Warsh is sworn in as the Fed chair after Trump's bid for greater control over the independent bank
WASHINGTON (AP) — President Donald Trump has overseen the White House swearing-in of the new Federal Reserve chair. Trump said Friday that he'd like Kevin Warsh’s help in stimulating the economy even as the president tried to emphasize that the nation’s central bank would remain independent. Trump has spent months criticizing Warsh’s predecessor, Jerome Powell, for being reluctant to cut interests rates. Warsh noted the Fed’s mandate “is to promote price stability and maximum employment" and he pledged that the central bank would pursue those aims with “independence and resolve.” It was unusual that the ceremony didn't take place at the Fed's headquarters.
Oil and gas prices to remain high in Europe at least until the end of 2027, officials say
NICOSIA, Cyprus (AP) — European Union officials say that Europeans can expect oil and gas prices to remain above what they were before the Iran war for at least until the end of 2027. Prices for other goods are also following an upward trajectory. EU Economy Commissioner Valdis Dombrovskis said Friday that higher energy prices are primarily responsible for driving inflation to a forecast 3.1% for this year and 2.4% for 2027. That’s significantly higher than the earlier forecast for this year of 1.9%. European Central Bank President Christine Lagarde said that “lagging effects” would keep the price of goods elevated even if the conflict in the Middle East ended now.
SpaceX tries to launch a bigger version of Starship but hits a series of last-minute problems
CAPE CANAVERAL, Fla. (AP) — SpaceX's newest and biggest Starship will have to wait at least another day before launching on a test flight from Texas. The launch team got within a half-minute Thursday evening of sending the mega rocket on a space-skimming journey halfway around the world. But a series of last-minute problems forced a delay. SpaceX says it may try again Friday. The 407-foot rocket is using a brand new pad at Starbase near the Mexican border, and that's what contributed to some of the issues. NASA is counting on this latest version of Starship to land astronauts on the moon in a few years.
Trump immunity from IRS audit shocks experts, who warn it could undermine trust in tax system
NEW YORK (AP) — Donald Trump has a reputation for slashing his taxes using techniques that some experts find aggressive. Now the Justice Department has told the president he doesn't have to worry about being called out on it. In an extraordinary decision earlier this week, the IRS is suspending probes into his past returns to settle a lawsuit that Trump brought against the agency. Law experts say the move is unprecedented and unfair to Americans who have to play by the rules. Trump says tax authorities targeted him politically — a claim for which he has given no proof — and that he was right to seek a remedy.
Wall Street keeps rising, even as U.S. households keep getting more discouraged
NEW YORK (AP) — The split between Wall Street and most U.S. households keeps growing wider. The S&P 500 added 0.4% Friday and pulled closer to its all-time high to finish its eighth straight winning week, its longest such streak since 2023. The Dow Jones Industrial Average rose 0.6%, and the Nasdaq composite gained 0.2%. Ross Stores, Workday and Zoom Communications helped drive the market higher after reporting stronger profits than analysts expected. The gains came even as a survey showed sentiment among U.S. households fell to a record low on worries about inflation and high oil prices caused by the war with Iran.
FDA staff blindsided by move allowing more e-cigarettes and nicotine pouches onto US market
WASHINGTON (AP) — The Associated Press has learned that officials at the Food and Drug Administration were blindsided by a recent policy change allowing more electronic cigarettes and nicotine pouches to hit the U.S. market. Two FDA staffers who spoke under condition of anonymity say some agency officials only learned of the change the night before it was published. The new guideline breaks with longstanding FDA policy requiring nicotine products to undergo scientific review before launching. The staffers say there is confusion within the FDA about how the guidelines were developed. The policy was published days before former FDA Commissioner Marty Makary resigned under pressure from vaping lobbyists.
Legal fight could delay a proposed $7B settlement for lawsuits in Roundup cancer claims
JEFFERSON CITY, Mo. (AP) — A proposed $7.25 billion settlement over claims that Roundup weedkiller causes cancer now faces potential delays. An attorney opposed to the settlement has filed paperwork to move the case to federal court. This could disrupt deadlines and delay a decision on whether to approve the settlement. The U.S. Supreme Court is also considering whether to block thousands of lawsuits against Bayer, which acquired Roundup-maker Monsanto in 2018. Bayer argues it followed federal labeling standards and disputes claims that Roundup's key ingredient, glyphosate, causes cancer. A World Health Organization agency has classified it as "probably carcinogenic."
Trump calls off AI executive order over concern it could weaken US tech edge
WASHINGTON (AP) — President Donald Trump has called off plans to sign a new executive order on artificial intelligence hours before an expected White House ceremony. He says he's worried the measure could dull America’s edge on AI technology. Trump said he was postponing the Thursday signing because he didn’t like what he saw in the order’s text. The push for some form of government action to vet the most powerful AI systems follows growing concern within the banking industry and other institutions about AI’s ability to find cybersecurity vulnerabilities in the world’s software.
Chinese fast-fashion juggernaut Shein to buy eco-friendly Everlane in an unlikely fit
NEW YORK (AP) — Everlane, which bucked the fast-fashion industry by promising affordable ethically sourced and sustainable clothing, is being acquired by the king of fast-fashion Shein, founded in China. Everlane has signed an agreement to be acquired by Shein, according to a letter written by the brand’s CEO Alfred Chang sent to employees and obtained by The Associated Press on Friday. Everlane’s majority owner had been L Chatteron, which also owns a significant stake in Boll & Branch, Etro and Birkenstock, Everlane didn’t disclose a purchase price. Shein declined to comment, The takeover bid arrives at a time when Everlane is struggling. Sales are down and debt has mounted
Trump eases refrigerant rule in a bid to address surging grocery costs
WASHINGTON (AP) — The Trump administration is loosening a federal rule that requires grocery stores and air-conditioning companies to reduce greenhouse gases used in cooling equipment. President Donald Trump says that will help lower grocery costs. But it's not clear how much or how quickly prices could be impacted. Industry groups say it could even raise prices because manufacturers have already redesigned products, retooled factories and trained workers to build and service next-generation refrigerant equipment. The move to relax the Biden-era rules on harmful pollutants known as hydrofluorocarbons is the latest attempt by the administration before the November elections to try to address rising voter concerns over the cost of living.
