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Illegal mining crackdown in South Cotabato intensified

COTABATO CITY — Officials of the Region XII police and two other government agencies will intensify crackdown on small-scale copper and gold mining in Tampakan, South Cotabato after two miners drowned in rampaging floodwaters that swept through their clandestine mine site in the municipality.

Local executives and police officials in South Cotabato had reported that the incident left two residents, Johnry Samling and Richard Sumali, dead. They also confirmed that Mr. Samling and Mr. Sumali were engaged in “banlas,” or sluice gold mining using only farming tools and portable motor-driven water pumps

Geologists in the Department of Environment and Natural Resources (DENR) and the Mines Geosciences Bureau (MGB) and mining engineers from Europe and Australia had placed the value of copper and gold deposits in Blaan ancestral lands in Tampakan, waiting to be mined at no less than $200 billion.

Radio reports on Wednesday in Central Mindanao cities and provinces stated that officials of the Police Regional Office-12, under Brig. Gen. Romeo J. Macapaz, and Felix S. Alicer and Efren B. Carido, directors of the DENR-12 and the MGB-12, respectively, are to cooperate in addressing the banlas operations in Tampakan.

The three officials had separately said the national government had only contracted one legitimate firm, the Sagittarius Mines Incorporated (SMI), to mine for copper and gold in Tampakan, which has not started operating since its inception some two decades ago.

Officials of the DENR-12 and MGB-12 and employees of the SMI and traditional leaders in Tampakan have long been cooperating in addressing banlas activities in the municipality even as the firm has not operated the Tampakan Copper-Gold Project yet as contracted by Malacañang.

“We in PRO-12 will support the efforts of the DENR-12 and the MGB 12 in putting an end to all forms of illegal mining activities in that municipality,” Mr. Macapaz said.

DENR-12 and MGB-12 employees had told reporters that legitimate mining firms have extensive environmental-protection thrusts in areas permitted to operate by the government. — John Felix M. Unson

Baguio, Benguet electric users to see big rate drop

BAGUIO CITY — Electricity consumers in Baguio and Benguet, the Benguet Electric Cooperative (BENECO) said, will see a significant drop in their electricity bills this August as residential rates fall to P9.8809 per kilowatt-hour (kWh) from P10.4763/kWh in July.

For households consuming 100 kWh per month, this reduction translates to P53.79 in savings, while those consuming 200 kWh will save P107.58 on their August 2025 electric bill, BENECO detailed.

The overall decrease of P0.5953/kWh in the total electricity rate is mainly driven by lower generation costs, the electric cooperative said.

Generation costs from BENECO’s power suppliers fell to P5.4434/kWh in August from P5.9466/kWh in July. Rates from the Wholesale Electricity Spot Market (WESM) also dropped to P4.7865/kWh from P5.4702/kWh.

In contrast, the transmission cost paid to the National Grid Corporation of the Philippines (NGCP) increased by P0.0801/kWh stemming from higher regulated services charges and the Energy Regulatory Commission’s (ERC) approval of NGCP’s Maximum Annual Revenue Requirement for the fourth regulatory period (2016-2022).

Under this approval, NGCP is authorized to collect P28.297 billion over a period of 84 months, or until the amount is fully recovered. As a result, consumers can expect higher transmission rates for the next seven years, BENECO said.

BENECO General Manager Melchor S. Licoben said that the ERC has granted a Provisional Authority for the implementation of the long-term Power Supply Agreement (PSA) between BENECO and Therma Luzon, Inc. (TLI), which contributed to the reduction in generation cost.

The Emergency Power Supply Agreement (EPSA) by BENECO with GNPower Dinginin ended on July 25.

BENECO is also awaiting action from the ERC on another long-term PSA with Masinloc Power Co. Ltd. (MPCL), which could further help stabilize and potentially lower rates in the future.

“BENECO remains committed to finding ways to bring down electricity rates, as we have consistently done for many years. We continue to optimize our power supply to ensure that our consumers enjoy the most competitive rates possible,” Mr. Licoben promised.

BENECO is among the 90 electric cooperatives in the country reported by the Philippine Rural Electric Cooperatives Association, Inc. to have lower rates compared to MERALCO. — Artemio A. Dumlao

Philippines to host the Siargao International 6000 Surfing Cup

TOP SURFERS (128 male and 64 female) from China, Japan, Taiwan, Indonesia, Thailand, Australia, New Zealand and the host country will vie in the “highly-sought-after event” that offers $50,000 to the champions.

THE excitement and charm of Philippine surfing will take centerstage with the holding of the Siargao International 6000 Surfing Cup from Oct. 23 to 31 in beautiful Siargao.

It is the highest-ranking WSL (World Surf League) qualifying series ever in the Philippines, which is fast becoming a premier destination for professional surf events. It is open to global participants beyond Asia Pacific.

Top surfers (128 male and 64 female) from China, Japan, Taiwan, Indonesia, Thailand, Australia, New Zealand and the host country will vie in the “highly-sought-after event” that offers $50,000 to the champions.

Earlier this year, the WSL staged the World Junior Championships in La Union, and this time, an even bigger event aimed at further promoting sports tourism in the country is set to take place.

“It’s not just for the athletes but for the local communities as well,” said Presidential son and Sports Ambassador Vincent Marcos during Tuesday’s special Philippine Sportswriters Association Forum at Wild Flour restaurant in Makati.

“I love all sports but surfing has a very special place in my heart,” added the young Marcos, who’s into surfing himself. He said it’s a perfect chance for the Philippines to promote sports tourism and show how “world class” its surfing destinations are.

Also gracing the forum were Philippine Sports Commission Chairman Patrick Gregorio, Isabela 5th District and House Committee on Youth and Sports Chairman Rep. Mike Dy, Aurora Lone District Rep. Rommel Angara, United Philippine Surfing Association President Dr. Raul Canlas, tournament technical director John Carby, world No. 3 and longboard champion Jay-R Esquivel and Nildie Blancada of the Siargao Surf Association.

“This hosting is part of the sports tourism program that we are pursuing. We believe that sports tourism is an economic driver. And why surfing? Because it’s a beautiful sport,” said the PSC chairman.

“And with 7,100 islands, how can we go wrong? As long as we see the leaders really pushing, there’s no reason why we shouldn’t support it,” added Mr. Gregorio in the forum presented by San Miguel Corp., Philippine Sports Commission, Philippine Olympic Committee, Milo, Smart/PLDT, and the country’s 24/7 sports app Arena Plus.

“This is a top-level event. It’s world class,” said Mr. Carby, noting that Philippine surfing destinations such as Siargao, Baler and La Union are also known for their unmatched hospitality, and “that makes it very easy for the WSL to host such events.”

“There’s magic in Siargao, there’s magic in Baler, there’s magic in La Union,” said Mr. Gregorio.

Alcaraz beats Medjedovic in Cincinnati before rain forces games’ suspension

CARLOS ALCARAZ — FACEBOOK.COM/CINCYTENNIS

CARLOS ALCARAZ beat Hamad Medjedovic 6-4, 6-4, to reach the Cincinnati Open last 16 on Tuesday, battling the sweltering Ohio heat to notch a tour-leading 50th victory of the season before the evening session was suspended due to rain.

The Spanish second seed also secured his 13th consecutive win at an ATP Masters 1000 tournament, converting three of seven break points in a deliberate, slow-paced contest.

Treated for neck pain after the first set, Serbia’s Medjedovic ramped up in the second to shorten rallies, outhitting Alcaraz 25–16 on winners but committing 38 unforced errors to the Spaniard’s 18.

“I know he’s a really powerful player,” Alcaraz said.

“His shots are incredibly hard to return. He has a big serve also. I know he doesn’t like to run too much from side to side, so my plan was to make him run as much as I could.”

Monte Carlo and Rome champion Alcaraz next faces Italian Luca Nardi as he continues his bid for an eight Masters 1000 title.

Earlier, Andrey Rublev rallied from a set down to edge Alexei Popyrin 6-7(5), 7-6(5), 7-5, in a fierce 3-1/2-hour battle.

The Russian ninth seed will play against Argentine Franciso Comesana, who claimed a stunning 6-7(4), 6-4, 7-5 win over American Reilly Opelka.

In the women’s draw, second seed Coco Gauff advanced after Ukraine’s Dayana Yastremska withdrew from their third-round clash due to illness. The American will face Lucia Bronzetti, who beat 23rd seed Jelena Ostapenko 1-6, 6-3, 6-4.

It marked the second third-round walkover, following fellow Ukrainian Marta Kostyuk’s withdrawal before her match against Polish third seed Iga Swiatek. The Wimbledon champion will take on Romanian Sorana Cirstea in the round of 16.

In the evening session, men’s third seed Alexander Zverev and women’s fourth seed Jessica Pegula were forced off the court mid-match due to rain and the threat of lightning.

The suspension was particularly frustrating for Zverev, who had a 6-4, 5-4 lead in his match against American Brandon Nakashima and was about to serve for the win.

Pegula rallied to take the second set 6-3 in her meeting with Magda Linette, leaving their match all square after the Pole won the first 7-6(5).

Canadian Open winner Ben Shelton’s match with Roberto Bautista Agut and Dane Clara Tauson’s match with Veronika Kudermetova were both moved to Wednesday.

Tuesday’s rain-enforced suspension was the latest in a string of interruptions at the Cincinnati Open this week.

On Monday, Jannik Sinner’s win over Gabriel Diallo was delayed by a fire alarm before the players continued through the noise. There was also a one-hour delay due to a power outage. — Reuters

MLB postseason set to start on Sept. 30, World Series on Oct. 24

MAJOR LEAGUE BASEBALL’s (MLB) 2025 postseason will begin on Sept. 30 and conclude on Nov. 1 at the latest, the league announced Tuesday.

The playoffs get underway with four best-of-three wild-card series from Sept. 30–Oct. 2, airing on ABC, ESPN and ESPN2.

The four best-of-five American League (AL) and National League (NL) Division Series will begin on Oct. 4, with the AL contests on Fox, FS1 and Fox Deportes and the NL games on TBS, truTV and HBO MAX. Game 5 in the AL would be on Oct. 10 and Game 5 in the NL on Oct. 11, if necessary.

The American League Championship Series begins on Oct. 12, with games airing on Fox or FS1 and Fox Deportes, with Game 7 (if necessary) on Oct. 20.

The National League Championship Series begins on Oct. 13, airing on TBS, truTV and HBO MAX, with Game 7 (if necessary) on Oct. 21.

Game 1 of the 121st World Series is scheduled to be played Oct. 24 at the home of the league champion with the superior regular season record, broadcast by Fox and Fox Deportes. It continues with Game 2 on Oct. 25, Game 3 on Oct. 27 and Game 4 on Oct. 28. Game 5 (if necessary) is on Oct. 29, followed by Games 6 and 7 (if necessary) on Oct. 31 and Nov. 1. Games 3, 4 and 5 will be at the home of the other league champion. Reuters

Carlos Rodon, NY Yankees fire one-hitter in rout of Twins

CARLOS RODON allowed one hit in seven outstanding innings, Giancarlo Stanton homered and collected four hits, and the New York (NY) Yankees trounced the visiting Minnesota Twins 9-1 on Tuesday.

Rodon (12-7) cruised after the first three hitters reached in a 31-pitch opening inning, allowing one baserunner in the remainder of his outing. The left-hander gave up one run, struck out five and walked two as New York won its second straight game to open a three-game series.

Tim Hill and Yerry De Los Santos finished the one-hitter. Minnesota’s Austin Martin opened the game with a single and scored the Twins’ lone run.

Stanton homered for the second straight game and drove in three runs. The slugger went 4-for-5, his first four-hit game since Aug. 24, 2023, against the Washington Nationals.

Aaron Judge homered for the first time since July 23, Anthony Volpe hit a tie-breaking three-run homer off Minnesota rookie Travis Adams (1-2) in the second inning and Stanton went deep in the fifth.

Stanton, making his third start in right field, doubled in the first inning and singled in his final two at-bats after hitting his 12th homer of the season. His seventh-inning hit drove in two for an 8-1 lead.

Cody Bellinger preceded Stanton’s fourth hit by drawing a bases-loaded walk after an intentional walk to Judge.

Jazz Chisholm Jr. reached base four times, Judge drew three walks after homering and the Yankees finished with 11 hits and a season-high 11 walks. Chisholm scored New York’s final run on a grounder by JC Escarra in the eighth.

Adams allowed four runs on four hits in 2 1/3 innings during his second career start. The right-hander struck out two and walked four in a 70-pitch outing.

In the first inning, Minnesota loaded the bases and scored when Royce Lewis beat out a potential double-play grounder by a few steps.

In the bottom of the frame, Judge hit a 2-2 fastball into the Yankees’ bullpen beyond the right-center-field fence.

New York extended its lead in the second following walks to Chisholm and Ryan McMahon. Volpe lifted a 1-1 sinker into the right-center-field seats.

Leading off the fifth, Stanton upped the lead to 5-1 with a 447-foot drive into the bleachers beyond the visiting bullpen in left-center field.

Rodon retired 17 straight until walking Ryan Jeffers with two outs in the sixth. He ended the inning by retiring Luke Keaschall on a grounder. — Reuters

Pete Alonso sets NY Mets record with 253rd HR, adds No. 254

PETE ALONSO — MLB.COM

METS first baseman Pete Alonso broke the team’s career home run (HR) record in the third inning of New York’s Tuesday game against the visiting Atlanta Braves — then went deep again in the sixth.

The third-inning shot, a two-run homer against Spencer Strider, gave Alonso 253 long balls in his seven-season career. Darryl Strawberry clouted 252 in his eight-year tenure with the franchise, 1983-90.

With Brandon Nimmo aboard after a two-out single, Alonso lined a first-pitch fastball over the right-center-field wall for his 27th homer of the year. The crowd at Citi Field erupted and Alonso shared hugs with many players and manager Carlos Mendoza following the blast.

“Good swing on a good pitch,” Alonso said. “Just really happy it just carried a little bit over the fence.”

Alonso set the record in his 965th game — 144 fewer than Strawberry. The milestone homer gave New York a 5-1 lead.

Asked if he was thinking about his place in club history, Alonso said, “A little bit, but it’s really not going to settle in because right now we’re in the thick of the playoff race. I don’t really want to make this about myself. This is about the team, this is about guys fighting every single day and doing whatever they can to win.”

Alonso acknowledged the moment was a career highlight.

“It’s unimaginable,” he said. “It’s still really not fully set in. I don’t think I’m going to fully appreciate this moment until the offseason.”

In the sixth, Alonso belted a solo shot against reliever Austin Cox. The Mets first baseman, who doubled in the first inning, finished 3-for-5 with three RBIs as New York prevailed 13-5, ending a seven-game losing streak.

Mets manager Carlos Mendoza said, “Special for him to do it here at home, not only 253 but 254. It’s a special number. You think about how many great players have put this uniform on and then to finally break the record — one of the greatest, Straw.

“Obviously special night for him, for all of us, and I’m just glad we were able to witness that.” — Reuters

PSC and Elite Link to roll out next-gen athlete platform

THE Philippine Sports Commission (PSC) and Elite Link, Inc. will soon launch a mobile application designed to empower the Filipino athlete globally, in a new partnership that signals a bold leap toward a new era of modern, data-driven sports management in the Philippines.

PSC Chairman Patrick Gregorio forged an agreement on Tuesday with Elite Link, Inc., a technology company based in Delaware, United States, for the creation of a digital database and recruitment platform connecting Filipino athletes across all sports and competition to support talent identification and development efforts of the PSC and National Sports Associations (NSAs).

Through the app, athletes can register, upload and update their personal profile, statistics, credentials, achievements, and performance highlights for visibility and monitoring by verified coaches, scouts and recruiters, showcasing Filipino athletic talent on a global scale.

“This partnership with Elite Link is a beautiful gift for Philippine sports. It is a chance for our young, talented athletes to find their communities, to discover opportunities, and to realize their potential. This is a great generosity that I am sure future champions will honor with their success,” said Mr. Gregorio after signing the Memorandum of Understanding (MOU) at the Wildflour Restaurant at Rockwell in Makati City.

“We are proud to sign this MOU and join forces with the Philippine Sports Commission to empower the next generation of Filipino athletes. With the Elite Link app, we are creating a game-changing digital platform where athletes can connect with peers, train with specialized coaches, secure sponsorships, join teams, showcase their skills, and get noticed by scouts and recruiters — all while accessing opportunities to compete in sporting events at every level,” said Elite Link President and Chief Executive Officer Guillaume Lucci.

According to Mr. Lucci, they will design, develop, and manage a secure, scalable, and user-friendly mobile application — crafted with the needs of Filipino athletes at its core, yet built with global readiness and appeal to connect with athletes worldwide, fostering a richer and more diverse sporting exchange.

Data protection mechanisms and authentication will be installed to ensure secure access and integrity of athlete data. PSC will be given basic data insights and analytics through a dedicated dashboard to assist in their implementation and oversight of an integrated amateur sports promotion and development program for the country.

“White Cloak Technologies is proud to apply our deep expertise in mobile and web development to the Elite Link project. Leveraging our experience in building scalable architectures, secure data environments, and intuitive user interfaces, our team has been hands-on from concept to code, ensuring the platform meets the highest standards of performance and reliability,” said White Cloak Technologies in a statement.

Solitary cell with mattress on the floor for South Korea’s once powerful ex-first lady

SOUTH KOREA’s former first lady Kim Keon Hee arrives at the special prosecutor’s office in Seoul, South Korea, Aug. 6. — REUTERS/KIM HONG-JI

SEOUL — South Korea’s former first lady Kim Keon Hee will spend her first day in jail on Wednesday in a cell much like the one her husband and ex-President Yoon Suk Yeol occupies as prosecutors pursue the once high-flying couple in a widening criminal probe.

Ms. Kim was formally booked into the Seoul Nambu Detention Center on the western edge of the capital, a comparatively new correctional facility that opened in 2011 and one of the few run by a female warden.

She will be treated in the same way as other inmates but will receive minor adjustments in her daily routine given her status as a high-profile figure, a source familiar with the matter told Reuters.

Ms. Kim was imprisoned after a court approved a warrant for her arrest late on Tuesday on the grounds that she might destroy evidence amid an ongoing investigation into allegations of bribery, stock fraud and influence peddling.

Ms. Kim’s lawyers have denied the accusations against her and dismissed as groundless speculation news reports about some of the gifts she allegedly received in return for favors.

Ms. Kim apologized for causing concern in the country and called herself “a nobody” as she appeared for questioning last week.

Her solitary cell has a small table that can be used as a desk and for eating meals and a floor mattress to sleep on, said the source, who asked not to be identified because he was not authorized to speak to the media.

Ms. Kim will have separate access to a common shower room and be allowed to exercise outdoors for an hour every day except on Sundays, the time staggered to avoid overlap with other inmates, the source said.

Prison will be an entirely new experience for Ms. Kim, unlike for her husband who has already spent about 100 days in jail.

Mr. Yoon is on trial over his botched attempt to impose martial law, on charges of insurrection, an accusation he denies. He has been imprisoned at the Seoul Detention Center, which despite its name is outside the capital to the south.

‘POLITICAL MIND’
The former first couple had lived in a spacious apartment in an upscale district of Seoul before Mr. Yoon’s election as president in May 2022 and had returned there after his ouster for the martial law decree that resulted in a political disaster for him, his party and now for his wife.

Ms. Kim is a wealthy businesswoman in her own right and most of the couple’s assets including the apartment belong to her, according to a government database.

Now, Ms. Kim will receive the same food as the average inmate, usually traditional Korean fare prepared at a cost of about 1,500 won ($1.08) per meal. On Wednesday, toast with strawberry jam, sausages and salad were on the menu for breakfast.

A fine art expert who founded and ran a successful curation agency, Ms. Kim has been embroiled in a number of scandals before and after her husband’s election in 2022, with the controversies at times overshadowing Mr. Yoon’s turbulent presidency.

Her fashion choices and policy lobbying in areas like promoting a ban on eating dog meat made her controversial in a country where a first lady has typically kept a low profile.

Han Dong-soo, a former judge and a prosecutor who worked with Mr. Yoon, said Ms. Kim had “a politically strategic mind” and was a driving force behind her husband’s ascent to top office.

After she married Mr. Yoon when he was 52, Ms. Kim became the main influence of practically all of his thinking and decisions, Han said. Ms. Kim was 39 when they wed.

“Kim Keon Hee chose him,” said Mr. Han. “And she gave him the strategy and energy to be president.” — Reuters

Gaza suffering has reached ‘unimaginable levels,’ say 26 foreign ministers

REUTERS

LONDON/BRUSSELS — The humanitarian crisis in Gaza has reached “unimaginable levels,” Britain, Canada, Australia and several of their European allies said on Tuesday, calling on Israel to allow unrestricted aid into the war-torn Palestinian enclave.

“Famine is unfolding before our eyes. Urgent action is needed now to halt and reverse starvation,” the foreign ministers of 24 countries said in a joint statement.

“We call on the government of Israel to provide authorization for all international NGO (non-governmental organizations) aid shipments and to unblock essential humanitarian actors from operating,” the statement said.

“All crossings and routes must be used to allow a flood of aid into Gaza, including food, nutrition supplies, shelter, fuel, clean water, medicine and medical equipment.”

Israel has denied responsibility for hunger spreading in Gaza, accusing Hamas militants of stealing aid shipments, which Hamas denies. However, in response to a rising international uproar, Israel late last month announced steps to let more aid into the enclave, including pausing fighting for part of the day in some areas and announcing protected routes for aid convoys.

Western capitals, however, say much more aid is needed and some countries have started airdrops with aid over Gaza.

The statement was signed by the foreign ministers of Australia, Belgium, Canada, Cyprus, Denmark, Estonia, Finland, France, Greece, Iceland, Ireland, Japan, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and Britain.

The European Union (EU) later on Tuesday sent an updated statement to include EU member states Italy and Latvia as signatories of the statement.

The EU’s foreign policy chief Kaja Kallas, and two other members of the European Commission also signed the statement.

Some EU member countries, including Germany and Hungary, did not sign it. — Reuters

China’s military says it ‘drove away’ US destroyer near Scarborough Shoal

PHILIPPINE COAST GUARD FACEBOOK PAGE

BEIJING — China’s military said on Wednesday it monitored and “drove away” a US destroyer that sailed near the disputed Scarborough Shoal in the busy waterway of the South China Sea, while the US Navy said its action was in line with international law.

The first known US military operation in at least six years within the shoal’s waters came a day after the Philippines accused Chinese vessels of “dangerous maneuvers and unlawful interference” during a supply mission around the atoll.

In a statement, the Chinese military’s Southern Theatre Command said the USS Higgins had entered the waters “without approval of the Chinese government” on Wednesday.

“The US move seriously violated China’s sovereignty and security, severely undermined peace and stability in the South China Sea,” it added, vowing to keep a “high alert at all times.”

The US Navy’s Seventh Fleet said the Higgins had “asserted navigational rights and freedoms” near the Scarborough Shoal “consistent with international law.”

The operation reflected the US commitment to uphold freedom of navigation and lawful uses of the sea, it told Reuters in an e-mailed statement.

“The United States is defending its right to fly, sail and operate wherever international law allows, as USS Higgins did here. Nothing China says otherwise will deter us.”

China claims almost the entire South China Sea, despite overlapping claims by Brunei, Indonesia, Malaysia, the Philippines, Taiwan and Vietnam.

The US regularly carries out “freedom of navigation” operations in the South China Sea, challenging what it says are curbs on innocent passage imposed by China and other claimants.

The Scarborough Shoal has been a major source of tension in the strategic South China Sea, a conduit for more than $3 trillion of annual ship-borne commerce.

The actions of Chinese vessels in the shoal this week also resulted in a collision of two of them, Manila said, the first such known in the area.

China’s coast guard said it had taken “necessary measures” to expel Philippine vessels from the waters.

In 2016, an international arbitral tribunal ruled there was no basis in international law for Beijing’s claims, based on its historic maps. China does not recognize that decision, however. — Reuters

Trump weighing lawsuit against Fed’s Powell over renovations

REUTERS/KEVIN LAMARQUE/FILE PHOTO

WASHINGTON — US President Donald J. Trump is considering a lawsuit against US Federal Reserve Chair Jerome Powell related to his management of renovations at the Fed’s Washington headquarters, White House spokeswoman Karoline Leavitt said on Tuesday.

The potential move, suggested earlier in a presidential social media post, escalates Mr. Trump’s continuing pressure on the central bank leader to cut interest rates.

A Fed spokesperson did not have a comment.

White House officials have said they are investigating renovations of two historic buildings by the Fed, suggesting poor oversight and potential fraud have driven up the cost unnecessarily and that the project is inappropriately ostentatious to boot.

Mr. Trump visited the site a couple of weeks ago and repeated those accusations, even as he met with Mr. Powell and made his case in person for cutting interest rates.

Fed documents show the cost, originally estimated at $1.9 billion, is now budgeted at $2.4 billion, and the central bank says the extra expenses are mostly due to higher labor and materials costs as well as unexpected challenges, including asbestos abatement.

A Supreme Court opinion issued this summer in an unrelated case about employees of other independent government agencies backs the idea that the Fed is unique and that the law does not allow the President to remove a Fed chair because of differences over the direction of monetary policy. — Reuters