Author: Andrew Rogers

The U.S. government has withdrawn $4 billion in funding from California’s high-speed rail project. President Donald Trump announced the decision, saying the project had no clear path forward. The Department of Transportation said the move was due to repeated failures in meeting deadlines, rising costs, and uncertain future plans. The department is also considering taking back more money linked to the project. A recent 315-page report by the Federal Railroad Administration outlined several problems. These included financial shortfalls, missed goals, and questions about how many people would actually use the train service. One major issue is the $7 billion in…

G20 finance chiefs are gathering in Durban, South Africa, this week at a time of growing concern over global trade tensions. The two-day meeting, set against the backdrop of rising U.S. tariffs and limited cooperation among major economies, begins Thursday. The G20, created to promote global financial stability, now finds itself struggling with division. Differences among member countries have increased, especially after Russia’s invasion of Ukraine and resulting sanctions from the West. These issues have weakened the group’s ability to take joint action. This year’s meeting is hosted by South Africa, which is leading the G20 under the theme “Solidarity,…

A top Chinese business delegation has called on the European Union to act fairly in its planned tariff measures against Chinese electric vehicles (EVs). The group warned that political pressure and new trade rules could harm cooperation and go against the EU’s green targets. The delegation, part of the automotive working group of the China Chamber of Commerce to the European Union (CCCEU), met with EU policymakers this week. They urged officials to avoid allowing outside political forces to influence trade policy. According to the delegation, there is a growing risk that EU efforts to reduce risk from Chinese trade…

Canadian convenience store giant Alimentation Couche-Tard has officially withdrawn its $47 billion offer to acquire Japan’s Seven & i Holdings, the parent company of 7-Eleven. The decision marks the end of what could have become Japan’s largest foreign acquisition. In a letter addressed to its board, Couche-Tard said it made the move due to a lack of sincere and open dialogue from the Japanese company. Couche-Tard, which owns Circle K, aimed to merge with Seven & i to form a global retail leader in the convenience store industry. However, its efforts were met with resistance. “There has been no sincere…

Maurene Comey, a federal prosecutor and daughter of former FBI Director James Comey, has been dismissed by the Department of Justice. The decision was made public on Wednesday, confirmed by four individuals with knowledge of the matter. The reason for her termination remains unclear. One source said the U.S. Attorney’s Office for the Southern District of New York referred to Article II of the Constitution, which grants executive authority to the president. A spokesperson for the U.S. Attorney’s Office declined to comment on the matter. Comey played a leading role in several major federal prosecutions. She most recently prosecuted Sean…

A county clerk in New York has once again rejected a request to enforce a civil judgment from Texas against a local doctor who prescribed abortion pills to a woman living in the Dallas area. This legal clash highlights the growing divide between states over reproductive rights. The case involves Dr. Margaret Carpenter, a doctor based in Ulster County, New York. She is accused of prescribing abortion medication via telemedicine to a woman in Texas, where strict abortion laws are in place. Texas courts had ordered Carpenter to pay more than $100,000 in damages. Now, Texas officials want New York…

Mexico’s financial authority has issued fines totaling nearly $10 million to three financial firms previously targeted by U.S. sanctions. The Mexican government confirmed the penalties were due to administrative failures, not criminal behavior. Officials stated that there is no confirmed evidence linking these banks to money laundering activities. Last month, the United States imposed restrictions on CIBanco, Intercam Banco, and Vector Casa de Bolsa. These restrictions were part of its broader crackdown on organizations allegedly linked to fentanyl trafficking. The U.S. Department of the Treasury claimed the three institutions were involved in illegal financial operations, prompting sanctions on certain transactions…

The Nasdaq Composite closed at a record high on Tuesday, driven by gains in chipmaker Nvidia. This marks the fourth record in five sessions and the eighth since late June. Nvidia shares rose 4% after announcing it would resume sales of its H20 AI chip to China. The news gave a strong boost to other chipmakers as well. Shares of Advanced Micro Devices and Super Micro Computer jumped over 6.4%. The semiconductor index rose 1.3%, reaching its highest level in a year. The S&P technology index climbed by the same margin, also setting a new record. Rob Swanke, a senior…

Apple is making a major move to strengthen the U.S. rare earth industry by investing $500 million in MP Materials. This company runs the only operating rare earth mine in the United States, located in Mountain Pass, California. The investment will help build a stable American supply chain and reduce dependence on foreign producers like China. As part of the deal, Apple will purchase rare earth magnets made in the United States. These magnets will be used in a wide range of Apple products, including iPhones and other devices. Apple and MP Materials will also build a factory in Fort…

US consumers are starting to feel the effects of rising tariffs as prices climb across several key product categories. In June, inflation rose to its highest level in four months, pushed up partly by the growing costs tied to import duties. According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased by 0.3% in June, bringing the annual inflation rate to 2.7%. This marked the fastest pace since February and matched expert forecasts. Economists expected rising gas prices and higher import costs to influence the data, which proved accurate. Heather Long, chief economist at Navy Federal Credit…