Connect with us

முக்கியச் செய்திகள்

US justice department drops probe into Fed chairman Jerome Powell

Published

on

The US justice department is dropping its investigation into the Federal Reserve chairman, Jerome Powell, over alleged building cost overruns.

US Attorney Jeanine Pirro said instead there would be an internal investigation led by the central bank's inspector general.

President Donald Trump has said the cost of the Fed's building renovations were too high, as part of a long-standing feud with Powell.

Powell's term is nearing its end and the US Senate is considering Trump's nominee for his replacement, Kevin Warsh. A key Republican, Thom Tillis, has withheld his support for Warsh unless the Trump administration would drop its investigation into Powell.

"American taxpayers deserve answers about the Federal Reserve's fiscal mismanagement, and the Office of the Inspector General's more powerful authorities best position it to get to the bottom of the matter," said White House spokesman Kush Desai in a statement.

"The White House remains as confident as before that the Senate will swiftly confirm Kevin Warsh as the next Federal Reserve Chairman to finally restore competence and confidence in Fed decision-making."

In her post on X, Pirro said she would not "hesitate to restart a criminal investigation should the facts warrant doing so".

The inspector general's office said it was "actively working to complete our review, and look forward to making the results available to the public and Congress upon completion", declining to comment on a timeline.

Trump called for the Fed to lower interest rates after returning to office last year, and then began floating the idea of firing Powell – a step some said could be illegal.

Amid months of attacks, he branded Powell a "knucklehead" and claimed he was "doing a lousy job" after his repeated calls for rate cuts were ignored.

Last summer, Trump criticised the ballooning costs of the renovations, arguing it will cost $3.1bn (£2.3bn), much higher than the Fed's $2.5bn forecast. The Fed has said the renovations will reduce its costs over time.

Powell took the highly unusual step of releasing a video in January disclosing that the justice department had served the Fed with subpoenas and threatened a criminal indictment over testimony he gave to a Senate committee about renovations to Federal Reserve buildings.

Calling the investigation "unprecedented", Powell said he believed it was opened due to Trump's anger over the Fed's refusal to cut interest rates despite repeated public pressure from the president. Trump said he did not "know anything" about the investigation.

It marked the first time Powell had publicly and robustly pushed back against the US president, as he warned that the independence of the US central bank was at stake.

"This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation," Powell said.

Lower interest rates make it cheaper to borrow, while higher rates dampen spending activity, helping to keep prices stable.

Trump, who cut his teeth professionally taking out loans as a property developer, has long confessed to liking a low interest rate policy.

He objected when the Fed raised rates in his first term, and has argued keeping rates too high could do unnecessary economic damage.

The Fed buildings being renovated are the Eccles and 1951 Constitution Avenue. The "overhaul and modernisation" will be the first works since they were constructed in the 1930s, and includes removal of asbestos and lead contamination.

Powell was nominated by Trump for the role as Fed chair in 2017 during his first term as president.

Last week, Trump threatened to fire Powell if he does not step aside at the end of his term next month.

Powell's term expires on 15 May, but he is planning to remain in post until his successor, Warsh, is confirmed by the Senate.

📰 மூல செய்தி (Source): https://www.bbc.com/news/articles/cdxd1v0028vo?at_medium=RSS&at_campaign=rss

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

முக்கியச் செய்திகள்

Man becomes seventh Millionaire jackpot winner

Published

on

A retired IT analyst has become the seventh person to win the £1m jackpot on Who Wants To Be A Millionaire?

Roman Dubowski said winning the ITV game show, which is hosted by Jeremy Clarkson, was "unreal", adding that he "had to have a cup of tea" afterwards and "let it sink in".

The contestant, who does quizzing as a hobby, is planning on buying a new house with his prize money and also hopes to travel, including trips to New Zealand and South America.

Dubowski, from Stockport, said that when he saw the final question he thought: "I think I know this straight away".

Dubowski correctly answered the final 15th question, which was: "Used since 1876, which trademarked logo is described in the James Joyce novel Ulysses and depicted in works by Manet and Picasso?"

The options were Bass Ale, The Famous Grouse, Coca-Cola and Stella Artois.

Dubowski said: "When it came up… I thought, I think I know this straight away."

He explained that he had seen the Manet painting – called A Bar at the Folies-Bergere – at The Courtauld Gallery in London.

He said he could "distinctly" remember seeing a red triangle on the painting, which "has always been the symbol of Bass beer".

The contestant decided to use the 50/50 lifeline to answer the question and said that when the answers were narrowed down to Coca-Cola and Bass Ale, he thought "well I may as well go for it".

Dubowski, who is originally from Manchester, correctly answered Bass Ale.

Asked to describe how he felt when he answered that final question correctly, he said: "It felt unreal… it didn't feel like the real world, almost, this isn't where I expected to be.

Dubowski said he had experienced a "strange bit of self-doubt" earlier after he was asked what was mixed with vinegar, mustard and oil to make a basic mayonnaise.

The possible answers were plain flour, salted butter, egg yolk and double cream.

He said he made the decision to ask the audience and 93% had chosen egg yolk, and he thought he "might go and walk away with nothing" at that point.

Asked how he celebrated the win, he said: "I did sort of go home quietly, to be honest, I didn't get drunk – I had to have a cup of tea.

"I think it was just sitting in a quiet room and letting it all sink in, and thinking about what happened in the previous 24 hours."

He said the first person he told was his sister, who was "absolutely thrilled" for him and he said he would be giving some of his prize money to his niece and nephew.

Dubowski had applied to go on the show when Chris Tarrant was host but "didn't get a response", and he had applied again after lockdown but was not successful.

"Then in October last year, I suddenly saw an advertisement, or something online saying they're recruiting for new competitors again," he said.

"I thought oh, might as well try again, got nothing to lose, and just from that sort of casual opening, it ended up with the top prize.

Other winners include: Judith Keppel (2000), David Edwards (2001), Robert Brydges (2001), Pat Gibson (2004) and Ingram Wilcox (2006).

Listen to the best of BBC Radio Manchester on Sounds and follow BBC Manchester on Facebook, X, and Instagram. You can also send story ideas via Whatsapp to 0808 100 2230.

📰 மூல செய்தி (Source): https://www.bbc.com/news/articles/cgldlnrdkpro?at_medium=RSS&at_campaign=rss

Continue Reading

முக்கியச் செய்திகள்

Israeli strikes kill 14 in Lebanon amid ongoing ceasefire

Published

on

Lebanon's Ministry of Health has said Israeli strikes on the country on Sunday killed 14 people, including two children and two women, and injured 37.

An Israel Defense Forces (IDF) spokesperson had earlier issued evacuation warnings for several villages in southern Lebanon, writing that residents "must evacuate" immediately, and that staying would be "endangering their life".

The IDF later said it had carried out "artillery and aerial strikes" targeting Hezbollah operatives and sites in southern Lebanon that it claims were used "to advance attacks against IDF soldiers".

It also said a 19-year-old IDF soldier had been killed and six others injured by a Hezbollah drone attack in Lebanon.

Separately, Hezbollah launched three drones towards Israel, the IDF reported, which it said were intercepted by Israel's air force before they crossed the border.

The two countries remain under a precarious semi-permanent ceasefire, which took effect on 16 April and was extended by three weeks on Thursday last week.

Under the deal, Israel retains its "right to take all necessary measures in self-defence, at any time, against planned, imminent, or ongoing attacks".

Speaking at a government meeting, Israeli Prime Minister Benjamin Netanyahu said the IDF is "active, and it is acting with force" in Lebanon, stating Hezbollah's actions are "disintegrating the ceasefire".

"We are acting vigorously according to the rules we agreed upon with the United States, and incidentally, with Lebanon as well. This means freedom of action, not only to respond to attacks, which is obvious, but to thwart immediate threats and also to neutralise emerging threats," he said.

Sunday's activity came after the IDF said it struck Hezbollah "military structures" overnight, and accused the Iran-backed group of launching two explosive unmanned aerial vehicles (UAVs) towards Israel.

Both Israel and Hezbollah have reported attacks from one another since the ceasefire came into place, accusing each other of violating the agreement.

On Saturday, Netanyahu ordered the Israeli military to "vigorously attack Hezbollah targets" in Lebanon.

At least six people were killed in strikes on southern Lebanon on the same day.

Meanwhile Iran's Foreign Minister, Abbas Araghchi, returned to Pakistan on Sunday to set out Tehran's framework for resuming peace negotiations with Washington.

Last week, US President Donald Trump extended a ceasefire between the countries that had been due to expire on 22 April to allow talks to continue.

Araghchi was also in Islamabad on Saturday as part of a regional tour where he held talks with mediator Pakistan. Shortly after Araghchi left for Oman, Trump announced he was cancelling a planned trip by special envoy Steve Witkoff and his son-in-law Jared Kushner to Islamabad.

The White House had said that Iran had wanted to talk, but Tehran insisted that no direct negotiations with the US were ever scheduled.

Araghchi, who on Saturday said Tehran had "yet to see" if Washington was serious about diplomacy, is expected to meet Russian President Vladimir Putin in Moscow on Monday.

📰 மூல செய்தி (Source): https://www.bbc.com/news/articles/c4gxgv8j7zlo?at_medium=RSS&at_campaign=rss

Continue Reading

முக்கியச் செய்திகள்

Korda returns to world number one with Chevron win

Published

on

Nelly Korda has won 17 tournaments on the LPGA Tour

-18 N Korda (US); -13 P Tavatanakit (Tha), R Yin (Chi); -12 I Yoon (Kor), Y Liu (Chi)

Selected others: -6 L Woad (Eng); -5 C Hull (Eng)

Nelly Korda returned to the top of the world rankings after claiming a dominant five-shot victory in the LPGA Chevron Championship.

It is Korda's second Chevron title in three seasons and ensures she leapfrogs Jeeno Thitikul in the rankings, after the Thai missed the cut.

The American equalled the event's 54-hole scoring record on Saturday but fell two shots short of the tournament record of 20 under par.

"That was a hard weekend," Korda told NBC Sports.

"Honestly, having that big of a lead, it's not easy. It was definitely one of the hardest things I've had to do mentally.

"I have an amazing support system. An amazing family who are right behind me. An amazing caddie who is on the bag and I'm just happy to get it done."

Korda takes her tally of majors to three, after also winning the Women's PGA Championship in 2021.

England's Hamilton wins first European Tour title

Korda, 27, made a positive start to the day, with two birdies on the first three holes, but two bogeys on the back nine meant the record slipped away.

After rounds of 65 on Thursday and Friday, Korda followed with successive rounds of 70 over the weekend at Houston's Memorial Park.

Thailand's Patty Tavatanakit began the day five shots adrift in second but was unable to reduce the deficit, having also ended her tournament with a two-under-par 70.

📰 மூல செய்தி (Source): https://www.bbc.com/sport/golf/articles/c9qdqn18741o?at_medium=RSS&at_campaign=rss

Continue Reading

Trending

Copyright © 2024 by 7Tamil Media, All rights reserved.