Supreme Court upholds broad reading of SEC authority to recoup ill-gotten gains in fraud cases
WASHINGTON (AP) — The Supreme Court has upheld a broad reading of the authority of the Securities and Exchange Commission to recoup ill-gotten gains from people who engage in securities fraud. The justices ruled unanimously Thursday against Ongkaruck Sripetch, who pleaded guilty to selling unregistered securities as part of a scheme involving high-risk penny stocks. The Los Angeles resident had challenged a court order to repay more than $3 million, including interest. The issue in the case was whether the SEC had to prove individual investors lost money as a result of buying the stocks. The Supreme Court ruled it did not.
Supreme Court sides with Trump administration on federal regulation of telecom companies
WASHINGTON (AP) — The Supreme Court has sided with the Trump administration in a case about the power of federal regulators over telecommunications companies. In an 8-1 ruling Thursday, the justices preserved one of the Federal Communications Commission’s key enforcement tools. Verizon and AT&T challenged multimillion-dollar penalties imposed after the agency determined that the companies failed to safeguard customer location data. The companies argued that the FCC's process was unconstitutional and they hoped to build on a line of Supreme Court cases limiting the power of federal agencies. The high court disagreed, though after the administration said companies didn't have to pay the fines right away.
Trump announces $700 million in new support for struggling coal industry
WASHINGTON (AP) — President Donald Trump is again seeking to boost the struggling U.S. coal industry. A plan announced Thursday would spend nearly $700 million to support coal-fired power plants and coal exports. A White House official said the administration will use authority under a Cold War-era national defense law to support 13 coal plants across the country and help build coal plants in Alaska and West Virginia. If built, the plants would be the first new U.S. coal plants since 2013. The money will also help restart a coal-fired power plant in Maryland and support construction of a long-delayed coal export terminal in Oakland, California. Environmentalists said the plan would “put polluters first” and jeopardize Americans' health.
The Dow leaps to a record as oil prices ease and US stocks outside of AI rally
NEW YORK (AP) — Wall Street rallied after falling oil prices and yields in the bond market eased the pressure on U.S. stocks. The S&P 500 rose 0.4% Thursday for its 10th gain in the last 11 days, a day after dropping from its all-time high. The Dow Jones Industrial Average soared 1.7% to a record, and the Nasdaq composite slipped 0.1%. Banks and small companies helped lead the way after oil prices fell close to 3% and Treasury yields dipped. They more than made up for weakness among some influential AI stocks, which sank despite a strong profit report from Broadcom.
Tyco agrees to $10 million settlement with Wisconsin over PFAS water contamination
MADISON, Wis. (AP) — The manufacturer of firefighting foam that contaminated the water supply in northeast Wisconsin with PFAS chemicals for decades has agreed to a $10 million settlement with the state. Wisconsin's governor and attorney general, both Democrats, announced the deal on Thursday. Gov. Tony Evers hailed the settlement with Tyco Fire Products as a “historic and important milestone” in the fight for clean water. The settlement comes as communities across the country are struggling with PFAS contamination. PFAS are often referred to as “forever chemicals” because they resist breaking down, whether in well water or the environment.
Longtime CBS correspondent Scott Pelley lived many workers' fantasy: Telling your boss off
NEW YORK (AP) — Scott Pelley may have lost his job after publicly blasting CBS management. But for many workers, he lived out a fantasy. In a staff meeting this week, the longtime “60 Minutes” correspondent questioned the qualifications of top executives and accused them of undermining the storied news program. While his bosses dismissed him, saying he exhibited “remarkable incivility and contempt," many others are cheering Pelley, saying it was like watching a fantasy play out after years of biting their tongues around bosses they viewed as clueless.
What to know about the New World screwworm fly and its reappearance in the US
The New World screwworm fly is threatening the $113 billion U.S. cattle industry for the first time in more than a half century. An infestation from its flesh-eating larvae has been confirmed in south Texas in a 3-week-old calf in La Pryor, about 100 miles southwest of San Antonio. Federal and state officials had been working to keep the parasite from reaching Texas since its late 2024 appearance in southern Mexico. Before that, it had been contained in Panama for years. The U.S. eradicated the pest by the early 1970s by breeding sterile male flies and dropping swarms from planes to mate with wild females. Millions are being released each week now.
US jobless aid filings, a proxy for layoffs, hit highest level since Iran war began in February
WASHINGTON (AP) — The number of Americans filing for jobless aid hit their highest level in four months last week, but layoffs remain historically low despite ongoing economic uncertainty brought on by the war in Iran. U.S. applications for unemployment benefits for the week ending May 30 increased by 13,000 to 225,000, the Labor Department reported Thursday. That’s the most since early February, before the U.S. and Israel launched attacks on Iran, but still a historically low level. Weekly filings for unemployment benefits are considered a proxy for U.S. layoffs and are close to a real-time indicator of the health of the job market.
India's Modi meets Delcy Rodriguez as India expands Venezuela oil imports
NEW DELHI (AP) — Indian Prime Minister Narendra Modi has held talks with Venezuela’s acting President Delcy Rodriguez. Thursday's meeting comes as India has increased imports of Venezuelan crude in recent months. Rudrendra Tandon, a senior official in India’s foreign ministry, said the talks focused on strengthening energy cooperation as New Delhi seeks to deepen ties with the oil-rich nation following disruptions to global energy supplies caused by the Iran war. Venezuela has become India’s third-largest crude oil supplier in recent weeks. Rodriguez is expected to visit facilities in India’s energy, pharmaceutical, and automobile sectors during her trip.
Average US long-term mortgage rate falls to 6.48%, retreating from its highest level in 9 months
The average long-term U.S. mortgage rate eased this week from its highest level in nine months, welcome relief for prospective homebuyers. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate fell to 6.48% from 6.53% last week. The average rate remains below 6.85%, where it was a year ago. When mortgage rates decline they give homebuyers more purchasing power. Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation.
