Justice Department Ends Investigation into Fed Chair Powell Without Charges

U.S. Justice Department dropped its criminal investigation into Federal Reserve Chair Jerome H. Powell, a move that could smooth confirmation for President Trump's nominee to replace him. S.

Attorney Jeanine Pirro, focused on Powell's handling of the Federal Reserve's renovation. Kevin M. Warsh, the president's pick for Fed chair, now faces a Senate panel vote on Wednesday to advance his nomination.

Powell's investigation ended without charges, according to reports from The New York Times and The Washington Post. The decision removes a potential obstacle for Warsh, a former Fed governor who would decide on interest rate cuts if confirmed. President Trump nominated Warsh earlier this year to lead the central bank starting in 2026.

In the tech sector, Meta announced it will cut 10% of its workforce, affecting roughly 8,000 staff, as detailed in a memo to employees on Thursday. The company also plans not to fill thousands of open positions it had been hiring for. This follows two smaller rounds of layoffs this year, totaling around 2,000 workers, and marks Meta's largest job reductions since 2023.

Meta's move comes amid surging spending on artificial intelligence, with the company allocating $135 billion this year—roughly equal to its AI expenditures over the previous three years combined. A spokesman for Meta confirmed the planned cuts but offered no further details.

" The internal memo was first reported by Bloomberg, and Reuters had noted last week that Meta was considering cuts potentially exceeding 10,000 employees this year.

This week, Meta informed staff it would track and log their interactions with work computers to train and improve its AI models. Employees had anticipated deeper layoffs for weeks, given the company's shift toward AI development. Other tech firms have enacted similar reductions this year, citing AI investments.

Amazon laid off more than 30,000 workers. Oracle cut more than 10,000 positions. Block eliminated nearly half its staff, totaling over 4,000 workers. Snap reduced around 1,000 employees. On Thursday, Microsoft offered voluntary buyouts to thousands of longer-tenured workers.

-Israel war on Iran. The measure, inspired by Japan's Cool Biz energy-saving initiative, aims to reduce reliance on air conditioning. Officials hope the casual attire will help save electricity as summer approaches.

BMW stated it has no intention of dropping sedans, even as some rivals scale back on the segment. The company is updating its 7-Series model with one of the most extensive refreshes in its history. This includes new features to maintain competitiveness in the luxury vehicle market.

Indonesia's new capital, Ibu Kota Nusantara—known locally as Nusantara or IKN—is under construction in Borneo's jungle, with Chinese investors clearing land for the project. The site, reached after a three-hour drive from Balikpapan airport over shaky roads and partial bridge washouts, features signs warning against poaching endangered sun bears.

The capital is set to begin taking over administrative functions from gridlocked and sinking Jakarta in 2028.

25 million settlement with a Trump 2016 campaign aide who was the target of secret surveillance during the FBI's Russia investigation. The aide, whose identity was not specified in reports, pursued the case over the warrantless monitoring. This settlement resolves claims from the 2016 probe without admitting wrongdoing by authorities.