California approves vehicle pollution rules in rebuke to Trump

The Fed added 0.75% to its benchmark interest rate for a second straight time. The increase of the interest rate to its highest level in four years comes as inflation continues to reach new heights.

The McKinney fire has ripped through the state's dry terrain, and is not yet contained. Strong winds and lightning storms were expected to fan the flames.

California is the second US state after New York to declare an emergency. By doing so, officials hope to bolster efforts to combat the spread of monkeypox.

A fast-moving wildfire in northern California has forced thousands of people from their homes. The so-called Mill Fire is moving at a "dangerous rate of speed," officials have said.

The US state of California has filed a lawsuit against Amazon, accusing the e-commerce giant of violating its antitrust law by blocking price competition and making online shopping more expensive for consumers. The lawsuit is limited to California, but, if successful, could trigger similar action in other states. Plus, inflation in Argentina rose by 7 percent again in August, making prices nearly 80 percent higher than a year ago.

The US Federal Reserve has raised interest rates by 0.75 percent for the third time in a row, bringing America's borrowing costs to the highest level since 2008. Like other central banks, the Fed hopes to tame inflation, which is hovering near 40-year highs.

Many central banks around the world are following the lead of the US Federal Reserve and raising their benchmark interest rates in order to rein in inflation. The Bank of Japan, however, is marching to the beat of its own drum. At a policy meeting this Thursday, the bank maintained its ultra-loose monetary policy in a bid to spur more internal demand. Meanwhile, the yen and many other currencies continue to fall against the dollar.

Federal Reserve Chair Jerome Powell says he won't cause a deep recession but that "pain" is necessary to fight inflation. To curb the largest price increases in four decades, the US Federal Reserve has been raising interest rates this year.

US Consumer Price data for the month of September will be released later this Thursday, and is expected to stay high. Core prices, which exclude food and energy, are expected to have increased 6.5 percent annually last month, a rate not seen in 40 years.

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The star-studded town of Montecito was also ordered to evacuate. This storm marks the fifth anniversary of a deadly mudslide that killed 23.

Europe is facing its worst drought in at least 500 years, with two-thirds of the continent in a state of alert or warning, reducing inland shipping, electricity production and the yields of certain crops, a European Union agency said on Tuesday.