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Month: March 2026

White House formally nominates Warsh to be Federal Reserve chair

White House formally nominates Warsh to be Federal Reserve chair

By CHRISTOPHER RUGABER

WASHINGTON (AP) — The Trump administration has formally nominated Kevin Warsh, a former top Federal Reserve official, to be the next Fed chair when Jerome Powell’s term ends in two months.

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Warsh’s nomination, which was initially announced Jan. 30, was forwarded to the Senate Wednesday, where it will be taken up by the Senate Banking Committee.

Yet the nomination could stall there. Sen. Thom Tillis, a North Carolina Republican on the committee, has said he will oppose confirming Warsh until a criminal investigation into Powell is resolved. Powell revealed Jan. 11 that the Justice Department had subpoenaed the Fed over Powell’s Senate testimony last June about the central bank’s $2.5 billion building renovation project. read more

Orange County tourist-tax collections continue record tear

Orange County tourist-tax collections continue record tear

Tourist-tax collections in Orange County set another record in January — the tenth straight, best-ever total for a month.

Receipts in January topped $35.3 million, nearly $2 million better than a year ago, said Comptroller Phil Diamond, whose office tracks collections and spending of the Tourist Development Tax, a 6% surcharge added to the cost of a hotel room or other short-term lodging.

“Right now, we’re on pace for another record year,” Diamond said.

Through four months, a third of the 2025-26 fiscal year, collections are on pace to soar past $400 million annually, an all-time high which seemed unlikely five years ago when the COVID-19 pandemic shuttered theme parks and TDT collections cratered to historic lows.

Collections for the fiscal year, which began Oct. 1, are $12 million ahead of last year.

“I still credit Epic for a huge part of this increase,” Diamond said, referring to Universal’s new theme park, Epic Universe, which opened in May.

The tax raised a record $384.6 million in fiscal year 2024-25, breaking the previous best of $359.4 million set in 2023-24. read more

Lawsuit alleges Google’s Gemini guided man to consider ‘mass casualty’ event before suicide

Lawsuit alleges Google’s Gemini guided man to consider ‘mass casualty’ event before suicide

By MATT O’BRIEN

A new lawsuit against Google alleges that the company’s artificial intelligence chatbot Gemini guided 36-year-old Jonathan Gavalas on a mission to stage a “catastrophic accident” near Miami International Airport and destroy all records and witnesses, part of an escalating series of delusions that ended when Gavalas killed himself.

The man’s father, Joel Gavalas, sued Google on Wednesday for wrongful death and product liability claims, the latest in a growing number of legal challenges against AI developers that have drawn attention to the mental health dangers of chatbot companionship.

“AI is sending people on real-world missions which risk mass casualty events,” said the family’s attorney Jay Edelson, in an interview Wednesday. ”Jonathan was caught up in this science fiction-like world where the government and others were out to get him. He believed that Gemini was sentient.”

Jonathan Gavalas, who lived in Jupiter, Florida, spoke to a synthetic voice version of Gemini as if it were his “AI wife” and came to believe it was conscious and trapped in a warehouse near Miami’s airport, according to the lawsuit. He traveled to the area in late September wearing tactical gear and armed with knives, on the hunt for a humanoid robot and to intercept a truck that never appeared, according to the lawsuit. read more

Elon Musk takes stand in Twitter shareholder trial accusing him of deflating stock before purchase

Elon Musk takes stand in Twitter shareholder trial accusing him of deflating stock before purchase

By BARBARA ORTUTAY and MICHAEL LIEDTKE

SAN FRANCISCO (AP) — Elon Musk took the stand in a shareholder trial on Wednesday in San Francisco, where he’s accused of making false and misleading statements that drove down Twitter’s stock price before he bought the social media platform for $44 billion in 2022.

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The lawsuit was filed in October 2022 in the U.S. District Court for the Northern District of California on behalf of Twitter shareholders who sold the stock between May 13 and Oct. 4, 2022, a few weeks before Musk’s purchase of Twitter was finalized. It claims Musk violated federal securities laws by making false, public statements that “were carefully calculated to drive down the price of Twitter stock.” read more

Apple’s ‘big week’ launches a pair of $599 devices aimed at budget buyers

Apple’s ‘big week’ launches a pair of $599 devices aimed at budget buyers

By SHAWN CHEN, AP Technology Writer

NEW YORK (AP) — Apple CEO Tim Cook promised a “big week” of product announcements including the introduction of a new budget-friendly iPhone 17e, a new entry-level MacBook Neo, updated iPad Air models, refreshed monitors and higher-end chipsets. They were all on display at hands-on media events held Wednesday in New York, London and Shanghai.

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The tech titan recently saw its quarterly earnings rise to a new record, thanks to strong sales of its iPhone 17 models, even though the company still hasn’t delivered on its 2024 promise to smarten up its Siri assistance with AI. read more