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Operator of train that derailed in Ohio faces harsh criticism

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Norfolk Southern has been blamed for the incident by one U.S. senator

The operator of the train that derailed in Ohio two weeks ago is facing harsh criticism over the incident, with one state senator blaming the company for the disaster.

Senator Sherrod Brown says the incident, which released toxic chemicals into the surrounding environment, was an episode of“the same old story”, and Norfolk Southern “caused it”.

Thousands of workers have been let go from the transport giant in recent years, with Brown alleging the corporation “doesn’t invest in safety rules and regulation”.

As anger grows around the derailment, U.S. Transportation Secretary Pete Buttigieg is calling on major railroads to improve safety.

In a letter to Norfolk Southern Chief Executive Alan Shaw, Buttigieg says he will be urging Congress to raise the cap on fines against railroads for violating regulations.

Meanwhile, Senator Brown says we’ve seen his all before and believes we’ll see it all again.

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Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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Central bank expected to ease interest rates as election nears

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The Federal Reserve is expected to cut interest rates again this week, a move aimed at cooling inflation.

This quarter-point rate cut would bring the benchmark rate to about 4.6%, the second reduction this year.

Analysts expect that additional cuts could come in December, which would benefit borrowers by reducing loan costs.

If Trump were to win the election, economists say his proposals on trade and immigration could reignite inflation.

The Fed is balancing a strong economy and low unemployment with its inflation-calibrated rate cuts.

As Election Day approaches, all eyes are on both the Fed and the presidential race.

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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