Economy

In 2022, the iconic L.A. comedian Cheech Marin opened an art museum with the hope of inspiring a Chicano art renaissance.

“I looked around and said, ‘This could be the next big art town’ — because the foundations were already there,” Marin told De Los. “There was this kind of nebulous underground here, but [they’ll] reach officialdom when they have their museum.”

Now, as the Cheech Marin Center for Chicano Art and Culture enters its fourth year, Marin said he believes his goal is slowly coming true.

Known colloquially as the Cheech, the museum is widely considered the only space in the nation that exclusively showcases Chicano art. It’s located in Riverside, a majority-Latino city which is also within one of the largest Latino-populated counties in the country.

Since its grand opening on June 17, 2022, the center has housed hundreds of artworks from Marin’s vast private collection, including from prominent artists such as Wayne Alaniz Healy, Judithe Hernández and Frank Romero.

In its first two years, the space attracted over 200,000 visitors, according to an independent study commissioned by the city, with around 90% of attendees coming from outside the Inland Empire. The study also found that the Cheech brought around $29 million into the city’s local economy in that time frame.

“We were recognized as one of the top 50 shows in the world,” Marin said. “The fame of the museum is spreading far and wide, and people are coming from all over the United States.”

While the Cheech grew in nationwide prominence, its artistic director, María Esther Fernández, explained that the museum’s team also worked to fulfill Marin’s goal by taking advantage of its rapid success.

In the last three years, the center has become a hub and vital resource for many of the region’s Chicano artists. It has done this by creating opportunities to network with high-profile individuals, hosting recurring professional development workshops and regularly contracting emerging creatives for different design projects.

Drew Oberjuerge, the center’s former executive director, added that the museum has invested in the region’s economy by hiring locals to help prepare artwork for installation while also paying musicians and other contractors to work throughout their events.

Cheech Marin photographed in the Riverside Art Museum for the unveiling of the Cheech Marin Center for Chicano Art & Culture (a.k.a. “The Cheech”) in 2022.

(Gustavo Soriano / For The Times)

Most important for these artists, however, is the space that the Cheech has designated to put their art front and center.

“What we’ve been really lucky to leverage is the visibility of the Cheech,” Fernández said. “We’ve been really dedicated, since we opened, to featuring artists that are emerging or some that are even mid-career in the community gallery.”

Some of the creatives, who have collaborated with the Cheech within the community gallery since it first opened, say the center’s efforts have legitimized their career paths and created new opportunities to help pursue their dreams.

The gallery is located next to the museum’s entrance and is only a fraction of the space given to the other exhibits within the 61,420-square-foot museum — and it feels like being in a waiting room in comparison to the rest of the center too. Yet, on only four small walls, the artists featured in the area have put on powerful exhibitions that tell the region’s story while also making art on par with Marin’s collection.

This includes shows like “Desde los Cielos,” which was co-curated by Perry Picasshoe and Emmanuel Camacho Larios, and looked into the concept of alienness — as well as Cosme Córdova’s “Reflections of Our Stories,” which emphasized a cultural connection between Inland Empire artists, despite the use of vastly different mediums.

Perry Picasshoe stands outside the Cheech Marin Center for Chicano Art & Culture as part of a performance piece in Riverside on July 3, 2025.

(Daniel Hernandez)

In total, the Cheech has held at least seven different exhibitions that showcased artists from across the Inland Empire — at times, catching Marin’s connoisseur eyes.

“I bought a couple of pieces from different artists because they are of that quality,” Marin said. “It’s great to be encouraging local talent as well as recognizing a larger picture that they are a part of, or going to become a part of [the Cheech].”

According to the Cheech’s spokesperson, Marin has purchased three works from Inland Empire-based artist Denise Silva after they curated an exhibition named “Indigenous Futurism” within the gallery. Another piece, created by artist Rosy Cortez, who has been featured in several exhibitions, was purchased by an anonymous donor and added to the center’s permanent collection.

“We’ve also begun to implement an artist fee for artists who are participating in the exhibitions,” Fernández said, adding that her team has assisted in the transportation of larger works of art as well. “Participating in exhibitions can be cost-prohibitive for artists, and so it’s something we’re trying to mitigate in our practices.”

Their most recent exhibition within the community gallery, called “Hecho en Park Avenue,” has been one of their most successful showings, with over 1,300 community members attending its opening earlier this year.

The exhibition’s co-curator, Juan Navarro, explained that the show culminated years of work within Riverside’s Eastside neighborhood. He, along with other Chicano artists, has been creating art within the Latino-dominant community since 2021.

Then, when the Cheech asked them to curate a show, Navarro felt it was the perfect chance to tell the stories of the Eastside’s locals. The response to the final product was more than Navarro could have ever imagined.

“The community showed out: from intellectuals from UC Riverside, from local government, to state government showed up, to the gang members,” Navarro said. He also noted the emotional weight of being recognized for his art, while surrounded by the work of Chicano artists who waited decades for their own to be recognized.

“Seeing this big, broad community and seeing that our show met the need for a diverse audience… It was meaningful to a lot of people, that’s what I cared about.”

The show’s other co-curator, Michelle Espino, also expressed gratitude for the chance to tell the Eastside’s story at the Cheech. Besides being one of its featured artists, Espino worked on many of the behind-the-scenes aspects of the “Hecho en Park Avenue” exhibition.

It was also a full-circle moment for her; years prior, Espino had written about Fernández’s work for a Chicano art history class. This year, she met with Fernández to ask for advice and to finalize plans for the exhibit.

“It [validated] that I do want to continue with this,” Espino said. “She is literally the person I look up to.”

On top of Espino’s one-on-one meetings with the artistic director, she has also enrolled in a few professional development workshops hosted by the center, most recently taking a class that taught both the art of portraiture and poetry. The Cheech regularly partners with a nonprofit organization named the Riverside Arts Council to host professional development classes.

“If we had these resources when I was younger, my trajectory could have probably been a little bit different,” Espino said.

Marin, in his lifelong quest to collect works for his private collection, has seen how Chicano artists have grown their communities in their respective cities. It starts with painters sharing their works with each other through smaller shows, he said, which builds excitement and increases participation. He likened it to a biological process, where each generation builds upon the growth of the previous iteration.

That process is starting in the Inland Empire now, he added.

“We are a part of this big American picture,” Marin said. “And there’s nothing more official that you can do besides having your own museum.”

Hernandez is a freelance writer based in Riverside. This article is part of a De Los initiative to expand coverage of the Inland Empire with funding from the Cultivating Inland Empire Latino Opportunity (CIELO) Fund at the Inland Empire Community Foundation.

BREAKINGBREAKING,

The central bank’s cut comes amid a cooling labour market, which has stalled economic growth.

The United States Federal Reserve will cut interest rates by a quarter of a percentage point, so they will now be between 4.00 percent and 4.25 percent, as a slowing labour market stalls economic growth.

The Fed, the US central bank, announced its decision on Wednesday afternoon.

Economists had widely expected a 25 basis point cut, with CME FedWatch — a group that tracks probability of monetary policy decisions — putting the odds at 96 percent. One basis point is one-hundredth of one percentage point.

Before Wednesday, the Fed had last cut rates in December by 25 basis points, the third cut last year, taking its benchmark rate to between 4.25 percent and 4.50 percent, where it had held steady since.

Federal Reserve Chairman Jerome Powell has emphasised that uncertainty in the economy has kept the Fed cautious, arguing that maintaining rates gave policymakers flexibility as conditions shifted.

The cut comes as a response to shifting economic conditions, following a slew of weak jobs reports showing a slowdown in growth in the labour market and a slight uptick in inflationary pressures.

“Recent indicators suggest that growth of economic activity moderated in the first half of the year. Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated,” the central bank said in a press release.

“Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen.”

Investors are also waiting for indications from the central bank on whether it will cut interest rates two or three times for the rest of the year as economic uncertainty weighs on the US labour market and the broader economy while the costs of goods and services increase under tariff-driven pressures.

Political pressure

The latest cut comes at a time of heightened scrutiny and pressure on the Fed, which has long emphasised its independence from political pressure. But for months, US President Donald Trump has publicly attacked the central bank, mocking Powell as “too late Powell” over his cautious approach to cutting rates.

At the same time, the Republican-led White House has sought to oust Fed Governor Lisa Cook, who was appointed by former US President Joe Biden, a Democrat, citing alleged mortgage fraud.

On Monday, a US appeals court blocked Trump from removing her. The administration has said it will challenge the ruling.

“The president lawfully removed Lisa Cook for cause. The administration will appeal this decision and looks forward to ultimate victory on the issue,” White House spokesman Kush Desai said on Tuesday.

That same day, Stephen Miran, chair of Trump’s Council of Economic Advisors, was sworn in to fill a temporary Fed seat left vacant by Adriana Kugler until January, while the White House searches for a permanent replacement.

Miran pledged to act independently, but his close ties to the Trump administration — and his work as a fellow at the conservative Manhattan Institute — have raised doubts. His Senate confirmation fell largely along party lines, 47–48, and Senator Lisa Murkowski of Alaska was the only Republican to oppose him.

On Monday, Senate Minority Leader Chuck Schumer called Miran “nothing more than Donald Trump’s mouthpiece at the Fed”.

Markets respond

As of 2pm in New York (18:00 GMT), US markets are trending upwards. The Nasdaq is about even with the market open, the S&P 500 is up 0.2, and the Dow Jones Industrial Average is up by 1 percent.

The report comes as the White House pushes to fire fed governor Lisa Cook for a similar reason.

United States Treasury Secretary Scott Bessent agreed to occupy two different houses at the same time as his “principal residence”, an agreement similar to the one US President Donald Trump has called mortgage fraud in his effort to fire Fed Governor Lisa Cook.

The story, first reported by the Bloomberg news service on Wednesday, cites Bessent’s mortgages with lender Bank of America and his pledge in 2007 to primarily occupy homes in New York and Massachusetts.

Mortgage experts told Bloomberg there was no sign of wrongdoing or proof of fraud in Bessent’s home-loan filings and said the issue highlights incongruities found in such documents.

Bank of America did not rely on Bessent’s pledges and never expected him to occupy both homes as his primary residences, Bloomberg reported, citing the mortgage documents.

Representatives for Bessent did not immediately respond to a request for comment.

The Republican president, who appointed Bessent to the Treasury post, and members of his administration have accused Cook, an appointee of Democratic former President Joe Biden, of committing mortgage fraud, a claim Cook denies.

The White House did not respond to Al Jazeera’s request for comment.

Comparable to Cook

Congress included provisions in the 1913 law that created the Fed to shield the central bank from political interference. Under that law, Fed governors may be removed by a president only “for cause”, though the law does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court.

Trump has sought to remove Cook for cause, citing the alleged fraud. A US appeals court on Monday declined to allow Trump to fire her. The White House has said it will appeal the decision to the US Supreme Court.

Trump’s Department of Justice also has launched a criminal mortgage fraud probe into Cook, issuing grand jury subpoenas in Georgia and Michigan, the news agency Reuters previously reported.

A loan estimate for an Atlanta home bought by Cook showed that she had declared the property as a “vacation home”, according to a document reviewed by Reuters. The property tax authority in Ann Arbor, Michigan, also said Cook had not broken rules for tax breaks on a home there that had been declared her primary residence.

Bloomberg, in its report on Wednesday, pointed to similar but not identical pledges made by a lawyer on Bessent’s behalf on September 20, 2007, agreeing to make a Bedford Hills, New York, house his “principal residence” over the next year, as well as another house in Provincetown, Massachusetts.

“There are people who think that President Trump is putting undue pressure on the Fed. And there are people like President Trump and myself who think that if a Fed official committed mortgage fraud, that this should be examined, and that they shouldn’t be serving as one of the nation’s leading financial regulators,” Bessent told Fox Business Network in an August 27 interview.

Bessent is not the only one. Close relatives of Bill Pulte – who was appointed by Trump as director of the Federal Housing Finance Agency and is the official who has accused Cook of mortgage fraud – have declared the same status on two homes in two different states, public records show.

Mark and Julie Pulte, the father and stepmother have claimed so-called “homestead exemptions” for residences in wealthy neighbourhoods in both Michigan and Florida, Reuters reported earlier, citing public records.

The exemption is meant to give a discount to homeowners on taxes for properties they use as their primary residence.

US President Donald Trump has announced a deal with China to allow the TikTok platform to continue operating in the United States.

Trump said he would speak to Chinese President Xi Jinping on Friday to confirm the details of an agreement to avoid a ban on the popular video-sharing app in the US.

“We have a group of very big companies that want to buy it. And you know, the kids want it so badly,” Trump told reporters on Tuesday.

“I had parents calling me up. They don’t want it for themselves, they want it for their kids. They say, if I don’t get it done, they are in big trouble with their kids. And I think it’s great. I hate to see value like that thrown out the window,” he said.

Trump signed an executive order later on Tuesday extending until December 16 a deadline for TikTok’s Chinese owner, ByteDance, to divest from the platform or face the promised ban.

Trump, who has credited TikTok with helping him win young voters in November’s presidential election, did not provide specific details on the nature of the deal.

The Wall Street Journal and The New York Times, citing people familiar with the matter, reported that the Chinese ownership stake in TikTok would be reduced to less than 20 percent under the proposed agreement.

China’s People’s Daily, the official newspaper of the Communist Party, hailed the deal as an example of “cooperation for mutual benefit”.

“China’s commitment to safeguarding national interests and the legitimate rights of Chinese enterprises remains unwavering,” the newspaper said in a commentary.

“It will lawfully process matters such as technology export approvals and intellectual property licensing rights related to TikTok,” the newspaper added.

Yan Liang, an economics professor at Willamette University in Salem, Oregon, said the reported details of the deal raised questions about what China would get in return for divesting.

“After all, Trump has the interest to keep TikTok running for his personal political gain,” Yan told Al Jazeera.

“Trump’s business clientele also has the interest to keep TikTok alive, even if they don’t hold a majority control of this lucrative company,” she said.

“I’d be surprised that China agrees with such a deal without [many] concessions from the US.”

The future of TikTok, which claims more than 170 million users in the US, has been in the balance since lawmakers in Washington last year passed legislation to force the platform to divest from its Chinese ownership.

Democrats and Republicans alike overwhelmingly supported the ban amid concerns the platform could be used by Beijing to spy on Americans and spread Chinese Communist Party propaganda.

Trump himself sought to ban TikTok in his first term as president, before doing a U-turn and pledging to “save” the platform during his re-election campaign.

Critics of the ban have argued that it infringes on US free speech rights and fails to address privacy concerns surrounding social media platforms in general.

“I never thought the United States should shut down TikTok over speculation that China might gather information about, or try to influence, Americans,” Ryan Calo, co-director of the Tech Policy Lab at the University of Washington, told Al Jazeera.

“So, from that perspective, striking a deal to preserve TikTok in the United States is a win,” Calo said.

But Calo said the Trump administration’s creation of its “own timetable” for reaching a deal had flouted the process outlined in the legislation passed by Congress.

“This is a blow to the rule of law, among many,” he said.

Anupam Chander, an expert in law and technology at Georgetown Law, said Trump’s announcement raised questions about potential political influence over TikTok’s content.

“Many Americans have been worried that the change in ownership of CBS might change the politics of the channel,” Chander said, referring to the major US broadcaster.

“I think it’s also fair for TikTok users in the US to wonder if we will see our TikTok content change to reflect the views of TikTok’s new owners, who may have a friendly relationship with the current Administration.”

Getty Images

Big tech comes to town

AI growth zone in north-east England

The visit comes as the UK and US prepare to sign a landmark technology agreement aimed at boosting cooperation between the two countries.

United States President Donald Trump has arrived in the United Kingdom for his second state visit, describing it as a “great honour” to be hosted by King Charles III at Windsor Castle.

The US president landed at the London Stansted airport on Tuesday evening, where new UK Foreign Secretary Yvette Cooper was among those greeting him as he stepped off Air Force One.

Trump, accompanied by First Lady Melania Trump, is expected to stay overnight at Winfield House, the official residence of the US ambassador in Regent’s Park, before travelling to Windsor Castle on Wednesday for a ceremonial welcome and a state banquet.

Thousands are expected to protest during his stay, though he has no public-facing engagements planned.

Speaking to reporters before landing, Trump said: “My relationship is very good with the UK, and Charles, as you know, who’s now King, is my friend. It’s the first time this has ever happened where somebody was honoured twice. So, it’s a great honour.”

The visit comes as the UK and US prepare to sign a landmark technology agreement aimed at boosting cooperation between the two countries’ multi-trillion-dollar tech sectors.

Trump is expected to be joined by a delegation of US executives, including Nvidia chief executive Jensen Huang and OpenAI’s Sam Altman, Reuters reported.

Meanwhile, Sky News reported that BlackRock plans to invest $700m in British data centres as part of a series of announcements tied to the state visit.

The UK was the first country to sign a bilateral trade agreement with the Trump administration in May. Under that deal, Washington pledged to reduce tariffs on aluminium and steel from 25 percent to zero, though the changes have yet to take effect.

Trump has hinted at possible tariff relief for UK steel ahead of talks with Prime Minister Keir Starmer at Chequers, the prime minister’s country residence, on Thursday.

“I’m there also on trade. They want to see if they can refine the trade deal a little bit. We’ve made a deal, and it’s a great deal, and I’m into helping them,” Trump said.

The 27-year-old US shooter still faces a second-degree murder charge and eight criminal counts.

A New York State court in the US has dismissed two “terrorism” related counts against Luigi Mangione over the killing of UnitedHealthcare executive Brian Thompson.

The court handed down the decision on Tuesday.

Mangione, 27, still faces charges of second-degree murder and eight other criminal counts related to Thompson’s death in December.

Justice Gregory Carro ruled that prosecutors had not presented enough evidence to the grand jury that Mangione acted with the intent to intimidate health insurance workers or influence government policy, which would have been necessary to prove murder as an act of “terrorism”.

“While there is no doubt that the crime at issue here is not ordinary ‘street crime’, it does not follow that all non-street crimes were meant to be included within the reach of the terrorism statute,” Carro wrote in his decision.

Mangione was led into the courtroom in Lower Manhattan handcuffed and with shackles on his feet, wearing tan prison garb.

The judge set Mangione’s next court date in the case for December 1 – nearly a year after Thompson’s death. Thompson was killed on December 4, 2024, outside a hotel in Midtown Manhattan, where his company was hosting an investor conference.

Mangione still faces significant penalties in the case against him, including life in prison if he is ultimately convicted of murder in the second degree, which is defined as an intentional killing.

He also faces a separate federal indictment over the killing of Thompson, the former chief executive of UnitedHealth Group’s insurance unit UnitedHealthcare. Mangione has pleaded not guilty to both the state and federal charges.

Mangione faces seven counts of criminal possession of a weapon and one count of possessing a false identification in the state case against him.

A spokesperson for Manhattan District Attorney Alvin Bragg said in a statement, “We respect the court’s decision and will proceed on the remaining nine counts, including murder in the second degree.”

The US Justice Department is seeking the death penalty in the federal case against Mangione. Carro’s dismissal of the state-level “terrorism” counts has no bearing on the federal case.

Steep healthcare costs

While the killing of Thompson was also widely condemned by public officials across the political spectrum, Mangione has become a folk hero to some Americans who decry steep healthcare costs.

A small group of Mangione supporters gathered outside the courthouse on Wednesday morning. One was dressed in a green costume of the Nintendo character Luigi, and another held the red, white and green Italian tricolor with the words “Healthcare is a human right” inscribed on the flag.

About two dozen members of the public – mostly young women – secured a seat in the back of the courtroom to watch the proceedings. One wore a black T-shirt with the words “Free Luigi” written in white letters.

Trial dates have not yet been set in either the state or federal cases. Mangione has been held in federal custody in Brooklyn since his arrest last year.

Great Britain is set to roll out the red carpet for Donald Trump this week, honouring the president of the United States with something no other American leader has ever received: a second state visit.

Trump is set to arrive in London late on Tuesday for a visit that coincides with tough trade negotiations between the US and many of its key trading partners, including the United Kingdom. During his stay, both countries plan to announce several deals on technology and civil nuclear energy, and British leaders hope to finalise an agreement on metal tariffs.

Trump and his wife, Melania, will be treated to royal pageantry throughout their two-day stay, including a ceremonial welcome from King Charles at Windsor Castle. The British government is confident that royal soft power will appeal to Trump’s sense of flamboyance.

Before setting off on Tuesday, Trump said he was looking forward to meeting with his friend, King Charles III, whom he described as an “elegant gentleman”.

The president said being welcomed for a second state visit was a first, and noted how it was planned for Windsor Castle, rather than Buckingham Palace.

“I don’t want to say one is better than the other, but they say Windsor Castle is the ultimate,” the president added, noting that much of his trip will be focused on trade.

The state visit will include a glittering banquet and a procession in a horse-drawn carriage. For his part, British Prime Minister Keir Starmer hopes Trump’s visit will offer a measure of distraction from simmering speculation about his leadership amid plummeting approval ratings and high-profile resignations.

Lord Mandelson’s recent sacking as UK ambassador to the US, following new revelations concerning his friendship with child sex offender Jeffrey Epstein, has already cast a diplomatic pall over Trump’s visit. The president’s own links to Epstein have also generated plenty of headlines in recent weeks.

When and where

Trump will officially be welcomed to the UK on Tuesday evening by US Ambassador Warren Stephens, British Foreign Secretary Yvette Cooper and Viscount Hood, the king’s lord-in-waiting. On Wednesday morning, the royal activities will begin, with a formal greeting by the king and Queen Camilla, along with Prince William and Princess Catherine, at Windsor Castle. Later that day, he will enjoy a royal salute at the castle and a flypast from the Red Arrows and the carriage procession.

The president will then be treated to lunch with the extended royal family before laying a wreath at Queen Elizabeth II’s tomb in St George’s Chapel.

On Wednesday night, Trump will be the guest of honour at a formal state banquet at the castle.

The president will bid farewell to the royals on Thursday morning before he meets Starmer.

Trade tops agenda

Starmer will host Trump at Chequers, his country residence, on Thursday to discuss various matters, including security in Ukraine. Starmer’s ultimate aim, however, is to ensure that Trump makes good on his promise to lower tariffs on steel and aluminium.

The UK was the first country to sign a bilateral trade agreement with the Trump administration in May. Under that deal, the US planned to reduce tariffs on aluminium and steel from 25 percent to zero, but that has not happened yet.

“When it comes to steel, we will make sure that we have an announcement as soon as possible,” Business Secretary Peter Kyle told the BBC on Sunday. Other ministers have expressed optimism that a deal on base metals can be secured during Trump’s visit.

The two countries are also expected to sign a multibillion-dollar deal to develop small nuclear projects, which could, in some cases, help to power new artificial intelligence data centres. On Monday, Starmer announced a joint US-UK project to build a fleet of small modular reactors.

“The UK-US relationship is the strongest in the world,” a representative from Starmer’s office told reporters. “This week, we are delivering a step change in that relationship.”

Investment deals?

A major talking point will be a new potential technology partnership, involving enhanced US investment in the UK and greater British cooperation with Silicon Valley on AI and quantum computing.

That had been Lord Mandelson’s priority and something he described in his outgoing letter to embassy staff last week as his “personal pride and joy” that he claimed would “help write the next chapter of the special relationship” between the US and the UK. Mandelson’s permanent replacement has yet to be named, but James Roscoe is serving as interim ambassador to the US.

Nvidia, OpenAI and Google are expected to announce investment deals as part of the partnership, according to the Reuters news agency. Meanwhile, the British government recently secured 1.25 billion pounds ($1.7bn) in private investment pledges from PayPal and Bank of America.

Elsewhere, private equity firm Blackstone plans to invest 100 billion pounds ($136bn) into British assets over the next decade, with a focus on physical infrastructure. The investment will be part of a previously announced $500bn package of investment into Europe.

Why is this trip significant?

This is Trump’s second visit to the UK in the last two months, following his trip to Scotland in July, but this week marks his second state visit, which no other US president has ever enjoyed. In 2019, Trump was hosted for a state visit by Queen Elizabeth II.

The timing is not ideal. Mandelson was sacked as the UK’s ambassador to the US on September 11, after emails were published that revealed he urged Epstein to fight for early release from prison in 2008.

Trump’s friendship with Epstein has also exposed him to damaging scrutiny, including from his support base. Democrats in the House of Representatives recently released a birthday letter he allegedly wrote to Epstein in 2003, which Trump has denied writing.

For his part, Starmer hopes the pomp of a state visit will offer cover for his own domestic challenges, including criticism about him proscribing the Palestine Action group as a “terror organisation”.

Following missteps on welfare reform, a slapdash cabinet reshuffle and poor economic growth, several lawmakers are increasingly questioning Starmer’s judgement, especially with Nigel Farage’s populist Reform UK party surging ahead in the polls.

Starmer’s main goal will be to champion any wins secured during Trump’s visit.

But the president’s stay will also face challenges as local protests are expected in opposition to Trump’s stay at Windsor Castle.

The prime minister will also try to convince Trump that Russia’s incursion of 20 drones into Polish airspace last Wednesday was not an accident, as Trump has suggested.

Polish Foreign Minister Radoslaw Sikorski rejected that theory on September 12 during a news conference in Kyiv. “We don’t believe in 20 mistakes at the same time,” he said.

Finally, Starmer’s spokesperson said there would also be announcements on deepening cultural ties, including promoting basketball in the UK and developing partnerships between heritage and art institutions.

Malawians are voting to elect their next president amid a deepening economic crisis in one of Africa’s poorest and most climate-vulnerable countries.

The small Southeast African nation has been hit with double-digit inflation that has caused food prices to skyrocket for several months now. It came after intense drought events last year. Earlier, in 2023, Cyclone Freddy, which struck the region, hit Malawi the hardest, killing more than 1,000 people and devastating livelihoods.

In Tuesday’s election, voters are also choosing parliamentarians and local councillors across 35 local governments.

Malawi is most known for its tourist hotspots, such as Lake Malawi, Africa’s third-largest freshwater lake, as well as nature and wildlife parks.

The country has a population of 21.6 million. Lilongwe is the capital city, and Blantyre is the commercial nerve centre.

Here’s what to know about the elections:

How does voting happen?

The elections began in the morning on Tuesday and will end by evening.

Some 7.2 million people are registered to vote across 35 local government authorities, according to the electoral commission.

To emerge as president, a candidate must gain more than 50 percent of the vote. If not, then a run-off must be held. Presidential results will be published by September 24.

A total of 299 constituency parliament members and 509 councillors will be elected. Parliamentary results will be published by September 30.

Who are the key contenders?

Seventeen presidential candidates are running for the post. However, the race is largely considered a two-horse race between incumbent President Lazarus Chakwera and former leader Peter Mutharika.

Lazarus Chakwera: The 70-year-old president and leader of the ruling Malawi Congress Party (MCP) is hoping to secure his second and — per the constitution —  final term.

The former preacher’s win in 2020 was historic, after a court ruled that there were irregularities in the 2019 election, and ordered a re-run. Chakwera’s win in that second vote marked the first time in African history that an opposition candidate won a re-run election.

However, Chakwera’s tenure has been marked by high levels of inflation and, more recently, fuel shortages. There have also been numerous allegations of corruption, particularly nepotism, against him. In 2021, the president made headlines when he appointed his daughter, Violet Chakwera Mwasinga, as a diplomat to Brussels.

In his campaigns, Chakwera has asked for more time to work on easing the country’s current economic stagnation. He and officials in his government have also blamed some of the hardships on last year’s drought, a cholera outbreak between 2022 and 2024, and the devastation of Cyclone Freddy in February 2023.

Supporters point out that Chakwera has already overseen major road construction work across Malawi and restarted train services after more than 30 years.

He previously ran in 2014, but was unsuccessful.

Peter Mutharika: The 85-year-old leader of the opposition Democratic Progressive Party (DPP) is looking to make a comeback after his earlier second-term bid was defeated by Chakwera in 2020.

A former law professor, Mutharika has campaigned on the economic gains he said Malawi witnessed under him, arguing that things were better during his tenure than under the present leadership. He led Malawi from 2014 to 2020.

While he is credited with lowering inflation and kickstarting major infrastructure projects, Mutharika also faced corruption scandals in his time. In 2018, Malawians took to the streets to protest his alleged involvement in a bribery scandal that had seen a businessman pay a 200,000 kickback to his party. Mutharika was later cleared of wrongdoing.

Critics have speculated about Mutharika’s age, noting that he has not been particularly active during the campaign. Mutharika is the brother of former President Bingu wa Mutharika, who died in office in 2012.

Other notable presidential contenders include:

• Joyce Banda – Malawi’s only female president from 2012 to 2014, from the People’s Party. She was formerly vice president under Bingu wa Mutharika.
• Michael Usi – the former vice president who is from the Odya Zake Alibe Mlandu party.

What’s at stake in this election?

Struggling economy

Although Malawi exports tobacco, tea, and other agricultural products, the country is largely aid-dependent. It is also under pressure from accumulated external debt.

For Malawian voters, rising prices of food and everyday items are the most pressing issue on the ballot. Food costs have gone up by about 30 percent in the past year, but salaries have largely stayed the same. Meanwhile, the costs of fertiliser for the 80 percent of Malawians who survive on subsistence farming have risen.

Economists chalk up the stagnation crisis to a lack of foreign currency, which has limited crucial imports, including fertilisers and fuel.

Presently, the country is facing severe fuel shortages, with hundreds queuing up at fuel stations daily. Chakwera has blamed corrupt officials, who he says are deliberately sabotaging the fuel markets, for the problem.

In May, the International Monetary Fund (IMF) terminated a $175 million loan programme after it failed to give early results. Only $35 million had been disbursed. There will likely be negotiations for a new IMF programme after the elections, officials have said.

Earlier, in February, disgruntled citizens took to the streets Lilongwe and Blantyre in protest against the rising cost of living. Some voters, particularly the young people, feel that not much will change whether they vote or not.

While Mutharika has campaigned on his economic record while in office, Chakwera has pledged a cash transfer programme of 500,000 Malawi kwacha ($290) for newborns, which they can access at the age of 18.

Corruption

Corruption crises have riddled both Mutharika and Chakwera’s governments, something many Malawians say they are tired of.

While Chakwera has talked tough on fighting graft since becoming head of state in 2020, he has faced criticism for nepotism scandals and for handling corruption cases selectively.

Meanwhile, candidate Joyce Banda has also promised to fight corruption if elected. As president, Banda fired her entire cabinet in 2013, following news that some government officials were caught with large amounts of cash in their homes.

Drought and extreme weather

Malawi is one of the most climate-vulnerable countries, although it does not contribute significantly to emissions. With the majority of people relying on subsistence farming for food, extreme weather events often hit Malawi especially hard.

Climate activist Chikondi Chabvuta told Al Jazeera that governments in the past have not invested enough in building systems, such as food systems, that can absorb climate shocks. Women and girls, in particular she said, are often most affected by the double whammy of weather disasters and inflation that often follows.

“Creating a buffer for the people impacted should be a priority because science is telling us these events are going to get worse,” Chabvuta said. “Life for Malawians has to get better by policies that show seriousness,” in tackling environmental challenges, she added.

Millions of people were impacted for several months in 2024, after a severe regional drought destroyed harvests, driven by El Nino weather patterns.

According to the World Food Program, hundreds of thousands across the country were forced to rely on food assistance for survival as Malawi declared an emergency.

In February 2023, Cyclone Freddy, which was one of the deadliest storms to hit Africa in the last two decades, caused 1,216 fatalities. It also wiped out crops and caused similar food shortages.

The United States and China have reached a framework agreement to transfer TikTok’s ownership to US control.

Officials from both countries made the announcement on Monday.

The short-form video app was set to be banned in the US by Wednesday if its owner ByteDance did not agree to sell the company to a US-based operation or if the US did not extend a pause of the ban, which the White House has already done three times, most recently in June. 

US President Donald Trump applauded the deal, which will be confirmed when he discusses it with his Chinese counterpart President Xi Jinping on Friday.

“A deal was also reached on a “certain” company that young people in our Country very much wanted to save,” Trump wrote on his social media platform Truth Social on Monday.

“The relationship remains a very strong one!!!”

The White House declined to outline the terms of the deal, which was negotiated during trade talks between the two countries in Madrid. The two-day meeting, which wrapped up on Monday, was the latest in a slew of negotiations that began in May.

“We’re not going to talk about the commercial terms of the deal. It’s between two private parties, but the commercial terms have been agreed upon,” US Treasury Secretary Scott Bessent told reporters.

Bessent and US Trade Representative Jamieson Greer, who was also part of the trade delegation in Madrid, said China wanted concessions on trade and technology in exchange for agreeing to divest from the popular social media app.

“Our Chinese counterparts have come with a very aggressive ask,” Bessent said, adding, “We are not willing to sacrifice national security for a social media app.”

“TikTok’s divestment agreement not only keeps the app running in the US, but is also expected to help de-escalate a tense trade standoff and lay groundwork for further trade talks between the US and China,” Maria Pechurina, director of international trade at Peacock Tariff Consulting, told Al Jazeera. “Both US and Chinese delegations explicitly linked the fate of TikTok to progress on tariff reductions and related trade concessions during their conversations in Madrid.”

The deal comes despite the US pushing other nations to impose tariffs on China over purchases of Russian oil, which Bessent said was discussed briefly with the US’s Chinese counterparts.

Experts warn to be wary of the deal being set until Xi and Trump speak on Friday.

“It’s important to note that the Chinese often see the signing of a deal as the beginning, and not the end, of any negotiations. The devil would lie in the details behind the optics. Also expect much haggling on important details that may take years,” Usha Hayley, a professor of international business at Wichita State University who specialises in Chinese industry, told Al Jazeera.

“The deal, when reached, would reflect the convergence of technology, national security, and geopolitics,” said Hayley. “TikTok sits at the centre of US concerns about data access, influence over public discourse, and Beijing’s reach into global tech. Washington is stating that the US views digital platforms as strategic assets, not private businesses.”

TikTok did not respond to Al Jazeera’s request for comment.

The looming ban

Trump proposed banning TikTok during his first term as US president, signing two executive orders in August 2020 that were aimed at restricting the app.

In April 2024, under then-President Joe Biden, the White House signed a law formally banning TikTok unless it sold its US operations. The ban was supposed to take effect on January 19, the last day of the Biden administration. Biden said he would not enforce the ban and said that he would leave that decision to the next administration.

Two days before the January deadline, on January 17, the Supreme Court stepped in to weigh in on TikTok’s challenge to the law and upheld the law. The app went dark briefly before the ban was paused during the early days of Trump’s subsequent presidency.

The pause was initially for 90 days and was later extended multiple times throughout the year.

The cultural importance to Trump

TikTok’s cultural relevance has grown significantly in recent years, serving both as a tool for organising and activism, and as a platform to reach the public, particularly young voters. In April 2024, the pro-Trump videos on TikTok were nearly double those supporting Biden, who was then the Democratic nominee, the New York Times reported, citing TikTok’s internal data.

Trump’s broader use of newer media was widely cited as a factor in his 2024 election victory. His campaign regularly engaged with right-leaning podcasts and influencers — such as Joe Rogan and Theo Von — to reach conservative audiences. It also targeted disillusioned men, who were drawn to influencers promoting traditional notions of masculinity, often conflated with conservative viewpoints.

A Pew Research Center study from November found that news influencers — defined as those who discuss “current events and civic issues” and have at least 100,000 followers across any social media platform – are more likely to lean conservative. A separate report from Pew in February found that news influencers posted more content supporting Trump than former Vice President Kamala Harris, Trump’s 2024 election opponent: 28 percent for Trump versus 24 percent for Harris.

TikTok’s role in spreading far-right narratives is not limited to US politics. The platform has reportedly influenced German state elections, contributing to the rise of far-right leaders, and has similarly affected far-right candidates in Poland, Sweden, and France.

Social media’s influence and society’s pressure for the “perfect” wedding often push couples into debt before they even say “I do”. We’re breaking down whether a budget-friendly wedding is still truly possible – and examining the heavy financial burden that comes with a lavish celebration.

Presenter: Stefanie Dekker

Guests:
Claudia Sokolova – Wedding planner and content creator
Kiara Brokenbrough – Content creator
Sumera Batool – Associate professor at Lahore College for Women University

The crew had just poured a concrete foundation on a vacant lot in Altadena when I pulled up the other day. Two workers were loading equipment onto trucks and a third was hosing the fresh cement that will sit under a new house.

I asked how things were going, and if there were any problems finding enough workers because of ongoing immigration raids.

“Oh, yeah,” said one worker, shaking his head. “Everybody’s worried.”

The other said that when fresh concrete is poured on a job this big, you need a crew of 10 or more, but that’s been hard to come by.

“We’re still working,” he said. “But as you can see, it’s just going very slowly.”

Eight months after thousands of homes were destroyed by wildfires, Altadena is still a ways off from any major rebuilding, and so is Pacific Palisades. But immigration raids have hammered the California economy, including the construction industry. And the U.S. Supreme Court’s ruling this week that green-lights racial profiling has raised new fears that “deportations will deplete the construction workforce,” as the UCLA Anderson Forecast warned us in March.

There was already a labor shortage in the construction industry, in which 25% to 40% of workers are immigrants, by various estimates. As deportations slow construction, and tariffs and trade wars make supplies scarcer and more expensive, the housing shortage becomes an even deeper crisis.

And it’s not just deportations that matter, but the threat of them, says Jerry Nickelsburg, senior economist at the Anderson Forecast. If undocumented people are afraid to show up to install drywall, Nickelsburg told me, it “means you finish homes much more slowly, and that means fewer people are employed.”

Now look, I’m no economist, but it seems to me that after President Trump promised the entire country we were headed for a “golden age” of American prosperity, it might not have been in his best interest to stifle the state with the largest economy in the nation.

Especially when many national economic indicators aren’t exactly rosy, when we have not seen the promised decrease in the price of groceries and consumer goods, and when the labor statistics were so embarrassing he fired the head of the Bureau of Labor Statistics and replaced her with another one, only to see more grim jobs numbers a month later.

I had just one economics class in college, but I don’t recall a section on the value of deporting construction workers, car washers, elder-care workers, housekeepers, nannies, gardeners and other people whose only crime — unlike the violent offenders we were allegedly going to round up — is a desire to show up for work.

Now here, let me give you my email address. It’s [email protected].

And why am I telling you that?

Because I know from experience that some of you are frothing, foaming and itching to reach out and tell me that illegal means illegal.

So go ahead and email me if you must, but here’s my response:

We’ve been living a lie for decades.

People come across the border because we want them to. We all but beg them to. And by we, I mean any number of industries — many of them led by conservatives and by Trump supporters — including agribusiness, and hospitality, and construction, and healthcare.

Why do you think so many employers avoid using the federal E-Verify system to weed out undocumented workers? Because they don’t want to admit that many of their employees are undocumented.

In Texas, Republican lawmakers can’t stop demonizing immigrants, and they can’t stop introducing bills by the dozens to mandate wider use of E-Verify. But the most recent one, like all the ones before it, just died.

Why?

Because the tough talk is a lie and there’s no longer any shame in hypocrisy. It’s a climate of corruption in which no one has the integrity to admit what’s clear — that the Texas economy is propped up in part by an undocumented workforce.

At least in California, six Republican lawmakers all but begged Trump in June to ease up on the raids, which were affecting business on farms and construction sites and in restaurants and hotels. Please do some honest work on immigration reform instead, they pleaded, so we can fill our labor needs in a more practical and humane way.

Makes sense, but politically, it doesn’t play as well as TV ads recruiting ICE commandos to storm the streets and arrest tamale vendors, even as the barbarians who ransacked the Capitol and beat up cops enjoy their time as presidentially pardoned patriots.

Small businesses, restaurants and mom and pops are being particularly hard hit, says Maria Salinas, chief executive of the Los Angeles Area Chamber of Commerce. Those who survived the pandemic were then kneecapped again by the raids.

With the Supreme Court ruling, Salinas told me, “I think there’s a lot of fear that this is going to come back harder than before.”

From a broader economic perspective, the mass deportations make no sense, especially when it’s clear that the vast majority of people targeted are not the violent criminals Trump keeps talking about.

Giovanni Peri, director of the UC Davis Global Migration Center, noted that we’re in the midst of a demographic transformation, much like that of Japan, which is dealing with the challenges of an aging population and restrictive immigration policies.

“We’ll lose almost a million working-age Americans every year in the next decade just because of aging,” Peri told me. “We will have a very large elderly population and that will demand a lot of services in … home healthcare [and other industries], but there will be fewer and fewer workers to do these types of jobs.”

Dowell Myers, a USC demographer, has been studying these trends for years.

“The numbers are simple and easy to read,” Myers said. Each year, the worker-to-retiree ratio decreases, and it will continue to do so. This means we’re headed for a critical shortage of working people who pay into Social Security and Medicare even as the number of retirees balloons.

If we truly wanted to stop immigration, Myers said, we should “send all ICE workers to the border. But if you take people who have been here 10 and 20 years and uproot them, there’s an extreme social cost and also an economic cost.”

At the Pasadena Home Depot, where day laborers still gather despite the risk of raids, three men held out hope for work. Two of them told me they have legal status. “But there’s very little work,” said Gavino Dominguez.

The third one, who said he’s undocumented, left to circle the parking lot and offer his services to contractors.

Umberto Andrade, a general contractor, was loading concrete and other supplies into his truck. He told me he lost one fearful employee for a week, and another for two weeks. They came back because they’re desperate and need to pay their bills.

“The housing shortage in California was already terrible before the fires, and now it’s 10 times worse,” said real estate agent Brock Harris, who represents a developer whose Altadena rebuilding project was temporarily slowed after a visit from ICE agents in June.

With building permits beginning to flow, Harris said, “for these guys to slow down or shut down job sites is more than infuriating. You’re going to see fewer people willing to start a project.”

Most people on a job site have legal status, Harris said, “but if shovels never hit the ground, the costs are being borne by everybody, and it’s slowing the rebuilding of L.A.”

Lots of bumps on the road to the golden age of prosperity.

[email protected]

New York, USA – Next week, the United States Federal Reserve will hold a two-day policy meeting to decide whether to lower interest rates.

The meeting follows a months-long pause in rates and comes amid heightened pressure on the central bank.

US President Donald Trump recently dismissed Federal Reserve Governor Lisa Cook on allegations of mortgage fraud, which she is contesting in court, and has escalated his loud and repeated criticism of Fed Chair Jerome Powell.

The Fed, which emphasises its independence from political influence, will weigh new economic data as it considers its next move. The benchmark interest rate has remained at 4.25 percent – 4.50 percent since December.

So far, the Fed has held rates steady, saying the stance preserves flexibility to respond to economic shocks tied to shifting trade policy. But many economists now believe a rate cut is imminent.

They point to signs of a cooling labour market and tariff-related pressure on inflation as factors that could support lowering rates, not political pressure.

“I think that the Fed has made it pretty clear that they’re going to cut rates in September, and the market certainly expects that,” Daniel Hornung, policy fellow at Stanford Institute of Economic Policy Research and former deputy director of the National Economic Council, told Al Jazeera.

CME FedWatch, which tracks the probability of Fed policy moves, puts the likelihood of a quarter of one percentage point cut at 94.5 percent, echoing research from JPMorgan last month.

“For Fed Chair Jerome Powell, the risk management considerations may go beyond balancing employment and inflation risks, and we now see the path of least resistance is to pull forward the next cut of 25 basis points to the September meeting,” Michael Feroli, chief US economist at JP Morgan, said at the time.

Prices jump

Consumer prices rose 0.4 percent in August from the previous month, the sharpest increase in seven months, according to the Labor Department’s consumer price index (CPI) report released on Thursday.

The gain followed a 0.2 percent rise in July. Economists surveyed by Reuters had forecast a 0.3 percent monthly increase in core CPI.

Energy costs climbed 0.7 percent, fueled by a 1.9 percent jump in gasoline. Airfares climbed 5.9 percent, apparel prices rose 0.5 percent, shelter increased 0.4 percent, grocery prices were up 0.6 percent, and restaurant meals rose 0.3 percent.

Some goods saw particularly steep increases. Coffee prices jumped 3.6 percent on the month as Brazil, the world’s top coffee exporter, redirected shipments away from the US following new tariffs.

The Producer Price Index (PPI), which tracks prices businesses receive for goods and services, showed coffee up nearly 7 percent from July and more than 33 percent over the past year.

There is a comparable phenomenon with beef, for which the US relies heavily on Brazil.  CPI data showed a 2.7 percent increase, while the PPI measured a 6 percent monthly rise and a 21 percent yearly increase.

Overall, the PPI slipped 0.1 percent, suggesting some businesses are absorbing tariff costs rather than passing them to consumers. Service prices fell 1.7 percent, driven by a 3.9 percent decline in margins for machinery and vehicle wholesalers, which offset a 0.1 percent increase in goods prices. That came after wholesale inflation was revised higher to 0.7 percent in July, which was well above economists’ forecasts.

Even so, companies are beginning to warn that they cannot continue absorbing higher costs. In recent weeks, Campbell’s Co, which makes Campbell’s Soup and Goldfish crackers, and Procter & Gamble have both said they plan to raise prices on consumer goods in the months ahead as tariff pressures persist.

Labour market tumbles

The US labour market, a key factor in the Federal Reserve’s interest rate decisions, has cooled sharply.

Approximately 263,000 people submitted initial jobless claims last week, the most in four years, Department of Labor data released on Thursday showed.

On Tuesday, the Bureau of Labor Statistics also revised down job gains over the past few months, as well as between April 2024 and March 2025, when the US economy added 911,000 fewer jobs than had been previously reported.

All of that is echoed by poor jobs numbers last week. In August, the economy added only 22,000 jobs, with gains concentrated in healthcare (which added 31,000 jobs) and social assistance (which added 16,000). The unemployment rate climbed to 4.3 percent, the Labor Department reported.

Revisions showed July job growth slightly stronger at 79,000, up from 73,000, while June was cut from a modest gain to a loss of 13,000.

“The recent job numbers were really, especially the revision of the earlier numbers, were really kind of problematic for the economy,” Michael Klein, professor of International Economic Affairs at the Fletcher School at Tufts University, told Al Jazeera.

Job openings and turnover also declined, leaving more unemployed workers than available positions for the first time since April 2021.

A report from Challenger, Gray & Christmas highlighted the strain, noting a 39 percent jump in job cuts between July and August. Private payroll growth slowed as well, according to the ADP National Employment Report, which showed just 54,000 jobs added, down from 106,000 the prior month.

Competing forces

Typically, high inflation prompts higher interest rates, which discourage borrowing and spending and help rein in prices.

“The Fed is in a very difficult position right now because there is both a weakening labour market and evidence of higher inflation. Typically, if the Fed is facing a weaker labour market, it would want to lower interest rates. And if it’s facing higher inflation, it would want to raise interest rates. But we’re in a situation now where there are countervailing forces,” Klein said.

The labour market is already weighing on consumer spending. Rising layoffs and slower hiring have made shoppers cautious, and the latest consumer confidence index shows plans to buy big-ticket and discretionary items are slipping.

With Trump’s shifting tariffs and hardline immigration policies, businesses are stuck in a “wait-and-see” mode, increasing uncertainty.

“We are seeing immigration and tariff policies that have the simultaneous effect of raising prices and slowing growth in the labour market,” Hornung said.

The request comes after a federal court earlier this week blocked Lisa Cook’s firing while her lawsuit challenging her dismissal moves forward.

The administration of United States President Donald Trump has asked an appeals court to remove Lisa Cook from the Federal Reserve’s board of governors by Monday, before the central bank’s next vote on interest rates.

The request on Thursday represents an extraordinary effort by the White House to shape the board before the Fed’s interest rate-setting committee meets next week on Tuesday and Wednesday.

At the same time, Senate Republicans are pushing to confirm Stephen Miran, Trump’s nominee to an open spot on the Fed’s board, which could happen as soon as Monday.

In a court filing on Thursday, the Department of Justice asked the US Court of Appeals for the DC Circuit to pause US District Judge Jia Cobb’s Tuesday ruling temporarily blocking Cook’s removal, pending the administration’s appeal.

Trump moved to fire Cook in late August. Cook, who denies any wrongdoing, filed a lawsuit saying Trump’s claim that she engaged in mortgage fraud before she joined the central bank did not give him legal authority to remove her, and was a pretext to fire her for her monetary policy stance.

Cobb’s ruling prevents the Fed from following through on Cook’s firing while her lawsuit moves forward.

In their emergency appeal, Trump’s lawyers argued that even if the conduct occurred before her time as governor, her alleged action “indisputably calls into question Cook’s trustworthiness and whether she can be a responsible steward of the interest rates and economy”.

The administration asked an appeals court to issue an emergency decision reversing the lower court by Monday. If their appeal is successful, Cook would be removed from the Fed’s board until her case is ultimately resolved in the courts, and she would miss next week’s meeting.

If the appeals court rules in Cook’s favour, the administration could seek an emergency ruling from the Supreme Court.

The case, which will likely end up before the US Supreme Court, has ramifications for the Fed’s ability to set interest rates without regard to politicians’ wishes, widely seen as critical to any central bank’s ability to keep inflation under control.

The Supreme Court and lower appeals courts, including the DC Circuit, have temporarily lifted several other rulings that briefly blocked Trump from firing officials at agencies that have historically been independent from the White House.

On Wednesday, however, the DC Circuit blocked Trump from firing US Copyright Office director Shira Perlmutter while she appeals a lower court’s refusal to reinstate her to the post.

Trump has demanded that the Fed cut rates immediately and aggressively, repeatedly berating Fed Chair Jerome Powell for his stewardship over monetary policy. Cook has voted with the Fed’s majority on every rate decision since she started in 2022, including on both rate hikes and rate cuts.

Fed’s independence

The law that created the Fed says governors may be removed only “for cause”, but does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court.

Cobb on Tuesday said the public’s interest in the Fed’s independence from political coercion weighed in favour of keeping Cook at the Fed while the case continues.

She said that the best reading of the law is that a Fed governor may only be removed for misconduct while in office. The mortgage fraud claims against Cook all relate to actions she took prior to her US Senate confirmation in 2022.

Trump and William Pulte, the Federal Housing Finance Agency director appointed by the president, say Cook inaccurately described three separate properties on mortgage applications, which could have allowed her to obtain lower interest rates and tax credits.

The Justice Department has also launched a criminal mortgage fraud probe into Cook and has issued grand jury subpoenas out of both Georgia and Michigan, according to documents seen by Reuters and a source familiar with the matter.

The switch in the ranking came after a blockbuster earnings report from Oracle, powered by multibillion-dollar orders, sent Oracle stock shooting up.

Oracle cofounder Larry Ellison has wrested the title of the world’s richest person from longtime holder Elon Musk.

On Wednesday, as stock in Ellison’s software giant rocketed more than a third in a stunning few minutes of trading, Ellison’s net worth surpassed the Tesla CEO, according to wealth tracker Bloomberg. As of 3pm in New York (19:00 GMT), Oracle stock is up 34.4 percent for the day.

Ellison, 81, is now worth $393bn, according to Bloomberg. That is several billion more than Musk, who had been the world’s richest person for four years running. Stock in one of Musk’s biggest holdings, Tesla, has been moving in the opposite direction of Oracle’s, dropping 14 percent so far this year as of Tuesday.

The switch in the ranking came after a blockbuster earnings report from Oracle, powered by multibillion-dollar orders from customers as the AI race heats up.

Ellison’s net worth is largely derived from his 41 percent stake in Oracle.

Another news organisation with a long history of tallying the world’s richest, Forbes, still has Musk at the top, at $439bn. Bloomberg put his net worth at $385bn. The difference is in how the two estimate the value of Musk’s rocket company SpaceX, among other private holdings.

It comes as Tesla shareholders have offered Musk a $1 trillion compensation package.

With Ellison’s surging fortune on Wednesday, he could fund the lifestyles of five million US families for a year, about the entire population of Florida, allowing them to all quit their jobs, assuming the US median household income.

The fintech company made its debut on the New York Stock Exchange on Wednesday.

Klarna, the Swedish buy-now-pay-later company, has made its highly anticipated public debut on the New York Stock Exchange (NYSE), the latest in a run of high-profile initial public offerings this year.

Klarna sold 34.3 million shares to investors at $40 a share late on Tuesday and was listed on the exchange on Wednesday. That is above the forecasted range of $35 to $37 a share and values the company at more than $15bn. The stock is expected to start trading once the NYSE is able to initiate the first batch of trades.

The amount of money raised in Klarna’s initial public offering, approximately $1.37bn, is the largest IPO this year, according to Renaissance Capital. That’s notable because 2025 has been one of the busier years for companies going public.

Other IPOs this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin. Investors are also looking forward to the expected market debuts of the ticket exchange StubHub and the cryptocurrency exchange Gemini, which is majority-owned by twins Cameron and Tyler Winklevoss.

Founded in 2005 as a payments company, Klarna entered the United States buy-now-pay-later market in 2015 in partnership with department store operator Macy’s. Since then, Klarna has expanded to hundreds of thousands of merchants and embedded itself in internet browsers and digital wallets as an alternative to credit cards. The company recently announced a partnership with Walmart.

Klarna will trade under the symbol “KLAR.” While the company was founded in Sweden and is a popular payment service in Europe, company executives said they made the decision to go public in the US as a signal that Klarna’s future growth opportunities lay with the US shopper.

“It’s the largest consumer market in the world, and it’s the biggest credit card market in the world. It’s a tremendous opportunity, from our perspective,” said CEO and co-founder Sebastian Siemiatkowski in an interview with The Associated Press ahead of the IPO.

Over the years and in multiple interviews, Siemiatkowski has made it clear that Klarna wants to steal away customers from the big credit card companies and sees credit cards as a high-interest, exploitative product that consumers rarely use correctly.

Split purchases

Klarna’s most popular product is what’s known as a “pay-in-4” plan, where a customer can split a purchase into four payments spread over six weeks. The company also offers a longer-term payment plan where it charges interest. The business model has caught on globally, particularly among consumers who are reluctant to use credit cards. The company said 111 million consumers worldwide have used Klarna.

Klarna and other buy-now-pay-later companies have attracted increased public interest in recent years as the business model has caught on. State and federal regulators, as well as consumer groups, have expressed some degree of worry that consumers may overextend themselves financially on buy-now-pay-later loans just as much as they do with credit cards.

Siemiatkowski says the company is actively monitoring how consumers use their products, and the average balance of Klarna users is less than $100. Because the company issues loans that are six weeks or less, Klarna argues it can more easily adjust its underwriting standard depending on economic conditions.

Klarna reported second-quarter revenue of $823m in August before going public and said that it had an adjusted profit of $29m. The delinquency rate on Klarna’s “pay-in-4” loans is 0.89 percent, and on its longer-term loans for bigger purchases, the delinquency rate is 2.23 percent. Those figures are below the average 30-day delinquency rates on a credit card.

Klarna will now be the second-largest buy-now-pay-later company by market capitalisation behind Affirm. Shares of Affirm have surged more than 40 percent so far this year, putting the value of the US-based company around $28bn, helped by a belief among investors that buy-now-pay-later companies may take away market share from traditional banks and credit cards. Affirm fell slightly on Wednesday.

Klarna’s primary underwriters for the IPO were JPMorgan Chase and Goldman Sachs.

Just 41 percent of US firms optimistic about the five-year business outlook in China, chamber of commerce says.

US businesses in China are less optimistic about conditions in the country than at any point in the last quarter-century, a survey has revealed.

Only 41 percent of US businesses are optimistic about the five-year business outlook in China, according to the survey released on Wednesday by the American Chamber of Commerce in Shanghai.

The figure, down from 47 percent in 2024, is the lowest since AmCham Shanghai began releasing its annual business report in 1999.

Just 45 percent of respondents said they expected revenues to increase in 2025, AmCham Shanghai said, which would be a record low if realised.

Just 12 percent ranked China as their headquarters’ top investment destination, also the lowest in the survey’s history, according to the business chamber.

Businesses cited US-China tensions and broader geopolitical pressures as the biggest challenges to operating.

Nearly half of respondents called for the removal of all US tariffs on Chinese goods, with 42 percent supporting the scrapping of Chinese tariffs on US products, according to AmCham Shanghai.

Despite the worsening sentiment, businesses also reported positive developments over the past year.

More than 70 percent of respondents said they were profitable in 2024, up from a record low of 66 percent in 2023.

And nearly half of respondents said the regulatory environment in China was transparent, a 13-percentage point jump from the previous year.

“Government efforts to improve the regulatory environment have been noticed by members, but they are overshadowed by US-China trade tensions,” AmCham Shanghai chair Jeffrey Lehman said in a statement.

“We urge both governments to create a stable and transparent framework that is conducive to cross-border trade and investment.”

The latest gauge of business sentiment comes as China’s slowing economy is facing a raft of challenges ranging from US President Donald Trump’s trade war to weak consumption and a years-long property downturn.

On Wednesday, China’s National Bureau of Statistics said that consumer prices fell in August at their fastest rate in six months, the latest sign of anaemic demand in the world’s second-largest economy.

Carsten Holz, an expert on the Chinese economy at the Hong Kong University of Science and Technology, said that the AmCham survey’s results showed that the uncoupling of the US and Chinese economies was “well under way.”

“The results mirror the findings of a May 2025 European Chamber of Commerce in China report that business optimism of European firms in China has never been as low as it currently is,” Holz told Al Jazeera.

“These findings are in line with China’s policy of achieving self-sufficiency across all sectors of its economy.”

The Supreme Court has scheduled to hear the case in November, lightning fast by its typical standards.

The United States Supreme Court has granted an unusually quick hearing on whether President Donald Trump has the power to impose sweeping tariffs under federal law.

The justices said on Tuesday that they will hear arguments in November, which is lightning fast by the typical standards of the nation’s highest court.

The small businesses and states that challenged the tariffs in court also agreed to the accelerated timetable. They say Trump illegally used emergency powers to set import taxes on goods from almost every country in the world, nearly driving their businesses to bankruptcy.

The justices also agreed to hear a separate challenge to Trump’s tariffs brought by a family-owned toy company, Learning Resources.

Two lower courts have found that most of the tariffs were illegally imposed, though a 7-4 appeals court has left them in place for now.

The levies are part of a trade war instigated by Trump since he returned to the presidency in January, which has alienated trading partners, increased volatility in financial markets and driven global economic uncertainty.

Trump has made tariffs a key foreign policy tool, using them to renegotiate trade deals, extract concessions and exert political pressure on countries. Revenue from tariffs totalled $159bn by late August, more than double what it was at the same point a year earlier.

The Trump administration asked the justices to intervene quickly, arguing the law gives him the power to regulate imports and that the country would be on “the brink of economic catastrophe” if the president were barred from exercising unilateral tariff authority.

The case will come before a court that has been reluctant to check Trump’s extraordinary flex of executive power. One big question is whether the justices’ own expansive view of presidential authority allows for Trump’s tariffs without the explicit approval of Congress, which the US Constitution endows with the power to levy tariffs.

Three of the justices on the conservative-majority court were nominated by Trump in his first term.

Impact on trade negotiations

US Solicitor General D John Sauer has argued that the lower court rulings are already impacting those trade negotiations. Treasury might take a hit by having to refund some of the import taxes it has collected, Trump administration officials have said. A ruling against the tariffs could even hamper the nation’s ability to reduce the flow of fentanyl and efforts to end Russia’s war against Ukraine, Sauer argued.

The administration did win over four appeals court judges who found the 1977 International Emergency Economic Powers Act, or IEEPA, lets the president regulate importation during emergencies without explicit limitations. In recent decades, Congress has ceded some tariff authority to the president, and Trump has made the most of the power vacuum.

The case involves two sets of import taxes, both of which Trump justified by declaring a national emergency: the tariffs first announced in April and the ones from February on imports from Canada, China and Mexico.

It does not include his levies on foreign steel, aluminium and autos, or the tariffs Trump imposed on China in his first term that were kept by former President Joe Biden, a Democrat.

Trump can impose tariffs under other laws, but those have more limitations on the speed and severity with which he could act.

Sept. 9 (UPI) — Financial markets dealt Argentina a harsh blow after President Javier Milei’s coalition suffered a major defeat in midterm elections in Buenos Aires province, the country’s largest district.

The market reaction to Milei’s electoral setback was immediate: the peso fell about 5%, the S&P Merval index dropped more than 10% and several ADRs — shares of Argentine companies traded in New York — lost as much as 20% during the day Monday.

The “country risk” — which measures the premium investors demand to hold its debt over U.S. Treasury bonds — jumped above 1,000 basis points for the first time since Oct. 24.

After Monday’s rout, markets saw a technical rebound Tuesday, with the S&P Merval recovering by 2% to 3% and ADRs rising 1% to 6%, while country risk remained elevated at about 1,108 basis points. On the currency front, the dollar gained 10 Argentine pesos, or 0.7% on the day.

The government’s electoral setback at the hands of the opposition — 47% for Peronism versus 34% for the ruling coalition — was read as a rejection of President Javier Milei’s shock program that includes spending cuts, deregulation and market openings, and as a signal the administration will face greater challenges in passing reforms and sustaining its economic plan.

Investment bank Morgan Stanley abruptly reversed its favorable outlook on Argentina after the ruling coalition’s defeat. The firm warned of increased uncertainty around reforms and cautioned about a potential deterioration in Argentine bonds, according to the Argentine outlet Perfil.

Morgan Stanley’s shift on Argentine debt was drastic, as only a week earlier it had recommended taking advantage of lower prices to buy. The firm has dropped that recommendation and withdrawn its favorable outlook on the country.

Milei had framed the Buenos Aires election as a political test ahead of the October legislative vote. He entered the contest after a sharp fiscal adjustment, amid social tensions and controversies that eroded support.

Although inflation has eased compared with 2023, the economy remains fragile and reliant on political credibility to stabilize the exchange rate and restore access to credit.

“Beyond this electoral result, I want to tell all Argentines that the course for which we were elected in 2023 will not change, it will be reinforced. We will continue to defend fiscal balance tooth and nail,” Milei said in his speech after conceding the electoral defeat.

“We will maintain a tight monetary policy. We will sustain the exchange-rate system committed to Argentines. We will redouble our efforts on deregulation.”

He added, “We will not retreat a single inch on government policy. The course is not only confirmed — we will accelerate and deepen it further.”

Although Milei has managed to reduce Argentina’s triple-digit inflation in recent months and ended the excessive spending of his Peronist predecessors, Argentines have yet to see the economic recovery that was expected to follow his harsh austerity measures.

His government has dismantled Argentina’s complex currency controls as part of a $20 billion bailout from the International Monetary Fund, analysts say, but it is still seeking the confidence of international investors who could provide the capital needed to create jobs and spur economic growth.

India’s finance minister calls for greater collaboration in ‘cybersecurity’ and ‘defence’ between the two countries.

Israel and India have signed a bilateral investment agreement to expand mutual trade during far-right Israeli Minister of Finance Bezalel Smotrich’s trip to the South Asian country, which deepened its ties with Israel under Hindu nationalist Prime Minister Narendra Modi.

The agreement, signed in New Delhi by Smotrich and Indian Minister of Corporate Affairs Nirmala Sitharaman, aims to boost trade and investment flows between the two countries. Sitharaman stressed the need for greater collaboration in “cybersecurity, defence, innovation and high-technology”.

The deal marked “an important strategic step for our joint vision”, said Smotrich, who has been sanctioned by several Western countries for his links to illegal settlements in the occupied West Bank.

“The agreement reached today between Israel and India reflects our economic growth, innovation and mutual prosperity,” he wrote on X.

“This agreement will open new opportunities for investors in both countries, strengthen Israeli exports, and provide businesses with the certainty and tools to grow in one of the world’s largest and fastest-growing markets.”

India’s Ministry of Finance described the deal as a “historic milestone”, adding that it will foster cooperation in “fintech innovation, infrastructure development, financial regulation, and digital payment connectivity”.

Bilateral trade stood at $3.9bn in 2024, while current mutual investments are worth about $800m, according to official figures. But the bulk of the trade between the two countries is in the domain of defence and security, with New Delhi being Israel’s largest weapons buyer.

Last year, Indian firms also sold Israel rockets and explosives during Israel’s war on Gaza, an Al Jazeera investigation revealed.

The agreement comes as New Delhi moves closer to Israel, even as Israel faces growing political isolation over its genocidal war on Gaza. India was one of the first countries to reach out to Israel after the October 7, 2023, attack on Israel led by Hamas, condemning it as “an act of terror”.

Indian authorities have cracked down on pro-Palestine protests, even criminalising them in some cases, while allowing pro-Israel rallies.

India still supports the so-called two-state solution for the resolution of the Israel-Palestine conflict, but it has abstained from several United Nations resolutions that have been critical of Israeli rights violations against Palestinians.

In 2024, India also abstained from a UN General Assembly vote calling for an “immediate, unconditional and permanent” ceasefire in Gaza.

Indians make up the largest group of foreign students in Israel, while Israeli construction companies have sought permission to hire up to 100,000 Indian workers to replace Palestinians whose permits were revoked after Israel launched its brutal war on Gaza in October 2023.

India has also refused to condemn Israel’s war on Iran, and declined to support the Shanghai Cooperation Organisation’s (SCO) condemnation of Israeli attacks. But after United States President Donald Trump’s 50 percent tariffs on India, which took effect late last month, New Delhi this month signed an SCO declaration that condemned the US-Israeli bombing of Iran.

India has also moved to mend its ties with rival China, in a setback for years of US policy using New Delhi as a counterweight to Beijing.

China and India should be partners, not rivals, Chinese President Xi Jinping told Modi on the sidelines of the SCO summit in Tianjin.