US and Iran to talk Sunday in Switzerland as Tehran says it closed Strait of Hormuz again
TYRE, Lebanon (AP) — U.S. and Iranian negotiators are on their way to a venue in Switzerland to discuss details of their interim agreement to halt the war. This comes after Iran said it closed the Strait of Hormuz due to Israel’s attacks in Lebanon. U.S. President Donald Trump in response threatened to impose tolls in the waterway if a final deal isn't reached in 60 days. Talks mediated by Pakistan and Qatar are set to begin Sunday. The deal involves unfreezing billions of dollars of Iran’s assets, and Iran's negotiating team includes central bank and oil officials, among others.
Warsh's gamble: A quieter Federal Reserve could mean volatile markets, higher rates
WASHINGTON (AP) — The Federal Reserve has for decades moved steadily from a remote, opaque government agency that shared little about what it did or why to a more transparent institution willing to explain how it makes decisions and what it thinks about the economy. New chair Kevin Warsh has begun to reverse some of those steps because he believes that by signaling its intentions the Fed pigeonholes itself into a position on interest rates. Yet such an approach carries the risk of more violent swings in stock and bond prices, analysts say, and ultimately higher interest rates for consumers and businesses.
A top banker tried to sway Pope Leo XIV on rare earth mining
ROME (AP) — The head of Latin America’s top development bank has made a case to Pope Leo XIV about the potential of rare earth mining. Ilan Goldfajn, head of the Inter-American Development Bank, argues it could benefit Latin America if done responsibly. Goldfajn met with the pope on Friday, acknowledging the Vatican’s opposition to multinational mining corporations. The Vatican has long supported Indigenous peoples affected by mining. Goldfajn believes the region can benefit from mining if proper standards and conditions are met. The Inter-American Development Bank has a $4 billion pipeline of mineral projects, mostly in Chile, Argentina, and Brazil.
Bolivia’s president declares a state of emergency as road blockades choke supplies
LA PAZ, Bolivia (AP) — Bolivian President Rodrigo Paz has declared a state of emergency to empower the military to remove road blockades. The move on Saturday aims to restore freedom and supply lines in cities like La Paz which have faced fuel and food shortages. The blockades have led to violent clashes, arrests and injuries over the past five weeks. Some protesters demand Paz's resignation despite an agreement with one labor union. The emergency measure will last up to 90 days and seeks to ensure fuel supplies without limiting constitutional rights. Paz is facing pressure from various political factions. He has received support from the U.S. government.
A founder of Assassin's Creed maker Ubisoft killed in a plane crash in western France
PARIS (AP) — A founder of Ubisoft, the global gaming company behind Assassin’s Creed, has been killed in a plane crash in western France. Authorities say Claude Guillemot and a flight instructor died when their twin-motor Cessna-421 crashed Friday evening near La Baule airport on the Atlantic coast. Both were licensed and experienced pilots. An investigation is underway. Ubisoft confirmed Guillemot's death but did not comment further. Guillemot and his four brothers founded Ubisoft in 1986. The company is known for popular games like Just Dance and the Rayman and Tom Clancy franchises.
Russia strikes an apartment building in the Ukrainian city of Kharkiv and 1 person is killed
KYIV, Ukraine (AP) — Russian bombs have struck an apartment building in the Ukrainian city of Kharkiv. Authorities said that the bombardment killed at least one person and injured nine others including a child. The attack happened early Saturday. A body was pulled from the rubble hours later. A Russian drone hit a civilian car in Kharkiv on Friday evening in a strike that killed a man and wounded a woman. Moscow hasn't commented on the attacks. Ukraine's air force said it shot down 92 of 99 Russian drones launched overnight. Russian air defenses repelled a drone attack on an oil refinery in Tyumen in Western Siberia.
Spanish judge orders prime minister's wife to face corruption trial and surrender her passport
BARCELONA, Spain (AP) — A Spanish investigative judge has ruled that the wife of Spanish Prime Minister Pedro Sánchez will face trial on charges of influence peddling and corruption. The judge also ordered Begoña Gómez to surrender her passport in his ruling on Saturday. The judge argued that Gómez represents a flight risk. The case has intensified scrutiny of Sánchez’s Socialist-led minority government before an election due by next year. Government officials and the Socialist Party condemned the ruling as politically motivated. Gómez denies any wrongdoing.
US gas prices dip below $4 for 1st time since March but remain 25% higher than last year
NEW YORK (AP) — U.S. gas prices have fallen to just below $4 a gallon on average, bringing some relief to drivers who have seen soaring costs amid Washington’s war with Iran. But filling up is still more expensive than it was before the conflict began. According to AAA, a gallon of regular gasoline is now averaging at $3.999. It’s the first time since March that prices have been that low. The drop aligns with easing crude oil costs overall, as markets feel hopeful about an initial agreement between the U.S. and Iran to end the war. Still, American drivers are collectively paying a $1 more per gallon than they were in late February.
Stranded ships have begun transiting the Strait of Hormuz, maritime data company says
Maritime data company Lloyd’s List Intelligence says major shipowners have begun moving vessels through the Strait of Hormuz. For the first time in 110 days, ships owned by major companies are transiting the strait after effectively being marooned there since February. The strait is a critical passageway for the world’s oil and natural gas. Its closure has created a historic energy crisis. Tankers controlled by major ship owners Grimaldi Group, Cosco, Knutsen and NYK have passed through the strait. Lloyd’s List estimated that 550 merchant ships will need to prepare to exit the Persian Gulf, including 160 tankers, 200 bulk carriers, 60 container ships and 10 vehicle carriers.
World Cup ticket buyers are left stranded as resale purchases fall through
ATLANTA (AP) — The World Cup has been delivering thrills on the pitch, but fans have flooded social media with complaints about tickets that never arrived, orders canceled at the last minute and hours spent trying to sort out problems between FIFA’s ticketing system and outside resale platforms. Many complaints seem to be about industry titan StubHub, but people have also reported problems when buying through competitors such as SeatGeek and Vivid Seats. Interviews with fans and industry experts show some cases stem from technical glitches, while others could involve sellers who never had tickets in the first place. FIFA says sales through its official site are guaranteed to go through.
