President’s Growing Trade Gap: A Gulf Between Talk and Action

Increasingly, when it comes to foreign trade, the Trump administration is talking loudly and brandishing a small stick. The widening gap between President Trump’s bellicose talk and the modest actions of his administration was again on display Friday afternoon as he presided at the ceremonial signing of two executive orders. They would, he said, ”set the stage for a great revival of American manufacturing.” ”Under my administration, the theft of American prosperity will end,” he said. Continue reading “President’s Growing Trade Gap: A Gulf Between Talk and Action”

Money borrowed to buy stocks hits record

Investors continue to bet big on the Wall Street bull, at a time when stocks are hovering near records but have been unable to break through to fresh peaks. The latest data from the New York Stock Exchange show margin debt, or cash borrowed to buy shares, hit a record $528.2 billion in February, up from its prior high of $513.3 billion in January. Borrowing money to buy stocks is a sign that investors remain optimistic the market will continue to rise. Continue reading “Money borrowed to buy stocks hits record”

Wells Fargo still faces over a dozen probes tied to fake account scandal

Wells Fargo is trying to repair its relationship with customers and employees. But standing in the way are a series of question marks still hovering over the bank. Six months after the fake account scandal erupted, Wells Fargo still faces more than a dozen investigations, inquiries and lawsuits related to its notorious sales tactics and alleged mistreatment of workers. Continue reading “Wells Fargo still faces over a dozen probes tied to fake account scandal”

US consumer spending up tiny 0.1 percent in February

U.S. consumers increased their spending at the weakest pace in six months, while the 12-month rise in consumer prices was the largest in nearly five years. Consumer spending edged up 0.1 percent in February following a similarly sluggish 0.2 percent increase in January, the Commerce Department reported Friday. The small gains suggest that overall economic growth likely slowed in the first quarter. Continue reading “US consumer spending up tiny 0.1 percent in February”

Fed’s Kaplan sees risk Washington could derail the expansion

In an interview with MarketWatch, Kaplan said he was worried about policy, such as on trade or healthcare, that would cause consumers to pull back. The renewed capacity of consumers to spend, eight years after the financial crisis, has been the “key underpinning” to the better economic outlook, he said. “We’re finally in a situation where the consumer capacity to spend is in pretty good shape,” said Kaplan, who is voting on the Federal Open Market Committee this year for the first time. Continue reading “Fed’s Kaplan sees risk Washington could derail the expansion”

Commerce’s Wilbur Ross says the US is already in a trade war

The United States will no longer bow to the rest of the world on trade because President Donald Trump plans to act, Commerce Secretary Wilbur Ross told CNBC on Friday. “We are in a trade war. We have been for decades. The only difference is that our troops are finally coming to the rampart. We didn’t end up with a trade deficit accidentally,” he said, warning about the consequences of doing nothing. Continue reading “Commerce’s Wilbur Ross says the US is already in a trade war”

Chase had ads on 400,000 sites. Then on just 5,000. Same results.

As of a few weeks ago, advertisements for JPMorgan Chase were appearing on about 400,000 websites a month. It is the sort of eye-popping number that has become the norm these days for big companies that use automated tools to reach consumers online. Now, as more and more brands find their ads popping up next to toxic content like fake news sites or offensive YouTube videos, JPMorgan has limited its display ads to about 5,000 websites it has preapproved, said Kristin Lemkau, the bank’s chief marketing officer. Continue reading “Chase had ads on 400,000 sites. Then on just 5,000. Same results.”

California Transgender Inmates May Soon Be Given Bras, Mascara, Lip Gloss

Men’s prisons in California may soon provide access to bras, mascara, and lip-gloss for inmates who identify as transgender. Women’s prisons would also be equipped with boxers and aftershave, according to rules introduced by the Department of Corrections. The rules stem from a lawsuit brought against the state by a murderer serving a life sentence, who was the first inmate in the state to receive taxpayer-funded sex change surgery. Continue reading “California Transgender Inmates May Soon Be Given Bras, Mascara, Lip Gloss”

Trump’s orders target trade abuses, import duty evasion

U.S. President Donald Trump sought to push his crusade for fair trade and more manufacturing jobs back to the top of his agenda on Friday by ordering a study into the causes of U.S. trade deficits and a clampdown on import duty evasion. The executive orders came a week after Trump’s promise to replace Obamacare imploded in Congress and a week before he meets with Chinese President Xi Jinping in Florida, a summit that promises to be fraught with trade tensions. Continue reading “Trump’s orders target trade abuses, import duty evasion”

White House aides’ finances revealed in disclosure documents

Documents released by the White House have revealed millions of dollars in assets held by its senior staff. President Trump’s daughter Ivanka and her husband, Jared Kushner, have assets valued between $240m and $740m (£191m- £590m). That includes a stake in Trump International Hotel, which earned Ms Trump between $1m and $5m last year. Continue reading “White House aides’ finances revealed in disclosure documents”

Yale fund chief reveals truth about hedge fund failures

By now you’ve begun to notice a pattern in the news about hedge funds: Nobody is making money anymore, so managers are returning millions to disappointed investors. The latest to close is Eton Park Capital. But the decision by that fund’s managers is hot on the heels of epic losses by previously high-flying funds. Continue reading “Yale fund chief reveals truth about hedge fund failures”

US consumer spending up tiny 0.1 percent in February

U.S. consumers increased their spending at the weakest pace in six months consumer spending edged up 0.1 percent in February following a similarly sluggish 0.2 percent increase in January, the Commerce Department reported Friday. The small gains suggest that overall economic growth likely slowed in the first quarter. Continue reading “US consumer spending up tiny 0.1 percent in February”

U.S. awards AT&T contract to build wireless network for first responders

The United States on Thursday awarded a contract to AT&T Inc to build a nationwide wireless broadband network to better equip first responders, years after a federal commission recommended setting up such a system following the 9/11 attacks. FirstNet, an independent arm of the Department of Commerce, will provide No. 2 U.S. wireless carrier AT&T with telecom spectrum and success-based payments of $6.5 billion over the next five years. Continue reading “U.S. awards AT&T contract to build wireless network for first responders”

US crude settles at $50.35, rising 1.7% on expectations for OPEC deal extension

Oil prices jumped for a third day on Thursday to their highest in three weeks after Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply. Kuwait oil minister Essam al-Marzouq said his country was among several nations supporting the extension of a deal between the Organization of the Petroleum Exporting Countries and other exporters to limit output, state news agency KUNA reported. Continue reading “US crude settles at $50.35, rising 1.7% on expectations for OPEC deal extension”

Saudi Aramco formally appoints banks to advise on share sale

Saudi Aramco IPO-ARMO.SE has formally appointed JPMorgan Chase & Co, Morgan Stanley and HSBC as international financial advisers for its initial public offering, sources familiar with the matter told Reuters. The trio join Moelis & Co and Evercore, which have been appointed independent financial advisers, one source said of what is expected to be the world’s biggest share sale. Continue reading “Saudi Aramco formally appoints banks to advise on share sale”

U.S. imposes duties after finding seven producers dumped steel plate

The U.S. Department of Commerce made a final finding that seven foreign producers dumped certain carbon and alloy steel cut-to-length plate in the U.S. market, allowing it to impose duties ranging from 3.62 percent to 148 percent, Commerce Secretary Wilbur Ross said on Thursday. The determinations of dumping, or selling a product below its fair price, apply to imports of CTL plate from Austria, Belgium, France, Germany, Italy, Japan, South Korea and Taiwan, Ross said. Continue reading “U.S. imposes duties after finding seven producers dumped steel plate”

Trump tax proposal would mostly benefit New York’s wealthy: report

Nearly all of New York City’s millionaires would receive big tax cuts under President Donald Trump’s proposed tax overhaul, while more than one-third of moderate- and middle-income families would face increases, according to a government report issued on Thursday. City Comptroller Scott Stringer said Trump’s overall plan, as proposed during the Republican president’s campaign, would give more than $5 billion of tax cuts to city dwellers. Continue reading “Trump tax proposal would mostly benefit New York’s wealthy: report”

SoftBank’s $50 billion US investment

During the presidential transition, the CEO of Japanese technology giant SoftBank paid a visit to Trump Tower in New York City to announce meet with the then president-elect. Masayoshi Son, or “Masa,” announced a $50 billion US investment would create 50,000 jobs over four years. The money, he said, would come from a $100 billion fund he created with Saudi Arabia in October 2016. Continue reading “SoftBank’s $50 billion US investment”

Intel’s Arizona factory

Speaking alongside President Trump at the White House on Feb. 8, Intel CEO Brian Krzanich announced a $7 billion investment in a semiconductor factory in Chandler, Arizona, which he said would employ 3,000 high-wage workers as part of a total of more than 10,000 long-term jobs in the state. “We’re very happy and I can tell you the people of Arizona are very happy,” Trump said of Intel’s announcement. Continue reading “Intel’s Arizona factory”

Charter Communications’ hiring plans

In an Oval Office event on March 24, President Trump and Charter Communications CEO Tom Rutledge announced the company would invest $25 billion in the US and commit to hiring 20,000 American workers over four years. But in April 2016, the company had said it would hire 20,000 employees if regulators allowed it to purchase Time Warner Cable. Continue reading “Charter Communications’ hiring plans”

ExxonMobil’s Gulf Coast investment

In early March, Trump and his administration pointed to a $20 billion investment by oil giant ExxonMobil on the US Gulf Coast as proof they were “bringing back the JOBS!” “This is something that was done to a large extent because of our policies and the policies of this new administration having to do with regulation and so many other things,” Trump said in a video address. “I said we would bring back jobs. Continue reading “ExxonMobil’s Gulf Coast investment”

Trump keeps taking credit for deals struck while Obama was president

1. Ford’s Michigan investment Ford announced on Tuesday the company would invest $1.2 billion in three facilities in Michigan where it will build trucks and SUVs, and store electronic data. President Donald Trump took to Twitter to link the news to his efforts to increase manufacturing by automakers within the US. “Big announcement by Ford today. Continue reading “Trump keeps taking credit for deals struck while Obama was president”

Mike Flynn Willing to Testify in Return for Immunity

Former National Security Advisor Mike Flynn has told the Senate Intelligence Committee he is willing to testify about the Trump campaign’s possible ties to Russia in return for immunity from prosecution, a Congressional official told NBC News. The Wall Street Journal reported Thursday that Flynn had told the FBI and Congress he was willing to be interviewed in exchange for a grant. Continue reading “Mike Flynn Willing to Testify in Return for Immunity”

Report: FBI Using ‘Peeing Russian Prostitutes’ Dossier as ‘Roadmap’ for 2016 Investigation

The controversial, largely discredited 35-page dossier on President Donald Trump compiled by a former British intelligence officer served as a “roadmap” for the FBI’s investigation into claims of coordination between Moscow and members of Trump’s presidential campaign, the BBC reported on Wednesday. Continue reading “Report: FBI Using ‘Peeing Russian Prostitutes’ Dossier as ‘Roadmap’ for 2016 Investigation”

Ford hires 400 engineers, mostly in Canada, as cars go high tech

Ford Motor Co said on Thursday it was hiring 400 engineers, mostly in Canada, to work on connectivity software and hardware, part of a wider push to meet demand for more connected cars. The 300 engineers in Canada and 100 in the United States will double the current size of the Detroit automaker’s mobile connectivity engineering team. Continue reading “Ford hires 400 engineers, mostly in Canada, as cars go high tech”

Trump administration mulls tariffs on Perrier, Vespas over EU-beef dispute

The Trump administration is poised to demonstrate its promised tough approach to trade rules in a long-simmering dispute with the European Union over beef. The U.S. is considering imposing tariffs of 100% on Perrier mineral water, Vespa motor scooters and Roquefort cheese in response to the EU’s longstanding ban of American beef from hormone-treated cattle. Continue reading “Trump administration mulls tariffs on Perrier, Vespas over EU-beef dispute”

Republican disarray deepens as Trump attacks rebel conservatives

U.S. President Donald Trump lashed out on Thursday at Republican conservatives who helped torpedo healthcare legislation he backed, escalating a feud within his party that jeopardizes the new administration’s legislative agenda. Trump threatened to try to defeat members of the Freedom Caucus – a bloc of conservative Republicans in the House of Representatives – in next year’s congressional elections if they continued to defy him. Continue reading “Republican disarray deepens as Trump attacks rebel conservatives”

Trump’s Russian connections are of heightened interest because of an FBI investigation

into possible collusion between Trump’s presidential campaign and Russian operatives to interfere in last fall’s election. What’s more, Trump and his companies have had business dealings with Russians that go back decades, raising questions about whether his policies would be influenced by business considerations. Trump told reporters in February: “I have no dealings with Russia. Continue reading “Trump’s Russian connections are of heightened interest because of an FBI investigation”

Trump’s business network reached alleged Russian mobsters

To expand his real estate developments over the years, Donald Trump, his company and partners repeatedly turned to wealthy Russians and oligarchs from former Soviet republics — several allegedly connected to organized crime, according to a USA TODAY review of court cases, government and legal documents and an interview with a former federal prosecutor. Continue reading “Trump’s business network reached alleged Russian mobsters”

Trump can’t keep up with all his promises — and neither can the US budget

President Donald Trump’s new administration culminates a role reversal. Just as changing attitudes have altered sex roles in society, so have the parties scrambled the roles of budgetary indulgence and discipline. Democratic leaders since the Clinton era have worked to match ends with means. Republicans — and most conspicuously Trump — have practiced profligacy in word and deed. Continue reading “Trump can’t keep up with all his promises — and neither can the US budget”

Every industrial robot takes up to 6 jobs, study finds

Industrial robots could take over 6 million jobs in a decade, new research finds. Economists Daron Acemoglu of the Massachusetts Institute of Technology and Pascual Restrepo of Boston University say that at the high end of projected industrial robot takeup, there would be a 0.94 to 1.76 percentage point decline in the employment-to-population ratio by 2025. Continue reading “Every industrial robot takes up to 6 jobs, study finds”

Hedging Oil price biggest ever producers rush in

At this point in the year, 33 of the largest American oil producers have 26 percent of their output hedged, compared with 24 percent and 23 percent of production in 2016 and 2015, respectively. That group has hedged 648,000 barrels a day of production since the fourth quarter of 2016, a 33 percent increase from the previous quarter. Anadarko Petroleum and Apache, two of the nation’s largest independent producers, accounted for 28 percent of that volume. Continue reading “Hedging Oil price biggest ever producers rush in”

US drillers buy protection against low oil prices, showing OPEC cuts are ‘backfiring’

U.S. drillers are insulating themselves against falling oil prices — a move that could prolong the global crude glut that the Organization of the Petroleum Exporting Countries is trying to drain. American companies rushed to lock in higher prices for future deliveries of oil as the market recovered late last year, analysis of company disclosures by consultancy group Wood Mackenzie shows. Continue reading “US drillers buy protection against low oil prices, showing OPEC cuts are ‘backfiring’”

Greatest rise in heroin use was among white people, study says

The numbers are startling — in 2015, 52,404 people died from drug overdoses according to the U.S. Centers for Disease Control and Prevention. Sixty-three percent of those deaths involved an opioid. More people die from drug overdoses than from guns or car accidents. At the peak of the AIDS epidemic in 1995, 43,115 people in the United States died from the disease. Continue reading “Greatest rise in heroin use was among white people, study says”

Hedge fund buyers are getting soaked

The bloodbath may be just beginning. As Daniel Loeb, proprietor of Third Point, gloomily prophesied last year: There is no doubt that hedge funds and some of their particular investing strategies are in the first innings of a washout. In his latest annual letter to shareholders of Berkshire Hathaway, Warren Buffett threw salt in the hedgies’ wounds. Continue reading “Hedge fund buyers are getting soaked”

Coal Mining Jobs Trump Would Bring Back No Longer Exist

In Decatur, Ill., far from the coal mines of Appalachia, Caterpillar engineers are working on the future of mining: mammoth haul trucks that drive themselves. The trucks have no drivers, not even remote operators. Instead, the 850,000-pound vehicles rely on self-driving technology, the latest in an increasingly autonomous line of trucks and drills that are removing some of the human element from digging for coal. Continue reading “Coal Mining Jobs Trump Would Bring Back No Longer Exist”

A scramble at Cisco exposes uncomfortable truths about U.S. cyber defense

When WikiLeaks founder Julian Assange disclosed earlier this month that his anti-secrecy group had obtained CIA tools for hacking into technology products made by U.S. companies, security engineers at Cisco Systems swung into action. The Wikileaks documents described how the Central Intelligence Agency had learned more than a year ago how to exploit flaws in Cisco’s widely used Internet switches, which direct electronic traffic, to enable eavesdropping. Continue reading “A scramble at Cisco exposes uncomfortable truths about U.S. cyber defense”

Westinghouse Files for Bankruptcy, in Blow to Nuclear Power

Westinghouse Electric Company, which helped drive the development of nuclear energy and the electric grid itself, filed for bankruptcy protection on Wednesday, casting a shadow over the global nuclear industry. The filing comes as the company’s corporate parent, Toshiba of Japan, scrambles to stanch huge losses stemming from Westinghouses troubled nuclear construction projects in the American South. Continue reading “Westinghouse Files for Bankruptcy, in Blow to Nuclear Power”

Trump Russia dossier key claim ‘verified’

The BBC has learned that US officials “verified” a key claim in a report about Kremlin involvement in Donald Trump’s election – that a Russian diplomat in Washington was in fact a spy. So far, no single piece of evidence has been made public proving that the Trump campaign joined with Russia to steal the US presidency – nothing. Continue reading “Trump Russia dossier key claim ‘verified’”

Pay us £50billion or face the consequences: EU chief negotiator ramps up threats

ahead of Brexit talks saying there will be NO trade deal unless we agree to huge divorce bill. Britain faces a punishing Brexit settlement or even no deal at all if it refuses to settle a £50billion ‘bill’, the EU’s chief negotiator has warned. Michel Barnier said Britain falling out of the EU without a deal was a ‘distinct possibility’ if it rejected the figure. The Government has said Britain will pay any costs that are genuinely due but ministers have privately said the bill is a maximum of £3billion. Continue reading “Pay us £50billion or face the consequences: EU chief negotiator ramps up threats”

Shares of clothing maker tumble to near four-year low after weak earnings

G-III Apparel, an apparel-maker that licenses brands such as Levi’s, Calvin Klein, Kenneth Cole and dozens of other popular names, saw its shares fall to near four-year lows Monday after a weak earnings report. The stock fell more than 14 percent, its worst single-day performance since Aug. 30, 2016, when it plunged over 20 percent. The latest drop brought shares of G-III to lows not seen since April 2013. Continue reading “Shares of clothing maker tumble to near four-year low after weak earnings”

Mexicans who help build Trump wall ‘traitors,’ top Archdiocese says

Mexicans who help build U.S. President Donald Trump’s planned border wall would be acting immorally and should be deemed traitors, the Catholic Archdiocese of Mexico said on Sunday, turning up the heat on a simmering dispute over the project. In a provocative editorial, the country’s biggest Archdiocese sought to increase pressure on the government to take a tougher line on companies aiming to profit from the wall, which has strained relations between Trump and the Mexican government. Continue reading “Mexicans who help build Trump wall ‘traitors,’ top Archdiocese says”

Donald Trump’s Emergency Budget Plan Buys 62 Miles of Border Wall In 2017

President Donald Trump’s immediate 2017 budget request will fund the first 62 miles of border walls and fences, pending the appropriation of more funds in late 2017 for additional construction in 2018, says a report from CNN. The [2017] money will fund 14 miles of new border wall in San Diego, 28 miles of new levee wall barriers and six miles of new border wall in the Rio Grande Valley region and 14 miles of replacement fencing in San Diego.” Continue reading “Donald Trump’s Emergency Budget Plan Buys 62 Miles of Border Wall In 2017”

Treasury’s Mnuchin is ‘out of touch with reality’ on A.I.’s job-destroying potential, billionaire says

The U.S. workforce is about to undergo “unprecedented job destruction” as computers and robots get smarter, billionaire Jeff Greene told CNBC on Tuesday. The founder of The Greene Institute took Treasury Secretary Steven Mnuchin to task for recently saying he’s not worried about artificial intelligence displacing jobs for at least 50 to 100 years. Continue reading “Treasury’s Mnuchin is ‘out of touch with reality’ on A.I.’s job-destroying potential, billionaire says”

Evidence That Robots Are Winning the Race for American Jobs

The industry most affected by automation is manufacturing. For every robot per thousand workers, up to six workers lost their jobs and wages fell by as much as three-fourths of a percent, according to a new paper by the economists, Daron Acemoglu of M.I.T. and Pascual Restrepo of Boston University. It appears to be the first study to quantify large, direct, negative effects of robots. Continue reading “Evidence That Robots Are Winning the Race for American Jobs”

Trump son-in-law met executives of sanctioned Russian bank, will testify

A Russian bank under Western economic sanctions over Russia’s incursion into Ukraine disclosed on Monday that its executives had met Jared Kushner, President Donald Trump’s son-in-law and a top White House adviser, in December. A U.S. Senate committee investigating suspected Russian interference in the election wants to interview Trump associates, including Kushner, 36, who is married to Trump’s daughter Ivanka Trump and has agreed to testify. Continue reading “Trump son-in-law met executives of sanctioned Russian bank, will testify”

61% of French adults say Islam is incompatible with their society

and 79% support banning headscarves in universities, new poll shows. Sixty one per cent of French people believe Islam is incompatible with their society, according to a new poll. That figure had been falling sharply until the Charlie Hebdo attacks in January 2015, and has been steadily growing ever since, an Ipsos survey found. That is compared with six per cent of people who believe Catholicism is incompatible and 17 per cent who believe Judaism is incompatible. Continue reading “61% of French adults say Islam is incompatible with their society”

Le Pen: I Will Quit Office if French Reject Eurozone Exit

Far-right presidential candidate Marine Le Pen says that if her plan to pull France from the euro currency is rejected by the French she will resign. Le Pen, speaking Monday on Europe 1 radio, reiterated her plan to hold a referendum on the euro issue if elected president, and “If it’s no, I will go.” Continue reading “Le Pen: I Will Quit Office if French Reject Eurozone Exit”

Le Pen victory could be five times as dangerous as Greece’s financial meltdown: UBS

Europe could be on track to encounter a shock wave up to five times as turbulent as the start of the euro zone debt crisis if French presidential candidate Marine Le Pen was able to secure victory in May, according to a team of UBS analysts. Strategists at the Swiss banking giant stressed the prominence of the anti-immigration and anti-European Union National Front leader meant France’s fast approaching general election would be the most serious political risk event in the region this year. Continue reading “Le Pen victory could be five times as dangerous as Greece’s financial meltdown: UBS”

AI to become main way banks interact with customers within three years: Accenture

Artificial intelligence (AI) will become the primary way banks interact with their customers within the next three years, according to three quarters of bankers surveyed by consultancy Accenture in a new report. Four in five bankers believe AI will “revolutionise” the way in which banks gather information as well as how they interact with their clients, said the Accenture Banking Technology Vision 2017 report, which surveyed more than 600 top bankers and also consulted tech industry experts and academics. Continue reading “AI to become main way banks interact with customers within three years: Accenture”

US heading for recession after 2 years of unsustainable growth, economist says

The U.S. is headed for a recession in the next two years as excessive fiscal stimulus from the President Donald Trump administration takes the economy into unsustainable territory, Adam Posen, president of the Peterson Institute for International Economics, told CNBC Tuesday. Continue reading “US heading for recession after 2 years of unsustainable growth, economist says”

Trump signs order undoing Obama climate change policies

President Donald Trump has signed an executive order rolling back Obama-era rules aimed at curbing climate change. The president said this would put an end to the “war on coal” and “job-killing regulations”. The Energy Independence Executive Order suspends more than half a dozen measures enacted by his predecessor, and boosts fossil fuels. Continue reading “Trump signs order undoing Obama climate change policies”

Plateau in US auto sales heightens risk for lenders: Moody’s

As U.S. auto sales have peaked, competition to finance car loans is set to intensify and drive increased credit risk for auto lenders, Moody’s Investors Service said in a report. “The combination of plateauing auto sales, growing negative equity from consumers and lenders’ willingness to offer flexible loan terms is a significant credit risk for lenders,” Jason Grohotolski, a senior credit officer at Moody’s and one of the report’s authors, told Reuters. Continue reading “Plateau in US auto sales heightens risk for lenders: Moody’s”

UK’s ‘largest undeveloped oil field’ discovered off Scottish coast

Shares of U.K.-listed Hurricane Energy gushed higher Monday after the firm said it had found the “largest undeveloped (oil) discovery on the U.K. continental shelf.” Hurricane Energy said in a market release that the firm has located a kilometer-deep oil column which is believed to connect to an existing field. The discovery is near the Shetland Islands, off the north coast of Scotland. Continue reading “UK’s ‘largest undeveloped oil field’ discovered off Scottish coast”

As more Americans fail drug tests, employers turn to refugees

For an increasing number of American-born workers, passing drug tests is a big problem. The percentage of American workers testing positive for illegal drugs has climbed steadily over the last three years to its highest level in a decade, according to Quest Diagnostics, which performed more than 10 million employment drug screenings last year. Continue reading “As more Americans fail drug tests, employers turn to refugees”

Saudi Arabia sweetens huge Aramco IPO with tax cut

Saudi Arabia’s government has cut the income tax paid by national oil giant Saudi Aramco to smooth the company’s initial public offer of shares next year, which is expected to be the world’s largest equity sale. A royal decree on Monday, retroactive to Jan. 1, set a tax rate of 50 percent for the firm. Previously, Aramco had paid 85 percent tax, plus a 20 percent royalty levied at a different stage; the decree did not mention the royalty. Continue reading “Saudi Arabia sweetens huge Aramco IPO with tax cut”

Trump son-in-law met executives of sanctioned Russian bank, will testify

A Russian bank under Western economic sanctions over Russia’s incursion into Ukraine disclosed on Monday that its executives had met Jared Kushner, President Donald Trump’s son-in-law and a top White House adviser, in December. A U.S. Senate committee investigating suspected Russian interference in the election wants to interview Trump associates, including Kushner, 36, who is married to Trump’s daughter Ivanka Trump and has agreed to testify. Continue reading “Trump son-in-law met executives of sanctioned Russian bank, will testify”

Carlos Slim teams up with Chinese to circumvent Trump

Carlos Slim’s Giant Motors will begin manufacturing cars in Mexico to sell to Latin America in a joint venture with China’s JAC Motors as some carmakers step up production in the low-cost nation despite Donald Trump’s “America first” policies. Two Chinese-designed and largely Chinese-manufactured sport utility vehicles will be launched on Tuesday as the new venture aims to cash in on Mexico’s booming domestic car market. Continue reading “Carlos Slim teams up with Chinese to circumvent Trump”

Sanders Admits Obamacare Premiums Are ‘Too High,’ Calls for Single-Payer System

Sen. Bernie Sanders (I., Vt.) admitted Sunday during an appearance on CNN’s “State of the Union” that premiums and deductibles are “too high” under Obamacare before proposing a single-payer health care system. Host Dana Bash asked Sanders about President Donald Trump’s comments from Friday, when he blamed Democrats for Republicans not getting enough votes to repeal the Affordable Care Act and replace it with American Health Care Act. Continue reading “Sanders Admits Obamacare Premiums Are ‘Too High,’ Calls for Single-Payer System”

The US and UK airline electronics ban was prompted in part by a plot involving a fake iPad

Earlier this week, United States and United Kingdom officials announced new restrictions for airline passengers from eight Middle Eastern countries, forbidding passengers to carry electronics larger than a smartphone into an airplane cabin. According to a security source, the ban was prompted in part by a plot involving explosives hidden in a fake iPad. Continue reading “The US and UK airline electronics ban was prompted in part by a plot involving a fake iPad”

OPEC, non-OPEC to look at extending oil-output cut by six months

A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. An earlier draft of the statement had said the committee “reports high level of conformity and recommends six-month extension”. Continue reading “OPEC, non-OPEC to look at extending oil-output cut by six months”

UK minister: WhatsApp must make itself accessible to police

Encrypted messaging services like WhatsApp must make their platforms accessible to intelligence agencies, a top British security official declared Sunday amid reports that the Westminster attacker used the service minutes before his assault on Parliament. Home Secretary Amber Rudd said it is “completely unacceptable” for messaging services to provide end-to-end encryption that means security services cannot listen to plots being discussed. Continue reading “UK minister: WhatsApp must make itself accessible to police”

Corruption protests held across Russia; arrests reported

Russian protesters denouncing government corruption have gathered in cities across Russia and arrests have been reported. The Sunday protests appear to be one of the largest coordinated outpouring of dissatisfaction since the massive 2011-12 demonstrations following a fraud-tainted parliamentary election. Continue reading “Corruption protests held across Russia; arrests reported”

Paul Ryan: Failure of Obamacare Replacement Makes Tax Reform Harder

The White House tried very hard Friday to send a clear message that the success of President Donald Trump’s tax and infrastructure agenda does not turn on the fate of the Obamacare replacement bill. House Speaker Paul Ryan, only minutes after pulling his health care bill, appeared to at least partially contradict that. “Yes. This does make tax reform more difficult,” Ryan said. Continue reading “Paul Ryan: Failure of Obamacare Replacement Makes Tax Reform Harder”

Hit hard by digital sales, GameStop is looking to close up to 150 stores this year

During its earnings report for the final fiscal quarter of 2016, retail chain GameStop announced declining sales in games and hardware, and that it could potentially close at least 150 of its 7,500 stores, according to The Wall Street Journal. The company noted that its total global sales declined 13.6 percent during the 2016 holiday season, because of “weak sales of certain AAA titles and aggressive console promotions by other retailers.” Continue reading “Hit hard by digital sales, GameStop is looking to close up to 150 stores this year”

France’s Le Pen says euro exit ‘wouldn’t be chaos’

French presidential candidate Marine Le Pen sought on Sunday to reassure voters concerned over her plans to withdraw the country from the euro zone, saying it “wouldn’t be chaos” and she would seek “well-prepared” talks with other European Union countries. Opinion polls show the anti-EU, anti-immigrant National Front (FN) leader qualifying for the April 23 first round of the presidential election but losing the May 7 run-off to centrist Emmanuel Macron. Continue reading “France’s Le Pen says euro exit ‘wouldn’t be chaos’”

EU President Tusk warns of complete breakdown of the Union

EU President Donald Tusk has warned that the European Union could break down completely after Brexit, at a summit to mark the organisation’s 60th anniversary. Tusk called for leadership to steer Europe out of crisis at the special summit in Rome, which is being held today to mark the anniversary of the bloc’s founding treaties. Continue reading “EU President Tusk warns of complete breakdown of the Union”

Russian ambassador to India dies after brief illness

Alexander Kadakin, 67, the Russian ambassador to India, died on January 26. A spokeswoman for the Russian embassy in New Delhi said that Kadakin died after a short illness and that there was nothing “special or extraordinary” about the circumstances that led to his death. Kadakin had worked in India since 2009. Indian Prime Minister Narendra Modi described him as “a great friend of India” who worked hard to strengthen relations between the two countries.

Denis Voronenkov, 45, was gunned down

outside a hotel in Kiev. Voronenkov and his wife both spoke out against Putin after they left Russia for Ukraine in October. Voronenkov also helped Ukraine in its ongoing fight against Russian influence, testifying in a treason trial against ex-Ukrainian President Viktor Yanukovych, who was perceived as a puppet politician for Russian President Vladimir Putin.

Former intelligence official found dead in his car

Oleg Erovinkin, who had close ties to Russian intelligence, was found dead on December 26 sitting in his car on the streets of Moscow. Russian news outlets reported that he was 61 years old. Russian government agencies have not released an official cause of death. He was a former general in the Russian law enforcement and intelligence agency known as the FSB. Continue reading “Former intelligence official found dead in his car”

Five months, eight prominent Russians dead

The brazen daytime slaying of a Russian politician outside a Ukrainian hotel this week brings to eight the number of high-profile Russians who have died over the past five months since the US presidential election on November 8. Among the recent deaths were five Russian diplomats. Some of the deaths appeared natural and governments have ruled out foul play. In some cases, though, questions remain. Continue reading “Five months, eight prominent Russians dead”

OPEC, non-OPEC to look at extending oil-output cut by six months

A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. An earlier draft of the statement had said the committee “reports high level of conformity and recommends six-month extension”. Continue reading “OPEC, non-OPEC to look at extending oil-output cut by six months”

Donald Trump: Tax reform next after healthcare failure

US President Donald Trump says he will turn to tax reform, following his failure to get his healthcare bill through Congress on Friday. The draft bill would have scrapped the Affordable Care Act of his predecessor Barack Obama, which was opposed by Mr Trump’s Republican party for years. Obamacare requires all Americans to have health insurance but offers subsidies to people on low incomes. Continue reading “Donald Trump: Tax reform next after healthcare failure”

Robots, artificial intelligence boom may cost US, UK at least 1/3 of their jobs: Study

Up to one-third of British jobs could be taken over by robots by the early 2030s, impacting 10 million Britons but with women less likely to face redundancy, a UK study showed. The research, by accountancy firm PricewaterhouseCoopers LLP, found 30 percent of UK jobs could face automation compared to 38 percent in the United States, 35 percent in Germany, and 21 percent in Japan. Continue reading “Robots, artificial intelligence boom may cost US, UK at least 1/3 of their jobs: Study”

China’s property bubble represents a social risk: Renowned Chinese economist

China faces the risk of youth disenchantment as property prices rise beyond their reach, a renowned Chinese economist said Friday. “In a regular country, wealth should be concentrated in the financial markets, not fixed assets,” said Renmin University of China Vice President Wu Xiaoqiu at a media interview at the Boao Forum in the province of Hainan. Continue reading “China’s property bubble represents a social risk: Renowned Chinese economist”

U.S. workers face higher risk of being replaced by robots. Here’s why

Millions of workers around the world are at risk of losing their jobs to robots — but Americans should be particularly worried. Thirty-eight percent of jobs in the U.S. are at high risk of being replaced by robots and artificial intelligence over the next 15 years, according to a new report by PwC. Meanwhile, only 30% of jobs in the U.K. are similarly endangered. Continue reading “U.S. workers face higher risk of being replaced by robots. Here’s why”

Trump warned his anti-EU stance could start war

The president of the European Commission, Jean-Claude Juncker, has warned the U.S. president that calling for other EU members to leave the union could lead to war in the Balkans. In an interview with the Financial Times, Juncker criticized President Donald Trump for encouraging other countries to copy Brexit and called this enthusiasm “annoying”. Continue reading “Trump warned his anti-EU stance could start war”

Trump unhappy Jared Kushner took a powder on the ski slopes as health care bill floundered

While the rest of his senior staff scrambled to squeeze votes for President Trump’s flailing health care package, one person remained notably absent for most of the week: Jared Kushner. Along with this wife, Ivanka Trump, another key cog in the president’s inner circle, Kushner was on vacation until Thursday, skiing with family in the posh Colorado town of Aspen. Continue reading “Trump unhappy Jared Kushner took a powder on the ski slopes as health care bill floundered”

EU stalls Russian gas pipeline, but probably won’t stop it

Russia has the European Union in a bind. The bloc is divided between eastern European and Baltic Sea countries that see a new pipeline carrying Russian gas across the Baltic making the EU a hostage to Moscow – and those in northern Europe, most especially the main beneficiary Germany, for whom the economic benefits take priority. Continue reading “EU stalls Russian gas pipeline, but probably won’t stop it”

For Trump, it was the lost art of the deal

In the end, the Closer couldn’t close the deal. For President Donald Trump, the collapse on Friday of his first legislative priority, a healthcare reform bill, was an embarrassing loss of face after he and his administration insisted up until the time of the vote by the U.S. House of Representatives that there was enough Republican support. Continue reading “For Trump, it was the lost art of the deal”

How a border tax could divide Boeing and its suppliers

A U.S. tax overhaul proposed by Republican leaders in Congress would deepen divisions between big manufacturers like Boeing Co and the thousands of smaller companies that supply them, according to suppliers and tax and trade experts. U.S. automakers and other manufacturers that rely on imported components also would be affected by the proposals, which would tax imports at a 20 percent rate, and could split these sectors into winners and losers. Continue reading “How a border tax could divide Boeing and its suppliers”

Trump touts Charter hiring that was in works for two years

U.S. President Donald Trump on Friday touted Charter Communications Inc’s decision to invest $25 billion in the United States and a plan the company announced before he was elected to hire 20,000 workers over four years. At a White House event with the second-largest U.S. cable company’s Chief Executive Thomas Rutledge and Texas Governor Greg Abbott, Trump praised Charter for planning to close its offshore call centers and move them to the United States. Continue reading “Trump touts Charter hiring that was in works for two years”

Why a lack of education raises death risk for some Americans

Middle-age white Americans with limited education are increasingly dying younger, on average, than other middle-age U.S. adults, a trend driven by their dwindling economic opportunities, research by two Princeton University economists has found. The economists, Anne Case and Angus Deaton, argue in a paper released Thursday that the loss of steady middle-income jobs for those with only high school diplomas or less has triggered broad problems for this group. Continue reading “Why a lack of education raises death risk for some Americans”

Le Pen visits Russia weeks before French presidential vote

French far right presidential candidate Marine Le Pen is headed to Moscow for meetings with lawmakers less than a month before the election, officials from her National Front party said Thursday. Her visit Friday comes on the heels of a trip this week to Chad, base of a French military operation that’s aimed at rooting out Islamic extremists from a swath of Africa. Continue reading “Le Pen visits Russia weeks before French presidential vote”

Source: ICE is targeting ‘sanctuary cities’ with raids

Immigration and Customs Enforcement has been targeting so-called “sanctuary cities” with increased enforcement operations in an effort to pressure those jurisdictions to cooperate with federal immigration agents, a senior US immigration official with direct knowledge of ongoing ICE actions told CNN. Continue reading “Source: ICE is targeting ‘sanctuary cities’ with raids”

Oil could collapse into the $30s if OPEC doesn’t keep its act together

When they meet in Kuwait Sunday, a handful of OPEC and other oil producers are expected to put a happy face on their production agreement, and they should point to the potential for extending the deal in May. That should help support oil prices, after the recent 10 percent plunge since investors began to doubt the deal earlier this month. The international benchmark Brent crude temporarily fell below the psychological $50 level this week. Continue reading “Oil could collapse into the $30s if OPEC doesn’t keep its act together”

Hedge fund manager Eric Mindich shuts down Eton Park

Thirteen years ago Eric Mindich set an industry record when he raised $3 billion for his new hedge fund Eton Park. Now the fund is being shut down, becoming the year’s most prominent casualty in an increasingly tough trading and fund raising environment. The decision to liquidate comes after a difficult 2016 when Eton Park lost 9 percent and its assets shrunk by $2 billion to the current $7 billion. Continue reading “Hedge fund manager Eric Mindich shuts down Eton Park”

RBS to close 180 branches due to dramatic online shift

State-backed Royal Bank of Scotland said on Thursday it planned to close about 180 bank branches in Britain and Ireland and about 1,000 jobs were at risk in the latest round of cuts and closures at the lender. The Edinburgh-based said in a statement the changes were due to a “dramatic shift” in retail banking with more customers increasingly banking online. Continue reading “RBS to close 180 branches due to dramatic online shift”

Apple reportedly to start manufacturing iPhones in India

Apple will begin to manufacture iPhones in India in the next two months, according to a new report from The Wall Street Journal. The manufacturing duties will fall to Wistron Corp which will reportedly start manufacturing iPhone 6 and 6S models in the next four to six weeks, and iPhone SE devices in around three months. Neither Apple nor Wistron responded to the WSJ’s requests for comment about details on either company’s specific plans for expansion in India. Continue reading “Apple reportedly to start manufacturing iPhones in India”

As Trump targets energy rules, oil companies downplay their impact

President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S. oil and gas companies have been telling their shareholders that regulations have little impact on their business, according to a Reuters review of U.S. securities filings from the top producers. Continue reading “As Trump targets energy rules, oil companies downplay their impact”

Trump demands support in do-or-die Friday vote on healthcare plan

U.S. President Donald Trump warned House Republican lawmakers that he will leave Obamacare in place and move on to tax reform if they do not get behind new healthcare legislation and support it in a vote on Friday. It was not clear late on Thursday evening that Trump and the Republican leaders who crafted the bill had enough support to pass it, meaning they now risk defeat in their first attempt at major legislation and may fail to deliver on a key campaign pledge. Continue reading “Trump demands support in do-or-die Friday vote on healthcare plan”

‘I’m president and you’re not’: Trump sticks to his unsubstantiated claims in Time interview

President Donald Trump “would not accept the premise” that his unsubstantiated or misleading claims could risk hurting his credibility, according to a Time Interview published Thursday. “Hey, look. I can’t be doing so badly, because I’m president and you’re not,” he told the magazine in an article titled, “Can President Trump Handle the Truth?” Continue reading “‘I’m president and you’re not’: Trump sticks to his unsubstantiated claims in Time interview”

Abe: Japan, EU, US must protect world order

Japan, the United States and the European Union should work together to protect and reinforce the “free and open” international order based on the rule of law , Japanese Prime Minister Shinzo Abe said in Brussels on Tuesday. Speaking at a press conference, Abe said that a united Europe is key to fighting the “attempts to change the international community by force,” and praised the continuing integration of the continent. Continue reading “Abe: Japan, EU, US must protect world order”

The GOP’s struggle to kill Obamacare is now the biggest test yet for Trump rally

Killing Obamacare was a lot harder than expected, and it could be the biggest test yet for the 4-month-old Trump rally. Stocks are in a holding pattern, waiting to see if President Donald Trump and the Republican House can work out their differences on a health-care replacement bill and put the president’s pro-growth agenda back on track. Continue reading “The GOP’s struggle to kill Obamacare is now the biggest test yet for Trump rally”

Rand Paul: Trump Has Been Sold a ‘Bill of Goods’ on Ryan Health Care Bill

Wednesday on MSNBC’s “Morning Joe,” Sen. Rand Paul (R-KY) said President Donald Trump has been “fed a bill of goods” by House leadership on the proposed House Republican health care legislation to repeal and replace Obamacare. Paul said, “You know, I think that he has been told things by House leadership that frankly just are not accurate. Continue reading “Rand Paul: Trump Has Been Sold a ‘Bill of Goods’ on Ryan Health Care Bill”

Shiller: Trump is the market’s great hope—and its greatest danger

Donald Trump may be the market’s hero, but he could soon become its villain, warns Yale professor of economics Robert Shiller. Considering the S&P 500’s recent surge to record highs, Shiller makes the point that Trump’s win has driven investors into the market, and that optimism about his presidency could continue to drive gains. Continue reading “Shiller: Trump is the market’s great hope—and its greatest danger”

If you’re a millionaire, Trump care gives you $50K. If you’re poor, it costs you $1,420

The typical family making less than $10,000 will lose $1,420 if the Republican health care plan passes, a cut that amounts to almost one-third of their income. Meanwhile, the average family making $200,000 or more would gain $5,640, according to a new analysis from the Tax Policy Center and the Urban Institute’s Health Policy Center. Continue reading “If you’re a millionaire, Trump care gives you $50K. If you’re poor, it costs you $1,420”

The global coal boom finally seems to be winding down

Since 2000 or so, China — along with, to a lesser extent, India and other developing nations — has been on a coal binge, building coal-fired power plants at a breakneck pace. Coal is what powered the country’s ludicrous, double-digit growth rates and lifted millions of rural Chinese out of poverty. And coal power, more than any other single factor, is what has driven the steady rise in global carbon emissions. Continue reading “The global coal boom finally seems to be winding down”

If healthcare vote fails, would jeopardize ‘Trump trades’: Gundlach

If the U.S. healthcare legislation overhaul is not passed, or is postponed, it will put “a lot of doubt” on the “Trump trades,” which include higher U.S. equities and bond yields, DoubleLine Capital Chief Executive Jeffrey Gundlach said on Wednesday. “Surveys show that people believe the (Obamacare) repeal is the most likely part of Trump’s agenda to be passed,” Gundlach, who oversees more than $101 billion in assets at DoubleLine, told Reuters. Continue reading “If healthcare vote fails, would jeopardize ‘Trump trades’: Gundlach”

Protectionism may raise, not cut, trade deficits: ECB

Protectionist trade policies may increase, rather than reduce, a country’s trade deficit, the European Central Bank said in a study on Wednesday, just days after finance chiefs of the world’s top 20 economies dropped their pledge for open trade. Seeking to reduce a large trade deficit, Donald Trump’s U.S. administration has proposed a series of protectionist measures, such as new import duties. Continue reading “Protectionism may raise, not cut, trade deficits: ECB”

Oil drops to lowest since November as U.S. inventories swell

Oil prices slipped on Wednesday to their lowest since late November, with Brent testing the $50 per barrel support, after data showed record high U.S. crude inventories rising faster than expected, raising doubts over the viability of OPEC-led output cuts. The Energy Information Administration (EIA) said U.S. inventories climbed almost 5 million barrels to 533.1 million last week, far outpacing forecasts of a 2.8 million-barrel build. Continue reading “Oil drops to lowest since November as U.S. inventories swell”

Behind the scenes, bank lobbyists temper expectations for Dodd-Frank overhaul

Bank lobbyists who opened the Trump era with great expectations for sweeping regulatory reform are privately striking an increasingly dismal tone as hopes for a quick and thorough rewrite of Dodd-Frank legislation dim. Lobbyists say they are facing the reality that bank deregulation legislation will have to wait in line behind other bigger priorities such as healthcare reform and taxes. Continue reading “Behind the scenes, bank lobbyists temper expectations for Dodd-Frank overhaul”

Senate panel passes bill to license advanced nuclear plants

A U.S. Senate committee easily passed a bill on Wednesday to enable the nuclear regulator to license advanced nuclear reactors that backers say are safer than conventional plants and can help deal with a growing waste problem. The Nuclear Energy Innovation and Modernization Act requires the Nuclear Regulatory Commission to develop a regulatory framework to enable the licensing of advanced nuclear reactors that could come into development in 10 or 15 years. Continue reading “Senate panel passes bill to license advanced nuclear plants”

AP Exclusive: Trump campaign chief linked to Putin interests

President Donald Trump’s former campaign chairman, Paul Manafort, secretly worked for a Russian billionaire to advance the interests of Russian President Vladimir Putin a decade ago and proposed an ambitious political strategy to undermine anti-Russian opposition across former Soviet republics, The Associated Press has learned. Continue reading “AP Exclusive: Trump campaign chief linked to Putin interests”

Report: FBI evidence suggests Trump associates and Russians may have coordinated to sink Clinton

The FBI has information that indicates associates of President Donald Trump communicated with suspected Russian operatives to possibly coordinate the release of information damaging to Hillary Clinton’s campaign, US officials told CNN. There are a lot of unanswered questions in this. Who were the Trump associates and Russian officials? Continue reading “Report: FBI evidence suggests Trump associates and Russians may have coordinated to sink Clinton”

Exclusive: Venezuela increased fuel exports to allies even as supply crunch loomed

A gasoline shortage in OPEC member Venezuela was exacerbated by an increase in fuel exports to foreign allies such as Cuba and Nicaragua and an exodus of crucial personnel from state-run energy company PDVSA, according to internal PDVSA documents and sources familiar with its operations. Continue reading “Exclusive: Venezuela increased fuel exports to allies even as supply crunch loomed”

New projects, shale boom could trigger oil oversupply by 2018-19: Goldman

New production projects and a fresh shale boom could boost oil output by a million barrels per day (bpd) year-on-year and result in an oversupply in the next couple of years, according to Goldman Sachs. “2017-19 is likely to see the largest increase in mega projects’ production in history, as the record 2011-13 capex commitment yields fruit,” the U.S. investment bank said in a research note on Tuesday. Continue reading “New projects, shale boom could trigger oil oversupply by 2018-19: Goldman”

Mnuchin pal in line to head key banking agency; Fed post also could be filled: Sources

The White House is expected to name former OneWest executive Joseph Otting as comptroller of the currency, according to two people with direct knowledge of the selection process, installing a close colleague of Treasury Secretary Steven Mnuchin in a key regulatory role. Continue reading “Mnuchin pal in line to head key banking agency; Fed post also could be filled: Sources”

Sears has ‘substantial doubt’ that it can survive

After years of huge losses and store closings, the future is officially in doubt for Sears and Kmart. Sears Holdings, the holding company for the two iconic retail brands, warned investors late Tuesday that it can’t promise it will stay in business. It included the language in its annual report while insisting it might still turn things around. Continue reading “Sears has ‘substantial doubt’ that it can survive”

Rep. Gohmert: Trump ‘Being Set Up for Failure,’

Ryancare Doesn’t Fully Repeal Obamacare Rep. Louie Gohmert (R-TX) spoke with Breitbart News Daily SiriusXM host Alex Marlow on Tuesday regarding the latest on Ryancare. Gohmert called the current bill “a formula for disaster,” insisting it’s likely the courts would end up having the final say in terms of preserving Obamacare due to the way the bill is written. Continue reading “Rep. Gohmert: Trump ‘Being Set Up for Failure,’”

Trump Warns House Republicans: Repeal Health Law or Lose Your Seats

President Trump on Tuesday turned up the pressure on recalcitrant Republicans to support a sweeping bill to overhaul the health care system, threatening wavering lawmakers in his party with political payback if they failed to get behind a measure that has become an early test of his negotiating power. Continue reading “Trump Warns House Republicans: Repeal Health Law or Lose Your Seats”

The US needs tax reform and job retraining programs, says IBM CEO

The U.S. needs tax reform and workforce development programs in order to be successful, IBM CEO Ginni Rometty said. Rometty sits on President Donald Trump’s business advisory board and was among a group of U.S. and German leaders who met with the President and German Chancellor Angela Merkel Friday. Continue reading “The US needs tax reform and job retraining programs, says IBM CEO”

Fed’s Dudley, citing Wells, calls for better bank incentives

A top Federal Reserve regulator on Tuesday cited Wells Fargo & Co’s accounts scandal as evidence that incentives to drive performance remain a problem on Wall Street, saying that banks have “a long way to go” in reforming internal culture. William Dudley, president of the New York Fed branch that acts as the U.S. central bank’s eyes and ears on Wall Street, has complained about rotten bank culture for years. Continue reading “Fed’s Dudley, citing Wells, calls for better bank incentives”

Cheerios maker General Mills’ sales fall for seventh straight quarter

General Mills reported its seventh straight quarterly sales decline on Tuesday, hurt by weak demand for its yogurt and baking products, as the company discounted less amid pricing competition in the United States. The maker of Cheerios breakfast cereal said net sales fell 5.2 percent to $3.79 billion in the third quarter ended Feb. 26, falling short of analysts’ average estimate of $3.82 billion, according to Thomson Reuters. Continue reading “Cheerios maker General Mills’ sales fall for seventh straight quarter”

US ranchers saddle up for trade battle with Washington

“Tremendously important” is how rancher Coleman Locke describes the role of international trade to his cattle business. But now he is gearing up for a new threat – the potential loss of trade deals that could cut off a huge slice of his ranch’s yearly sales. “In 2016, 25% of the breeding stock that we sold here at this ranch went out of the United States, it’s a tremendously important market for us,” says Mr Locke. He’s not alone. Continue reading “US ranchers saddle up for trade battle with Washington”

Border tax has become a ‘given,’ chief GOP tax writer says

A border adjustment tax will probably make an appearance in the final tax reform plan, the Republicans’ chief tax writer in the House of Representatives, Rep. Kevin Brady, told CNBC on Tuesday. “My sense is that border adjustability has become a given. That it will be part of the final tax reform plan and now the discussions are how can it be designed in transition in a very positive way for importers,” the chairman of the House Ways and Means Committee said on “Squawk Box.” Continue reading “Border tax has become a ‘given,’ chief GOP tax writer says”

British banks including HSBC, RBS, Barclays and Coutts ‘processed £600million in multi-billion pound Russian money-laundering scam’

Some of the UK’s top banks allegedly processed around £600 million in a multibillion-pound Russian money-laundering scam. High street names including HSBC, the Royal Bank of Scotland, Barclays and Coutts are among those involved, The Guardian reported. More than £16 billion and maybe as much as £65 billion was moved out of Russia between 2010 and 2014, the paper said. Continue reading “British banks including HSBC, RBS, Barclays and Coutts ‘processed £600million in multi-billion pound Russian money-laundering scam’”

ARM’s new chip design focuses on AI and machine learning

ARM has unveiled its next generation of processor designs, a new microarchitecture named Dynamiq. Chips built using Dynamiq will be easier to configure, says ARM, allowing manufacturers to connect together a wider variety of CPUs. This should allow for more powerful systems-on-chip, but also processors that better serve computing tasks of the future from artificial intelligence to self-driving cars. Continue reading “ARM’s new chip design focuses on AI and machine learning”

A record number of investors think this market is overvalued

Professional investors are starting to worry that stock prices are getting out of hand compared with where they should be. Valuation has been a key concern of late for market participants in a bull market that just passed its eighth anniversary. The S&P 500 now trades at 18.3 times forward earnings — the 12-month period ahead — which marks the highest level since the market turned around after the financial crisis. Continue reading “A record number of investors think this market is overvalued”

Dow slides nearly 240 as fear returns to market

Is the honeymoon period between Wall Street and President Trump over? The Dow fell by about 238 points Tuesday, a drop of more than 1%. It was its biggest slide of the year and biggest decline since the election. The broader S&P 500 was also down more than 1%. Neither index had ended the day with a 1% drop since mid-October. Continue reading “Dow slides nearly 240 as fear returns to market”

Trump drops 220 spots on the Forbes Billionaires List

President Donald Trump is the nation’s first billionaire president — but he’s not as rich as he used to be, according to the Forbes 2017 Billionaires List published Monday. The magazine put his net worth at $3.5 billion, down $1 billion from the rankings it issued a year ago. As a result, his position on the Forbes’ ranking dropped 220 spots, leaving him tied with 19 others as the 544th richest person in the world. Continue reading “Trump drops 220 spots on the Forbes Billionaires List”

Britain to formally trigger process to leave EU on March 29

Britain’s government will begin the process of leaving the European Union on March 29, starting the clock on the two years in which to complete the most important negotiation for a generation. Britain’s ambassador to the 28-nation EU, Tim Barrow, informed the European Council President Donald Tusk of the timing on Monday morning, the Department for Exiting the European Union said. Continue reading “Britain to formally trigger process to leave EU on March 29”

F.B.I. Is Investigating Trumps Russia Ties, Comey Confirms

The F.B.I. director, James B. Comey, took the extraordinary step on Monday of announcing that the agency is investigating whether members of President Trumps campaign colluded with Russia to influence the 2016 election. Mr. Comeys testimony before the House Intelligence Committee created a treacherous political moment for Mr. Trump, who has insisted that Russia is fake news that was cooked up by his political opponents to undermine his presidency. Continue reading “F.B.I. Is Investigating Trumps Russia Ties, Comey Confirms”

EU trade official warns talks with U.S. are in ‘deep freeze’

The European Union’s chief trade official said Monday the Trump administration is sending “worrying signals” on trade, arguing that erecting barriers to global commerce threatens to kill jobs and raise prices for consumers in both developed and emerging economies. In remarks in Toronto, Cecilia Malmström said the EU is seeking to bolster trade ties with partners like Canada, with which the bloc reached a trade pact last fall. Continue reading “EU trade official warns talks with U.S. are in ‘deep freeze’”

Some retailers might not survive until the end of the year, eBay CEO says

Stores that can’t keep up could be brought to reckoning by the end of this year, Wenig said. “I’m not sure all the retailers are going to even make it, in a healthy economy, to this holiday season,” Wenig said. “And I do think you are going to see drastic changes in store footprints and what stores do.” Continue reading “Some retailers might not survive until the end of the year, eBay CEO says”

Comey: ‘In Some Circumstances’ Obama Political Employee Had Ability to ‘Unmask’ a U.S. Citizen

FBI Director James Comey said on Monday during the House Select Intelligence Committee hearing on Russian influence in the 2016 election that people who were appointed by former President Barack Obama have the power to “unmask” American citizens. Rep. Trey Gowdy (R., S.C.) asked Comey to list the agencies that have the power to unmask Americans. Continue reading “Comey: ‘In Some Circumstances’ Obama Political Employee Had Ability to ‘Unmask’ a U.S. Citizen”

Foreign Banks Retreat from Lending to U.S.

Lending in the U.S. by foreign banks has started to contract. Total loans and leases by foreign-related banks fell at an annual pace of about 0.75% in the first week of March, according to the most recent data from the Federal Reserve. It was the third week in a row in which loans contracted — and the first contraction since 2013. Continue reading “Foreign Banks Retreat from Lending to U.S.”

U.S. farm heartland lobbies to steer Trump away from Mexico trade war

Farmers in the U.S. agricultural heartland that helped elect Donald Trump are now pushing his administration to avoid a trade dispute with Mexico, fearing retaliatory tariffs that could hit over $3 billion in U.S. Exports. The value of exports at risk is based on a Reuters analysis of a tariff list which Mexico used in a trucking dispute six years ago and which Mexican officials have said could serve as a model if President Trump sets new barriers to Mexican goods. Continue reading “U.S. farm heartland lobbies to steer Trump away from Mexico trade war”

Trump’s ‘big gray cloud’ means things will likely get worse before they get better

The Republican chairman of the House Intelligence Committee, after spending hours trying to defend President Donald Trump, closed his panel’s hearing on a note of bipartisan pessimism. There’s “a big gray cloud” over the Trump administration, said Rep. Devin Nunes, R-Calif. That cloud got darker on Monday. Continue reading “Trump’s ‘big gray cloud’ means things will likely get worse before they get better”

President Donald Trump’s former campaign chairman, Paul Manafort, secretly worked for a Russian billionaire to advance the interests of Russian

President Vladimir Putin a decade ago proposed an ambitious political strategy to undermine anti-Russian opposition across former Soviet republics, The Associated Press has learned. The work appears to contradict assertions by the Trump administration and Manafort himself that he never worked for Russian interests. Continue reading “President Donald Trump’s former campaign chairman, Paul Manafort, secretly worked for a Russian billionaire to advance the interests of Russian”

Private-label mortgage bonds are rising from the grave

Remember the sliced and diced mortgage-backed bonds that brought down the U.S. Economy? They’re back, but their makers say they are nothing like the former bonds, not even close. The mortgages backed by these new bonds exist outside the strict guidelines of government-backed securitizations, and the borrowers do have some dings on their credit reports, but these loans are fully underwritten, require significant down payments and come fully documented. Continue reading “Private-label mortgage bonds are rising from the grave”