Connect with us

Business

Stephen Miran: Senate confirms Trump pick to Fed board ahead of key interest rate vote

Published

on

Stephen Miran: Senate confirms Trump pick  to Fed board ahead of key interest rate vote


The US Senate has cleared President Donald Trump’s pick Stephen Miran to join the Federal Reserve’s board of governors – part of a panel responsible for setting the country’s interest rates.

Miran, who is chair of the Council of Economic Advisers, will be the first sitting White House official to join the Fed’s board since its creation in its current form in the 1930s.

He was narrowly confirmed on Monday with a vote of 48-47.

The economist’s entry has raised concerns over the central bank’s longstanding independence and follows Trump’s bid to reshape the Federal Reserve.

Miran is expected to take part in a key Fed policy meeting this week as one of 12 voting members, playing a central role in Trump’s bid for a large interest rate cut.

The Fed is expected to approve a quarter-percentage point rate cut to support a weakening labour market.

Miran is a supporter of Trump’s global tariffs, arguing the import duties won’t fuel inflation and that policies like stricter immigration will reduce housing demand and lower prices.

The White House economist’s fast-tracked confirmation vote has proceeded in just a few weeks, when it typically takes months for a Fed governor nominee to be confirmed by the Senate.

Senator Elizabeth Warren, a Democrat, raised concerns that Miran would be seen as a “puppet” who would not be trusted as an independent voice on the Fed board.

Trump has put pressure on the Fed for months, demanding interest rate cuts to give the US economy a boost and make it cheaper for the government to borrow.

The president has taken aim at Fed chair Jerome Powell, calling him a “numbskull” and “too late”.

Miran’s vote also comes as Trump is also attempting to fire Fed Governor Lisa Cook from the central bank, citing allegations of mortgage fraud and constitutional powers to remove her.

Cook, the first black woman to serve as a Fed governor, has denied the allegations and sued to block her removal.

She has voted in recent months to keep interest rates on hold this year.

On Monday, a US appeals court denied the justice department’s request to lift an earlier ruling to temporarily block Trump from removing Cook.

The Trump administration is also pursuing mortgage fraud investigations against Senator Adam Schiff and New York Attorney General Letitia James, both political antagonists of the president.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Houses without lounges are a reality for renters

Published

on

Houses without lounges are a reality for renters


Kevin PeacheyCost of living correspondent

Ella Murray Ella Murray and her flatmate Maisy sit at a kitchen table which has a blue tablecloth. Both are smiling. The table is close to a set of kitchen cabinets and an over and hobs. There is a large, wall-mounted clock on one wall.Ella Murray

Ella (left) with flatmate Maisy, says socialising is often done at the kitchen table

Homes without lounges are becoming a reality for renters on tight budgets faced with a lack of available lets.

Nearly a third of homes advertised on flat-sharing website SpareRoom in the first half of the year had no living room.

Ella Murray, aged 22, who shares with three other people in London, said: “At this stage in my life I’m not willing to sacrifice money for more space.”

Landlords say turning a lounge into a bedroom helps them cover their higher mortgages and other extra costs, while meeting demand from tenants.

But a lack of communal space means many renters are living and working in one bedroom putting them at risk of social isolation.

Some also point out the “false economy” of being forced to go out to socialise which can cost more than a night in with friends.

Cost-of-living pressures

Students living away from home might expect to rent in a property where the front room has been converted into a bedroom.

But these latest figures suggest this is a reality for young professionals renting in their 20s and 30s.

Analysis by SpareRoom, shared with the BBC, shows:

  • Some 30% of adverts for a room posted on the platform in the first half of the year were for places without a living room
  • That proportion was higher in London, at 41%
  • Birmingham saw an increase from 16% to 22% of adverts with no living room in the five years from 2020

The data covers flat or house shares only, and does not include any studio, or one-bedroom listings.

Official figures show average UK monthly private rents increased by 5.5%, to £1,354, in the year to September.

As costs rise, there are 10 prospective tenants on average chasing every available rental property, according to the latest Rightmove data.

A landlord turning a lounge into a bedroom provides an extra place for a tenant. It could also mean lower rent payments for each tenant but potentially more rent overall for landlords covering higher mortgage repayments seen in recent years.

A line chart showing rents in the UK have risen from £910 in January 2015 to £1354 in September 2025. Dat from the Office for National Statistics.

Ella and her three housemates split the rent of £3,000 a month dependant on the size of their bedrooms, but their home does not have a living room.

“We have a decent-sized kitchen with a dining table which is where we hang out instead. We would definitely socialise more if we had a living room,” she said.

She said the rent was cheaper as a result, and – living in London – it was the norm among her friends in other rental properties in the city.

She works in musical theatre, and said she would be more inclined to rent somewhere with a living room were her wage to increase and were she to move in with a partner.

Hannah Carney Hannah Carney and her flatmate Emma in the kitchen of their rental home, with hobs and utensils behind them.Hannah Carney

Hannah and her flatmate Emma usually socialise in the kitchen

Hannah Carney, 26, also shares a property without a lounge and says none of the places she had rented since she was 18 had a living room.

She says she misses having a “chill place that is social” and it means she and her flatmates probably spend more on going out for dinner and drinks.

“I’d love to say that all properties should have a communal area. I wish that was the norm, but I know it’s not realistic,” she said.

The best she and her flatmate could do, she says, is to have movie nights in a box room that they also use to hang their washing.

Matt Hutchinson, director of SpareRoom said: “We’ve had so many messages from people who met their best friends and partners in flatshares, who’ve raised families or started businesses together.

“Those kinds of stories will become rarer if communal, sociable spaces within homes are not protected. Sadly, loneliness is alarmingly common.

“With rents as unaffordable as they are now, it’s understandable people are looking for ways to cut the cost of living.”

Chris Norris, chief policy officer at the National Residential Landlords Association (NRLA) said the “root of the challenges” was too few rental homes to meet demand.

The NRLA said some landlords, facing a difficult outlook, were moving into offering multi-occupancy homes so their businesses remained viable enough to carry on.

“With rising costs and the expectation of smaller margins to contend with, some landlords will certainly be looking at how to use their investments most efficiently and meet demand effectively whilst delivering high-quality private rented homes,” Mr Norris said.

At the more extreme end of the scale, the BBC has previously uncovered illegal house-sharing in multi-occupancy homes.



Source link

Continue Reading

Business

ASEAN eyes investment in tourism, food industry | The Express Tribune

Published

on

ASEAN eyes investment in tourism, food industry | The Express Tribune


Federal Minister for Investment and Board of Investment (BOI) Chairman Qaiser Ahmed Sheikh


ISLAMABAD:

Federal Minister for the Board of Investment Qaiser Ahmed Sheikh held a meeting with a joint delegation of Asean ambassadors and high commissioners at the Board of Investment (BOI) office.

During discussions, Qaiser Ahmed emphasised the strategic importance of Asean countries as vital partners of Pakistan. He briefed the delegation on the pivotal role of Special Economic Zones (SEZs) and the Special Investment Facilitation Council (SIFC) in promoting investment opportunities nationwide.

He highlighted that these zones provide a structured, investor-friendly environment designed to foster sustainable industrial growth, attract foreign direct investment and create employment opportunities.

All representatives of the Association of Southeast Asian Nations (Asean) expressed keen interest in sectors such as tourism, the food industry and other emerging markets that offer considerable potential for investment and bilateral economic collaboration. The minister noted that Pakistan is actively introducing incentives to enhance investment prospects in key sectors, including information technology, infrastructure, textiles and mining.

The delegates acknowledged the vast investment opportunities available in Pakistan and reaffirmed their willingness to explore potential collaborations across multiple sectors. Discussions also centred on strengthening trade and investment linkages, enhancing regional connectivity and streamlining investment procedures to facilitate mutually beneficial partnerships.



Source link

Continue Reading

Business

Aadhaar future roadmap: UIDAI sets up expert panel to craft Vision 2032; explores AI, blockchain and quantum tech – The Times of India

Published

on

Aadhaar future roadmap: UIDAI sets up expert panel to craft Vision 2032; explores AI, blockchain and quantum tech – The Times of India


The Unique Identification Authority of India (UIDAI) has set up a high-level expert committee to make Aadhaar technology future-ready, with focus on scalability, data security, and resilience against emerging cybersecurity threats, according to an official statement issued on Friday.The committee, chaired by UIDAI Chairperson Neelkanth Mishra, includes UIDAI CEO Bhuvnesh Kumar, Nutanix founder Dheeraj Pandey, MOSIP head of engineering Sasikumar Ganesan, Trilegal partner Rahul Matthan, Amrita University Professor Prabaharan Poornachandran, Michigan State University Professor Anil Jain, UIDAI Deputy Director General Abhishek Kumar Singh, Sarvam AI co-founder Vivek Raghavan, and IIT Jodhpur Professor Mayank Vatsa.“Recognising the rapidly changing technological and regulatory landscape, the UIDAI has embarked on a comprehensive strategic and technological review to shape the next decade of Aadhaar’s evolution through a new ‘Aadhaar Vision 2032’ framework,” the statement said.The Vision 2032 roadmap will not only sustain Aadhaar’s technological leadership but also reinforce its role as a secure, inclusive, and people-centric digital identity, the statement added.The expert panel will draft the Aadhaar Vision 2032 document, outlining a framework for next-generation Aadhaar architecture aligned with India’s Digital Personal Data Protection (DPDP) Act and global privacy and cybersecurity standards.According to the UIDAI, the Vision 2032 framework will leverage advanced technologies such as Artificial Intelligence, Blockchain, Quantum Computing, Advanced Encryption, and next-generation data security systems to ensure that Aadhaar remains secure, scalable, and adaptable to the evolving digital landscape.





Source link

Continue Reading

Trending