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(AWP Alliance News) - The US Federal Reserve's board named outgoing head Jerome Powell as temporary chair on Friday pending the swearing in of his successor, Kevin Warsh, who was confirmed by the Senate earlier this week. 'This temporary action to name the incumbent as chair pro tempore is consistent with past practice during similar transitions between chairs,' the central bank said in a statement. Powell's second four-year term as chair ended on Friday. He will now serve as temporary chair until Warsh, who was nominated by US President Donald Trump and faced an arduous confirmation process, is sworn in. The Federal Reserve has so far offered no date for when the incoming chair is to take his oath of office. On Wednesday, the US Senate voted 54 to 45 in favor of Warsh, with Republicans holding a slim majority and ensuring Trump's nominee was confirmed.  The process had earlier been held up by lawmakers over objections to a US Justice Department criminal investigation into Powell, which the outgoing chair had described as being designed to exert pressure on the Fed over monetary policy making. In a statement, Fed Governors Stephen Miran and Michelle Bowman - both Trump nominees - said they approved Powell's appointment to a temporary term pending Warsh's induction, but did not support the term being indefinite. 'Given that we do not support an unlimited timeframe for temporary chair designation, we cannot support this action,' they said.  'Given that we have a confirmed nominee who will soon be sworn in, in our view, the election of a chair pro tempore should be limited to a finite time period of at least a week (but we would support a period up to a month to allow for possible delay).' Once known as a monetary 'hawk' against inflation, Warsh has shifted in line with Trump's push for lower interest rates that has posed an unprecedented challenge to the Fed's independence. The incoming Fed chair, confirmed for a four-year term, has promised to bring 'regime change' to the bank, which he has criticized as too political and too open in communicating its decision-making. But with inflation still above the Fed's long-term 2% target - and rising over Trump's Iran war - Warsh is unlikely to convince fellow members of the bank's rate-setting committee to cut immediately. source: AFP Copyright 2026 Alliance News Ltd. All Rights Reserved.

(AWP Alliance News) - Russian President Vladimir Putin will travel to China on May 19 for a two-day visit, hot on the heels of US President Donald Trump's trip to Beijing, the Kremlin said on Saturday. During the trip, the Russian leader will discuss with his Chinese counterpart Xi Jinping how to 'further strengthen the comprehensive partnership and strategic cooperation' between Moscow and Beijing, according to a Kremlin statement. Putin and Xi will 'exchange views on key international and regional issues' and sign a joint declaration at the conclusion of their talks, it added. As part of the visit, Putin is also scheduled to discuss economic and trade cooperation with Chinese Premier Li Qiang. The announcement of Putin's trip comes just after Trump wrapped up on Friday the first visit to China by a US president in nearly a decade, with the grand reception belying a roster of unresolved trade and geopolitical tensions, including over the Ukraine-Russia conflict. Although Trump and Xi discussed the more than four-year-long conflict - as well as the US leader's stalemated war with Iran - the Republican president took off from China on Friday without appearing to secure a breakthrough on either front. While China has regularly called for talks to end the fighting, it has never condemned Russia for sending troops into Ukraine in February 2022 and presents itself as a neutral party. Beijing also denies providing Moscow with weapons and military components for its defence industry, blaming Western countries for prolonging Europe's deadliest conflict since World War II by arming Ukraine instead. As the world's top buyer of Russian fossil fuels, China has become Moscow's key economic partner, especially since Western countries imposed economic sanctions on Russian oil and gas over the conflict. Negotiations to end the fighting in Ukraine, brokered by the US, have appeared stalled since the beginning of the US-Israeli war with Iran which broke out on February 28.  Moscow has ruled out a ceasefire or comprehensive negotiations with Ukraine unless Kyiv caves to the Kremlin's maximalist demands. source: AFP Copyright 2026 Alliance News Ltd. All Rights Reserved.

(AWP Alliance News) - The prospect of a leadership challenge to UK Prime Minister Keir Starmer is looming closer after Andy Burnham was cleared to run for selection in the Makerfield by-election. The Greater Manchester mayor is seeking to replace Josh Simons, who is standing down as an MP to make way for Burnham to return to Parliament. Labour's ruling body, the National Executive Committee, has granted Burnham permission to stand in the selection process. Applications close on Monday and the NEC will endorse a candidate on Thursday. June 18 is thought to be the earliest date a by-election could take place. If he is successfully elected, Burnham is widely expected to challenge Sir Keir for the party leadership. While Makerfield is typically a safe seat for Labour, the party expects a stiff challenge from Reform UK this time around. Simons secured a majority of just 5,399 over Nigel Farage's party at the 2024 general election. Since then, Labour's polling collapse and Reform's surge have seen their positions reverse. This month's local elections saw Reform win every council ward in the Makerfield constituency, securing around half the vote, while Labour won only a little more than a quarter. But Burnham could benefit from his strong personal following across the North West, where he enjoys a net favourability rating of 24% according to pollster Ipsos - considerably higher than any of the party leaders or the Labour Party itself. A Survation forecast suggested that with Burnham as a candidate, Labour is more likely to win than Reform UK, but without him, Farage's party is likely to take the seat. Candidate selection processes are already under way for Reform UK and the Greens. On Saturday, Wes Streeting - who quit as health secretary this week but stopped short of triggering a leadership contest - is set to make his first public appearance since he resigned when he speaks at a conference. Streeting is among those who have backed Burnham's bid to fight the impending by-election, saying Labour needs 'our best players on the pitch'. Allies of the Ilford North MP have said he would be a candidate in any forthcoming leadership battle. They added Streeting had made clear in his resignation letter that he wanted a contest to feature 'the broadest set of candidates possible'. If he did not step down, Starmer would automatically be on the ballot paper in any Labour leadership race, and Downing Street has continued to insist that he would fight any effort to oust him. But an unnamed Cabinet minister loyal to Starmer described the prime minister as much less categorical about his future in private, telling The Telegraph he was keeping 'all options' open. The Times has reported that Starmer could approve an GBP18 billion boost to defence spending next week as he battles to save his premiership. The government's defence investment plan has been long delayed and Defence Secretary John Healey has been pushing privately for a substantial uplift for some time, which he sees as essential to meet the rising threats facing the UK, it is understood. A government spokesperson said: 'The defence investment plan will deliver the best kit and technology into the hands of our frontline forces at speed, while investing in and growing the UK economy. 'We are working to finalise the plan and it will be published as soon as possible.' According to the i, Education Secretary Bridget Philipson told BBC Radio 4's The Week in Westminster programme that Burnham would be a 'strong candidate' but said Sir Keir had her 'full support'. 'He's been a great mayor in Greater Manchester. I've worked with him really closely on everything from SEND reform to skills, further education, so I know he'll be a strong candidate in putting himself forward.' She added: 'I'll be campaigning for whoever the Labour candidate is in the by-election in Makerfield. That's my responsibility.' Deputy Labour leader Lucy Powell reiterated her support for Burnham, telling The Guardian: 'Should he be our candidate, Andy's story, Andy's narrative, Andy's connection to the place will absolutely be at the forefront of it all. He is very much what keeps a seat like that in play for us.' Former safeguarding minister Jess Phillips, who stepped down on Tuesday, said to The Times: 'It feels very untenable at the moment. He can't ignore the dissent within his own ranks. Keir's got to start making clear his vision for the country. He tried this week, and it didn't work.' source: PA Copyright 2026 Alliance News Ltd. All Rights Reserved.