South Korea trade deal appears elusive as Trump seeks $350B investment

GYEONGJU, South Korea (AP) — After a charm offensive in Japan that culminated in $490 billion in investment commitments, President Donald Trump is set to meet with South Korea’s leader on Wednesday as a trade deal with that country appears more elusive. The main issue is Trump's demand for South Korea to invest $350 billion in the U.S. Korean officials prefer loans and guarantees instead of direct cash, fearing economic destabilization. This disagreement could overshadow the meeting between Trump and South Korean President Lee Jae Myung at the Asia-Pacific Economic Cooperation summit. Meanwhile, South Korea faces a 25% tariff on automobiles, putting them at a disadvantage compared to Japanese and European competitors.

Federal Reserve likely to cut key rate Wednesday and may signal another cut to follow

WASHINGTON (AP) — The Federal Reserve will almost certainly cut its key interest rate on Wednesday and could signal it expects another cut in December as the central bank seeks to bolster hiring. A cut Wednesday would be the second this year and could benefit consumers by bringing down borrowing costs for mortgages and auto loans. Since Fed chair Jerome Powell strongly signaled in late August that rate cuts were likely this year, the average 30-year mortgage rate has fallen to about 6.2% from 6.6%. Still, the Fed is navigating an unusual period for the U.S. economy and its future moves are harder to anticipate than is typically the case.

The stock market is breaking records. Time for a gut check

NEW YORK (AP) — Almost everything in your 401(k) should be coming up a winner now. That makes it time for a gut check. Many professionals along Wall Street are forecasting that the U.S. stock market will keep rising. But the threat of a sharp drop remains, as it always does. That leaves investors with the luxury now, while prices are high, to reassess. Don’t get lulled into leaving your 401(k) on autopilot, unless you’re intentionally doing so, and make sure your portfolio isn’t stuffed with too much risk.

Vice President Vance says troops will be paid as pressure builds on Congress to end the shutdown

WASHINGTON (AP) — Vice President JD Vance says that he believes U.S. military members will be paid at the end of the week as the Trump administration reconfigures funding in the second-longest government shutdown. The pressure to end the shutdown is taking on new urgency. Rep. Lisa McClain, chair of the House Republican Conference, says "this week, more than any other week, the consequences become impossible to ignore.” Millions of Americans face the prospect of losing food assistance. More federal workers will miss their first full paycheck.

Senate votes to block tariffs on Brazil. It shows some pushback to Trump trade policy

WASHINGTON (AP) — The Senate approved a resolution Tuesday evening that would nullify President Donald Trump’s tariffs on Brazil, including oil, coffee and orange juice, as Democrats test GOP senators’ support for Trump’s trade policy. The legislation from Democratic Virginia Sen. Tim Kaine passed by a vote of 52 to 48, with five Republicans joining the Democrats. The legislation would terminate the national emergencies that Trump has declared to justify the tariffs. Kaine is planning similar resolutions applying to Trump’s tariffs on Canada and other nations. However, the legislation is likely doomed because the Republican-controlled House has passed new rules that allow leadership to prevent it from ever coming up for a vote.

How to help those impacted by Hurricane Melissa

Hurricane Melissa has made landfall in Jamaica as a Category 5 storm, tying for the strongest landfalling Atlantic hurricane in history. Relief organizations are mobilizing to help across the Caribbean. Experts recommend cash donations to trusted charities, as unsolicited goods can overwhelm systems. United Way of Jamaica, CORE, and Footprint Project are providing immediate relief and support. Airlink is transporting cargo for relief groups, while Direct Relief is delivering medical aid. Good360 is connecting surplus supplies with nonprofits, and the Center for Disaster Philanthropy focuses on long-term recovery. Donations are crucial to support these efforts.

Trump administration moves to overrule state laws protecting credit reports from medical debt

NEW YORK (AP) — The Trump administration is moving to overrule state laws that protect consumers’ credit reports from medical debt. The Consumer Financial Protection Bureau has drafted an interpretative rule related to the Fair Credit Reporting Act. This rule suggests that the FCRA should preempt state laws on debt reporting to credit bureaus like Experian, Equifax, and Trans Union. This repeals Biden-era regulations allowing states to implement their own credit reporting bans. More than a dozen states, including New York and Delaware, prohibit reporting medical debt on credit reports. The Kaiser Family Foundation estimates Americans owe roughly $220 billion in medical debt.

Amazon cuts 14,000 corporate jobs as spending on artificial intelligence accelerates

Amazon will cut about 14,000 corporate jobs as the online retail giant ramps up spending on artificial intelligence. “The reductions we’re sharing today are a continuation of this work to get even stronger by further reducing bureaucracy, removing layers, and shifting resources to ensure we’re investing in our biggest bets and what matters most to our customers’ current and future needs,” Beth Galetti, Senior Vice President of People Experience and Technology at Amazon, said in message to employees Tuesday. Teams and individuals impacted by the job cuts will be notified on Tuesday.

Judge extends order barring the Trump administration from firing federal workers during the shutdown

SAN FRANCISCO (AP) — A federal judge in San Francisco has indefinitely blocked the Trump administration from firing federal workers during the government shutdown. U.S. District Judge Susan Illston on Tuesday granted a preliminary injunction that bars the firings while a lawsuit challenging them plays out. She had previously issued a temporary restraining order against the job cuts that was set to expire Wednesday. The Republican administration has been slashing jobs in education, health and other areas it says are favored by Democrats. Lawyers for the government argued personnel issues should be heard in a separate venue.

MacKenzie Scott gives $60 million to the Center for Disaster Philanthropy

MacKenzie Scott has donated $60 million to the Center for Disaster Philanthropy. The nonprofit announced the gift on Tuesday, calling it a transformative investment. This donation is one of Scott's largest to a nonprofit and the biggest the center has ever received. The funds will help communities better prepare for and recover from disasters. Scott, who gained her wealth through Amazon shares after her divorce from Jeff Bezos, has donated over $19 billion since 2019. Her donations often come without restrictions, allowing nonprofits to use the funds as needed.