US Senate confirms Kevin Warsh as Federal Reserve chair, replacing Jerome Powell
Warsh will serve four-year term as chair, taking over amid rising inflation and pressure from Trump to lower rates
· Gaya Gupta
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Newest first · UTC+11:00Kevin Warsh wins Senate confirmation as the next Federal Reserve chair
Kevin Warsh was confirmed Wednesday as the next Federal Reserve chair, taking over the central bank at a time when President Donald Trump is pushing for lower interest rates even as fresh inflation data complicates the case for cuts.
· Jeff Cox
Kevin Warsh confirmed as next Fed chairman by US Senate as inflation mounts
Kevin Warsh was confirmed as the next Federal Reserve chairman on Wednesday — even as surging inflation has begun to box the central bank into one of its toughest corners in years.
· Ariel Zilber
Gavin Newsom to release updated state budget priorities after previous $2.9B shortfall estimate
California Gov. Gavin Newsom will reveal his updated budget plan Thursday as state Democrats grapple with what they claim are “Trump inflation” impacts on public services, particularly health care.
· Titus Wu
Kalshi promo code NYPMAX: Trade $10, get $10 for Stanley Cup Finals markets
Kalshi has a welcome bonus for first-time users who want to sign up for the fast-growing prediction market platform this spring.
· Malik Smith
Banking habits stay rooted as Americans overlook better options: survey
One quarter of Americans still have the same bank as when they opened their very first account, new research has revealed.
· SWNS
Trump to announce tariff truce extension, aircraft purchases from Boeing in China, traders predict
Prediction market traders think President Donald Trump will make some major announcements in his trip to meet with Chinese President Xi Jinping in Beijing.
· Davis Giangiulio
One-of-a-kind ‘castle’ stands to sell for a bargain at auction — after failing to fetch $23M on the market
You can call this “castle” your home — and for a bargain, to boot.
· Barbara Ruben
UAE targets dirty gold in clampdown on money laundering and terror financing | The National
Abdulla bin Touq, Minister of Economy and Tourism, has announced measures to crack down on gold being traded for money laundering and financing terrorism.
· The National
Ugly, Tailing 30Y Auction Makes History With First 5%+ Yield Since The Great Quant Crash Of Aug 2007
Moments ago, the last refunding auction of the week, the sale of $25BN in 30Y paper, made history: it was the first 30Y auction to print with a high yield above 5%, and a coupon of 5%, since August 2007... which as veteran traders will recall was the month of the historic quant crash which marked the S&P highs at th…
· Tyler Durden
Prosecutors seek seven-year prison term for Sarkozy in Gaddafi case
French prosecutors have requested a seven‑year prison sentence for former president Nicolas Sarkozy in his appeal trial over allegations that his 2007 presidential campaign received illegal funding from Muammar Gaddafi’s Libya — a case that has become one of the most explosive political‑financial scandals of France’…
· AfricaNews
Trump, Xi set to talk trade after 30% drop during tariff war
A Chinese electronics factory. China's exports to the U.S. fell in 2025, but its overall trade surplus with the world grew. © Reuters
· Staff Writer
Kids face a ‘reading recession’ as test scores continue to plummet across the US
MODESTO, Calif. — Before every important test, teacher Nancy Barajas dims the lights, turns on a disco ball and blasts music from her playlist. Her sixth graders dance together as a “pre-celebration” to boost their confidence, then take their exam.
· Associated Press
Can Pakistan deliver a US-Iran deal – or will another power take the lead?
By Farhad Ibragimov – lecturer at the Faculty of Economics at RUDN University, expert and lecturer at the Department of Political Science, Faculty of Social Sciences and Mass Communications, Financial University under the Government of the Russian Federation
· RT
Can Pakistan deliver a US-Iran deal – or will another power take the lead?
By Farhad Ibragimov – lecturer at the Faculty of Economics at RUDN University, expert and lecturer at the Department of Political Science, Faculty of Social Sciences and Mass Communications, Financial University under the Government of the Russian Federation
· RT
PH should take advantage of new ADB critical minerals facility
AT its annual meeting held last week in Samarkand, Uzbekistan, the Asian Development Bank (ADB) announced the launch of a new financing facility designed “to help countries in Asia and the Pacific develop critical minerals supply chains needed for clean energy, batteries, electric vehicles and digital technology,” a…
· The Editorial Board
Redefining essentials in challenging times: Doing good beyond business
IN a rapidly evolving world shaped by economic uncertainty, digital disruption and shifting consumer expectations, the definition of what is “essential” is being reexamined. Traditional measures of success — profit, scale and market share — are no longer sufficient. Businesses today are called to operate with greate…
· Rosalina Dela Paz-Magat
Palestinian man killed while climbing West Bank barrier into Israel
Mourners carry the body of Palestinian Zakaria Qatousa, during his funeral in the West Bank town of Deir Qaddis Wednesday, May 13, 2026. (AP Photo/Mahmoud Illean)
Palmer Luckey's Anduril Secures $5B At $61B Valuation To Supercharge Killer Drone Production
Palmer Luckey's Anduril announced a $5 billion Series H funding round at a $61 billion valuation, led by Thrive Capital and Andreessen Horowitz. This comes as President Trump's 'war economy' and the rise of 'war unicorns' gain momentum.
· Tyler Durden
Wholesale inflation surges 6% — biggest increase since 2022: ‘Alarm bells at the Fed’
US wholesale inflation came in hot last month. Producer prices rose 6% from a year earlier, most since December 2022, as the 10-week Iran war pushed up energy prices and put pressure on companies to pass along higher costs to consumers.
· Associated Press
Has Labor’s tax reform killed ‘rent-vesting’ for young Australians seeking a foothold in the housing market?
Changes to capital gains tax and negative gearing will make the strategy of renting in a preferred area while buying a cheaper property elsewhere less attractive, experts say
· Luca Ittimani
Tiny Iran war relief vs huge Covid aid reflects limited economic impact, says Al Ghurair | The National
The Dh6.2 billion ($1.69 billion) relief for bank customers in the UAE is nothing compared to the Dh200 billion in assistance the UAE Central Bank extended during the Covid pandemic, reflecting the far smaller impact of the current crisis on the country's economy, the UAE Banks Federation chairman Abdul Aziz Al Ghur…
· Sarmad Khan
EU Imports of Russian LNG Surge to Highest Level Since Ukraine Invasion
The European Union’s imports of Russian liquefied natural gas climbed to their highest levels since early 2022 in the first quarter of this year, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA).
· AFP
‘I don’t think about Americans’ financial situation,’ says Trump amid Iran talks
With US inflation at a three-year high, US president insisted he’s not focused on economic hardship sparked by the conflict
· Joseph Gedeon
‘That remark bust from me like a truth fountain’: Keating’s kitchen phone call that changed the economy
Paul Keating has described his most important declaration about the state of the economy as a weighty truth lifted from his shoulders – but it may not have happened but for a woman washing some heavy pots.
· Shane Wright
Chinese tech giant Alibaba posts profit drop amid AI drive
BEIJING — Chinese tech giant Alibaba said Wednesday that net profit dropped by nearly a fifth during its most recent fiscal year, weighed by challenges in the domestic economy and an expensive push into artificial intelligence.
· Agence France-Presse
What to know about Nigerian airstrikes against militants that kill civilians
In this photo released by Amnesty International Nigeria, a patient receives treatment at the Yariman Bakura Specialist hospital in Gusau, Nigeria, Monday, May 11, 2026, after a Nigerian military airstrike struck a market on Sunday. (Amnesty International Nigeria Via AP)
SoCal lowlifes fleece vulnerable senior out of $25K
Two Southern California suspects admitted their roles in a brazen scam that conned an elderly Ventura man out of $25,000 after fraudsters falsely claimed his bank account was tied to child sexual abuse material in Canada, prosecutors said Tuesday.
· Daniel Farr
Dubai Taxi Company to acquire National Taxi for $395m in Abu Dhabi push | The National
Dubai Taxi Company is to acquire National Taxi for Dh1.45 billion ($394.8 million), a move that will boost its strategy to widen its market reach across the emirates, including Abu Dhabi.
· Alvin R Cabral
Producer prices shot up 6%, adding to pressure on companies to raise prices for customers
Customers shop in the produce section of a grocery store on Monday, May 11, 2026, in Portland, Ore. (AP Photo/Jenny Kane)
· Paul Wiseman
Wholesale inflation jumps 6% in April on annual basis, biggest increase since 2022
Wholesale prices in April posted their highest annual increase in more than three years, signaling more nettlesome inflation as pipeline costs intensify.
· Jeff Cox
Oil price spike turmoil far from over, IEA says as inventories are depleted at “record pace"
Oil price spikes are likely over the peak summer demand period as rapidly depleting inventories pile more pressure on the market, the International Energy Agency warned in its latest monthly update released on Wednesday.
· Joseph Wilkins
Netherlands protests US proposal to further bar chip giant ASML from China market
While the chipmaking-gear giant is already banned from selling advanced kit to China, new rule would make low-end products off-limits too
· Finbarr Bermingham
Netherlands protests US proposal to further bar chip giant ASML from China market
While the chipmaking-gear giant is already banned from selling advanced kit to China, new rule would make low-end products off-limits too
· Finbarr Bermingham
Futures, Yields And Oil All Rise As Trump Arrives In China
US equity futures are up (alongside oil and yields, go figure), reversing yesterday's modest losses, as optimism around the earnings potential of AI outweighs concerns over hot inflation readings bringing dip buyers back to drive tech stocks higher, with traders betting that the tech rally has further room to run wh…
· Tyler Durden
Hong Kong Airport Authority takes over 11 Skies retail from New World: sources
Ahead of Terminal 2’s opening, sources tell SCMP that the authority has assumed control of 70 per cent of the troubled project
· Denise Tsang
Hong Kong Airport Authority takes over 11 Skies retail from New World: sources
Ahead of Terminal 2’s opening, sources tell SCMP that the authority has assumed control of 70 per cent of the troubled project
· Denise Tsang
MSCI's index rebalance drops Indonesian stocks and rupiah hits record low
The potential outflow from active and passive investors due to the stock exclusion is estimated at around US$1.7 billion. (Photo by Yuki Kohara)
· Staff Writer
Alibaba AI revenue logs triple-digit growth for 11th quarter amid strategic reshuffle
First-time disclosure of AI-related sales illustrates pivot towards full-stack capabilities as Hangzhou tech giant embraces ‘token economy’ to fuel growth
· Ann Cao
Alibaba AI revenue logs triple-digit growth for 11th quarter amid strategic reshuffle
First-time disclosure of AI-related sales illustrates pivot towards full-stack capabilities as Hangzhou tech giant embraces ‘token economy’ to fuel growth
· Ann Cao
European firms in China rethink supply chains as Iran war drives up costs, survey finds
Supply disruptions and rising costs linked to Middle East instability are forcing companies to adjust sourcing, production and investment plans
· Alice Li
European firms in China rethink supply chains as Iran war drives up costs, survey finds
Supply disruptions and rising costs linked to Middle East instability are forcing companies to adjust sourcing, production and investment plans
· Alice Li
Iran feels economic strain as Strait of Hormuz tensions deepen
Iran's grip over the Strait of Hormuz is throttling the world’s energy supplies and inflicting global economic pain, but a U.S. naval blockade and deepening pressures on its own economy are also testing its ability to withstand the war and defy Washington's demands.
· AfricaNews
Trump says he ‘doesn’t think about Americans’ financial situation’ as he heads to China for talks with Xi Jinping – US politics live
President says he ‘doesn’t think about anybody’ when questioned on financial impact of the Iran war as he departed for Beijing
· Guardian Staff
Hong Kong’s first biodiversity loan goes to Henderson Land for Central Yards green spaces
Loan from HSBC and Hang Seng Bank, reportedly worth US$12.8 million, enhances city’s stature in sustainable finance, parties say
· Cheryl Arcibal
Hong Kong’s first biodiversity loan goes to Henderson Land for Central Yards green spaces
Loan from HSBC and Hang Seng Bank, reportedly worth US$12.8 million, enhances city’s stature in sustainable finance, parties say
· Cheryl Arcibal
Leaving so soon? US, China hold briefest trade talks yet before leaders’ summit
The two delegations met in Seoul’s Incheon Airport, spoke for a few hours and skipped the press conferences typically held after earlier sessions
· Xinyi Wu
Leaving so soon? US, China hold briefest trade talks yet before leaders’ summit
The two delegations met in Seoul’s Incheon Airport, spoke for a few hours and skipped the press conferences typically held after earlier sessions
· Xinyi Wu
Israel killing at least one Palestinian child a week in West Bank, Unicef says
Israeli forces have killed an average of at least one Palestinian child a week in the occupied West Bank since the start of 2025, a Unicef spokesperson said on Tuesday.
· Middleeasteye
Tax cuts collide with inflation as voters weigh Trump's economy
Evan Duke, a 30-year-old bartender who lives in Raleigh, N.C., works at the Pearl & Peril, March 10, 2026, in the city’s Glenwood South bar district. (AP Photo/Bill Barrow)
· Bill Barrow