Economy

US Elections  Fed vs. Inflation
Presidential Pressure on Powell the Biggest Since Nixon

Not since Richard Nixon's presidency has such sharp criticism been directed at the Federal Reserve's leader as is being done now. And no Fed chief has ever been openly called a "puck" by the sitting president. But despite the friction between the White House and the independent Fed appearing to be growing, there was a time when the central bank was not exactly independent, writes Barron's.

Until 1935, the US Treasury Secretary was actually also the central bank governor, and it was not until the 1950s that politics and monetary policy were completely separated.

In the 1970s, Nixon tried to influence his central bank governor Arthur Burns in "an almost terrifying way," Burns later wrote. A way for Nixon to lower interest rates and increase his popularity in order to get re-elected - an initiative that failed miserably, the magazine writes.

The development of AI
Sources: King cuts staff – in-house AI takes over

Around 200 employees have been laid off from the Swedish gaming giant King. Many of them have been replaced by AI tools they developed themselves, according to sources to Mobilegame.

– That AI tools are replacing people is completely disgusting [...] If we introduce more “feedback loops”, it is crazy to remove the developers themselves, a source tells the site.

When SvD Näringsliv contacts the union Unionen, which handled the negotiations, they state that King does not share that image.

– The official answer is no. The employer says that the changes are being made because the organization is too large in relation to the sales it has, says Unionen’s ombudsman Dag Bremberg to the newspaper.

Sources: LVMH may sell Marc Jacobs in a billion-dollar deal

LVMH is negotiating to sell the fashion brand Marc Jacobs, according to sources to the Wall Street Journal. Several buyers, including Authentic Brands, which owns Reebok, are said to be interested

The deal could be worth around $1 billion, equivalent to SEK 9.5 billion.

– We don’t keep brands if we don’t think they’re the right addition, or if we’re not the right players to run them, LVMH’s CFO Cécile Cabanis said on Thursday during an investor conference after the company’s report for the first half of 2025, according to Direkt.

The President’s Team
Trump’s Son Gathers America’s Richest in Secret Maga Club

In Georgetown, Washington DC, the Executive Branch is located in a brick building, writes Dagens Nyheter. It’s the Maga movement’s secret club for super-rich Republicans. Membership costs up to five million SEK and the club has 200 members.

– SUVs with flashing lights come to pick people up and there are a lot of agents around then, says Tommy Liu, owner of the restaurant Reren Lamen & Bar opposite, to DN.

The waiting list is long, according to the New York Times.

“You have to know the owners,” a club spokesperson, who asked not to be named, told the NYT.

One of the owners is financier Omeed Malik, who runs the investment firm 1789 Capital with Donald Trump Jr. Real estate moguls Alex and Zach Witkoff, sons of Trump’s special envoy Steve Witkoff, are also said to be founders.