Business
Trump orders removal of Federal Reserve governor Lisa Cook
President Donald Trump has said he will immediately remove Federal Reserve official Lisa Cook from her position, a major escalation in his battle against the US central bank.
In an announcement made on his social media platform Truth Social, Trump posted a letter addressed to Cook in which he informed her of his decision to remove her from the bank’s board of governors with immediate effect.
He said there was “sufficient reason” to believe she had made false statements on mortgage agreements, and cited constitutional powers which he said allowed him to remove her.
In response, Cook has said Trump has no authority to fire her and she will not resign.
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said in a statement.
“I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022,” she added.
“We will take whatever actions are needed to prevent [Trump’s] attempted illegal action,” Cook’s lawyer, Abbe David Lowell, said.
The Federal Reserve has not yet commented on the president’s announcement, which he made late on Monday.
Trump has put increasing pressure on the Fed – especially its chair Jerome Powell – in recent weeks over what he sees as the central bank’s unwillingness to lower interest rates. He has repeatedly floated the possibility of firing Powell.
His decision to fire Cook, who is one of seven members of the Fed’s board of governors and the first African American woman to serve in the role, is believed to be unprecedented in the central bank’s 111-year history.
It is also likely to raise legal questions, with experts suggesting the White House will need to demonstrate – potentially in court – that it had sufficient reason to fire her.
According to Trump’s letter, Cook signed one document attesting that a property in Michigan would be her primary residence for the next year.
“Two weeks later, you signed another document for a property in Georgia stating that it would be your primary residence for the next year,” the president said.
“It is inconceivable that you were not aware of your first commitment when making the second,” he wrote.
The president had called for her resignation last week over the allegation of mortgage fraud, which was first made in a public letter from housing finance regulator, Bill Pulte, a Trump ally, to Attorney General Pam Bondi.
The housing finance regulator called the letter a “criminal referral” and urged the justice department to investigate. It is not clear whether an investigation has been opened.
Cook told the BBC in a statement last week that she learned of the allegations from the media, and the matter stemmed from a mortgage loan application she made four years ago before she joined the central bank.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” she said.
“I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
If Cook or the Fed resist Trump’s decision to oust her, experts suggest it could trigger a standoff between the central bank and the White House. The Fed gained independence from the US government in 1951.
Trump has expressed increasing animosity at Powell, calling him a “numbskull” and a “stubborn moron” because he did not support the president’s calls for rapid, large cuts to borrowing rates.
But last week, Powell boosted expectations that there will be an interest rate cut in September. Speaking to central bankers gathered in Jackson Hole, Wyoming, he also argued that the inflationary impact of Trump’s tariffs could prove temporary.
The US dollar weakened against major world currencies in Asia trading on Tuesday as investors bet that Cook’s replacement would be likely to push for more interest rate cuts.
Business
MLB faces a historic shift as potential lockout, media rights and other league changes loom
Thursday’s Opening Day may be the calm before the storm for Major League Baseball.
The league’s collective bargaining agreement with its players expires at the end of this season. Owners, with the commissioner’s backing, are almost sure to push for a salary cap (which would likely come with a salary floor to get players to the negotiating table).
MLB owners have never been able to get a cap passed by the players union. It’s unclear if the end of the 2026 season will lead to a different result, but MLB Players Association Interim Executive Director Bruce Meyer told ESPN last month he expects a lockout is “all but guaranteed.”
In addition to the CBA’s expiration, there are major shifts underway for baseball media rights. One-third of the league’s teams didn’t have local TV deals in place for this season until this week.
Nine MLB teams – the Washington Nationals, Seattle Mariners, Milwaukee Brewers, St. Louis Cardinals, Miami Marlins, Tampa Bay Rays, Cincinnati Reds, Kansas City Royals, and Detroit Tigers – announced Wednesday their brand new MLB-operated team channels will be carried by DirecTV.
Most of those teams had previously been part of Main Street Sports (previously Diamond Sports Group), which operates FanDuel Sports Networks (previously Bally Sports). That entity has been teetering with liquidation, and the teams terminated their contracts with the company due to missed payments earlier this year.
A 10th team, the Atlanta Braves, is launching a new network called BravesVision. The Braves and Charter’s Spectrum announced a multiyear distribution agreement earlier this week.
MLB ideally wants the rights to all 30 teams in its control by the end of the 2028 season so that it can sell the in-market local games as a national package to a streamer. That would become the modern replacement to regional sports networks, and it would likely be a new, coveted package for streaming services such as ESPN and Amazon Prime Video.
Also at the end of the 2028 season, MLB’s national media rights for all of its packages will expire, allowing the league to redistribute games to its partners and potentially select new ones.
NBC, ESPN, Fox and a combined CBS/Turner have dominated national rights for the past few decades.
“The key in media negotiations now is having all of your rights available,” MLB Commissioner Rob Manfred told me last year. “If you have all of your content – all of your playoffs, all of your regular season – available, there will be buyers, and I’m confident there will be buyers at a higher price for us.”
Manfred has even floated the idea of expanding to 32 teams and realigning the league geographically, upending or even eliminating the American and National leagues that have existed for more than 100 years.
Soaring TV ratings
It’s, of course, unclear how much of this hypothetical change will actually come to fruition.
But the potential for transformation at MLB is greater than at any of the other Big 4 professional leagues in the U.S.
And yet, baseball isn’t struggling — on the contrary. The implementation of the pitch clock in 2023 has led to shorter games, rising attendance and higher TV ratings.
Rob Manfred, Commissioner of the MLB, attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., on July 9, 2025.
David A. Grogan | CNBC
More than 50 million people in the U.S., Canada and Japan watched Game Seven of the World Series last year – the most-watched baseball game in 34 years. MLB recently wrapped up the World Baseball Classic – a global preseason tournament – which captured nearly 11 million viewers on Fox and Fox Deportes for its final game.
MLB team valuations rose 13% from last year. The average MLB team is now worth $2.95 billion, according to CNBC Sport data.
Still, the profitability of the league is in far worse shape than it is for the NFL, NBA and NHL, according to CNBC’s calculations. In 2025, MLB’s 30 teams had an EBITDA — earnings before interest, taxes, depreciation and amortization — margin of under 2%. Team average revenue was $426 million with average EBITDA of $7 million, including non-MLB ballpark events. In contrast, the comparable margin for the NFL was 20%; the NBA, 21% and the NHL, 22%, according to CNBC’s most recent valuations.
The new CBA at the end of this season could be the first significant step toward a very different MLB. But, similar to the WNBA, which announced its new CBA earlier this week, MLB must ensure negotiations to get a new labor agreement don’t jeopardize a wave of positive momentum.
Business
WTO reform push: India flags dysfunctional dispute system at MC14, seeks review of e-commerce duty moratorium – The Times of India
India on Thursday urged members of the World Trade Organisation (WTO) to restore a fully functional dispute settlement system, saying the current mechanism has deprived countries of effective redressal, PTI reported.Speaking on the opening day of the WTO’s 14th ministerial conference (MC14) in Yaounde, Cameroon, commerce and industry minister Piyush Goyal stressed the need to revive the automatic and binding nature of dispute resolution within the global trade body.“A dysfunctional Dispute Settlement System has deprived Members from effective redressal. We must restore the automatic and binding dispute settlement system,” he said.The WTO’s dispute settlement mechanism has faced prolonged disruption since 2009 after the US blocked appointments to the Appellate Body.Goyal also called for a reassessment of the moratorium on customs duties on electronic transmissions, which WTO members have periodically extended since 1998. India has repeatedly raised concerns over the potential revenue implications of the arrangement.“In the absence of a common understanding among Members on the scope of the moratorium on customs duties on electronic transmissions and given its potentially significant implications, the continued extension of this moratorium warrants careful reconsideration,” he said.The four-day MC14 is scheduled to conclude on March 29.On broader WTO reforms, Goyal emphasised that any restructuring should be transparent, inclusive and member-driven, with development concerns at the centre. He underlined that core principles such as non-discrimination, consensus-based decision-making and equity must be upheld. The minister added that the principle of special and differential treatment (S&DT) should be made precise, effective and operational.On agriculture negotiations, he said a permanent solution on public stockholding for food security purposes, the special safeguard mechanism and cotton are long-pending mandated issues that member countries “must deliver on them on priority”.“India remains committed to negotiating a comprehensive Fisheries Subsidies Agreement that balances current and future fishing needs, protects the livelihoods of poor fishers, with appropriate and effective S&DT,” Goyal said.He also stated that incorporating plurilateral outcomes into the WTO framework should be based on consensus and should not undermine the rights of non-participants or impose additional obligations on them.“We will engage constructively to show that WTO remains central to global trade and strive to Reform it to remain responsive, Perform in delivering on development, equity, and inclusiveness, and Transform to better serve the interests of the poor, vulnerable, and marginalized people, anchored in consensus and multilateralism,” he said.Other WTO members also highlighted the need for reforms. According to a statement from US Trade Representative Jamieson Greer, the organisation has struggled to address systemic issues such as persistent trade imbalances, structural excess capacity, economic security and supply chain resilience.“As ministers, our focus should be on reforms that would make the WTO more responsive to Members and improve our ability to achieve outcomes that optimize our trading relationships,” Greer said, adding that countries should consider making the e-commerce duty moratorium permanent.Separately, a ministerial statement by the G-33 grouping of developing countries reiterated that public stockholding for food security remains a crucial policy tool for developing and least developed nations.“We urge all WTO Members to work together in reaching a permanent solution on this issue as per the Ministerial mandates,” the statement said.China also called for restoring a fully functioning dispute settlement mechanism at the earliest to strengthen the WTO’s role in global economic governance. The UK said it wanted to “improve accountability by reinstating a functioning dispute settlement system”.EU trade commissioner Maros Sefcovic warned that inaction could weaken the rules-based trading system. “Maintaining the status quo is not an option — we cannot go on as we are. If we do, we risk erosion of the rules-based system and the WTO sliding into irrelevance. Therefore, I strongly believe we must act urgently to reform the WTO,” he said
Business
Gulf crisis: British Airways and SWISS add India flights – The Times of India
NEW DELHI: With the big Gulf carriers operating a fraction of their schedules, foreign airlines are expanding their India flights to meet the increased demand for options to the likes of Emirates, Qatar Airways and Etihad. SWISS will operate a second daily light between between Delhi and Zurich from April 1 to May 31, 2026. British Airways will have a third daily service from Delhi starting April 7, followed by a third daily service from Mumbai from May 15. Air India has been adding flights to the west whenever possible during the Iran war.In a statement Thursday, Lufthansa group carrier SWISS said it is increasing its flight offering between Switzerland and India. “From April 1 to May 31, 2026, in addition to its regular service from Zurich to Delhi, SWISS will operate a second daily connection using an Airbus A330. Numerous passengers of other airlines are currently unable to take their originally booked flights via the Gulf region. As a result, many are switching to direct connections to and from Asia. SWISS is seeing a corresponding rise in demand for such nonstop services. We are pleased to offer our customers this additional flight to Delhi over the next two months. The flights are available for booking with immediate effect,” SWISS said in a statement.“Depending on further developments in the Middle East, SWISS continuously assesses how aircraft and capacities that become available can be deployed where demand is particularly strong. In addition to demand, key factors include operational constraints such as available airport slots, traffic rights and fleet deployment capabilities,” SWISS statement added.British Airways also announced additional flights from Delhi and Mumbai “to meet strong travel demand”. “In response to the ongoing situation in the Middle East, the airline is adding short-term capacity from Delhi and Mumbai to meet customer demand. A third daily service from Delhi will launch on April 7, followed by a third daily service from Mumbai from May 15. With this additional capacity, British Airways will operate up to 63 weekly flights with more than 1,000 additional seats per week between India and the UK, offering more options for customers travelling to the UK or connecting onwards across the airline’s global network,” BA said in a statement.Neil Chernoff, British Airways’ chief planning and strategy officer, said: “As we continue to respond to the evolving situation in the Middle East, we’ve been able to reallocate additional capacity to meet strong demand to other destinations across our route network. India remains one of our most important global markets, and these additional services from Delhi and Mumbai respond to customer demand and provide greater choice and flexibility for our customers when travelling to the UK and beyond. We will continue to review our network and make adjustments based on where our customers want to fly this summer.”
-
Fashion1 week agoSales at US apparel, clothing accessories stores up 4% YoY in Jan 2026
-
Tech1 week agoJustice Department Says Anthropic Can’t Be Trusted With Warfighting Systems
-
Fashion1 week agoSpain’s Inditex FY25 sales rise 3.2% to $46.28 bn amid strong demand
-
Politics1 week agoIran strikes Tel Aviv with cluster-warhead missiles in retaliation of Larijani’s martyrdom
-
Sports1 week agoMarch Madness 2026 – How to watch in SA, start time, schedule, TV channel for NCAA championship basketball tournament
-
Entertainment1 week agoVal Kilmer revived 1 year after death through AI
-
Entertainment1 week agoWith few new leads 45 days after Nancy Guthrie’s disappearance, investigation “becomes much harder,” expert says
-
Business1 week agoBrits cashing in jewellery as gold price hits record high
