Author: arabcolumnist.com

Federal Reserve Chairman Jerome Powell has formally responded to pointed questions from the White House regarding the ongoing renovation of the central bank’s Washington, D.C. headquarters. In a letter addressed to Office of Management and Budget Director Russell Vought, Powell defended the renovation project and denied allegations that the upgraded facilities would include lavish amenities. Federal Reserve Chairman, Jerome Powell (Photo Credit: Federal Reserve Board) Powell emphasized that the Federal Reserve Board is committed to transparency and accountability, directing Vought to a newly established section of the Fed’s website that outlines details of the renovation and its associated costs. The exchange marks a fresh escalation…

Annual inflation in the euro area increased to 2.0 percent in June 2025, rising slightly from 1.9 percent recorded in May, according to data released by Eurostat, the statistical office of the European Union. This marks a continued moderation compared to the inflation rate of 2.5 percent registered in June 2024. Across the broader European Union, the annual inflation rate reached 2.3 percent in June 2025, up from 2.2 percent the previous month. In June 2024, the Euro area inflation rate had been slightly higher at 2.6 percent. These figures indicate a general stabilization of inflation levels within the euro area and the wider EU over the past…

Health officials in Florida have confirmed that four people have died this year after contracting Vibrio vulnificus, a rare but dangerous flesh-eating bacterium found in warm, coastal waters. The Florida Department of Health reported a total of 11 cases so far in 2025, with deaths occurring in Bay, Broward, Hillsborough, and St. Johns counties. One case was also reported in Duval County, though that individual survived. Vibrio vulnificus is a naturally occurring bacterium commonly found in warm saltwater and brackish environments, particularly during the summer months. It can enter the body through open wounds exposed to contaminated water or through…

The United States House of Representatives late Wednesday advanced three key cryptocurrency regulation bills after a prolonged and contentious standoff among Republican lawmakers. The vote came after nearly ten hours of negotiations, marking the longest open vote in the House’s modern history. The rules package, which includes the crypto bills and a Pentagon appropriations measure, passed narrowly by a margin of 217-212. House Speaker Mike Johnson led efforts to resolve the impasse, spending much of the day in closed-door discussions with Republican holdouts. These negotiations followed earlier failed attempts to move the legislation forward due to internal disagreements within the party.…

Dow Jones futures traded slightly lower early Thursday, alongside minor moves for S&P 500 and Nasdaq futures, as investors assessed a fresh round of corporate earnings reports and awaited key economic data. Shares in Taiwan Semiconductor, GE Aerospace, and Nvidia edged higher on strong financial results, while United Airlines slipped following mixed quarterly figures. Netflix is scheduled to report its earnings after the market close. Investors are focusing on several key economic indicators due before Thursday’s opening bell, including June retail sales, the July Philadelphia Federal Reserve manufacturing index, and the latest weekly jobless claims. These reports are expected to offer further insight into the health of the U.S. economy and potential direction…

Health authorities in Western Australia are responding to a suspected measles outbreak linked to a remote mining site and a member of Qantas Airways flight staff. The outbreak is believed to have originated in the town of Newman, a remote mining community in the Pilbara region, where BHP operates a significant mining operation. According to reports, the initial case was identified in a miner who had been working at the BHP Newman site in early July. Following this case, BHP confirmed it is monitoring a second employee who has tested positive for measles, with several other workers placed in isolation as a precaution…

Wall Street enters a critical earnings season this week under growing pressure, with America’s largest banks set to report results against an increasingly challenging backdrop. After months of record highs in both the U.S. and Europe, signs are emerging that market momentum is faltering. The headwinds facing American banks are numerous. Rising trade tensions, fresh tariffs, political uncertainty following the G20 summit, and a cautious U.S. economic outlook are combining to cast doubt over the strength of corporate earnings. With inflation biting and consumer sentiment cooling, analysts warn that the upcoming results from Wall Street’s biggest lenders could set the tone for the remainder of the…

Apple has announced a $500 million commitment to US-based MP Materials to secure a long-term supply of American-made rare earth magnets, reinforcing its push to strengthen domestic supply chains and reduce reliance on foreign sources. This agreement marks a significant step in Apple’s broader strategy to expand its footprint in US manufacturing and develop a sustainable supply of critical materials for its devices. Under the multiyear agreement, Apple will purchase rare earth magnets produced at MP Materials’ Independence facility in Fort Worth, Texas. These magnets are essential for Apple’s product lineup, including iPhones, iPads, MacBooks, and Apple Watches, where they serve key roles in…

Imports at the Port of Los Angeles surged in June as American retailers scrambled to bring in goods ahead of potential new tariffs, highlighting the ongoing uncertainty surrounding U.S. trade policy. The port handled 470,450 twenty-foot equivalent units (TEUs) of incoming cargo last month, marking a nearly 10% year-on-year increase and setting a new record for June, according to Port of Los Angeles Executive Director Gene Seroka. The sharp increase follows a temporary easing of tensions between the U.S. and China after both sides reached a short-term trade truce. Imports rebounded 32% from May’s subdued levels, which were impacted by a brief imposition of…

Lebanon is grappling with its worst drought on record as water levels at the country’s largest reservoir on the Litani River fall to unprecedented lows. The crisis is threatening agriculture, electricity production, and basic water supplies for millions of people. Officials from the Litani River National Authority confirmed that inflows to Lake Qaraoun during this year’s wet season barely reached 45 million cubic meters, far below the annual average of 350 million cubic meters. The figure represents a dramatic decline from last year’s 230 million cubic meters. The depleted state of Lake Qaraoun, already heavily polluted and long unsuitable for drinking or irrigation,…