WASHINGTON — The Senate Banking Committee voted on party lines Wednesday to approve Kevin Warsh as the next chair of the Federal Reserve to replace Jerome Powell, a longtime target of President Donald Trump's insults for not cutting borrowing costs as far as the president wanted. The vote ...
The State Department says it’s preparing a limited release of commemorative U.S. passports celebrating America’s 250th birthday and featuring a picture of President Donald Trump. He would be the first living president to be featured in the travel document. Starbucks: Gas prices aren’t dampening sales Starbucks said Tuesday that customers are responding to improved service in its stores, which saw better-than-expected sales in the company’s fiscal second quarter. The Seattle coffee giant said global same-store sales for the January-March period rose 6.2%. In the U.S., ...
When the Supreme Court killed his favorite tariffs in February, President Donald Trump promptly rolled out temporary import taxes to replace them. But those stopgap levies expire in less than three months. Now the administration is scrambling to put more durable tariffs in place to keep revenue flowing into the U.S. Treasury and to shore up the president’s protectionist wall around the American economy. Starting this week, the Office of the U.S. Trade Representative will begin hearings in two investigations that are expected to lead to a new round of U.S. tariffs — taxes paid by ...
DUBAI, United Arab Emirates — The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers and further weakening its leverage over global oil supplies and prices. The UAE's decision had been rumored as a possibility for some time, as it pushed back in recent years against OPEC production quotas it felt had been too low — meaning it wasn't able to sell as much oil to the world as it had wanted. "Having invested heavily in expanding energy production capacity in recent years, the bigger picture is that ...
Canada’s prime minister says the country is developing a government-owned investment fund. The fund will invest in major Canadian industrial projects in areas like energy, infrastructure, mining, agriculture and technology. It will start at $18 billion. Prime Minister Mark Carney said Monday that the federal government will provide funds alongside private investors. The money will help fund projects that Carney’s government is focused on building as Canada seeks to diversify away from the United States. Carney is a former two-time central banker in England and Canada as well as the ...
OAKLAND, Calif. — Technology tycoons Elon Musk and Sam Altman are poised to face off in a high-stakes trial revolving around the alleged betrayal, deceit and unbridled ambition that blurred the bickering billionaires’ once-shared vision for the development of artificial intelligence. The trial, which started Monday with jury selection, centers on the 2015 birth of ChatGPT maker OpenAI as a nonprofit startup primarily funded by Musk before evolving into a capitalistic venture now valued at $852 billion. The trial’s outcome could sway the balance of power in AI — breakthrough ...
