Federal Reserve Chair Jerome Powell emphasized the Fed’s commitment to controlling inflation, saying policymakers will hold off on changes until they better understand the impact of tariffs on prices. He described economic growth as strong and the labor market near full employment but noted inflation remains above the 2% target. Powell cautioned that the effects of tariffs are still uncertain and that the Fed is … Continue reading Powell emphasizes Fed’s obligation to prevent ‘ongoing inflation problem’

Tesla (TSLA) stock surged after the company successfully launched its robotaxi test in Austin, Texas, on Sunday. CEO Elon Musk announced the rollout on X, noting a $4.20 flat fee for rides. Early reports from users on social media confirmed that Tesla Model Ys marked as “Robotaxi” were actively picking up passengers, with some riders taking multiple trips. The positive reception helped Tesla’s stock close … Continue reading Tesla stock pops 8% after ‘foundational’ robotaxi launch in Austin

Insurance giant Aflac suffered a cyberattack potentially exposing Social Security numbers, insurance claims, and health data, marking the largest breach yet in a recent wave targeting the US insurance industry. The hacks, also reported by Erie Insurance and Philadelphia Insurance Companies, are linked to the cybercrime group Scattered Spider, known for using social engineering—posing as tech support—to infiltrate networks quickly. Aflac stopped the intrusion within … Continue reading Cybercriminals breach Aflac as part of hacking spree against US insurance industry

Rep. Nancy Pelosi and her husband Paul Pelosi reportedly earned between $7.8 million and $42.5 million in 2024, potentially boosting their net worth to as high as $413 million. Much of their wealth comes from savvy stock trades made in Paul’s name, including timely sales of Microsoft and Visa shares before major investigations and lawsuits, and lucrative call options on AI chipmaker NVIDIA and cybersecurity … Continue reading Pelosi portfolio out-performs every large hedge fund with stunning returns

Shares of Circle and Coinbase surged after the Senate passed the GENIUS Act, which would create a federal framework for U.S. dollar-pegged stablecoins. Circle’s stock jumped 33%, continuing its strong post-IPO rally, while Coinbase rose over 16%, benefiting from stablecoins as a key revenue source. The GENIUS Act sets strict rules for stablecoin issuance and centralizes oversight under the Treasury, but still needs House approval, … Continue reading Shares of Coinbase, Circle surge after stablecoin bill passes Senate

President Donald Trump sharply criticized Federal Reserve Chair Jerome Powell after the Fed kept interest rates steady, calling him “destructive” and blaming him for costing the U.S. “hundreds of billions of dollars” by not cutting rates. Trump claimed rates should be 2.5 points lower to save billions on Biden’s short-term debt and labeled Powell a “real dummy” on social media. Despite Powell’s stance to wait … Continue reading Trump rips into ‘too late’ Jerome Powell after Fed holds rates steady

The Swiss National Bank cut interest rates by 25 basis points to 0%, fueling concerns about a return to negative rates. The move was expected as inflation pressures ease, with Switzerland currently facing slight deflation. SNB emphasized a focus on medium-term price stability despite short-term negative inflation. The bank lowered its inflation forecast for 2025 and highlighted economic uncertainty, mainly from abroad. Switzerland’s strong franc, … Continue reading Switzerland enters era of zero interest rates

Nearly 70,000 people have signed up for the new $5 million “Golden Trump Card” visa program, a residency scheme led by U.S. Commerce Secretary Howard Lutnick. The visa offers legal U.S. residency in exchange for a large investment and features a gold card with Donald Trump’s face and signature. The initiative, originally proposed by billionaire donor John Paulson, aims to raise funds to reduce national … Continue reading 70,000 apply for $5M Trump Gold Card

Amazon CEO Andy Jassy announced that artificial intelligence will likely lead to a smaller corporate workforce in the coming years, as AI increases efficiency and changes how work is done. In a blog post, he said AI will reduce the need for some jobs while creating new roles, though the overall impact remains uncertain. Jassy emphasized that AI will transform work across all industries and … Continue reading Amazon says it will reduce its workforce as AI replaces human employees

U.S. stocks fell sharply Tuesday as rising oil prices and escalating tensions between Israel and Iran rattled markets. The S&P 500 dropped 0.8%, the Dow fell 299 points (0.7%), and the Nasdaq lost 0.9%. Oil prices surged over 4% after President Trump intensified rhetoric against Iran, prompting fears of disruption in global supply. Weaker-than-expected U.S. retail sales also added to concerns about economic slowdown. Solar … Continue reading Stocks slump and oil prices jump as Trump urges Iran’s unconditional surrender

Donald Trump’s family business is launching a Trump-branded phone service, offering a $499 gold-colored smartphone and a $47.45 monthly plan—referencing Trump as the 45th and 47th president. Ethics watchdogs warn the venture poses conflicts of interest and potential corruption. Critics also question the claim that the phone is fully U.S.-made, calling it “virtually impossible,” the BBC has reported. The Trump Organization says the business is … Continue reading Trump Organization enters mobile phone business

Costco will open a new standalone gas station in Mission Viejo, California, by spring, replacing a former Bed Bath & Beyond store. The station, available only to Costco members, will feature 40 pumps but no convenience store. Located near Interstate 5, it’s just 2.5 miles from Costco’s Laguna Niguel warehouse. This marks a first-of-its-kind standalone fuel site for Costco, Fox Business has reported. The company … Continue reading Costco to open new stand-alone gas station

Mitsubishi Corp is in talks to acquire U.S. shale and pipeline assets from Aethon Energy Management for around $8 billion, according to a source familiar with the matter. The deal would give Mitsubishi a major natural gas foothold near the U.S. Gulf Coast. Aethon, backed by RedBird Capital and the Ontario Teachers’ Pension Plan, operates significant gas assets in Louisiana, East Texas, and Wyoming, Reuters … Continue reading Mitsubishi Corp in talks for $8 billion US shale acquisition, source says

Boeing projects a more than 40% rise in global air travel demand by 2030, requiring 43,600 new aircraft through 2044, according to its latest 20-year forecast. While the total plane demand remains steady from last year, Boeing slightly lowered its growth expectations for passenger traffic, cargo, and the global economy. Single-aisle jets like the 737 MAX will dominate future deliveries. Boeing faces ongoing production challenges … Continue reading Boeing trims projection for 20-year jet demand

Taiwan has added Chinese tech giants Huawei and SMIC to its export control list, requiring Taiwanese firms to obtain permits before selling to them. The move, reflecting rising U.S.-China-Taiwan tech tensions, places the firms alongside sanctioned entities like the Taliban and al-Qaeda. Both Huawei and SMIC are already under U.S. sanctions and are developing China’s top AI chips to rival U.S. firms like Nvidia, the … Continue reading Taiwan adds China’s Huawei and SMIC to export control list

GameStop shares fell 23% after announcing a $1.75 billion convertible notes offering to help fund its bitcoin investment strategy and shift focus to trading cards. The company recently bought 4,710 bitcoins and plans further crypto investments. CEO Ryan Cohen cited bitcoin’s fixed supply as a hedge against macro risks. GameStop also reported a 17% revenue decline in Q1, fueling skepticism about its strategy. Analysts remain … Continue reading GameStop shares tank 20% as retailer reveals convertible debt offering

Oracle shares jumped 8% in after-hours trading after the company reported stronger-than-expected earnings and revenue for its fiscal fourth quarter, with signs of accelerating cloud growth. Adjusted earnings per share came in at $1.70 vs. $1.64 expected, and revenue reached $15.9 billion vs. $15.59 billion expected. CEO Safra Catz projected over 70% cloud infrastructure growth in fiscal 2026 and forecast revenue exceeding $67 billion, above … Continue reading Oracle shares climb 8% as earnings, revenue top estimates

President Donald Trump intensified his criticism of Federal Reserve Chair Jerome Powell on Thursday, calling him a “numbskull” for refusing to cut interest rates. Trump claimed a 2-point rate cut could save the U.S. $600 billion annually and suggested he might “force something” if the Fed doesn’t act. His remarks followed a lower-than-expected rise in producer prices and echoed similar comments from Commerce Secretary Howard … Continue reading Trump calls on Fed chief Powell to implement interest rate cut

General Motors plans to invest $4 billion to shift production from Mexico to three U.S. plants, including reopening the Orion Assembly plant near Detroit. The move will bring full-size SUVs and pickups to Orion, Fairfax (Kansas), and Spring Hill (Tennessee), partly driven by rising demand for SUVs and to avoid costly tariffs imposed by President Trump. GM’s CEO emphasized the commitment to American manufacturing and … Continue reading GM plans $4 billion push to move production from Mexico to U.S.

Consumer prices in the U.S. rose less than expected in May, with the inflation rate holding at 2.4%, as President Trump’s tariffs have yet to significantly impact prices, the Bureau of Labor Statistics reported. Core inflation, excluding food and energy, also came in below forecasts. Declines in energy, vehicle, and apparel prices helped offset increases in shelter and food costs. Experts caution that tariff-related price … Continue reading U.S. inflation rises 0.1% in May from prior month, less than expected

Amazon announced a $20 billion investment to build two data center complexes in Pennsylvania, including one next to the Susquehanna nuclear power plant, where it plans to draw power directly. The other center will be in Fairless Hills, powered by the electricity grid. Governor Josh Shapiro called it the largest private-sector investment in state history and highlighted the job creation, tax revenue, and training programs … Continue reading Amazon to spend $20B on data centers in Pennsylvania

China has offered some relief to U.S. and European automakers amid rare earth export restrictions by creating a “green channel” to speed up export license approvals for EU firms. This follows trade talks between Chinese and EU officials and comes after China imposed rare earth export curbs in response to U.S. tariffs. The move also included granting licenses to suppliers of General Motors, Ford, and … Continue reading China extends an olive branch to Western auto giants over rare earth shortage

Warner Bros. Discovery announced plans to split into two public companies by mid-2026: one focusing on streaming and studios, including HBO Max and movie properties, led by CEO David Zaslav; and a global networks company, including CNN and TNT Sports, led by CFO-turned-CEO Gunnar Wiedenfels. The move reflects industry shifts as consumers move from cable to streaming, aiming to give each company more strategic focus. … Continue reading Warner Bros. Discovery to split into two public companies by next year

Midea is recalling 1.7 million U Window and U+ Window air conditioners due to a drainage issue that can cause mold growth, posing health risks like respiratory infections. The Consumer Product Safety Commission (CPSC) has received 152 reports of mold buildup, including 17 cases with related health symptoms. The recall covers units sold in the U.S. and Canada under various brand names, including Frigidaire and … Continue reading Midea recalls 1.7 million air conditioners over potential mold risk

China’s consumer prices fell for the fourth straight month in May, dropping 0.1% year-on-year, as stimulus efforts have yet to boost domestic demand. A price war in the auto sector and falling property prices added downward pressure. Producer prices also declined sharply, with factory-gate deflation deepening to 3.3%. Despite strong exports, economists warn China must rely more on domestic consumption to fight deflation. Recent policy … Continue reading China consumer prices slump again, deepening deflation worries