Trading a suit for boots and a hard hat: Behind the scenes at the Federal Reserve, mid-renovation

WASHINGTON (AP) — On Thursday, staff at the Federal Reserve led a small group of journalists, photographers and television cameras on an extensive tour of the large, active construction site that comprises two 1930s-era buildings. The renovation began in 2022, and the Fed hopes to complete it in the fall of 2027. It is a $2.5 billion overhaul. By providing journalists — and, by extension, the public — such extensive access, the Fed clearly hopes greater transparency will help beat back the White House’s criticism. Trump toured the same site several hours after the reporters, then downplayed his threats to fire the Fed chair.

How Trump could use a building renovation to oust Fed Chair Powell

WASHINGTON (AP) — President Donald Trump says he's found a way to achieve his goal of removing Federal Reserve Chair Jerome Powell, accusing him of mismanaging the U.S. central bank’s $2.5 billion renovation project. It’s unclear if Trump will follow through, but he's been outspoken about wanting Powell gone. The push comes after a monthslong campaign by Trump to try to rid himself of the politically independent central banker. Powell has resisted the Republican president’s calls to slash interest rates. Meanwhile, Trump has indicated that Powell’s handling of an extensive renovation project on two Fed buildings in Washington could be grounds to take the unprecedented and possibly legally dubious step of firing him.

Intel cuts back spending, workforce as struggling chip maker mounts comeback

Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the struggling chipmaker's fortunes. In a memo to employees, CEO Lip-Bu Tan said Intel plans to end the year with 75,000 “core” workers. That's down from 99,500 employees at the end of last year, through layoffs and attrition. The company previously announced a 15% workforce reduction. Intel helped launch Silicon Valley but has fallen behind rivals like Nvidia Corp.

Federal regulators approve Paramount's $8 billion deal with Skydance, capping months of turmoil

NEW YORK (AP) — Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance, clearing the way to close a deal that combined Hollywood glitz with political intrigue. The stamp of approval from the Federal Communications Commission comes after months of turmoil revolving around President Donald Trump’s legal battle with “60 Minutes,” the crown jewel of Paramount-owned broadcast network CBS.  With the specter of the Trump administration potentially blocking the hard-fought deal with Skydance, Paramount earlier this month agreed to a $16 million settlement with the president.

US stocks coast toward the finish of a record-setting week

NEW YORK (AP) — U.S. stocks are hanging around their records and coasting toward the close of another winning week. The S&P 500 edged up by 0.1% Friday, coming off its latest all-time high. The Dow Jones Industrial Average added 71 points, and the Nasdaq composite was drifting around its record set the day before. Deckers helped lead the market after the company behind Ugg boots and Hoka shoes reported stronger profit and revenue for the spring than analysts expected. It helped offset a sharp drop for Intel, which said it would cut thousands of jobs as it tries to turn around its struggling fortunes.

UnitedHealth says it is under a federal investigation and cooperating

UnitedHealth Group says it is cooperating with federal criminal and civil investigations involving its market-leading Medicare business. The health care giant said Thursday that it had contacted the Department of Justice after reviewing media reports about investigations into certain elements of its business. The Wall Street Journal has been reporting that federal officials had launched investigations into how the company records diagnoses that lead to extra payments for its Medicare Advantage plans. Those are privately run versions of the government’s Medicare coverage program mostly for people ages 65 and over. UnitedHealth runs the nation's largest Medicare Advantage business.

Trump's AI plan calls for massive data centers. Here's how it may affect energy in the US

President Donald Trump’s plan to boost artificial intelligence and build data centers across the U.S. could speed up a building boom that was already expected to strain the nation’s ability to power it. The White House released the “AI Action Plan” Wednesday supporting AI and vowing to expedite construction of energy-intensive data centers. It's looking to make the country a leader in a business that tech companies and others are pouring billions of dollars into. This could ultimately impact energy bills.

Meta will cease political ads in European Union by fall, blaming bloc's new rules

LONDON (AP) — Meta has announced it will stop all political advertising in the European Union by October. The decision comes in response to new EU rules aimed at increasing transparency in election campaigns. Meta says the regulations create significant operational challenges and legal uncertainties. Starting in early October, Meta will no longer allow ads for political, electoral, and social issues on its platforms, including Facebook, Instagram, and Threads. Google made a similar move last year. The EU rules, effective Oct. 10, require platforms to label political ads and disclose their funding sources. Violations could result in hefty fines.

From Benjamin Franklin to Pony Express to anthrax: How the US Postal Service shaped a nation

The U.S. Postal Service is turning 250. Saturday’s anniversary comes as the agency faces financial challenges. The postal service was established in 1775, when the Second Continental Congress appointed Benjamin Franklin as postmaster general. Its service predates the United States, launched nearly a year before the colonies declared their break from British rule. A key link between colonial leaders and the Continental Army, it also helped unify the fragmented colonies by spreading ideas of liberty and independence and would help shape the nation throughout its history. It still reaches nearly every American daily.