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Asia scrambles to conserve energy
Asian countries are racing to save energy and shield consumers as the war on Iran disrupts oil and gas flows. Since Feb. 28, shipping through the Strait of Hormuz slowed sharply and energy prices climbed.
Experts at the U.N. and other groups warn the shock hit Asia hardest because it depends on imported fuel. Japan tapped stockpiles as gasoline prices rise. South Korea leaned on reserves and expanded coal and nuclear power. China has used big reserves and more renewables, but travel costs are rising. Vietnam, Thailand, Indonesia and the Philippines added subsidies and controls. Pakistan, India, and Nepal rationed fuel.
DOJ investigation into Powell could backfire
President Donald Trump has for months wanted to remove Jerome Powell as chair of the Federal Reserve. But instead, an investigation by one of his own officials could end up extending Powell's time at the top of the central bank even after his term formally ends May 15.
Trump has nominated former Fed official Kevin Warsh to succeed Powell. Yet Warsh's confirmation has been delayed by the Justice Department's investigation into brief comments Powell made before the Senate Banking Committee last June about the Fed's building renovation. On Wednesday, Powell said he would remain as chair of the Fed's interest rate-setting committee after his term ends if no successor has been confirmed. And he said he could stay even longer if the investigation continues.
Tesla faces wider probe of self-driving feature
Federal auto regulators have escalated a probe of Tesla after several of its cars crashed while using its self-driving feature, just as CEO Elon Musk prepares to roll out a new model with no steering wheel or pedals.
The National Highway Traffic Safety Administration said in a memo that it was examining nine crashes in which the self-driving software failed to quickly alert drivers that they should take control in fog and other poor conditions because its cameras weren't picking out road hazards. A regulatory investigation begun in 2024 could now lead to enforcement action, possibly including a recall of 3.2 million Tesla vehicles.
TSA waits have become a guessing game
The wait times at airport security checkpoints have become a guessing game during the shutdown of a single U.S. government department. Absences among Transportation Security Administration officers are a major factor in determining whether or not lines move quickly.
The roughly 50,000 federal workers who screen passengers and bags have been working without pay while lawmakers fail to agree on funding the Department of Homeland Security. The department said on Thursday that about 10% of TSA officers nationwide missed work each day between Monday and Wednesday, when airports in Atlanta and Houston saw absentee rates of about 38%.
Targeting of Gulf energy could disrupt long term
Escalating attacks on key oil and gas facilities in the Persian Gulf have increased the risk of an extended bout of higher prices for everything from gasoline and electricity to computer chips and food.
Iran launched strikes on key Gulf infrastructure Thursday in retaliation for an Israeli attack on a natural gas field that supplies most of the country's natural gas. The tit-for-tat attacks have raised fears that the initial price shocks at the start of the war may become more entrenched. Gulf countries have already cut production at oil wells after the risk of Iranian strikes blocked most of the tanker traffic through the Strait of Hormuz, leaving the oil no place to go.