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CNN  —  Some of President Donald Trump’s steepest tariffs are on products like washing machines, and on Thursday, GE Appliances said it would spend a half a billion dollars to make even more of them in the United States. Tariffs, however, weren’t the driving factor behind the decision, the company’s CEO says, but they did serve as an accelerant. GE Appliances announced it would spend $490 million to move some washing machine production from China and build a high-tech clothes care operation at its massive industrial park and headquarters in Louisville, Kentucky, where it already churns out washers and dryers…

Washington CNN  —  The US economy contracted in the beginning of the year at a much faster pace than previously reported, after new data factored in much weaker consumer spending. Gross domestic product, the broadest measure of economic output, registered an annualized rate of -0.5% from January through March, the Commerce Department said Thursday in its third and final estimate. That’s worse than the 0.2% decline reported in the second estimate. GDP is adjusted for seasonal swings and inflation. The latest estimate showed that consumer spending — the lifeblood of the US economy — was tepid in the beginning of…

ISLAMABAD: The Islamabad High Court on Wednesday suspended the Pakistan Sports Board’s lifetime ban and Rs1million fine imposed on former Pakistan Boxing Federation president Khalid Mahmood and secretary Retired Colonel Nasir Ijaz Tung over an alleged theft incident during a boxing tour in Italy. Justice Arbab Muha­mmad Tahir, while announcing the decision, ruled that the PSB’s punitive measures would remain suspended until the adjudication panel of the Board hears the case afresh and delivers a final verdict. The court directed the panel to conduct transparent proceedings and ensure decisions are made strictly in accordance with the law, uninfluenced by prior…

Swannanoa resident Lucy Bickers, who received assistance from FEMA after Hurricane Helene damaged her property, holds a sign in support of the government disaster agency as she waits on the route of visiting U.S. President Donald Trump’s motorcade in Swannanoa, North Carolina, U.S., January 24, 2025. Jonathan Drake | ReutersAs the Trump administration moves to wind down the Federal Emergency Management Agency, changes could make it harder for homeowners to recover from a natural disaster, experts say.That underscores a point insurance experts make: FEMA provides aid for states and individuals in the event of a federally declared natural disaster, but it’s…

COLOMBO: Pakistan’s quest for the Asian 6-Red Snooker singles title concluded on Wednesday as veteran cueist Mohammad Asif fell 2-5 to Malaysia’s Thor Chun Leong in a hard-fought semi-final clash. Despite the defeat, the 42-year-old secured a bronze medal for Pakistan at the ongoing championship in Colombo, marking the nation’s sole podium finish in the singles event. The semi-final encounter saw Asif struggle to establish consistent momentum against his Malaysian opponent. Leong claimed the opening frame decisively (39-5), but Asif responded with a 35 break to level the match [4-59(35)]. Leong then seized control, winning the next three frames consecutively…

PAKISTAN’S javelin star Arshad Nadeem receives a cheque from Adviser to the Prime Minister on Inter-Provincial Coordination Rana Sanaullah during a ceremony on Wednesday.—White Star ISLAMABAD: Adviser to the Prime Minister on Inter-provincial Coordination Rana Sanaullah on Wednesday stressed the need for reforms in national sports federations, stating they had “become parking spaces for retired individuals”. Addressing a ceremony where the Pakistan Sports Board disbursed cash awards to international title-winning athletes, Sanaullah said that the country’s sports sector needs to improve. “Sports federations have become parking spaces for retired individuals and we must bring in fresh leadership every three to…

CNN  —  Homebuyers in the US may soon be able to use cryptocurrency assets to strengthen their mortgage application, according to Bill Pulte, who oversees housing giants Fannie Mae and Freddie Mac. “After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage,” said Pulte, who heads up the Federal Housing Finance Agency, in a social media post. The policy represents a reversal for Fannie and Freddie,…

These days, it’s common for parents to give their adult children some financial support. But it wouldn’t take a lot to be considered independent.About three-quarters, or 76%, of Americans say that coming off a parent’s cell phone plan is one of the “ultimate signs” of adulthood, according to a recent survey of over 2,000 adults by AT&T.Roughly two-thirds, or 66%, of those polled also say they believe adult children should aim to reach this financial milestone by age 21. However, of those who pay their own cell phone bill, most waited until age 27 — and 18% didn’t start paying…

LONDON: Olympic boxing will become just a youth tournament if the International Boxing Association stays excluded as a governing body, IBA president Umar Kremlev said on Monday. The Russian told Reuters through a translator that the IBA, suspended by the Inter­national Olympic Committee (IOC) in 2019 and stripped of recognition in 2023, was heading into a ‘golden era’ of its own. “For the boxers it will be important to participate in the world championships and the IBA tournaments. The Olympics will be for the children. It’s children’s sport,” he said via a Zoom call. “It’s like football and the FIFA…

American flags are displayed on the lawn of the National Mall with the U.S. Capitol Building in the background on June 2, 2025, in Washington, D.C. Kevin Carter | Getty Images News | Getty Images’Big beautiful’ bill includes Medicaid work requirementsThe House and Senate versions of the “big beautiful” bill would impose federal work requirements on Medicaid for the first time.Per the House and Senate proposals, individuals ages 19 to 64 who apply for Medicaid or who are enrolled through Affordable Care Act expansion group would need to would need to work or participate in qualifying activities for 80 hours…