US deportations to El Salvador double as Bukele aligns himself with Trump agenda
SAN SALVADOR, El Salvador (AP) — Official figures show that the number of people deported to El Salvador from the United States nearly doubled in the first months of 2026. The jump comes as Salvadoran President Nayib Bukele has positioned himself as an ally willing to help the Trump administration accelerate deportations. The U.S. deported 5,033 Salvadorans back to their country in the first three months of 2026 compared with 2,547 deportees the same period in 2025. That's according to figures obtained by The Associated Press on Tuesday.
Who is incoming Fed chair Kevin Warsh?
WASHINGTON (AP) — The U.S. Senate on Wednesday confirmed Kevin Warsh to lead the Federal Reserve. President Donald Trump had picked the former Fed governor to replace Jerome Powell, believing that Warsh can deliver the booming economy the president had promised voters. Warsh takes over a divided central bank wrestling with the economic fallout from the war Trump started with Iran on Feb. 28. The appointment amounts to a return trip for Warsh, 56, who was a member of the Fed’s board from 2006 to 2011. He was the youngest governor in history when he was appointed at age 35. He is currently a fellow at the right-leaning Hoover Institution and a lecturer at the Stanford Graduate School of Business.
Senate confirms Trump pick Warsh as chairman of the Federal Reserve, following Powell
WASHINGTON (AP) — The Senate has confirmed Kevin Warsh as chairman of the Federal Reserve. The vote to confirm Warsh on Wednesday brings new leadership to the world’s most powerful central bank at a fraught moment for the global economy. Warsh’s nomination faced uncertainty after Republican Sen. Thom Tillis of North Carolina threatened to block it while the Justice Department investigated Fed Chair Jerome Powell. The Powell probe was dropped in April, allowing the Warsh confirmation to move forward. Warsh will take over as the Fed confronts stubborn inflation, deep divisions over interest rates and renewed scrutiny from President Donald Trump over its independence.
US and China seek to repair damage from tariff war that sent trade into a freefall
WASHINGTON (AP) — President Donald Trump's trade war with Beijing has sent U.S.-China trade into a freefall and forced companies on both sides of the Pacific to regroup. U.S. firms are looking for suppliers outside of China. And Chinese firms have pursued business in Europe and Southeast Asia. The sparring goes beyond tariffs. China has cut off purchases of U.S. soybeans and deprived U.S. manufacturers of crucial minerals and metals. The U.S. has blocked China from getting advance computer chips. The world's two biggest economies have shown they can hurt each other. Now Trump and Chinese President Xi Jinping are trying to stabilize the relationship.
Producer prices shot up 6%, adding pressure on companies to hike prices for struggling customers
WASHINGTON (AP) — U.S. wholesale inflation came in hot last month. Producer prices rose 6% from a year earlier, most since December 2022, as the 10-week Iran war pushed up energy prices and put pressure on companies to pass along higher costs to consumers. The Labor Department reported Wednesday that its producer price index — which tracks inflation before it hits consumers — shot up 1.4% in April, biggest monthly gain since March 2022. The numbers were much higher than economists had forecast.
Soaring inflation and plummeting economy test Iran's ability to withstand war and US blockade
TEHRAN, Iran (AP) — The struggles of Iran's economy are testing its ability to withstand the war and defy Washington’s demands. Iranians have been hit by spiraling prices for food, medicine and other goods. At the same time, the country has seen mass job losses and business closures caused by strike damage to key industries and the government’s monthslong shutdown of the internet. Hadi Kahalzadeh is an Iranian economist and research fellow at Brandeis University. He says the economic cost of the war and the U.S. naval blockade has been substantial. But he added that Iran has withstood decades of economic pressure and sanctions and its capacity to adapt has not been dismantled.
Tech carries Wall Street to records, even as most stocks fall after discouraging inflation data
NEW YORK (AP) — A rebound for technology stocks led Wall Street to records, even though the majority of U.S. stocks fell following another discouraging update on inflation. The S&P 500 rose 0.6% Wednesday and topped its prior all-time high set early this week. The Dow Jones Industrial Average dipped 0.1%, and the Nasdaq composite climbed 1.2% to its own record. Nvidia and other tech stocks led the way, a day after stumbling in an industrywide swoon. Most other stocks weakened after a report showed inflation at the U.S. wholesale level was significantly worse last month than economists expected.
Palestinian man shot dead while climbing West Bank barrier into Israel in search of work
JERUSALEM (AP) — Palestinian authorities say Israeli police have shot and killed a Palestinian man attempting to climb the barrier separating the West Bank from Jerusalem. The Palestinian Health Ministry identified the man as Zakaria Qadis. The incident occurred Tuesday evening. Israeli police didn’t immediately respond to queries about the shooting. The funeral for the man was held on Wednesday. An increasing number of Palestinians have tried to enter Israel illegally as the Palestinian economy deteriorates. Many Palestinians held permits to work in Israel before the Israel-Hamas war. But access was restricted after the attack by Hamas-led militants on southern Israel on Oct. 7, 2023. Unemployment has surged in the West Bank since then.
'Ocean Dream' blue-green diamond sells for more than $17 million at Christie's auction in Geneva
GENEVA (AP) — Christie's says a 5.5-carat triangular-cut diamond billed as the largest fancy vivid blue-green diamond known to exist has sold for more than 13.5 million Swiss francs or $17.3 million. The auction house said it was a record for a stone of its kind sold at auction. The “Ocean Dream” was the standout offer at the auction house’s Geneva sale of jewelry on Wednesday. It was found in Central Africa in the 1990s. The price easily topped the presale estimate to fetch 7-10 million francs or around $9-13 million. The buyer was an unspecified private collector.
Allegiant Air and Sun Country complete merger, creating larger budget airline for travelers
LAS VEGAS (AP) — Allegiant Air says it has completed its purchase of Sun Country Airlines, bringing together two low-cost carriers and creating a larger budget airline for travelers. The airline said Wednesday the merger was approved by regulators and shareholders. The companies first announced the deal in January. Allegiant says both airlines will continue operating under their current brands for now, with no immediate changes for customers or flight schedules as the companies work to combine operations. The deal comes as the industry faces rising jet fuel costs driven by the Iran war, which has pushed up fares and added pressure across budget airlines. Spirit Airlines shut down this month after years of financial strain, which the airline said was made worse by the rising fuel prices.
