Sources: Sebastian Gorka to leave White House

Sebastian Gorka, a controversial national security aide in the White House, is expected to leave his job, several administration officials confirm to CNN. One senior administration official said Gorka is expected to find an opportunity outside the White House soon. Another said it’s possible he would take another job in the administration, but added it’s more likely he will leave altogether. Continue reading “Sources: Sebastian Gorka to leave White House”

Le Pen Targets Left-Wing Voters With Attack on Finance

Far-right French presidential candidate Marine Le Pen increased her rhetoric against global finance on Monday in an effort to rally leftist voters as the National Front leader continues to trail her rival Emmanuel Macron in polls. With six days to go until Sunday’s runoff, Ms. Le Pen used a rally in northern Paris to paint Mr. Macron, a former investment banker, as a proxy for a “wild globalization” that has been widely rejected by French left-wing voters. Continue reading “Le Pen Targets Left-Wing Voters With Attack on Finance”

Pence: Tax plan could increase deficit ‘maybe in the short term’

Vice President Mike Pence on Sunday morning acknowledged that the Trump administration’s tax proposal could increase the deficit, at least at first. “Maybe in the short term,” he said during an exclusive interview on NBC’s “Meet The Press,” while predicting that it would eventually be overcome by economic “growth.” Continue reading “Pence: Tax plan could increase deficit ‘maybe in the short term’”

London’s Deflating House Price Bubble Gets Messier

London’s Deflating House Price Bubble Gets Messier Prices in this hotbed of global wealth fall most since 2009. London’s property market is estimated to be worth as much as the annual GDP of the world’s ninth biggest economy, Brazil. But prices are falling. The last time prices fell so sharply was in May 2009, when the global financial crisis was gaining steam. Continue reading “London’s Deflating House Price Bubble Gets Messier”

N. Korean missile test hours after UN meeting on nukes

A North Korean mid-range ballistic missile apparently failed shortly after launch Saturday, South Korea and the United States said, the third test-fire flop just this month but a clear message of defiance as a U.S. supercarrier conducts drills in nearby waters. North Korean ballistic missile tests are banned by the United Nations because they’re seen as part of the North’s push for a nuclear-tipped missile that can hit the U.S. mainland. Continue reading “N. Korean missile test hours after UN meeting on nukes”

Russian army puts its enormous new remote-controlled robot tank boasting a 30mm automatic gun and six missiles through its paces

The Russian army has been testing a remote-controlled tank at a military base. A video shows the unmanned robot scaling hills, dusty paths and flows of water. At the end of the footage the tank, named The Vikhr, fires from its 30 mm gun. A report from the SIPRI found that Russia is the third biggest military spender. Continue reading “Russian army puts its enormous new remote-controlled robot tank boasting a 30mm automatic gun and six missiles through its paces”

Experts: Long road ahead for Trump offshore drilling order

President Donald Trump’s executive order seeking to find new ocean expanses in the Atlantic and the Arctic for offshore drilling isn’t likely to reach its goals anytime soon, but instead will kick off a yearslong review and legal battle. Trump signed the order Friday aimed at dismantling a key part of former President Barack Obama’s environmental legacy. Continue reading “Experts: Long road ahead for Trump offshore drilling order”

Bailout or bust? Alitalia divides a nation, paralyzes Rome

Italians are watching their flag carrier Alitalia go into yet another financial tailspin, and a growing number of them believe it would be better for the country if it crashed. Outraged at repeated state bailouts that have cost taxpayers more than 7 billion euros ($7.62 billion) over a decade, many Italians are taking to social media to urge the government to resist the political temptation to rush to its rescue again. Continue reading “Bailout or bust? Alitalia divides a nation, paralyzes Rome”

China April manufacturing growth slows faster than expected

Growth in China’s manufacturing sector slowed faster than expected in April, an official survey showed on Sunday, as producer price inflation cooled and policymakers’ efforts to reduce financial risks in the economy weighed on demand. The National Bureau of Statistics’ official Purchasing Managers’ Index (PMI) fell to a six-month low of 51.2 in April from March’s near five-year high of 51.8. Continue reading “China April manufacturing growth slows faster than expected”

Turkish authorities block Wikipedia without giving reason

Turkey has blocked all access inside the country to the online encyclopaedia Wikipedia. Officials said “an administrative measure” had been taken, but gave no reason why. Turkish media said authorities had asked Wikipedia to remove content by writers “supporting terror”. Turkey has “temporarily blocked” social media sites including Facebook and Twitter in the past, usually following protests or terror attacks. Continue reading “Turkish authorities block Wikipedia without giving reason”

UK economy grows by 0.3% as service sector slows

The UK economy grew by just 0.3% at the start of the year, the slowest growth rate since the first three months of 2016, according to official figures. The Office for National Statistics said that the slower pace in the January-to-March period was due mainly to the service sector, which sank to 0.3% growth against 0.8% at the end of 2016. Continue reading “UK economy grows by 0.3% as service sector slows”

Facebook and Google confirmed as victims of $100M phishing scam

Last month, the Department of Justice charged a Lithuanian man for fraud, aggravated identity theft, and money laundering after documents revealed he scammed two major tech companies for over $100 million by masquerading as a Taiwanese electronics manufacturer. A Fortune report this week identified those two affected companies as Facebook and Google. Continue reading “Facebook and Google confirmed as victims of $100M phishing scam”

U.S. economic growth slower than France, ‘terrible’: BlackRock’s Fink

BlackRock Inc Chief Executive Officer Larry Fink on Friday sounded another warning on the U.S. economy after the government reported anemic growth in the first quarter. “We’re actually decelerating,” Fink, whose firm is the world’s biggest asset manager, said during a talk at the Morningstar Investment Conference in Chicago. Continue reading “U.S. economic growth slower than France, ‘terrible’: BlackRock’s Fink”

Trump complains Saudis not paying fair share for U.S. Defense

President Donald Trump complained that U.S. ally Saudi Arabia was not treating the United States fairly and Washington was losing a “tremendous amount of money” defending the kingdom. In an interview with Reuters, Trump confirmed his administration was in talks about possible visits to Saudi Arabia and Israel in the second half of May. Continue reading “Trump complains Saudis not paying fair share for U.S. Defense”

Trump fears ‘major, major conflict’ with North Korea

US President Donald Trump has said he would like to solve the North Korea crisis diplomatically, but that a “major, major conflict” is possible. China’s foreign minister called for negotiation and dialogue. The UN Security Council is meeting to discuss North Korea on Friday and will consider further measures to counter its nuclear and missile programmes. Continue reading “Trump fears ‘major, major conflict’ with North Korea”

US budget: Shutdown averted by Congress bill

The US Congress has passed a stop-gap spending bill to keep the government running an extra week. It will now go to the White House for the president’s signature, and will buy Congress time to reach a deal to fund the government until September. It came just hours before a funding deadline expired, threatening a second government shutdown in four years. Continue reading “US budget: Shutdown averted by Congress bill”

Paul Ryan Under Fire as Health Care Is Delayed Again

Speaker of the House Paul Ryan’s (R-WI) leadership was called into question by new voices Thursday night as hopes expire of passing a bill to repeal and replace Obamacare before President Donald Trump’s first 100 days end on Saturday. At a meeting on the Hill late Thursday night, the speaker and his House Republican leadership team decided to further delay the vote. Continue reading “Paul Ryan Under Fire as Health Care Is Delayed Again”

Trump says ‘major, major’ conflict with North Korea possible, but seeks diplomacy

U.S. President Donald Trump said on Thursday a major conflict with North Korea is possible in the standoff over its nuclear and missile programs, but he would prefer a diplomatic outcome to the dispute. “There is a chance that we could end up having a major, major conflict with North Korea. Absolutely,” Trump told Reuters in an Oval Office interview ahead of his 100th day in office on Saturday. Continue reading “Trump says ‘major, major’ conflict with North Korea possible, but seeks diplomacy”

FLIP FLOP Trump now loves Wall Street

Donald Trump used to hate Wall Street. Not anymore. On the campaign trail, he slammed Wall Street for “getting away with murder.” He vowed to break up the big banks and force the finance guys to pay higher taxes. His final campaign ad showed ominous photos of the New York Stock Exchange and the CEO of Goldman Sachs and proclaimed it was time to put an end to the political and business elites that have “bled our country dry.” Continue reading “FLIP FLOP Trump now loves Wall Street”

Flip FLOP In Trump’s White House, policy can be shaped by the last CEO he met

“He finds himself changing his mind based on who he is talking with rather than a deep independent [policy] analysis,” says GW professor Michael Cohen. Just a day before Trump announced he would revive the Export-Import Bank he met with former Boeing CEO Jim McNerney, who supported the bank. Continue reading “Flip FLOP In Trump’s White House, policy can be shaped by the last CEO he met”

The market is now a ‘binary bet on Trump and nothing else,’ claims macro trader

Some strategists have argued that the market has gone higher in part because investors are hoping for a lot from the Trump administration – corporate tax cuts, infrastructure spending and leaning away from protectionist ideals that could derail international trade relations. Continue reading “The market is now a ‘binary bet on Trump and nothing else,’ claims macro trader”

Trump’s tax plan alone won’t get him the 3% economic growth he hopes for, Mohamed El-Erian warns

“You need more,” the Allianz chief economic advisor argues, citing infrastructure spending and the need to boost productivity. The White House has not released enough details of President Trump’s tax plan to make a full economic forecast, El-Erian says. “I think we’re going to see the details in the next few weeks,” he predicts. Continue reading “Trump’s tax plan alone won’t get him the 3% economic growth he hopes for, Mohamed El-Erian warns”

U.S. trade deficit widens in March

An early look at U.S. trade patterns in March shows a 1.4% widening in the nation’s trade deficit. The trade gap in goods—services are excluded—widened to $64.8 billion in March from $63.9 billion in February, the government said Thursday in its advanced report. This widening of the deficit only partially reversed a sharp narrowing in February. Continue reading “U.S. trade deficit widens in March”

Vince joins Sears in flagging ‘substantial doubt’ it can stay in business

Shares of luxury fashion brand Vince tumbled as much as 40 percent Friday, after the company said it has “substantial doubt” about its ability to continue as a going concern for the next 12 months. Its warning comes roughly one month after struggling department store Sears made the same statement in its annual filing with the Securities and Exchange Commission. Continue reading “Vince joins Sears in flagging ‘substantial doubt’ it can stay in business”

George Soros ‘Has Ruined the Lives of Millions of Europeans’ Says Hungarian Prime Minister

Hungarian Prime Minister Viktor Orbán delivered a stinging speech in the European Parliament Wednesday, asserting Hungary’s right to self-governance and defending its actions regarding immigration and against American financial speculator George Soros. Continue reading “George Soros ‘Has Ruined the Lives of Millions of Europeans’ Says Hungarian Prime Minister”

Hill Republicans think Trump’s tax plan: ‘Not even close’ to reform

Despite a positive public front, congressional Republicans are quietly voicing frustration that President Donald Trump’s big tax announcement Wednesday emanated from a disjointed process — and lacked crucial components necessary in the push to secure the first major tax reform in more than 30 years. Continue reading “Hill Republicans think Trump’s tax plan: ‘Not even close’ to reform”

Commerce Secretary Ross to announce plan to probe imported aluminum: Source

Commerce Secretary Wilbur Ross will unveil a new investigation into imported aluminum, as it relates to U.S. national security. President Donald Trump signed a similar directive last week regarding foreign-made steel. Commerce Secretary Wilbur Ross is expected to announce a new probe into imported aluminum, a senior administration official told CNBC. Continue reading “Commerce Secretary Ross to announce plan to probe imported aluminum: Source”

Poll: Huge Shift in Sweden as Majority Now Want Fewer Asylum Seekers

The mood on migration in Sweden appears to have shifted dramatically this year, with a majority of people now saying they want the Nordic nation to take in fewer asylum seekers. The most recent survey, conducted in autumn and winter, found that 52 per cent of respondents said Sweden should slow the migrant flow, with only 26 per cent opposed to the idea. Continue reading “Poll: Huge Shift in Sweden as Majority Now Want Fewer Asylum Seekers”

Julian Assange: The CIA Director Is Waging War on Truth-Tellers Like WikiLeaks

Writing at the Washington Post, WikiLeaks editor Julian Assange argues the CIA is declaring war on free speech by targeting WikiLeaks in retaliation for the exposure of embarrassing information included in the organization’s Vault 7 data dump on the CIA: Mike Pompeo, in his first speech as director of the CIA, chose to declare war on free speech rather than on the United States’ actual adversaries. Continue reading “Julian Assange: The CIA Director Is Waging War on Truth-Tellers Like WikiLeaks”

Surging gasoline stockpiles undercut bullish drop in US crude inventories

U.S. gasoline stockpiles surged by 3.4 million barrels last week. Refiners increased activity despite relatively weak gasoline demand. Analysts worry refiners are teeing up a fuel glut and sabotaging the gasoline market. Oil prices rallied on Wednesday after the U.S. government reported a bigger-than-expected drop in crude stockpiles, but there’s trouble brewing elsewhere in the energy complex. Continue reading “Surging gasoline stockpiles undercut bullish drop in US crude inventories”

Trump’s 15% corporate tax rate could cost the government $2 trillion

If President Donald Trump does propose slashing the U.S. corporate tax rate to 15%, as reports have suggested, one estimate is that it could cost the government some $2 trillion in lost revenue. Trump is preparing to roll out what he’s called a “big tax reform and tax reduction” package on Wednesday, and one of the details that has leaked out is cutting the corporate rate to 15% from 35%. Continue reading “Trump’s 15% corporate tax rate could cost the government $2 trillion”

Trump’s tax cut plan only pays for itself with growth in ‘fairyland’

President Trump wants Congress to slash corporate taxes. The administration insists the cuts will “pay for themselves” with faster economic growth. Critics say that math only works in “fairyland.” President Donald Trump’s call to slash business tax rates will no doubt win wide support in American corporate boardrooms. Continue reading “Trump’s tax cut plan only pays for itself with growth in ‘fairyland’”

U.S. Steel suffers biggest stock plunge in its 26-year public history

Shares of U.S. Steel Corp. plunged 25% in morning trade Wednesday, putting them on course to suffer the biggest one-day selloff since they went public in April 1991, after the steelmaker reported a surprise quarterly loss. The previous biggest one-day drop was 18% on Oct. 15, 2008. Continue reading “U.S. Steel suffers biggest stock plunge in its 26-year public history”

Millennials at risk for loan defaults in next 12 months: UBS

Millennials face the greatest risk among all U.S. age groups on defaulting on their loans, especially on what they borrow for schools and cars in the next 12 months, UBS analysts said on Wednesday. Millennials, people who are 21 to 34 years old, hold $1.1 trillion of $3.6 trillion in U.S. consumer debt outstanding. Continue reading “Millennials at risk for loan defaults in next 12 months: UBS”

Trump says was ‘psyched to terminate NAFTA’ but Flip floped

President Donald Trump told Reuters on Thursday that he was “psyched” to terminate the NAFTA trade deal with Canada and Mexico, but changed his mind after their leaders asked for it to be renegotiated instead. Trump said in an interview with Reuters that he will not hesitate to change course again and pull the plug on the North American Free Trade Agreement if the negotiations become “unserious.” Continue reading “Trump says was ‘psyched to terminate NAFTA’ but Flip floped”

The last time companies got a break on overseas profits, it didn’t work out well

Congress in 2004 approved a repatriation tax holiday that brought back $312 billion in overseas profits. Most of the money was used not for economic growth but to give cash back to shareholders. The Trump administration wants to give companies a break on profits earned overseas and brought back to the United States — a program that’s been tried before to little effect. Continue reading “The last time companies got a break on overseas profits, it didn’t work out well”

North Korea tensions: US ready to ‘bring Kim Jong-un to his senses’

The top US commander in the Pacific has said an advanced missile defence system in South Korea aims to bring the North Korean leader Kim Jong-un “to his senses, not to his knees”. Adm Harry Harris said the US would be ready “with the best technology” to defeat any missile threat. The White House has taken the rare step of calling senators to a classified briefing on North Korea. Continue reading “North Korea tensions: US ready to ‘bring Kim Jong-un to his senses’”

Trump ‘backs down’ in new short-term spending bill

US lawmakers have reached a deal to avert a federal government shutdown after the White House backed off a threat to withhold Obamacare subsidies. The stop-gap bill announced late on Wednesday allows Congress an extra week to reach a final deal to fund the government through September. Congress had until Friday to negotiate a bill to keep the government running. Continue reading “Trump ‘backs down’ in new short-term spending bill”

Massive Trump tax cuts face big hurdles as debt mounts

President Donald Trump is proposing tax cuts for individuals and businesses even as Washington struggles with mounting debt and the populist president tries to make good on promises to bring jobs and prosperity to the middle class. Trump is scheduled Wednesday to unveil the broad outlines of a tax overhaul that would provide massive tax cuts to businesses big and small. Continue reading “Massive Trump tax cuts face big hurdles as debt mounts”

Cars are sitting on the lot longer, even as dealers sweeten their offers

If your local auto dealer is starting to look a little worried, there’s a good reason. New analysis by J.D. Power and LMC Automotive shows it’s taking longer for dealers to sell new vehicles. That’s despite them substantially ramping up incentives meant to sweeten their offer. Continue reading “Cars are sitting on the lot longer, even as dealers sweeten their offers”

Bank of America just said there’s ‘material risk’ to the long-term viability of Tesla

Bank of America Merrill Lynch cut its price forecast on Tesla shares on Tuesday, saying the electric car maker’s “long-term viability” was at risk because of the acquisition of SolarCity. The investment firm now believes the stock will be nearly cut in half over the next 12 months because “positive earnings and cash flow [are] now even more elusive” in light of the combination. Continue reading “Bank of America just said there’s ‘material risk’ to the long-term viability of Tesla”

The oil market has one big problem: People aren’t buying enough gas

Traders are growing worried the demand for gasoline is not there to keep crude prices above $50 a barrel. “As gas prices drop, that creates an undertow for the entire crude oil market,” said one analyst. Gasoline station operators have reported that their sales are down 1.5 to 2 percent this year, according to Lipow Oil Associates. Continue reading “The oil market has one big problem: People aren’t buying enough gas”

Italy situation is bigger elephant in room than French and German elections: UBS chairman

Italy and Greece are the key problems facing the euro zone despite much focus being on the continent’s busy election schedule this year, according to Axel Weber, the chairman of Swiss bank UBS. The sustainability of public finances has not yet been achieved in Greece, warned Weber, speaking to CNBC from the IMF’s (International Monetary Fund) annual Spring meeting in Washington, D.C. on Saturday. Continue reading “Italy situation is bigger elephant in room than French and German elections: UBS chairman”

Not everyone is so sure the French election polls spell good news for stocks

The poll estimates for the French presidential election allow the markets to get some renewed confidence, Chase Chief Economist Anthony Chan said Monday. Macron and Le Pen will face off again on May 7. The Dow Jones industrial average opened up more than 200 points, while the S&P 500 and Nasdaq composite opened up 1 percent. Continue reading “Not everyone is so sure the French election polls spell good news for stocks”

Dow closes up more than 200 points as French vote triggers relief rally

U.S. stocks rallied to finish higher Monday, with major indexes advancing more than 1% and the tech-heavy Nasdaq scoring a record high close following a strong showing by centrist Emmanuel Macron in the French presidential election, which averted fears of a euroskeptic-only runoff. Continue reading “Dow closes up more than 200 points as French vote triggers relief rally”

U.S. to slap 20% tariff on Canadian softwood lumber imports

The Trump administration is taking retaliatory action against Canada over a trade dispute, moving to impose a 20% tariff on softwood lumber that is typically used to build single-family homes. In an interview Monday, Commerce Secretary Wilbur Ross said the tariff will be applied retroactively and imposed on Canadian exports to the U.S. of about $5 billion a year. Continue reading “U.S. to slap 20% tariff on Canadian softwood lumber imports”

20,000 Union Members, Retirees at Risk of Losing Pension Benefits

Five union pension plans are heading toward bankruptcy in the next 20 years if the federal government does not approve benefit cuts to retirees. In March, four unions filed applications with the U.S. Treasury Department requesting relief under a program established by the Obama administration that allows multi-employer pension plans to cut benefits in order to sustain the long-term health of the plan. Continue reading “20,000 Union Members, Retirees at Risk of Losing Pension Benefits”

Delays dog ‘shovel ready’ projects in Trump’s infrastructure plan

U.S. President Donald Trump reassured manufacturers gathered in the White House Roosevelt room on March 31 that a massive infrastructure program was coming soon. “We’re going to make it happen” this year, he said, according to Drew Greenblatt, the president of Marlin Steel in Baltimore, who was present. Continue reading “Delays dog ‘shovel ready’ projects in Trump’s infrastructure plan”

Stores are closing at an epic pace

This week it was Bebe. Last month it was Staples. In February it was JCPenney. Stores are closing at an epic pace. In fact, the retail industry could suffer far more store closures this year than ever. Brokerage firm Credit Suisse said in a research report released earlier this month that it’s possible more than 8,600 brick-and-mortar stores will close their doors in 2017. Continue reading “Stores are closing at an epic pace”

‘More terror attacks will bring civil war’ warns Marine Le Pen:

Far-right candidate’s ratings are boosted ahead of Sunday’s presidential election in wake of Paris gun attack which killed a policeman. Marine Le Pen’s campaign co-ordinator has claimed that France could break into civil war, if the nation continues to be hit with terror attacks. Continue reading “‘More terror attacks will bring civil war’ warns Marine Le Pen:”

IMF grapples with its role in Greek debt crisis

As the International Monetary Fund approaches the seventh anniversary of the contentious Greek bailout, it is torn over whether to commit new loans to a nearly bankrupt Greece. For more than a year, I.M.F. officials have been saying — loudly — that they cannot participate in a new rescue package for Greece unless Europe agrees to ease Greece’s onerous debt burden. Continue reading “IMF grapples with its role in Greek debt crisis”

Report: Iran Violating Nuclear Deal with Secret Development Near ‘Off-Limits’ Parchin Site

On Friday, members of the National Council of Resistance of Iran (NCRI) presented satellite imagery and intelligence, said to be provided by informants working covertly inside the Iranian military, that indicates the Iranian regime is far from complying with the terms of the nuclear deal. Continue reading “Report: Iran Violating Nuclear Deal with Secret Development Near ‘Off-Limits’ Parchin Site”

Scams push foreclosure fraud to limit, taking victims’ homes

Around the U.S., deed theft has emerged as one of the most sophisticated and devastating frauds ever to menace homeowners. Foreclosure “rescue” scams that have stolen thousands of dollars from individual homeowners in the years since the housing collapse have been pushed by savvy perpetrators to their limit. Continue reading “Scams push foreclosure fraud to limit, taking victims’ homes”

Saudi Arabia’s King Salman reverses public sector pay cuts

Saudi Arabia’s King Salman has reinstated bonuses and special allowances for civil servants and military personnel that had been cut last September as part of austerity measures when oil revenues were low. The king fired his civil service minister and put him under investigation for abuse of office. Continue reading “Saudi Arabia’s King Salman reverses public sector pay cuts”

Robots are now delivering food in San Francisco

Residents in San Francisco now have a new option when ordering falafel or a kabab: Robot delivery. Marble is a 20 person start-up in San Francisco that is building and deploying a handful of robots in a partnership with Yelp. Customers place an order using Yelp’s Eat24 app, which then allows them to opt-in for robot delivery right to their doorstep. Continue reading “Robots are now delivering food in San Francisco”

Oil dives, sending U.S. crude below $50 for first time in two weeks

Oil prices tumbled more than 2 percent on Friday, notching the biggest weekly decline in more than a month on mounting evidence that U.S. production and inventory growth were offsetting OPEC’s attempts to reduce the global crude glut. For the week, Brent fell 7 percent, while U.S. crude lost 6.7 percent. Continue reading “Oil dives, sending U.S. crude below $50 for first time in two weeks”

Paris attack could strengthen Le Pen heading into Sunday vote

An attack in central Paris, claimed by militant group Islamic State, could bolster Marine Le Pen’s odds in the first round of France’s presidential election. Thursday’s assault, which left one police offer dead, was the latest in a string of incidents related to the Islamic State (also known as ISIS) and will likely reinforce security as the dominant theme on voters’ minds before polls open on Sunday. Continue reading “Paris attack could strengthen Le Pen heading into Sunday vote”

Fed’s Fischer warns that Trump’s changes to bank reforms could be ‘very dangerous’

Fed Vice Chairman Stanley Fischer believes changes that President Donald Trump is exploring on bank regulations could pose a serious threat to the financial system. Speaking as Trump is directing officials to look at alterations to post-financial crisis reforms to the system, the central bank official expressed a high level of caution. Continue reading “Fed’s Fischer warns that Trump’s changes to bank reforms could be ‘very dangerous’”

President Trump Wants Both Healthcare and Government Funding Passed Next Week

President Donald Trump, posed the question whether he would choose to pass healthcare reform or government funding through Congress next week, said he wants both. “We’re doing very well on healthcare. We’ll see what happens. But this is a great bill. There’s a great plan. And this will be great healthcare,” Trump told a room full of reporters at a joint press conference with the President and Italian Prime Minister Paolo Gentiloni. Continue reading “President Trump Wants Both Healthcare and Government Funding Passed Next Week”

Trump: I Will Release Plan With ‘Massive’ Tax Cuts Next Week

President Donald Trump told the Associated Press on Friday that he will release a tax reform package next week that will include “massive” tax cuts for businesses and individuals. Trump did not get into details, but he did say the cuts in his plan would likely be the biggest ever, according to the AP. Continue reading “Trump: I Will Release Plan With ‘Massive’ Tax Cuts Next Week”

Trump’s budget chief says money for border wall a must

Money for the wall President Donald Trump wants to build along the U.S. border with Mexico must be part of the massive spending bill Congress is preparing, the White House budget director says. Additional funding also must be included to hire more immigration agents, Mick Mulvaney told The Associated Press in an interview in which he laid out the top priorities of the president. Continue reading “Trump’s budget chief says money for border wall a must”

Harley Davidson will shift production, lay off 118 Pennsylvania workers

Motorcycle maker Harley-Davidson Inc said on Thursday it will lay off 118 workers at its York, Pennsylvania, plant and shift employment to Kansas City, Missouri. The company said it told employees in November 2015 of plans to shift production of Harley-Davidson Cruisers from the Pennsylvania plant to Kansas City starting in the 2018 model year. Continue reading “Harley Davidson will shift production, lay off 118 Pennsylvania workers”

Saudi Arabia, Kuwait signal likely extension of oil output cut

Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal on Thursday that OPEC plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude. Consensus is growing among oil producers that a supply restraint pact that started in January should be prolonged after its initial six-month term, Saudi Energy Minister Khalid al-Falih said. Continue reading “Saudi Arabia, Kuwait signal likely extension of oil output cut”

Trump administration talks tougher on Iran but sticks with deal — for now

The Trump administration ratcheted up the rhetoric on Iran Wednesday, declaring the international deal to restrain Tehran’s nuclear program had failed and that Iran continues to be “the world’s leading sponsor of terrorism.” The nuclear deal forged by the Obama administration and allies “completely ignored all of the other serious threats that Iran poses,” Secretary of State Rex Tillerson said from the department’s ornate Treaty Room. Continue reading “Trump administration talks tougher on Iran but sticks with deal — for now”

US sends its nuclear ‘sniffer’ plane on ’emergency sortie’ in Korea amid fears of new nuke test by Kim Jong-un

A US nuclear ‘sniffer’ plane was sent out to the Korean Peninsula amid fears Kim Jong-un may have detonated a nuclear device. The special purpose aircraft made an emergency sortie over the East Sea, according to reports. A government source told Yonhap news: ‘The WC-135 Constant Phoenix, a special-purpose U.S. plane, made an emergency sortie today over the East Sea.’ Continue reading “US sends its nuclear ‘sniffer’ plane on ’emergency sortie’ in Korea amid fears of new nuke test by Kim Jong-un”

Trump tax plan to rely on future U.S. growth to fund cuts: officials

U.S. President Donald Trump’s tax reform plan will rely largely on future revenue gains from faster economic growth to justify major tax cuts, top Trump advisers said on Thursday. As Trump’s first 100 days in office draw to a close, the disclosure is the latest sign that the White House could part ways with congressional Republicans who want to pay for tax cuts by taxing imports and eliminating a business tax deduction for debt interest payments. Continue reading “Trump tax plan to rely on future U.S. growth to fund cuts: officials”

Cincinnati Sues Seller of Foreclosed Homes, Claiming Predatory Acts

In recent years, private investment firms sold foreclosed homes on high-interest installment contracts to poor Cincinnati residents who could not get traditional bank mortgages. Now, the city is cracking down, calling those who offer such deals ”predatory” actors targeting the ”unsuspecting and vulnerable.” Continue reading “Cincinnati Sues Seller of Foreclosed Homes, Claiming Predatory Acts”

World’s top rig builder Keppel says no rescue in sight for offshore oil services

Singapore’s Keppel Corporation, the world’s largest offshore rig builder, said it expects an extended slowdown in the offshore sector even though oil prices have recovered from their historically low levels a year ago. “This is due to, among other factors, the oversupply of rigs and support vessels. Continue reading “World’s top rig builder Keppel says no rescue in sight for offshore oil services”

IMF’s Lagarde: Far-right win in France would cause ‘major disorder’

A strong showing by far-right candidate Marine Le Pen in Sunday’s French presidential election would cause major problems, the head of the International Monetary Fund said Thursday. “It would certainly unveil major disorder and the risk of dislocation,” IMF Managing Director Christine Lagarde told CNBC during an interview at this week’s meeting of the foundation and the World Bank in Washington. Continue reading “IMF’s Lagarde: Far-right win in France would cause ‘major disorder’”

Nobody Works in One in Five U.S. Families

No family member was employed in 16,069,000 U.S. families in 2016, or 19.6 percent of families, according to newly released data from the Bureau of Labor Statistics. The number of families with nobody employed increased by roughly 19,000 from 2015 to 2016, although the percentage slightly declined from 19.7 percent to 19.6 percent. Continue reading “Nobody Works in One in Five U.S. Families”

Le Pen Vows to Stamp out ‘Poison’ of Islamism in Final Rally Before French Election

Right-wing presidential candidate Marine Le Pen vowed to end the fear of terrorism in France and stamp out the “poison” of Islamic radicals, holding her final rally in the southern port city of Marseille, where police arrested two men a day earlier on suspicion of plotting an attack around this weekend’s vote. Continue reading “Le Pen Vows to Stamp out ‘Poison’ of Islamism in Final Rally Before French Election”

Paris police say officer and attacker shot, killed

Paris police say a gunman has killed a police officer and wounded another before being killed himself in an attack on the Champs-Elysees shopping district. Paris police spokeswoman Johanna Primevert told The Associated Press that the attacker targeted police guarding the area near the Franklin Roosevelt subway station Thursday night at the center of the avenue popular with tourists. Continue reading “Paris police say officer and attacker shot, killed”

Bill O’Reilly out at Fox News Channel after 20 years

Bill O’Reilly has lost his job at Fox News Channel following reports that five women had been paid millions of dollars to keep quiet about harassment allegations. 21st Century Fox issued a statement Wednesday that “after a thorough and careful review of the allegations, the company and Bill O’Reilly have agreed that Bill O’Reilly will not be returning to the Fox News Channel.” Continue reading “Bill O’Reilly out at Fox News Channel after 20 years”

Goldman Sachs sees tax reform pushed to next year as GOP health bill creates setbacks

Goldman Sachs said Wednesday that it doesn’t expect tax reform until the first quarter of next year as Republicans continue efforts to pass health-care legislation. In a note to clients, the investment bank said GOP leaders appear intent on trying to pass a repeal and replacement of Obamacare. Continue reading “Goldman Sachs sees tax reform pushed to next year as GOP health bill creates setbacks”

Exxon Mobil has reportedly applied for a waiver to work in Russia

Exxon Mobil, the company once ran by Secretary of State Rex Tillerson, is seeking a waiver from U.S. sanctions on Russia, The Wall Street Journal reported Wednesday. The U.S. oil and gas corporation has applied to the Treasury Department to be exempt in a bid to resume its joint venture with the Russia oil giant PAO Rosneft in the Black Sea, the Journal reported, citing people familiar with the matter. Continue reading “Exxon Mobil has reportedly applied for a waiver to work in Russia”

ConocoPhillips considers expansion of Australian gas-export operation

ConocoPhillips has launched a study to determine if there is a business case for a multibillion-dollar expansion of its gas-export operation in Australia’s far north. Backed by companies with undeveloped natural-gas resources in the region, the U.S. energy giant said it will consider whether development costs that had led to budget blowouts and delays at rival liquefied-natural-gas projects around the country in recent years had fallen. Continue reading “ConocoPhillips considers expansion of Australian gas-export operation”

Buffett taking megamillion-dollar beating on IBM

Nobody is taking a bigger beating on the slide in IBM shares than Warren Buffett. The billionaire Oracle of Omaha is the largest shareholder — through his Berkshire Hathaway — of the information technology behemoth, whose stock has been sliding since it recorded its 20th-straight quarterly revenue decline after the closing bell Tuesday. Continue reading “Buffett taking megamillion-dollar beating on IBM”

A record number of market pros believes stocks are too expensive

Some 83 percent of fund managers believe U.S. stocks are overvalued, according to the Bank of America Merrill Lynch monthly fund manager survey. Allocations are shifting, with big moves to emerging markets and Europe. However, many pros think stocks are still cheap when compared to bonds. Continue reading “A record number of market pros believes stocks are too expensive”

In Gun-Controlled Venezuela, Dictator Promises Gun to Each Socialist Militant

Venezuelan dictator Nicolas Maduro is giving guns to upwards of 400,000 of his supporters in hopes of squashing opponents’ demands for free and fair elections. The guns would increase the 100,000 pro-Maduro militia members to roughly half a million in the short term, though Maduro spoke of “one million” militiamen in the long term. Continue reading “In Gun-Controlled Venezuela, Dictator Promises Gun to Each Socialist Militant”

U.S. economy shows only modest signs of inflation pressures: Fed

The U.S. economy expanded at a modest-to-moderate pace between mid-February and the end of March, but inflation pressures remained in check despite more difficulties in attracting and retaining workers, the Federal Reserve said on Wednesday. “On balance, prices rose modestly,” the U.S. central bank said in its periodic gauge of the health of the economy derived from surveying business contacts nationwide. Continue reading “U.S. economy shows only modest signs of inflation pressures: Fed”

Sec of State Tillerson warns ‘unchecked Iran’ could follow path of North Korea

Secretary of State Rex Tillerson said Wednesday the United States will conduct a “comprehensive review” of its policy toward Iran, warning that leaving the country “unchecked” could increase threats around the world. “The Trump administration is currently conducting across the entire government a review of our Iran policy … an unchecked Iran has the potential to follow the same path as North Korea and take the world along with it. Continue reading “Sec of State Tillerson warns ‘unchecked Iran’ could follow path of North Korea”

MS-13 gang one of the world’s most brutal street gangs

A string of brutal murders in the US has thrown a national spotlight on MS-13, a street gang that was born in LA but has roots in El Salvador. The latest was a mass murder on Monday on Long Island, where the bodies of four males, including three teenagers, were found mangled in the woods, according to police. Continue reading “MS-13 gang one of the world’s most brutal street gangs”

Scammers Using DHS Phone Line to Steal Personal Information

Scammers posing as government agents are using a Department of Homeland Security phone line to steal personal information from Americans across the United States, the agency announced in a fraud alert released Wednesday. The perpetrators alter caller ID systems to make it seem as though the call is coming from the DHS Office of Inspector General hotline. Continue reading “Scammers Using DHS Phone Line to Steal Personal Information”

1,200 InterContinental hotels were breached by credit card stealing malware

InterContinental Hotels Group said earlier this year that about a dozen of its hotels had been infected with credit-card stealing malware — it turns out, the number was around 100 times that. The hotel group, which operates Holiday Inn, Kimpton, and several other brands, has now released details on the broader scope of the security breach. Continue reading “1,200 InterContinental hotels were breached by credit card stealing malware”

Thousands of Massachusetts drug cases to be dismissed after lab scandal

Close to 20,000 Massachusetts criminal drug cases are set to be dismissed because of a scandal involving a former state chemist who admitted faking tests, civil liberties activists and prosecutors said on Tuesday. It will mean the largest number of drug cases tossed out in U.S. history due to one person, according to the American Civil Liberties Union. Rogue chemist Annie Dookhan pleaded guilty in 2013 to tampering with evidence during her nine years working at a state crime lab in Boston. Continue reading “Thousands of Massachusetts drug cases to be dismissed after lab scandal”

Meltdown of Houston Auto Sales Has Eerie Financial Crisis Look

New car and truck sales by franchised dealers in the Houston area plunged 22.6% in March from a year ago, to 20,934 new vehicles, with sales of cars down 30.7% and sales of trucks and SUVs down 17.7%. This is the type of plunge Houston went through during the Financial Crisis. By comparison, in the US overall, new vehicle sales declined 1.6% in March, despite record incentives that desperate automakers threw at the market. Continue reading “Meltdown of Houston Auto Sales Has Eerie Financial Crisis Look”

Pence: US won’t rest until N. Korea gives up nuclear weapons

The U.S. will not relent until it achieves its objective of ensuring the Korean Peninsula is free of nuclear weapons, Vice President Mike Pence said Tuesday while visiting Japan. After meetings with Prime Minister Shinzo Abe and other leaders, Pence told reporters that President Donald Trump was confident that economic and diplomatic pressure has a chance of compelling North Korea to cooperate. Continue reading “Pence: US won’t rest until N. Korea gives up nuclear weapons”

Trump congratulates Erdogan for referendum win

US President Donald Trump has become the first Western leader to congratulate Turkish President Recep Tayyip Erdogan for winning a controversial referendum that grants him far-reaching, largely unchecked powers. Trump called the Turkish leader on Monday shortly after international monitors delivered a harsh verdict on the referendum on constitutional changes. Continue reading “Trump congratulates Erdogan for referendum win”

Manufacturing output down in March for first time in seven months

Manufacturing output lost momentum in March, dragged down by weakness in the auto sector, according to Federal Reserve data released Tuesday. Factory output fell 0.4%, the first decline since last August, and the drag would have lowered overall March industrial production if it wasn’t for utilities output. A steep 3% decline in the production of autos and auto parts accounted for the drop in manufacturing. Continue reading “Manufacturing output down in March for first time in seven months”

US Auto Industry Factory Production Falls Most Since August

Output at U.S. auto manufacturers fell unexpectedly in March by the most since August of last year, according to Federal Reserve data that was released on Tuesday. According to the data, the decline in output stems from a slow recovery at factories, as production only rose 0.8 percent last month from a year earlier. Factory production declined 0.4 percent, despite a 0.3 percent rise in February. Continue reading “US Auto Industry Factory Production Falls Most Since August”

McDonald’s gets ahead of the burger competition with mobile order and pay

As more customers shift to mobile-order-and-pay platforms, McDonald’s Corp. is expected to reap rewards when it rolls out the system across its 14,000 U.S. restaurants in the fourth quarter, according to Wells Fargo. Analysts upgraded McDonald’s shares to outperform from market perform in a Monday note, and raised the fast-food giant’s valuation range to $145 to $150 from $125 to $130. McDonald’s shares are up 0.5% in Monday trading. Continue reading “McDonald’s gets ahead of the burger competition with mobile order and pay”

Struggling Steel Workers in France’s Rust Belt Turn to Populist Le Pen

Two things now grow around the rusting carcasses of the last blast furnaces in this French steel town: weeds, and votes for populist Marine Le Pen. For months, labor leader Walter Broccoli fought to keep the fires burning, fearing that failure could drive enraged workers into the arms of Le Pen and her virulently nationalistic politics. He never imagined his own son would become part of the stampede. Continue reading “Struggling Steel Workers in France’s Rust Belt Turn to Populist Le Pen”

South Korea’s Daewoo Shipbuilding unlocks $2.6 billion bailout after bondholder approval

South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world’s biggest shipbuilder. Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and three on Monday, with attendance exceeding 78 percent. Continue reading “South Korea’s Daewoo Shipbuilding unlocks $2.6 billion bailout after bondholder approval”

Goldman stuns Wall Street with weak trading

Goldman Sachs Group Inc fell short of earnings expectations on Tuesday due to a drop in quarterly trading revenue, prompting analysts to demand explanations for underperformance in an area where the bank usually outshines rivals. Newly appointed finance chief R. Martin Chavez said Goldman’s clients traded less with the bank because markets were calmer and because it does not lend as much as competitors. Continue reading “Goldman stuns Wall Street with weak trading”

US housing starts total 1.215M in March vs. 1.25M starts expected

U.S. homebuilding fell in March as the construction of single-family homes in the Midwest recorded its biggest decline in three years, likely reflecting bad weather. Housing starts declined 6.8 percent to a seasonally adjusted annual rate of 1.22 million units, the Commerce Department said on Tuesday. February’s starts were revised up to a 1.30 million-unit pace from the previously reported 1.29 million-rate. Economists polled by Reuters had forecast groundbreaking activity falling to a 1.25 million-unit pace last month. Homebuilding was up 9.2 percent compared to March 2016. Construction in February was boosted by unseasonably warm temperatures. But temperatures dropped in March and a storm lashed the Northeast and Midwest regions, which could have accounted for the drop last month in homebuilding. Single-family homebuilding, which accounts for the largest share of the residential housing market, fell 6.2 percent to a 821,000 unit-pace last month. Single-family starts in the Midwest declined 35 percent, the largest drop since January 2014, to their lowest level since August 2015. ingle-family starts in the Northeast were unchanged. They rose 3.2 percent in the South, but fell 5.5 percent in the West. Last month, starts for the volatile multi-family housing segment dropped 7.9 percent to a 394,000 unit-pace. Pointing to underlying strength in the housing market, building permits increased 3.6 percent, driven by a 13.8 percent surge in the multi-family segment. While single-family permits fell 1.1 percent, they were not too far from the more than nine-year high reached in February. A tightening labor market, which is generating steady wage growth is underpinning the housing market. The sector, however, remains constrained by a dearth of properties available for sale. Builders have, however, failed to bridge the gap, citing a range of problems including shortages of labor and land as well as rising material prices. A survey on Monday showed homebuilders confidence slipped in April from a near 12-year high in March. Still, measures of current sales and sales expectations remained at lofty levels.

Japan government fund, bank mull bid with Broadcom for Toshiba chip unit: media

A Japanese government-backed fund and policy bank are considering a joint bid with Broadcom Ltd for Toshiba Corp’s semiconductor business, a move that would vault the U.S. chipmaker into the lead to buy the prized unit, the Asahi newspaper said on Wednesday. Continue reading “Japan government fund, bank mull bid with Broadcom for Toshiba chip unit: media”

CalPERS cuts LA Works pensions

CalPERS board members voted yesterday to cut the pensions of about 200 former employees of a disbanded job-training agency known as LA Works, unless the four founding cities agree to make a $406,345 payment before July 1.The cities that formed the East San Gabriel Valley Human Services Consortium joint powers authority — Azusa, Covina, Glendora, and West Covina — have told CalPERS they will not pay because the pension contract is with the disbanded agency, not the cities. Continue reading “CalPERS cuts LA Works pensions”

US VP Pence says to North Korea: ‘The sword stands ready’

US Vice President Mike Pence delivers a speech before US and Japanese soldiers onboard USS Ronald Reagan at the US Naval base in Yokosuka on April 19, 2017. From the wind-swept deck of a massive aircraft carrier, Vice President Mike Pence on Wednesday warned North Korea not to test the resolve of the U.S. military, promising it would make an “overwhelming and effective” response to any use of conventional or nuclear weapons. Continue reading “US VP Pence says to North Korea: ‘The sword stands ready’”

North Korea missile launch a ‘provocation’, US defence chief says

The US has accused North Korea of trying to “provoke something”, after Pyongyang conducted a failed missile test over the weekend. US Defence Secretary James Mattis said the test was a reckless move and the US was “working closely” with China to engage North Korea. The missile fired on Sunday blew up almost immediately, the Pentagon said. Continue reading “North Korea missile launch a ‘provocation’, US defence chief says”

Living near nature linked to longer lives, says study

The trees, shrubs and plants outside your home might offer something more than just pretty scenery. A new study found that living in, or near, green areas can help women live longer and improve their mental health. Researchers from Harvard T.H. Chan School of Public Health and Brigham and Women’s Hospital examined more than 108,000 women enrolled in the Nurse’s Health Study — a nationwide investigation into risk factors for major chronic diseases in women — from 2000 to 2008. Continue reading “Living near nature linked to longer lives, says study”

Amazon is hiring 5,000 remote workers this year — but there’s a catch

Amazon recently announced it plans to add 5,000 remote customer service jobs over the next year, as part of a hiring push that will include some 25,000 additional jobs at its fulfillment centers. But before you quit your office job and set up your home work space, there’s a catch: According to Amazon’s job posting, these full-time roles pay $10 per hour, just $2.75 more than Federal minimum wage, and are temporary positions lasting a maximum of six months. Continue reading “Amazon is hiring 5,000 remote workers this year — but there’s a catch”

Boeing to lay off hundreds more engineers: source

Boeing Co warned employees on Monday it planned another round of involuntary layoffs that would affect hundreds of engineers at its commercial airplanes unit, according to a source and a memo seen by Reuters. The latest job cuts followed a prior involuntary reduction of 245 workers set for May 19 as the company responded to increasing competition and slowing aircraft sales. Continue reading “Boeing to lay off hundreds more engineers: source”

Daewoo Shipbuilding bondholders accept bailout plan after pension fund’s agreement

South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd on Monday won near unanimous approval for a debt-to-equity swap plan in the first two of five bondholder meetings, as the world’s largest shipbuilder battles to stay afloat. The votes were held hours after Daewoo’s biggest bondholder, the National Pension Service (NPS), said it had agreed to the proposal. Continue reading “Daewoo Shipbuilding bondholders accept bailout plan after pension fund’s agreement”

Harley offers rare incentives to shift bike overhang: dealers

Harley-Davidson Inc has taken the rare step of offering rebates on its 2016 motorcycles to U.S. dealers as an incentive for them to shift a backlog that has restricted sales of its latest models, three dealers and two analysts said. The unusual promotion, which the dealers expect to run until the end of April, is likely to weigh on the U.S. motorcycle maker’s margins in the first half of the year, the analysts said. Continue reading “Harley offers rare incentives to shift bike overhang: dealers”

Pence Talks Tough on North Korea, but U.S. Stops Short of Drawing Red Line

Vice President Mike Pence issued a fresh warning to North Korea on Monday not to test Americas resolve. But behind the threatening talk, the White House is taking a more calculated approach, giving the Chinese government time to show whether it is ready to use its influence to curb its erratic, nuclear-armed neighbor. The disparity between the Trump administrations blunt public statements to Pyongyang and its growing reliance on Beijing has been put in sharp relief by Mr. Pences visit to South Korea, which included a stop at the demilitarized zone that divides the Korean Peninsula. North Korea should not test the strength of the armed forces of the United States in this region, Mr. Pence declared in Seoul, the South Korean capital. Yet in Washington, the White House said President Trump would not draw any red lines with North Korea. And officials expressed hope that China was finally playing a more active role in pressuring the North a strategy that, if successful, could obviate the need for American military action. There’s a lot of economic and political pressure points that I think China can utilize, Sean Spicer, the White House press secretary, said at his daily briefing. We’ve been very encouraged with the direction in which they’re going. Mr. Spicer pointed to Chinas cutback of coal imports from North Korea as evidence of its new resolve to curb the provocative behavior of its neighbor. But the Chinese government made the decision to stop purchasing North Korean coal before President Xi Jinping of China met with Mr. Trump this month at Mar-a-Lago, his private club in Florida.

We’re getting closer to a real crisis with North Korea, retired US Army colonel says

The United States is trying hard to get China to engage in talks with North Korea, but that probably won’t happen until North Korea agrees to suspend its nuclear program, retired U.S. Army Colonel Jack Jacobs told CNBC on Monday. “We’re getting closer and closer to a real crisis and that’s because for decades we ignored the problem,” the Medal of Honor recipient said in an interview with “Closing Bell.” Continue reading “We’re getting closer to a real crisis with North Korea, retired US Army colonel says”