Federal Reserve Chair Powell says DOJ has subpoenaed central bank, threatens criminal indictment
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Sunday the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony this summer about the Fed’s building renovations. The move represents an unprecedented escalation in President Donald Trump’s battle with the Fed, an independent agency he has repeatedly attacked for not cutting its key interest rate as sharply as he prefers. The renewed fight will likely rattle financial markets Monday and could over time escalate borrowing costs for mortgages and other loans. The subpoenas relate to Powell’s testimony before the Senate Banking Committee in June, the Fed chair said, regarding the Fed’s renovation of two office buildings.
Trump 'inclined' to keep ExxonMobil out of Venezuela after CEO response at White House meeting
ABOARD AIR FORCE ONE (AP) — President Donald Trump says he is “inclined” to keep ExxonMobil out of Venezuela after its top executive was skeptical about oil investment efforts in the country after the toppling of former President Nicolás Maduro. Speaking on Air Force One, Trump told reporters as he departed West Palm Beach, Florida that he “didn’t like Exxon’s response.” He says, “They’re playing too cute.” During a meeting Friday with oil executives, Trump tried to assuage the concerns of the companies and said they would be dealing directly with the U.S., rather than the Venezuelan government. Darren Woods, CEO of ExxonMobil, the largest U.S. oil company, called the country “uninvestable.”
A $400,000 payout after Maduro's capture is putting prediction markets in the spotlight
Prediction markets let people wager on anything from a basketball game to the outcome of a presidential election — and recently, the downfall of former Venezuelan President Nicolás Maduro. Last week, an anonymous trader on Polymarket pocketed more than $400,000 after betting that Maduro would soon be out of office. The commercial use of prediction markets has skyrocketed in recent years, opening the door for people to wage their money on the likelihood of a growing list of future events. But in terms of government oversight in the U.S., the trades are categorized differently than traditional forms of gambling, raising questions about transparency and risk.
US futures slip while Asian shares gain as Fed chair Powell faces legal threat
BANGKOK (AP) — U.S. futures have fallen but markets in Asia advanced after Federal Reserve Chair Jerome Powell said the Department of Justice had served the central bank with subpoenas. The threat of a criminal indictment over Powell's testimony about the Fed’s building renovations is the latest escalation in President Donald Trump's feud with the Fed. But markets appeared to take the news in stride as they began the week's trading. Gold and other precious metals climbed. On Friday, U.S. stocks rose to more records following a mixed report on the U.S. job market. The S&P 500 climbed 0.6% and the Dow Jones Industrial Average added 0.5%. The Nasdaq composite rose 0.8%.
Greenland’s harsh environment and lack of infrastructure have prevented rare earth mining
Greenland’s harsh environment, lack of key infrastructure and difficult geology have prevented anyone from building a mine to extract the sought-after rare earth elements that many high-tech products require. Those challenges won't go away even if President Donald Trump takes control of the Arctic island. Trump has made it a priority to break China’s stranglehold on the global supply of rare earths and has invested hundreds of millions of dollars to do that. Now the president is again pitching that taking over Greenland could solve the problem. But Greenland may not ever produce many rare earths because of the inherent challenges.
Trump pushes a 1-year, 10% cap on credit card interest rates and banks balk
NEW YORK (AP) — President Donald Trump says he wants a one-year, 10% cap on credit card interest rates. It's an idea that revives a campaign pledge and could save Americans tens of billions of dollars. But it's drawing immediate opposition from an industry that's been in his corner. Trump wasn't clear in a social media post Friday night whether a cap might take effect through executive action or legislation. One Republican senator said he had spoken with the president and would work on a bill with Trump's “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office. Average interest rates now range from 19.65% to 21.5%.
Google teams up with Walmart and other retailers to enable shopping within Gemini AI chatbot
NEW YORK (AP) — Google is expanding the shopping features in its AI chatbot by teaming up with Walmart, Shopify, Wayfair and other big retailers to turn the Gemini app into a virtual merchant as well as an assistant. An instant checkout function will allow customers to make purchases from some businesses and through a range of payment providers without leaving the Gemini chat they used to find products, according to Walmart and Google. The news was announced Sunday on the first day of the National Retail Federation’s annual convention in New York. The role of artificial intelligence in e-commerce and its impact on consumer behavior are expected to dominate the three-day event.
'Avatar: Fire and Ash' tops box office for fourth straight week with newcomer 'Primate' second
LOS ANGELES (AP) — “Avatar: Fire and Ash” continues to dominate the box office, holding the top spot for a fourth consecutive week. The film earned $21.3 million in North America over the weekend, bringing its total to $342.6 million domestically and $888 million worldwide. Paramount's horror film “Primate” was the top new release, earning $11.3 million domestically. Disney’s “Zootopia 2” remains a global hit, nearing Disney’s highest-grossing animated film record with $1.65 billion globally. Lionsgate's “The Housemaid” also performed well, earning $11.2 million. Hollywood's focus is on the Golden Globe Awards, with “Avatar” and “Zootopia 2” each nominated for two awards.
Trump brushes off early posting of confidential jobs figures
WASHINGTON (AP) — In an unusual move, President Donald Trump posted a graph Thursday night on social media that reflected jobs data from December that weren’t supposed to be released until the Labor Department issued the monthly employment report Friday morning at 8:30 a.m. eastern. The monthly jobs numbers are a closely guarded secret because they can cause sharp swings in financial markets when released. Friday’s report, in fact, contributed to a rise in stock prices and a slight decline in bond yields. Early copies of the report are kept under lock and key at the Bureau of Labor Statistics, which compiles the data.
Trump signs executive order meant to protect the money from Venezuelan oil
WEST PALM BEACH, Fla. (AP) — President Donald Trump has issued a new executive order to protect Venezuelan oil revenue from judicial proceedings. The order, made public on Saturday, aims to support U.S. efforts to stabilize Venezuela economically and politically. Top oil executives have warned that Venezuela's instability makes it unattractive for private investment. During a meeting on Friday, Trump tried to address those concerns, emphasizing the importance of U.S. oil companies investing in Venezuela. The White House is focusing on economic strategies to manage Venezuela, including controlling sales of previously sanctioned oil. Trump expressed his commitment to making Venezuela “rich and safe again.”
