Business

US ban on $1bn of Canadian goods takes effect in Trump’s latest retaliation | Business and Economy News

Trump retaliated against Canada’s counter-tariffs on $20bn worth of US imports by banning $1bn of Canadian goods.

The United States is implementing a ban on nearly $1bn in imports from Canada, including alcoholic beverages, dairy products and motorcycles.

The ban took effect early Tuesday and is likely to further strain already-tense relations between the two neighbours.

Recommended Stories

list of 4 itemsend of list

Ottawa and Washington DC have long been allies and trade partners, with approximately $880bn worth of annual two-way trade. That relationship has been upended during US President Donald Trump’s second term as he unleashed tariffs on most trading partners, including Canada, and referred to the northern neighbour as the 51st state of the US.

Most recently, the US slapped 50 percent levies on Canadian goods worth $20bn, including dairy and motorcycles, on August 22 after trade negotiations failed. Canadian Prime Minister Mark Carney retaliated, saying Ottawa will match US tariffs “dollar for dollar in order to protect Canadian workers, farmers, families and businesses”. Canada levied tariffs of 15 percent, 25 percent and 50 percent on US exports of a similar value.

Tuesday’s ban was Trump’s punishment for Canada’s retaliatory tariffs.

“The impact of such a ban will be minor, it is only $1bn while we trade hundreds of billions with Canada,” Professor Gary Shields at Wayne State University’s School of Business told Al Jazeera. “It is, however, rather astonishing how President Trump treats our allies in Canada and Europe, while rolling out the red carpet for China’s dictator when he visited the US last week”.

“It is a tit-for-tat. It will not reduce people’s taxes and won’t put money in their pockets. It is kind of personal and a way of showing off toughness,” Shields added.

Canada’s economy grew by an estimated 0.2 percent in August after remaining unchanged in July, according to Statistics Canada. But the new US-Canada tariffs, tighter financial conditions and a shrinking population should further weaken growth in late 2026 and early 2027, Michael Davenport, senior Canada economist at Oxford Economics, said in a note provided to Al Jazeera.

 

Source link

Shipbuilder Behind Failed Constellation Class Wants Back Into The U.S. Navy Frigate Business

Fincantieri Marine Group, which developed the cancelled Constellation class frigate for the U.S. Navy, says it sees a possible new opportunity in the service’s latest small surface combatant plans. At least three foreign frigate designs are already under review for possible Navy service, as is the prospect of having them built overseas, as part of a study expected to wrap up next month. Fincantieri wants to once again add the FREMM design, which the Constellation was based on, to the Navy’s options. The shipyard, which is a subsidiary of its Italian namesake, made significant investments in shipyard infrastructure in the United States and supply chains as part of the Constellation debacle, but it is not clear if that will be enough to make a new pitch attractive.

USNI News first reported on the possibility of a new Fincantieri frigate pitch to the Navy yesterday after an interview with CEO George Moutafis. TWZ also spoke at length with Moutafis about the failure of the Constellation class program earlier this year, and we have reached back out to the company for more information about new prospects now.

“Right now the Navy and the [Trump] administration could find the right type of dialog with us to set [development] up in a way that enables quick setup and swift construction without letting design spirals get in the way,” Moutafis told USNI News. “Accept the design that is and works well, and start work on it to get units out there for the fleet.”

This is FREMM, this is Fincantieri | Fincantieri thumbnail

This is FREMM, this is Fincantieri | Fincantieri

In addition, “Moutafis said the supply chain the shipyard built during the Constellation could be applied to Fincantieri’s FREMM EVO design with few modifications to avoid the design churn that led to the cancellation of the Constellation,” according to USNI News.

The Constellation class was derived from the Franco-Italian FREMM, a multi-purpose frigate designed to offer a mix of anti-air, anti-submarine, and anti-surface warfare capabilities. The explicit intent of the program had been to acquire a frigate based on an established, in-production ‘parent’ design, to which only relatively minor changes would have to be made, helping to reduce cost and risk. In the end, Constellation only had 15 percent design commonality with FREMM, causing delays and other issues that directly contributed to its cancellation. However, the Navy’s demand for smaller surface combatants has not gone away. We will come back to this all in a moment.

A rendering of a Constellation class frigate. USN

Fincantieri unveiled FREMM EVO (for “evolution”), along with an order for two of them for the Italian Navy, in 2024. In July of this year, Portugal announced it would also be buying three FREMM EVOs.

As designed, the FREMM EVO is close to 472.5 feet (144 meters) long, is some 64.6 feet (19.7 meters) at its widest, and displaces 6,500 tons with a full combat load, according to Fincantieri’s website. Its hull dimensions and displacement are essentially unchanged from the Italian subvariant of the baseline FREMM. The EVO will have a new superstructure configuration and a host of new capabilities.

Renderings of the FREMM-EVO. Fincantieri
An Italian Navy FREMM frigate, or Bergamini class, in front, sails together with a US Navy Arleigh Burke class destroyer. USN

The most notable new feature on the EVO version is set to be a new Leonardo Kronos Dual-Band Radar (DBR). The Kronos DBR combines the C-band Kronos Quad and the X-band Kronos StarFire into a single system with four paired sets of active electronically scanned arrays (AESA) positioned around the superstructure. In general, combining radars in this way can offer advantages for performing a variety of different tasks and doing so simultaneously. The ability to fuse data from both arrays together can help produce high-fidelity target tracks and other benefits. At the same time, DBRs have historically presented complexities that can cause serious difficulties with both integration and operation.

Among other things, the DBR is set to give the FREMM EVO expanded capability to knock down incoming ballistic missiles in the terminal phase of flight using Aster 30 surface-to-air missiles. Anti-ship ballistic missiles have become a threat that navies globally could realistically encounter in future conflicts, even against smaller nation states or non-state actors. There is a trend emerging worldwide now in the development of new anti-ballistic missile defenses to protect individual warships, as well as help defend other naval assets and interests ashore. Baseline FREMM frigates can already fire Aster 30 missiles, as well as Aster 16s, from any of their 16 Sylver vertical launch system cells at the bow end of the ship. EVO has space allotted for the integration of additional VLS cells, but it is unclear whether any current customers are pursuing that option.

Lancio Aster 30 thumbnail

Lancio Aster 30

In terms of armament, like the baseline FREMM, the EVO configuration will also have deck-mounted launchers for eight anti-ship cruise missiles, two triple torpedo tubes, two turreted 76mm guns, and various smaller automatic cannons and machine guns.

FREMM EVO is to feature improvements to other parts of its sensor package, as well as electronic warfare and communications suites, compared to the baseline design. This will all be tied into a SADOC 4 combat management system (CMS) from Leonardo.

On top of all this, this new FREMM configuration will have a new dedicated suite of counter-drone capabilities, another threat category that is very real now, and that only continues to expand in scale and scope.

“FREMM EVO represents a milestone both in confirming the ability to combine maturity and innovation in its EW systems that will be on board, and for the first naval supply of an advanced anti-drone counter capability,” ELT Group, which is supplying components for the counter-drone suite, said in a statement back in 2024, according to Naval News. “The latter will allow both the detection, recognition and identification of drones and their soft-kill counter. The project of a naval CUAS arises from the expertise acquired by Elettronica in this capacity for several years now, which have led to the development of sophisticated Artificial Intelligence algorithms developed specifically for countering the threat posed by drones.”

When it comes to a new pitch to the U.S. Navy, FREMM EVO does have the benefit of being an in-production design. As mentioned, Fincantieri had also been working to expand its facilities at the Marinette Marine shipyard in Wisconsin to build similarly-sized Constellation class frigates before that program was cancelled. The shipbuilder has relevant established supply chains to feed into that yard, as well, as Moutafis highlighted to USNI News.

A Naval Sea Systems Command (NAVSEA) briefing slide from 2022 detailing work Fincantieri had been doing to expand its physical infrastructure to support the production of the Constellation class. USN

In speaking to us earlier this year, Moutafis also talked about important lessons learned from the Constellation program, which he felt were already having a positive impact the U.S. Navy way of doing business.

“Some of those lessons learned out of Constellation are being manifested in the things that the Navy has been rolling out the past few months – a new approach that empowers PAEs [Navy Portfolio Acquisition Executives] to make decisions, to minimize change, to embrace innovation and new technologies,” he said. “All these elements that we see now being rolled out, I think to a certain degree, connect back to lessons that have been learned out of the Constellation class journey.”

“Figure out what you want to prioritize, to what extent you want to prioritize schedule, and what’s the best way to say this,” he added when asked for specific examples of what he was talking about. “When you know when you need something delivered and at what pace, then enable the right level of decision-making. Because otherwise – I don’t want to sound this the wrong way – but perfection sometimes is the enemy of more than good enough.”

“Going beyond the Constellation class, now the needs are for vessels to be out there for the warfighter as soon as possible. For sure, we will see many cases where it will be considered that a vessel with these capabilities – even though potentially, in some areas, it may not have enough tons of steel on its sides, or whatever – it will be good enough to assist the warfighter as they head into harm’s way,” he also added at that time. “Those trade-offs are now being placed at the PAE level, allowing Navy leaders at that level to make the right decisions – figuring out whether to continue going down a design spiral versus just moving out with production and enabling us to have the right capabilities on time for the warfighter.”

When Moutafis spoke with us, the Navy had already unveiled a new FF(X) frigate program and announced plans to buy examples of a design derived from the Huntington Ingalls Industries’ (HII) Legend class National Security Cutter for the U.S. Coast Guard. Those frigates will notably lack a VLS array, at least initially, along with other features that were seen as critical to Constellation class. The Navy has outlined plans to offset the more limited baked-in capabilities of the FF(X)s with add-on containerized weapon systems and companion fleets of uncrewed surface vessels. All of this has already prompted significant debate about the operational utility of these small surface combatants, as TWZ has previously explored in detail.

A rendering of the FF(X) frigate. USN

In August, President Trump put out a memo that, in part, directed then-Acting Secretary of the Navy Hung Cao to “submit a plan … that includes timelines and resourcing requirements, for a new competitive acquisition approach for surface combatants with sufficient inherent capabilities to perform anti‑submarine warfare, surface warfare, and convoy escort duties.” The memo also outlined an acquisition strategy referred to as the “Finland Model,” in which foreign shipbuilders would have to make major investments in U.S. enterprises and hire American workers as part of any future contract, even if an initial tranche of vessels is built overseas. This, in turn, has led to the aforementioned foreign warship study ongoing now, which is reportedly exploring the merits of Japan’s Mogami class, the South Korean Chungnam class, and the Istanbul class from Turkey, in-depth profiles of which you can find here.

Examples of the Japanese Mogami class (at bottom), the South Korean Chungnam class (at top left), and the Turkish Istanbul class (at top right). Yuichi Yamazaki-Pool/Getty Images/HD Hyundai Heavy Industries/Anadolu Shipyard

Whether or not the U.S. Navy will pursue the acquisition of any of the ships it is studying now, or whether it might be willing to consider additional pitches from Fincantieri or other shipbuilders, remains to be seen. If it is to be successful, any new attempt to leverage an in-production foreign frigate design will have to take concrete steps to avoid falling into the same design change pitfalls as the Constellation class. The Navy’s struggles with solidifying designs early and keeping changes to a minimum during development and initial production have impacted several domestic naval shipbuilding efforts, too.

For Fincantieri, while the Navy played a central role in the failure of the Constellation program, there is the additional matter of whether the service is interested in any way in the optics of not only going back to the same shipbuilder, but the same underlying parent design (FREMM).

Some members of Congress have been very vocally pushing back on any plan that involves production in foreign shipyards. This is despite long-standing concerns about the capacity of U.S. shipyards and persistent hurdles to growing that industrial base. In this context, a new offer to build frigates domestically at Marinette Marine could find welcoming ears, but Fincantieri is also already on contract to build new Medium Landing Ships (LSM) for the Navy at this same yard. LSM is another program the service has also been trying to accelerate after years of delays.

A rendering of Dutch shipbuilder Damen’s LST-100 landing ship, the basis for the Navy’s new LSMs. Damen

It’s also unclear what any additional frigate procurement program might mean for the existing FF(X) frigate program, and what level of additional competition there might be for shipbuilding resources, as a result.

“In terms of which path we go – I’m not going to get ahead of that process – but [studying all options is] essentially what we’re doing,” Navy Rear Adm. Casey Moton, head of the Portfolio Acquisition Executive Maritime (PAE-M) office, also said at the American Society of Naval Engineers Fleet Maintenance and Modernization Symposium last week, according to USNI News. “I am not going to get ahead of what we are doing in response to the presidential memo.”

“We just went through CDR [the critical design review] on the Flight I [of FF(X)], and so we’re doing some pre-production activities with HII to help prepare for that material,” Moton also noted. The Navy has said in the past that it is aiming to have the first FF(X) frigate in the water by 2028.

The Navy’s fleet of Arleigh Burke class destroyers “gets used with a very high demand signal combatant commanders. The Navy can’t operate with only one size of ship,” Rear Adm. Brian Metcalf, Deputy PAE-M, also said in an official video in June, further underscoring the general demand for these new smaller surface combatants. “The [FF(X)] frigate will fill that gap. They can be used in less contentious waters. They can be used as high-value escorts. There are all kinds of things the frigate can fill the gap for and allow destroyers to execute the high-end mission set.”

Signs that a new foreign-designed frigate could be in the Navy’s future have already been growing. The service may have a clearer vision for how to proceed, and whether there might be room for additional pitches from Fincanterai and others, after the review it is working through now is complete.

Contact the author: joe@twz.com

Joseph is TWZ’s Deputy Editor, helping to oversee the site’s highly experienced and dedicated team, while also writing informative and impactful defense and national security content. He lives right in the thick of it in the Washington, D.C. area.


Source link

Australia raises interest rates to 15-year high | Business and Economy News

Reserve Bank of Australia lifts benchmark rate to 4.6 percent amid stubborn inflation.

Australia’s central bank has raised interest rates to a 15-year high, spelling higher mortgage payments for millions of Australian households.

The Reserve Bank of Australia (RBA) on Tuesday lifted the benchmark rate by 0.25 percent to 4.6 percent, its highest since 2011.

Recommended Stories

list of 4 itemsend of list

The RBA said inflation remained elevated and that previously flagged “upside risks” had materialised, including higher energy prices due to the United States-Israel war on Iran and rising tech costs.

“There continue to be heightened uncertainties about the outlook for domestic economic activity and inflation,” the bank’s monetary board said in a statement.

“The Middle East conflict remains unresolved, and there are scenarios where inflation is higher and activity lower than forecast,” it said.

“Global oil supply disruptions are maintaining upward pressure on global and domestic energy prices and inflation. A period of prolonged uncertainty may also cause growth to be lower overseas and in Australia.”

Australia’s annual rate of inflation stood at 3.5 percent in July, well above the central bank’s 2–3 percent target.

Central banks typically raise their benchmark interest rate when policymakers believe prices are rising too fast.

Higher interest rates raise the cost of borrowing, including mortgages, cooling consumer demand and bringing down inflation.

The latest hike is set to heap further strain on Australian households already grappling with three previous increases this year.

In a research report earlier this month, Roy Morgan said nearly one-third of Australian mortgage holders, or nearly 1.8 million people, were at risk of “mortgage stress” – where households spend 25-45 percent of after-tax income on payments – as of July.

Australia’s Treasurer Jim Chalmers, who is not responsible for setting interest rates, acknowledged that the hike would mean greater hardship for many Australians.

“We know a lot of Australians are under pressure and this will make things harder,” Chalmers said in a post on X.

“Inflation and interest rates are going up around the world but we know that doesn’t take the sting out of today’s decision.”

Chalmers said the government would take responsibility for “our part of the fight against inflation”.

“That means continuing to manage the budget responsibly, rolling out tax cuts and cost of living help, and addressing the longer term challenges in our economy in an uncertain global environment,” he said.

Source link

Gold falls amid rising oil prices and higher US dollar | Business and Economy News

Gold hits seven-week low; silver follows suit and records a nearly 5 percent loss.

Gold prices are falling as concerns of rising fuel prices stoke inflation worries on the back of the war between the United States and Iran.

Spot gold prices fell by 3.3 percent to reach a more than seven-week low at $4,146.51 per ounce on Monday.

Recommended Stories

list of 4 itemsend of list

Rising oil prices, a higher US dollar and Treasury yields stoked inflation concerns, creating further headwinds for the metal.

This is the lowest level for gold values since August 5. US gold futures also fell by 3.3 percent to $4,178.40.

Although gold is traditionally considered an inflation hedge, higher interest rates dent ⁠its appeal as investors prefer yield-bearing assets.

“There might be no notable direct impact on regular people due to that. However, investors who had turned to gold will see a hit, especially under the current high inflation rates,” Sherif Othman, CEO of the Maryland-based Poise Investment Advisors, told Al Jazeera.

“Gold does not yield interest, so when Treasury yields go up, investors turn away from gold, impacting its value”, he added.

The Fed lifted benchmark rates by a quarter ⁠percentage point earlier this month and flagged that at least one more hike is likely in the coming months.

The US dollar was steady near a two-month high, and oil prices spiked about 3 percent as US President Donald Trump rejected an Iranian offer ⁠to resolve the conflict and reopen the Strait of Hormuz.

Such factors triggered several policymakers to warn that inflation risks remain elevated and that interest rates may need to rise, with Cleveland Fed President Beth Hammack among the latest officials to reiterate that view.

Higher Treasury yields and the US dollar are “creating a perfect storm to push the metals prices sharply lower,” according to Jim Wyckoff, a market analyst at American Gold Exchange.

Spot silver also fell by 4.7 percent to $61.27 per ounce, platinum declined 2.9 percent to $1,726.30 and palladium lost 4.4 percent to $1,211.45.

Source link

Apple ordered to pay $5.7bn in patent infringement case | Business and Economy News

California jury finds Apple infringed two Taction patents but did not willfully violate them; Apple plans to appeal.

Apple has been ordered to pay more than $5.7bn for using patented technology from Taction Technology to power haptic feedback, the vibrations users feel when they receive a notification or press a button.

A jury in federal court in the Southern district of California found that the iPhone maker infringed two patents owned by the San Diego-based company.

Recommended Stories

list of 4 itemsend of list

“We’re happy the jury found for Taction and vindicated its patent rights,” said Taction attorney Lance Yang following the verdict on Friday.

The verdict is the culmination of a legal battle that began in 2021, when Taction first filed its lawsuit against Apple. In 2023, a federal judge ruled that Apple had not infringed Taction’s patents, but an appeals court revived the case last year.

“Apple is capitalising on Taction’s innovation and success by selling devices that infringe Taction’s patents. Apple is utilising Taction’s patented inventions without license or authority from Taction. Taction has brought this action to remedy Apple’s infringement,” Taction said in the original 31-page complaint.

It also claimed that Apple “at a minimum believed there was a high probability that the accused products were covered by Taction’s patents, but willfully blinded itself to Taction’s patents and the infringing nature of the Accused Products”.

The jury, however, found that Apple did not wilfully infringe the patents.

Apple said it plans to appeal the verdict.

“Apple’s Taptic Engine is fundamentally different from Taction’s technology, which Taction’s own testing of Apple’s products confirmed during trial,” Apple said in response.

The verdict comes at a pivotal moment for the company, amid transitions in its C-suite. In September, John Ternus took over as CEO from Tim Cook, who led Apple for 15 years. The leadership change comes as the Cupertino, California-based tech giant lags behind other major technology companies in rolling out its artificial intelligence products.

Apple shares fell on Monday, declining about two percent as trading got underway.

Source link

Quixote shutters supplying business, lays off 60 employees

Five months after pulling back from most of its Los Angeles soundstage business, production services company Quixote is selling much of its equipment operation.

Equipment rental house Cinelease recently announced that it had acquired Quixote’s grip and lighting and production supplies assets in Los Angeles and New York. The transaction resulted in roughly 60 layoffs, Quixote said. Most of the affected employees were based in L.A. with a few in New York.

The production supplies business will operate as Cinelease Pro Supplies.

“Our sales team is reaching out directly to clients with active or upcoming rentals from these businesses and will work with Cinelease to help ensure a smooth transition,” the company said in an email on Sept. 15 to its clients. “It has been our privilege to serve you, and we look forward to continuing to be your source for production and events transportation.”

In April, Quixote announced it was winding down most of its Los Angeles soundstage business, including its main commercial studio in West Hollywood and its North Valley studio in Pacoima. A producer has since taken over the Pacoima site.

Quixote has also closed its production services operation in Atlanta, following earlier closures in New Orleans and Albuquerque. Quixote’s Griffith Park studio will remain open.

Cinelease, a Los Angeles lighting and grip rental company founded in 1977, has been expanding in recent months. It has added rigging and fencing businesses and is pursuing work in live events and sports alongside film and TV.

Quixote was founded in 1995. Los Angeles-based real estate company Hudson Pacific Properties Inc. bought it in 2022 for $360 million, saying at the time that the acquisition would help address growing demand for soundstage space.

Quixote’s retreat comes amid a major slowdown in Hollywood production, as many productions leave California in pursuit of tax incentives around the world. The downturn has hit studio real estate hard. Radford Studio Center, which sold for $1.85 billion in 2021, was seized by lenders after its previous owner defaulted on its debt. Netflix agreed to buy the lot for between $330 million and $400 million. The Television City lot is also up for sale.

On Thursday, a bipartisan group of congressional leaders introduced a bill to create a federal film and television tax credit, the Motion Picture, Television and Entertainment Revitalization Act. It would establish a 20% tax credit on U.S. labor for eligible film and TV productions. Its path is uncertain, however. The House is in recess until after the midterm elections, and supporters hope to pass the bill at the end of the year.

“As we enter this next chapter, our Fleet team remains committed to providing the service, expertise and support our clients have come to expect from Quixote,” the company wrote in an email. “We look forward to continuing to work with you to make your visions a reality.”

Times staff writer Samantha Masunaga contributed to this report.

Source link

British Columbia leader calls snap election as premier tells voters to say ‘hell no to Trump’

A Canadian provincial premier called a snap election Tuesday, saying President Trump’s attacks on Canada are threatening jobs, businesses and the country’s ability to determine its own future.

The provincial election comes after U.S.-Canada trade talks broke down, deepening a dispute that has brought steep tariffs. British Columbia Premier David Eby effectively put Trump on the ballot, arguing the election offers British Columbians a choice between his government’s efforts to resist U.S. economic pressure and opponents he accused of embracing “MAGA-style politics.”

“Join us saying hell no to Trump and to his politics,” Eby said in announcing the Oct. 24 election.

Eby said Trump’s trade war and threats against Canada have changed conditions in British Columbia enough to justify an election two years early.

“Donald Trump is attacking our workers, he’s targeting our businesses, and he is threatening our sovereignty,” Eby said. “He’s threatening our ability to make decisions for ourselves.”

The left-leaning New Democratic Party leader said British Columbia needs to build a “firebreak” against Trump’s economic policies by protecting workers and businesses, reducing its dependence on the United States and finding new markets for Canadian products.

“This isn’t just a trade dispute,” Eby said. “It’s about the life that you and your family are building.”

Eby said British Columbia’s exports to the United States have fallen 4% while exports to other markets have risen 16%.

He also vowed to keep American alcohol off provincial shelves, saying “not one drop of Jack Daniels” would return until Canada gets a fair deal with the United States.

The New Democrats won a narrow majority in the 2024 provincial election, giving Eby enough seats to govern without relying on another party, and he was not required to call another election until 2028.

The election call also comes amid turmoil among the opposition British Columbia Conservatives. Kerry-Lynne Findlay resigned as party leader Sunday following a wave of defections and expulsions from her caucus. Lorne Doerkson was named interim leader.

Source link

US Republican calls for probe into Donald Trump Jr’s business dealings | Donald Trump News

A member of Donald Trump’s political party has issued a rare call for a congressional investigation into the foreign dealings of the United States president’s eldest son.

US Senator John Curtis, a Republican from the state of Utah, on Tuesday said “questions have arisen” about Donald Trump Jr’s relationships with foreign business figures and acceptance of “significant gifts”, alleging he may have personally benefited from his relationship with the president.

Recommended Stories

list of 3 itemsend of list

In a letter to the Republican and Democratic leaders of the US Senate Judiciary Committee, Curtis referenced a ProPublica report that found Trump Jr’s Bahamian wedding party in May was funded by a Russian oligarch.

“These reports raise legitimate questions about foreign access to members of a sitting president’s family and whether such relationships can create actual or perceived expectations of favorable treatment,” Curtis wrote. “They also may create expectations of a returned favor that would not be in the best interests of the American people or our allies, and could even create national security vulnerabilities.”

The letter comes as a small but slowly growing number of Republicans have spoken out against Trump, who has largely avoided criticism from members of his own party. But record-low approval ratings sparked by the war in Iran and concerns over the cost of living in the US have forced some Republicans to reconsider that support as they face growing prospects of major losses in the congressional midterm elections.

If Democrats retake one, or both, chambers of the US Congress in November, investigations into Trump, including his family’s dealings, are likely. But those probes are less likely under Republicans wary of the president’s wrath.

A spokesperson for the Senate Judiciary Committee, which is under Republican control, told the Associated Press that it had received Curtis’s letter but did not say whether there would be an investigation.

Trump vs Biden

Curtis, who isn’t up for re-election until 2030, also called on the chamber’s panel to subpoena Trump Jr, as well as the son of former US President Joe Biden, a Democrat.

“The country should not have to accept one standard for the family of a Republican president and another for the family of a Democratic president,” Curtis wrote, referencing the scrutiny and investigation Biden’s son Hunter faced from Republicans.

Hunter Biden responded to Curtis’s letter in a post on social media, calling for the Senate committee to “bring it on” as he vehemently denied any foreign business dealings while his father was president.

“I’ll sit next to Don Jr. and testify any time, any place,” Biden wrote on X as he called for the president’s youngest son, Eric, and son-in-law, Jared Kushner, who serves as a US envoy, to testify as well. “No need for a subpoena. Let’s all do it tomorrow.”

After the ProPublica report, Trump Jr and his wife, Bettina, released a joint statement on social media saying the Russian oligarch, Umar Kremlev, was a “dear friend” who “very generously hosted two incredible nights of celebrations for us AFTER our wedding”.

The president, who did not attend the wedding, said his son had reimbursed Kremlev.

“It’s totally allowed, and a lot of people give parties and things like that — but it’s totally allowed,” Trump said. “But as I understand it, he paid him back. He didn’t want it.”

US Senator Dick Durbin, the ranking member on the Senate Judiciary Committee, said that while Biden’s son “has already given a sworn deposition to Congress”, Trump Jr “has not”.

“For the committee to ignore this matter is to run the risk of being complicit in a coverup,” Durbin said. “I will join in supporting Senator Curtis’ request of the Senate Judiciary Committee.”

Curtis’s office did not immediately reply when asked by Al Jazeera what prompted the senator’s letter and whether any fellow Republicans have indicated if they would support an investigation into the president’s family.

Source link

How oil, gas losses have shrunk Iran’s GDP by 10 percent during war | Business and Economy News

Amid the US-Israel war on Iran, the country’s economy has suffered a sharp contraction, with its crucial oil and gas sector taking the biggest hit as the United States tightens its economic and military pressure on Tehran.

Data released by the government-administered Statistical Center of Iran showed gross domestic product (GDP) shrank by 10.1 percent year-on-year between March 21 and June 20, the first quarter of the Persian calendar.

Recommended Stories

list of 3 itemsend of list

The period covers the opening months of the US-Israel war on Iran, which began on February 28.

The economic downturn has come as Iran struggles to export its oil, one of its most important sources of foreign currency, while also contending with high inflation, a weakening rial, and disruptions to trade and industry.

Here is what you need to know:

What does the economic data say?

The headline GDP number masks an even steeper decline in Iran’s energy industry. Crude oil and natural gas activity contracted by 26.4 percent compared with the same period a year earlier. GDP excluding oil, by comparison, fell by 4.6 percent.

The damage has spread beyond the energy sector. Industry and mining contracted by 14.7 percent, services declined by 4.8 percent, and manufacturing contracted by 2.5 percent. Agriculture was the exception, growing at 2.3 percent.

Those figures come amid an already difficult economic situation in the country. Earlier this month, Iran’s 12-month average inflation reached 69.9 percent, while food, beverage, and tobacco prices rose at nearly twice that rate. Official unemployment climbed to 9.1 percent in the spring.

The rial, meanwhile, fell from about one million to the US dollar a year earlier to more than 2.2 million in early September.

What is the latest with Iran’s oil exports?

Iran’s ability to sell crude has been dramatically curtailed by the US naval blockade, imposed for most of the war.

Iranian crude and condensate loadings collapsed from about two million barrels per day in March to roughly 740,000bpd in July and just 220,000-255,000bpd in August, according to estimates from Kpler and Vortexa.

TankerTrackers.com told the Reuters news agency that 29 tankers, carrying 36.11 million barrels of crude, were trapped in the Strait of Hormuz. Meanwhile, Vortexa estimated total Iranian crude afloat had fallen from 135 million barrels at the end of July to 107 million barrels by late August.

Is Trump winning the economic war on Iran?

By several economic measures, Washington’s pressure campaign is inflicting damage on Iran’s economy.

On September 6, total trade had fallen by 25 to 35 percent, President Masoud Pezeshkian said, with imports hit harder than exports. The US blockade of the Strait of Hormuz has made it hard for ships carrying imports to reach Iranian ports.

Tehran has also explicitly linked the end of the war to economic relief. Iran’s security chief Mohsen Rezaei told Al Jazeera on Saturday that its conditions include “the release of our frozen funds and an end to the naval blockade”.

In addition to the naval blockade, US Treasury Secretary Scott Bessent last month announced an economic pressure campaign against Iran, pledging to target its financial interests across the world. He said the US would target all of Iran’s sources of revenue, including oil, to prevent other countries and companies from doing business with Tehran.

The US-Israeli attacks and Iran’s retaliations have disrupted Tehran’s trade with one of its main economic partners, the United Arab Emirates.

The UAE last month announced an indefinite trade embargo on Iran after accusing its forces of carrying out several ballistic missile attacks, which Tehran denied, calling it a “false flag operation” by Israel and the US.

Chris Beauchamp, market analyst at IG Group, said, “Most wars are contests of stamina more than anything else.”

“The 10 percent drop in Iranian GDP is a sign that the US is succeeding in putting pressure on its foe. But the question rests, as it has done since March, on whether Iran can weather the fall in economic activity better than the US can stand the surge in energy costs,” he told Al Jazeera.

“For a regime prepared to do anything to stay in power, this news will make little difference, so long as the security forces remain loyal,” he added.

What is the latest with diplomatic efforts to end the war?

While Iran has taken a defiant stance against US economic and military pressure, it has indicated repeatedly that it remains open to diplomatic means to end the nearly seven-month-old war.

On Saturday, Rezaei told Al Jazeera that Iran conveyed a formal set of conditions to Washington through Qatari mediators for ending the war.

Iranian state media outlet IRNA reported on Monday that Pakistani Interior Minister Mohsin Naqvi was set to visit Tehran, without specifying the agenda or other details.

Mediators Qatar and Pakistan have been working to re-establish negotiations between the two sides since their memorandum of understanding (MoU) expired last month.

Meanwhile, Iranian Foreign Minister Abbas Araghchi will stop briefly in Qatar before going to New York for the UN General Assembly, IRNA reported.

Iran has repeatedly said it remains ready for any new strikes by Washington.

Rezaei said on Saturday Tehran did not rule out a new US strike against Iran, calling the possibility “very much on the cards” based on his country’s military assessments.

Mark Pfeifle, a Republican strategist and former White House and national security official, said Iran and the US are still willing to strike a deal.

“Sometimes in diplomacy it’s what’s taken off the table,” he told Al Jazeera.

Pfeifle said when Rezaei reiterated his demands for talks with the US, he spoke of “ending the blockade, releasing the frozen funds [and] stopping the attacks”.

“But he left off reparations and reconstruction money, which tells me that there’s a concrete sign that amongst all the rhetoric, which is still very strident, that the pressure campaign that the US is putting on Iran is having some effect,” he said.

“And it tells me that both sides are still looking for room to negotiate in the coming weeks.”

Source link

Argentina’s Left stages ‘March of Anger’ over Milei’s austerity measures | Business and Economy News

Thousands of protesters took to the streets of Buenos Aires for the ‘March of Anger’, organised largely by left-wing groups opposing the Milei government’s austerity policies. Protesters say the cuts are hurting working families.

Source link

Many Venezuelan immigrants shun Florida and turn to smaller cities in Utah, elsewhere

Snow-covered mountains ringing a valley of wide, free-flowing roads remind Venezuelan transplants that the growing suburbs south of Salt Lake City offer what Miami can’t.

One million Venezuelans were released into the United States after crossing the Mexican border during a record immigration surge, and many shunned Miami and other longtime immigrant footholds for smaller places with less established communities — a pattern found in an exclusive Associated Press analysis of federal data from fall 2018 to summer 2025.

These cities and towns promised better jobs, cheaper homes, less traffic and higher quality of life, outweighing Florida’s allure of tropical weather and ease of getting by on Spanish alone.

Enrique Vera, 32, crossed the border in Yuma, Arizona, in 2021 and went to Miami to settle with his mother, who’d been there six years. But he found Florida untenable, he told AP — “the work, the conditions, the low pay.”

After less than two weeks there, Vera and his mother accepted a cousin’s invitation to Utah. In the southern suburbs, with massive new housing tracts and pristine shopping centers, Vera found factory work but soon quit to turn a hobby baking for co-workers into his own business. Today he employs 15 people — many, like him, asylum seekers — at a warehouse and two bakeries.

Utah — known as a relatively immigrant-friendly state despite deep Republican roots and support for President Donald Trump — became a top destination for Venezuelans crossing the border, along with parts of the Chicago, Denver, Atlanta, Dallas and Houston metro areas, AP’s data show. Venezuelans also went to smaller cities including Madison, Wisconsin; Albuquerque, New Mexico; and Savannah, Georgia.

It’s a pattern playing out across the U.S.: Some Cubans eschewed Florida and went to Louisville, Kentucky, and Odessa, Texas; Colombians chose the Boston and Denver areas; and Paterson, New Jersey, was the top pick among Peruvians.

These communities have both benefited from the influx of people and struggled to integrate their new arrivals.

Venezuelans stand out for their sheer numbers. About 8 million people, or one-fourth of the country’s population, have fled since 2014, many to the United States. About 30,000 of the 1 million released into the U.S. in AP’s data said they were going directly to Utah.

For Venezuelans in Utah, Trump’s deportation drive has instilled widespread fear

Despite the growing population here, there are few Venezuelan flags, bumper stickers or displays of patriotism on the bustling commercial strips of Midvale, an older suburb of about 40,000 people at the interchange of two highways. Signs are generally in English. The Venezuelan population has mixed in with the largely white population as new houses, malls, office parks and warehouses have gobbled up barren hillsides to meet demand for cheaper land.

President Donald Trump’s immigration crackdown instilled fear and made Venezuelans less visible since 2023, when arrivals peaked in Utah and in the United States as a whole. Everyone here seems to know someone who returned to Venezuela voluntarily because they feared being detained and deported or because they lost their work authorization.

In May 2025, Alberto Salcedo opened the parking lot of his Centro de Apoyo Familiar Church to Venezuelan food trucks. The asylum-seeking evangelical pastor dreamed of creating a vibrant gathering spot for Venezuelan immigrants. Nearly 20 vendors and 5,000 visitors came each week, he said, with trucks serving empanadas, arepas, even burgers and sushi. But that dropped down to maybe five vendors and a few hundred people. The fear of deportation is real, he said.

Restaurant owner Fidel Arrieta said it’s affected his business, too. He opened Arempa’s, his first restaurant in downtown Salt Lake City in 2019, drawing non-Latino customers and Venezuelan immigrants alike. Arempa’s — where the walls are filled with photos of Venezuelan waterfalls, an image of Mona Lisa eating an arepa and Miss Venezuela portraits — grew to five restaurants. But three closed in the last year as business slowed.

Arrieta’s wife — co-owner Sandy Arrieta — wanted to stay open. But he believes nothing will turn around while Trump’s in office.

“Until the government changes, the problems will not end,” said Fidel, 65, who immigrated in 1994.

For proof of the growing Venezuelan population, look no further than Utah’s churches

In 2001, Gregorio Rausseo immigrated to Utah, knowing no one. Fast-forward more than two decades, to 2023: Rausseo had just started as pastor at Saint Therese of the Child Jesus Church and was ready for the annual celebration of the patron saint of Zulia, an oil-rich Venezuelan state that includes Maracaibo, the country’s second-largest city. He was shocked to see more than 1,000 parishioners snake into the lobby and parking lot.

“I asked the deacon, ‘All of them are Venezuelan?’ He said … ‘They are all Maracuchos,’” a term for someone from Maracaibo.

Today, Rausseo estimates about 40% of his church’s more than 700 families are Venezuelan immigrants.

Carlos Trujillo, a 42-year-old lawyer who handles immigration cases, puts Venezuelan immigrants in three categories: those who came for the Church of Jesus Christ of Latter-day Saints; those who came to join family or friends; and those who came knowing no one. He has repeatedly heard variations of, “This is a place where I can bring my family and have a start.”

Trujillo — who immigrated in 2001, as an 18-year-old whose parents decided he would do better living with family closer to the Mormon church headquarters — said his firm has about 1,700 immigration cases, with staff fielding calls in a large room resembling a call center.

Many of the Venezuelans here came after COVID hit, flying to the Mexican border before January 2022, when Mexico tightened travel restrictions for Venezuelans. That prompted hundreds of thousands to walk through the Darien Gap, a jungle in Panama and Colombia, on a grueling journey through at least eight countries.

Ashly Estupinan, 18, walked the jungle with her grandmother. In Mexico, they used the appointment app CBP One to enter the U.S. in San Diego. Trump ended CBP One on his first day in office, two years after his predecessor, Joe Biden, started it and let more than 900,000 people come legally with two-year permits.

Estupinan, who graduated high school this spring, and her grandmother chose Utah because her uncle was there. “It’s very tranquil, very pretty, the people are very friendly,” she said.

Word of mouth and family advice brought many to Utah

Juan Gonzalez, 41, a cook at Arempa’s, walked the jungle for four days with his brother — passing corpses, he said — before eventually crossing the U.S. border in Texas. He went to Utah on the advice of a distant cousin.

“He had gone to other states, and Utah struck him as the best one,” Gonzalez said, noting he’s drawn to the state’s “strong economy.”

Many Venezuelan immigrants here work in food service — at restaurants or selling meals from their homes. Some proudly noted that a local Walmart now stocks special flour for arepas.

Others cycle through low-wage jobs: construction, nail salons, warehouse and factory work.

Gonzalo Rodriguez, 39, worked as a laborer, carpenter and office manager before rising to general manager of Fillerup Employment Services, a construction company. He said it had about 25 Venezuelans in its workforce of about 300 when he arrived in 2020. By 2022, that grew to 165.

At one point, Rodriguez said, Venezuelans camped in tents on the sidewalk at the company’s office park in suburban Sandy, waiting for work and accepting food while migrant shelters were full.

Julio Gonzalez, 33, climbed company ranks from laborer to human resources manager after crossing the border in 2021 with his wife and son, then 9, in Del Rio, Texas. A friend in Utah told him it was a good place to live. Many here agree, saying they’ve felt no pervasive racism in Utah.

It was a welcome change for Gonzalez, who said he lived in Panama for six years under anti-Venezuelan xenophobia that prompted his move to the United States.

Hector Escalona, 42, also started in construction at Fillerup, then opened a barber shop in 2022. He now has 27 barber chairs at three shops, and many employees are Venezuelan. He said he’s expanding his business even with uncertainty about his asylum case.

Others have had less financial success.

Adaya Amaya, 47, ran a catering business from her home and now operates a food truck but barely gets by. She crossed the border in 2021 with her daughter, now 9, and father, now 74. They relied at times on a food bank. She knows other Venezuelans who’ve slept in their cars.

Her father gave up his asylum claim in June to return to Maracaibo because he didn’t want to burden her.

Some wonder: Is goodwill toward immigrants cooling in Utah?

In the 2024 election, Trump — and his immigration enforcement campaign messages — won Utah by 22 points. The same year, Carlos Moreno, who won asylum after fleeing Venezuela in 2009, was elected to the Salt Lake County Council.

The state’s immigrant-friendly reputation is tied to the Utah Compact, a 2010 document signed by hundreds of local governments, businesses and civic leaders that endorses “common-sense immigration reforms that will strengthen our economy, as well as attract talent and business to our state.”

But Trujillo, the immigration attorney, said goodwill cooled during the Biden-era immigration surge and some elected leaders who were allies became more guarded in public comments.

Gov. Spencer Cox called the Venezuelan Tren de Aragua gang “a growing threat in Utah” in 2024, but few major crimes in the state have been linked to the group.

Venezuelan immigrants repeatedly told AP that a small minority of their own are their worst enemies — not just those who commit crimes but those who drink in public, play loud music and repair cars in the street. They say that while some of that behavior may be accepted in Venezuela, they must adopt local norms.

“It makes me angry,” said Joiren Rangel, who arrived in 2018 and worked at an Amazon warehouse before opening two Venezuelan restaurants, one of which closed last year. “We saw that we were in a different country and had to abide by the rules. In Venezuela, I would drive with my daughter seated on my lap. I would never do that here.”

Many here are still waiting on their asylum cases

Some asylum seekers were told to wait 10 years for an initial appointment in 2023, but the government has moved aggressively to winnow the backlog. Still, about 500,000 Venezuelans have pending cases in immigration court, more than any other nationality.

Loreana Pachano, who spent much of her childhood in Miami, has been waiting 10 years for an asylum interview. She was increasingly impatient but now wonders whether she might do better if her case remains open until after Trump leaves office.

She and her husband settled in Florida but tired of long commutes and anti-Venezuelan sentiment. They moved to Utah after a friend told her that construction wages were significantly higher. “If we had to start from scratch, how about we start from scratch somewhere else?” she remembers thinking.

Now a real estate agent, she sells houses to asylum seekers who crossed the border and has seen the impact of Trump’s policies — for example, a bank closing on a house that a Venezuelan client gave up because she lost work authorization when Trump ended Temporary Protected Status for more than 600,000 Venezuelans.

“It feels like we’re building on quicksand. We’re trying to build a future here for ourselves, for our kids,” said Pachano, who flips homes and owns trucking and construction businesses with her husband while raising their 3- and 7-year-old daughters.

“Are we going to be here by the time we reach retirement age? We don’t know. You don’t know when the rug is going to be pulled right under your feet.”

Spagat writes for the Associated Press. AP reporter Aaron Kessler contributed to this report.

Source link

‘Culture shift’ needed in how UK does business, Andy Burnham urges

The UK needs a “culture shift” in how it does business, Andy Burnham has said ahead of a meeting with some of Britain’s biggest bosses.

The prime minister said those who take risks in business should be backed by government and local leaders should have the power to work with companies.

The Labour government has been criticised for increasing costs for firms, such as with the employer national insurance and minimum wage changes under Burnham’s predecessor Sir Keir Starmer.

The meeting comes as Chancellor John Healey prepares for his first Budget next month, with rising borrowing costs in recent weeks adding to the pressure on government finances.

Downing Street said Burnham will meet the chief executives of BP, Shell, HSBC, Morrisons, Sainsbury’s, BT, Vodafone, Rolls-Royce and several others at Number 10.

Ahead of the meeting, Burnham said he would give people “the confidence that if they have a great idea, they’ll get all the support they need to bring it to life”.

“When local leaders have the tools to get things done and government works in partnership with business, you can pull in investment, create jobs and transform communities,” he said.

He added the government would be “a partner for growth to make every part of Britain better off”.

Burnham will host a reception for the business community where local leaders are invited before a private engagement with senior chief executives at Downing Street on Monday evening.

The meeting comes as higher borrowing costs in the UK and other countries present problems for governments looking to spend money on business support or investment.

Separately, hundreds of hospitality businesses have written to the prime minister, calling on him to cut VAT for the sector.

More than 800 pub, restaurant and hotel bosses – include celebrity chefs Heston Blumenthal and Tom Kerridge – signed the letter asking for the hospitality VAT rate to be reduced from 20% to 10%.

When he was still Mayor of Greater Manchester, Burnham said he would argue for the tax to be in line with the lower rates seen in other European countries.

Source link

Oil jumps to $105, pushing up chances of a US interest rate increase | Business and Economy News

Prices spiked as attacks on oil tankers escalated in the Middle East.

Oil prices have increased by four percent, with benchmark Brent crude hitting $105 a barrel after the biggest rise in attacks on shipping since the Iran war began spurred trader concerns about further supply disruptions.

Brent crude futures were up $4.05, or four percent, at $105.26 a barrel by 1215 GMT on Thursday. United States oil topped $100 a barrel for the first time since May, as West Texas Intermediate crude futures CLc1 rose $3.99, or 4.15 percent, to $100.04.

Recommended Stories

list of 4 itemsend of list

Brent prices have surged by more than 30 percent from lows touched in early August, as a permanent agreement between the US and Iran to cease attacks never materialised and fighting resumed.

Iran-aligned Houthis seized control of Yemen’s port of Mocha on Thursday, further threatening Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz as tanker attacks in the region have intensified in recent days.

“The recent run-up in prices lays bare the market’s approach: this conflict will last longer than anticipated even a month ago, let alone at the beginning of the summer. If oil supply and exports are diminished, the oil balance remains tight and prices remain elevated,” PVM analyst John Evans said.

Iran said it had attacked 10 ships near the Strait of Hormuz on Wednesday, after the US hit five Iranian oil tankers. Iran’s Islamic Revolutionary Guard Corps said it would escalate its response to any further attacks.

While fears of prolonged and more severe supply disruptions in the Gulf have lifted Brent above $100, analysts say the durability of the rally will hinge on China.

Chinese demand

China, the world’s largest crude importer, has stepped up purchases in recent weeks after months of subdued demand, boosting physical crude markets, ING analysts said in a note.

If Chinese buying continues to recover, it could amplify the impact of any supply disruptions and drive prices higher, while a pullback in imports could temper market gains, ING said.

“For months, the bearish case rested on soft Chinese demand,” said David Jorbenaze, global oil market lead at commodities information provider, ICIS.

Rising oil prices have worsened worries about inflation and cranked up pressure within the bond market, helping to lower stocks again on Wall Street.

The S&P 500 fell 0.6 percent and is on track for a fourth straight loss.

The increase in oil prices has pushed the price for a gallon of regular petrol to an average of nearly $4.28 across the US, according to the American Automobile Association. That is not only costing more at the pump but also through higher prices for all kinds of products that move by truck to store shelves.

Following Thursday’s reports, traders are betting on a close to 70 percent chance the Fed will raise the federal funds rate at its meeting next week. That’s up from the 61 percent probability seen the day before, according to data from CME Group. That’s also despite President Donald Trump’s consistent lobbying for interest rates to go lower rather than higher.

Source link

Special interests spend millions boosting Becerra in governor’s race

Companies and special interest groups with some of the diciest issues expected to land on California’s next governor’s desk are among the top financial backers of Democrat Xavier Becerra, the gubernatorial front runner.

Money from Big Tech, the healthcare industry, labor unions and tribes helped propel Becerra’s bid for governor, which languished at the outset then took off just months before the June primary. All are major players in national and state politics and have a major financial stake on the policies of California’s next governor.

Meta, which has contributed nearly $1.2 million to groups backing Becerra’s campagin, has faced mounting scrutiny by lawmakers and the courts. The Menlo Park-based company, which operates social media and communication platforms such as Facebook, Instagram and WhatsApp, just agreed to a landmark $17.1 billion settlement to resolve multi-state claims that its apps endanger children.

The state Legislature in August also passed a measure to bar social media platforms from providing an “addictive feature” to lure children, as well as bills to shield Californians from threats posed by the boom in artificial intelligence and data centers. The fate of these measures is now in the hands of Gov. Gavin Newsom, and the next governor likely will have to decide whether approve even stricter controls on Big Tech.

Meta is among eight donors that wrote seven-figure checks supporting Becerra’s gubernatrial campaign, with most of he money funneled to independent committees backing the Democrat that are not allowed to legally coordinate with the candidate. Campaigns often find back doors to do so.

Former state Sen. Steve Glazer, a Democrat who ran Jerry Brown’s successful 2010 gubernatorial campaign, said such spending is not surprising.

“Look, millions and billions of dollars are at stake, and the governor is the central point for all of that in California,” Glazer said. “It’s not a gamble anymore. You’re not picking a winner or a loser, right? So the floodgates open up for a runaway winner like Xavier Becerra.”

Becerra, the former secretary of the U.S. Department of Health and Human Services and a longtime congressman, won one of the top two spots in the chaotic June primary. Republican Steve Hilton, a conservative media commentator and strategist who was endorsed by President Trump, won the other slot to advance to the Nov. 3 election. Becerra is considered a heavy favorite to win, given that Democratic voters in California outnumber Republicans nearly 2 to 1.

Becerra has the financial edge in the race, raising at least $30 million while also receiving significant support from the independent committees. Donors have contributed $48.8 million to Becerra’s campaign committee as well as outside efforts supporting his bid, according to a Times analysis of contributions through Sept. 3.

A Becerra spokesman said that although the campaign welcomed support from any donor, he would not weigh their contributions as he makes policy decisions if elected

“Xavier Becerra is laser-focused on making California work for working people — lowering costs, building housing, and making this state affordable again,” said Jonathan Underland, a spokesman for the Democrat. “Anyone willing to stand with us in that fight is welcome to join it, and we won’t hesitate to challenge anyone who gets in the way of that goal.”

His GOP rival raked in $18.8 million, including a $90,100 contribution from the candidate himself. Hilton’s top donors are billionaires and business executives including manufacturer Donald Friese and his wife Andrea, Silicon Valley billionaire Tim Draper, former Fox Corp. Chairman Rupert Murdoch, Google co-founder Sergey Brin, Los Angeles real estate magnate Geoffrey Palmer and the founder of defense contractor Anduril Industries, Palmer Luckey.

Executives and employees at Lighthouse Worldwide Solutions Inc., a company that makes contamination monitoring systems, contributed more than $474,000 to Hilton’s campaign.

A small handful of donors gave to both candidates. Uber and its employees gave nearly $42,000 to Hilton, while the company and an affiliated political action committee spent $1,039,200 supporting Becerra. Vlad Tenev, founder of the financial trading platform Robinhood, gave $289,000 to Becerra and $15,000 to Hilton.

A committee ostensibly established to oppose Hilton, an effort that effectively propped him up among Republican voters before the June primary, raised $2.5 million through large donations from the California Nurses Assn., the Service Employees International Union, the Democratic Governors Assn. and wealthy businessman Bill Bloomfield, an unsuccessful congressional candidate and Republican-turned-Democrat.

Hilton said Becerra’s financial backers are unsurprising and illustrate the “corruption” created by one-party rule in Sacramento.

“All these businesses and organizations assume he’s going to be the next governor, so they’re trying to bribe him,” Hilton said in an interview. “You can call it donations if you want, but it’s actually legalized bribery. … Big business and special interests are shoveling cash into his mouth in the hope that they can bribe him to do their bidding.”

Becerra, who served in public office for nearly 35 years, has a long history of support from powerful industries, labor unions and others with business before the government. During his 24 years in Congress, donors spent roughly $11 million supporting Becerra, according to the Times analysis and Open Secrets, a nonprofit, nonpartisan tracker of campaign fundraising. While he served as California attorney general for four years, contributors spent nearly $9.4 million backing him.

Among the former Biden Cabinet secretary’s top financial backers in the governor’s race are labor unions, healthcare groups, tech companies and Native American tribes that own some of the state’s splashiest casinos. All will probably be affected by decisions made by the next governor.

The Laborers’ International Union of North America and local affiliates and political arms, focused on infrastructure projects and the creation of union jobs, has contributed nearly $3.2 million. A committee associated with the California Assn. of Realtors that is focused on housing, real estate policy and property rights has spent nearly $2.8 million backing Becerra.

The Pechanga Band of Indians chipped in more than $2.3 million to efforts supporting Becerra at a time that gaming issues continue to be scrutinized.

A Pechanga representative said the tribe’s leader was unavailable due to travel but pointed to a statement he made before the primary.

“Secretary Becerra has stood with Indian Country for decades and understands Tribal sovereignty. When tribal healthcare was on the line, he was there,” said Tribal Chairman Mark Macarro. “This experience comes from a lifetime of public service, not a checkbook.”

The California Medical Assn. has spent nearly $1.5 million backing Becerra at a time of deep impending federal healthcare funding cuts and efforts by the state to backfill that lost financial support.

Dr. René Bravo, president of the California Medical Assn., which represents more than 50,000 physicians, said their spending was spurred by the their belief that Becerra is the best candidate to take on impending federal healthcare funding cuts that will harm millions of Californians access to care.

“Xavier Becerra understands healthcare and the challenges facing patients and physicians. The next governor will make critical decisions on MediCal, the physician workforce, affordability and access to care,” Bravo said. “We’re investing in this race because those decisions will directly affect California patients and physicians.”

Meta declined to comment on its contributions, and the Realtors and the Laborers did not respond to requests for comment.

Becerra, asked about the Realtors’ large donations supporting his campaign, noted that most of the money was contributed to committees outside his control. But he argued that his policy priorities have long been clear, including when he was an afterthought in the gubernatorial race.

“I was pretty clear in the primary, where I wasn’t getting as much support from a lot of different folks,” Becerra said Fridayat a news conference in north Long Beach supporting Proposition 1, a proposed $11.25-billion bond measure on the November ballot to boost affordable housing construction around the state.

“What I will tell you is this: Take a look at my record. Take a look at what I’ve said, and rather than look to inflated promises, look at what I’ve done in my record,” Becerra said, standing in front of Laborers’ International Union of North America members clad in orange safety vests. “And I will tell you, I have built, not just as a public servant, but when I was wearing myself that orange vest as a construction worker, as a laborer for Local 185, in my younger years, I was out there helping build. And so what we’re going to do is we’re going to do what we need to do, regardless what the voices say. We’re doing it because the people demand it.”

Fossil fuel and renewable energy firms have also supported Becerra, notably Chevron and affiliated groups and employees, spent more than $1.1 million boosting his bid — money that his Democratic rivals in the governor’s race and other critics, including climate activist Jane Fonda, pounced upon before the primary.

Billionaire hedge fund founder Tom Steyer deployed mobile billboards touting Becerra saying “You need Chevron, I need Chevron,” a clip from a longer comment about how every Californian doesn’t drive an electric car.

Chevron did not respond to a request for comment.

Earlier this year, Becerra was a single-digit polling afterthought in the crowded race to replace Newsom, who is termed-out. But after a dizzying primary that included a potential front-runner, then-Rep. Eric Swalwell (D-Dublin), dropping out amid allegations of rape and sexual assault, Becerra took the lead in the Democratic field and placed first in the June election.

Becerra, 68, has a long career in elected office, serving two years in the state Assembly, 24 years in Congress, four years as California’s attorney general, and four years in the Biden administration.

While he was in Congress, donations to his federal campaign committee grew dramatically, according to an analysis of Federal Election Commission documents provided by Open Secrets.

In the early 1990s, Becerra was receiving donations in the low six figures, but by the end of his time in Congress, he was receiving well over $1 million during each two-year electoral cycle.

Finance, insurance and real estate firms and trade groups, such as Charles Schwab, the National Assn. of Insurance and Financial Advisors, the New York Life Insurance Co., Merrill Lynch and Pacific Life Insurance, were major supporters of Becerra, who served on the powerful House Ways and Means Committee, which regulates taxation. Such donors contributed more than $2.6 million to his congressional bids, according to Open Secrets.

Healthcare interests came in a close second, contributing more than $2.4 million to his congressional campaigns in the years before he was nominated and confirmed as Biden’s secretary of Health and Human Services, according to Open Secrets. Among the groups that supported Becerra’s federal campaigns included organizations representing physical therapists, anesthesiologists, podiatrists, assisted living and long term care facilities, and dietitians. While in Congress, Becerra was a strong advocate and supporter of the Affordable Care Act, a landmark healthcare overhaul championed by former President Obama.

Labor donated more than $1.7 million to Becerra’s congressional bids, a trend that continued when he ran for attorney general. Unions representing laborers, electrical workers, pipe fitters and firefighters donated $1 million, according to the Times analysis. The number has spiked to $6.3 million for Becerra’s gubernatorial bid.

Lorena Gonzalez Fletcher, president of the powerful California Labor Federation, said Becerra’s personal and political resume are significant at a time when the next governor will need to tackle artificial intelligence and the potential resulting job losses, the state’s volatile budget and federal funding cuts to MediCal and Medicare.

“He comes from a union family,” she said. “He has a long history of being on the right side of working people in a lot of different roles — in Congress, as attorney general and as secretary of Health and Human Services.”

Source link

Why are borrowing costs rising across the world? | Business and Economy

Rising bond yields are lifting borrowing costs for governments, businesses and households across the global economy.

For more than a decade, governments got used to cheap borrowing. That era may now be ending.

Government bond markets are flashing warnings around the world.

Across major economies, yields – the interest rates governments pay to borrow – are climbing to levels not seen in years and, in some cases, decades.

Investors are pricing in more risk before they’ll lend to governments already carrying heavy debt loads.

Inflation remains stubborn, geopolitical tensions are adding pressure, and central banks may have to keep interest rates higher for longer.

Those higher borrowing costs are pushing up what banks charge companies and homeowners.

Source link

‘Totally reliant on Mother Nature’: UK drought raises water security fears | Business and Economy News

London, United Kingdom – In a wheat field near High Wycombe in the rolling English countryside, Alex Nelms watched the harvest on his farm die in a matter of days.

His crop had looked strong until the first heatwave came in May, when temperatures surpassed 35 degrees Celsius (95 degrees Fahrenheit) just as his milling wheat entered its grain-fill phase, the critical weeks when the plant fattens its kernels.

Recommended Stories

list of 4 itemsend of list

“It just killed everything stone dead,” he told Al Jazeera. “Everything was finished really early, and when we were sort of full of optimism and hope, it was scuppered almost overnight.”

Nelms farms just over 2,000 acres (809 hectares) of arable land in south Buckinghamshire, on a business his grandparents founded in 1955. His uncle, who has worked the farm for more than 40 years, has just suffered the worst harvest of his career.

Last month, the Department for Environment, Food and Rural Affairs (Defra) said almost three-quarters of England, 71.3 percent, remained in drought. Rainfall in August reached just 34 percent of what would normally be expected by that point in the month, Defra said, and reservoir levels were 18.2 percentage points below where they should be for the time of year.

“We’re totally reliant on Mother Nature,” Nelms said, and nature did not deliver this year.

After a historically dry spring and a run of summer heatwaves, the farm is down roughly 1,000 tonnes on its average harvest, a shortfall of some $270,000 in revenue.

The farm, tucked in the Chiltern Hills, a steep, long ridge of white limestone rock, has no irrigation and never will.

“That has serious knock-on effects on our cash flow,” he said. A third consecutive difficult year would mean hard conversations with his bank and landlord, and farming to minimise risk rather than maximise output, “consequently, probably producing less food”.

‘Financial crisis point’

The National Farmers’ Union (NFU) says farmers are at a “financial crisis point” after the worst drought in 50 years, with historically low harvests, stunted grass growth, rising fuel and fertiliser costs, and a severe outbreak of bluetongue disease in livestock.

The union puts the gross production value loss of wheat at approximately $499m and the cost of replacing a shortfall in forage at roughly $45m.

NFU president Tom Bradshaw has said farmers now lack “breathing space” and are “increasingly exposed to geopolitical shocks, as well as repeated weather extremes, animal disease and global wars”.

He believes action is needed now to ensure the future of British farming “and enable the next generation to keep producing the nation’s food”.

To manage the risk, Nelms is diversifying, planting oilseed rape again on about 350 acres (142 hectares) for the first time in 20 years. He says that the crop’s usual insecticide protection, neonicotinoid seed treatments, is now banned, leaving it exposed to cabbage stem flea beetle and to game birds that can “absolutely nibble, eat, and destroy a crop”.

Growing it also means breaking a continuous wheat rotation that has kept a soil-borne disease called “Take-all”.

Tax allowances would make investing in grain storage and diversified income worthwhile, he said, as well as government-backed bridging loans, modelled on COVID-era support, to survive a bad year without permanent damage.

It is the kind of relief the NFU is pressing the government to provide nationally.

The union wants an interest-free “Keep Britain Growing” loan tied to drought losses, help covering the cost of disposing of livestock lost to bluetongue, faster planning permission for on-farm reservoirs, and clearer rules letting farmers access water as soon as levels allow, echoing Nelms’s case for storage on his farm.

“Drought conditions will continue to worsen until we receive sustained rainfall across the country and we still all have a role to play in conserving precious water supplies,” according to Philip Duffy, the Environment Agency’s chief executive, in a statement shared by Defra.

The Environment Agency has applied for a drought order to restrict abstraction from the River Severn, and 10 water companies, serving 30 million customers, now have restrictions in place.

“A few days or even weeks of wetter weather cannot reverse the impacts of several months of exceptionally dry conditions,” added Duffy.

Defra noted that the first meaningful rains since June have fallen but they have been patchy, so reservoirs and groundwater are still declining even as a handful of rivers see brief upticks in flow.

Despite the losses, Nelms is hopeful about farmers pulling together – sharing labour, machinery and market routes. He points to the Central Chiltern Farmer Cluster, where growers meet to talk through their problems and find solutions together.

“We’re working together, not competing with each other,” he said.

For a farm like Nelms’s, with no irrigation and no water in reserve, that patchiness is the problem. Soil parched from months without rain needs to absorb sustained rainfall before groundwater can even begin to recharge, let alone refill the reservoirs a future harvest might depend on.

“Our climate has changed,” Water Minister Emma Hardy, who chairs the National Drought Group, said late last month, “and we will continue to take all action necessary.”

Source link

Why is Kenya cracking down on foreign traders and small retailers? | Business and Economy News

Kenya is beginning a crackdown on foreign nationals operating small retail shops and engaging in hawking, after President William Ruto directed authorities to shut down such businesses from September 7.

Ruto made the announcement on September 2 while addressing micro, small and medium-sized enterprise (MSME) traders at State House in Nairobi.

He said foreigners should not compete with Kenyans in businesses such as hawking and small retail, while foreign investment was welcome in activities requiring greater capital and investment.

What is Kenya doing?

Ruto directed authorities to begin shutting down small businesses operated by foreign nationals from September 7, saying hawking and small-scale retail should be reserved for Kenyans.

He said the government would take administrative action while the Parliament of Kenya considers the proposed Local Content Bill, 2025.

He also directed National Assembly Majority Leader Kimani Ichung’wah and Trade Cabinet Secretary Lee Kinyanjui to accelerate the bill’s passage through Parliament.

Why is Kenya moving against foreign traders and small retailers?

Hesbon Hansen Owilla, a professor at Aga Khan University in Nairobi, said the policy would help protect Kenyan traders.

“Yes, this is the best way to protect Kenyan small businesses and traders,” he told Al Jazeera. “Kenya is trying to bring in only investors who are bringing capital that can spur economic development by creating jobs rather than allow small-time foreign traders who only stifle Kenyan small traders while enjoying the robust infrastructure that Kenya has built and social securities.”

“It’s like expatriates. A country cannot allow expatriates in for jobs locals have expertise in,” he said.

The proposed Local Content Bill, 2025, would require foreign companies to increase local sourcing and employment, among other measures.

The bill is still being considered by Parliament and has not yet been enacted into law.

What businesses and traders are affected?

The directive is aimed at foreign nationals operating small retail shops and engaging in hawking. Ruto specifically referred to hawking and small shops when announcing the crackdown.

Kenya’s broader micro, small and medium-sized enterprise (MSME) sector covers a wider range of businesses. The government has not publicly provided a comprehensive list of all businesses covered by the September 7 directive or an estimate of how many foreign nationals will be affected.

Ruto also directed Ichung’wah to engage the State Department for Immigration’s principal secretary and establish the requirements governing permits issued to foreign investors and traders. It is therefore not yet clear how the directive will apply to foreign nationals who already hold permits to conduct business in Kenya.

Foreign Affairs Principal Secretary Korir Sing’Oei said on September 6 that foreign nationals who meet Kenya’s legal requirements, including holding the necessary work permits and licences, remain legally protected to operate businesses in the country. He said Ruto’s remarks had been taken out of context and were made in the context of the Local Content Bill, 2025.

How significant is foreign investment in Kenya?

Kenya’s 2024 Foreign Investment Survey, the latest such survey published by the Kenya National Bureau of Statistics (KNBS), put the country’s stock of foreign direct investment at  1.458 trillion Kenyan shillings ($11.27bn) at the end of 2023, up 8.5 percent from 1.343 trillion Kenyan shillings ($10.4bn) at the end of 2022.

These figures cover foreign investment across the Kenyan economy and are not limited to the small-scale trading activities targeted by Ruto’s directive.

Surveyed foreign-invested enterprises employed 224,769 people in June 2024, including 221,267 Kenyan employees. Foreign employees accounted for 1.6 percent of the workforce in those enterprises.

What is the Tata Chemicals case?

The Tata Chemicals dispute is separate from the small-business crackdown.

Tata Chemicals Magadi operates a soda ash business at Lake Magadi in Kajiado County. On July 28, the Kenyan government suspended the company’s mining operations, citing alleged compliance issues under the country’s mining laws. The suspension also affected its soda ash exports.

On September 3, Ruto said he had ordered Tata Chemicals to leave Kenya, saying the company had not provided sufficient benefits to the local community in Kajiado County. He said the government would bring in two new companies to establish glass and chemical manufacturing facilities in the area.

Tata Chemicals said it had submitted the information requested by Kenyan authorities and was awaiting further communication. The company has said it complied with regulatory requirements and remained committed to resolving the matter through legal and regulatory channels.

The Tata dispute concerns the company’s soda ash operations at Lake Magadi. This is separate from the directive targeting foreign nationals operating small retail businesses and hawking.

What does this mean for foreign investment?

International business consultant and Sols Inclinations Ltd Managing Director Solomon Kinyanjui said the distinction was not between welcoming foreign investment and rejecting it, but between foreign capital that complements Kenyan enterprise and activity that displaces it.

“The issue is not whether foreign capital is welcome, but what role it should play in Kenya’s economy,” he told Al Jazeera. “Foreign investment should complement Kenyan enterprise, not substitute for economic activities Kenyans can competitively undertake themselves.”

He said the stronger case for foreign investment was where it brought capital, technology, skills, industrial capacity and access to export markets, but warned that the government needed to draw the boundary clearly and apply its rules predictably.

Hafsa Abdiwahab Sheikh, a journalist, said the policy could have both benefits and costs depending on how it is implemented.

“The policy could create more jobs for Kenyans and encourage skills transfer, while helping protect local employment,” she told Al Jazeera.

“However, if implemented unpredictably, it may discourage foreign investment and increase business costs, leading to higher prices. It could also affect relations with foreign communities if foreigners are blamed for unemployment.”

Source link

Qatar removed from Fitch’s negative watch list as risks to LNG sites ease | Business and Economy News

The global ratings agency has also maintained the country’s sovereign rating at AA.

Fitch Ratings has removed Qatar from “Rating Watch Negative” while maintaining its sovereign rating at AA amid the US-Israel war on Iran and the Strait of Hormuz blockade.

The global ratings agency announced the decision on Friday, citing reduced risks to the country’s liquefied natural gas (LNG) facilities since March.

Recommended Stories

list of 3 itemsend of list

The agency, however, kept a negative outlook on the rating, citing ongoing risks surrounding the movement of gas exports through the blockaded Strait of Hormuz.

“The impact of the war on the credit profile will take longer to discern,” the agency said in a statement.

Qatar, one of the world’s largest gas exporters, continues to face export disruptions and shortages caused by damaged energy facilities during the war on Iran, which began six months ago.

Earlier this year, credit agencies S&P and Moody’s also affirmed Qatar’s ratings, noting that the country’s sizeable financial cushion helps protect it from the economic impact of the war.

Source link

Trump signs pro-rancher orders after backlash over beef imports

Sept. 4 (UPI) — President Donald Trump on Friday signed two executive orders aimed at strengthening the country’s ranching industry.

Trump has been facing criticism from beef producers since he waived tariffs on up to 300,000 metric tons of imported beef in an effort to ease rising costs as the nation heads into the midterm elections.

Trump’s first executive order directs the Interior Department to study removing gray wolves from the Endangered Species Act list, allowing ranchers to kill them on their properties. Gray wolves are a major threat to herds in the West.

The second executive order would allow ranchers to process their beef and sell directly to consumers, instead of going through USDA inspections.

“People have been asking for this change for decades, and we’re getting it done,” Trump told reporters at the White House. “This is the largest-ever government effort to change all federal rules and regulations necessary to support our ranchers and our farmers.”

Beef prices have risen this year due to drought and high feeding costs. The United States currently maintains the smallest herd since the 1950s.

The National Cattlemen’s Beef Association said it was “disappointed” by Trump allowing more foreign beef to flow into an industry already under severe stress.

“While America’s cattle producers share the goal of keeping groceries affordable for consumers, flooding the market with government-subsidized, below-market beef is not the way to rebuild the American cattle herd,” the association previously said in a statement.

“Cattle markets have already turned sharply lower this morning, to the detriment of farmers and ranchers.”

Vice President JD Vance briefs members of the media in the press room of the White House on Thursday. Photo by Annabelle Gordon/UPI | License Photo

Source link

US adds 162,000 jobs in August, raising Fed rate hike expectations | Business and Economy News

The United States economy has added 162,000 jobs in August, with large gains in local government education and food services.

The unemployment rate remained unchanged, according to the monthly jobs report released by the US Department of Labor’s Bureau of Labor Statistics (BLS) on Friday.

Recommended Stories

list of 4 itemsend of list

The data was well above analysts’ expectations. Economists polled by Reuters had forecast 56,000 gains, the Wall Street Journal forecast 53,000, and Bloomberg had forecast 55,000, following a loss of 23,000 in July.

Local government education, or public schools, accounted for nearly 42,000 of the jobs added as the 2026–27 school year begins across much of the US. Teachers typically fall off payrolls during the summer months when school is not in session.

Food service jobs also saw large increases, with the sector adding 59,000 jobs for the month of August compared with the month prior.

There were also gains in construction, which added 22,000 jobs, and healthcare, which added 12,000.

The information sector, which accounts for industries like data processing, web hosting, publishing, broadcasting and telecommunications, fell by 23,000, with notable layoffs at companies including Scripps TV and Zillow, which fall under the umbrella of these industries.

The financial activities sector, which accounts for industries like insurance, commercial banking and real estate, dropped by 12,000.

Mixed data

The data comes in sharp contrast to the ADP national employment report, which tracks private payrolls and found 38,000 jobs added across the US economy.

Meanwhile, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) report released on Tuesday revealed job openings were slightly changed, with 7.3 million in July, up from 7.2 million the previous month, while total separations fell to 5.1 million in July from 5.3 million in June.

The move in job gains comes ahead of the US Federal Reserve’s policy meeting later this month, where the central bank will vote on interest rates. Amid the job gains, CME Group’s FedWatch, which tracks the likelihood of monetary policy decisions, had a 60 percent chance of a 25 basis point rate increase to 3.75–4.00 percent, up from 49 percent on Thursday.

US President Donald Trump was quick to comment on the jobs report and push for rate cuts.

“Lower the interest rates because the U.S.A. is a much stronger credit than it was a short time ago!” he said in a post on his social media platform Truth Social.

He also ramped up threats to cut off trade with nations that the US has a deficit with if the central bank does not cut rates.

Despite a strong jobs report, US markets are trending downwards. The Nasdaq is down 0.2 percent, the Dow Jones Industrial Average is down 0.5 percent, and the S&P 500 is down 0.3 percent amid Trump’s comments.

Meanwhile, Canada released its jobs report amid the ongoing trade dispute with the US. The Canadian economy lost 41,700 jobs, according to Statistics Canada, with the unemployment rate holding steady at 6.4 percent.

“We expect the economy will continue struggling to create jobs in the near term as mounting headwinds from new US-Canada tariffs, greater uncertainty from a flare-up in the trade war, and the ongoing Iran conflict and a shrinking population weigh on hiring,” Tony Stillo, director of Canada Economics at Oxford Economics, said in a note provided to Al Jazeera.

Source link

FCC moves to dismiss ABC’s free speech lawsuit

Sept. 4 (UPI) — The Federal Communications Commission asked a federal court to dismiss a lawsuit from ABC claiming the commission was curbing its right to free speech.

The Walt Disney Company and its subsidiary ABC sued the FCC on Aug. 18 to block an early license renewal from the agency, claiming the Trump administration is attacking the company for content it doesn’t like.

The FCC argued in its motion that the lawsuit is premature because the agency hadn’t yet tried to remove the licenses from eight local stations that ABC owns. In April, the FCC called for an early review of the licenses, an unusual move. None of the licenses were up for renewal for several years.

The FCC claims it asked for the early review because of ABC’s response investigation into the company’s diversity, equity and inclusion hiring policies. But the review came right after President Donald Trump told ABC to fire Jimmy Kimmel after a joke about First Lady Melania Trump.

The eight stations with their licenses are in jeopardy cover New York, Los Angeles, Chicago, Philadelphia, Houston, San Francisco, Raleigh-Durham, N.C., and Fresno, Calif. They renew their licenses every eight years and are almost never revoked. The FCC hasn’t filed an early-renewal order in decades.

“This [lawsuit] would only hobble the Commission’s efforts to investigate and resolve serious allegations that Disney has engaged in unlawful discrimination, and from otherwise ensuring that Disney’s stations are serving the public interest,” the FCC wrote in its filing. “Plaintiffs, in return, would only free themselves from the burdens of proving their case in administrative proceedings.”

“They have shown (at most) minimal and self-inflicted effects on speech, and no harms that could justify” blocking the agency’s moves, the FCC’s document said.

ABC had filed for an emergency stay of the FCC’s activity, arguing it was using the regulatory process to suppress its right to free speech.

ABC in its filing said that President Donald Trump is sending a “message to every media company in the country — that they should “tell only the stories the Administration deems favorable, or face the coercive machinery of the federal government.”

“In such a world, the press could in no way be described as free,” ABC wrote. “The FCC Chairman [Brendan Carr] has left little doubt that this is his goal.”

Judge Loren L. AliKhan scheduled a hearing for the week of Oct. 5.

Vice President JD Vance briefs members of the media in the press room of the White House on Thursday. Photo by Annabelle Gordon/UPI | License Photo

Source link