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Senate confirms Warsh as next Fed chairman

WASHINGTON (AP) — The Senate confirmed President Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, bringing new leadership to the world’s most powerful central bank at a fraught moment for the global economy. Warsh, 56, a former top Fed official, was confirmed Wednesday in a largely party-line 54-45 vote and will replace Jerome Powell as chair at an unusually difficult time for the independent agency. Inflation has topped the Fed’s 2% target for five years and is now rising faster because of spiking gas prices. The Fed’s interest rate-setting committee is ...

Vallourec reports growth in North America division

The ongoing U.S.-Iran conflict has challenged, but not hampered, seamless tube producer Vallourec, the multinational company said Tuesday in its first quarter earnings report. Meanwhile, the company’s North American division is experiencing strong growth. Citing resilient customer activity, the company said in a news release that no cancellations occurred in its primary Middle East markets. Select order postponements were reported, and shipping delays impacted invoicing procedures. “While there is much uncertainty around the situation in the Middle East and the impact on global ...

Iran war is hitting home as gasoline prices fuel inflation surge of 3.8%

WASHINGTON (AP) — U.S. consumer prices climbed sharply again last month as the 10-week war with Iran delivered higher gasoline prices and more pain for Americans. The Labor Department’s consumer price index rose 3.8% from April 2025, the biggest jump in three years, and up from a 3.3% year-over-year gain in March. On a month-to-month basis, April prices rose 0.6% from March as gasoline prices rose 5.4%, according to the data released Tuesday. The month-over-month gain was down from a 0.9% increase in overall prices from February to March, when the initial financial shock from the ...

Deal reached with hackers to delete data stolen from Canvas

The company that operates online learning system Canvas said it struck a deal with hackers to delete the data they pilfered in a cyberattack that created chaos for students, many of them in the middle of finals. Instructure, the parent company of Canvas, said in an online post that it “reached an agreement with the unauthorized actor involved in this incident.” The company didn’t provide any details on the agreement, including whether it involved a payment, and didn’t elaborate who was behind the hack. Instructure temporarily took the system off-line while it investigated, ...

US home sales flat in April as lackluster spring homebuying season lurches forward

Sales of previously occupied U.S. homes were essentially flat in April, another lackluster showing for the housing market during what’s traditionally its busiest time of the year. Existing home sales edged up 0.2% last month from March to a seasonally adjusted annual rate of 4.02 million units, the National Association of Realtors said Monday. Sales were unchanged compared to April last year. The latest sales figure fell short of the roughly 4.12 million pace economists were expecting, according to FactSet. Sales have been hovering close to a 4-million annual pace now going back ...