Morning brief: Judge blocks Trump's Fed firing; Tata seeks $4.5B loan

A day of high drama is unfolding across the globe, as a US judge deals a stunning blow to President Trump in his war on the Federal Reserve, France's new prime minister prepares to take office in the face of mass protests, and a multi-billion dollar mega-deal in the auto sector takes shape.

Here’s your one-stop stand to catch up on all the headlines you may have missed.

Judge blocks Trump from firing Fed Governor Lisa Cook for now

In a significant legal victory for the US central bank, a federal judge has temporarily blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook.

The ruling is an early win for the embattled economist, allowing her to remain on the job as she challenges the president's efforts to oust her over allegations of mortgage fraud.

Crucially, the decision means Cook can likely attend the highly anticipated Fed policy meeting on September 16-17 to vote on whether to lower interest rates.

In her ruling, US District Judge Jia Cobb concluded that the alleged misconduct likely did not amount to "cause" to fire her and that the way she was dismissed likely violated her due process rights.

Tata Motors markets a massive 4.5 billion dollar loan for Iveco acquisition

Indian auto giant Tata Motors Ltd. is in the market with a colossal 3.875 billion euro (4.5 billion dollar) bridge loan to fund its proposed acquisition of Iveco Group’s commercial vehicle business.

The deal, which would be one of the largest of its kind in Asia this year, is a major strategic move for Tata, giving it a powerful foothold in the European market nearly two decades after its landmark purchase of Jaguar Land Rover.

The 12-month loan, which is being underwritten by Morgan Stanley and Mitsubishi UFJ, comes as M&A-related lending in the Asia-Pacific region has surged 70 percent to 31.3 billion dollars so far in 2025.

France's new prime minister to face protests on his first day in office

Sebastien Lecornu will become the new prime minister of France on Wednesday, and he will walk directly into a storm of mass protests. The former defense minister will be the country’s fifth prime minister in just two years, a stunning level of political churn that underscores the nation's deep political fractures.

He faces the daunting task of pushing through unpopular budget reforms, the very issue that toppled his two predecessors.

A grassroots movement called "Let’s Block Everything" is holding protests today that will affect schools, trains, and airlines, while labor unions are planning mass strikes for September 18 to fight what they call "austerity measures."

Major banks face hundreds of millions in losses tied to a subprime auto lender

JPMorgan Chase & Co., Fifth Third Bancorp, and Barclays Plc are among a group of major banks bracing for potentially hundreds of millions of dollars in combined losses from loans tied to the subprime auto lender Tricolor Holdings.

Fifth Third said in a regulatory filing that it faced an impairment charge of up to 200 million dollars after discovering "alleged fraudulent activity" at an unnamed commercial borrower.

According to people with knowledge of the matter, the lenders are now looking into whether collateral for their loans was double-pledged. Tricolor focuses on lending to borrowers with poor or no credit scores, funding its loans in part by packaging them into asset-backed securities.