What the Supreme Court's ruling in the Cook case means for Federal Reserve independence
WASHINGTON (AP) — The Supreme Court on Monday said the Federal Reserve, unlike any other agency in Washington, has a measure of independence from the presidency and day-to-day politics. But the court didn’t define to what extent. The case is the latest round in an unprecedented fight between the Fed and President Donald Trump. More political interference at the Fed could upend financial markets around the world, which closely follow its interest rate moves. In a 5-4 decision, the court ruled that the president cannot fire the seven members of the Fed’s board of governors without a clear cause. The decision endorses the Fed’s independent structure even as the court eliminated such protections for leaders of other agencies, whom the president can fire at-will.
Supreme Court says Fed’s Cook can keep her job for now, but it upholds other Trump firings
WASHINGTON (AP) — The Supreme Court says Federal Reserve governor Lisa Cook can remain in her job for now, a rebuke to President Donald Trump’s bid to wrest control of the nation’s central bank. At the same time, the justices Monday dramatically expanded presidential power, upholding the Republican president's firings of the heads of other independent federal agencies. Trump says it's a “Historic and Unprecedented Ruling.” But the court rejected a Trump plea to immediately remove Cook from the Fed based on allegations she committed mortgage fraud, which she denies. Cook says the case was about her refusal to bow to political pressure in setting interest rates. Cook was nominated by then-President Joe Biden, a Democrat.
Comcast plans to split into two public companies by spinning off NBCUniversal and Sky
NEW YORK (AP) — Comcast is planning to split itself into two separate publicly traded companies by spinning off NBCUniversal and Sky. The company said Monday that its board and management team think each company will be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities. Media and entertainment company NBCUniversal includes a theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo. Its portfolio will now include European media business Sky.
Millions drop Obamacare health coverage after subsidies expire and costs rise
NEW YORK (AP) — New federal figures show that about 3 million fewer people had Affordable Care Act health insurance plans in February compared with the same time last year. The Department of Health and Human Services suggests the 13% drop is due to a federal crackdown on fraudulent enrollment. But health analysts believe it’s more likely related to the Jan. 1 expiration of federal subsidies that has caused a surge in costs. The healthcare research nonprofit KFF has said it expects the number of people in the government healthcare program to continue to decline throughout the year.
Saks officially emerges from Chapter 11 bankruptcy with less debt and a new name
NEW YORK (AP) — Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, officially emerged from Chapter 11 bankruptcy Friday with fewer stores, less debt, a more focused strategy to pamper the affluent — and a new name. The company said Friday that the new entity will be called Exemplar Luxury Group, and with an improved balance sheet, including a nearly 75% debt reduction and $500 million in extra financing. Its CEO Geoffroy van Raemdonck said the company is ready for its next chapter. Van Raemdonck said that the new name signifies the company’s focus on its exemplary shopping experiences, including great merchandise and pampered service, with help from its sales associates and the treasure trove of data it has on its customers.
Aramco oil company helicopter crashes in Saudi Arabia, killing all 14 on board
DUBAI, United Arab Emirates (AP) — A helicopter crash in Saudi Arabia has killed all 14 people on board. The Saudi Ministry of Energy says the accident happened Sunday morning in Ras Tanura. Everyone killed was a Saudi national. The helicopter belonged to Aramco, the world's largest oil company. An investigation is underway to determine the cause. Aramco has been dealing with disruptions in oil supplies due to the Iran war. The company recently shifted some oil exports to a pipeline to avoid the Strait of Hormuz, which the war disrupted.
Meet 3 members of Albania's 'Flamingo Revolution' trying to torpedo a Kushner-linked development
TIRANA, Albania (AP) — Protests in Albania against a coastal development project have gained global attention, partly due to the involvement of Jared Kushner, the son-in-law of U.S. President Donald Trump. The project threatens the Narta Lagoon, a wildlife reserve home to flamingos. Protesters in Tirana have been marching with flamingo cut-outs, earning the movement the nickname “The Flamingo Revolution.” The members of the movement include young people considered about injustices, workers in the tourism industry and older people concerned about sustaining Albania's democracy.
South Korean tech giants to build a $518 billion chipmaking hub to serve soaring AI demand
SEOUL, South Korea (AP) — South Korean tech giants Samsung Electronics and SK Hynix plan to invest a combined $518 billion in a new computer chip manufacturing hub, capitalizing on surging artificial intelligence-driven demand. The project in South Korea's southwest also will support the government’s regional development agenda. President Lee Jae Myung joined the companies' chairs in announcing the plan Monday on television. Lee has made AI and balanced regional growth key policy priorities, urging businesses to expand investment beyond the greater Seoul metropolitan area. The southwest has been a particular focus, as it lacks major manufacturing hubs and has historically trailed other regions.
OpenAI and Anthropic limit new AI models to Trump-approved customers during cybersecurity review
OpenAI has restricted the release of its new AI model at the request of President Donald Trump's administration. This move is part of a government effort to vet AI products for cybersecurity risks. OpenAI's rival, Anthropic, announced that the administration has approved a limited release of its cybersecurity model. Both companies will only provide access to small groups of trusted partners. OpenAI's new model, GPT-5.6 Sol, will be available to about 20 customers approved by the administration. The government’s actions have sparked criticism, with some experts warning that unpredictable intervention could hinder U.S. companies.
US stocks rise and recover some of their losses from a rare losing week
NEW YORK (AP) — U.S. stocks rose and recovered some of their losses from a rare losing week. The S&P 500 climbed 1.2% Monday, breaking a five-day losing streak. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite rose 2.1%. Comcast helped lead the way and jumped after saying it plans to split off its media businesses from its broadband unit. Several AI stocks also rebounded following sharp swings up and down last week. The gains came despite a rise for oil prices, while Treasury yields held relatively steady in the bond market.
