FEDERAL FINANCIAL AID
Elon Musk steps down from Trump team after criticising ‘big or beautiful’ spending bill, thanks President for opportunity
Elon Musk has officially ended his role in the Trump administration after criticising President Trump's “big beautiful bill”, a major legislative proposal combining tax cuts with increased immigration enforcement. Musk, who led the Department of Government Efficiency (DOGE), voiced concern that the bill increased federal spending and contradicted his mission. His departure marks the end of a controversial stint in government, during which he aimed to cut waste and bureaucracy. Musk now plans to return full-time to Tesla and SpaceX while scaling back his political involvement.
How the Trump administration's move will affect Harvard's international students
The Trump administration's actions against Harvard University's international student enrollment have caused disruption. Government restrictions led to a lawsuit. A judge has temporarily blocked the decision. Harvard's ability to host foreign students is under threat. This affects thousands of students. The university faces demands for records. Grant funding has been cut. The future of international students at Harvard remains uncertain.
Trump's China tariffs are having a 'massive impact' on small business
President Trump's tariffs on Chinese imports, though temporarily reduced, continue to threaten small businesses like Bivo, a Vermont-based water bottle company. Facing significant financial strain due to increased duties, Bivo has been forced to rework its strategy, impacting sales and retailer relationships.
US: Republican crackdown on aid to immigrants would hit American citizens
Donald Trump's administration is trying to limit immigrant families' access to welfare programs. Republicans want to remove incentives for illegal immigration. Changes would affect children of non-citizen parents. A tax bill would limit the child tax credit. It would also tighten eligibility for federal health insurance. Agencies are restricting access to programs.
Harvard University's foreign students can't rejoice now as reprieve won’t stop looming threats
Harvard University secured a temporary reprieve from a Trump administration ban on enrolling international students, a move challenged in court as a threat to thousands of students' futures. The administration's action, citing concerns over antisemitism and other issues, prompted a lawsuit from Harvard, arguing it violates constitutional rights and retaliates against the university for resisting government demands.
Shock at Harvard after government says international students must go
The Trump administration barred international students from Harvard University, revoking its permission to enroll them. This action plunged the futures of thousands of students into uncertainty, threatening the university's identity and culture. The decision followed Harvard's refusal to alter its hiring and admissions practices, leading to funding cuts and a lawsuit.
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How Trump's decision to stop Harvard from enrolling international students may impact US economy
US President Trump's decision to revoke Harvard's ability to enroll international students has sparked widespread concern. This move threatens the academic future of thousands and carries significant economic implications, potentially impacting local economies and the U.S.'s standing as a leading exporter of higher education. Critics view it as a politically motivated attack with far-reaching consequences.
Australia’s deadliest floods in years kill 4, leave 50,000 stranded in crisis
Australia grapples with severe floods in New South Wales. Relentless rains submerge towns, causing deaths and isolating residents. Emergency services conduct numerous rescues. Power outages and infrastructure damage plague the Mid North Coast. Dairy stocks and livestock suffer losses. Government provides disaster relief. Heavy downpours are expected to continue. Climate change intensifies extreme weather events.
Trump's attack on Harvard's foreign students targets key revenue for US universities
The Trump administration restricted Harvard University from enrolling foreign students. This action impacts university revenue across the US. International students often pay full tuition, subsidizing others. Other universities like Columbia University may face similar actions. Harvard already faces federal funding cuts. The administration accuses universities of failing to address antisemitism. Universities are facing financial challenges.
Republicans proposing nearly $1 trillion in cuts to Medicaid and food stamps. Will you be impacted?
House Republicans are proposing significant cuts to Medicaid and SNAP, totaling nearly $1 trillion, to advance President Trump's policy goals. These cuts could lead to millions of Americans losing access to critical benefits, shifting costs to states and potentially impacting hospitals and local economies. The proposed changes include stricter work requirements and reduced federal funding.
US Fed buying bonds secretly? Here’s how it will impact investors, Gold and Bitcoin
The U.S. Federal Reserve’s quiet return to large-scale bond buying may not come with press briefings or policy papers, but markets are already reacting.
Trading Day: Market elation trumps brewing stagflation
US economy faces challenges. Consumer confidence declines to levels not seen since 1980. Inflation expectations rise sharply. Trade tensions and tariffs worry consumers. Financial markets initially rallied after the US-China trade truce. Tech stocks surged. Gold prices fell. Economic data showed mixed results globally. Investors monitor developments and potential market shifts.
Big blow to nearly half a million Americans as social security benefits to be confiscated
Social security payments may be delayed this month. Millions could face benefit reductions due to defaulted student loans. The US Department of Education reports a rise in elderly borrowers with federal student loan debt. The Treasury Offset Program will withhold up to 15% of benefits to repay these loans. Collections resumed on May 5, potentially impacting June payments.
Millions face student loan debt collection in US: Know how to avoid garnished wages
Experts suggest the US Department of Education can garnish up to 15% of the student loan borrower's disposable pay to repay the defaulted loans. As debt collection on defaulted federal student loans is set to begin this summer, here's how to avoid garnished wages.
US weekly jobless claims unchanged amid stable labor market
Unemployment claims remained steady at 229,000, signaling a stable labor market, but businesses are hesitant to hire amid tariff-related economic uncertainty. A survey indicated fewer small businesses are struggling to fill job openings. Despite a temporary trade truce with China, lingering import duties contribute to concerns, influencing economists to adjust unemployment rate forecasts slightly downward.
US tariffs could make your next Champagne bottle way more expensive
French champagne producers face significant challenges as rising US tariffs threaten their largest export market. A 20% tariff on French wines and spirits is causing widespread concern, with smaller producers fearing the unraveling of established relationships with US distributors. The European Commission's emergency support package aims to mitigate the impact, but industry leaders predict a sales decline.
Trump stops funding for life-saving infant heart device research, cancels $6.7 million grant
The Trump administration has revoked a $6.7 million grant for the PediaFlow device, a potentially life-saving heart pump for newborns with congenital defects. Awarded to Cornell University by the Department of Defence, the funding was abruptly cancelled without explanation, jeopardising the project's future. The cuts are part of Trump’s directive to shrink the federal government.
Germany's DAX scales record high on trade deal optimism
European shares ticked higher on Friday, with Germany's benchmark index notching an all-time high, as investors bet on de-escalation in the trade war ahead of discussions between the U.S. and China over the weekend.
Trump administration says Harvard will receive no new grants until it meets White House demands
The Trump administration is escalating its conflict with Harvard University, threatening to withhold federal grants until the institution meets a series of demands. These demands include addressing alleged antisemitism, revising admissions policies, and ensuring diverse viewpoints on campus.
Trump to take away Harvard's tax exempt status
Donald Trump announced his administration would revoke Harvard University's tax-exempt status. This followed tensions over diversity policies and campus activism. The administration had previously frozen federal grants to Harvard. Harvard argued this move would harm its educational mission. Legal experts expressed concern about academic freedom. This decision could set a precedent for other institutions. The university may face challenges.
Can markets defy historical trends and thrive in May amid global challenges?
As the month kicks off, the positive mood seen in April hasn't changed. Foreigners have pumped over ₹38,150 crore in the second half of April after remaining sellers in the first part, helping the Sensex and Nifty gain 5% in April. Also, there has been no adverse tariff related news flow the past few days.
D-Street's $489 billion rally is winning back global funds
Global funds are flowing back into Indian stocks, fueling the market's impressive rally this month. Optimism surrounding India's domestically-driven economy, which is expected to weather the global trade war effectively, is attracting foreign investors. This resurgence follows a period of net selling and has contributed to a significant boost in the Indian market's value.
US weekly jobless claims increase moderately amid low layoffs
U.S. jobless claims edged up slightly to 222,000, indicating a resilient labor market despite economic uncertainties fueled by tariffs. The data, influenced by holiday volatility and spring breaks, comes amid concerns that President Trump's trade policies could weaken hiring. While business confidence has waned, layoffs remain low, supporting the ongoing economic expansion, with continuing claims falling to 1.841 million.
Elon Musk backs away from Washington. Why did he face massive criticism over DOGE role and Tesla?
Tesla CEO Elon Musk said Tuesday on his company’s earnings call that he’ll spend much less time with DOGE starting in May. His political involvement has sparked global protests and boycotts against the company's cars. Musk's EV company Tesla has also faced massive protests over his controversial role in the federal government.
US President Donald Trump targets college accreditation process in executive order
President Trump signed an executive order targeting college accreditation, aiming to remove "ideological overreach" and promote "intellectual diversity." This move allows colleges to switch accreditors easily, potentially increasing competition. Simultaneously, Homeland Security Secretary Kristi Noem threatened to revoke Harvard's eligibility to enroll international students, demanding records on their activities and cancelling federal grants.
Another crisis in US looms large as deadline nears for 5 million student loan borrowers
Starting May 5, the US Department of Education will send defaulted student loans into collections from around 5 million borrowers. This marks the first major repayment action since the COVID-19 pause began. Amid layoffs and a possible system overhaul, critics warn that the move could worsen financial hardship for struggling Americans with few support resources left.
Is US facing a generosity crisis? What new Poll reveals about charitable donations
A recent poll reveals that while most Americans contribute to charities, donation amounts are often modest. Religious organizations and groups addressing basic needs receive the most support. However, a concerning trend shows younger adults are less inclined to donate, regardless of income, potentially signaling a future challenge for nonprofit fundraising efforts as older generations give more.
US Education department to resume student loan collections from May 5, affecting millions in default
The US Education Department will restart student loan collections from 5 May, targeting over 5 million borrowers in default. Wage garnishment and benefit offsets will resume after a pause that began during the COVID-19 pandemic. The decision ends years of leniency under Biden’s term, whose broader loan forgiveness efforts were blocked in court. Critics warn of confusion, economic distress, and limited support access. The Trump administration says the move restores fiscal discipline and legal accountability.
Why are thousands of Americans at the risk of losing their homes? Explained
A US federal program, Emergency Housing Vouchers, is presently facing funding shortage. The program aids nearly 60,000 families, including Daniris Espinal, fleeing homelessness and domestic violence. Funds are expected to deplete by next year. This could leave many at risk of eviction. If Congress doesn't intervene, nearly 60,000 families in the US could face the risk of mass eviction.
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