Who is incoming Fed chair Kevin Warsh?

WASHINGTON (AP) — The U.S. Senate on Wednesday confirmed Kevin Warsh to lead the Federal Reserve. President Donald Trump had picked the former Fed governor to replace Jerome Powell, believing that Warsh can deliver the booming economy the president had promised voters. Warsh takes over a divided central bank wrestling with the economic fallout from the war Trump started with Iran on Feb. 28. The appointment amounts to a return trip for Warsh, 56, who was a member of the Fed’s board from 2006 to 2011. He was the youngest governor in history when he was appointed at age 35. He is currently a fellow at the right-leaning Hoover Institution and a lecturer at the Stanford Graduate School of Business.

Senate confirms Trump pick Warsh as chairman of the Federal Reserve, following Powell

WASHINGTON (AP) — The Senate has confirmed Kevin Warsh as chairman of the Federal Reserve. The vote to confirm Warsh on Wednesday brings new leadership to the world’s most powerful central bank at a fraught moment for the global economy. Warsh’s nomination faced uncertainty after Republican Sen. Thom Tillis of North Carolina threatened to block it while the Justice Department investigated Fed Chair Jerome Powell. The Powell probe was dropped in April, allowing the Warsh confirmation to move forward. Warsh will take over as the Fed confronts stubborn inflation, deep divisions over interest rates and renewed scrutiny from President Donald Trump over its independence.

Producer prices shot up 6%, adding pressure on companies to hike prices for struggling customers

WASHINGTON (AP) — U.S. wholesale inflation came in hot last month. Producer prices rose 6% from a year earlier, most since December 2022, as the 10-week Iran war pushed up energy prices and put pressure on companies to pass along higher costs to consumers. The Labor Department reported Wednesday that its producer price index — which tracks inflation before it hits consumers — shot up 1.4% in April, biggest monthly gain since March 2022. The numbers were much higher than economists had forecast.

Denver runway fatality reveals a weakness in airport security

An intruder was killed on a Denver runway after exploiting a security gap at one of the nation’s busiest airports. Aviation and risk experts said the runway fatality represents a clear security failure. The 41-year-old man was struck by a plane minutes after slipping unnoticed past the airport's security and scaling a fence. The collision triggered an engine fire that forced the Frontier Airlines flight with 231 people to abort its takeoff. Twelve people had minor injuries.

After bombs, blackouts and bank restrictions, Gaza’s digital workers are still coding

GAZA CITY, Gaza Strip (AP) — A small corps of remote workers in Gaza has provided coding, graphic design and digital marketing services to international clients through more than two years of war. They have improvised coworking spaces and relied on solar generators to stay online as infrastructure across the enclave has been devastated. They face persistent challenges getting paid through banks and wire transfers. The work has become somewhat steadier seven months into a fragile ceasefire, even as broader recovery and reconstruction efforts are at a standstill.

US and China seek to repair damage from tariff war that sent trade into a freefall

WASHINGTON (AP) — President Donald Trump's trade war with Beijing has sent U.S.-China trade into a freefall and forced companies on both sides of the Pacific to regroup. U.S. firms are looking for suppliers outside of China. And Chinese firms have pursued business in Europe and Southeast Asia. The sparring goes beyond tariffs. China has cut off purchases of U.S. soybeans and deprived U.S. manufacturers of crucial minerals and metals. The U.S. has blocked China from getting advance computer chips. The world's two biggest economies have shown they can hurt each other. Now Trump and Chinese President Xi Jinping are trying to stabilize the relationship.

US deportations to El Salvador double as Bukele aligns himself with Trump agenda

SAN SALVADOR, El Salvador (AP) — Official figures show that the number of people deported to El Salvador from the United States nearly doubled in the first months of 2026. The jump comes as Salvadoran President Nayib Bukele has positioned himself as an ally willing to help the Trump administration accelerate deportations. The U.S. deported 5,033 Salvadorans back to their country in the first three months of 2026 compared with 2,547 deportees the same period in 2025. That's according to figures obtained by The Associated Press on Tuesday.

'Ocean Dream' blue-green diamond sells for more than $17 million at Christie's auction in Geneva

GENEVA (AP) — Christie's says a 5.5-carat triangular-cut diamond billed as the largest fancy vivid blue-green diamond known to exist has sold for more than 13.5 million Swiss francs or $17.3 million. The auction house said it was a record for a stone of its kind sold at auction. The “Ocean Dream” was the standout offer at the auction house’s Geneva sale of jewelry on Wednesday. It was found in Central Africa in the 1990s. The price easily topped the presale estimate to fetch 7-10 million francs or around $9-13 million. The buyer was an unspecified private collector.

Allegiant Air and Sun Country complete merger, creating larger budget airline for travelers

LAS VEGAS (AP) — Allegiant Air says it has completed its purchase of Sun Country Airlines, bringing together two low-cost carriers and creating a larger budget airline for travelers. The airline said Wednesday the merger was approved by regulators and shareholders. The companies first announced the deal in January. Allegiant says both airlines will continue operating under their current brands for now, with no immediate changes for customers or flight schedules as the companies work to combine operations. The deal comes as the industry faces rising jet fuel costs driven by the Iran war, which has pushed up fares and added pressure across budget airlines. Spirit Airlines shut down this month after years of financial strain, which the airline said was made worse by the rising fuel prices.

Macron ends Africa trip in Ethiopia with focus on UN reform and inclusive governance

ADDIS ABABA, Ethiopia (AP) — French President Emmanuel Macron has concluded his Africa visit with talks in Ethiopia. The discussion on Wednesday covered issues including the longstanding question of Africa’s representation on the U.N. Security Council. Macron held talks with Ethiopian Prime Minister Abiy Ahmed and later met with African Union Commission Chairperson Mahamoud Ali Youssouf and U.N. Secretary-General António Guterres and together they discussed inclusive international governance. The leaders recognized the need for African representation in the U.N. Security Council.