Warren Buffett explains why his kids, not the Gates Foundation, will now give away all his fortune
OMAHA, Neb. (AP) — Billionaire Warren Buffett says his decision to cut the Gates Foundation out of his charitable giving is more about believing his three kids are ready to handle giving away his entire fortune than it is about Bill Gates’ ties to convicted sex offender Jeffrey Epstein. Buffett told CNBC Wednesday that Gates’ association with Epstein is “distasteful,” but the 95-year-old investor suggested that Gates’ actions weren’t much different from mistakes he had made over the years in hiring the wrong person or choosing his friends. Buffett says no one has a perfect record in judging people.
US imposing a 25% tariff on some Brazilian imports starting July 22, citing unfair trade practices
WASHINGTON (AP) — The United States is imposing 25% tariffs on imports from Brazil after finding a range of what it deemed unfair trade practices by the world’s 10th-biggest economy. The tariffs, which were first proposed last month, will take effect July 22. The order exempts some goods that are not produced in the U.S. or that officials worry would disrupt supply chains. Exempted products include coffee, beef, oranges and orange juice, some oil and gas energy products and aerospace parts and components.
Asian shares mostly decline with South Korea's Kospi down 6.6%, while oil prices slip
HONG KONG (AP) — Asian shares are mostly lower and oil prices have fallen despite back-and-forth strikes between the U.S. and Iran. Selling of AI-related shares weighed on benchmarks in South Korea and Japan. An interest rate hike by the Bank of Korea also contributed to a 6.6% tumble for the Kospi. Taiwan computer chipmaker TSMC, often seen as a barometer for the global industry and for the boom in artificial intelligence, was due to release its earnings report later in the day. On Wednesday, Wall Street's benchmark S&P 500 rose 0.4%. The Dow Jones Industrial Average climbed 0.3%, while the tech-heavy Nasdaq composite added 0.6%.
Fed chair Warsh sidesteps Senate questions on inflation, AI, contact with Trump
WASHINGTON (AP) — Federal Reserve Chair Kevin Warsh on Wednesday sought to evade a range of questions from senators on issues such as the impact of AI on inflation, what contacts he has had with President Donald Trump, and how the central bank will determine the persistence of inflation. Warsh has said since taking office seven weeks ago that he would provide less guidance about the Fed’s next interest rate moves than his predecessors. Yet he has frustrated many Fed-watchers by largely avoiding explanations of how the central bank might respond more generally to potential economic changes.
An empty middle seat is the latest perk United Airlines will offer on some flights
NEW YORK (AP) — United Airlines is trying to attract flyers with another luxury: an empty middle seat. The Chicago-based carrier plans to roll out new “Economy Plus” seats with no neighbor in the middle spot — and instead use the space for a shared table between the aisle and window travelers. The offering is only set to be available in one row on United’s new Airbus A321XLR aircraft, with sales not slated to start until later this year. The move arrives amid a broader push from airlines advertising more and more special tiers and separate add-ons to their flights, particularly when it comes to courting passengers who are willing to pay more for comfort.
Hong Kong booksellers are reportedly arrested over alleged sales of seditious publications
HONG KONG (AP) — Local media are reporting that authorities in Hong Kong have raided two bookstores and arrested five people for allegedly selling seditious publications. The arrests are part of a broader crackdown on independent booksellers and mark the third round of such raids in recent months. Hong Kong was once known for its freedom of publication, but political changes have created a challenging environment for independent bookstores. Officers seized boxes from the premises of Have A Nice Stay and the Greenfield Book Store. Have A Nice Stay had already announced plans to close in August.
Amazon will launch its satellite internet in South Africa, seemingly beating Musk in his homeland
CAPE TOWN, South Africa (AP) — Amazon says that the technology company will launch its new satellite internet service Amazon Leo in South Africa in 2027. That appears to put the company owned by Jeff Bezos ahead of Elon Musk’s rival Starlink to claim business in Africa’s most advanced economy. South Africa is also Musk's homeland. Amazon said Wednesday that it would partner with South African internet provider Herotel in its first agreement to provide satellite internet in Africa. Amazon’s announcement follows Musk’s bitter criticism of his country of birth. The world’s richest man has said South African affirmative action regulations have prevented him from launching Starlink there because he's white.
US producer prices drop 0.3% from May to June on lower energy prices, but outlook is cloudy
WASHINGTON (AP) — U.S. wholesale inflation fell from May to June on plunging energy prices but intensifying hostilities with Iran are clouding the outlook. The Labor Department reported Wednesday that its producer price index — which captures inflation before it reaches consumers — dropped 0.3% from May. Compared to a year earlier, it was up 5.5% in June, decelerating from a 6% increase the month before. Excluding volatile food and energy prices, so-called core wholesale prices were up 4.7% from June 2025 and 0.2% from May.
US Mint produces a $1 coin bearing Trump's face to help celebrate America’s 250th birthday
WASHINGTON (AP) — The U.S. Mint has started producing a new $1 coin featuring President Donald Trump to help celebrate America’s 250th birthday. The Treasury Department announced Wednesday the commemorative coin will be released in the fall. The U.S. Commission of Fine Arts was appointed by the Republican president and approved the final design earlier this year, though this version differs from that coin in a few ways. The coin in production is not gold, as originally planned, but instead has a gold finish. Federal law prohibits depicting a living president on U.S. currency, though the treasury secretary has the authority to change that in some instances.
Carbon monoxide present in Ford Explorer where 3 died, 2 others sickened in Ohio, official says
Officials in Toledo, Ohio, say the presence of carbon monoxide was confirmed in a parked vehicle where five people were found unresponsive and three of them died. The victims were discovered Wednesday after someone had arrived to help with a flat tire on the Ford Explorer. The city's mayor later said three of the victims died while two children were hospitalized in critical condition. Toledo Fire Chief Allison Armstrong says investigators later started the vehicle with the doors closed and a meter inside. She says the meter showed a “high spike” of carbon monoxide inside the passenger compartment.
