Business
Who is Lisa Cook, and what is Federal Reserve governor accused of?

BBC News

President Donald Trump has demanded the removal of one of the governors of the US central bank, a move that escalates his long-running feud with the institution.
Late on Monday, he posted on his Truth Social account a letter addressed to Lisa Cook, saying she was being removed from the Federal Reserve Board of Governors due to mortgage fraud allegations.
The move has caused an outcry from Democrats who say it amounts to unprecedented political interference.
Who is Lisa Cook and what does she do?
Ms Cook was appointed as governor of the Federal Reserve in 2022 by Democratic President Joe Biden, becoming the first African American to serve in the role. Her term was due to end in 2038.
She previously served on Barack Obama’s Council of Economic Advisers and worked at the US Treasury.
There are seven governors on the board of the Fed and they play a key role in setting the monetary policy of the US.
They make up the majority of the committee that decides the level of US interest rates and aims to keep prices stable and unemployment as low as possible.
Ms Cook has voted in recent months to keep interest rates on hold this year.
What has Trump accused Lisa Cook of?
In his Truth Social post, the president cited allegations that Ms Cook may have falsified records to obtain a mortgage.
He said she signed two documents, two weeks apart, attesting that two homes in different states were both her primary residence.
“It is inconceivable that you were not aware of your first commitment when making the second. It is impossible that you intended to honor both,” he wrote.
CNN has obtained and reviewed the mortgage documents in question and found she did claim two primary residences but it is unclear whether she informed either lender of the fact.
Ms Cook has not been charged with any wrongdoing and in a statement she said she would fight her dismissal because Trump did not have just cause to fire her.
What does the Fed do?
As the central bank of the US, the Federal Reserve is responsible for running the nation’s monetary policy, promoting stability in the financial system, regulating institutions and other tasks.
One of the most visible activities it undertakes is to set interest rates. This has a big impact on the nation’s financial conditions by influencing how much money people can borrow.
The Fed functions as a federal agency and is considered to be independent within government – its decisions do not require the president’s approval, though it is accountable to Congress.
Can Trump actually fire her?
This question could become the subject of an intense legal battle.
The Federal Reserve Act does not give the president license to remove a Fed official at will but, as Trump noted in his letter to Ms Cook, it does allow him to do so “for cause”.
Trump cited a “criminal referral” against Cook – after his ally, the housing finance regulator, recently called for Ms Cook to be investigated for mortgage fraud. But it is not clear whether an investigation has been opened, and Ms Cook has not been charged with any crime.
As well as Ms Cook’s denial that there is any cause to sack her, legal experts have shown scepticism.
Shan Wu, a former federal prosecutor, told CNN: “As of right now, I think it’s kind of questionable for cause, but obviously that’s what [Trump] is relying on, and I would expect her to challenge it.”
Market reaction to Trump’s move has been relatively tame so far – as investors, too, appear to be sceptical and are waiting to see if the sacking actually comes to pass.
Why does Trump want lower interest rates?
Trump has spent much of his second presidency putting pressure on the Fed, demanding that Powell cut interest rates to lower the cost of borrowing for American businesses and consumers. The target range is currently 4.25 to 4.5%.
Central banks typically cut rates in an effort to boost growth. But there is a balancing act, because higher interest rates help to keep inflation in check. Tackling inflation is another Trump priority.
Lower rates can also help US exporters and easing trade deficits is a central plank of Trump’s economic policy.
Powell has so far steadfastly refused to reduce rates since Trump took office, but has hinted at a cut in September.
Business
Trade talks: India, EU wrap up 14th round of FTA negotiations; push on to seal deal by December – The Times of India

India and the 27-nation European Union (EU) have concluded the 14th round of negotiations for a proposed free trade agreement (FTA) in Brussels, as both sides look to resolve outstanding issues and move closer to signing the deal by the end of the year, PTI reported citing an official.The five-day round, which began on October 6, focused on narrowing gaps across key areas of trade in goods and services. Indian negotiators were later joined by Commerce Secretary Rajesh Agrawal in the final days to provide additional momentum to the talks.During his visit, Agrawal held discussions with Sabine Weyand, Director General for Trade at the European Commission, as both sides worked to accelerate progress on the long-pending trade pact.Commerce and Industry Minister Piyush Goyal recently said he was hopeful that the two sides would be able to sign the agreement soon. Goyal is also expected to travel to Brussels to meet his EU counterpart Maros Sefcovic for a high-level review of the progress made so far.Both India and the EU have set an ambitious target to conclude the negotiations by December, officials familiar with the matter said, PTI reported.Negotiations for a comprehensive trade pact between India and the EU were relaunched in June 2022 after a hiatus of more than eight years. The process had been suspended in 2013 due to significant differences over market access and tariff liberalisation.The EU has sought deeper tariff cuts in sectors such as automobiles and medical devices, alongside reductions in duties on products including wine, spirits, meat, and poultry. It has also pressed for a stronger intellectual property framework as part of the agreement.For India, the proposed pact holds potential to make key export categories such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery more competitive in the European market.The India-EU trade pact talks span 23 policy chapters covering areas such as trade in goods and services, investment protection, sanitary and phytosanitary standards, technical barriers to trade, rules of origin, customs procedures, competition, trade defence, government procurement, dispute resolution, geographical indications, and sustainable development.India’s bilateral trade in goods with the EU stood at $136.53 billion in 2024–25, comprising exports worth $75.85 billion and imports valued at $60.68 billion — making the bloc India’s largest trading partner for goods.The EU accounts for nearly 17 per cent of India’s total exports, while India represents around 9 per cent of the bloc’s overall exports to global markets. Bilateral trade in services between the two partners was estimated at $51.45 billion in 2023.
Business
Indias Real Estate Equity Inflows Jump 48 Pc In Q3 2025: Report

NEW DELHI: Equity investments in India’s real estate sector jumped 48 per cent year-on-year to $3.8 billion in the July-September period (Q3), a report said on Friday. This growth in inflow was primarily fuelled by capital deployment into land or development sites and built-up office and retail assets, according to the report by real estate consulting firm CBRE South Asia.
In the first nine months of 2025, the equity investments increased by 14 per cent on-year to $10.2 billion — from $8.9 billion in the same period last year.
The report highlighted that land or development sites and built-up office and retail assets accounted for more than 90 per cent of the total capital inflows during Q3 2025.
On the category of investors, developers remained the primary drivers of capital deployment, contributing 45 per cent of the total equity inflows, followed by Institutional investors with a 33 per cent share.
CBRE reported that Mumbai attracted the highest investments at 32 per cent, followed by Pune at around 18 per cent and Bengaluru at nearly 16 per cent.
Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East and Africa, CBRE, said that the healthy inflow of domestic capital demonstrates the sector’s resilience and depth.
“In the upcoming quarters, greenfield developments are likely to continue witnessing a robust momentum, with a healthy spread across residential, office, mixed-use, data centres, and I&L sectors,” he added.
In addition to global institutional investors, Indian sponsors accounted for a significant part of the total inflows.
“India’s ability to combine strong domestic capital with global institutional participation will remain a key differentiator in 2026 and beyond,” added Gaurav Kumar, Managing Director, Capital Markets and Land, CBRE India.
CBRE forecasts a strong finish for the investment activity in 2025, fuelled by capital deployment into built-up office and retail assets.
For the office sector, the limited availability of investible core assets for acquisition indicate that opportunistic bets are likely to continue gaining traction, the report noted.
Business
EY and Microsoft launch AI skills passport: Free program to train youth in AI; focus on career growth – The Times of India

EY and Microsoft on Saturday launched the AI Skills Passport, a free online learning initiative aimed at equipping Indian students and early-career professionals with essential artificial intelligence (AI) skills. The program targets individuals aged 16 and above and is designed to bridge the country’s growing AI skills gap, according to an EY statement, ANI reported.Part of a global effort that has already engaged over 40,000 participants worldwide, the AI Skills Passport offers self-paced learning modules spanning around 10 hours, available in both English and Hindi. The curriculum covers AI fundamentals, responsible AI, and practical applications across sectors including healthcare, finance, and technology. Participants also receive guidance on job readiness, including resume tips, interview support, and networking insights.Learners who complete the program are awarded a verifiable digital badge, enhancing their professional profiles. The initiative is part of EY Ripples, EY’s global corporate responsibility programme, and will partner with not-for-profit organisations to ensure students from economically weaker backgrounds have access to mentorship, learning, and career guidance.Monesh Dange, Partner and Leader, Alliances and Ecosystems, EY India, said, “In an era where AI is revolutionising work, the AI Skills Passport addresses India’s urgent need for skilled talent. Together with Microsoft, we aim to ensure the program is accessible and impactful at scale.”Bhaskar Basu, Enterprise Partnerships Leader, Microsoft India & South Asia, added, “AI is transforming India’s digital economy, and youth are at its core. The AI Skills Passport brings high-quality AI learning to everyone, accelerating Microsoft’s goal to equip 10 million Indians with AI skills by 2030.”
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