Business

Australian Prime Minister Morrison speaks to the media as he arrives at the Horizon Church in Sutherland
FILE PHOTO: Australian Prime Minister Scott Morrison speaks to the media as he arrives at the Horizon Church in Sutherland in Sydney, Australia, May 19, 2019. AAP Image/Joel Carrett/via REUTERS

May 26, 2019

By Alison Bevege

SYDNEY (Reuters) – Australian Prime Minister Scott Morrison named his new cabinet on Sunday, with most positions staying the same, saying the government had “a significant agenda” to deliver and it was time to get back to business.

“I have high expectations of my ministry and clear goals for each of their roles,” he said in an emailed statement.

Incoming Defence Minister Linda Reynolds, who served in the Army Reserves for almost three decades and rose to the rank of brigadier, replaces Christopher Pyne who has retired.

Foreign Minister Marise Payne retains her position as does Home Affairs Minister Peter Dutton, Treasurer Josh Frydenberg, Finance Minister Mathias Cormann, Trade Minister Simon Birmingham, Energy Minister Angus Taylor and Attorney General Christian Porter.

A priority of the re-elected Liberal National coalition is to deliver tax cuts by July 1, a cornerstone of its election campaign, as the central bank has called for stimulus to aid a slowing economy.

Morrison entered this month’s election at the head of a minority government after a series of defections, unable to pursue its legislative agenda without the support of independent lawmakers and minor parties.

A surprise victory, however, secured the coalition an outright majority, removing the legislative uncertainty.

Official counting has not yet finished with three seats still in doubt, but the Electoral Commission said Morrison’s coalition leads in an outright majority of 78 seats in parliament which has 151 elected lawmakers.

The opposition Labor party is expected to win 67 seats and there are six crossbenchers made up of minor parties and independents.

Morrison also created a national agency for Indigenous Australians which would report directly to new Indigenous Affairs Minister Ken Wyatt, the first Aboriginal cabinet minister.

(Editing by Nick Macfie)

Source: OANN

U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe wave on the way to the course to play golf at Mobara Country Club in Mobara, Chiba Prefecture
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe wave on the way to the course to play golf at Mobara Country Club in Mobara, Chiba Prefecture, east of Tokyo, Japan May 26, 2019. Kimimasa Mayama/Pool via Reuters

May 26, 2019

By Jeff Mason

CHIBA, Japan (Reuters) – U.S. President Donald Trump kicked off the second day of a Japan visit on Sunday with a round of golf with Prime Minister Shinzo Abe, engaging in personal diplomacy aimed at smoothing tough discussions over differences on trade.

Trump, dressed in a red pullover, and Abe, wearing a blue blazer and white pants, met on a lawn and smiled for photographers before taking off for their game.

Abe’s office later posted a “selfie” picture on the course with Trump and Abe smiling together. Abe said in the post he hoped to make the Japan-U.S. alliance “even more unshakeable.”

The president’s state visit is meant to showcase the strength of the Japan-U.S. relationship, but tensions over trade have provided a backdrop of uncertainty.

Trump is unhappy with Japan’s large trade surplus and is considering putting high tariffs on its auto exports if a bilateral trade agreement is not reached. The United States and China are engaged in an expensive trade war that has pounded financial markets worldwide.

During remarks to business leaders on Saturday night, Trump ribbed Japan over its trading “edge” while saying progress had been made.

“With this deal, we hope to address the trade imbalance, remove barriers to United States exports, and ensure fairness and reciprocity in our relationship. And we’re getting closer,” he said.

“Just last week, U.S. beef exports gained full access to Japan and to the markets in Japan for the first time since the year 2000. We welcome your support in these efforts, and we hope to have several further announcements soon, and some very big ones over the next few months.”

Fox News reported on Sunday that Trump planned to wait until after Japanese elections in July to push for a trade deal, and officials have played down prospects of any major progress on the president’s trip.

The two leaders are also likely to discuss North Korea’s nuclear and missile programs. Trump said on Sunday he was not concerned about recent missile launches from North Korea and was confident that the country’s leader, Kim Jong Un, would keep his promises.

After their golf game, Abe and Trump will attend a sumo tournament.

“I’ve always found that fascinating,” Trump said about Japan’s national sport during a meeting with Abe in Washington last month. “So, in fact, we’re having a trophy made in this country. We’re going to give the trophy to the winner of the championship.”

That trophy, now finished, weighs 60-70 pounds and is being called the “President’s Cup,” according to a White House official.

Trump will be the first U.S. president to attend such a tournament, according to another U.S. official, and the first to present a cup in the ring.

He is attending the final day of a 15-day tournament.

(Reporting by Jeff Mason; Editing by Nick Macfie)

Source: OANN

U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe wave on the way to the course to play golf at Mobara Country Club in Mobara, Chiba Prefecture
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe wave on the way to the course to play golf at Mobara Country Club in Mobara, Chiba Prefecture, east of Tokyo, Japan May 26, 2019. Kimimasa Mayama/Pool via Reuters

May 26, 2019

By Jeff Mason

CHIBA, Japan (Reuters) – U.S. President Donald Trump kicked off the second day of a Japan visit on Sunday with a round of golf with Prime Minister Shinzo Abe, engaging in personal diplomacy aimed at smoothing tough discussions over differences on trade.

Trump, dressed in a red pullover, and Abe, wearing a blue blazer and white pants, met on a lawn and smiled for photographers before taking off for their game.

Abe’s office later posted a “selfie” picture on the course with Trump and Abe smiling together. Abe said in the post he hoped to make the Japan-U.S. alliance “even more unshakeable.”

The president’s state visit is meant to showcase the strength of the Japan-U.S. relationship, but tensions over trade have provided a backdrop of uncertainty.

Trump is unhappy with Japan’s large trade surplus and is considering putting high tariffs on its auto exports if a bilateral trade agreement is not reached. The United States and China are engaged in an expensive trade war that has pounded financial markets worldwide.

During remarks to business leaders on Saturday night, Trump ribbed Japan over its trading “edge” while saying progress had been made.

“With this deal, we hope to address the trade imbalance, remove barriers to United States exports, and ensure fairness and reciprocity in our relationship. And we’re getting closer,” he said.

“Just last week, U.S. beef exports gained full access to Japan and to the markets in Japan for the first time since the year 2000. We welcome your support in these efforts, and we hope to have several further announcements soon, and some very big ones over the next few months.”

Fox News reported on Sunday that Trump planned to wait until after Japanese elections in July to push for a trade deal, and officials have played down prospects of any major progress on the president’s trip.

The two leaders are also likely to discuss North Korea’s nuclear and missile programs. Trump said on Sunday he was not concerned about recent missile launches from North Korea and was confident that the country’s leader, Kim Jong Un, would keep his promises.

After their golf game, Abe and Trump will attend a sumo tournament.

“I’ve always found that fascinating,” Trump said about Japan’s national sport during a meeting with Abe in Washington last month. “So, in fact, we’re having a trophy made in this country. We’re going to give the trophy to the winner of the championship.”

That trophy, now finished, weighs 60-70 pounds and is being called the “President’s Cup,” according to a White House official.

Trump will be the first U.S. president to attend such a tournament, according to another U.S. official, and the first to present a cup in the ring.

He is attending the final day of a 15-day tournament.

(Reporting by Jeff Mason; Editing by Nick Macfie)

Source: OANN

U.S. President Donald Trump and first lady Melania Trump visit Japan
U.S. President Donald Trump attends a Japanese business leaders event in Tokyo, Japan May 25, 2019. REUTERS/Jonathan Ernst

May 25, 2019

By Jeff Mason

TOKYO (Reuters) – U.S. President Donald Trump on Sunday dismissed concerns about recent missile launches from North Korea and said he was confident that the country’s leader, Kim Jong Un, would keep promises that he had made.

“North Korea fired off some small weapons, which disturbed some of my people, and others, but not me. I have confidence that Chairman Kim will keep his promise to me,” he said on Twitter.

Trump is currently in Japan on a state visit.

(Reporting by Jeff Mason, editing by G Crosse)

Source: OANN

FILE PHOTO: U.S. President Trump speaks at the Wounded Warrior Project Soldier Ride event in the East Room of the White House in Washington
FILE PHOTO: U.S. President Donald Trump reacts as he speaks at the Wounded Warrior Project Soldier Ride event after the release of Special Counsel Robert Mueller’s report, in the East Room of the White House in Washington, U.S., April 18, 2019. REUTERS/Carlos Barria/File Photo

May 25, 2019

By Katanga Johnson

WASHINGTON (Reuters) – Deutsche Bank AG and Capital One Financial Corp will not have to immediately hand over the financial records of U.S. President Donald Trump, three of his children and the Trump Organization, according to a court filing on Saturday.

The filing in U.S. District Court for the Southern District of New York followed an appeal submitted on Friday by Trump and his affiliates against an existing order from a federal judge allowing the banks to hand over financial records to Democratic lawmakers.

Amid an ongoing legal battle between the Republican president and Democrats in Congress, the agreement to hold off for now on enforcing the subpoenas for Trump’s financial records was a rare accord between Trump’s attorneys, the banks and the House Intelligence and the Financial Services Committees.

“The parties have reached an agreement regarding compliance with and enforcement of the subpoenas” while the appeal to the 2nd U.S. Circuit Court of Appeals is pending, the filing said.

Parts of the subpoenas have been included in court filings. The subpoena on Deutsche Bank seeks records of accounts, transactions and investments linked to Trump, his three oldest children, their immediate family members and several Trump Organization entities, as well as records of ties they might have to foreign entities.

Deutsche Bank has long been a principal lender for Trump’s real estate business and a 2017 disclosure form showed that Trump had at least $130 million of liabilities to the bank.

The subpoena on Capital One seeks records related to multiple entities tied to the Trump Organization’s hotel business. It followed an informal request to the bank by Democratic lawmakers in March seeking records related to potential conflicts of interest tied to Trump’s Washington hotel and other businesses.

A lawyer for the Trumps argued earlier this week that the subpoenas exceeded the authority of Congress and were “the epitome of an inquiry into private or personal matters.”

U.S. District Judge Edgardo Ramos, however, found that they were allowed under the broad authority of Congress to conduct investigations to further legislation.

(Reporting by Katanga Johnson; Editing by Daniel Wallis)

Source: OANN

Deutsche Bank AG and Capital One Financial Corp will not have to immediately hand over the financial records of U.S. President Donald Trump, three of his children and the Trump Organization, according to a court filing on Saturday.

The filing in U.S. District Court for the Southern District of New York followed an appeal submitted on Friday by Trump and his affiliates against an existing order from a federal judge allowing the banks to hand over financial records to Democratic lawmakers.

Amid an ongoing legal battle between the Republican president and Democrats in Congress, the agreement to hold off for now on enforcing the subpoenas for Trump’s financial records was a rare accord between Trump’s attorneys, the banks and the House Intelligence and the Financial Services Committees.

“The parties have reached an agreement regarding compliance with and enforcement of the subpoenas” while the appeal to the 2nd U.S. Circuit Court of Appeals is pending, the filing said.

Parts of the subpoenas have been included in court filings. The subpoena on Deutsche Bank seeks records of accounts, transactions and investments linked to Trump, his three oldest children, their immediate family members and several Trump Organization entities, as well as records of ties they might have to foreign entities.

Deutsche Bank has long been a principal lender for Trump’s real estate business and a 2017 disclosure form showed that Trump had at least $130 million of liabilities to the bank.

The subpoena on Capital One seeks records related to multiple entities tied to the Trump Organization’s hotel business. It followed an informal request to the bank by Democratic lawmakers in March seeking records related to potential conflicts of interest tied to Trump’s Washington hotel and other businesses.

A lawyer for the Trumps argued earlier this week that the subpoenas exceeded the authority of Congress and were “the epitome of an inquiry into private or personal matters.”

U.S. District Judge Edgardo Ramos, however, found that they were allowed under the broad authority of Congress to conduct investigations to further legislation.

Source: NewsMax Politics

Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai
Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai, November 29, 2017. REUTERS/Danish Siddiqui/File Photo

May 25, 2019

(Reuters) – Indian carrier Jet Airways (India) Ltd founder Naresh Goyal and his wife Anita Goyal were stopped from leaving India on Saturday at Mumbai airport, according to an airport official who asked not to be named.

The couple were taken into custody by immigration officers, the Indian Express reported, citing sources.

The airport official did not confirm that the couple had been detained.

It was not immediately clear why the couple had been prevented from traveling, or whether it was related to reported regulatory probes into the airline.

It was not immediately possible to reach either the Goyals or Jet for comment late Saturday.

Local media said the Goyals had been traveling to Dubai for a connecting flight to London.

Local media, citing sources, reported earlier this month that the ministry of corporate affairs had been looking into Jet’s books and had asked for a corporate fraud investigation into the airline, suspecting that its promoters siphoned off funds.

Jet said at the time that it had complied with all regulations. The Goyals did not comment on the reports at the time.

Once one of India’s largest carriers, Jet was forced to ground all flights last month after running out of money and failing to secure funds, crippled by mounting losses as it attempted to compete with low-cost rivals.

The carrier is saddled with some $1.2 billion in bank debt, and Goyal and his wife stepped down from the airline’s board in March amid the crisis.

(Reporting by Maria Ponnezhath, Rajendra Jadhav, and Zeba Siddiqui; Editing by Frances Kerry)

Source: OANN

FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at its U.S. headquarters in Auburn Hills, Michigan
FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at its U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook/File Photo

May 25, 2019

LONDON (Reuters) – Fiat Chrysler is in advanced discussions to forge extensive ties with Frances’s Renault, the Financial Times reported on Saturday, citing multiple people informed on the talks.

The paper said the carmakers were seeking to join forces to tackle structural challenges facing the global auto industry.

An agreement might ultimately lead FCA to join the Renault-Nissan-Mitsubishi Alliance in the future, some of these people added, while also warning that this outcome would mean taking a complicated path that would involve winning over Japan’s Nissan.

The paper cited Renault and FCA as declining to comment and said a spokesman for Nissan did not reply to a request for comment.

Renault spokespeople did not return phone calls seeking comment.

(Additional reporting by Inti Landauro in Paris; Writing by Frances Kerry)

Source: OANN

Illustration picture showing U.S. dollar and China's yuan banknotes
A U.S. dollar banknote featuring American founding father Benjamin Franklin and a China’s yuan banknote featuring late Chinese chairman Mao Zedong are seen among U.S. and Chinese flags in this illustration picture taken May 20, 2019. REUTERS/Jason Lee/Illustration

May 25, 2019

BEIJING (Reuters) – The United States has called on China to curb the development of its state-owned enterprises (SOEs), a demand that China sees as an “invasion” on its economic sovereignty, Chinese state news agency Xinhua said on Saturday.

Trade tensions between Washington and Beijing escalated sharply earlier this month after the Trump administration accused China of having “reneged” on its previous promises to make structural changes to its economic practices.

Washington later slapped additional tariffs of up to 25% on $200 billion of Chinese goods, prompting Beijing to retaliate.

As trade talks stalled, both sides have appeared to be digging in. China has denied it had walked back on its promises but reiterated it would not make concessions to “matters of principles” to defend its core interests, although no full details were given.

“At the negotiating table, the U.S. government presented a number of arrogant demands to China, including restricting the development of state-owned enterprises,” Xinhua said in a commentary.

SOEs in China enjoy not only explicit subsidies but also hidden benefits such as implicit government guarantees for debts and lower interest for bank loans, analysts and trade groups say.

“Obviously, this is beyond the scope of trade negotiations and touches on China’s fundamental economic system,” Xinhua said.

“This shows that behind the United States’ trade war against China, it is trying to invade China’s economic sovereignty and force China to damage its core interests.”

The commentary added the United States has made unfounded accusations including that Beijing had forced technology transfers from foreign firms operating in China, saying this is all evidence that the U.S side is “forcing China to change its development path.”

(Reporting by Yawen Chen and Ryan Woo; Editing by Frances Kerry)

Source: OANN

The Economic Innovation Group’s (EIG) Distressed Communities Index (DCI) shows a significant economic transformation (from two distinct periods: 2007-2011 and 2012-2016) that occurred since the financial crisis. The shift of human capital, job creation, and business formation to metropolitan areas reveals that rural America is teetering on the edge of collapse.

Since the crisis, the number of people living in prosperous zip codes expanded by 10.2 million, to a total of 86.5 million, an increase that was much greater than any other social class. Meanwhile, the number of Americans living in distressed zip codes decreased to 3.4 million, to a total of 50 million, the smallest shift of any other social class. This indicates that the geography of economic pain is in rural America.

“While the overall population in distressed zip codes declined, the number of rural Americans in that category increased by nearly 1 million between the two periods. Rural zip codes exhibited the most volatility and were by far the most likely to be downwardly mobile on the index, with 30 percent dropping into a lower quintile of prosperity—nearly twice the proportion of urban zip codes that fell into a lower quintile.

Meanwhile, suburban communities registered the greatest stability, with 61 percent remaining in the same quintile over both periods. Urban zip codes were the most robust—least likely to decline and more likely than their suburban counterparts to rise,” the report said.

Visualizing the collapse: Economic distress was mostly centered in the Southeast, Rust Belt, and South Central. In Alabama, Arkansas, Mississippi, and West Virginia, at least one-third of the population were located in distressed zip codes.

Prosperous zip codes were the top beneficiaries of the jobs recovery since the financial crisis. All zip codes saw job declines during the recession, each laying off several million jobs from 2007 to 2010. But by 2016, prosperous zip codes had 3.6 million jobs surplus over 2007 levels, which was more than the bottom 80% of distressed zip codes combined. It took five years for prosperous zip codes to replace all jobs lost from the financial crisis; meanwhile, distressed zip codes will never recover.

EIG shows that less than 25% of all counties have recovered from business closures from the recession.

“US business formation has been dismal in both magnitude and distribution since the Great Recession. The country’s population is almost evenly split between counties that have fully replaced (with 161 million residents) and those that have not (with 157.4 million). This divide is due to the fact that highly populous counties—those with more than 500,000 residents—were far more likely to add businesses above and beyond 2007 levels than their smaller peers. Nearly three in every five large counties added businesses on net over the period, compared to only one in every five small one,” the report said.

To highlight the weak recovery and geographic unevenness of new business formation, EIG shows that the entire country had 52,800 more business establishments in 2016 than it did in 2007.

Five counties (Los Angeles, CA; Brooklyn, NY; Harris, TX (Houston); Queens, NY; and Miami-Dade, FL. ) had a combined 55,500 more businesses in 2016 than before the recession. Without those five counties, the US economy would not have recovered.

On top of deep structural changes in rural America, JPMorgan told clients last week that the entire agriculture complex is on the verge of disaster, with farmers in rural America caught in the crossfire of an escalating trade war.

“Overall, this is a perfect storm for US farmers,” JPMorgan analyst Ann Duignan warned investors.

Farmers are facing tremendous headwinds, including a worsening trade war, collapsing soybean exports to China, global oversupply conditions, and crop yield losses in the Midwest due to flooding. This all comes at a time when farmers are defaulting and missing payments at alarming rates, forcing regional banks to restructure and refinance existing loans.

Today’s downturn of rural America is no different than what happened in the 1920s, 1930s, and the early 1980s.


Trump hit China with 25% on more than half of their exports. The stock market panicked this week. Here’s why you should celebrate…

Source: InfoWars


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