Fed Gov. Lisa Cook sues Trump administration to block her attempted firing

WASHINGTON (AP) — Federal Reserve Governor Lisa Cook is suing the Trump administration in an effort to overturn the president’s attempt to fire her, launching an unprecedented legal battle that could significantly reshape the Fed’s longstanding political independence. No president has sought to fire a Fed governor in the institution’s 112-year history until Trump posted a letter on his Truth Social media platform late Monday saying that Cook was fired. Trump said the reason for her removal were allegations that she committed mortgage fraud in 2021, before she was appointed to the board.

US economy grows 3.3% in second quarter, government says, in second estimate of April-June growth

WASHINGTON (AP) — The U.S. economy rebounded this spring from a first-quarter downturn caused by fallout from President Donald Trump’s trade wars. In an upgrade from its first estimate, the Commerce Department said Thursday that U.S. gross domestic product — the nation’s output of goods and services — expanded at a 3.3% annual pace from April through June after shrinking 0.5% in the first three months of 2025. The department had initially estimated second-quarter growth at 3%.

The Treasury Department wants US banks to monitor for suspected Chinese money laundering networks

WASHINGTON (AP) — The Treasury Department wants U.S. financial institutions to monitor for suspected Chinese money laundering networks handling funds that are used to fuel the flood of fentanyl across American communities. An advisory Thursday to banks, brokers and others highlights how such operations are working with Mexican drug cartels. The Trump administration is calling on banks to flag certain customers who may fit a profile of people who could launder money for cartels. That could include Chinese nationals such as students, retirees and housewives with unexplained wealth, and those who refuse to provide information about the source of their money. The Chinese Embassy in Washington had no immediate comment.

Mystery surrounds $1.2 billion Army contract to build huge detention tent camp in Texas desert

WASHINGTON (AP) — President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities. Acquisition Logistics LLC had never won a federal contract for more than $16 million. Acquisition Logistics also lacks a functioning website and lists as its address a modest home in suburban Virginia owned by a retired Navy flight officer. The Pentagon refuses to disclose the Army’s contract with Acquisition Logistics or explain why it selected the company to build the massive tent camp in Texas. The CEO of Acquisition Logistics hasn't responded to messages seeking comment.

Stocks hold steady on Wall Street as earnings roll in

NEW YORK (AP) — Stocks held relatively steady near their record highs as investors pored over a mixed batch of earnings reports from big U.S. companies. The S&P 500 was up 0.2% in early trading Thursday, adding to the all-time high it set a day earlier. The Dow Jones Industrial Average was little changed, and the Nasdaq composite was up 0.3%. Spam maker Hormel fell sharply after reporting earnings that fell short of Wall Street's forecasts and cutting its outlook for the year. Treasury yields were flat in the bond market following some mixed reports on the economy. European and Asian markets were mixed.

Nvidia's AI chip sales surged again in latest quarter, but worries about a tech bubble persist

SAN FRANCISCO (AP) — Nvidia’s sales of its artificial intelligence chipsets rose at a slower pace than analysts anticipated during the company’s latest quarter, a letdown likely to stoke worries that technology’s latest craze has been fool’s gold. The results announced Wednesday were hotly anticipated because Nvidia has emerged as a bellwether of a two-year-old AI boom that has propelled the stock market to record heights. Although Nvidia's second-quarter profit and total revenue were higher than analysts forecast, sales in the company division responsible for its AI chips were slightly below projections. Nvidia's stock slid 3% in extended trading.

A 'sea war' brews off Gambia as desperate local fishermen attack foreign vessels, and each other

BANJUL, Gambia (AP) — A “sea war” is brewing off the West African nation of Gambia as desperate local fishermen attack foreign commercial fishing vessels, and each other. The fight is driven by market forces and foreign seafood appetites that are far beyond their control. The Associated Press exclusively obtained video of one attack that documents the emerging problem in the fight for dominance. The fighting threatens to tear fishing communities apart, while overfishing undermines livelihoods for everyone. There are concerns that the fish population off Gambia could collapse in the coming years. That would be a business and environmental disaster in the small nation.

Nigeria bans exports of raw shea nuts used for cosmetic products to help grow local economy

LAGOS, Nigeria (AP) — The Nigerian government has announced a six-month ban on the export of raw shea nuts, an essential raw material for making cosmetic products. Authorities said the ban will boost local industries and help grow the country into a global supplier of refined shea butter and other skincare ingredients. It is meant to be reviewed after the six months. Nigeria's vice president said the country currently contributes to just 1% of the $6.5-billion global market in shea products despite producing 40% of the world’s supply of the crop.

Pro-DEI organizers fired up to maintain Target boycott as promises go unfulfilled

When Target announced its current chief executive officer was stepping down, organizers of a months-long consumer boycott took it as a hopeful sign and stressed that their actions will continue as long as promises go unfulfilled. Participants gathered last week to proclaim their boycott against the retailer's decision to drop diversity, equity and inclusion initiatives contributed to declines in foot traffic and revenue in nearly 2,000 stores. Retail analysts caution it's difficult to gauge the boycott's exact impact. Target had already been facing an ongoing sales slump for the last few years. But social justice advocates say this shows boycotting is a key tactic not to be taken for granted.

US applications for jobless benefits fell last week as layoffs remain low

WASHINGTON (AP) — Fewer Americans sought unemployment benefits last week as employers appear to be holding onto their workers even as the economy has slowed. Applications for unemployment benefits for the week ending Aug. 23 dropped 5,000 to 229,000, the Labor Department reported Thursday. Measures of the job market are being closely watched on Wall Street and in Washington as the most recent government data suggests hiring has slowed sharply since this spring. Job gains have averaged just 35,000 a month in the three months ending in July, barely one-quarter what they were a year ago.