All posts tagged: Breaking News: Business

Trump signals DOJ should pursue Powell probe, complicating Warsh Fed nomination

Trump signals DOJ should pursue Powell probe, complicating Warsh Fed nomination

Published by Sam Flores

President Donald Trump on Thursday signaled his continued support for a Department of Justice investigation into Federal Reserve Chair Jerome Powell — a stance that could further delay the confirmation of Powell’s would-be successor, Kevin Warsh. “He’s under investigation because he’s building a building for hundreds of billions of dollars more than it’s supposed to cost,” Trump said of Powell in the Oval Office. He was referring to the ongoing renovation of the Fed’s headquarters and another building in Washington, the purported focus of the federal criminal probe of the central bank chairman led by U.S. Attorney Jeanine Pirro. Trump repeatedly claimed that the construction projects cost up to $4 billion, though the actual total is roughly $2.5 billion. Powell has accused the government of launching the investigation in retaliation for his refusal to lower interest rates as much or as quickly as Trump has demanded. Powell “should be lowering rates immediately,” Trump said unprompted in his Oval Office remarks, “but he won’t do that because he’s a stubborn, incompetent person, and that’s a bad …

Transit agency sues Trump over frozen funds for NY subway project

Transit agency sues Trump over frozen funds for NY subway project

Published by Sam Flores

Workers are seen on the construction site of the Second Avenue Subway station on October 02, 2025 in New York City. Michael M. Santiago | Getty Images The Metropolitan Transportation Authority sued the Trump administration on Tuesday for withholding nearly $60 million from a major New York City subway project. The breach-of-contract lawsuit — filed in the U.S. Court of Federal Claims — over funding for the $7.7 billion Second Avenue Subway project is the latest in a series of legal challenges to the U.S. Transportation Department’s decision to suspend funding for some projects at the start of a government shutdown last fall. USDOT and the White House did not immediately respond to a request for comment. The Manhattan subway project is designed to shorten commutes for more than 100,000 daily riders, and the current portion will extend the Q subway line 1.76 miles into East Harlem and Harlem and add three new subway stations. The Second Avenue line has been under consideration since the 1920s. “Once again, New York has been forced to sue …

Democrats blast FCC Chair Carr’s broadcast license threats as anti-First Amendment, ‘totalitarian’

Democrats blast FCC Chair Carr’s broadcast license threats as anti-First Amendment, ‘totalitarian’

Published by Sam Flores

Federal Communications Commission Chair Brendan Carr has drawn fierce backlash from Democratic lawmakers and free speech advocates for threatening to revoke broadcasters’ licenses over their coverage of the war in Iran. Carr on Saturday blasted broadcasters shortly after President Donald Trump called reports that Iran struck five U.S. tanker planes “fake news.”  In a post on X, Carr warned that broadcasters will lose their licenses if they don’t “operate in the public interest.” “Broadcasters that are running hoaxes and news distortions – also known as the fake news – have a chance now to correct course before their license renewals come up,” Carr wrote in the post, which attached Trump’s statement on Truth Social earlier Saturday.  Democrats said Carr’s comments amounted to an authoritarian assault on free speech. “Constitutional law 101: it’s illegal for the government to censor free speech it just doesn’t like about Trump’s Iran war,” Sen. Elizabeth Warren, D-Mass., wrote Saturday on X. “This threat is straight out of the authoritarian playbook.” “We aren’t on the verge of a totalitarian takeover,” Sen. Chris Murphy, D-Conn., wrote in a …

FCC chair Carr slams broadcasters after Trump disputes tanker reports

FCC chair Carr slams broadcasters after Trump disputes tanker reports

Published by Sam Flores

FCC Chairman Brendan Carr testifies during a House Energy and Commerce Communications and Technology Subcommittee hearing on “Oversight of the Federal Communications Commission” on Capitol Hill in Washington, DC, on Jan. 14, 2026. Saul Loeb | AFP | Getty Images Federal Communications Commission Chair Brendan Carr on Saturday blasted broadcasters shortly after President Donald Trump called reports that Iran struck five U.S. tanker planes “fake news.”  In a post on X, Carr also warned that broadcasters will lose their licenses if they don’t “operate in the public interest.”  “Broadcasters that are running hoaxes and news distortions – also known as the fake news – have a chance now to correct course before their license renewals come up,” Carr wrote in the post, which attached Trump’s statement on Truth Social earlier Saturday.  “It is very important to bring trust back into media, which has earned itself the label of fake news,” Carr added. The Wall Street Journal reported on Friday that five refueling tankers were struck during an Iranian missile strike on the Prince Sultan air …

Chubb set as main U.S. insurer for Persian Gulf shipping amid Iran war

Chubb set as main U.S. insurer for Persian Gulf shipping amid Iran war

Published by Sam Flores

Tankers sail in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the U.S.-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. Stringer | Reuters Insurance giant Chubb will be the lead underwriter for a U.S. government-led program to provide insurance to ships making the risky transit through the Strait of Hormuz. Chubb will work with the U.S. International Development Finance Corp., or DFC, as part of a $20 billion plan to help get oil tankers and other commercial traffic moving again amid risks from the Iran war, the agency said. Oil prices have spiked since the war began at the end of February. Brent crude traded above $91 a barrel midmorning Wednesday. Oil prices have stayed relatively high despite an announcement Wednesday that the International Energy Agency would coordinate the release of 400 million barrels from its member countries’ strategic petroleum reserves. In normal times the strait sees passage of 15 million barrels a day of oil and another 5 …

Cargo ship struck by a projectile in the Strait of Hormuz: UK

Cargo ship struck by a projectile in the Strait of Hormuz: UK

Published by Sam Flores

Naval units from Iran and Russia carry out to simulation of rescue a hijacked vessel during the joint naval drills held at the Port of Bandar Abbas near the Strait of Hormuz in Hormozgan, Iran on February 19, 2026. Anadolu | Anadolu | Getty Images Three vessels off Iran’s coast have been struck by projectiles, the United Kingdom Maritime Trade Operations said on Wednesday, the latest in a flurry of incidents reported in or near the Strait of Hormuz. One of the ships reported it had been struck 11 nautical miles north of Oman in the Strait of Hormuz, causing a fire onboard and forcing the crew to evacuate, the UKMTO said. Two other incidents were also reported on Wednesday morning, with one vessel struck by a projectile about 50 nautical miles northwest of Dubai and another sustaining damage off the coast of the United Arab Emirates. The UKMTO urged vessels in the area to transit with caution and report any suspicious activity while authorities continue to investigate. Shipping traffic through the strategically vital Strait …

Trump bought NFLX, WBD bonds during bidding war with Paramount

Trump bought NFLX, WBD bonds during bidding war with Paramount

Published by Sam Flores

U.S. President Donald Trump arrives in Miami, Florida, U.S., March 7, 2026. Kevin Lamarque | Reuters President Donald Trump bought more than $1.1 million of Netflix bonds over the last three months as the streaming giant unsuccessfully fought Paramount Skydance to ​buy Warner Bros Discover, according to government disclosures. Trump bought more than $500,000 of Netflix’s bonds in two transactions on December ‌12 and December 16 and another more than $600,000 across two more trades on January 2 and 20, the disclosures show. The White House disclosed a range, rather than exact amounts, of between just over $1.1 million and $2.25 million. The purchases came as the Republican president and his regulatory officials talked Netflix down in the press, calling into ​question whether the deal would withstand antitrust scrutiny and pressuring Netflix to fire board member Susan Rice, a onetime aide to ​Democratic former President Barack Obama. It’s unclear whether he made or lost money on Netflix’s bonds, which paid an interest ⁠rate of 5.375% and are due in November 2029, since the filing doesn’t disclose if or when he sold …

NTSB member says he was fired without explanation by the Trump administration

NTSB member says he was fired without explanation by the Trump administration

Published by Sam Flores

Member of the National Transportation Safety Board (NTSB) ​​​J. Todd Inman speaks with a journalist, in the aftermath of the collision of American Eagle flight 5342 and a Black Hawk helicopter that crashed into the Potomac River, at Ronald Reagan Washington National Airport, in Arlington, Virginia, U.S., Jan. 31, 2025.  Eduardo Munoz | Reuters A National Transportation Safety Board member who was a public face of the investigation into last year’s deadly collision of an airliner and an Army helicopter near the nation’s capital said Sunday that he had been fired by the Trump administration without explanation. Todd Inman said in a statement that he received notice Friday from the White House personnel office that his position on the board was “terminated effective immediately.” He said he had not yet received a reason for his firing. The White House had no immediate response to a message left by The Associated Press seeking comment. The NTSB has a five-person board but its website on Sunday showed just three members. The board’s vice chair, Alvin Brown, was …

Goldman Sachs lawyer Kathryn Ruemmler asked to testify

Goldman Sachs lawyer Kathryn Ruemmler asked to testify

Published by Sam Flores

FILE PHOTO: White House counsel Kathryn Ruemmler listens as President Barack Obama speaks at an installation ceremony for FBI Director James Comey at FBI Headquarters in Washington, Monday, Oct. 28, 2013. Charles Dharapak | AP The House committee investigating the notorious sex offender Jeffrey Epstein has asked Goldman Sachs‘ top lawyer, Kathryn Ruemmler, to testify about her interactions with Epstein, her spokeswoman said Tuesday. “Ms. Ruemmler welcomes the opportunity to appear before the Committee,” said Jennifer Connelly, her spokeswoman. “At the time she interacted with Jeffrey Epstein, she was a practicing criminal defense attorney and shared a client with him,” Connelly said. “She has done nothing wrong and had no knowledge of any ongoing criminal activity on his part.” The House Oversight Committee’s request that Ruemmler voluntarily appear before the panel comes nearly three weeks after she said she would leave Goldman Sachs at the end of June. Ruemmler’s announcement came after a wave of new media coverage focused on her often-friendly email exchanges with Epstein. Read more CNBC politics coverage Earlier Tuesday, Commerce Secretary …

Netflix CEO Sarandos to visit White House for WBD deal talks: Report

Netflix CEO Sarandos to visit White House for WBD deal talks: Report

Published by Sam Flores

Netflix CEO Ted Sarandos speaks during comedian Ricky Gervais’s star unveiling ceremony on the Hollywood Walk of Fame in Los Angeles, U.S., May 30, 2025. Mario Anzuoni | Reuters Netflix CEO Ted Sarandos will head to the White House on Thursday for meetings on his company’s efforts to acquire part of Warner Bros. Discovery as Paramount ratchets up its rival bid, Politico reported Wednesday. The reported visit is set to occur five days after President Donald Trump demanded that Netflix immediately fire former Obama administration official Susan Rice from its board, or else “pay the consequences.” It was not immediately clear if Sarandos would be meeting with Trump during the visit, a person familiar with the discussions told Politico. Netflix declined CNBC’s request for comment on the report. The White House, asked by CNBC to confirm the visit, said, “We do not discuss private meetings that may or may not be happening.” The acquisition fight over WBD, like numerous other business deals in over the past year, has been entangled with presidential politics. Trump had …