retain and attract users through innovations like expanded crypto offerings, margin trading enhancements and international expansion efforts.

Wall Street maintains a bullish stance on HOOD. Consensus ratings lean toward “Strong Buy,” with average price targets suggesting substantial upside from current levels. Some forecasts point to potential recovery toward higher multiples as new products gain traction. Recent commentary highlights Robinhood’s evolution from a meme-stock trading app to a more comprehensive financial services provider, including banking-like features and retirement accounts.

The company’s participation in investor conferences, such as the Citizens Technology Conference on March 2 where CFO Shiv Verma presented, helped reinforce confidence in management’s strategy. Executives emphasized diversification beyond trading commissions, with growing contributions from payment for order flow, interest income on cash balances and subscription services.

Broader market dynamics supported the March 17 uptick. With crude oil backing off and inflation fears moderating, traders favored growth-oriented stocks like HOOD, which benefits from higher retail participation during bullish phases. The NASDAQ’s parallel gains — up over 1% in recent sessions — provided tailwinds, as fintech and tech names often move in tandem with broader indices.

Robinhood’s valuation reflects its growth profile. Trading at forward multiples that account for potential revenue acceleration from user monetization, the stock appeals to investors betting on sustained trading volumes and product innovation. Challenges persist, including regulatory scrutiny on payment for order flow and competition from established brokers like Charles Schwab and Fidelity, as well as emerging players.

Potential headwinds include macroeconomic sensitivity — lower interest rates could pressure net interest income, while market downturns often reduce trading activity. Some analysts have cautioned about possible volatility in 2026, with one February outlook predicting a plunge if retail enthusiasm wanes. However, others counter that ongoing feature expansions position Robinhood for long-term compounding.

Market participants closely watch upcoming catalysts. Monthly operating data releases provide transparency into user trends, while any announcements on crypto integrations, international growth or new tools could spark movement. Earnings reports and guidance updates remain key events for assessing trajectory.

Trading on March 17 showed healthy participation, with institutional interest evident in block activity and options flow favoring calls at higher strikes. Market breadth supported the advance, contributing to positive sentiment in the sector.

As the session unfolded, focus remained on whether HOOD could sustain momentum above recent resistance levels amid ongoing choppiness. Investors balanced short-term risks — including energy market fluctuations and economic indicators — against the company’s disruptive model and expanding user base.

Robinhood continues to serve as a barometer for retail investor behavior and fintech innovation. With shares showing signs of stabilization on March 17, many view the recent correction as a pause in a longer uptrend fueled by product diversification and market recovery. For now, the stock reflects a market recalibrating while betting on Robinhood’s ability to capitalize on evolving financial services demand.