Judge blocks justice department from subpoenaing Fed chair Jerome Powell
A federal judge on Friday blocked the justice department from serving subpoenas to Federal Reserve chair Jerome Powell in an inquiry purported to be about the management of the central bank’s renovation.Powell disclosed the surprise investigation on 11 January, and described the move as a threat to Fed independence and part of the Trump administration’s attempts to pressure the Fed to cut rates.The judge agreed, saying a “mountain of evidence” suggests the investigation was to pressure the Fed chair to lower rates or resign.“The government has produced essentially zero evidence to suspect Chair Powell of a crime; indeed, its justifications are so thin and unsubstantiated that the Court can only conclude that they are pretextual,” chief judge James Boasberg of the DC district court wrote on Friday.Tom Tillis, a Republican US senator, said on Friday an appeal by the Trump administration in a justice department case involving Powell “will only delay the confirmation of Kevin Warsh as the next Fed chair”.
Tillis is part of a small group of Republicans who voiced opposition to the justice department’s investigation, and he has vowed to vote against Trump’s nomination of Warsh to replace Powell until Powell’s investigation is clear,Donald Trump has taken an increasingly hostile stance against Powell, who he appointed as Fed chair in 2018 during his first term,Over the last year, Trump has called Powell “stupid” and “too slow” for not bringing down interest rates, despite volatile market reactions to Trump’s attacks,Last summer, Trump accused Powell of “fraud” over renovations at the Fed headquarters in Washington DC that went over budget,Powell denied the allegations and called the justice department’s investigation a “pretext” for pressuring the Fed to lower rates.
While Warsh appears willing to help carry out Trump’s agenda for lower interest rates, Powell’s term ends in May and the chair has not announced whether he will remain on the Federal Open Mark Committee (FOMC), the Fed board that sets interest rates,Though it’s standard for a Fed chair to leave the board completely after a term ends, Powell’s seat on the board technically expires in January 2028,Meanwhile, the supreme court still has to rule on a case Fed governor Lisa Cook brought against Trump after the president tried to fire her last summer,At a court hearing in January, the court appeared resoundingly skeptical of giving the president so much power over the Fed given its influence over the economy,Trump alleged that Cook committed mortgage fraud by listing multiple properties as her primary residence on mortgage applications, which would get her a better rate.
Cook has denied the allegations, and her lawyers have pointed out that other government officials, including US treasury secretary Scott Bessent, have made the same discrepancies.A supreme court ruling on Cook’s case is expected by June.Reuters contributed reporting
Rate rises, helium shortages, EV sales spikes: how is the disruption in Iran’s strait of Hormuz affecting Australia?
The Middle East conflict is causing huge disruptions to energy supplies, with knock-on effects reaching far beyond petrol prices.While the initial US-Israeli strikes on Iran drew a muted response from global markets due to expectations it would be a short conflict, there are now questions over whether the US has a clean exit strategy that would guarantee a stable resumption of trade through the crucial strait of Hormuz.Here are five ways the “largest supply disruption in history” in global oil markets is affecting Australia, from the cost of crucial imported goods to the purchasing decisions made by consumers.There was already a strong shift to electrified vehicles before the war on Iran disrupted energy markets, with new battery vehicles selling at nearly double the rate from a year ago, according to February automotive data.James Voortman, chief executive of the Australian Automotive Dealer Association, says car yards have been selling even more EVs since petrol prices started to rise
‘The sums don’t add up’: UK farmers struggle as Iran war drives up costs
The small green oilseed rape plants are buffeted by the wind on a blustery spring day. Sown last August, the crop is starting to shoot up and should be ready for harvesting in July, when it can be turned into cooking oil or biofuel.The peaceful 230-hectare (568-acre) arable farm owned by James Cox on the edge of the Cotswolds in Gloucestershire is a world away from the conflict in the Middle East. However, the consequences of US and Israeli strikes on Iran – and Tehran’s retaliation – are already rippling out to affect Cox and Britain’s other food producers.The prices of crucial farming inputs such as fuel and fertiliser have skyrocketed, just at a time when their use will increase in the coming weeks as the spring planting season gets under way and farmers use their tractors more
Trump administration to be paid $10bn for brokering TikTok deal
Donald Trump’s administration is reportedly poised to be paid $10bn by investors as part of a deal to create a US-controlled version of TikTok.The $10bn, considered by the US government as a sort of transaction fee, will be paid by the administration-friendly investors who took control of TikTok’s US operations from its Chinese parent company, ByteDance, according to reporting that first appeared in the Wall Street Journal.The investors in the popular social media app include software company Oracle; MGX, an investment firm based in the United Arab Emirates; and private equity business Silver Lake. These entities, along with other backers, paid $2.5bn to the US treasury when the deal closed in January and are set to make further payments in the unusual arrangement until the total hits $10bn
Meta and Google trial: are infinite scroll and autoplay creating addicts?
It was as “easy as ABC”, claimed the lawyer prosecuting a landmark social media harm case against Meta and Google which heard closing arguments this week. The defendants were guilty, said Mark Lanier, of “addicting the brains of children”. Not true, replied the tech companies. Meta insisted providing young people with a “safer, healthier experience has always been core to our work”.Features such as autoplay videos, infinite scrolling and constantly chirruping alerts woven into the fabric of online platforms were central to the six-week trial in Los Angeles, which has been compared to the cases against tobacco companies in the 1990s
France v England: Six Nations 2026 rugby union – live
Speaking of the 120 year anniversary of Le Crunch, there is a special edition France shirt (which is gorgeous by the way, and already sold out) but it’s a very pale blue and will clash a bit with England white.Pre-match reading to get you in the moodThe final game of the tournament is upon us, share your thoughts on this and anything else from the past few weeks if you like on this very email. I look forward to reading them.FranceThomas Ramos; Theo Attissogbe, Pierre‑Louis Barassi, Yoram Moefana, Louis Bielle‑Biarrey; Matthieu Jalibert, Antoine Dupont; Jean‑Baptiste Gros, Julien Marchand, Dorian Aldegheri; Thibaud Flament, Emmanuel Meafou; Francois Cros, Temo Matiu, Charles Ollivon.Replacements: Peato Mauvaka, Rodrigue Neti, Demba Bamba, Hugo Auradou, Mickael Guillard, Joshua Brennan, Baptiste Serin, Emilien Gailleton
Townsend endures familiar script with Ireland’s green energy overpowering Scotland | Luke McLaughlin
There were some Ireland fans who even said they would not begrudge Scotland victory, the triple crown, and, potentially, a first Six Nations title. There was a sense Gregor Townsend’s side had earned their day in the sun, somehow, especially after the glorious fourth-round triumph against France. And this Ireland team have certainly had their share of vitamin D against Scotland.Ireland’s players, it soon became clear, did not see it that way. They were visibly keen to remind Scotland that no one is owed anything in elite sport
Apple cuts China App Store commission fees after government pressure
Anthropic-Pentagon battle shows how big tech has reversed course on AI and war
AI toys for young children must be more tightly regulated, say researchers
‘IG is a drug’: jury to deliberate as US trial over social media addiction wraps up
Google’s former Europe boss close to becoming next head of BBC, sources say
Lincolnshire council approves AI datacentre despite emissions warnings