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Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The US commerce department has scrapped a rule put in place by the Biden administration that limited exports of artificial intelligence chips, arguing it was full of red tape that made it “unenforceable”, a US official said. The move by the Trump administration comes as it takes a more lenient approach to the regulation of AI and other advanced technologies domestically and contends with the rise of Chinese companies in the sector. Instead of allowing the Biden-era controls to take effect on…

U.S. President Donald Trump speaks during a swearing-in ceremony for the new U.S. ambassador to China, former U.S. Senator David Perdue, at the White House in Washington, D.C., U.S., May 7, 2025. Leah Millis | ReutersPresident Donald Trump’s pick for U.S. ambassador to China was sworn in on Wednesday, days before White House officials are set to meet with their Chinese counterparts for the first time since Trump announced his 145% tariffs.”What timing … what timing, only you could’ve picked this timing,” Trump quipped from the White House at Republican former Sen. David Perdue’s swearing in ceremony.”I’m entrusting David to…

The euro fell in European trade on Wednesday against a basket of major rivals, on track for the first loss in four days against the US dollar on growing concerns about the political situation in Germany after a difficult vote for the new German Chancellor Friedrich Merz.   Later today, the important Federal Reserve’s policy meeting is expected to provide clues on the path ahead for US interest rates.   The Price   The EUR/US price fell 0.35% today to $1.1325, with a session-high at $1.1374.   On Tuesday, the pair rose 0.45%, the third profit in a row as…

Judge Jefferson Griffin, the Republican candidate for the N.C. Supreme Court listens to testimony in Wake County Superior Court on Friday, Feb. 7, 2025, in Raleigh, North Carolina. Griffin trails North Carolina Supreme Court Justice Allison Riggs by 734 votes following two recounts of the November 2024 election results. Robert Willett | Raleigh News & Observer | Tribune News Service | Getty ImagesThe Republican candidate for North Carolina’s state Supreme Court conceded on Wednesday, ending his six-month long crusade to overturn the election results in the perennial battleground state.”While I do not fully agree with the District Court’s analysis, I…

WASHINGTON: The Federal Reserve held interest rates steady on Wednesday but said the risks of higher inflation and unemployment had risen, further clouding the economic outlook as the U.S. central bank grapples with the impact of Trump administration tariff policies. The economy overall has “continued to expand at a solid pace,” the Fed said in a policy statement, attributing a drop in first-quarter output to record imports as businesses and households rushed to front-run new import taxes. The labor market also remained “solid” and inflation was still “somewhat elevated,” the central bank’s policy-setting Federal Open Market Committee said, repeating the…

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: The S & P 500 was modestly lower Wednesday after the Federal Reserve left interest rates unchanged at its May policy meeting. Longer dated Treasury yields declined too, meaning they increased in price. Fed Chair Jerome Powell will take questions from reporters at 2:30 p.m. ET, and we’ll update this story with the top central banker’s thoughts on tariffs, inflation and the economic outlook more broadly. Apple-Alphabet: Apple and Alphabet…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe Federal Reserve has kept US interest rates on hold for the third meeting in a row, as officials highlighted growing concerns that President Donald Trump’s tariffs will trigger a fresh burst of inflation and weaken the jobs market. “Uncertainty about the economic outlook has increased further,” the policymaking Federal Open Market Committee said on Wednesday, after voting unanimously to keep the federal funds target at a range of between 4.25 and 4.5 per cent. The committee added that, since…

The Federal Reserve on Wednesday held its key interest rate unchanged as it awaits fluctuations in trade policy and the direction of a sputtering economy.In a move that carried little suspense given the wave of uncertainty sweeping the political and economic landscape, the Federal Open Market Committee held its benchmark overnight borrowing rate in a range between 4.25%-4.5%, where it has been since December.The post-meeting statement noted the volatility and how that is factoring into policy decisions.”Uncertainty about the economic outlook has increased further,” the statement said. “The Committee is attentive to the risks to both sides of its dual…

Disney shares surged Wednesday on a strong quarter and positive guidance. The cherry on top was plans for a new theme park in the United Arab Emirates, a sign of long-term confidence in its profit engine. Revenue in the three months ended March 29 increased 7% year over year to $23.62 billion, topping expectations of $23.14 billion, according to LSEG. Adjusted earnings per share in the fiscal 2025 second quarter totaled $1.45, beating expectations of $1.20. On an annual basis, adjusted EPS jumped 20%. DIS YTD mountain Disney YTD Shares of Disney added more than 11% on pace for their…

Maros Sefcovic, European Commissioner for Trade and Economic Security; Interinstitutional Relations and Transparency, speaks to reporters in Singapore on May 7, 2025, after signing of the EU-Singapore Digital Trade Agreement (DTA), a landmark initiative enhancing digital economic cooperation between the European Union and Singapore. Roslan Rahman | Afp | Getty ImagesThe European Union’s executive arm will announce further details of its proposed countermeasures to U.S. tariffs in a Thursday update, European Trade Commissioner Maros Sefcovic said Wednesday. “Tomorrow we will announce next preparatory steps, both in the area of possible rebalancing measures, and also in the areas important for the…