Comey to confirm Trump pressured him on Flynn investigation: CNN

Former FBI Director James Comey plans to confirm reports that President Donald Trump pressured him to drop an investigation into former national security adviser Michael Flynn’s ties to Russia in congressional testimony, CNN said on Wednesday, citing an unidentified source close to the issue. The Senate Intelligence Committee said on May 19 that Comey, who was fired by Trump 10 days earlier, would testify before the panel publicly at some point after Monday’s Memorial Day holiday. Continue reading “Comey to confirm Trump pressured him on Flynn investigation: CNN”

Eurozone inflation falls to lowest level this year

Official figures show that inflation across the 19-country eurozone has fallen to its lowest level this year, in a development that may temper speculation that the European Central Bank will soon consider easing up on its monetary stimulus. Eurostat, the EU’s statistics agency, said Wednesday that inflation fell to 1.4 percent in the year through May from 1.9 percent the month before. The decline was slightly sharper than anticipated, the consensus was for a fall to 1.5 percent. Continue reading “Eurozone inflation falls to lowest level this year”

Express stock drops 17% after first-quarter profit, revenue misses; disappointing 2017 guidance

Express Inc. shares dropped 17.5% in premarket trade Thursday after the company reported first-quarter profit and revenue misses. The company said it had a loss of $4.5 million, or a loss of 6 cents per share, after earnings of $12.9 million, or 16 cents per share in the year-earlier period. The FactSet adjusted earnings per share consensus was a loss of 2 cents. Revenue declined to $467.0 million from $502.9 million, compared with the FactSet consensus of 467.7 million. Continue reading “Express stock drops 17% after first-quarter profit, revenue misses; disappointing 2017 guidance”

FBI now focusing on mysterious 30-minute meeting Kushner had with Putin banker ally: report

According to a report by the New York Times, President Donald Trump’s adviser and son-in-law Jared Kushner is now under investigation by the Federal Bureau of Investigation for a meeting he had with a representative from a sanctioned Russian bank in December. Kushner’s meeting with Russian banker and Vladimir Putin ally Sergey Gorkov in December 2016 is, according to the Times, “now being scrutinized by the F.B.I. as part of its investigation into alleged Russian attempts to disrupt last year’s presidential campaign, and whether any of Mr. Trump’s advisers assisted in such efforts. Continue reading “FBI now focusing on mysterious 30-minute meeting Kushner had with Putin banker ally: report”

Flight diverted when lithium battery catches fire onboard

A lithium battery in a passenger’s backpack caught fire aboard a cross-country JetBlue flight Tuesday, causing the plane to divert to Grand Rapids, Michigan, the Federal Aviation Administration said. No one was injured on the flight, which was traveling from New York’s John F. Kennedy International Airport to San Francisco, and the plane was not damaged. JetBlue said the plane was carrying 158 people and 37,300 pounds of fuel when it landed. Continue reading “Flight diverted when lithium battery catches fire onboard”

Hillary Clinton rips Democratic Party for its data operation during the campaign

Hillary Clinton slammed the Democratic Party on Wednesday as she rehashed the 2016 election, saying she inherited a “nonexistent” data operation. She made the comments during the annual Code Conference in California while discussing how technology affected her run for president and eventual loss. “I set up my campaign and we have our own data operation. I get the nomination. So I’m now the nominee of the Democratic Party. Continue reading “Hillary Clinton rips Democratic Party for its data operation during the campaign”

Bank of America CEO talks down second-quarter expectations

Bank of America Corp (BAC.N) second-quarter earnings will be hurt by a drop in trading revenue, lower-than-expected interest rates and the sale or shuttering of certain assets, according to comments from Chief Executive Brian Moynihan on Wednesday. Speaking at an industry conference, Moynihan said trading revenues are on track to be some 10 percent to 12 percent lower than the second quarter of 2016 because last year’s quarter was especially strong. Continue reading “Bank of America CEO talks down second-quarter expectations”

JPMorgan second quarter market revenue down 15 percent vs. year earlier: CFO

Markets revenue at JPMorgan Chase & Co has been down about 15 percent so far in the second quarter from a year earlier, Chief Financial Officer Marianne Lake said on Wednesday. Speaking at an investor conference, Lake said the decline stemmed from lower volatility compared with a year ago when the United Kingdom was preparing to vote on Brexit. Continue reading “JPMorgan second quarter market revenue down 15 percent vs. year earlier: CFO”

Michael Kors plans to shutter 100 to 125 stores; shares tumble 9%

Another retailer has decided to trim its brick-and-mortar fleet. Michael Kors said Wednesday it will close 100 to 125 full-price stores over the next two years. The company had 827 retail locations as of April 1. The closures are intended to improve profitability, Michael Kors said. The retailer anticipates ongoing annual savings of $60 million as a result of this plan but will record a $125 million charge. Continue reading “Michael Kors plans to shutter 100 to 125 stores; shares tumble 9%”

Nestle investing in factories, creating 2,900 jobs in Latin America

Swiss-based food company Nestle SA is creating thousands of jobs and investing in new factories in Latin America as it looks to tackle social issues and shore up its position in one of its strongest markets, the regional head said on Tuesday. The maker of Kit Kat chocolate bars and Nespresso coffee is working with government officials in the four countries that are members of the Pacific Alliance trade group — Chile, Mexico, Peru and Colombia — to create 2,900 jobs for young people over three years and teach job-hunting skills. Continue reading “Nestle investing in factories, creating 2,900 jobs in Latin America”

Oil prices crushed as traders bet against OPEC, Russia in ‘game of chicken’

The oil market has serious doubts that the production deal between OPEC and Russia is sufficient enough to bring the world oil market back into balance, against a potential wave of new supply. As a result, traders appeared to be adding to short positions, as crude fell sharply Wednesday morning, analysts said. The decline in oil prices was triggered by news that Libya had increased its production to a three-year high of 827,000 barrels a day. Continue reading “Oil prices crushed as traders bet against OPEC, Russia in ‘game of chicken’”

Bubble, bubble, Canada’s housing market poses trouble, IMF says

Imbalances in Canada’s housing market have increased to a degree that could pose a “significant” risk to the outlook for the broader economy, the International Monetary Fund said Wednesday. “Households are highly indebted and housing affordability, particularly in Vancouver and Toronto, has become a social issue with many first-time buyers priced out of the markets,” the IMF’s report said. Continue reading “Bubble, bubble, Canada’s housing market poses trouble, IMF says”

Pending-home sales decline again, deepening housing market funk

A gauge of home purchase contract signings slumped for a second month in April, another sign the housing market is still struggling for a balance between supply and demand. The pending home sales index from the National Association of Realtors fell 1.3% to a level of 109.8 from a downwardly-revised March reading. The index was 3.3% lower than a year ago in April, marking the first yearly decline since December. Continue reading “Pending-home sales decline again, deepening housing market funk”

Russian cruise missiles hit ISIS targets near Palmyra

Cruise missiles launched by the Russian Navy hit a number of ISIS targets in Palmyra, Syria, Wednesday, according to the Russian Ministry of Defense. The strikes reportedly targeted militant ISIS “shelters” east of the ancient city, which housed heavy equipment and militant troops transferred from ISIS’ de facto capital Raqqa. Continue reading “Russian cruise missiles hit ISIS targets near Palmyra”

U.S. intelligence agencies claim that Russian actors were behind hacking of senior Democratic Party operatives

US intelligence agencies also accuse Russia of spreading disinformation. Democrats charge the Russians wanted to tilt the election toward the Republican, a claim dismissed by Trump. Russia denies the allegations. But there has been no doubt that the Russian ambassador to the United States, Sergei Kislyak, developed contacts among the Trump team. Continue reading “U.S. intelligence agencies claim that Russian actors were behind hacking of senior Democratic Party operatives”

Sanctioned Russian Bank Confirms Executives Met with Trump Son-in-law Jared Kushner

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 “Sanctioned Russian Bank Confirms Executives Met with Trump Son-in-law Jared Kushner”

Self-driving car tech firm Mobileye first-quarter profit, revenue jump

Mobileye (MBLY.N), a maker of driverless vehicle technologies, reported a jump in quarterly profit that topped estimates, boosted by higher sales of its advanced driver assisted systems. The Israeli-based company, which is in the process of being acquired by Intel Corp (INTC.O), said on Thursday it earned 25 cents per diluted share excluding one-time items in the first quarter, up from 15 cents a share a year earlier. Continue reading “Self-driving car tech firm Mobileye first-quarter profit, revenue jump”

McDonald’s delivery to be available in 3,500 restaurants by the end of June

McDonald plans to add more delivery services by June. In less than a month, McDonald’s has more than doubled the number of its U.S. locations that offer delivery. CEO Steve Easterbrook told shareholders at a Bernstein investor conference Wednesday that delivery is now available at more than 2,000 locations and that he expects the partnership with UberEats to expand to more than 3,500 locations by the end of June. Continue reading “McDonald’s delivery to be available in 3,500 restaurants by the end of June”

Tesco delivers groceries in under an hour by ROBOT

Supermarket giant plans to send shopping out on driverless six-wheeled buggies after successful trial. Tesco successfully delivered food order to address in central London in the trial. The six-wheeled robots will be able to carry groceries within a three-miles radius. They will carrying items directly from stores or special delivery hubs to homes. It is part of the Tesco Now app which is trialling one-hour delivery in London. Continue reading “Tesco delivers groceries in under an hour by ROBOT”

As Congress heads into the summer months, here’s a progress report on the GOP agenda:

Repeal of Obamacare Status Update: Despite promises from candidate Trump that he would repeal and replace the Affordable Care Act on his first day in office, the process has taken much longer. After fits and starts, the House has passed a bill that would reform the nation’s health care system. The Senate is currently at work on taking that legislation and altering it but it’s not happening rapidly. Continue reading “As Congress heads into the summer months, here’s a progress report on the GOP agenda:”

The GOP Congressional agenda is lagging five months in

Congressional Republicans began the year with a long and ambitious list of priorities that had been sidelined during eight years of President Barack Obama’s tenure. Five months in, the GOP policy agenda is lagging far behind their expectations. A slower-than-anticipated process of confirming President Donald Trump’s nominees, the bruising effort to pass a health-care reform plan in the House and the ongoing controversy coming from the White House over expanding investigations into Russia have slowed any momentum the party had coming out of last year’s election. Continue reading “The GOP Congressional agenda is lagging five months in”

Trump blasts Russia probe, touts ex-adviser Page over FBI, CIA

President Donald Trump sought to insert himself into congressional investigations on Russia on Wednesday, urging lawmakers to hear from one of his former advisers, Carter Page, to counter testimony by directors of the FBI and CIA. Trump has been dismissive of probes by the FBI and several congressional panels into alleged Russian meddling in the 2016 presidential election and potential collusion with his campaign. Continue reading “Trump blasts Russia probe, touts ex-adviser Page over FBI, CIA”

Trump says comic should be ashamed for severed head video

President Donald Trump says celebrity Kathy Griffin “should be ashamed of herself” for appearing in a video holding what looked like Trump’s bloody, severed head. In a post on his Twitter account Wednesday morning, the president says, “My children, especially my 11-year-old son, Barron, are having a hard time with this. Sick!” Griffin, who helped with CNN’s New Year’s Eve coverage, has apologized, saying that the brief video was “too disturbing” and wasn’t funny. Continue reading “Trump says comic should be ashamed for severed head video”

Trump-Russia investigation: US Congress issues subpoenas

The US House intelligence committee has issued subpoenas to President Donald Trump’s former aide and his lawyer, as part of its Russia investigation. The orders were made to fired national security adviser Michael Flynn and lawyer Michael Cohen. The committee is one of several probes into alleged meddling by Moscow in last year’s presidential election, and any collusion with the Trump campaign. Continue reading “Trump-Russia investigation: US Congress issues subpoenas”

U.S. oil output could hit a record level this year

U.S. oil production may climb to a record level before this year is over, according to energy-data firm Rystad Energy. Domestic production is likely to grow so fast that it could reach 10 million barrels a day before Dec. 31, Rystad Energy said in a Wednesday report, as growth from shale drilling and Gulf of Mexico deep-water fields offset declines from other U.S. conventional oil fields. Continue reading “U.S. oil output could hit a record level this year”

Uber posts $708M loss as revenue grows; finance head quits

Ride-hailing giant Uber has reported another multibillion dollar loss even as its revenues grow. The San Francisco-based company said Thursday that its losses in the first quarter narrowed to $708 million from $991 million in the previous three-month period. Uber told The Associated Press that it had $3.4 billion in revenue for the period, 18 percent higher than the final three months of last year. Continue reading “Uber posts $708M loss as revenue grows; finance head quits”

US pending home sales fell again in April

Americans retreated from signing contracts to buy homes in April for the second straight month, a possible sign that a declining number of homes on the market are stifling sales during the traditional spring buying season. The National Association of Realtors said Wednesday that its pending home sales index fell 1.3 percent in April to 109.8, after slipping 0.9 percent in March to 111.3. The index has fallen 3.3 percent over the past 12 months. Continue reading “US pending home sales fell again in April”

US shale, trade and sanctions worry Russian Finance minister as economy gets back on track

As Russia’s economy show signs of improving, its Finance Ministry remains positive on the outlook yet doesn’t expect to let its guard down just yet. Russia’s economy grew 0.5 percent in the first quarter year-on-year, Reuters reported this month, citing data from the Federal Statistics Service. In recent weeks however, the nation has been caught up in political noise coming out of Washington, in regards to its relationship with the current U.S. administration. Continue reading “US shale, trade and sanctions worry Russian Finance minister as economy gets back on track”

Sources: Russians discussed potentially ‘derogatory’ information about Trump and associates during campaign

Russian government officials discussed having potentially “derogatory” information about then-presidential candidate Donald Trump and some of his top aides in conversations intercepted by US intelligence during the 2016 election, according to two former intelligence officials and a congressional source. One source described the information as financial in nature and said the discussion centered on whether the Russians had leverage over Trump’s inner circle. Continue reading “Sources: Russians discussed potentially ‘derogatory’ information about Trump and associates during campaign”

Merkel Implies Trump Offers ‘Simple Answers’ After Meeting U.S. President

Chancellor Angela Merkel cautioned Monday against seeking “simple answers” to complex global issues, a day after suggesting that Europe’s relationship with the U.S. had shifted significantly following NATO and G-7 meetings with President Donald Trump that produced disappointing results. The comments at an election rally Sunday in Bavaria, where Merkel stressed that “we Europeans must really take our destiny into our own hands,” were widely seen as acknowledgement from Europe’s most powerful leader of the changing dynamic of trans-Atlantic ties. Continue reading “Merkel Implies Trump Offers ‘Simple Answers’ After Meeting U.S. President”

Mike Dubke Resigns as White House Communications Director

After just three months on the job, White House communications director Mike Dubke is out. The seasoned Republican operative was one of the few staffers respected by establishment Republicans in Washington, D.C., but was ultimately unwilling to continue to try to shape a daily narrative for the Trump White House. Dubke resigned on May 18, according to Axios’s Mike Allen, after taking the job in March. Continue reading “Mike Dubke Resigns as White House Communications Director”

Pulitzer Prize-winning reporter who covered Nixon compares Trump’s troubles with Watergate

In Watergate, the smoking gun was a White House tape proving that Richard M. Nixon ordered a cover-up — the final evidence that forced him from the White House. In the investigation of Russian interference in the 2016 presidential election campaign, the smoke hasn’t cleared because President Donald Trump keeps shooting. There may never be a smoking gun situation in this case, despite the inevitable comparisons between the Trump-Russia investigations and Watergate. Continue reading “Pulitzer Prize-winning reporter who covered Nixon compares Trump’s troubles with Watergate”

Trump fires back at Merkel, says Germany is ‘very bad’ for the US

President Donald Trump has criticized Germany once again for its large trade surplus with the U.S. and its low contributions to NATO, saying this attitude is “very bad” for the United States. We have a MASSIVE trade deficit with Germany, plus they pay FAR LESS than they should on NATO & military. Very bad for U.S. This will change The comments made on Twitter take current tensions in U.S.-German relations a notch higher. Continue reading “Trump fires back at Merkel, says Germany is ‘very bad’ for the US”

Trump’s Personal Attorney Now Part of Investigation Into Russian Meddling in Election

President Donald Trump’s personal attorney has become a focus of the expanding congressional investigation into Russian meddling in the 2016 election. Michael Cohen, one of Trump’s longtime and closest confidants, told ABC News that both House and Senate investigators asked him “to provide information and testimony” about any contacts he had with people connected to the Russian government. Continue reading “Trump’s Personal Attorney Now Part of Investigation Into Russian Meddling in Election”

Trump’s use of private cellphone raises security concerns

President Donald Trump has been handing out his cellphone number to world leaders and urging them to call him directly, an unusual invitation that breaks diplomatic protocol and is raising concerns about the security and secrecy of the U.S. commander in chief’s communications. Trump has urged leaders of Canada and Mexico to reach him on his cellphone, according to former and current U.S. officials with direct knowledge of the practice. Continue reading “Trump’s use of private cellphone raises security concerns”

US senator calls for probe into promotion of Kushner Cos deal

The chairman of the Senate Judiciary Committee has called for an investigation into “potentially fraudulent statements and misrepresentations” made by companies promoting investment in a property development involving the family company of White House advisor Jared Kushner. Citing a May 12 report by Reuters, Chuck Grassley, a Republican senator from Iowa, requested a review of claims made by Chinese migration agency Qiaowai and the U.S. Immigration Fund (USIF) in the marketing of the One Journal Square project in Jersey City, New Jersey to potential investors in China. Continue reading “US senator calls for probe into promotion of Kushner Cos deal”

US successfully ‘intercepts and destroys’ target in missile test

The Pentagon successfully shot down an intercontinental ballistic missile using its own upgraded long-range interceptor missile on Tuesday in what was widely seen as a test of US ability to counter a North Korean missile launch. The Missile Defense Agency launched a ground-based interceptor from Vandenberg Air Force Base in California to intercept a US-launched mock ICBM target over the Pacific Ocean, according to a US defense official. Continue reading “US successfully ‘intercepts and destroys’ target in missile test”

ECB waiting for new data but overall extraordinary monetary policy needs to stay

The European Central Bank is set to receive updated data when it meets next month, but according to its president, it is not yet time to tighten monetary policy. “At its June monetary policy meeting the Governing Council will receive an update of the staff projections and a more complete information set on which it will be able to formulate its judgement on the distribution of risks around the most likely outlook for growth and inflation,” ECB President Mario Draghi told a parliamentary hearing in Brussels on Monday. Continue reading “ECB waiting for new data but overall extraordinary monetary policy needs to stay”

Kushner was asked to ‘lay low’ after Russia-related reports, source says

Back on his home turf after an eight-day foreign trip, President Donald Trump is once again facing down controversy — and now it’s hitting close to home. Trump was greeted on U.S. soil by new reports involving his son-in-law-turned-senior White House adviser, Jared Kushner. NBC News reported Thursday that Kushner has come under FBI scrutiny in the Russia investigation, with multiple officials telling NBC News that investigators believe Kushner has significant information relevant to their inquiry. Continue reading “Kushner was asked to ‘lay low’ after Russia-related reports, source says”

California Fracking Boom Set to Lift U.S. Production to New Record

California’s field oil production peaked at almost 1.2 million barrels a day in January 1986, but steadily fell by 62 percent to a post-1940 low of 443,000 barrels a day in February 2017. Many blame California’s fiscal crisis on the shriveling of oil & gas extraction taxes. Although California has some of America’s best shale formations for hydraulic fracturing, the oil drilling technique requires 1 to 13 million gallons of water. Continue reading “California Fracking Boom Set to Lift U.S. Production to New Record”

Monte dei Paschi says in exclusive talks over bad loan sale

Monte dei Paschi di Siena (BMPS.MI) said on Monday it was in exclusive talks with a domestic fund and a group of investors over the sale of its bad loan portfolio, which it needs to offload before it can be taken over by the state. The negotiations mark the latest stage in a long-running process to rescue the world’s oldest bank, which includes efforts to enable it to shed its bad loans. Italy’s fourth biggest bank had 26 billion euros ($29.04 billion) in gross defaulting debts at the end of last year and has set a June 28 deadline for the talks with Quaestio, the fund which manages Italy’s banking industry rescue fund Atlante and will also conduct negotiations on behalf of other investors. Continue reading “Monte dei Paschi says in exclusive talks over bad loan sale”

North Korea leader Kim supervised missile test of new guidance system: KCNA

The missile was equipped with an advanced automated pre-launch sequence compared to previous versions of the “Hwasong” rockets, KCNA said, indicating the North had launched a modified Scud-class missile, as South Korea’s military said on Monday. North Korea test launched a short-range ballistic missile on Monday that landed in the sea off its east coast, the latest in a fast-paced series of missile tests defying world pressure and threats of more sanctions. Continue reading “North Korea leader Kim supervised missile test of new guidance system: KCNA”

Part of Trump’s tax plan is a ‘hostile attack’ on states, warns New York Gov. Andrew Cuomo

President Donald Trump’s call to end the federal deduction for state and local taxes is a “hostile attack” on states, New York Gov. Andrew Cuomo asserted Wednesday. In an interview on “Squawk Box,” Cuomo warned that for “California, New York, New Jersey, Connecticut, it would be utter devastation.” “I mean, it would not be a more hostile attack,” said Cuomo, a possible 2020 Democratic presidential candidate. Continue reading “Part of Trump’s tax plan is a ‘hostile attack’ on states, warns New York Gov. Andrew Cuomo”

Senator McCain says Putin bigger threat than ISIS

U.S. Senator John McCain said Russian President Vladimir Putin is a bigger threat to global security than ISIS, and warned that the Senate would push for sanctions against Moscow for its alleged interference in the U.S. Election. McCain, a leading foreign policy voice in the U.S. Congress, was speaking in an interview in Australia, where he has held security talks on his way to a defense summit in Singapore. Continue reading “Senator McCain says Putin bigger threat than ISIS”

Trump, Kushner and the loyalty trap

Having managed nine days abroad with just a few slip-ups blamed on exhaustion, our President has returned to a White House in crisis. In his absence, the scandals, which can be summarized under the heading “Trump and Russia,” now threaten Donald Trump’s top adviser, who also happens to be his son-in-law. In any other administration, an official who becomes the target of an investigation into possible election meddling by a foreign power would find he is no longer welcome in the Oval Office. Continue reading “Trump, Kushner and the loyalty trap”

Venezuelan opposition threatens country won’t pay Goldman Sachs’ $2.8 billion bond deal

The leader of Venezuela’s National Assembly has threatened that a later government may refuse to pay $2.8 billion in bonds that Goldman Sachs recently purchased from the country’s central bank. “It is apparent Goldman Sachs decided to make a quick buck off the suffering of the Venezuelan people,” Julio Borges, the leader of the opposition-controlled congress, said in a letter dated on Monday to Goldman CEO Lloyd Blankfein. Continue reading “Venezuelan opposition threatens country won’t pay Goldman Sachs’ $2.8 billion bond deal”

Report: Cost of Target’s Data Breach Nearing $300 Million

The cost estimate to retail giant Target is now approaching $300 million for damage created by its massive 2013 data breach where the credit card information of some 40 million customers was lost to hackers. Last week, the Minnesota-based company announced an $18.5 million settlement in a lawsuit filed by a group of state attorneys general that alleged that Target put its customers’ financial well-being at risk. Continue reading “Report: Cost of Target’s Data Breach Nearing $300 Million”

Car owners are holding their vehicles for longer, which is both good and bad

There are a lot of old “road warriors” traveling this Memorial Day weekend. That’s because the average age of vehicles in the U.S. is a record 11.6 years, according to one recent study. That’s not entirely a bad news story. The IHS Markit study showed that vehicles are being made with better quality nowadays, leading consumers to own them longer. According to IHS, the average length of ownership was a record 79.3 months, or nearly seven years. Continue reading “Car owners are holding their vehicles for longer, which is both good and bad”

FBI ‘warned MI5 in January that the Manchester bomber was planning an attack on Britain’

UK security chiefs were warned in January that Salman Abedi was planning an attack in Britain, it was claimed last night. According to a security source, the FBI told MI5 that Abedi was part of a North African Islamic State cell plotting to strike a political target in the UK. The information came from a US investigation into Abedi and his links to terrorist groups in Libya. The Mail on Sunday has also been told that US security services put him on a terror watch list – used by agents to identify key suspects – in 2016. Continue reading “FBI ‘warned MI5 in January that the Manchester bomber was planning an attack on Britain’”

Goldman buys $2.8 billion in Venezuela bonds

Goldman Sachs Group Inc. bought about $2.8 billion in Venezuelan bonds that had been held by the oil-rich country’s central bank, a lifeline to President Nicolás Maduro’s embattled government as it scrambles to raise funds in the midst of widening civil unrest. The New York-based bank’s asset management division last week paid 31 cents on the dollar, or about $865 million, for bonds issued by state oil company Petróleos de Venezuela SA in 2014, which mature in 2022, according to five people familiar with the transaction. Continue reading “Goldman buys $2.8 billion in Venezuela bonds”

Merkel: Europe ‘can no longer rely on allies’

After Trump and Brexit Europe can no longer “completely depend” on the US and UK following the election of President Trump and Brexit, German Chancellor Angela Merkel says. Mrs Merkel said she wanted friendly relations with both countries as well as Russia but Europe now had to “fight for its own destiny”. Her comments come after Mr Trump refused to re-commit to the 2015 Paris climate deal at the G7 summit. Continue reading “Merkel: Europe ‘can no longer rely on allies’”

N.Korea tests new ballistic missile as Trump blasts ‘great disrespect’ to China

North Korea fired what appeared to be a short-range ballistic missile on Monday, its 9th test of the year and a new challenge to worldwide efforts to resolve the Peninsula’s crisis diplomatically. The launch was immediately reported to South Korean President Moon Jae-in, who called a meeting of the National Security Council, South Korea’s Office of the Joint Chiefs of Staff said in a statement. Continue reading “N.Korea tests new ballistic missile as Trump blasts ‘great disrespect’ to China”

New Kushner-Russia Story Stokes Concern of West Wing Leakers

Washington Post anonymously sourced story saw Jared Kushner asking the Russian ambassador for a “secret channel.” It landed just in time to greet the president upon his return from his first international trip and shortly after Attorney General Jeff Sessions pledged to “put an end to” the rampant leaks coming from within the government. An administration plagued with leaks is now trying to determine whether recent damaging claims may have been fanned from within the West Wing. Continue reading “New Kushner-Russia Story Stokes Concern of West Wing Leakers”

On Sunday, German Chancellor Angela Merkel was quoted as saying Europe would have to rely on itself in the future

Interpreted by some observers as a thinly veiled swipe at Trump’s broadside at NATO. In the past, the president has referred to the security arrangement as obsolete. Now, a storm brewing at home threatens to dampen the afterglow of Trump’s maiden voyage abroad, which was greeted as a near triumph by even a few Republicans who have been critical of the president. Continue reading “On Sunday, German Chancellor Angela Merkel was quoted as saying Europe would have to rely on itself in the future”

Trump blasts ‘fake news’ in new broadside against media, and condemns DC leaks

President Donald Trump, returning home from his first visit overseas, took aim at brewing domestic political pressures by denouncing leaks of sensitive information—and rumors of an administration shake-up as “fake news.” Trump’s visits to the Middle East and Europe were perceived in some quarters as diplomatic successes, but as he returns to the White House, his problems are mounting. Continue reading “Trump blasts ‘fake news’ in new broadside against media, and condemns DC leaks”

Trump Pushing Big White House Changes as Russia Crisis Grows

President Donald Trump is actively discussing major changes in the White House, including having lawyers vet his tweets and shaking up his top staff, as he grapples with the fallout from probes into his campaign’s dealings with Russia, according to several senior administration officials and outside advisers. Other revisions on the table include adding a roster of outside lawyers to help deal with the legal ramifications of the Russia investigation, officials and allies said. Continue reading “Trump Pushing Big White House Changes as Russia Crisis Grows”

US official mulling greatly expanded airplane laptop ban

Homeland Security Secretary John Kelly said Sunday he’s considering banning laptops from the passenger cabins of all international flights to and from the United States. That would dramatically expand a ban announced in March that affects about 50 flights per day from 10 cities, mostly in the Middle East. The current ban was put in place because of concerns about terrorist attacks. The ban prevents travelers from bringing laptops, tablets and certain other devices on board with them in their carry-on bags. Continue reading “US official mulling greatly expanded airplane laptop ban”

Kushner ‘discussed secret line to Moscow’ – US media reports

Donald Trump’s son-in-law attempted to set up secret communications with Moscow a month after Mr Trump’s election, US media say. Jared Kushner wanted to use Russian facilities to avoid US interception of discussions with Moscow, the Washington Post and New York Times said. Mr Kushner, a senior White House aide, has not commented. He is said to be under scrutiny by the FBI as part of its inquiry into Russian interference favouring Mr Trump’s win. Continue reading “Kushner ‘discussed secret line to Moscow’ – US media reports”

Report suggests alarming development in Jared Kushner’s meeting with the head of a sanctioned Russian bank

The FBI is examining whether Russian officials suggested to President Donald Trump’s son-in-law, Jared Kushner, that Russian banks could finance Trump associates’ business ventures if US sanctions were lifted or relaxed, Reuters reported, citing a current US law enforcement official. The possibility first came under scrutiny after Kushner met with the CEO of Russia’s state-owned Vnesheconombank in December 2016. Continue reading “Report suggests alarming development in Jared Kushner’s meeting with the head of a sanctioned Russian bank”

New $80M Anti-Trump Network Spearheaded by Soros-Funded Org With Former ACORN Employees

A new $80 million anti-Trump network is being led by an organization whose top funder is liberal billionaire George Soros and which employs former members of the controversial and now-defunct Association of Community Organizations for Reform Now (ACORN). The Center for Popular Democracy Action Fund, the sister organization of the Center for Popular Democracy (CPD), a New York-based nonprofit that receives the bulk of its funding from George Soros, announced at their spring gala Tuesday that they will be heading up the new $80 million anti-Trump network that will span 32 states and have 48 local partners, CNN reported. Continue reading “New $80M Anti-Trump Network Spearheaded by Soros-Funded Org With Former ACORN Employees”

Trump delays decision on Paris climate accord

President Donald Trump said Saturday he will make a decision next week on whether the United States will withdraw from the landmark Paris climate accord. The President teased his decision about the hotly debated topic in a tweet early Saturday morning Eastern time during the final leg of his first presidential trip abroad. Trump met with world leaders this week at the G7 Summit in Sicily where many set out to lobby the US president over staying committed to the climate agreement. Continue reading “Trump delays decision on Paris climate accord”

Trump faces new controversies as trip winds down

President Donald Trump faced new controversies over his team’s possible ties to Russia as he closed out his first trip abroad Saturday, a grueling five-stop sprint that ended with the promise of an imminent decision on the much-discussed Paris climate accord. Following a second day of meetings at the Group of 7 summit in Sicily and remarks to U.S. troops stationed at a nearby air base, Trump was returning to Washington and a new crush of Russia-related controversies. Continue reading “Trump faces new controversies as trip winds down”

80% of millennials say they want to buy a home—but most have less than $1,000 saved

Millennials aren’t buying homes in the same numbers as previous and older generations, but it’s not because they don’t want to. The vast majority of millennials do indeed aim to buy someday, or would even like to now if they could. Unfortunately, the numbers don’t look good. New data from Apartment List shows that, although 80 percent of millennials would like to purchase real estate, very few are in a good position to buy, largely because they have nothing saved. Continue reading “80% of millennials say they want to buy a home—but most have less than $1,000 saved”

US durable goods orders fell for first time in 5 months

U.S. orders for long-lasting manufactured goods dropped in April for the first time in five months, and a key category that tracks business investment went nowhere for the second straight month. The Commerce Department said Friday that durable goods orders fell 0.7 percent in April after rising 2.3 percent in March. The April downturn was the first since durable goods orders fell 4.6 percent in November. Despite the April drop, American manufacturing has bounced back in recent months from a slump early last year. Continue reading “US durable goods orders fell for first time in 5 months”

Senate intelligence panel requests Trump campaign documents: Washington Post

The Senate Intelligence Committee, investigating Russian meddling in U.S. 2016 election, has asked President Donald Trump’s political organization to hand over all documents going back the campaign’s launch in June 2015, the Washington Post reported on Friday, citing two people briefed on the request. The letter from the Senate panel seeking all documents, emails and telephone records arrived at Trump’s campaign committee last week and was addressed to its treasurer, the Post said. Continue reading “Senate intelligence panel requests Trump campaign documents: Washington Post”

Trump to set up ‘war room’ to repel attacks over Russia probe, officials say

U.S. President Donald Trump’s White House is preparing to establish a “war room” to combat mounting questions about ties between Russia and his presidential campaign, administration officials and persons close to Trump said, addressing a scandal that has threatened to consume his young presidency. Continue reading “Trump to set up ‘war room’ to repel attacks over Russia probe, officials say”

US growth in Jan.-March upgraded to still-slow 1.2 pct. rate

The U.S. economy began 2017 with a whimper though not quite as weak a whimper as the government had first estimated. The gross domestic product the broadest gauge of the economy expanded in the January-March quarter at a 1.2 percent annual rate, the government said Friday. That was better than its initial estimate of a 0.7 percent rate but far below President Donald Trump’s growth targets, which most economists consider unrealistic. Continue reading “US growth in Jan.-March upgraded to still-slow 1.2 pct. rate”

Senate intelligence panel requests Trump campaign documents: Washington Post

The Senate Intelligence Committee, investigating Russian meddling in U.S. 2016 election, has asked President Donald Trump’s political organization to hand over all documents going back the campaign’s launch in June 2015, the Washington Post reported on Friday, citing two people briefed on the request. The letter from the Senate panel seeking all documents, emails and telephone records arrived at Trump’s campaign committee last week and was addressed to its treasurer, the Post said. Continue reading “Senate intelligence panel requests Trump campaign documents: Washington Post”

The US shale business undercuts the biggest global alliance, leading oil analyst says

With technological advances in the past few years making U.S. shale oil profitable at much lower levels, the united OPEC-Russia front is feeling the squeeze, said Daniel Yergin, a Pulitzer Prize–winning author and leading oil analyst. International crude producers are trying to adapt to a new world in which U.S. shale production is profitable at $40 to $50 per barrel, he told CNBC’s “Squawk Box” on Friday, a day after OPEC and non-OPEC players agreed to extend cuts in output by nine months to March 2018. Continue reading “The US shale business undercuts the biggest global alliance, leading oil analyst says”

Ben Carson says ‘poverty is a state of mind’

Housing and Urban Development Secretary Ben Carson is under fire for calling poverty a “state of mind.” In an interview with SiriusXM Radio host Armstrong Williams that aired on Wednesday, Carson was asked about what could be done to reduce the number of people living in poverty. “If everybody had a mother like mine, nobody would be in poverty,” Carson started. “She was a person who absolutely would not accept status of victim.” Continue reading “Ben Carson says ‘poverty is a state of mind’”

U.S. trade gap widens in April, raising doubt for Q2 GDP rebound

He trade deficit for goods deteriorated in April and inventories sank, suggesting that an expected economic rebound in the second quarter may not be as robust as thought. The trade gap in goods—services are excluded—widened to $67.6 billion in April from $65.1 billion in March, the government said in its advanced report. The full report will be released on June 2. Exports of goods fell in April, while imports expanded, the government said. Continue reading “U.S. trade gap widens in April, raising doubt for Q2 GDP rebound”

The US shale business undercuts the biggest global alliance, leading oil analyst says

With technological advances in the past few years making U.S. shale oil profitable at much lower levels, the united OPEC-Russia front is feeling the squeeze, said Daniel Yergin, a Pulitzer Prize–winning author and leading oil analyst. International crude producers are trying to adapt to a new world in which U.S. shale production is profitable at $40 to $50 per barrel, he told CNBC’s “Squawk Box” on Friday, a day after OPEC and non-OPEC players agreed to extend cuts in output by nine months to March 2018. “I think OPEC is actually back in business [but] as a swing producer,” said Yergin, who won the Pulitzer for his best-seller “The Prize: the Epic Quest for Oil Money and Power.” Yergin, vice chairman of consultancy group IHS, said there’s been a “recalibration of costs” since June 2014, when oil prices started to sink. Three years ago, U.S. shale producers needed to see per-barrel prices much higher to competitive, he said. “When the prices started down, there was this widespread thinking $70 to $80. But it’s been so innovative. It’s almost like we’re looking at Shale 2.0. It’s almost a different industry than it was three years ago,” he said. West Texas Intermediate crude began tanking that June from around $108 per barrel. WTI prices lost about 75 percent, plunging to under $27 per barrel by early 2016. Prices have recovered dramatically since then but were still trading under $50 per barrel on Friday. U.S. crude sank nearly 4.8 percent on Thursday on disappointment that OPEC and the other producers weren’t more aggressive in extending their output cuts. “Next year we actually think U.S. oil production won’t increase as much because they’ve increased so much this year,” said Yergin. “I think that’s the kind of viewpoint OPEC took — that they’ve got to run this thing into next year.” Nick Bit: These guys have constantly underestimated shale oil production… It will bite them in the ass!

Trump reportedly calls Germans ‘very bad,’ threatens to end German car sales

President Donald Trump has reportedly reignited tensions with his EU counterparts after calling the Germans “very bad” for their trade surplus with the U.S. The president vowed to block German car exports to the U.S. during a meeting with top EU leaders on Thursday, according to German news magazine Der Spiegel. “The Germans are bad, very bad,” Trump said, according to participants in the room who spoke to Der Spiegel. “See the millions of cars they sell in the U.S., terrible. We will stop this.”

The comments were said to have been made in a meeting with the European Commission President Jean-Claude Juncker and the European Council President Donald Tusk, who both showed support for Germany. Trump has long voiced his frustrations with Germany’s trade surplus with the U.S., insisting that German imports have damaged the U.S. manufacturing industry. In January, he threatened to slap a 35 percent tax on German auto imports. “If you want to build cars in the world, then I wish you all the best. You can build cars for the United States, but for every car that comes to the USA, you will pay 35 percent tax,” he said in an interview with German newspaper Bild. He also attempted to negotiate a bilateral trade deal with Germany when he met with German Chancellor Angela Merkel in March. However, she insisted that all deals with EU member countries must be made multilaterally. Excluding the EU, Germany is the third largest exporter in the world, after China and the U.S. In 2016, its trade surplus was 252 billion euros ($282.7 billion). Trump’s reported comments come as part of wider discussions with the EU and other world leaders on trade, defense and the environment. He scolded NATO leaders on Thursday, telling them that they must to more to meet their contribution targets.

Trump Budget despite the spin proposes MASSIVE cuts to Social Security

“I’m not going to cut Social Security like every other Republican and I’m not going to cut Medicare or Medicaid,” Trump told the Daily Signal in May 2015. But his budget cuts Medicaid by $1.49 trillion — about half its expected budget — and slashes Social Security’s disability insurance program by $31.4 billion. During the campaign, Trump said his tax plan was “going to cost me a fortune, which is actually true.” Continue reading “Trump Budget despite the spin proposes MASSIVE cuts to Social Security”

Trump promised to protect the sick and the poor. He lied.

Donald Trump’s budget, alongside the Congressional Budget Office’s analysis of the revised American Health Care Act, is a test of our capacity for outrage in American politics. Can we be as shocked about lies told in public, and revealed through appendix tables, as we are about lies told in private and revealed through shadowy leaks? Can we muster as much fury on behalf of the stark facts revealed by the Office of Management and Budget as for the titillating what-ifs being investigated by the Senate Intelligence Committee? Continue reading “Trump promised to protect the sick and the poor. He lied.”

Under U.S. Republican bill, 23 million would lose health coverage – watchdog

A bill passed by U.S. House Republicans would cause 23 million people to lose healthcare coverage by 2026 while de-stabilizing health insurance markets in some states and making it hard for sick people to buy insurance, a budget watchdog agency said on Wednesday. The Congressional Budget Office, a non-partisan group of experts who analyse U.S. legislation, said the bill would reduce federal deficits by $119 billion between 2017 and 2026. Continue reading “Under U.S. Republican bill, 23 million would lose health coverage – watchdog”

Japan’s big insurers expand their appetites for U.S. Treasuries

Big Japanese life insurers, who are major bond investors globally, are primarily focusing on U.S. bonds while staying cautious on European bonds, earning reports and comments from industry executives show. U.S. bonds have become more attractive as some Japanese insurers have been able to earn extra income by lending these to Japanese banks, which in turn use Treasuries as collateral to raise dollars in repo markets. Continue reading “Japan’s big insurers expand their appetites for U.S. Treasuries”

U.S. lawmakers to fight massive Trump Saudi arms deal

Republican Rand Paul and Democrats Chris Murphy and Al Franken introduced a resolution of disapproval in the Senate to force a vote on whether to block part of the sale.The Senate Foreign Relations Committee received formal notice of the pending sale on May 19. The Arms Export Control Act of 1976 allows a senator to force a vote on an arms sale, once Congress is formally notified of plans to go ahead. Continue reading “U.S. lawmakers to fight massive Trump Saudi arms deal”

Wells Fargo ups recruitment bonuses to grow brokerage ranks

Wells Fargo & Co will offer more money in recruitment bonuses to financial advisers after competitors announced plans to pull back from recruiting, two people familiar with the matter said on Thursday. The bank’s wealth management unit, known as Wells Fargo Advisors, will increase recruiting offers by as much as 50 percent, according to two people briefed on the changes who asked not to be named because they were not authorized to discuss them publicly. Continue reading “Wells Fargo ups recruitment bonuses to grow brokerage ranks”

Yahoo being removed from the S&P 500; J.C. Penney demoted to S&P SmallCap 600

S&P Dow Jones Indices announced several changes to its indexes, including removing Yahoo Inc.’s stock from the S&P 500 and demoting J.C. Penney Co. Inc. shares to the S&P SmallCap 600 from the S&P MidCap 400 S&P said late Wednesday it was removing Yahoo from the S&P 500 because it is expected to convert to a closed-end management investment company after the sale of its operational business to Verizon Communications Inc. is completed, making Yahoo ineligible for the index. Continue reading “Yahoo being removed from the S&P 500; J.C. Penney demoted to S&P SmallCap 600”

Zuckerberg Calls for Government to Give Everybody ‘Universal Basic Income’

Thursday during his commencement speech at Harvard, Facebook CEO Mark Zuckerberg called for a “new social contract” with a “universal basic income.” Zuckerberg said, “Every generation expands its definition of equality. Previous generations fought for the vote and civil rights, they had the New Deal and the Great Society. And now it’s time for our generation to define a new social contract. Continue reading “Zuckerberg Calls for Government to Give Everybody ‘Universal Basic Income’”

Auto lender Santander checked income on just 8% of subprime loans bundled into bonds

Santander Consumer USA Holdings Inc., which is counted among the biggest subprime auto-loan firms, verified income on just 8% of borrowers on loans it recently bundled into $1 billion of bonds, Moody’s Investors Service said. The Santander findings compare, for instance, with a 64% verification rate on the loans behind a recent asset-backed securitization by General Motors Financial Co.’s AmeriCredit unit , another giant in the space, said Moody’s, which rates the debt. Continue reading “Auto lender Santander checked income on just 8% of subprime loans bundled into bonds”

Donald Trump’s budget breaks these seven campaign promises

When the White House officially unveiled its 2018 budget Tuesday, President Donald Trump’s budget director took pains to insist that the blueprint represents campaign promises kept. Here’s where the president’s proposal breaks his promises — and at times his own self-proposed contract — to voters. Continue reading “Donald Trump’s budget breaks these seven campaign promises”

Bill Clinton lawyer: My best advice for Trump

For over two years, I served as special associate counsel to President Bill Clinton, working to help manage various scandals. If you think President Donald Trump’s crisis-management methods are hard to understand, I can tell you that they utterly perplex those of us who plied the trade in the Clinton White House. We sit and watch one avoidable rookie mistake after another, wondering if Reince Priebus and Sean Spicer remember the 1990s. Continue reading “Bill Clinton lawyer: My best advice for Trump”

OPEC, non-OPEC set for new oil cut, eye longer duration

OPEC and non-member oil producers are set to extend output cuts on Thursday, possibly by as long as 12 months, to help clear a global stocks overhang and prop up crude prices. The Organization of the Petroleum Exporting Countries is to discuss in Vienna whether to prolong an accord reached in December in which it and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017. Continue reading “OPEC, non-OPEC set for new oil cut, eye longer duration”

Record-high market is ‘too arrogant,’ one expert says

The market may be hitting new highs, but it is “too complacent” and “too arrogant,” Dani Hughes told CNBC on Wednesday. Existing home sales fell and the market shrugged it off, and then stocks “yawned” after the Federal Reserve released its meeting minutes from earlier this month, the CEO of Divine Asset Management said in an interview with “Closing Bell.” Plus, after the terror attack in Manchester on Monday, “the market actually said it can’t happen here.” Continue reading “Record-high market is ‘too arrogant,’ one expert says”

The FBI told a House committee that it would not be complying with it’s suponea

Requesting it turn over memos written by former FBI Director James Comey detailing his discussions with President Donald Trump. One memo reportedly recounts Trump pressuring Comey to shut down an investigation into the foreign ties of foreign national security adviser Michael Flynn. Lawmakers are conducting their own probe continued to pressure Flynn to cooperate by raising the prospect of additional subpoenas, while Carter Page, a Trump campaign foreign policy adviser, told The Associated Press he would testify next month before the House intelligence committee. Continue reading “The FBI told a House committee that it would not be complying with it’s suponea”

Foreign meetings omitted from Sessions’ security clearance

Attorney General Jeff Sessions did not disclose contacts with foreign dignitaries, including the Russian ambassador, on a security clearance form he submitted as a United States senator last year, the Justice Department acknowledged Wednesday. The department said Sessions’ staff relied on the guidance of the FBI investigator handling the background check, who advised that meetings with foreign dignitaries “connected with Senate activities” did not have to be reported on the form. Continue reading “Foreign meetings omitted from Sessions’ security clearance”

FORMER TRUMP AIDE TO TESTIFY

Carter Page, a former foreign policy adviser to Trump’s presidential campaign, told Reuters via text message that he would testify before the House Intelligence Committee but was “still working out details.” “Nothing (is) fully confirmed at this stage,” Page wrote, adding that if invited, he would also testify before the Senate Intelligence Committee, but had yet to receive such a request. ABC News, which first reported on Page’s planned testimony, said he would testify before the House panel on June 6. Continue reading “FORMER TRUMP AIDE TO TESTIFY”

Russians discussed how to influence Trump via his aides: NYT

Senior Russian intelligence and political officials discussed how to influence Donald Trump through his advisers according to information gathered by American spies last summer, the New York Times reported on Wednesday, Citing three current and former U.S. officials familiar with the intelligence, the newspaper said the conversations focused on Paul Manafort, then the Trump presidential campaign chairman, and Michael Flynn, a retired general who was then advising Trump. Continue reading “Russians discussed how to influence Trump via his aides: NYT”

Smallest vehicles rank among the deadliest for drivers

As an estimated 39 million Americans prepare to hit the road for Memorial Day weekend, a new report paints a sobering picture of which vehicles have the worst track records for drivers being killed in accidents. According to the Insurance Institute for Highway Safety, some of the smallest cars on the road have the highest driver fatality rates. “If you hit something bigger than you, you are more likely to die,” said Chuck Farmer, vice president of research for IIHS. “Physics matter. Continue reading “Smallest vehicles rank among the deadliest for drivers”

Trump Russia inquiry: Lawyer ‘chosen’ by president

Donald Trump has appointed lawyer Marc Kasowitz to represent him in an inquiry into Russia’s alleged meddling in the US presidential election and any links to the Trump campaign, US media report. Mr Trump has used services of the New York lawyer – known as a tenacious litigator – for more than a decade. Last week, former FBI boss Robert Mueller was named special counsel for the Department of Justice inquiry. Continue reading “Trump Russia inquiry: Lawyer ‘chosen’ by president”

Trump’s budget means deep cuts for health care safety net

Candidate Donald Trump promised better and more affordable health care, but as president his first full budget calls for deep cuts to popular insurance programs. And it omits any proposal for negotiating prescription drug prices, a frequent Trump talking point. While not addressing Medicare’s long term financial problems, the budget targets the much smaller Children’s Health Insurance Program, or CHIP. Continue reading “Trump’s budget means deep cuts for health care safety net”

Trump wants to stop sharing Gulf of Mexico oil royalties with Alabama, Louisiana, Mississippi and Texas

Four U.S. states on the Gulf of Mexico stand to lose billions in future payments if a proposal in the president’s new budget survives congressional scrutiny. The White House on Tuesday proposed ending a program that shares revenue from offshore oil and gas drilling with the states — and it does so just as those payments were scheduled to expand significantly. Continue reading “Trump wants to stop sharing Gulf of Mexico oil royalties with Alabama, Louisiana, Mississippi and Texas”

U.S. House Democrats seek info from Deutsche Bank on Trump accounts

A U.S. of House of Representatives panel have asked Deutsche Bank to provide information on whether any accounts connected to President Donald Trump have ties to Russia, adding another dimension to probes into connections between Moscow and Trump. Democrats on the U.S. House Financial Services Committee said on Wednesday they had sent a letter the previous day to Deutsche Bank Chief Executive Officer John Cryan seeking details of internal reviews to determine if Trump’s loans for his real estate business were backed by the Russian government. The congressional inquiry also seeks information about a Russian “mirror trading” scheme that allowed $10 billion to flow out of Russia. “Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia,” the Democrats wrote. “It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews.” The Democrats requested the documents from the bank, but cannot compel it to hand over the information. The committee has the power to subpoena the documents, but that would require cooperation from committee Republicans who make up the majority of the panel because the party has control of the House. No Republicans signed on to the document request. Citing media reports, the Democrats called for the bank to hand over any documents tied to internal reviews of Trump’s personal accounts at the bank. They also said the bank should state publicly that it had reviewed both the “mirror trading” scheme and Trump’s accounts. Mirror trading involved buying stocks, for example, in Moscow in rubles, with related parties selling the same stocks shortly thereafter through a bank’s London branch. They also called on the bank to name an independent auditor to verify the results of the reviews, which should be turned over to the committee “as soon as reasonably practicable.” The House panel request to Deutsche comes as Trump is mired in controversy over FBI and congressional probes into alleged Russian meddling in the 2016 U.S. presidential election and potential collusion between the Moscow and the Trump campaign. Moscow has denied the allegations, and Trump has denied any collusion.

Weaker shopping malls leave mortgage-backed securities vulnerable

Another measure of the financial woes of U.S. shopping malls is showing the sector’s vulnerability. Ongoing struggles of malls throughout the country as they lose traditional retailer tenants who face increased competition from Amazon and other online sellers could put pressure on select, specialized mortgage-linked bond packages that came to market between 2011 and 2013, according to Fitch Ratings. Continue reading “Weaker shopping malls leave mortgage-backed securities vulnerable”

White House denies ‘egregious’ budget accounting error

The White House has denied the president’s budget proposal contains an “egregious” maths error. Former US Treasury Secretary Larry Summers pointed out the spending plan double-counts $2tr (£1.5tr). But White House budget director Mick Mulvaney told reporters: “We stand by the numbers.” Unveiled on Tuesday, the budget proposes deep cuts to welfare programmes. Continue reading “White House denies ‘egregious’ budget accounting error”

Hidden cost of Trump’s $110 billion Saudi arms deal:

Support for ‘endless quagmire’ in Yemen President Donald Trump’s sharp pivot toward Saudi Arabia has teed up a windfall for American industrial companies and investment firms, but his tacit approval of the kingdom’s military exploits may yet cost the United States. An arms deal with Saudi Arabia worth $110 billion marks a softening of the U.S. position on the Saudi-led coalition in Yemen’s civil war, which is widely blamed for a high civilian death toll. Continue reading “Hidden cost of Trump’s $110 billion Saudi arms deal:”

Dems: New documents show Flynn lied to investigators about Russian trips

A new letter from the leading Democrat on the House oversight committee, Rep. Elijah Cummings, reveals new information about former national security adviser Michael Flynn and what he told investigators about his ties to foreign governments when he was interviewed about his security clearance. Continue reading “Dems: New documents show Flynn lied to investigators about Russian trips”

Treasury Secretary Mnuchin backs off pledge of ‘no absolute tax cut’ for the wealthy

But on Tuesday, he hedged on that pledge. After Trump’s election, Mnuchin told CNBC that wealthy Americans would get no “absolute tax cut.” That would mean any cuts they did get under Trump’s plan — including a big drop in the top income tax rate — would be offset by closing loopholes the wealthy use. Continue reading “Treasury Secretary Mnuchin backs off pledge of ‘no absolute tax cut’ for the wealthy”

OPEC set to prolong oil output cuts by nine months

OPEC is likely to extend production cuts for another nine months, ministers and delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC’s top producer, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. Continue reading “OPEC set to prolong oil output cuts by nine months”

Philadelphia Fed non-manufacturing index falls in May

The Philadelphia Federal Reserve said on Tuesday its barometer of non-manufacturing business activity in the U.S. Mid-Atlantic region fell to its lowest level so far in 2017 in May, led by declines in new orders and employment. The regional bank of the Fed said its index on business activity at services companies in the region fell to 25.8 points, the lowest since November 2016 when it was 16.8. It was 34.9 points in April. Continue reading “Philadelphia Fed non-manufacturing index falls in May”

Former Fed No. 2 Rivlin calls Trump’s budget assumptions of 3 percent growth ‘very optimistic’

Alice Rivlin, former vice chair of the Federal Reserve and founding director of the Congressional Budget Office, told CNBC on Tuesday she does not understand why the White House based its new budget proposal on 3 percent economic growth. “They are very optimistic,” she said in a “Squawk on the Street” interview. “We haven’t seen 3 percent growth for a long time.” President Donald Trump’s 2018 budget, unveiled on Tuesday, assumes the U.S. economy will reach 3 percent growth by 2021 and beyond. Continue reading “Former Fed No. 2 Rivlin calls Trump’s budget assumptions of 3 percent growth ‘very optimistic’”

Sears inks deal to push back debt payment, ease pension obligations

Sears unveiled steps on Tuesday the retailer is taking to improve its financial position, as rumors continue to swirl that its bankruptcy is looming and CEO Eddie Lampert has stepped up efforts to defend its business. The embattled department store chain announced Tuesday it has agreed to extend a portion of a $500 million secured loan facility and annuitize $515 million of its pension obligations. Continue reading “Sears inks deal to push back debt payment, ease pension obligations”

Donald Trump’s 2018 Budget Plan Calls for 60 Miles of New Border Wall

The request for just $1.6 billion in wall funding is found in the budget document released by the Department of Homeland Security, which describes the agency’s 98-page plan for spending its overall 2018 budget of $70.7 billion. According to the document: This funding would allow CBP to construct: 32 miles of new border wall system in the Rio Grande Valley Sector, 28 miles of new levee wall in the Rio Grande Valley Sector, and 14 miles of new border wall system that will replace secondary fence in the San Diego Sector. Continue reading “Donald Trump’s 2018 Budget Plan Calls for 60 Miles of New Border Wall”

CIA director alerted FBI to pattern of contacts between Russian officials and Trump campaign associates

The CIA alerted the FBI to a troubling pattern of contacts between Russian officials and associates of the Trump campaign last year, former agency director John Brennan testified on Tuesday, shedding new light on the origin of a criminal probe that now reaches into the White House. In testimony before the House Intelligence Committee, Brennan said he became increasingly concerned that Trump associates were being manipulated by Russian intelligence services as part of a broader covert influence campaign that sought to disrupt the election and deliver the presidency to Donald Trump. Continue reading “CIA director alerted FBI to pattern of contacts between Russian officials and Trump campaign associates”

Biggest beneficiary of 9-month extension of oil-production limits is Saudi Aramco’s IPO

Saudi Arabia is pushing the OPEC oil cartel and other big producers gathered here this week to extend crude production cuts for another nine months. The reason: the timing of the blockbuster IPO of Saudi Arabian Oil Co., people familiar with the matter said. The Saudis want higher oil prices well into 2018 to support the initial public offering of their state-owned oil company, Aramco, people familiar with the matter said. Continue reading “Biggest beneficiary of 9-month extension of oil-production limits is Saudi Aramco’s IPO”

AutoZone’s stock suffers record price plunge after profit and sales miss

AutoZone Inc. suffered its biggest-ever stock price plunge Tuesday, with the auto parts and accessories retailer’s disappointing results prompting a two-notch downgrade from a longtime bull. The company reported before the open fiscal third-quarter earnings and revenue that rose less than expected, and same-store sales that declined, against expectations of an increase. Continue reading “AutoZone’s stock suffers record price plunge after profit and sales miss”

Trump avoids pointing to Saudis’ human rights failings

As President Donald Trump opened his keynote address in Saudi Arabia, he lavished praise on the “magnificent” kingdom and “the grandeur of this remarkable place.”Then he made clear there would be no public lecture from America on Saudi Arabia’s abysmal human rights record. “We are not here to tell other people how to live, what to do, who to be, or how to worship,” Trump declared Sunday. Continue reading “Trump avoids pointing to Saudis’ human rights failings”

Trump proposes deep U.S. spending cuts in Mexico, Central America

President Donald Trump on Tuesday proposed drastically slashing U.S. foreign aid spending in Mexico and Central America, which are struggling with drug violence, graft and poverty that prompts many from the troubled region to migrate north. Trump’s austere 2018 budget proposal, which seeks to trim $3.6 trillion from government spending over the next decade and is unlikely to get legislative approval in its current form, envisages steep cuts in most federal departments, but particularly the State Department. Continue reading “Trump proposes deep U.S. spending cuts in Mexico, Central America”

Trump’s proposed budget is ‘DOA,’ says expert Jared Bernstein

The Trump administration’s proposed budget won’t last long, one expert told CNBC on Tuesday. “I do think it’s DOA [dead on arrival] and we’ve heard Republicans say that,” Jared Bernstein, former economic policy advisor to Vice President Joe Biden, said in an interview on “Power Lunch.” “The accounting in this budget is really just crazier than I’ve ever seen,” he added. President Donald Trump’s proposed fiscal 2018 budget became public Monday night. Continue reading “Trump’s proposed budget is ‘DOA,’ says expert Jared Bernstein”

U.S. plan to sell oil reserve shows declining import needs

President Donald Trump’s proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user’s reliance on imports – and a weaning off OPEC crude – as its domestic production soars. The U.S. Strategic Petroleum Reserve, the world’s largest, holds about 688 million barrels of crude in heavily guarded underground caverns in Louisiana and Texas. Continue reading “U.S. plan to sell oil reserve shows declining import needs”

Trump’s $4.1tr budget takes hatchet to safety net

The White House has unveiled a $4.1tr (£3.1tr) budget that would take the axe to the social safety net for the poor. The plan would sharply slash food stamps, healthcare for low-income patients and disability benefits, and eliminate student loan subsidies. The budget also features an Ivanka Trump plan for paid parental leave. The US military would receive a 10% boost while $1.6bn would be allocated for a wall on the border with Mexico. Continue reading “Trump’s $4.1tr budget takes hatchet to safety net”

Westinghouse reaches deal for $800 million U.S. bankruptcy loan

Westinghouse Electric Co told a U.S. court on Tuesday the nuclear power company had reached a deal to borrow $800 million after allaying creditors’ concerns that the money would be flowing to non-bankrupt affiliates overseas. Westinghouse, a unit of Japan’s Toshiba Corp (6502.T), filed for bankruptcy in March following billions of dollars in cost overruns at two nuclear power plants it designed and is constructing in Georgia and South Carolina. Continue reading “Westinghouse reaches deal for $800 million U.S. bankruptcy loan”

Why foreign start-ups fail in China

It’s a dream for nearly any international start-ups: Enter China. The country’s massive population of more than 1.3 billion, of which 730 million are currently connected online, is attractive to almost any enterprise looking to expand and scale. But, China is a big enough market for any local player to redesign a solution that’s localized for its own demographic, making it hard for foreign start-ups to access. Continue reading “Why foreign start-ups fail in China”

Defense stocks soar to all-time highs on $110 billion US-Saudi Arabia weapons deal

Defense stocks took off on Monday after President Donald Trump signed a nearly $110 billion weapons deal with Saudi Arabia. The deal will be worth $350 billion over 10 years. On Monday, Lockheed Martin closed up more than 1 percent and General Dynamics closed up about 1 percent. Continue reading “Defense stocks soar to all-time highs on $110 billion US-Saudi Arabia weapons deal”

Flynn will invoke the Fifth Amendment in response to Senate subpoena

Former national security adviser Mike Flynn will decline to cooperate with a Senate subpoena, invoking his constitutional right against self incrimination and setting off a legal showdown with Congress over a key witness in its investigation of alleged Russian interference in the 2016 election. Continue reading “Flynn will invoke the Fifth Amendment in response to Senate subpoena”

‘Ghost of impeachment’ is haunting an overreacting market: Strategist

They say the only thing to fear is fear itself, and that’s exactly what happened in the markets this week, according to one strategist. With President Donald Trump reeling amid a series of political setbacks, investors have taken fright. In a recent interview with CNBC’s “Futures Now,” Oppenheimer’s John Stoltzfus said the “ghost of impeachment” got the best of the markets last week — and subsequently sent the Dow tumbling nearly 400 points in spite of strong fundamentals and earnings. Continue reading “‘Ghost of impeachment’ is haunting an overreacting market: Strategist”

North Korea says ready to deploy, mass-produce new missile

North Korea says it’s ready to deploy and start mass-producing a new medium-range missile capable of reaching Japan and major U.S. military bases there following a test launch it claims confirmed the missile’s combat readiness and is an “answer” to U.S. President Donald Trump’s policies. The solid-fuel Pukguksong-2 missile flew about 500 kilometers (310 miles) and reached a height of 560 kilometers (350 miles) Sunday before plunging into the Pacific Ocean. Continue reading “North Korea says ready to deploy, mass-produce new missile”

Goldman warns of 2018 oil glut amid optimism over OPEC cut extension

Expectations of an extension of an oil production cut agreement by the Organization of the Petroleum Exporting Countries and major producers led by Russia are supporting prices, but there are risks for a renewed surplus later next year, Goldman Sachs analysts wrote in a report published on Monday. “A nine-month extension would normalize OECD inventories by early 2018, in our view, but we see risks for a renewed surplus later next year if OPEC and Russia’s production rises to their expanding capacity and shale grows at an unbridled rate,” the Goldman analysts said. Continue reading “Goldman warns of 2018 oil glut amid optimism over OPEC cut extension”

Oil rises on expectation of extended, possibly deepened output cut

Oil prices rose on Monday, supported by reports that an OPEC-led supply cut would not only be extended into next year but might also be deepened in order to tightening the market and prop up prices. Prices have been lifted by expectations that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of covering just the first half of this year to March 2018. Continue reading “Oil rises on expectation of extended, possibly deepened output cut”

At Least 19 Dead in Blast at Ariana Grande Concert in British Arena

A blast on Monday night at a concert in the English city of Manchester where U.S. singer Ariana Grande had been performing left at least 19 people dead and about 50 injured in what British police said was being treated as a terrorist incident. Police said they were responding to reports of an explosion and that there were a number of confirmed fatalities and others injured at the arena, which has a capacity for 21,000 people. Continue reading “At Least 19 Dead in Blast at Ariana Grande Concert in British Arena”

Report: Saudi Arabia, UAE Will Donate $100M to Ivanka Trump-Proposed Women Entrepreneurs Fund

Two Arab countries have pledged to donate $100 million towards a fund designed for women entrepreneurs proposed by the president’s eldest daughter and adviser Ivanka Trump, according to a report. Saudi Arabia and the United Arab Emirates will contribute $100 million towards the World Bank’s Women Entrepreneurs Fund, which Ivanka proposed, the Wall Street Journal reported. ABC News reported that World Bank president Jim Yong Kim announced the countries’ pledge at a Sunday event on women’s economic empowerment with Ivanka. Continue reading “Report: Saudi Arabia, UAE Will Donate $100M to Ivanka Trump-Proposed Women Entrepreneurs Fund”

Solar company Sunrun manipulated sales data around time of 2015 IPO

Former managers at one of the largest U.S. solar-energy companies say they manipulated a key sales metric around the time of the company’s August 2015 initial public offering. The former managers of Sunrun Inc. say they were told by their superiors to hold off on internally reporting hundreds of customers who canceled their contracts during a roughly five-month period in the middle of 2015. Continue reading “Solar company Sunrun manipulated sales data around time of 2015 IPO”

Almost all murders and attempted murders in Sweden using firearms are carried out by people with foreign backgrounds, according to a new study.

According to research carried out by Dagens Nyheter, 90 out of the 100 offenders and suspected offenders examined by the liberal daily newspaper have at least one foreign-born parent, the vast majority having roots in the Middle East and North Africa. In around half of the cases, the men were born in Sweden whilst others migrated to the country at a young age. The study looked at 53 convicted and 47 suspected perpetrators involved in shootings in public places which have taken place since 2013. Continue reading “Almost all murders and attempted murders in Sweden using firearms are carried out by people with foreign backgrounds, according to a new study.”

‘The big equity run is over,’ says strategist who called Trump rally before election

The major stock rally after the U.S. presidential election is over, and investors should employ a new strategy to make money, closely followed strategist Mark Grant, who predicted the post election rally, told CNBC on Monday. The chief strategist at Hilltop Securities said he changed his investing strategy after it became apparent that President Donald Trump would continue to get pushback as he attempts to “drain the swamp.” Continue reading “‘The big equity run is over,’ says strategist who called Trump rally before election”

Trump administration wants Obamacare subsidy case put on hold, again

The Trump administration asked on Monday that a major federal court case weighing the fate of the Obamacare cost-sharing subsidies be put on hold again, leaving billions of dollars in payments to insurers up in the air for 2017 and 2018. In a joint filing with the U.S. House of Representatives submitted to the U.S. Court of Appeals for the District of Columbia Circuit, the administration and Republican lawmakers asked for a second 90-day extension. Continue reading “Trump administration wants Obamacare subsidy case put on hold, again”

Trump budget proposal reportedly includes massive Medicaid cuts, ability to limit anti-poverty benefits

President Trump’s first major budget proposal on Tuesday will include massive cuts to Medicaid and call for changes to anti-poverty programs that would give states new power to limit a range of benefits, people familiar with the planning said, despite growing unease in Congress about cutting the safety net. For Medicaid, the state-federal program that provides health care to low-income Americans, Trump’s budget plan would follow through on a bill passed by House Republicans to cut more than $800 billion over 10 years. Continue reading “Trump budget proposal reportedly includes massive Medicaid cuts, ability to limit anti-poverty benefits”

Trump says he didn’t mention Israel in meeting with Russians

President Donald Trump on Monday defended himself against allegations he divulged classified information in a recent meeting with Russian diplomats, saying alongside Israeli Prime Minister Benjamin Netanyahu that he never identified Israel in his Oval Office conversation. At the end of his appearance with Netanyahu, Trump said that he “never mentioned the word or the name Israel” in his conversation with Russia’s foreign minister and ambassador. Continue reading “Trump says he didn’t mention Israel in meeting with Russians”

Trump to Comey: Throw journalists in jail

President Donald Trump told then-FBI Director James Comey he should throw journalists in jail during the same meeting in which he asked Comey to end the investigation into former national security adviser Michael Flynn, a source close to Comey has told CNN. In the February 14 meeting in the Oval Office, Trump expressed frustration about news stories detailing his private conversations with the leaders of Mexico and Australia the previous month, saying Comey needed to go after the leakers, the source said. Continue reading “Trump to Comey: Throw journalists in jail”

Trump’s speech to Muslim world a tough sell

With his address in Riyadh, “Our friends will never question our support,” President Trump sought to roll back perceptions that America’s ambitions in the Middle East are in retreat. By design or coincidence, his remarks Sunday mirror those made in a similar setting five years ago by Russian Foreign Minister Sergei Lavrov, who told Arab League leaders in Cairo that “Russia will always back its allies.” Continue reading “Trump’s speech to Muslim world a tough sell”

What America’s new arms deal with Saudi Arabia says about the Trump administration

President Trump has just announced the sale of a whopping $110 billion to Saudi Arabia which includes “tanks and helicopters for border security, ships for coastal security, intelligence-gathering aircraft, a missile-defense radar system, and cybersecurity tools,” reports ABC News. It forms part of a 10-year, $350 billion agreement in a “strategic vision” between the two countries, reports the Washington Post. Continue reading “What America’s new arms deal with Saudi Arabia says about the Trump administration”

Congressional panels pledge thorough probe into Comey firing

Members of key congressional committees pledged Sunday to proceed with aggressive investigations into Russia’s meddling into the U.S. election and any ties with the Trump campaign, saying the American people need a full airing as to why former FBI director James Comey was ousted. Comey was fired by President Donald Trump earlier this month. The former director agreed to testify before the Senate intelligence committee after the Memorial Day holiday. Continue reading “Congressional panels pledge thorough probe into Comey firing”

Medicaid cuts coming in Trump budget: Washington Post

U.S. President Donald Trump’s budget proposal, set to be unveiled on Tuesday, will include cuts to Medicaid and propose changes to other assistance programs for low-income citizens, the Washington Post reported on Sunday. The White House did not immediately respond to a request for comment. A Republican healthcare bill that passed the U.S. House of Representatives in early May seeks to overhaul the national healthcare system and cut more than $800 billion over the next 10 years from Medicaid, the government health insurance program for the poor and disabled. Continue reading “Medicaid cuts coming in Trump budget: Washington Post”

N.Korea says Kim Jong Un supervised missile test confirms warhead guidance, ready for deployment

North Korean leader Kim Jong Un reacts with members of the Korean People’s Army in this undated photo released by North Korea’s Korean Central News Agency (KCNA) on May 15, 2017. North Korea said on Monday it has successfully tested an intermediate-range ballistic missile to confirm the reliability of the late-stage guidance of the nuclear warhead, indicating further advances in the ability to hit U.S. targets. Continue reading “N.Korea says Kim Jong Un supervised missile test confirms warhead guidance, ready for deployment”

Rubio: Russia ‘cloud’ impacts everything

Florida Sen. Marco Rubio warned Sunday about the “cloud” of questions surrounding Russian attempts to influence the 2016 election that is hanging over the White House and pledged to provide the public with answers. “This cloud is impacting everything else,” Rubio said on CNN’s “State of the Union.” “I think the White House would acknowledge that.” Continue reading “Rubio: Russia ‘cloud’ impacts everything”

Texas lawmakers clear way for Uber, Lyft return to major cities

Texas governor Greg Abbott will sign in the next few days a bill that would shield ride-hailing firms Uber and Lyft from bruising battles over fingerprint background checks that led them to leave some of the state’s most important markets. Lawmakers last week approved the legislation known as House Bill 100 that sets up statewide regulations for the companies. It clears the way for Lyft Inc to reenter Houston, where Uber Technologies Inc currently dominates, and for both to reenter Austin, Corpus Christi and Galveston. Continue reading “Texas lawmakers clear way for Uber, Lyft return to major cities”

TPP trade deal will continue without Trump

Asia-Pacific trade ministers have agreed to resuscitate the controversial Trans-Pacific Partnership (TPP) trade deal, despite US President Donald Trump abandoning it. Mr Trump signalled in January he would block the passage of the 12-nation pact in order to protect American jobs. Trade ministers from the 11 remaining countries have met in Vietnam to get the deal back on track. Continue reading “TPP trade deal will continue without Trump”

Venezuela’s irreconcilable visions for the future

“Venezuela is now a dictatorship,” says Luis Ugalde, a Spanish-born Jesuit priest who during his 60 years living in Venezuela has become one of the South American nation’s most well-known political scientists. A former rector of the Andres Bello Catholic University in Caracas, Mr Ugalde does not mince his words. He compares Venezuela to an ailing patient who is on the brink of being killed off by well-meaning but incompetent doctors. Continue reading “Venezuela’s irreconcilable visions for the future”

Amazon could be planning to bring its checkout-free grocery stores to Europe

Amazon could be looking to expand its cashier-free grocery stores to the UK and Europe in the future. The company recently filed several trademark applications related to its Go stores with the UK’s Intellectual Property Office and its European Union equivalent. The company filed applications to trademark four slogans: “No Lines, No Checkout. (No, Seriously),” “No Queue, No Checkout. (No, Seriously),” “Every Queue is a Defect,” and “Every Line is a Defect.” Continue reading “Amazon could be planning to bring its checkout-free grocery stores to Europe”

Ford replaces CEO in push to transform business

Ford Motor Co. is replacing CEO Mark Fields amid questions about its current performance and future strategy, according to a person familiar with the situation. CEO Mark Fields is retiring at age 56 after 28 years at the company, says this person, who spoke on condition of anonymity because the official announcement hasn’t been made. Fields will be replaced by Jim Hackett, who joined Ford’s board in 2013, the person says. Continue reading “Ford replaces CEO in push to transform business”

North Korea fires midrange missile in its latest test

North Korea fired a medium-range missile on Sunday, U.S. and South Korean officials said, the latest ballistics test by a country speeding up its development of nuclear weapons and missiles. The rocket was fired from an area near the North Korean county of Pukchang, in South Phyongan Province, and flew eastward about 500 kilometers (310 miles), said South Korea’s Joint Chiefs of Staff. Continue reading “North Korea fires midrange missile in its latest test”

North Korea missile passes re-entry test in breakthrough for nuclear programme

The ballistic missile launched by NorthKorea on May 14 successfully re-entered the Earth’s atmosphere, according to analysts, a significant breakthrough for Pyongyang’s missile programme. Defence officials in South Korea and the US have confirmed that the launch of the liquid- fuel Hwasong-12 was a success. North Korea claimed that the weapon reached an altitude of 2,111.5 km (1,312 miles) and travelled a distance of 489 miles before breaching Japan’s Air Defence Identification Zone and splashing down in the Sea of Japan. Continue reading “North Korea missile passes re-entry test in breakthrough for nuclear programme”