Asian benchmarks mostly decline as investors anticipate US rate cut
TOKYO (AP) — Asian shares are mostly lower, trading in a narrow range ahead of a Federal Reserve meeting that’s expected to result in the third cut to interest rates this year. Benchmarks fell slightly Wednesday in Tokyo, Sydney, Hong Kong and Shanghai, while inching up in Seoul. Analysts expect the third rate cut of the year, an assumption that has driven U.S. market performance. The big question is what the Fed will say about 2026 with some investors bracing for talk aimed at tamping down expectations for more cuts to come. On Wall Street, the S&P 500 slipped 0.1%, staying near its record, the Dow dipped 0.4%, while the Nasdaq added 0.1%.
Trump's speech on combating inflation turns to grievances about immigrants from 'filthy' countries
MOUNT POCONO, Pa. (AP) — At a nighttime event in Pennsylvania, President Donald Trump tried to emphasize his focus on combating inflation, although the issue couldn't quite command his full attention. The president told the crowd gathered at a casino and resort in Mount Pocono on Tuesday that inflation was no longer a problem and that Democrats had used the term “affordability” as a “hoax” to hurt his reputation. Yet he meandered during his remarks, asking why the U.S. couldn't take in more immigrants from Scandinavia and using an expletive to described countries such as Haiti and Somalia.
Canada's top envoy to the US will resign before review of free trade agreement
TORONTO (AP) — Canada’s ambassador to the U.S. for the last six years says she’s resigning next year as the two major trading partners review the free trade agreement. Ambassador Kirsten Hillman said Tuesday it is the right time to put in place someone who will see a review of the free trade agreement through to conclusion. Canada’s free trade deal with the U.S. is up for review in 2026. Canadian Prime Minister Mark Carney says Hillman “prepared the foundations for Canada in the upcoming review" of the agreement.
Southeast Asia embraces offshore wind power, as Trump bashes renewable energy
HANOI, Vietnam (AP) — Southeast Asia is embracing the embattled offshore wind industry as it reels from U.S. President Donald Trump’s rejection of renewable energy. That dramatic shift in U.S. policy has thrown billions of dollars-worth of American offshore wind projects into turmoil. Industry experts say interest and investment is pivoting to the untapped potential for wind power in Southeast Asia. Momentum is building in the Philippines and Vietnam with first-time project auctions and new power development plans. Analysts say both countries may offer strategies for other developing nations wanting to build their energy independence and meet goals for countering climate change.
Fed likely to lower borrowing costs this week, but follow-up rate cuts face longer odds
WASHINGTON (AP) — The Federal Reserve faces an unusually contentious meeting this week that will test Chair Jerome Powell’s ability to corral the necessary support from fellow policymakers for a third straight interest rate cut. The Fed’s 19-member rate-setting committee is sharply divided over whether to lower borrowing costs again. The divisions have been exacerbated by the convoluted nature of the economy. Inflation remains elevated, which would typically lead the Fed to keep its key rate unchanged, while hiring is weak and the unemployment rate has risen, which often leads to rate cuts. The debate could be a preview of where the Fed is headed after Powell’s term as chair ends in April.
U.S. job openings barely budged in October, coming in just below 7.7 million
WASHINGTON (AP) — U.S. job openings barely budged in October, coming in at 7.7 million amid uncertainty over the direction of the American economy. The Labor Department reported Tuesday that employers posted 7.67 million vacancies in October, close to September’s 7.66 million. The Job Openings and Labor Turnover Survey (JOLTS) also showed that the layoffs rose and number of people quitting their jobs — a sign of confidence in the labor market — fell in October. Job openings have come down steadily since peaking at a record 12.1 million in March 2022, when the economy was roaring back from COVID-19 lockdowns.
OpenAI names Slack CEO Dresser as first chief of revenue as ChatGPT maker aims to make a profit
SAN FRANCISCO (AP) — OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
Microsoft investing $17.5 billion in India for AI and cloud infrastructure
NEW DELHI (AP) — Microsoft has announced its largest-ever Asia investment of $17.5 billion in India to enhance cloud and artificial intelligence infrastructure over the next four years. CEO Satya Nadella revealed this on Tuesday after meeting with Indian Prime Minister Narendra Modi in New Delhi. The investment aims to build infrastructure, skills and sovereign capabilities for India's AI future. This highlights the global technology competition to expand in India. The country is one of the fastest-growing digital markets. Google announced a $15 billion investment in India in October for its first AI hub. Microsoft plans to scale up cloud and AI infrastructure and expand operations across India.
Luigi Mangione’s notes to self: 'Pluck eyebrows,' 'Keep momentum, FBI slower overnight'
NEW YORK (AP) — A to-do list and travel plans found during Luigi Mangione’s arrest and revealed in court this week shed new light on the steps he may have taken — or planned to take — to avoid capture after UnitedHealthcare CEO Brian Thompson’s killing last year. The notes, including a hand-drawn map and tactics for surviving on the lam, were shown on Monday at a pretrial hearing as Mangione’s bid to prevent prosecutors from using evidence seized during his Dec. 9, 2024, arrest at a McDonald’s in Altoona, Pennsylvania. Police said they discovered the notes in Mangione’s backpack, along with a 9 mm handgun that prosecutors said matches the one used to kill Thompson five days earlier.
Philanthropist MacKenzie Scott gave $7.1 billion to nonprofits in 2025, a major increase
NEW YORK (AP) — The author and philanthropist MacKenzie Scott revealed $7.1 billion in donations to nonprofits in 2025 Tuesday, marking a significant increase in her annual giving from recent years. Scott acknowledged donating $2.6 billion in 2024 and $2.1 billion in 2023. The gifts this year bring her total giving since 2019 to $26.3 billion. Scott acknowledged the donations in an essay on her website. Scott’s donations have captured the attention of nonprofits and other charitable funders because they come with no strings attached and are often very large compared to the annual budgets of the recipient organizations
