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The freewheeling entrepreneur who built Tower Records into a global business and pioneered a new way to sell music has died at 92.Russ Solomon, who started selling records at his father's pharmacy in the 1950s, passed away on Sunday at his home near Sacramento, California.The founder of Tower Records died while watching the Academy Awards, his son Michael Solomon told the Sacramento Bee."He was giving his opinion of what someone was wearing that he thought was ugly, then asked [his wife] Patti to refill his whiskey," Michael Solomon told the newspaper.Solomon had passed away by the time his wife returned.The first Tower Records opened in Sacramento in 1960, and by 1968 the company had expanded to San Francisco. Its iconic yellow and red signs would later be seen as far away as London and Tokyo.Fans flocked to the stores, attracted by a relaxed atmosphere where it was easy to bond with other music aficionados. Solomon did not have a dress code for employees, who mixed easily with customers."If you came into town, you went into Tower Records," Bruce Springsteen said in a documentary about the company called "All Things Must Pass."Solomon told Billboard Magazine in 2015 that his favorite regular was Elton John."He probably was the best customer we ever had," Solomon said of the pop star. "He was in one of our stores every week, literally, wherever he was -- in L.A., in Atlanta when he lived in Atlanta, and in New York."The chain thrived on massive demand for physical music -- first records and then CDs. Solomon built sprawling mega stores where fans could find everything from pop hits to obscure albums.But the retailer was soon undermined by dramatic changes in the music industry.The rise of music sharing sites such as Napster put it under pressure, and the company's debt ballooned. Tower declared bankruptcy in 2004, and was liquidated in 2006."The banks said 'we don't need a visionary,'" Solomon lamented in "All Things Must Pass," which was directed by Colin Hanks."When we met Russ," Hanks told Billboard in 2015, "it took less than a second to realize this guy is a great character and one of the most humble people I had ever met." 2180
The Federal Reserve is warning that an escalating trade war would pose a big threat to the economy.But for now, it's sticking with its plan to raise interest rates — whether President Donald Trump likes it or not.In minutes of its most recent meeting, released Wednesday, central bankers warned that a "major escalation" of trade disputes could speed inflation and cause businesses to pull back on investment.Such an escalation could also reduce household spending and disrupt companies' supply chains, participants noted.Some business leaders reported that recent tariff increases have already begun to cause higher prices. Others have reduced or delay investment spending because of uncertainty about future trade policy.Still, some Federal Open Market Committee members noted that most businesses concerned about trade disputes hadn't cut back their spending or hiring, but "might do so if trade tensions were not resolved soon."In the meantime, the central bank is standing by its plan for higher rates as the economy strengthens, according to the minutes.The Fed is expected to raise rates twice more this year, starting in September.The Fed meeting, held July 31 and August 1, was the first after Trump began lashing out at Fed Chairman Jerome Powell for hiking rates. The president told CNBC in July that was "not thrilled" with the Fed's actions.He used similar language on Monday in an interview with Reuters, arguing the central bank should be doing more to help the economy."I should be given some help by the Fed," said the president, who himself appointed Powell to lead the central bank.Presidents have historically avoided commenting on Fed policies. The central bank is designed to be independent from political interference.The Fed's minutes made no mention of Trump's criticism as a factor in its decision-making.Since Trump took office, the Fed has raised rates five times, including twice this year under Powell. The Fed has been carefully and gradually raising rates over the past several years to keep inflation in check and prevent the economy from overheating.After two further rate hikes in 2018, it has penciled in three more rate hikes in 2019.Fed Chairman Jerome Powell told the "Marketplace" radio show in July that he was "deeply committed" to maintaining Fed independence."We do our work in a strictly nonpolitical way, based on detailed analysis, which we put on the record transparently, and we don't take political considerations into account," Powell said in the interview.Powell is expected to speak on Friday at an annual economic symposium in Jackson Hole, Wyoming. 2611

The Environmental Protection Agency confirmed Monday the content of internal EPA emails that appear to contradict EPA Administrator Scott Pruitt's claim he didn't know about or authorize big pay raises for two close aides.However, an EPA spokeswoman said there was no evidence in the emails that Pruitt knew about the pay raises.The Atlantic reported last Monday that Pruitt requested pay raises for "two of his closest aides," in March, a request the White House declined, according to a source with knowledge of the discussion. EPA then used an obscure provision to give the staffers, Sarah Greenwalt and Millan Hupp, the raises.On Wednesday, Pruitt told Fox News, "I did not know that they got the pay raises until (Tuesday)."The EPA spokeswoman confirmed to CNN an email exchange, also first reported by The Atlantic, between Greenwalt and the human resources department at the EPA. She previously worked with Pruitt in the Oklahoma attorney general's office.In one of the emails, EPA's human resources department tells Greenwalt that it processed her title change. When Greenwalt asks what her salary increase was, the department told her there was no increase in her salary. Greenwalt responded that the administrator indicated she should have one, referring to a salary increase."There's no way to prove what she said is true; a lot of people say the administrator said this or that," said the EPA spokeswoman, who reached out to CNN to explain the emails.The spokeswoman confirmed she saw the emails and confirmed the content of the emails. No specific dollar amount for the raise was mentioned in the email exchange, according to the spokeswoman."While she may claim that the administrator knows about her raise, there is no email proof that I've seen, or communications or documents from Scott Pruitt to HR or to (Greenwalt) about that particular raise," the spokeswoman said.On Monday, EPA chief of staff Ryan Jackson said in a statement to The Atlantic that he is taking responsibility for the raises and that Pruitt "had zero knowledge of the amount of the raises, nor the process by which they transpired."The EPA spokeswoman confirmed the existence of a second email from the liaison between the White House and EPA to the agency's human resources department expressing concerns from the White House about such significant raises, but noting that the administrator had indicated to move forward with it.In an effort to explain that email, the spokeswoman said despite the content of the second email, what that person really meant was "the administrator's office," not the administrator himself, decided to go ahead with the raises.Pruitt has come under increasing fire in recent weeks as reports steadily uncover extensive spending on travel and other potentially major ethical lapses, including an agreement to rent a room in Washington for only a night from a lobbyist couple whose firm lobbies the EPA.President Donald Trump said last Thursday he still had confidence in Pruitt. 3015
The Defense Department has temporarily grounded all of its 245 F-35 fighter jets for inspection of a potentially faulty engine part in the wake of last month's crash in South Carolina.Initial data from the ongoing investigation into the September 28 crash indicates a fuel tube may have been faulty. In response, all US military F-35s will be inspected as well as F-35s operated by US allies."If suspect fuel tubes are installed, the part will be removed and replaced. If known good fuel tubes are already installed, then those aircraft will be returned to flight status," the Defense Department said in a statement.Inspections are expected to be completed within the next two days, the statement said, and a defense official told CNN some aircraft have already been returned to flight status.The initial assessment is the faulty tube may be on older models of the aircraft, but all are being inspected. 911
The Department of Justice is suing to block California laws that extend protections for immigrants living in the United States illegally, commonly referred to as "sanctuary laws."The lawsuit by the Trump administration claims three of the state's laws intentionally undermine federal immigration law, according to The Associated Press.One of the laws prevents local police agencies from asking people about their immigration status or assisting in federal immigration enforcement activities. The Justice Department says these laws are unconstitutional.Attorney General Jeff Sessions, speaking at a law enforcement event in Sacramento Wednesday, said the administration's lawsuit against California was to "invalidate these unjust immigration laws" because the state's laws are a "violation of common sense."Sessions told those in attendance at the California Peace Officers Association's Legislative Day that the state has "a problem" and told California officials to "stop actively obstructing law enforcement … stop protecting lawbreakers."The attorney general singled out Oakland Mayor Libby Schaaf, who recently issued a public warning of an impending immigration raid in her city. Sessions claims that Immigration and Customs Enforcement officers "failed to make 800 arrests" because of Schaaf's statements. 1320
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