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- Justice Department Drops Criminal Investigation into Fed
The decision to end the investigation into Jerome H. Powell’s handling of the Federal Reserve’s renovation will allow Kevin M. Warsh, President Trump’s pick for Fed chair, to win confirmation. [TheTopNews] Read More.4 mins ago - From rogue AI blackmailing humans to condensing school days, the AI revolution i...
As the world enters what experts call the "Fourth Industrial Revolution," American business leaders are placing a massive bet on the future of the republic.FOX Business’ "Mornings with Maria" went inside the high-stakes world of artificial intelligence, revealing how titans of banking, defense and tech are investing hundreds of billions of dollars to build out AI infrastructure and data centers that will redefine the U.S. economy.Meta Platforms President and Vice Chair Dina Powell McCormickMcCormick discussed the launch of Meta Muse, a new visual coding AI platform for high-stakes reasoning and creative tasks. She claimed it became the second-most downloaded app on its launch day, and at its core "is about humans."META INFORMS STAFF OF LAYOFFS AFFECTING 8,000 EMPLOYEES AMID AI PUSH"There's a lot of fear out there right now, Maria, about artificial intelligence," McCormick said. "But I think if we really go back to the fact that this is meant to give people more time to help them find their potential and passions, and that is how we are really thinking about Muse, but also the fact, frankly, that our platform every single day, there are 3.5 billion people on our platform, and that is both a daunting responsibility and really exciting because as we develop this product and these technologies, that's the distribution that we're talking about."Microsoft President and Vice Chair Brad SmithSmith framed the AI boom as a massive reindustrialization of America that requires a $140 billion annual investment to solve critical domestic issues like rural doctor shortages and wildfire prevention while maintaining a competitive edge over China."It is a big part of what President [Donald] Trump calls the industrialization of America. When you look at the economic impact of this, what we're contributing in terms of jobs, but more importantly, what we're contributing in terms of capabilities for every part of the economy, this is critical," Smith said."I think one of the most important things that we're doing as a company, and frankly, what the president has nudged the entire industry, quite rightly, to do is pay our own way. That means we pay for the electricity generation that we need, so that the neighbors and the taxpayers don't have to," he continued."Whenever you have AI that controls something like infrastructure, you know, autonomous robots and the like, there ought to be — we called it an emergency brake," he added. "Look, you wouldn't put your kids… [TheTopNews] Read More.21 mins ago - Island’s inflation rate is 2.7%, new figures show
Statistics Jersey says there have been "sharp increases" in some energy prices. [TheTopNews] Read More.31 mins ago - How Kevin Warsh Could Shrink the Fed’s Footprint in Financial MarketsPresident Trump’s nominee to become the next chair of the Federal Reserve wants to overhaul the central bank, including its more than $6 trillion balance sheet. [TheTopNews] Read More.34 mins ago
- What a government stake in Spirit Airlines could mean for passengers and the ind...Travelers are unlikely to see major disruptions as the Trump administration reportedly moves closer to a bailout of bankrupt Spirit Airlines, industry experts say.Officials are discussing a roughly $500 million deal to help Spirit exit bankruptcy – an arrangement that could leave the federal government with up to a 90% stake in the low-cost carrier, Reuters reported.For most Americans, the situation is not expected to affect summer travel plans, according to aviation consultant Mike Boyd."Travelers don't have to worry," Boyd told FOX Business, calling the situation a "sideshow" for the average flyer.TED CRUZ POURS COLD WATER ON TRUMP ADMINISTRATION PLAN TO BAIL OUT SPIRIT AIRLINES: 'TERRIBLE IDEA'However, Boyd noted there could be some uncertainty for passengers already booked on Spirit as the airline navigates the bankruptcy process.Aviation expert and former National Transportation Safety Board (NTSB) investigator Mike Coffield told FOX Business that government intervention could ultimately lead to higher fares."It will raise fares, not lower them," Coffield said, adding that a bailout could be unfair to other airlines. "They will also get capital at little risk, until they lose it all and the taxpayer money."Coffield, noting his role in drafting the Air Transportation Safety and System Stabilization Act after the Sept. 11, 2001, terror attacks, argued the government should "step in only in a national crisis or interest."Coffield also said that if Spirit were to shut down, other carriers – including American, Southwest, United, JetBlue and Allegiant – would likely quickly fill the gap and hire displaced workers.TRUMP SAYS HE WANTS 'SOMEBODY' TO BUY SPIRIT AIRLINES, OPPOSES UNITED-AMERICAN MERGER"If you can look historically, wherever there's been an airline that stopped service, within six months most of all those people are rehired in their original jobs wearing different uniforms," Coffield said.Gary Leff, author of the aviation blog "View From the Wing," said keeping Spirit afloat could "weaken" competitors like Frontier Airlines and JetBlue."Keeping Spirit Airlines alive weakens other airlines, though, especially Frontier Airlines – Spirit's major ultra-low cost competitor – and JetBlue, their largest competitor at Fort Lauderdale," he told FOX Business. "Once the government controls Spirit Airlines, that even raises safety concerns because the government both becomes the safety regulator and owner of the airline they're regulating."Meanwhile, Clint Henderson, travel expert at "The Points Guy," said consumers would "likely benefit" if Spirit remains in operation."This would be good for keeping prices lower as it would protect a low-cost carrier, so… [TheTopNews] Read More.41 mins ago
- Tariffs Raised Consumers’ Prices, but the Refunds Go Only to BusinessesMany families felt the sting of the president’s now-illegal tariffs, but companies have said little about whether they will share the $166 billion coming back to them. [TheTopNews] Read More.44 mins ago
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