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Trump moves toward deal to give US an equity stake in company developing Nevada lithium mine

WASHINGTON (AP) — The White House is moving forward with a deal that would allow the U.S. government to take a small equity stake in a Canadian company that is developing one of the world’s largest lithium mines. The Department of Energy and Lithium Americas, developer of the proposed Thacker Pass lithium mine and processing plant in Nevada, have agreed on changes to a $2.3 billion federal loan that could allow the project to move forward to extract the silver-white metal used in electric vehicle batteries. The proposed equity stake in Vancouver-based Lithium Americas is the latest example of President Donald Trump’s administration intervening directly in private companies.

Fed’s favored inflation gauge accelerates slightly in August

WASHINGTON (AP) — The Federal Reserve’s favored inflation gauge accelerated slightly in August from a year earlier. The Commerce Department reported Friday that its personal consumption expenditures (PCE) price index was up 2.7% in August from a year earlier, up from a 2.6% year-over-year increase in July and most since February. Excluding volatile food and energy prices, so-called core PCE inflation showed a 2.9% increase in prices from August 2024, same as in July.  The increases were what forecasters had expected.

Trump to put import taxes on pharmaceutical drugs, kitchen cabinets, furniture and heavy trucks

WASHINGTON (AP) — President Donald Trump is putting import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks starting on Oct. 1. Trump said Thursday on his social media site that foreign manufacturers of furniture and cabinetry were flooding the United States with their products and that tariffs must be applied “for National Security and other reasons.” Trump said that foreign-made heavy trucks and parts are hurting domestic producers.

Private equity sees profits in power utilities as electric bills rise and Big Tech seeks more energy

HARRISBURG, Pa. (AP) — Private investment firms that are helping finance America’s artificial intelligence race and the huge buildout of energy-hungry data centers are getting interested in the local utilities that deliver electricity to regular customers — and the servers that power AI. Billions of dollars from such firms are now flowing toward electric utilities in places including New Mexico, Texas, Wisconsin and Minnesota. Greg Brown, a University of North Carolina at Chapel Hill professor, says that’s because there’s a lot of money to be made. Buyout proposals are coming at a time when electricity bills are rising fast across the U.S. Opponents worry buyouts will further drive up electric bills for regular people.

Profit margin on flipping a home is at a 17-year low due to high prices

LOS ANGELES (AP) — It pays less and less to buy and flip a home these days. The typical home flipping profit margin fell in the second quarter to its lowest level since 2008, with a typical return of 25.1% before expenses. That’s according to an analysis by Attom, a real estate data company. Rising home prices are driving up acquisition costs, making flipping less profitable. The median price for a flipped home reached a record high of $259,700, according to Attom. Meanwhile, with many aspiring homeowners priced out of the market, real estate investors are taking up a bigger share of U.S. home sales overall.

Powerhouse attorney Robert B. Barnett, known for representing the Obamas and Clintons, dies

NEW YORK (AP) — The Washington attorney who brokered book deals for Barack Obama, George W. Bush and dozens of other government leaders has died at age 79. Robert B. Barnett was a fixture in the political and publishing worlds for decades and had a client list like no other. He represented everyone from Hillary Clinton and Edward M. Kennedy to Dick Cheney and Mitch McConnell. He embodied an era when it was possible to work freely with both Democrats and Republicans and embodied the maxim that politics stops at the edge of a good book deal.

After global aid cuts, nonprofits seek new energy and new partners on the UN sidelines

NEW YORK (AP) — The many conferences on the sidelines of the U.N. General Assembly’s annual gathering of world leaders offer a unique forum for companies and philanthropies to help shape an uncertain future. In the face of significant foreign aid pullbacks from the U.S. and other wealthy countries, humanitarian actors described more pragmatic and focused discussions than in previous years. It’s also a forum to make big commitments. Billionaire businessman Michael Bloomberg announced a new partnership with the African Development Bank Group to bring more investment to the continent. The Gates Foundation also announced a deal with an Indian pharmaceutical manufacturer to help lower the cost of an HIV prevention injectable.