Fed official sues Trump over attempt to fire her, challenging his power over the independent agency

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 President Donald 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.

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 has awarded a $1.2 billion contract to a tiny Virginia company to build and operate what's expected to become the nation’s largest immigration detention complex at Fort Bliss in Texas. Acquisition Logistics LLC has no experience running correction facilities and had never won a federal contract for more than $16 million. 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. The Department of Homeland Security oversees the camp and says it's “working at turbo speed on cost-effective and innovative ways” to fulfill the president's promise of mass deportations.

Asian shares are mixed after stocks add a bit to their records on Wall Street

MANILA, Philippines (AP) — Asian shares are mixed on Friday as investors await a key U.S. inflation report. U.S. futures and oil prices slipped after gains in technology stocks on Wall Street helped propel U.S. stocks to another all-time high. Tokyo's benchmark fell after data released Friday showed Japan’s factory output slumped in July as higher tariffs hit on exports to the United States. The S&P 500 rose 0.3% on Thursday to its second record in a row. The Dow Jones Industrial Average climbed 0.2%, eking out an all-time high of its own. The Nasdaq composite added 0.5%. The advances were driven largely by gains in huge tech companies including Broadcom, Alphabet and Amazon, even as many stocks fell.

Trump fires Democratic member of Surface Transportation Board ahead of huge rail merger decision

President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed. Board member Robert E. Primus said on LinkedIn that he received an email from the White House Wednesday night terminating the position he has held since he was appointed by Trump in his first term. Primus said he plans to fight the firing , which he believes is "legally invalid.” The board is set to consider Union Pacific’s $85 billion acquisition of Norfolk Southern in the next two years before deciding whether to approve the nation’s first transcontinental railroad.

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%.

Online age checks are proliferating, but so are concerns they curtail internet freedom

Online age checks are on the rise in the U.S. and elsewhere, asking people for IDs or face scans to prove they are over 18 or 21 or even 13. To proponents, they’re a tool to keep children away from adult websites and other material that might be harmful to them. But opponents see a worrisome trend toward a less secure, less private and less free internet, where people can be denied access not just to pornography but news, health information and the ability to speak openly and anonymously.

Tesla sales plunge again in Europe as anger at Musk keeps buyers away for 7th month in a row

NEW YORK (AP) — Europeans upset with Elon Musk still aren’t buying his electric cars, adding to a long losing streak for his company. That is according to data released Thursday by the  European Automobile Manufacturers’ Association. The report said Tesla sales plunged 40% in July in 27 European Union countries compared with the year earlier even as sales from all EV makers soared. Chinese rival BYD's 1.1% market shares topped Tesla's 0.7%. Tesla's billionaire CEO angered many Europeans by embracing far-right politicians earlier this year. The company hopes sales will climb after it introduces cheaper vehicles to the market soon.

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 its 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.