finance
Justice Department Ends Investigation into Fed Chair Powell Without Charges
The U.S. Justice Department ended its criminal investigation into Federal Reserve Chair Jerome Powell's handling of a building renovation, clearing a path for President Trump's nominee Kevin Warsh. Separately, Meta announced plans to cut 10% of its workforce amid heavy AI spending. Other developments include Tokyo's push for casual attire to save energy and Indonesia's new capital progress.
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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. U.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.
