New Fed governor says was not told how to vote by Trump

Donald Trump’s pick to join the US Federal Reserve said Friday that he did not speak to the president about how to vote on interest rates ahead of the central bank’s meeting this week.In an interview with CNBC, Stephen Miran said that “the president called me to say ‘congratulations.’ He didn’t ask me to do any particular actions. I didn’t commit to doing any particular actions.”He said that he would carry out “independent analysis” based on his interpretation of the economy.Miran was the sole dissenter to the Fed’s decision this week to cut interest rates by a quarter point, instead favoring a bigger half-point reduction — more in line with Trump’s frequent demands for slashing rates.He said he would give a “full accounting” for his economic views on Monday.Asked Friday about his decision, he said: “I don’t see any material inflation from tariffs. I see no evidence that it’s occurred.”The Fed typically holds rates at a higher level to rein in inflation, and policymakers had kept rates unchanged for most of the year as they monitored the effects of Trump’s tariffs on prices.Miran’s swift arrival to the Fed came as Trump ramped up pressure on the independent central bank with repeated calls for large rate cuts.Miran had been chairing the White House Council of Economic Advisers prior to joining the bank, and was confirmed by the US Senate on Monday night. He was sworn in just before the rate-setting meeting started early Tuesday.He told CNBC that he hopes to persuade some Fed colleagues of his views.Miran fills a term that ends January 31, replacing another Fed governor who resigned early.But his call to take a leave of absence rather than step down from his White House role drew sharp criticism from Democratic lawmakers amid worries about threats to Fed independence.Miran said the short tenure was his reason for not resigning from the CEA: “If the President told me that I was going to stay in the seat past January I would just resign immediately.”Fed policymakers noted the weakening labor market as they announced their first rate cut of the year Wednesday, penciling in two more cuts this year.All eyes were also on Fed Governor Lisa Cook’s legal challenge against Trump’s move to fire her this week. She has so far managed to remain in place while her lawsuit plays out.

Stocks steady, dollar up as Trump and Xi talk

Stock markets steadied and the dollar mostly rose Friday at the end of a week marked by central bank decisions, as attention turned to a call between US President Donald Trump and his Chinese counterpart Xi Jinping.Wall Street’s three main indices were flat or slightly higher in late morning trading, coming off record closes Thursday thanks to another surge in the share prices of technology giants.Europe’s main indices ended the day little changed or slightly lower.”The key event today is the scheduled phone call between US President Trump and Chinese President Xi Jinping,” Sam Cornford, head of trading at broker Ballinger Group, said ahead of the discussion between the leaders of the world’s two leading economies.Shortly before European markets closed, Trump said he made progress in his call on on a deal for the social networking platform TikTok, though he stopped short of announcing a deal.”We made progress on many very important issues including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal,” Trump wrote on his Truth Social platform.He has repeatedly put off a ban under a law designed to force TikTok’s Chinese parent company ByteDance to sell its US operations for national security reasons.The call came after high-level discussions between Washington and Beijing officials in Madrid, where they addressed trade ahead of a November tariff deadline.Trump said Friday that he would meet Xi at an Asia-Pacific summit in South Korea in just over a month, and visit China himself next year.Trump imposed massive tariffs on China earlier this year, causing severe disruption to the supply chains of many US firms.While the tariffs were lowered temporarily, their lapse could trigger fresh volatility as the US economy shows signs of weakness.Meanwhile, the British pound retreated after official data showed that UK government borrowing had reached its highest level since the Covid pandemic. In Asia, Tokyo led losses among major indices on expectations that Japan’s central bank would hike interest rates this year after leaving borrowing costs unchanged Friday.Before the announcement, official data showed that inflation in Japan, the world’s fourth-largest economy, slowed in August, with rice price increases easing following a spike that had rattled the country’s government.The week also saw a widely expected interest rate cut from the US Federal Reserve as well as reductions by the central banks of Norway and Canada.The Bank of England left its benchmark rates unchanged. – Key figures at around 1530 GMT -New York – Dow: FLAT at 46,127.99 pointsNew York – S&P 500: FLAT at 6,632.74 New York – Nasdaq Composite: UP 0.2 percent at 22,507.25London – FTSE 100: DOWN 0.1 percent at 9,216.67 (close)Paris – CAC 40: FLAT at 7,853.59 (close)Frankfurt – DAX: DOWN 0.2 percent at 23,639.41 (close)Tokyo – Nikkei 225: DOWN 0.6 percent at 45,045.81 (close)Hong Kong – Hang Seng Index: FLAT at 26,545.10 (close)Shanghai – Composite: DOWN 0.3 percent at 3,820.09 (close)Euro/dollar: DOWN at $1.1743 from $1.1785 on ThursdayPound/dollar: DOWN at $1.3476 from $1.3550Dollar/yen: DOWN at 147.90 yen from 147.97 yenEuro/pound: UP at 87.14 pence from 86.96 penceBrent North Sea Crude: DOWN 0.8 percent at $66.92 per barrelWest Texas Intermediate: DOWN 0.8 percent at $63.09 per barrelburs-rl/js

Fresh off Cannes win, Akinola Davies imagines the future of Nigerian filmFri, 19 Sep 2025 14:36:51 GMT

Akinola Davies, the director of “My Father’s Shadow”, Nigeria’s first film to win an award at the Cannes film festival, is savouring his return to Lagos, the country’s cultural capital, where the movie was released Friday.”I think it’s like a homecoming that’s well deserved,” the British-Nigerian director said in an interview with AFP.The film, which …

Fresh off Cannes win, Akinola Davies imagines the future of Nigerian filmFri, 19 Sep 2025 14:36:51 GMT Read More »

Elderly British couple released by Taliban arrive in Qatar

An elderly British couple detained in Afghanistan for almost eight months arrived in Qatar after their release by Taliban authorities on Friday amid concerns for their health, an AFP journalist reported.Taliban officials have declined to say why they arrested Peter Reynolds, 80, and his wife Barbie, 76, in February as they were returning to their home.”We’ve been treated very well. We’re looking forward to seeing our children,” said Barbie, in a red headscarf, standing next to her bearded husband, near a plane on the tarmac at Kabul airport.”We are looking forward to returning to Afghanistan if we can. We are Afghan citizens,” she added, after Qatar-brokered negotiations for their release.Later on Friday, they arrived in the Qatari capital Doha, where they were embraced by their daughter Sarah Entwistle and other family members, television images showed. Entwistle told AFPTV she was “overwhelmed with gratitude and relief”.”This is a moment of immense joy for our family. We are deeply thankful to everyone who played a role in securing their release.”A Qatari diplomat said the British couple would receive medical checks in Doha before leaving for London on Saturday on a commercial flight. The couple were married in Kabul in 1970, and have spent almost two decades living in Afghanistan running educational programmes for women and children. They also became Afghan citizens.When the Taliban returned to power in 2021, the couple remained in Afghanistan against the advice of the British embassy.- ‘Recovery’ -Foreign ministry spokesman Abdul Qahar Balkhi said the couple were handed over to British special representative to Afghanistan Richard Lindsay.”Two British nationals named Peter and Barbara Reynolds, who had violated the laws of Afghanistan, were released from custody today following the judicial process,” Balkhi said.The copule’s family welcomed their release. “This experience has reminded us of the power of diplomacy, empathy and international cooperation,” their four children said in a joint statement.”While the road to recovery will be long as our parents regain their health and spend time with their family, today is a day of tremendous joy and relief.”The couple were first held in a maximum security facility, “then in underground cells, without daylight, before being transferred” to the intelligence services in Kabul, UN experts have said.In late July, independent UN human rights experts called on the Taliban government to free the couple, warning that they risked “irreparable harm or even death” as a result of the “rapid deterioration” of their physical and mental health.The couple’s family had made repeated pleas for their release citing their failing health.UK Prime Minister Keir Starmer welcomed their release, saying the “long-awaited news will come as a huge relief to them and their family”.”I want to pay tribute to the vital role played by Qatar,” including the emir Sheikh Tamim bin Hamad al-Thani, “in securing their freedom”, Starmer said in a statement.- Travel advice -The British government advises citizens against travelling to Afghanistan, warning that its ability to offer consular assistance “is extremely limited”.Russia is the only country to have officially recognised the Taliban government, which has imposed a strict version of Islamic law and been accused of sweeping human rights violations. Only a handful of embassies have reopened in the capital after it was overrun by the Taliban as NATO forces withdrew.Foreign ministry spokesman Balkhi said the government “does not view the matters of citizens from a political or transactional angle”, adding that “Afghans, wherever they may be, should also receive consular services”.It comes after US special envoy on hostages, Adam Boehler, made a rare visit to Kabul on Saturday to discuss the possibility of a prisoner exchange.   At least one US citizen, Mahmood Habibi, is held in Afghanistan.Dozens of foreign nationals have been arrested since the Taliban returned to power in August 2021 following the NATO pullout.