Trump moves toward deal to give US an equity stake in company developing Nevada lithium mine
WASHINGTON (AP) — The White House is moving forward with a deal that would allow the U.S. government to take a small equity stake in a Canadian company that is developing one of the world’s largest lithium mines. The Department of Energy and Lithium Americas, developer of the proposed Thacker Pass lithium mine and processing plant in Nevada, have agreed on changes to a $2.3 billion federal loan that could allow the project to move forward to extract the silver-white metal used in electric vehicle batteries. The proposed equity stake in Vancouver-based Lithium Americas is the latest example of President Donald Trump’s administration intervening directly in private companies.
Fed's favored inflation gauge accelerates slightly in August
WASHINGTON (AP) — The Federal Reserve’s favored inflation gauge accelerated slightly in August from a year earlier. The Commerce Department reported Friday that its personal consumption expenditures (PCE) price index was up 2.7% in August from a year earlier, up from a 2.6% year-over-year increase in July and most since February. Excluding volatile food and energy prices, so-called core PCE inflation showed a 2.9% increase in prices from August 2024, same as in July. The increases were what forecasters had expected.
Trump to put import taxes on pharmaceutical drugs, kitchen cabinets, furniture and heavy trucks
WASHINGTON (AP) — President Donald Trump is putting import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks starting on Oct. 1. Trump said Thursday on his social media site that foreign manufacturers of furniture and cabinetry were flooding the United States with their products and that tariffs must be applied “for National Security and other reasons.” Trump said that foreign-made heavy trucks and parts are hurting domestic producers.
Profit margin on flipping a home is at a 17-year low due to high prices
LOS ANGELES (AP) — It pays less and less to buy and flip a home these days. The typical home flipping profit margin fell in the second quarter to its lowest level since 2008, with a typical return of 25.1% before expenses. That's according to an analysis by Attom, a real estate data company. Rising home prices are driving up acquisition costs, making flipping less profitable. The median price for a flipped home reached a record high of $259,700, according to Attom. Meanwhile, with many aspiring homeowners priced out of the market, real estate investors are taking up a bigger share of U.S. home sales overall.
Powerhouse attorney Robert B. Barnett, known for representing the Obamas and Clintons, dies
NEW YORK (AP) — The Washington attorney who brokered book deals for Barack Obama, George W. Bush and dozens of other government leaders has died at age 79. Robert B. Barnett was a fixture in the political and publishing worlds for decades and had a client list like no other. He represented everyone from Hillary Clinton and Edward M. Kennedy to Dick Cheney and Mitch McConnell. He embodied an era when it was possible to work freely with both Democrats and Republicans and embodied the maxim that politics stops at the edge of a good book deal.
After global aid cuts, nonprofits seek new energy and new partners on the UN sidelines
NEW YORK (AP) — The many conferences on the sidelines of the U.N. General Assembly’s annual gathering of world leaders offer a unique forum for companies and philanthropies to help shape an uncertain future. In the face of significant foreign aid pullbacks from the U.S. and other wealthy countries, humanitarian actors described more pragmatic and focused discussions than in previous years. It's also a forum to make big commitments. Billionaire businessman Michael Bloomberg announced a new partnership with the African Development Bank Group to bring more investment to the continent. The Gates Foundation also announced a deal with an Indian pharmaceutical manufacturer to help lower the cost of an HIV prevention injectable.
Chair of a House committee on China demands urgent White House briefing on TikTok deal
WASHINGTON (AP) — Rep. John Moolenaar has requested an urgent briefing from the White House after Trump supported a deal giving Americans a majority stake in TikTok. Moolenaar, chair of the Select Committee on the Chinese Communist Party, says the ownership transition is a step forward but not the only requirement. The deal, reached nearly two weeks ago, involves selling stakes in TikTok to comply with the law and licensing TikTok's all-important algorithm. However, Moolenaar wants more details. Critics argue the deal doesn't fully comply with the law, as ByteDance might still have influence.
Microsoft reduces Israel's access to cloud and AI products over reports of mass surveillance in Gaza
WASHINGTON (AP) — Microsoft said it has disabled services to a unit within the Israeli military after a company review had determined its artificial intelligence and cloud computing products were being used to help carry out mass surveillance of Palestinians. The action came Thursday after The Associated Press and The Guardian published reports revealing how the Israeli Ministry of Defense had been using Microsoft’s Azure platform to aid in the war in Gaza and occupation of the West Bank.
UN adds 68 companies to blacklist for alleged complicity in rights violations in Israeli settlements
GENEVA (AP) — The United Nations has added 68 more companies to a blacklist of companies from 11 countries that it says are complicit in violating Palestinian human rights through their business ties to Israeli settlements in the occupied West Bank. The new list spotlights companies that do business that’s deemed supportive of the settlements, which are considered by many to be illegal under international law. The list, formally known as a “database of companies,” now contains 158 companies, the vast majority Israeli. The others are from Britain, Canada, China, France, Germany, Luxembourg, the Netherlands, Portugal, Spain and the United States.
Dario Vitale debuts as Versace creative director in 'intimate' event with VIPs and sex-charged looks
MILAN (AP) — Versace has launched Dario Vitale as its new creative director during Milan Fashion Week. The event took place on Friday at a 17th-century palazzo, drawing crowds of fans. Vitale's debut collection brings back the bold, sexualized style of the 1980s and 1990s Versace. The show featured music from icons like George Michael and Prince. Vitale is the first nonfamily member to lead Versace, following Gianni and Donatella Versace. The change comes as the Prada Group is set to complete its purchase of Versace. Fans of VIP guests gathered outside, adding to the excitement.
