AP Business Briefs — May 23, 2026

Warsh is sworn in as the Fed chair

WASHINGTON (AP) — President Donald Trump has overseen the White House swearing-in of the new Federal Reserve chair. Trump said Friday that he'd like Kevin Warsh's help in stimulating the economy even as the president tried to emphasize that the nation's central bank would remain independent. Trump has spent months criticizing Warsh's predecessor, Jerome Powell, for being reluctant to cut interests rates. Warsh noted the Fed's mandate "is to promote price stability and maximum employment" and he pledged that the central bank would pursue those aims with "independence and resolve." It was unusual that the ceremony didn't take place at the Fed's headquarters.

Oil and gas prices to remain high in Europe at least until the end of 2027, officials say

NICOSIA, Cyprus (AP) — European Union officials say that Europeans can expect oil and gas prices to remain above what they were before the Iran war for at least until the end of 2027. Prices for other goods are also following an upward trajectory. EU Economy Commissioner Valdis Dombrovskis said Friday that higher energy prices are primarily responsible for driving inflation to a forecast 3.1% for this year and 2.4% for 2027. That's significantly higher than the earlier forecast for this year of 1.9%. European Central Bank President Christine Lagarde said that "lagging effects" would keep the price of goods elevated even if the conflict in the Middle East ended now.

SpaceX tries to launch a bigger version of Starship but hits a series of last-minute problems

CAPE CANAVERAL, Fla. (AP) — SpaceX's newest and biggest Starship will have to wait at least another day before launching on a test flight from Texas. The launch team got within a half-minute Thursday evening of sending the mega rocket on a space-skimming journey halfway around the world. But a series of last-minute problems forced a delay. SpaceX says it may try again Friday. The 407-foot rocket is using a brand new pad at Starbase near the Mexican border, and that's what contributed to some of the issues. NASA is counting on this latest version of Starship to land astronauts on the moon in a few years.

Chinese fast-fashion juggernaut Shein to buy eco-friendly Everlane in an unlikely fit

NEW YORK (AP) — Everlane, which bucked the fast-fashion industry by promising affordable ethically sourced and sustainable clothing, is being acquired by the king of fast-fashion Shein, founded in China. Everlane has signed an agreement to be acquired by Shein, according to a letter written by the brand's CEO Alfred Chang sent to employees and obtained by The Associated Press on Friday. Everlane's majority owner had been L Chatteron, which also owns a significant stake in Boll & Branch, Etro and Birkenstock, Everlane didn't disclose a purchase price. Shein declined to comment. The takeover bid arrives at a time when Everlane is struggling. Sales are down and debt has mounted.