Economy

Fed vs. inflation
Justice Department urges Powell to suspend Cook

The US Department of Justice (DOJ) says it needs to investigate Fed Governor Lisa Cook and is now urging Jerome Powell to suspend her, Bloomberg reports.

Cook’s case needs “further review,” the department’s lawyer Martin Ed wrote to Powell.

“I urge you to suspend Cook from your board. Do it today before it’s too late!” he continues.

Powell, however, does not have the authority to fire Cook – only the president can do that, the news agency reports. Yesterday, Donald Trump wrote that Cook must resign due to mortgage fraud.

Crypto Market
Data: China intends to invest in its own stablecoin

China will allow the use of a yuan-linked stablecoin, sources told Reuters. The reason is that the authorities want to boost the international use of the country's currency.

The yuan's share of global payments has fallen below 3 percent, while the dollar takes 47 percent of all transactions.

The initiative is a sharp shift in China's attitude towards crypto, which was banned in 2021.

Trump's business
Trump has bought bonds worth a billion since taking office

Donald Trump has bought corporate and government bonds worth more than $100 million, equivalent to almost a billion kronor, since he took office. This is reported by CNBC, referring to documents from the US Office of Government Ethics (OGE).

Among other things, he has bought corporate bonds issued by Meta, Home Depot, United Health and T-Mobile.

– Trump’s net worth has increased significantly, Oxford Economics chief analyst John Canavan told Reuters.

In the documents, dated August 12, Trump lists 690 transactions that have taken place since he took office on January 21. 

Volatile oil market
Aker BP has made significant oil discoveries – largest in ten years

Aker BP has made one of the largest Norwegian oil discoveries in ten years in the Yggdrasil oil field in the North Sea, according to a press release.

The project is described as the largest ongoing on the Norwegian continental shelf, and the first oil is expected to be extracted in 2027.