Warsh takes over Fed with a policy problem already in view

By Howard Schneider
WASHINGTON, May 22 (Reuters) - Kevin Warsh, whose broad criticism of current U.S. Federal Reserve officials, playbook for rate cuts and ties to President Donald Trump elevated him past other contenders to lead the central bank, will be sworn in as Fed leader Friday at a pivotal moment for monetary policy and the American economy.
An unfolding boom in ‌artificial intelligence technology is reshaping the economy in ways Fed officials say could be profound for workers, companies and consumers, but will be hard for Warsh and his colleagues to ****** s ‌in real time.
At the same moment inflation is already high and potentially heading higher as the economy copes with shocks including oil driven over $100 a barrel by the U.S.-Israeli war with Iran, high import tariffs and utility and some other costs rising due to the AI rollout.
Warsh, 56, won Trump's backing for the job over the course of what became a year-long public audition among the top candidates - including one who will be seated alongside him on the Fed's Board of Governors. Trump plans to swear Warsh in at 11 a.m. ET (1500 GMT) at the White House.

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EU in stagflationary trend, must not risk fiscal crisis, ministers say

By Jan Strupczewski and Francesco Canepa
NICOSIA, May 22 (Reuters) - Europe's economy is in a stagflationary trend due to the surge in energy prices caused by the Iran war, but ‌governments must be wary that generous fiscal support could risk a fiscal crisis or higher ‌ECB rates, top EU officials said on Friday.
The European Commission forecast on Thursday that euro zone economic growth will slow to 0.9% in 2026 from 1.3% in 2025 and inflation will jump to 3.0% from 1.9%, well above the European Central Bank's target of 2.0%.
"There is stagflationary pressure, but Europe is resilient," the chairman of euro zone finance ministers Kyriakos Pierrakakis said.
Investors have started worrying that the war in Iran may cause a lasting inflationary shock ‌and yields of government bonds rose ⁠to decade highs, threatening a severe hit to the spending power of governments, businesses and households.

https://finance.yahoo.com/...

Nine industry leaders including Hyundai Motor Group sign landmark hydrogen MOU...

HONG KONG SAR - Media OutReach Newswire - 22 May 2026 - At the International Hydrogen Development Symposium 2026 today (May 18), nine pioneering companies from Korea, the Chinese Mainland, France, and Hong Kong - including Hyundai Motor Group - signed a landmark Memorandum of Understanding (MOU) on hydrogen ecosystem building, marking a major step toward advancing the city’s green economy.
At the International Hydrogen Development Symposium 2026 today (May 18), nine pioneering companies from Korea, the Chinese Mainland, France, and Hong Kong - including Hyundai Motor Group - signed a landmark Memorandum of Understanding on hydrogen ecosystem building, marking a major step toward advancing the city’s green economy. Photo shows (from left) Senior Vice President (Sustainability) for Technology, Innovation and Entrepreneurship of Invest Hong Kong (InvestHK), Ms Olivia To; the Director-General of Investment Promotion of InvestHK, Ms Alpha Lau; Executive Vice President and Head of Energy & Hydrogen Policy Sub-Division at Hyundai Motor Group, Mr Seung Kyu-shin; Deputy Minister for Territorial and Urban Policy at Ministry of Land, Infrastructure and Transport of the Republic of Korea, Mr Jeong Eui-kyung; the Global Head of Financial Services, Fintech & Sustainability of InvestHK, Mr King Leung; and Senior Vice President, Transport, Logistics and Industrials of InvestHK, Ms Bonnie Ho, at the symposium.
This multi-party signing was officiated by Deputy Minister for Territorial and Urban Policy at Ministry of Land, Infrastructure and Transport of the Republic of Korea, Mr Jeong Eui-kyung; the Acting Secretary for Environment and Ecology, Miss Diane Wong; the Director of Electrical and Mechanical Services, Mr Poon Kwok-ying; and the Director-General of Investment Promotion of Invest Hong Kong (InvestHK), Ms Alpha Lau.
At the International Hydrogen Development Symposium 2026 today (May 18), nine pioneering companies from Korea, the Chinese Mainland, France, and Hong Kong - including Hyundai Motor Group - signed a landmark Memorandum of Understanding on hydrogen ecosystem building, marking a major step toward advancing the city’s green economy. Photo shows the Director-General of Investment Promotion of Invest Hong Kong, Ms Alpha Lau, delivering a speech.
Spearheaded by Hyundai Motor Group, the MOU establishes a collaborative framework to build a comprehensive, self-sustaining hydrogen ecosystem in Hong Kong, targeted to be fully operational by the end of 2030. The collaboration will prioritise the development of waste-to-hydrogen technologies to convert landfill gas into clean energy, along with an immediate focus on piloting a liquefied hydrogen refuelling infrastructure. To enable full value chain integration, it also targets the deployment of customised hydrogen fuel cell commercial vehicles, including tour and airport shuttle buses.

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German economy grows by 0.3% in Q1, driven by exports

By Maria Martinez
BERLIN, May 22 (Reuters) – The German economy grew by 0.3% in ‌the first quarter of 2026 compared with the previous quarter, the ‌statistics office said ⁠on Friday, confirming ⁠its preliminary reading.
Exports rose considerably at the start of the year, helping Germany’s economic performance, said ⁠Ruth Brand, ⁠president of the statistics office.
Total exports of goods and services rose ‌by 3.3% following a decline in exports in the fourth ⁠quarter of 2025, while imports only increased by 0.1% ⁠quarter-on-quarter.
Government ‌spending increased ⁠by 1.1%, while household ‌spending stagnated.

https://whtc.com/2026/05/2...

Fox News viewers turn on Donald Trump as his approval ratings start to plummet -...

Fox News revealed the latest approval ratings of President Donald Trump (Image: Getty)
A growing number of pollsters disapprove of President Donald Trump's handling of the economy.
On May 20, Fox News released a new poll amid rising gas and oil prices. President Trump's war against Iran has affected the economy. Due to the blockade of the Strait of Hormuz, the primary export route for oil, by the country in the Middle East, the average price of gas has surged past four dollars. The cost of living has now become respondents' top economic concern.
According to the Fox News poll, the president's approval ratings have plummeted. This comes as Trump snapped at the subject of rising gas prices amid a heated interview.
Gwyneth Paltrow's 'nepo baby' daughter Apple, 22, ripped apart for 'cringe' acting debut

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Euro weakens against British Pound ahead of Germany IFO Business Survey |...

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ICE detains in Miami sister of head of GAESA, the military firm that runs Cuba’s...

The Trump administration detained in Miami on Thursday the sister of the top Cuban official who heads the multi-billion-dollar military conglomerate that runs most of Cuba’s economy, Immigration and Customs Enforcement announced on Thursday.
ICE said in a press statement that Adys Lastres Morera was taken into custody after the State Department revoked her green card, saying she represented a threat to national security.
Lastres Morera is the sister of Gen. Ania Guillermina Lastres Morera, who runs the umbrella group known as GAESA that is part of the Cuban military. A 2025 Miami Herald investigation found that the Cuban military has an estimated $18 billion dollars in GAESA’s accounts as the country’s economic collapses and its population lives through a humanitarian crisis.
“Allowing Lastres Morera to remain in the country would send a signal that Cuban regime-affiliated networks could continue to access the U.S.’s financial, educational and social institutions — but that is not the case,” John Condon, acting executive ******* ociate director of Homeland Security Investigations, said in a statement.
In a separate statement, Secretary of State Marco Rubio announced Lastres Morera’s detention.

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How industry leaders plan to meet coming energy demand

As an increasing number of AI data centers are being built, the energy supply in the United States will need to expand exponentially to meet the rising demand, according to energy industry leaders who spoke at the Western Governors **** ociation meeting on Thursday.
The conference, held in Salt Lake City, was focused on how the West can prosper in the energy industry.
According to Charles Hua, founder of PowerLines, utilities are telling investors that they will need to spend the equivalent cost of 2,000 Hoover Dams to meet the energy supply.
On multiple panels, experts discussed the needs, challenges, and opportunities ahead for upgrading the power grid to meet the increasing demand.
The biggest issues ahead will be tight regulations and supply chain bottlenecks, but the industry experts said that achieving affordable energy and abundant energy could be mutually reinforcing.

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3 CD account mistakes to avoid in today's economy

The economic terrain millions of Americans find themselves in lately may not be the one many were hoping for. With inflation surging in recent months – now at its highest level in three years – and elevated interest rates effectively frozen for the foreseeable future, many understandably feel stuck right now. For savers, however, there remains a silver lining in the form of elevated interest rates on select savings accounts. That can help boost their money and protect it from the volatility it would otherwise feel if invested or stored in low-rate account alternatives.
A certificate of deposit (CD) account, for example, now comes with an interest rate of 4% or higher, depending on the term. That's $4 earned for every $100 deposited. Considering that the average rate on a traditional savings account is just 0.38% now, the benefits of a CD account are clear. Plus, CD rates are fixed, meaning that they won't change even if the economy or interest rate climate does. That's something that traditional, high-yield savings and money market accounts all fail to offer.
At the same time, a CD account is a savings tool that, like all others, will only be as effective as the saver who maintains it. And that means knowing which mistakes to avoid in today's economy, specifically. Below, we'll outline three worth understanding for those savers who have yet to take advantage of today's market with a high-rate CD account.
Start by seeing how much interest you could still be earning with a CD here.
3 CD account mistakes to avoid in today's economy

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Chainlink Continues Leading The Oracle Economy With SVR Expansion — What To Know

With the US Digital ******* et CLARITY Act inching closer to becoming law, many investors and supporters are eager to know...
A $75 million loan backed by nearly half a billion dollars worth of a company’s own tokens is now at...
XRP became the most traded ******* et on South Korea’s Upbit exchange in the last seven days, pulling in $110 million...

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The best-looking Fords ever produced

Ford has been a dab hand at building everyday cars to appeal to keen drivers, and it’s also made more than its fair share of cars with good looks.
Ford has been a dab hand at building everyday cars to appeal to keen drivers, and it’s also made more than its fair share of cars with good looks.
Here’s our pick of the best-looking Ford models from around the world, arranged in chronological order. And please note we use the phrase ‘best-looking’ and not ‘most beautiful’; here we’re talking about cars that we reckoned that looked great considering the duty the car in question had to do. Many designers can make a low-slung coupe look great – but it’s rather harder for a SUV or family runabout. Climb aboard:
The utilitarian simplicity of the Ford Model T that went on sale in 1908 barely changed throughout the car’s long life. Its clean lines established the general layout and style of most cars to come for the next three decades with flowing wings, prominent radiator, and the engine at the front.
Loathe to spend money on unnecessary development, Ford kept the Model T as basic as it could get away with. As a result, the price came actually down during its production life and it helped Ford produce more than 15 million by the time the last T rolled off the line in 1927.

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McDonald's CEO just shared some bad news about the K-shaped economy

McDonald's CEO Chris Kempczinski hinted that the K-shaped economy might be getting worse.
He said higher-income consumers are spending normally, while lower-income shoppers are cutting back more.
Kempczinski added that consumer sentiment is marked by "heightened anxiety."
America is not getting relief from its K-shaped economy problem anytime soon, McDonald's CEO Chris Kempczinski said.
In a Thursday earnings call, Kempczinski said that the macro environment and consumer sentiment are "certainly not improving, and it may be getting a little bit worse."

https://finance.yahoo.com/...

Bango targets AI and productivity subscription growth - ICYMI

Bango PLC (AIM:BGO, OTCQX:BGOPF) CEO Paul Larbey talked with Proactive about the company’s new partnership with LinkedIn and how the agreement strengthens Bango’s growing subscription bundling ecosystem. Larbey explained that LinkedIn is “one of those really recognized, most trusted brands” and said adding the platform expands Bango’s reach into professional productivity and career development services.
During the interview, Larbey discussed how the Bango Digital Vending Machine enables subscription providers to connect with a global network of distribution partners through a single integration. He said the platform allows companies such as LinkedIn to rapidly scale access to new customers through telcos, retailers and banks without requiring multiple technical integrations.
The discussion also focused on changing consumer behaviour in the subscription economy. Larbey noted that while consumers continue to spend heavily on subscriptions, they increasingly want simplicity, flexibility and value. He explained that bundled subscription offers are becoming more personalised and can combine entertainment, productivity, AI tools, retail services and food delivery into tailored packages for different customer groups.
Larbey highlighted AI tools as a major growth area for Bango and said the LinkedIn partnership reflects the continued expansion of subscription bundling into new sectors beyond entertainment and streaming.
He told Proactive: “Ultimately, we're here to be the place where people subscribe.”

https://finance.yahoo.com/...

Russia holds scaled-back WW2 victory parade as worries over war in Ukraine...

By Guy Faulconbridge and Vladimir Soldatkin
MOSCOW, May 9 (Reuters) - Russia holds its most scaled-back Victory Day parade in years on Saturday due to the threat of attack from Ukraine, where victory for Moscow's forces has proven elusive more than four years into the deadliest European conflict ‌since World War Two.
The May 9 parade on Red Square marks Russia's most revered national holiday - a time to celebrate the Soviet Union's victory over ‌Nazi Germany and to pay homage to the 27 million Soviet citizens, including many from Ukraine, who perished.
Once used to show off Russia's vast military, including its nuclear-capable intercontinental ballistic missiles, this year's parade will have no tanks or other military equipment rolling over the cobbles of Red Square.
Soldiers will still march and cheer in the shadow of Vladimir Lenin's Mausoleum, fighter planes will fly above the towers of the Kremlin and President Vladimir Putin will make a speech before laying flowers at the tomb of the Unknown Soldier.

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Even As Economic Data Get Sunnier, Consumer Feelings About The Economy Sink...

Graeme Sloan / Bloomberg via Getty Images
Stocks are booming, unemployment is low, businesses are raking in record profits, and people hate the economy more than at any other time in history.
People's feelings about their own finances and the broader economy as measured by the University of Michigan's Index of Consumer Sentiment edged down in early May, reaching a low point in the history of the survey that began in 1952, the university said Friday.
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The downtick was driven by a decline in people's ***** sment of the current condition of the economy, which also hit a record low.
The decline highlighted the glaring contradiction between consumer's feelings about the economy and what the hard data says about it.
Soaring gasoline prices, a consequence of the Iran war, seem to have a much bigger impact on public perception than soaring stock values or other indicators that the U.S. is doing well by most of the ways economists use measure the health of the economy. As of Friday, a gallon of regular unleaded averaged $4.54, well over the $2.98 prewar average back in February. Friday's survey showed this sudden increase in an everyday expense has had an outsized psychological impact.

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U.S. fires on 2 more tankers as Washington expects Iran response on deal

What to know about the Iran war today:The U.S. military says its forces fired on two Iran-flagged oil tankers to stop them from docking at an Iranian port Friday in violation of the U.S. blockade in the area.Secretary of State Marco Rubio said the U.S. was expecting a response from Iran on a peace proposal Friday, adding, "we'll see what the response entails" and that he hopes it's "a serious offer."President Trump said the U.S.-Iran ceasefire is "still in effect," but he warned the U.S. would "knock them out a lot harder, and a lot more violently," if Tehran doesn't accept a peace deal. U.S. Treasury issues new round of sanctions against entities accused of supporting Iran's drone, missile programs
The U.S. Treasury Department on Friday announced a new round of sanctions against 10 individuals and companies it accused of helping enable Iran's drone and ballistic missile programs.
The sanctions, implemented by the U.S. Treasury's Office of Foreign ******* ets Control, target those "that are enabling efforts by Iran's military to secure weapons, as well as raw materials with applications in Iran's Shahed‑series unmanned aerial vehicles and ballistic missile program," the Treasury Department said in a news release.
The State Department was targeting another four entities with sanctions, the Treasury Department said.
Among those sanctioned were companies based in China, Dubai, Hong Kong and Belarus that the Treasury Department alleged have served as intermediaries, helping Iran's Center for Innovation and Technology Cooperation, the CITC, with "financial, material, technological or other support."

https://www.yahoo.com/news...

U.S. added 115,000 jobs in April as economy contends with Iran war impact

The U.S. economy added 115,000 jobs in April, a sign that the labor market retained its resiliency even in the face of a global energy shock triggered by the U.S. war with Iran. The unemployment rate remained steady at 4.3%.
Economists were expecting 55,000 jobs to be added and projected that the unemployment rate would remain steady at 4.3%, according to a survey from Dow Jones.
The report also showed significant revisions to prior months. Employment in February was revised down by 23,000 to negative 156,000, but March was revised up by 7,000 to an addition of 178,000 roles.
The report from the federal Bureau of Labor Statistics also arrives as oil prices remain higher by more than 50% since the start of the year and average retail gas prices hover above $4.55 per gallon, up 50% since the war with Iran started in late February.
After the consumer price index showed inflation rising to 3.3% in March as a result of the Iran war fallout, Friday’s report showed that average hourly wages continued a strong 3.6% pace from the same time a year ago.

https://finance.yahoo.com/...

Recession Fears Are Back: Here Is Why That Should Not Change Your Strategy

Wall Street is a bit of a fishbowl, with many industry participants hyper-focused on the short term. This is why you see lemming-like behavior when big events transpire, leading to often dramatic price moves for stocks and the broader market. Right now, there are a lot of moving parts in the world, and investors are concerned that a recession could be on the horizon.
That's not the least bit unreasonable. The bigger issue is what you should do about it. For most investors, the answer is probably nothing. Or, perhaps, even double down on your investment plan if there is a recession. Here's why.
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If your investment horizon is measured in days, weeks, or months (or for some minutes and hours), then a recession is probably going to require you to make massive changes to your portfolio. After all, your goal is to take advantage of short-term market moves, and if history is any guide, a recession will likely be accompanied by a market downturn.
That said, short-term trading of this kind borders on market timing. It is very difficult to consistently time the market's ups and downs. If you are trying to do that, a recession and bear market may be exactly what you need to convince you to switch gears and take a long-term investment approach.

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Making Cents: Will the economy affect my summer plans?

Gas prices have surged and oil supplies have stalled; how does the economy look as summer travel begins? Financial Advisor Kelly Brothers explains.

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Iran’s economy has been battered. But its leaders think Trump will blink first. ...

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King Charles visits White House for state dinner, after rare address to Congress

What to know about King Charles' visit to D.C.King Charles III and Queen Camilla have arrived at the White House for a state dinner hosted by President Trump and first lady Melania Trump.Earlier Tuesday, the king addressed Congress, speaking about what he called the "truly unique" relationship between the U.K. and the U.S. and repeatedly stressing the importance of the alliance. He received a standing ovation when he said "executive power is subject to checks and balances."Charles' address to lawmakers is only

Democrats ride the affordability wave

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Iran live updates: Trump says Iran 'informed' US that it's in a 'state of collapse'

President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.
Following the announcement of a two-week ceasefire, initial U.S.-Iran talks in Pakistan earlier this month failed to reach a peace deal.
Trump later announced the open-ended extension of the ceasefire and the continuation of the blockade until Iran's proposal is submitted and discussions are concluded "one way or the other."
Ap

The U.S. Economy Was Shaky Before the Iran War. Now It's in Real Trouble. | Council on Foreign...

While the U.S. economy grew strongly in 2025, it is currently on shaky ground. Spiking inflation, static interest rates, the ongoing Iran war, and other dynamics have contributed to a difficult economic moment ahead of midterm elections in November.
Roger W. Ferguson Jr. is the Steven A Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations. Maximilian Hippold is a research ***** ociate at CFR.
Iran’s closure of the Strait of Hormuz after the February U

Trump’s Approval Rating Hits Record Low In Another Poll—As Voters Say Economy Was Better Under Biden

President Donald Trump’s approval rating hit a low point in another poll released Tuesday as the Iran war has driven up gas prices and heightened voters’ economic concerns.
U,S. President Donald Trump in Washington, DC, on Dec. 4, 2025.
April 28Trump’s 42% approval rating is his lowest in the past year and down one point from March, according to an April Harvard CAPS/HarrisX poll, which found support for his actions in Iran is growing, despite concern across both parties about rising gas p

LATTC and other trade schools grow in popularity as AI boom reshapes job market, economy

In the age of AI, some career paths are disappearing fast, and that has some people considering trade schools.
At Los Angeles Trade Technical-College in South L.A., some students are learning what it takes to be electrical linemen.
"It's a different path," student Sean Miller told ABC7. "There's a lot of other career opportunities where you can spend up to eight to 10 years in class. This one you can do -- hit the ground running and have a specific way to go -- in such a short amount of time."
Just s

US Fed expected to keep rates steady as Iran war effects ripple

The US Federal Reserve opened its two-day meeting on Tuesday with policymakers expected to keep interest rates steady, as the war on Iran's effects on energy prices and supply chains ripple through the world's largest economy.
The meeting is expected to be Jerome Powell's last as chairman of the US central bank, a term that has seen President Donald Trump frequently insult and criticize him over the last year.
On Friday, Trump's Justice Department said it was dropping -- for now -- a criminal probe into Powell over cost overr

Iran's economy has been battered. Its leaders still think Trump will blink first

CAIRO (AP) — In the heartland of Iran’s famed carpet-making industry, manufacturing has ground to a near halt. Dairies struggle to find packages for milk and ******* er. Giant steel mills that once drove Iran’s economy have gone silent. Hundreds of thousands have lost jobs, and millions more are at risk.
Over more than five weeks of bombardment, U.S. and Israeli strikes hit thousands of factories. The damage is reverberating across Iran’s economy, threatening increasing waves of layoffs, even as Iranians face

Conestoga Capital Advisors Exited Vertex (VRTX) as the Valuation No Longer Reflects a Favorable...

Conestoga Capital Advisors, an ******* et management company, released its first-quarter 2026 investor letter. A copy of the letter can be downloaded here. The first quarter of 2026 began with optimism about the domestic economy and attractive Small Cap valuations, but was impacted by volatility from Middle East geopolitical unrest and changing interest rate expectations. This unrest drove energy prices up and created cautious global markets. Energy, Basic Materials, and Industrials performed

Why Replacing The Air Filter In Modern Cars Improves Performance But Not Fuel Economy

One of the go-to upsells at a lot of quick-lube places seems to be changing the air filter. The internet is awash with stories of managers shaking dirty filters at customers and describing how much it needs to be changed, or claiming that driving with a dirty filter will hurt gas mileage. While you should change a dirty filter, that last claim isn't true. If you're driving a modern car with a fuel-injected engine, changing the filter will not make any difference to your gas mileage.
You don't have to take