Fed governor Cook asks appeals court to reject White House's bid to remove her from Fed board
Federal Reserve Governor Lisa Cook is asking a U.S. appeals court to reject the Trump administration's latest attempt to remove her from her post. This comes ahead of the central bank's next vote on interest rates. On Saturday, Cook's attorneys filed a motion asking the court to reject the Trump administration's emergency request for a stay of a lower court ruling that would allow President Trump to remove her. They argue that firing a Fed governor without cause risks the economy and Fed independence. Trump accuses Cook of mortgage fraud before she joined the board, which she denies. The court has given the Trump administration until Sunday to respond.
With Hyundai raid, Trump's immigration crackdown runs into his push for foreign investment
WASHINGTON (AP) — President Donald Trump’s efforts to boost U.S. manufacturing by attracting foreign investment are clashing with his immigration crackdown. Immigration authorities recently raided a Hyundai plant in Georgia, detaining over 300 South Korean workers. South Korean President Lee Jae Myung has warned that this could deter future investments from his country. He expressed concerns about the U.S. not issuing visas for temporary workers needed to set up new plants. Trump has promised to make it easier for foreign investors to bring skilled workers legally. Raids and other restrictions could risk alienating allies that are pledging to invest hundreds of billions of dollars in the U.S. to avoid high tariffs.
FAA seeks $3.1 million in fines from Boeing over safety violations, 2024 midair panel blowout
The Federal Aviation Administration is seeking $3.1 million in fines from Boeing over safety violations, including an incident in January last year where an Alaska Airlines jetliner lost a door plug panel on its fuselage in midflight. No one was seriously injured, and the plane landed safely. The agency said Friday that the proposed penalty covers violations from September 2023 through February 2024. The FAA said it identified hundreds of quality system violations at Boeing’s 737 factory and a subcontractor’s facility. Boeing has 30 days to respond to the FAA.
The late Italian fashion designer Giorgio Armani instructs heirs to sell stakes in his empire
MILAN (AP) — The late Italian designer Giorgio Armani instructed his heirs to sell an initial 15% stake in his fashion empire. In his will, he prioritized French conglomerate LVMH, eyewear giant Essilor-Luxottica, or cosmetics company L’Oreal. Armani gave 40% control to his collaborator Leo Dell’Orco, and 15% each to his niece and nephew. The Armani Foundation will control the remaining 30%. Armani died on Sept. 4 at the age of 91. His business will, rewritten last spring, specifies selling the stake within 18 months. Armani's final collections will be presented at Milan Fashion Week, starting Sept. 23, marking the 50th anniversary of his fashion house.
Wall Street coasts to the finish of its best week in the last 5
NEW YORK (AP) — Wall Street coasted to the finish of its best week in the last five. The S&P 500 barely budged on Friday and edged down by less than 0.1% from its latest all-time high. The Dow Jones Industrial Average dipped 0.6%, and the Nasdaq composite rose 0.4%. Stocks have rallied to records with expectations that the Federal Reserve will cut interest rates next week for the first time this year. Treasury yields rose in the bond market to recover some of their sharp drops from earlier in the week, which came after economic reports seemed to cement the case for a rate cut.
The EPA wants to end a requirement that large polluters report their greenhouse gas emissions
WASHINGTON (AP) — The Environmental Protection Agency has proposed doing away with a program that has required large, mostly industrial polluters to report their planet-warming greenhouse gas emissions to the government. The program requires refineries, power plants, oil wells and landfills to report their emissions without risk of penalty as officials seek to identify high-polluting facilities and develop policies to lower carbon dioxide emissions. EPA Administrator Lee Zeldin called the program “burdensome” and unhelpful to improving human health and the environment. He said removing the rule would save American businesses up to $2.4 billion in regulatory costs while maintaining EPA's statutory obligations under the Clean Air Act.
Microsoft resolves European Union probe into Teams
LONDON (AP) — European Union regulators have accepted Microsoft's proposed changes to its Teams app to resolve an antitrust investigation. The European Commission announced on Friday that Microsoft's commitments to unbundle Teams from its Office software suite are enough to address competition concerns. These commitments are legally binding for up to 10 years, allowing Microsoft to avoid a hefty fine. The investigation began after a complaint by Slack Technologies, accusing Microsoft of tying Teams to its Office suite. Microsoft will offer Office packages without Teams at a discount and make it easier for rival software to work with Teams.
US electric grids under pressure from energy-hungry data centers are changing strategy
HARRISBURG, Pa. (AP) — As Big Tech’s data centers continue to grow threatening to overload U.S. electricity grids, policymakers are considering bumping the energy-hungry data centers off grids during power emergencies. Texas moved first to try to protect residents in the data-center hotspot from another deadly blackout like the winter storm in 2021 when dozens died. Lawmakers there passed a bill in June that orders up standards for power emergencies when utilities must disconnect big electric users. Now the concept is emerging in the 13-state mid-Atlantic grid and elsewhere as massive data centers are coming online faster than power plants can be built.
Widespread availability of graphic Charlie Kirk shooting video shows content moderation challenges
Immediately after Charlie Kirk was shot during a college event in Utah, graphic video of what happened was available almost instantly online, from several angles, in slow-motion and real-time speed. Millions of people watched — sometimes whether they wanted to or not as the videos autoplayed on social media platforms. The events illustrate the content moderation challenges platforms face in handling fast-moving real-time events, complicated by the death of a polarizing conservative activist who was shot in front of a crowd armed with smartphones recording the moment.
Boeing workers reject their latest contract offer, extending strike at three Midwest plants
Boeing workers have rejected another contract proposal, extending their nearly six-week strike at three Midwest plants. The union representing 3,200 workers announced the decision on Friday. These workers build fighter jets, weapons systems and the U.S. Navy’s first carrier-based unmanned aircraft. They’ve been on strike since Aug. 4, shortly after they rejected an earlier proposal that included a 20% wage hike over the life of the contract and $5,000 ratification bonuses. The company says no further talks are scheduled and it has a contingency plan to continue supporting its customers during the strike.
