Nestlé dismisses CEO after an investigation into a relationship with a subordinate

Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.

China's Xi seeks expanded role for Shanghai Cooperation Organization at Tianjin summit

TIANJIN, China (AP) — Chinese President Xi Jinping has announced plans to accelerate the creation of a development bank and set up an international energy cooperation platform. He made these announcements at the Shanghai Cooperation Organization summit on Monday. Leaders from Russia and India also attended the summit in Tianjin, China. Xi pledged $1.4 billion in loans to the organization's members over the next three years. He also opened the way for member states to use China's BeiDou satellite system. Xi emphasized rejecting Cold War thinking and called for a more balanced global governance system. The summit comes ahead of a military parade in Beijing.

Trump plans a hefty tax on imported drugs, risking higher prices and shortages

WASHINGTON (AP) — President Donald Trump has plastered taxes on products from almost every country on earth. He’s targeted specific imports, too. But he isn’t done yet. Trump has promised another round of hefty import taxes on a category of products he’s so far spared in his trade war with the world: pharmaceuticals. For decades, in fact, imported medicine has mostly been allowed to enter the United States duty free. Now the president is threatening duties of 200% or more on foreign drugs. That could disrupt complex and fragile supply chains, drive cheap foreign-made generic drugs out of the U.S., create drug shortages and raise American drug prices.

Asian shares are mixed and gold sets a fresh record high of over $3,550 per ounce

BANGKOK (AP) — The price of gold has hit a new record and world shares are mixed after U.S. markets were closed for the Labor Day holiday. U.S. futures were little changed. Gold, traditionally a haven for investors in times of uncertainty, gained 1.4% to $3,571.50 per ounce early Tuesday, surpassing an earlier record set in April. With Wall Street closed, traders were still focusing on the implications of a ruling by a U.S. court against President Donald Trump's higher tariffs on many countries around the world. This week will bring updates on U.S. durable goods orders, manufacturing, jobless claims and other data that may provide insights into how the economy is holding up under the higher tariffs.

Powerball jackpot rises to an estimated $1.3 billion after no winning ticket sold

DES MOINES, Iowa (AP) — The Powerball jackpot has risen to an estimated $1.3 billion after the winning numbers failed to appear. The numbers drawn Monday night were 8, 23, 25, 40, 53 with the Powerball 5. There have been no jackpot winners since May 31. That long winless streak has allowed the prize to swell to the fifth-largest in the game's history. The $1.3 billion jackpot is for winners who opt for an annuity. Most people prefer cash and that value is now $589 million. The odds of matching all six numbers are astronomical: 1 in 292.2 million.

A downturn in international travel to the U.S. may last beyond summer, experts warn

LAS VEGAS (AP) — A decline in foreign visitors traveling to the United States has stretched well into the summer. And tourism experts say the downward trend that emerged after President Donald Trump returned to the White House shows no immediate signs of reversing. They say factors like Trump's tariffs, strict immigration policies and rhetoric have made international tourists feel unwelcome. U.S. government data confirms an overall drop-off in international arrivals. Figures from the National Travel and Tourism Office show more than 3 million fewer international arrivals in the first seven months of the year. The preliminary data doesn't include travelers from Canada, where many residents have said they planned to stay away in protest.

1.2 million immigrants are gone from the US labor force under Trump, preliminary data shows

As parades and other events celebrating the contributions of workers in the U.S. are being held for the Labor Day holiday, experts say President Donald Trump’s stepped-up immigration policies are impacting the nation’s labor force. More than 1.2 million immigrants disappeared from the labor force from January through the end of July. That's according to preliminary Census Bureau data analyzed by the Pew Research Center. The number includes people who are in the country illegally as well as legal residents. Immigrants make up almost 20% of the U.S. workforce. Industries with a large percentage of immigrant workers include farming and construction.

Former Columbia University president Minouche Shafik tapped as UK economic adviser

LONDON (AP) — British Prime Minister Keir Starmer has appointed economist Minouche Shafik as his chief economic adviser. This move is part of a staff shakeup to address the sluggish economy and a heated debate over immigration. Starmer’s Labour Party government has struggled with economic growth and inflation, leaving Treasury chief Rachel Reeves facing tough budget choices. Shafik, a former deputy governor of the Bank of England, served a tumultuous year as president of Columbia University amid protests over the Gaza war. Starmer also revamped his communications team and appointed Darren Jones to a new role coordinating policy priorities. The government aims to fix the asylum system and address unauthorized migration amid pressure from the hard-right Reform UK party.

PBS, NPR stations struggle with Trump-fueled government funding cuts

NEW YORK (AP) — A month after Congress voted to strip public media of public money, PBS and NPR stations are working to cope — and survive. More than 500 radio and television stations are affected, and while some have issues in common, most have problems and strategies unique to their own area. For example, the PBS station in Spokane, Washington, has turned to viewers for emergency donations, but a significant part of their membership is from Canada, and many are already angry with the U.S. because of President Donald Trump's drive to make the country the 51st state. Many stations are heartened by the way viewers are responding, and different ideas to save money are emerging.

World shares are mixed as investors watch for further news on Trump's tariffs

BANGKOK (AP) — World shares are mixed as investors watch for further news after a U.S. court ruled against President Donald Trump's sweeping higher tariffs. U.S. futures edged higher while oil prices also logged modest gains. European stocks opened higher and benchmarks in Hong Kong and Shanghai jumped after surveys showed a slight improvement in Chinese factory data. E-commerce giant Alibaba's shares jumped nearly 19%. U.S. markets are closed on Monday for the Labor Day holiday. On Friday, the S&P 500 fell 0.6% and the Dow industrials 0.2%. The Nasdaq composite fell 1.2%. The U.S. government said prices mostly held steady last month. Another report showed that consumer sentiment deteriorated.