Minnesota's first-in-the-nation law banning prediction markets is halted in federal court
HARRISBURG, Pa. (AP) — A federal judge has temporarily blocked Minnesota's law banning prediction markets, which was set to take effect Saturday. The decision marks a clash between President Donald Trump's administration and states over regulation. U.S. District Judge Katherine Menendez found that the U.S. Commodity Futures Trading Commission, Kalshi and Polymarket are likely to succeed in their challenge. The law would have criminalized creating or operating prediction markets. Kalshi, Polymarket and the CFTC argue federal law gives the CFTC exclusive jurisdiction. Minnesota Attorney General Keith Ellison insists prediction markets are gambling and plans to defend the state’s law.
Will tough talk be enough? Fed Chair Warsh faces pressure to combat inflation
WASHINGTON (AP) — The Federal Reserve is expected to keep its key interest rate unchanged when it meets Wednesday, but chair Kevin Warsh is under increasing pressure to hike rates soon, a move that could provoke ire from President Donald Trump, who appointed him. The Iran war has reignited, pushing oil and gas prices higher — a trend that will worsen inflation in the coming months. Soaring investment in the artificial intelligence buildout is raising the cost of laptops, smart phones and electricity, and price hikes from tariffs could be in the pipeline. All those trends might lead to only temporary price increases. Yet inflation, according to the Fed’s preferred measure, has topped its 2% target for more than five years.
Wall Street's flip from AI to less-loved stocks accelerates, while oil prices keep easing
NEW YORK (AP) — Most U.S. stocks rose after Coca-Cola and other companies reported stronger profits for the spring than analysts expected. But more drops for chip stocks and other AI winners kept Wall Street's gains in check Tuesday, and the S&P 500 rose a relatively modest 0.2%. The Dow Jones Industrial Average jumped 1%, while the Nasdaq composite slipped 0.2%. The slides for AI stocks were worse elsewhere in the world, and South Korea's Kospi index tumbled nearly 11%. Oil prices continued to ease, which helped to pull Treasury yields lower in the bond market. Brent crude fell toward $82 per barrel.
Elon Musk launches invite-only X Money with a Visa debit card, 6% yield and real-time transfers
NEW YORK (AP) — Elon Musk's social media company X, previously Twitter, has launched X Money, a bank account-like service for users to send money to each other. X Money isn't a new bank; it uses Cross River Bank's technology and services. Currently, it's invite-only and available to X's paying members. Users receive an X-branded Visa debit card for ATM use and can send money in real-time. To attract customers, X Money offers a 6% yield on deposits and 3% cashback on eligible purchases. Musk aims to turn X into an "everything app," entering a market dominated by services like Venmo and Cash App.
CBS' '60 minutes' announces new slate of correspondents for upcoming 59th season
NEW YORK (AP) — CBS's "60 Minutes" has announced a slate of new correspondents and contributors for its 59th season. The show's executive producer, Nick Bilton, shared the news Tuesday. Ross Douthat, an opinion columnist from The New York Times, and Norah O’Donnell, former anchor of ‘CBS Evening News,’ will join as correspondents. Sebastian Junger, Gianna Toboni and Trevor Phillips join as contributors. The moves come two months after a major shakeup at the news magazine, led by new editor-in-chief Bari Weiss, which installed Bilton as executive producer and let to departures of three correspondents: Sharyn Alfonsi, Cecilia Vega and Scott Pelley.
Americans' confidence in US economy falls as Iran conflict sends gas prices higher
WASHINGTON (AP) — Americans’ confidence in the economy fell this month as gas prices resumed their climb after the U.S. and Iran stepped up their fighting. The Conference Board said Tuesday that its consumer confidence index fell to 90.8 in July from 92.2 in June. Consumers view of current business and labor market conditions fell by 3.6 points to 114.9, the third straight monthly decline. Consumer attitudes had improved modestly in June as gas prices came down to around $3.70 a gallon from more than $4.50 a gallon in late April and early May. But consumer anxiety increased in July, along with the price of gas.
Lawsuit claims US civil rights agency has halted all federal-sector class complaints
NEW YORK (AP) — A labor union and two female prison employees filed a lawsuit Tuesday accusing a U.S. civil rights agency of unlawfully halting their sexual harassment case as part of wider order to indefinitely suspend proceedings in all federal-sector class claims. The lawsuit claims that the Equal Employment Opportunity Commission has ordered an indefinite suspension of all federal-sector class complaints pending before the agency’s administrative judges, who handle discrimination complaints from federal workers in process that is different than private sector workers. The women, correctional officers at a Louisiana federal prison, have a pending complaint against the Federal Bureau of Prisons.
India's capital part of aggressive electric vehicle targets in bid to curb air pollution
NEW DELHI (AP) — Delhi has adopted a new policy to make most new vehicles electric, aiming to improve air quality. The plan includes subsidies, tax waivers, and incentives for scrapping old vehicles. Energy experts say it’s one of India’s most ambitious EV policies to help one of the world’s most polluted cities. However, Delhi needs more charging stations, especially for long-distance drivers. Currently, only about 5% of Delhi's vehicles are electric, but registrations are rising. The policy’s success depends on expanding charging infrastructure and using more renewable energy.
Loss of work authorization sows confusion for thousands of Haitian immigrants and their US employers
KEY WEST, Fla. (AP) — Thousands of businesses owners and managers in the U.S. are living in a state of constant uncertainty because confusion clouds the status of work permits for Haitian employees with Temporary Protected Status, better known as TPS. As part of its crackdown on legal and illegal immigration, the Trump administration terminated TPS for about 1 million people from more than a dozen countries, including 350,000 Haitians who have been living and working legally in the U.S. since 2010. The termination exposed them to deportation. The manager of a seafood restaurant in Key West, Florida, suspended six of his Haitian employees after they lost authorization to work in the U.S.
Former Golden Globes owners sue Penske Media alleging fraud in acquisition of awards show
LOS ANGELES (AP) — Members of the Hollywood Foreign Press Association have sued Penske Media and others, claiming they engaged in fraud to acquire the Golden Globe Awards. The lawsuit, filed Tuesday in California, alleges that Penske Media and owner Jay Penske colluded with Eldridge Industries to devalue the Globes and deceive the HFPA into a pressured sale. The lawsuit accuses them of hiding Penske's involvement in the 2023 deal. Penske Media's assets include major entertainment publications and awards shows. The lawsuit seeks at least $150 million in damages and aims to cancel the agreement to dissolve the HFPA. Penske Media has denied the claims.
