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”