Trump names former Federal Reserve official Warsh as the next Fed chair to replace Powell

WASHINGTON (AP) — President Donald Trump says he'll nominate former Federal Reserve governor Kevin Warsh to be the next Fed chair. Friday's pick is likely to result in sharp changes to the powerful agency that could bring it closer to the White House and reduce its longtime independence from day-to-day politics. Warsh would replace Jerome Powell when his term expires in May. Trump chose Powell to lead the Fed in 2017 but recently has assailed him for not cutting interest rates quickly enough. Warsh's appointment requires Senate confirmation. Warsh was on the Fed’s board from 2006 to 2011. He's a fellow at the right-leaning Hoover Institution and a lecturer at the Stanford Graduate School of Business.

Who is Kevin Warsh?

WASHINGTON (AP) — President Donald Trump says he’ll tap former Federal Reserve governor Kevin Warsh as the next Fed chair to replace Jerome Powell in May. The appointment, which requires Senate confirmation, amounts to a return trip for Warsh, 55, 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. Prior to serving on the Fed’s board in 2006, Warsh was an economic aide in George W. Bush’s Republican administration and was an investment banker at Morgan Stanley.

Venezuela’s acting president signs oil industry overhaul, easing state control to lure investors

CARACAS, Venezuela (AP) — Venezuela’s acting President Delcy Rodríguez has signed a law that will open the nation’s oil sector to privatization. The move reverses a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades. Lawmakers in the country’s National Assembly approved the overhaul earlier in the day, less than a month after the brazen seizure of then-President Nicolás Maduro in a U.S. military attack in Venezuela’s capital. As the bill was being passed, the U.S. Treasury Department officially began to ease sanctions on Venezuelan oil that once crippled the industry. The moves by both governments are paving the way for yet another radical geopolitical and economic shift in Venezuela.

US producer prices rose 0.5% in December, more than expected, on uptick in services inflation

WASHINGTON (AP) — U.S. wholesale prices rose a hotter-than-expected 0.5% in December. The Labor Department reported Friday that its producer price index — which measures inflation before it hits consumers — rose from November to December at the fastest pace in three months and faster than the 0.3% economists had forecast. Compared to December 2024, producer prices were up 3% last month in line with what forecasters expected. Services prices were up 0.7% from November, biggest increase since July, partly reflecting fatter profit margins at wholesalers and retailers. But the price of goods — such as appliances and autos — were unchanged last month and up 2.5% from a year earlier.

Trump threatens tariffs on any country selling oil to Cuba, backing Mexico into a corner

WASHINGTON (AP) — President Donald Trump has signed an executive order that would impose a tariff on any goods from countries that sell or provide oil to Cuba, a move that puts pressure on Mexico. Mexican President Claudia Sheinbaum says her government had at least temporarily stopped oil shipments to Cuba. She says it was a “sovereign decision” not made under pressure from the U.S. Trump has squeezed Mexico to distance itself from the Cuban government. In the wake of the U.S. military operation to oust former Venezuelan President Nicolás Maduro, Trump has said the Cuban government is ready to fall.

Panama Canal ports will keep operating after court finds concession unconstitutional, president says

PANAMA CITY (AP) — Panama’s president has vowed that critical ports at both ends of the Panama Canal will continue to operate without interruption. President José Raúl Mulino spoke in a recorded message on Friday after the country’s Supreme Court ruled that the concession held by a subsidiary of Hong Kong’s CK Hutchison Holdings to operate ports at either end of the Panama Canal is unconstitutional. The decision advances a U.S. aim to block any influence by China over the strategic waterway. The court’s ruling late on Thursday followed an audit by Panama’s comptroller, which alleged irregularities in the 25-year extension of the concession granted in 2021.

Starmer says UK ‘can’t stick its head in the sand’ over China after Trump issues warning

BEIJING (AP) — British Prime Minister Keir Starmer is in the Chinese financial center of Shanghai in his bid to boost business opportunities for U.K. firms in the world’s second-largest economy. The visit on Friday came hours after U.S. President Donald Trump signaled a possible opposition to any deal between Beijing and London. “I don’t think it’s wise for the United Kingdom to stick its head in the sand,” Starmer told Sky News when asked about Trump's comment. “China is the second biggest economy in the world. Along with Hong Kong, it’s our third-biggest trading partner. And through this visit, we’ve opened up lots of opportunities for jobs and wealth creation.” Starmer has brought more than 50 business leaders on his trip to China.

Europe sees modest growth, but the weaker US dollar looms as a threat

FRANKFURT, Germany (AP) — The European economy recorded modest growth at the end of last year, overcoming higher U.S. tariffs. Now, it faces a new challenge: a stronger euro against the dollar, which could impact exports. Growth in the 21 countries using the euro came in at 0.3% for the last three months of 2025, matching the third quarter. Growth compared with the fourth quarter of 2024 was 1.3%. Moderate growth defied earlier recession fears. The dollar’s steep fall against the euro is the latest threat. It is at its weakest in 4 1/2 years, making European exports less competitive.

Questions hang over Putin's consent to a request by Trump to spare Ukraine's power grid

KYIV, Ukraine (AP) — Russian President Vladimir Putin has agreed to U.S. President Donald Trump's request to pause attacks on Ukraine's power grid for a week. Trump announced this on Thursday, but details about the timing and scope remain unclear. Kremlin spokesperson Dmitry Peskov confirmed the request but didn't specify when it would start. Ukrainian President Volodymyr Zelenskyy expressed skepticism, noting ongoing Russian attacks. Despite the pause, Russia continues drone and missile strikes. Bitter cold is expected in Ukraine, worsening conditions. Talks are ongoing, but no ceasefire agreement has been reached.

Newsom files a civil rights complaint against Dr. Oz in latest feud with the Trump administration

NEW YORK (AP) — A new front in the battle between Democratic California Gov. Gavin Newsom and President Donald Trump's Republican administration has opened over a video in which the head of the Centers for Medicare and Medicaid Services alleges Armenians in Los Angeles orchestrated health care fraud. The feud reached a peak Thursday when Newsom announced his office was filing a civil rights complaint accusing CMS Administrator Dr. Mehmet Oz of discrimination related to the video. Newsom's office argues Oz spread baseless allegations. Oz says $3.5 billion in hospice and home care fraud has taken place in Los Angeles. Oz and CMS haven't responded to a request for comment and haven’t publicly shared details confirming the alleged fraud.