Advertisements



Las Vegas "property spouses" who renovate RVs are testament to vehicle"s popularity despite inflation

Over 40 million people are expected to travel by car this July 4th. Despite high gas prices, demand for RVs is said to be soaring, with manufacturing at a high......»»

Category: topSource: foxnewsJun 30th, 2022

Jan. 6 live: Primetime hearing focuses on Trump"s actions during the deadly Capitol riot

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP Thursday's hearing in the Jan. 6 probe is focusing on Trump's actions as his supporters stormed the Capitol. Two administration officials — national security adviser Matthew Pottinger and deputy press secretary Sarah Matthews — are testifying. The panel plans to keep digging through August and with more hearings to come in September. Jan. 6 panel has summertime plansJan. 6 Committee vice-chair Liz CheneySaul Loeb/AFPThe January 6 Committee leaders kicked off Thursday's hearing by outlining their plans for more summertime work as their panel continues its investigation of the 2021 insurrection at the Capitol.Rep. Bennie Thompson, the panel's chairman, said via video that there'd be more hearings in September. A few moments later, Rep. Liz Cheney, said the panel plans to spend the August recess "pursuing emerging information on multiple fronts" before turning to additional hearings."The damn has begun to break," Cheney said.   Latest hearing will focus on Trump's reaction to the Capitol riot — and his alleged inaction to stop it.Former President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesThe House panel investigating the Capitol riot on January 6, 2021 will hold its eighth hearing on Thursday night.The hearing — scheduled to start at 8 p.m. ET — will focus on Trump's actions during the deadly insurrection at the Capitol building.Committee members have argued that Trump knew of the violence and refused to take actions to prevent or stop it, despite the pleas from advisors in his inner circle.Former national security adviser Matthew Pottinger and Sarah Matthews, former deputy press secretary in the Trump administration, are expected to testify.The committee is expected to add to the public's understanding of the critical 187 minutes between when Trump stirred up a crowd of his supporters at the Ellipse to when he posted a video to Twitter asking them to "go home."READ FULL STORYRep. Kinzinger says Trump acted like an angry child during January 6 attackRepublican Rep. Adam Kinzinger of Illinois during a hearing on Capitol Hill on March 10, 2021.Ting Shen-Pool/Getty ImagesGOP Rep. Adam Kinzinger, who is expected to play a leading role in Thursday's primetime hearing, will focus on Trump's mindset and actions as he watched his supporters assault law enforcement and desecrate the Capitol.In an interview with The Bulwark, Kinzinger said Trump "was someone who knew exactly what he was doing."Read Full StoryTrump spent most of the January 6 attack watching TV in the White House dining room: new videoFormer President Donald Trump speaks during a "Save America" rally in Anchorage, Alaska, on July 9, 2022.Justin Sullivan/Getty ImagesTrump spent the bulk of his time during the Capitol attack watching reports of the insurrection on TV, according to video testimony given to the January 6 House panel.Ahead of Thursday night's hearing on how Trump reacted to the storming of the Capitol, Rep. Adam Kinzinger, R-Ill., a member of the House Select Committee, shared a video compilation of the depositions on Twitter.—Adam Kinzinger (@RepKinzinger) July 21, 2022Read Full StorySecret Service may have violated federal law by deleting messages around January 6The leaders of the January 6 hearings say the Secret Service may have violated federal law by undergoing a process that led to text messages from the time of the Capitol riot to be deleted."The procedure for preserving content prior to this purge appears to have been contrary to federal records retention requirements and may represent a possible violation of the Federal Records Act," a letter from Reps. Bennie Thompson and Liz Cheney said.So far, the committee had received one text message from the agency.Jan. 6 hearings are 'undoubtedly starting to take a toll' on Trump's popularity, former ambassador saysFormer White House counsel Pat Cipollone is seen on a video display during the seventh hearing held by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol on July 12, 2022.Sarah Silbiger-Pool/Getty ImagesA former ambassador who served during the Trump administration says the former president's popularity is taking a hit as more revelations about Trump's actions before and during the Capitol riot come out.Attorney Randy Evans, who was ambassador to Luxembourg, said the hearings' "steadiness, the repetitiveness, has had a corrosive effect."Evans added it's "all undoubtedly starting to take a toll — how much, I don't know. But the bigger question is whether it starts to eat through the Teflon. There are some signs that maybe it has. But it's too early to say right now."Read MoreSecret Service has only submitted 1 text to the Jan. 6 committee: panel memberThe House panel investigating the Capitol riot has received just one text message from the Secret Service in response to a subpoena, Rep. Zoe Lofgren said."In their letter they gave no indication that they have secured the phones in question and done some forensic work with them. That's something we want to know," Lofgren told MSNBC on Tuesday."Obviously, this doesn't look good ... Coincidences can happen but we really need to get to the bottom of this and get a lot more information than we have currently."Read Full StoryJan. 6 panel subpoenas Secret Service for text messages as DHS watchdog accuses agents of deleting them after being askedA US Secret Service agent takes position outside the White House in November 2020.J. Scott Applewhite/AP PhotoThe House committee investigating the Capitol riot has issued a subpoena to the US Secret Service after the Department of Homeland Security inspector general accused the agency of deleting text messages after being asked.Rep. Bennie Thompson, the committee's chairperson, said in a Friday letter to Secret Service director James Murray that the panel was seeking text messages from January 5 and 6, 2021.Thompson mentioned three previous requests for information, sent in January, March, and August of last year, pertaining to all communications between DHS officials and then-President Donald Trump about the Capitol riot.Read Full StoryThe Jan. 6 witness Trump tried to call is a White House support staffer, reports sayThe Jan. 6 committee witness whom former President Donald Trump is alleged to have tried to contact is a White House support staffer, reports say. At Tuesday's hearing, committee member Rep. Liz Cheney claimed that Trump sought to contact a witness who had not appeared publically, in what she characterized as a form of witness tampering. CNN first reported, citing two sources, that Trump made the call to the witness after the June 28 testimony by another witness, the former White House staffer Cassidy Hutchinson.According to the report, the support staffer was in a position to corroborate parts of Hutchinson's testimony, and had been providing evidence to the committee. NBC News later said it had confirmed CNN's reporting. Neither outlet named the person.Read Full StoryWatergate star witness predicts criminal charges after latest Jan. 6 testimony: 'Trump is in trouble'Former White House Counsel John Dean testifying on Capitol Hill on June 10, 2019.SAUL LOEB/AFP via Getty ImagesJohn Dean, a key witness in the Watergate investigation, said that former President Donald Trump and others will likely face legal repercussions from evidence presented at Tuesday's January 6 committee hearing. In an interview with CNN, Dean highlighted testimony by former members of extremist group the Oath Keepers, who were part of the mob that stormed the Capitol.Dean described them as "really classic authoritarian followers, following the leader."He argued that the testimony proves the extent to which the rioters believed they had been sent by Trump, which he said could be used by prosecutors were they to bring charges against the former president.Read Full StoryTrump 'liked the crazies' and wanted Alex Jones and Ali Alexander as Jan. 6 rally speakers despite red flags raised, former spokesperson saysKatrina Pierson, a former campaign spokesperson for Donald Trump and one of the organizers of the January 6 "Stop the Steal" rally, said Trump wanted Alex Jones and Ali Alexander to speak at the event despite the "red flags" they raised.On Tuesday, Rep. Stephanie Murphy, a member of the House select committee investigating the Capitol riot, played a video of Pierson's testimony to the panel in which Pierson commented on Trump's love for "crazies" like Jones and Alexander."Yes, I was talking about President Trump. He loved people who viciously defended him in public," Pierson said in her deposition.Read Full StoryPhoto shows Mark Meadows escorting Rudy Giuliani from the White House following 'UNHINGED' West Wing meeting about 2020 election resultsA photo that Cassidy Hutchinson took of Mark Meadows leading Rudy Giuliani away from the Oval Office.Courtesy of CSPANFormer Trump White House chief of staff Mark Meadows had to escort former Trump lawyer Rudy Giuliani from the Oval Office following a chaotic, late-night December 2020 West Wing meeting about the election results, according to new January 6 testimony.Cassidy Hutchinson, the former Trump White House aide whose explosive testimony stunned Washington last month, shared with the House Select Committee investigating the Capitol riot a photo she took of Meadows leading  Giuliani away from the Oval Office following the turbulent gathering, which was the site of a face-off between Trump's legal allies and White House lawyers over efforts to promote the then-president's baseless claims of election fraud, according to testimony.The January 6 panel shared the photo alongside real-time text messages Hutchinson was sending from the meeting during its seventh live hearing on Tuesday. READ FULL STORYFormer Twitter employee feared people were going to die on January 6A former Twitter employee told the House committee investigating the attack on the US Capitol that activity on the platform raised concerns that there would be deadly violence in Washington on January 6.The former employee, whose voice was obscured in a recording played during Tuesday's hearing, testified about trying and failing to get the company to intervene as former President Donald Trump's extremist supporters used the platform to repeat his statements about the upcoming protests to the 2020 election results.On the night of January 5, the employee testified about slacking a colleague, a message to the effect of, "When people are shooting each other tomorrow, I will try and rest in the knowledge that we tried."The former employee was on a team responsible for platform and content moderation policies during 2020 and 2021.READ FULL STORYOath Keepers attorney used the 'Queer Eye' loft kitchen from Season 3 as her video background before the January 6 committeeOath Keepers attorney Kellye SoRelle.C-SPANTestifying remotely before the House Select Committee investigating the January 6 insurrection, the Oath Keepers' attorney and acting president used a green screen background from the Netflix show "Queer Eye."Erin Ryan, host of Crooked Media's "Hysteria" podcast, tweeted out a screenshot of the remote deposition from Oath Keepers acting president Kellye SoRelle alongside an image from the third season of the streaming series, which Ryan said she found from a reverse Google image search.READ FULL STORYRep. Liz Cheney ends hearing with bombshell: Donald Trump called a witness in the House January 6 investigationFormer President Donald Trump called a witness in the congressional inquiry into the January 6, 2021 attack on the Capitol, Rep. Liz Cheney said Tuesday, prompting House investigators to notify the Justice Department. "After our last hearing, President Trump tried to call a witness in our investigation. A witness you have not yet seen in these hearings. That person declined to answer or respond to President Trump's call and, instead, alerted their lawyer to the call," said Cheney, a Wyoming Republican, in a bombshell revelation that concluded the House January 6 committee's seventh public hearing."Their lawyer alerted us, and this committee has supplied that information to the Department of Justice," she added. "Let me say one more time: We will take any effort to influence witness testimony very seriously."READ FULL STORYThe January 6 investigators obtained a video of Roger Stone reciting the Proud Boys' 'Fraternity Creed,' the first step for initiation to the extremist groupAn image of Roger Stone is shown on a screen as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.Doug Mills/Pool via APNew details emerged at Tuesday's January 6 committee hearing on the close ties between Roger Stone and extremist groups, including that the longtime Donald Trump confidante was recorded reciting the Proud Boys' so-called "Fraternity Creed." Rep. Jamie Raskin, who co-chaired the public hearing, described reciting the creed as "the first level of initiation" into the far-right group, five members of which are scheduled to be tried on seditious conspiracy charges in December.  "Stone's ties to the Proud Boys go back many years," Raskin said. "He's even taken their so-called "Fraternity Creed," required for the first level of initiation to the group."Video then played showing Stone in a crowded outdoor setting, saying, "Hi, I'm Roger Stone. I'm a Western chauvinist, and I refuse to apologize for the creation of the modern world." READ FULL STORYTrump planned to call on his supporters to march to the Capitol on January 6, according to a draft tweetThe House committee investigating the Capitol riot on Tuesday revealed a draft tweet in which President Donald Trump called on his supporters to go to the US Capitol after his speech on January 6, 2021."I will be making a Big Speech at 10AM on January 6th at the Ellipse (South of the White House). Please arrive early, massive crowds expected. March to the Capitol after. Stop the Steal!!" Trump wrote in the draft tweet, which is undated.Trump never sent the tweet, but its existence, along with other messages exchanged between rally organizers, offer proof that the march to the Capitol was premeditated, the January 6 committee said.Democratic Rep. Stephanie Murphy of Florida presented the evidence during Tuesday's hearing, and said: "The evidence confirms that this was not a spontaneous call to action, but rather it was a deliberate strategy decided upon in advance by the president."READ FULL STORYTrump's ex-campaign manger Brad Parscale said in private texts that Trump is to blame for Capitol rioter's deathIn a series of texts revealed at the 7th hearing of the House select committee investigating the January 6 insurrection, President Donald Trump's former campaign manger Brad Parscale suggested in a message to former Trump campaign spokeswoman Katrina Pierson that Trump's words led to the death of a capitol rioter.Messages show Pierson tried to push back, writing that "it wasn't the rhetoric.""Katrina," Parscale wrote back. "Yes it was."Read Full StoryPat Cipollone suggested Pence should get the Presidential Medal of Freedom for refusing to block the Electoral Collage count certificationA video of Pat Cipollone, former White House counsel, is shown as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.Doug Mills/Pool via AP"I think the vice president did the right thing, I think he did the courageous thing," Cipollone said in testimony revealed at the House January 6 committee's seventh public hearing on Tuesday. "I have a great deal of respect for Vice President Pence."Cipollone added that he didn't think Pence had any "legal authority" to do anything other than refuse to give into President Donald Trump's pressure campaign and interfere with the Electoral College certification on January 6, 2021.Read Full Story  11 House Republicans met with Trump to strategize overturning the election results on January 6, and 5 of them later asked for pardonsAccording to Democratic Rep. Stephanie Murphy of Florida, a member of the January 6 committee, several Republicans met at the White House on December 21, 2020, as part of an effort to "disseminate his false claims and to encourage members of the public to fight the outcome on January 6."Vice President Mike Pence, White House Chief of Staff Mark Meadows, and Rudy Giuliani were all at the meeting, along with President Donald Trump.According to White House visitor logs, Rep. Brian Babin of Texas, Rep. Andy Biggs of Arizona, Rep. Matt Gaetz of Florida, Rep. Louie Gohmert of Texas, Rep. Paul Gosar of Florida, Rep. Andy Harris of Maryland, Rep. Jody Hice of Georgia, Rep. Jim Jordan of Ohio, Rep. Scott Perry of Pennsylvania, and Rep-elect Marjorie Taylor Greene of Georgia all attended the meeting.Read Full StoryFormer Twitter employee tells January 6 committee that Trump received special treatment from TwitterAn evidence tweet is shown on a screen during a full committee hearing on "the January 6th Investigation," on Capitol Hill on July 12, 2022, in Washington, DC. - The House committee probing the 2021 assault on the US Capitol is examining connections between associates of former US President Donald Trump and far right-wing extremist groups at its seventh hearing on Tuesday.SAUL LOEB/AFP via Getty Images"I believe that Twitter relished in the knowledge that they were also the favorite and most used service of the former president and enjoyed having that sort of power within the social media ecosystem," the former Twitter employee told investigators in testimony aired in Tuesday's hearing of the congressional committee investigating January 6.The employee, whose identity was kept secret, was introduced by Rep. Jamie Raskin as having worked on Twitter's content moderation team from 2020 to 2021.Read Full StoryCassidy Hutchinson texted a fellow White House aide 'the west wing is UNHINGED' as Oval Office meeting almost devolved into a brawlCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, testifies during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building on June 28, 2022 in Washington, DC.Andrew Harnik-Pool/Getty ImagesAccording to messages released by the House January 6 committee, Hutchinson texted the message to another top aide, Anthony Ornato.It was sent amid the scene of a December 2020 Oval Office meeting as Trump attorney Sidney Powell and White House lawyers clashed over efforts to push Trump's debunked election fraud claims. Read Full Story Former White House counsel Pat Cipollone 'set a new land speed record' trying to break up a meeting between Trump, Michael Flynn, and Overstock's CEO, Sidney Powell saidDemocratic Rep. Jamie Raskin of Maryland, one of the committee members leading Tuesday's January 6 hearing, said former President Donald Trump, election lawyer Sidney Powell, former National Security Advisor Michael Flynn, and Patrick Byrne, the CEO of Overstock.com, had met to discuss an ongoing effort to reverse the results of the 2020 election.Powell told investigators in previously recorded testimony, however, that the group had "probably no more than 10 or 15 minutes" with Trump before Pat Cipollone, then the White House Counsel, intercepted the meeting."I bet Pat Cipollone set a new land speed record," Powell quipped.Rep. Jamie Raskin says the 'oldest domestic enemy' of US democracy' is 'whipping up mob violence to destroy fair elections'Vice Chair Liz Cheney, R-Wyo., left, listens as Rep. Jamie Raskin, D-Md., speaks as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.AP Photo/J. Scott Applewhite"The problem of politicians whipping up mob violence to destroy fair elections is the oldest domestic enemy of constitutional democracy in America," Raskin said in his opening statement during Tuesday's January 6 hearing.He mentioned a time during Abraham Lincoln's presidency, when an 1837 racist mob in Alton, Illinois, during which rioters broke into an abolitionist newspaper's office and murdered the paper's editor, Elijah Lovejoy."If racist mobs are encouraged by politicians to rampage and terrorize, Lincoln said, they will violate the rights of other citizens and quickly destroy the bonds of social trust necessary for democracy to work," Raskin said.Read Full StoryConvicted Capitol rioter testifying in front of the committee warned that a 'Civil War will ensue' if Trump got robbed in 2020Stephen Ayres, who pleaded guilty last month to disorderly conduct in connection to the January 6, 2021, Capitol riot, is set to testify in from to the House committee investigating the January 6 attack.His testimony is expected to underscore how Trump summoned supporters to Washington DC on the day Congress was scheduled to certify the results of the 2020 presidential election.On December 26, 2020, Ayres posted to Twitter: "If the [deep state] robs president Trump!!! Civil War will ensue!" It was posted days after Trump called for a "big protest" in his own tweet.Read Full StoryEx-White House counsel Pat Cipollone was against Trump naming Sidney Powell special counselA video of former White House counsel Pat Cipollone is shown as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.AP Photo/J. Scott ApplewhiteIn previously unseen footage from his deposition to the House Select Committee last Friday, Cipollone spoke about Powell being Trump's pick to be special counsel for the Department of Justice to investigate repeatedly disproven wide spread voter fraud in the 2020 presidential election."I was vehemently opposed," Cipollone said when asked about Powell being made special counsel. "I didn't think she should've been appointed to anything."Read Full StoryRep. Jamie Raskin says Trump 'electrified and galvanized' his extremist supporters with a tweet calling for a 'big protest'Jamie Raskin listens as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.AP Photo/J. Scott ApplewhiteRaskin, a Maryland Democrat, referenced a December 19, 2020, tweet from Trump during the House's January 6 committee hearing on Tuesday."Big protest in D.C. on January 6th," Trump's tweet said. "Be there, will be wild!" Raskin said that Trump's tweet spurred on "the dangerous extremists in the Oathkeepers, the Proud Boys and other racist and white nationalist groups spoiling for a fight against the government.""Here were thousands of enraged Trump followers, thoroughly convinced by the Big Lie who traveled from across the country to join Trump's wild rally to 'stop the steal,'" he added. "With the proper incitement by political leaders, and the proper instigation from the extremists, many members of this crowd could be led to storm the Capitol, confront the vice president in Congress and try to overturn the 2020 election results."Read Full Story  Ivanka Trump told the House January 6 committee that she believed her father lost re-election 'probably prior' to a formal Electoral Collage vote in December 2020Ivanka Trump.Drew Angerer/Getty ImagesIvanka Trump told the House January 6 committee that she believed her father lost the 2020 presidential election likely before a formal Electoral College vote on December 14, 2020."Was that an important day for you? Did that affect your planning or your realization as to whether or not there was going to be an end to this administration?" an attorney for the committee asked Ivanka Trump in video taped testimony."I think it was my sentiment, probably prior as well," Ivanka Trump said in response.Read Full StoryPat Cipollone's testimony 'met our expectations," Cheney saysFormer White House Counsel Pat Cipollone.Jabin Botsford/The Washington Post via Getty ImagesJanuary 6 committee vice chair and Republican Rep. Liz Cheney said former White House Counsel Pat Cipollone testified before the panel — and that his testimony "met our expectations."The House committee then aired several clips of Cipollone's sworn testimony at the start of their seventh hearing on Tuesday.Cipollone told the January 6 committee that he agreed Trump should concede the 2020 election and that he lost to Democratic nominee Joe Biden fair and square.  Read Full StoryCheney: Trump is 'not an impressionable child'GOP Rep. Liz CheneyAP Photo/ Andrew Harnik)GOP Rep. Liz Cheney pushed back on excuses for former President Donald Trump's actions during the Capitol riot, saying he was not simply misled about his election lies but knew they were false."President Trump is a 76-year-old man," Cheney said as the January 6 committee began its hearing on Tuesday. "He is not an impressionable child. Just like everyone else in our country, he is responsible for his own actions and his own choices."Cheney said evidence shows Trump was warned "over and over" that there was no sign of widespread election fraud."No rational or sane man in his position could disregard that information and reach the opposite conclusion," she said, "and Donald Trump cannot escape responsibility by being willfully blind."Read Full StoryJan. 6 committee's next hearing expected to link Trump even more closely to the Capitol attackLawmakers on the House January 6 committee will air the inquiry's findings during a public hearing Thursday.Kent Nishimura / Los Angeles Times via Getty ImagesFrom its very first hearing, the House committee investigating the January 6, 2021, attack on the Capitol made a point of connecting former President Donald Trump to the violence of that day.A month later, the House panel is poised to delve even deeper. At its next public hearing, set for 1 p.m. ET Tuesday, the committee is expected to focus on how the violent pro-Trump mob coalesced on January 6 and the involvement of far-right groups, including the Proud Boys and the Oath Keepers.Committee aides said Monday during a background call with reporters that the panel's seventh hearing would underscore how a single tweet from Trump mobilized his supporters, proving a "pivotal moment that spurred a chain of events, including pre-planning by Proud Boys.""Big protest in D.C. on January 6th," Trump tweeted on December 19, 2020. "Be there, will be wild!"READ FULL STORYCassidy Hutchinson's testimony jolted the DOJ into focusing on Trump in its Jan 6 investigation, report saysCassidy Hutchinson testifying before the Jan. 6 committee on June 28, 2022.Jacquelyn Martin/AP PhotoTestimony by Jan. 6 witness Cassidy Hutchinson sparked debate among top Justice Department officials about Donald Trump's potential criminal culpability for the Capitol riot, The New York Times reported. The June 28 testimony by the former White House aide prompted officials to discuss Trump's actions on January 6, 2021, and questions about potential legal ramifications for the former president, sources told The Times. Present at some of the discussions were Attorney General Merrick Garland, and Deputy Attorney General Lisa Monaco, the report said. Read Full StoryCassidy Hutchinson and Rep. Liz Cheney have forged an 'unlikely bond' amid January 6 testimony process, per reportCassidy Hutchinson, the former Trump White House aide whose explosive January 6 testimony stunned Washington last month, has found a friend and ally in Rep. Liz Cheney, the Wyoming Republican who has been ostracized from the GOP for criticizing the former president and serving as vice-chair on the House Select Committee investigating the January 6 Capitol riot, according to The New York Times.The two Republican women — both on the outs with the party's overwhelming Trump faction — have developed an unlikely bond in recent weeks as the January 6 panel riot zeroes in on increasingly damning testimony against former President Donald Trump.The congresswomen admires Hutchinson's dedication to country over personal power, according to The Times. "I have been incredibly moved by young women that I have met and that have come forward to testify in the Jan. 6 committee," Cheney said in a recent speech at the Reagan Library.Read Full Story A bad day for Steve BannonSteve Bannon asked to delay his mid-July trial by at least three months.Kevin Dietsch/Getty ImagesMonday was not a good day in court for Steve Bannon.The former Trump aide lost on several key pre-trial motions ahead of his upcoming July 18 federal trial on contempt of Congress charges.U.S. District Court Judge Carl Nichols, a Trump appointee, ruled from the bench that Bannon's defense attorneys couldn't use several of their planned arguments. Nichols also denied Bannon's bid to have the trial date delayed.Insider's Ryan Barber was at the courthouse in Washington, DC, and has more in his dispatch linked below. Read Full Story'That mob on the Mall'An Oath Keeper from Idaho in Bozeman, Montana.William Campbell/Corbis via Getty ImagesWe've got a handy preview for you on Tuesday's next big House January 6 hearing, which will focus on the right-wing extremist groups that in the words of Rep. Adam Schiff helped lead "that mob on the Mall." Laura Italiano breaks down the five potential bombshells she'll be looking out for when the panel convenes at 1 pm. Check out what those are here:Read Full Story The most shocking revelations from the January 6 committee's first hearings on the Capitol attackCassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoThe next January 6 committee hearing is scheduled for July 12, at 10 a.m. ET.Catch up on the biggest revelations from the public hearings thus far.Read Full StoryTeasing new witnesses, Rep. Adam Kinzinger says of Trump and his allies: 'They're all scared. They should be.'Rep. Adam Kinzinger (R-IL).Andrew Harnik-Pool/Getty ImagesIn a series of Sunday tweets, Rep. Adam Kinzinger said Donald Trump and his allies, including House Minority Leader Kevin McCarthy, are "scared" following last week's testimony by Cassidy Hutchinson before the Jan. 6 select committee. "This BIPARTISAN committee has been able to find out things that up until recently were denied by the Jan 6th truthers, so they are left with trying to discredit a young woman with more courage than they could muster in a lifetime. Except… that isn't working," Kinzinger tweeted."Cassidy doesn't seek the limelight, but she is compelled with honor. She didn't even have to swear an oath to the constitution like Kevin, Elise, Kristi Noem and others did. But she volunteered to come under oath to tell what she knows. She is a better person than them all. "Read Full StoryLiz Cheney says the January 6 panel won't 'stand by' and let 'men who are claiming executive privilege' attack Cassidy Hutchinson's characterCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, arrives to testify during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building in Washington, DC, on June 28, 2022.Anna Moneymaker/Getty ImagesRep. Liz Cheney in an interview that aired on Sunday reaffirmed her confidence in former Trump White House aide Cassidy Hutchinson's testimony and said that the House panel investigating the January 6, 2021, riot at the Capitol wouldn't sit by idly and let her endure anonymous attacks.While sitting down with ABC News chief Washington correspondent Jonathan Karl at the Ronald Reagan Presidential Library in Simi Valley, Calif., the Wyoming Republican expressed confidence in Hutchinson and the credibility of future hearings."What Cassidy Hutchinson did was an unbelievable example of bravery and of courage and patriotism in the face of real pressure," she said."The Committee is not going to stand by and watch her character be assassinated by anonymous sources and by men who are claiming executive privilege. And so we look forward very much to additional testimony under oath on a whole range of issues," she added.Read Full StoryKinzinger says new witnesses have been coming forward to the Jan. 6 committee since Cassidy Hutchinson's 'inspiring' testimonyRep. Adam Kinzinger of Illinois.Chip Somodevilla/Getty ImagesRep. Adam Kinzinger says that more witnesses have come forward since Cassidy Hutchinson's blockbuster testimony during the Jan 6. hearings last week.  "She's been inspiring for a lot of people," Kinzinger said Sunday on CNN's  "State of the Union." "Every day, we get new people that come forward and say, 'hey, I didn't think maybe this piece of the story that I knew was important, but now that you guys are talking' — I do see this plays in here."Hutchinson, an ex-aide to White House chief of staff Mark Meadows, revealed in front of the Jan. 6 committee shocking details of former president Donald Trump's behavior on the day of the Capitol attack, including that he attempted to grab the steering wheel of his SUV and lunged at one of his Secret Service agents, as Insider's Grace Panetta previously reported. "I mean, look, she is going to go down in history," Kinzinger said, referring to the 25-year-old. "People can forget the names of every one of us on the committee. They will not forget her name. And, by the way, she doesn't want that. She doesn't want to be out in the public spotlight."Read Full StoryLiz Cheney says the Jan. 6 committee could potentially make multiple criminal referrals, including one against TrumpU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesRep. Liz Cheney in an interview broadcast on Sunday said that the House committee investigating the January 6, 2021, riot at the Capitol could potentially make multiple criminal referrals, including one against former President Donald Trump.During an interview on ABC's "This Week," Cheney — who serves as the vice-chair of the panel — was asked by correspondent Jonathan Karl if the work conducted by its members has shown that Trump's conduct warrants prosecution."Ultimately, the Justice Department will decide that," the Wyoming Republican said. "I think we may well as a committee have a view on that."She continued: "If you just think about it from the perspective of what kind of man knows that a mob is armed and sends the mob to attack the Capitol and further incites that mob when his own vice president is under threat — when the Congress is under threat? It's just very chilling. And I think certainly we will continue to present to the American people what we've found."Read Full StoryDOJ wants a DC judge to reject Steve Bannon's request to delay his contempt-of-Congress trial over January 6 hearings' publicity, saying that he has 'barely been mentioned'Steve Bannon argued in April that his criminal prosecution should be dismissed.Tom Williams/CQ-Roll Call, Inc via Getty ImagesThe Department of Justice asked a DC judge on Friday to reject Trump ally Steve Bannon's request to delay his contempt-of-Congress trial, arguing that the January 6 hearings have not revolved around him to the point of distraction.On Wednesday, Bannon's lawyers asked a DC judge to delay his July 18 trial, citing a "media blitz" from the public January 6 committee hearings and saying the request was "due to the unprecedented level of prejudicial pretrial publicity."DOJ lawyers said that Bannon is not as popular as he thinks he is."The Defendant's motion gives the false impression — through general statistics about the volume of viewership of the Committee's hearings and overall media coverage of the Committee's hearings — that all of the Committee's hearings and the attendant media coverage is about him," DOJ lawyers wrote in a filing on Friday. "The truth is just the opposite — the Defendant has barely been mentioned in the Committee's hearings or the resulting media coverage of them."Read More2 Secret Service sources told CNN that Trump angrily demanded to be taken to the Capitol on January 6, partly confirming Cassidy Hutchinson's explosive testimonyFormer President Donald Trump.SAUL LOEB/AFP via Getty ImagesTwo Secret Service sources told CNN on Friday that they heard about former President Donald Trump lunging at the driver of his presidential SUV on January 6, 2021.The pair of sources, who spoke under the condition of anonymity, backed up much of former Trump aide Cassidy Hutchinson's explosive testimony on the altercation in the motorcade vehicle known as "the Beast" after Trump found out he wouldn't be driven to join his supporters at the Capitol."He had sort of lunged forward – it was unclear from the conversations I had that he actually made physical contact, but he might have. I don't know," one of the Secret Service sources told CNN. "Nobody said Trump assaulted him; they said he tried to lunge over the seat – for what reason, nobody had any idea."Read Full StoryMichael Cohen says Trump uses a 'mob boss' playbookMichael Cohen, Donald Trump's former personal attorney, compared the former president to a "mob boss" amid allegations that Trump allies sought to intimidate Jan. 6 witnesses."Donald Trump never changes his playbook," Cohen told The Washington Post. "He behaves like a mob boss, and these messages are fashioned in that style. Giving an order without giving the order. No fingerprints attached."Read Full StoryTrump allies paid legal fees for multiple Jan. 6 witnesses, including Cassidy Hutchinson, sparking witness-influencing concerns, report saysCassidy Hutchinson, a former top aide to Trump White House Chief of Staff Mark Meadows, testifies before the January 6 committee in Washington, DC, on June 28, 2022.Brandon Bell/Getty ImagesFormer President Donald Trump's allies and supporters paid the legal fees for multiple people who had provided testimony to the January 6 committee, including the former White House aide Cassidy Hutchinson, The New York Times reported.Hutchinson eventually fired the lawyer who was paid for a pro-Trump group, and went on to provide damning testimony about Trump, the report said. Two sources familiar with the committee told The Times that they believe Hutchinson's decision to part ways with the lawyer — who had been recommended by Trump allies and paid for by a pro-Trump PAC — likely played a role in her decision to provide new evidence. There are no laws against a third party paying for a witness' legal representation in a congressional inquiry, but the situation may raise some ethical concerns, according to the report.Read Full StoryFormer Secret Service agent said he, too, would have defied Trump's request to be taken to the Capitol on January 6Former President Donald Trump and former Vice President Mike Pence.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesFormer Secret Service agent Jonathan Wackrow said in an op-ed that he also would not have taken then-President Donald Trump to the Capitol on January 6, 2021.In an op-ed published by Newsweek, Wackrow said he was shocked by Cassidy Hutchinson's testimony to the January committee regarding Trump's actions on the day of the Capitol riot. Hutchinson, a former aide in the Trump White House, claimed that Trump had gotten into a physical altercation with the head of his security detail while demanding to be brought to the Capitol."If I had been working on Trump's security detail on January 6, I would have made the same decision as Secret Service Special Agent in Charge Robert Engel to not go to the Capitol based on the known escalating threats," Wackrow wrote.He added, however, that he believed Trump still respects the Secret Service because he probably has seen "first-hand what they're willing to do to protect him and his family." Read Full StoryGOP Rep. Adam Kinzinger says Cassidy Hutchinson is a 'hero' and has 'more courage than most' Republicans after January 6 testimonyCassidy Hutchinson testifies during the sixth hearing by the House Select Committee on the January 6th insurrection.Andrew Harnik-Pool/Getty ImagesGOP Rep. Adam Kinzinger of Illinois on Thursday applauded Cassidy Hutchinson for her testimony to the January 6 committee, saying the former top aide to White House chief of staff Mark Meadows has "more courage" than most of his Republican colleagues. "Cassidy Hutchinson is a hero and a real patriot (not a faux 'patriot' that hates America so much they would attempt a coup.)," Kinzinger, one of two Republicans on the House committee investigating the January 6 insurrection, said in a tweet."Of course they will try to bully and intimidate her. But she isn't intimidated. More courage than most in GOP," Kinzinger added of Hutchinson.Read Full StoryGOP Sen. Pat Toomey says Trump's chances of winning the party's 2024 presidential nomination are 'much more tenuous' following the January 6 committee's hearingsRepublican Sen. Pat Toomey of Pennsylvania at the White House with Trump in February 2018.AP Photo/Evan VucciRepublican Sen. Pat Toomey of Pennsylvania suggested Thursday that public hearings from the House select committee investigating January 6, 2021, had damaged former President Donald Trump politically, even among Republicans.At the end of a wide-ranging interview with Bloomberg that focused on the Supreme Court's recent ruling on the Environmental Protection Agency and the Federal Reserve's approach to tackling inflation, the retiring lawmaker was asked whether he believed the hearings would preclude Trump from seeking a second term as president in 2024."I don't know that it means that. I mean he gets to decide whether he's going to run," said Toomey, who was one of seven Republican senators who voted to convict Trump on a charge of incitement of an insurrection after the Capitol riot."Look, I think he disqualified himself from serving in public office by virtue of his post-election behavior, especially leading right up to January 6," Toomey said. "I think the revelations from this committee make his path to even the Republican nomination much more tenuous."Read Full StoryCheney 'absolutely confident' that former White House aide's explosive testimony is credibleRepublican Rep. Liz Cheney of Wyoming, vice-chair of the select committee investigating the January 6 attack on the Capitol, speaks during a business meeting on Capitol Hill on December 13, 2021 in Washington, DC.Anna Moneymaker/Getty ImagesRepublican Rep. Liz Cheney, who serves as vice-chair of the House's January 6 committee, said she is "absolutely confident" that a former White House aide's damning testimony is accurate."I am absolutely confident in her credibility. I'm confident in her testimony," Cheney told ABC News's Jonathan Karl about the allegations made by top Trump White House aide Cassidy Hutchinson this week.Cheney said that Hutchinson showed "an unbelievable example of bravery and of courage" by testifying.Read MoreBannon wants his contempt trial to be delayed because of Jan. 6 hearingsSteve Bannon outside of the E. Barrett Prettyman U.S. Courthouse on June 15, 2022 in Washington, DC.Kevin Dietsch/Getty ImagesTrump ally Steve Bannon has asked for his contempt-of-Congress trial to be delayed because the hearings on the Capitol riot are getting so much publicity.A federal grand jury indicted Bannon in November 2021 on two counts of contempt of Congress after he refused to comply with a subpoena from the House committee investigating the Capitol riot.In a Wednesday court filing, Bannon's lawyers argued that the coverage of the committee's hearings would make his trial unfair.Read More January 6 panel subpoenas former White House counsel Pat CipolloneFormer White House Counsel Pat Cipollone said he would testify about Jeffrey Clark, a DOJ official who outlined ways for Trump to challenge the 2020 election.Alex Wong/Getty ImagesThe House's panel investigating the Capitol riot on January 6, 2021, has subpoenaed former White House counsel Pat Cipollone.The demand for Cipollone to appear before the committee comes after explosive testimony from a former top White House aide in the Trump administration, who described Trump and his inner circle's actions before and during the insurrection.Read Full StoryFormer Secret Service agent says Trump's 'girth' would have made it impossible to attack driverOutgoing US President Donald Trump waves as he boards Marine One at the White House in Washington, DC, on January 20, 2021.MANDEL NGAN/AFP via Getty ImagesA former White House aide testified that former President Donald Trump grabbed the steering wheel of his SUV and lunged at a Secret Service agent on January 6, 2021, after they refused to take him to the Capitol building.But former Secret Service agents told Insider they have doubts about the story."Trump's not a little guy, right? And the space to actually be able to lunge towards the wheel is not that big," one former agent said, speaking on background to Insider.  "I don't mean to sound disparaging to the former president, but just his girth would prevent him from actually getting to the steering wheel."Keep ReadingHouse Republican who led rioter on tour before insurrection could oversee Capitol policeRep. Barry LoudermilkBill Clark/CQ-Roll Call via Getty ImagesRepublican Rep. Barry Loudermilk — who led a Capitol rioter on a tour of the building the day before the insurrection — could end up overseeing Capitol police.If Republicans regain control of the House, Loudermilk would be next in line to lead the committee that has oversight over the police force attacked by Trump supporters on January 6, 2021.Loudermilk has faced backlash from Democrats after video showed him taking a group on a tour of the Capitol building, showing them hallways, security areas, and stairwells. The next day, members of the tour flaunted a sharpened flagpole bearing the American flag as they marched near the Capitol.It remains unclear whether the group entered the Capitol building itself during the riot.Read Full Story Former Jan. 6 committee investigator announces run for SenateSenior investigative counsel John Wood questions witnesses during the third public hearing of the January 6 committee on June 16, 2022.Anna Moneymaker/Getty ImagesJanuary 6 committee investigator John Wood is launching an independent Senate campaign in Missouri in an effort to stop GOP nominee Eric Greitens.Wood told the St. Louis Post-Dispatch that he believes Greitens — the former Missouri governor — is likely to win the Republican nomination, and that voters deserved an alternative.Wood, a Republican, said he will run as an independent.Read MoreTrump ally says Hutchinson's testimony was a 'campaign commercial' for Ron DeSantis in 2024Florida Gov. Ron DeSantisPhelan M. Ebenhack/AP PhotoExplosive testimony by a former Trump White House aide could be a boost to Florida Gov. Ron DeSantis to replace Trump on the presidential ticket in 2024, CNN reported.One Trump adviser said the hearings — which painted as Trump as violent and volatile — were "basically a campaign commercial" for DeSantis. Another told CNN that "no one is taking this lightly."DeSantis has flirted with larger political ambitions and is a rising Republican star who would be poised to fill the leadership vacuum if Trump is forced aside.Read Full StorySecret Service agents willing to dispute Hutchinson's claims about Trump's outburst, reports sayFormer President Donald TrumpSAUL LOEB/AFP via Getty ImagesSecret Service agents are willing to testify before the January 6 House panel to refute former White House aide Cassidy Hutchinson's claim that Trump tried to grab the steering wheel when he demanded to be taken to the Capitol on the day of the insurrection, according to multiple reports.The driver of the car and the head of Trump's security are ready to testify under oath that the former President never lunged for the wheel or physically assaulted the driver, according to CBS News.Read More Hutchinson's testimony could lead to legal trouble for Trump: reportCassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoFormer aides to Donald Trump worry the explosive testimony by a former White House aide could put Trump in legal jeopardy, according to the New York Times."This hearing definitely gave investigators a lot to chew on," former Attorney General Bill Barr told the Times after testimony from top White House aide Cassidy Hutchinson detailed Trump's behavior on the day of the Capitol riot.Hutchinson's testimony painted Trump as a volatile man who knew his supporters were armed on January 6, 2021. Trump also demanded to be taken to the Capitol building, but his security staff refused, Hutchinson said.Mick Mulvaney, who was once Trump's White House Chief of Staff, said evidence of possible witness tampering could open his orbit up to charges.Keep Reading  Former Trump press secretary shares text that appears to show Melania Trump to condemn Capitol riot violenceMelania Trump speaks at the White House on October 09, 2019Chip Somodevilla/Getty ImagesFormer Trump Press Secretary Stephanie Grisham shared a text exchange on Tuesday that purportedly showed former First Lady Melania Trump refusing to condemn the violence during the Capitol riot. The apparent screengrab of a text exchange was between Grisham and a person named "MT." "Do you want to tweet that peaceful protests are the right of every American, but there is no place for lawlessness & violence?" read the message. "No," the person replied.Representatives for Melania Trump at Trump's post-presidential press office did not respond to a request for comment from Insider.Read Full StoryJohn Eastman drops lawsuit blocking his phone records from January 6 committeeJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APIn a late Tuesday filing, John Eastman dropped a lawsuit he'd filed to prevent the Jan. 6 committee from accessing his phone records."Plaintiff brought this lawsuit primarily to protect the content of his communications, many of which are privileged," the latest filing read. "The Congressional Defendants represented in their motion to dismiss that they were not seeking the content of any of Plaintiff's communications via the subpoena they had issued to Defendant Verizon."The former Trump lawyer's phone was seized by federal agents on June 22, according to a separate suit he filed on Monday, seeking the return of his property. Of interest to investigators are call logs from Eastman's personal device, and the search warrant indicates investigators will not review any additional content from his phone without a court order. Read Full StoryTrumpworld shocked by former White House aide Cassidy Hutchinson's explosive January 6 testimony, calling it the 'most damning day' and 'insane'Cassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoIt took six hearings for the January 6 select committee to finally break through to embattled former President Donald Trump's inner circle.Cassidy Hutchinson, a top aide to then-White House Chief of Staff Mark Meadows, testified during a surprise hearing Tuesday that Trump was determined to go to the US Capitol with his armed supporters on January 6, 2021, as Congress was certifying the election results. Hutchinson's additional revelations about that day came crashing down on Trumpworld during the two-hour hearing. Among them were that Meadows told Hutchinson "things might get real, real bad" on January 6, that Trump knew his supporters were armed when they flooded the Ellipse to attend his "Stop the Steal" rally, and that Trump said "Mike deserves it" when rioters chanted "hang Mike Pence." "Definitely most damning day of testimony," one former White House aide told Insider. READ MOREFox News host says it's not 'wholly out of character' that Trump 'might throw his lunch' after January 6 testimony on ketchup dripping down the wallFormer President Donald Trump and Fox News Chief Political Anchor Bret Baier.Brendan Smialowski / AFP via Getty ImagesMoments after a colleague referred to Tuesday's January 6 committee testimony as "stunning," Fox News host Martha MacCallum downplayed new revelations about former President Donald Trump's violent outbursts surrounding his efforts to overturn the 2020 election.Former White House aide Cassidy Hutchinson testified that Trump threw a plate in the White House dining room after he found out former Attorney General Bill Barr publicly said there was no evidence of widespread voter fraud, leaving "ketchup dripping down the wall.""I mean, I'm not sure that it really shocks anybody that the president just — knowing what we've seen, observing him over the years — if he got angry then he might throw his lunch," MacCallum said. "I'm not sure. It's obviously a very dramatic detail, and the way that she describes it, um, is. But I'm not sure if this is wholly out of character with the Donald Trump and the President Trump that people came to know over the years."READ MOREHere are all the people who sought preemptive pardons from Donald Trump after the Capitol riot, per January 6 committee witnessesRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are ch.....»»

Category: smallbizSource: nytJul 21st, 2022

Jan. 6 live: Latest hearing will focus on Trump"s actions during the deadly Capitol riot

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP Thursday's hearing in the Jan. 6 probe will focus on Trump's actions as his supporters stormed the Capitol. Two administration officials — national security adviser Matthew Pottinger and deputy press secretary Sarah Matthews — are expected to testify. The panel has also called for the Secret Service to turn over text messages sent around the Capitol riot on January 6, 2021. Latest hearing will focus on Trump's reaction to the Capitol riot — and his alleged inaction to stop it.Former President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesThe House panel investigating the Capitol riot on January 6, 2021 will hold its eighth hearing on Thursday night.The hearing — scheduled to start at 8 p.m. ET — will focus on Trump's actions during the deadly insurrection at the Capitol building.Committee members have argued that Trump knew of the violence and refused to take actions to prevent or stop it, despite the pleas from advisors in his inner circle.Former national security adviser Matthew Pottinger and Sarah Matthews, former deputy press secretary in the Trump administration, are expected to testify.Trump spent most of the January 6 attack watching TV in the White House dining room: new videoFormer President Donald Trump speaks during a "Save America" rally in Anchorage, Alaska, on July 9, 2022.Justin Sullivan/Getty ImagesTrump spent the bulk of his time during the Capitol attack watching reports of the insurrection on TV, according to video testimony given to the January 6 House panel.Ahead of Thursday night's hearing on how Trump reacted to the storming of the Capitol, Rep. Adam Kinzinger, R-Ill., a member of the House Select Committee, shared a video compilation of the depositions on Twitter.—Adam Kinzinger (@RepKinzinger) July 21, 2022Read Full StorySecret Service may have violated federal law by deleting messages around January 6The leaders of the January 6 hearings say the Secret Service may have violated federal law by undergoing a process that led to text messages from the time of the Captiol riot to be deleted."The procedure for preserving content prior to this purge appears to have been contrary to federal records retention requirements and may represent a possible violation of the Federal Records Act," a letter from Reps. Bennie Thompson and Liz Cheney said.So far, the committee had received one text message from the agency.Jan. 6 hearings are 'undoubtedly starting to take a toll' on Trump's popularity, former ambassador saysFormer White House counsel Pat Cipollone is seen on a video display during the seventh hearing held by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol on July 12, 2022.Sarah Silbiger-Pool/Getty ImagesA former ambassador who served during the Trump administration says the former president's popularity is taking a hit as more revelations about Trump's actions before and during the Capitol riot come out.Attorney Randy Evans, who was ambassador to Luxembourg, said the hearings' "steadiness, the repetitiveness, has had a corrosive effect."Evans added it's "all undoubtedly starting to take a toll — how much, I don't know. But the bigger question is whether it starts to eat through the Teflon. There are some signs that maybe it has. But it's too early to say right now."Read MoreSecret Service has only submitted 1 text to the Jan. 6 committee: panel memberThe House panel investigating the Capitol riot has received just one text message from the Secret Service in response to a subpoena, Rep. Zoe Lofgren said."In their letter they gave no indication that they have secured the phones in question and done some forensic work with them. That's something we want to know," Lofgren told MSNBC on Tuesday."Obviously, this doesn't look good ... Coincidences can happen but we really need to get to the bottom of this and get a lot more information than we have currently."Read Full StoryJan. 6 panel subpoenas Secret Service for text messages as DHS watchdog accuses agents of deleting them after being askedA US Secret Service agent takes position outside the White House in November 2020.J. Scott Applewhite/AP PhotoThe House committee investigating the Capitol riot has issued a subpoena to the US Secret Service after the Department of Homeland Security inspector general accused the agency of deleting text messages after being asked.Rep. Bennie Thompson, the committee's chairperson, said in a Friday letter to Secret Service director James Murray that the panel was seeking text messages from January 5 and 6, 2021.Thompson mentioned three previous requests for information, sent in January, March, and August of last year, pertaining to all communications between DHS officials and then-President Donald Trump about the Capitol riot.Read Full StoryThe Jan. 6 witness Trump tried to call is a White House support staffer, reports sayThe Jan. 6 committee witness whom former President Donald Trump is alleged to have tried to contact is a White House support staffer, reports say. At Tuesday's hearing, committee member Rep. Liz Cheney claimed that Trump sought to contact a witness who had not appeared publically, in what she characterized as a form of witness tampering. CNN first reported, citing two sources, that Trump made the call to the witness after the June 28 testimony by another witness, the former White House staffer Cassidy Hutchinson.According to the report, the support staffer was in a position to corroborate parts of Hutchinson's testimony, and had been providing evidence to the committee. NBC News later said it had confirmed CNN's reporting. Neither outlet named the person.Read Full StoryWatergate star witness predicts criminal charges after latest Jan. 6 testimony: 'Trump is in trouble'Former White House Counsel John Dean testifying on Capitol Hill on June 10, 2019.SAUL LOEB/AFP via Getty ImagesJohn Dean, a key witness in the Watergate investigation, said that former President Donald Trump and others will likely face legal repercussions from evidence presented at Tuesday's January 6 committee hearing. In an interview with CNN, Dean highlighted testimony by former members of extremist group the Oath Keepers, who were part of the mob that stormed the Capitol.Dean described them as "really classic authoritarian followers, following the leader."He argued that the testimony proves the extent to which the rioters believed they had been sent by Trump, which he said could be used by prosecutors were they to bring charges against the former president.Read Full StoryTrump 'liked the crazies' and wanted Alex Jones and Ali Alexander as Jan. 6 rally speakers despite red flags raised, former spokesperson saysKatrina Pierson, a former campaign spokesperson for Donald Trump and one of the organizers of the January 6 "Stop the Steal" rally, said Trump wanted Alex Jones and Ali Alexander to speak at the event despite the "red flags" they raised.On Tuesday, Rep. Stephanie Murphy, a member of the House select committee investigating the Capitol riot, played a video of Pierson's testimony to the panel in which Pierson commented on Trump's love for "crazies" like Jones and Alexander."Yes, I was talking about President Trump. He loved people who viciously defended him in public," Pierson said in her deposition.Read Full StoryPhoto shows Mark Meadows escorting Rudy Giuliani from the White House following 'UNHINGED' West Wing meeting about 2020 election resultsA photo that Cassidy Hutchinson took of Mark Meadows leading Rudy Giuliani away from the Oval Office.Courtesy of CSPANFormer Trump White House chief of staff Mark Meadows had to escort former Trump lawyer Rudy Giuliani from the Oval Office following a chaotic, late-night December 2020 West Wing meeting about the election results, according to new January 6 testimony.Cassidy Hutchinson, the former Trump White House aide whose explosive testimony stunned Washington last month, shared with the House Select Committee investigating the Capitol riot a photo she took of Meadows leading  Giuliani away from the Oval Office following the turbulent gathering, which was the site of a face-off between Trump's legal allies and White House lawyers over efforts to promote the then-president's baseless claims of election fraud, according to testimony.The January 6 panel shared the photo alongside real-time text messages Hutchinson was sending from the meeting during its seventh live hearing on Tuesday. READ FULL STORYFormer Twitter employee feared people were going to die on January 6A former Twitter employee told the House committee investigating the attack on the US Capitol that activity on the platform raised concerns that there would be deadly violence in Washington on January 6.The former employee, whose voice was obscured in a recording played during Tuesday's hearing, testified about trying and failing to get the company to intervene as former President Donald Trump's extremist supporters used the platform to repeat his statements about the upcoming protests to the 2020 election results.On the night of January 5, the employee testified about slacking a colleague, a message to the effect of, "When people are shooting each other tomorrow, I will try and rest in the knowledge that we tried."The former employee was on a team responsible for platform and content moderation policies during 2020 and 2021.READ FULL STORYOath Keepers attorney used the 'Queer Eye' loft kitchen from Season 3 as her video background before the January 6 committeeOath Keepers attorney Kellye SoRelle.C-SPANTestifying remotely before the House Select Committee investigating the January 6 insurrection, the Oath Keepers' attorney and acting president used a green screen background from the Netflix show "Queer Eye."Erin Ryan, host of Crooked Media's "Hysteria" podcast, tweeted out a screenshot of the remote deposition from Oath Keepers acting president Kellye SoRelle alongside an image from the third season of the streaming series, which Ryan said she found from a reverse Google image search.READ FULL STORYRep. Liz Cheney ends hearing with bombshell: Donald Trump called a witness in the House January 6 investigationFormer President Donald Trump called a witness in the congressional inquiry into the January 6, 2021 attack on the Capitol, Rep. Liz Cheney said Tuesday, prompting House investigators to notify the Justice Department. "After our last hearing, President Trump tried to call a witness in our investigation. A witness you have not yet seen in these hearings. That person declined to answer or respond to President Trump's call and, instead, alerted their lawyer to the call," said Cheney, a Wyoming Republican, in a bombshell revelation that concluded the House January 6 committee's seventh public hearing."Their lawyer alerted us, and this committee has supplied that information to the Department of Justice," she added. "Let me say one more time: We will take any effort to influence witness testimony very seriously."READ FULL STORYThe January 6 investigators obtained a video of Roger Stone reciting the Proud Boys' 'Fraternity Creed,' the first step for initiation to the extremist groupAn image of Roger Stone is shown on a screen as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.Doug Mills/Pool via APNew details emerged at Tuesday's January 6 committee hearing on the close ties between Roger Stone and extremist groups, including that the longtime Donald Trump confidante was recorded reciting the Proud Boys' so-called "Fraternity Creed." Rep. Jamie Raskin, who co-chaired the public hearing, described reciting the creed as "the first level of initiation" into the far-right group, five members of which are scheduled to be tried on seditious conspiracy charges in December.  "Stone's ties to the Proud Boys go back many years," Raskin said. "He's even taken their so-called "Fraternity Creed," required for the first level of initiation to the group."Video then played showing Stone in a crowded outdoor setting, saying, "Hi, I'm Roger Stone. I'm a Western chauvinist, and I refuse to apologize for the creation of the modern world." READ FULL STORYTrump planned to call on his supporters to march to the Capitol on January 6, according to a draft tweetThe House committee investigating the Capitol riot on Tuesday revealed a draft tweet in which President Donald Trump called on his supporters to go to the US Capitol after his speech on January 6, 2021."I will be making a Big Speech at 10AM on January 6th at the Ellipse (South of the White House). Please arrive early, massive crowds expected. March to the Capitol after. Stop the Steal!!" Trump wrote in the draft tweet, which is undated.Trump never sent the tweet, but its existence, along with other messages exchanged between rally organizers, offer proof that the march to the Capitol was premeditated, the January 6 committee said.Democratic Rep. Stephanie Murphy of Florida presented the evidence during Tuesday's hearing, and said: "The evidence confirms that this was not a spontaneous call to action, but rather it was a deliberate strategy decided upon in advance by the president."READ FULL STORYTrump's ex-campaign manger Brad Parscale said in private texts that Trump is to blame for Capitol rioter's deathIn a series of texts revealed at the 7th hearing of the House select committee investigating the January 6 insurrection, President Donald Trump's former campaign manger Brad Parscale suggested in a message to former Trump campaign spokeswoman Katrina Pierson that Trump's words led to the death of a capitol rioter.Messages show Pierson tried to push back, writing that "it wasn't the rhetoric.""Katrina," Parscale wrote back. "Yes it was."Read Full StoryPat Cipollone suggested Pence should get the Presidential Medal of Freedom for refusing to block the Electoral Collage count certificationA video of Pat Cipollone, former White House counsel, is shown as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.Doug Mills/Pool via AP"I think the vice president did the right thing, I think he did the courageous thing," Cipollone said in testimony revealed at the House January 6 committee's seventh public hearing on Tuesday. "I have a great deal of respect for Vice President Pence."Cipollone added that he didn't think Pence had any "legal authority" to do anything other than refuse to give into President Donald Trump's pressure campaign and interfere with the Electoral College certification on January 6, 2021.Read Full Story  11 House Republicans met with Trump to strategize overturning the election results on January 6, and 5 of them later asked for pardonsAccording to Democratic Rep. Stephanie Murphy of Florida, a member of the January 6 committee, several Republicans met at the White House on December 21, 2020, as part of an effort to "disseminate his false claims and to encourage members of the public to fight the outcome on January 6."Vice President Mike Pence, White House Chief of Staff Mark Meadows, and Rudy Giuliani were all at the meeting, along with President Donald Trump.According to White House visitor logs, Rep. Brian Babin of Texas, Rep. Andy Biggs of Arizona, Rep. Matt Gaetz of Florida, Rep. Louie Gohmert of Texas, Rep. Paul Gosar of Florida, Rep. Andy Harris of Maryland, Rep. Jody Hice of Georgia, Rep. Jim Jordan of Ohio, Rep. Scott Perry of Pennsylvania, and Rep-elect Marjorie Taylor Greene of Georgia all attended the meeting.Read Full StoryFormer Twitter employee tells January 6 committee that Trump received special treatment from TwitterAn evidence tweet is shown on a screen during a full committee hearing on "the January 6th Investigation," on Capitol Hill on July 12, 2022, in Washington, DC. - The House committee probing the 2021 assault on the US Capitol is examining connections between associates of former US President Donald Trump and far right-wing extremist groups at its seventh hearing on Tuesday.SAUL LOEB/AFP via Getty Images"I believe that Twitter relished in the knowledge that they were also the favorite and most used service of the former president and enjoyed having that sort of power within the social media ecosystem," the former Twitter employee told investigators in testimony aired in Tuesday's hearing of the congressional committee investigating January 6.The employee, whose identity was kept secret, was introduced by Rep. Jamie Raskin as having worked on Twitter's content moderation team from 2020 to 2021.Read Full StoryCassidy Hutchinson texted a fellow White House aide 'the west wing is UNHINGED' as Oval Office meeting almost devolved into a brawlCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, testifies during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building on June 28, 2022 in Washington, DC.Andrew Harnik-Pool/Getty ImagesAccording to messages released by the House January 6 committee, Hutchinson texted the message to another top aide, Anthony Ornato.It was sent amid the scene of a December 2020 Oval Office meeting as Trump attorney Sidney Powell and White House lawyers clashed over efforts to push Trump's debunked election fraud claims. Read Full Story Former White House counsel Pat Cipollone 'set a new land speed record' trying to break up a meeting between Trump, Michael Flynn, and Overstock's CEO, Sidney Powell saidDemocratic Rep. Jamie Raskin of Maryland, one of the committee members leading Tuesday's January 6 hearing, said former President Donald Trump, election lawyer Sidney Powell, former National Security Advisor Michael Flynn, and Patrick Byrne, the CEO of Overstock.com, had met to discuss an ongoing effort to reverse the results of the 2020 election.Powell told investigators in previously recorded testimony, however, that the group had "probably no more than 10 or 15 minutes" with Trump before Pat Cipollone, then the White House Counsel, intercepted the meeting."I bet Pat Cipollone set a new land speed record," Powell quipped.Rep. Jamie Raskin says the 'oldest domestic enemy' of US democracy' is 'whipping up mob violence to destroy fair elections'Vice Chair Liz Cheney, R-Wyo., left, listens as Rep. Jamie Raskin, D-Md., speaks as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.AP Photo/J. Scott Applewhite"The problem of politicians whipping up mob violence to destroy fair elections is the oldest domestic enemy of constitutional democracy in America," Raskin said in his opening statement during Tuesday's January 6 hearing.He mentioned a time during Abraham Lincoln's presidency, when an 1837 racist mob in Alton, Illinois, during which rioters broke into an abolitionist newspaper's office and murdered the paper's editor, Elijah Lovejoy."If racist mobs are encouraged by politicians to rampage and terrorize, Lincoln said, they will violate the rights of other citizens and quickly destroy the bonds of social trust necessary for democracy to work," Raskin said.Read Full StoryConvicted Capitol rioter testifying in front of the committee warned that a 'Civil War will ensue' if Trump got robbed in 2020Stephen Ayres, who pleaded guilty last month to disorderly conduct in connection to the January 6, 2021, Capitol riot, is set to testify in from to the House committee investigating the January 6 attack.His testimony is expected to underscore how Trump summoned supporters to Washington DC on the day Congress was scheduled to certify the results of the 2020 presidential election.On December 26, 2020, Ayres posted to Twitter: "If the [deep state] robs president Trump!!! Civil War will ensue!" It was posted days after Trump called for a "big protest" in his own tweet.Read Full StoryEx-White House counsel Pat Cipollone was against Trump naming Sidney Powell special counselA video of former White House counsel Pat Cipollone is shown as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.AP Photo/J. Scott ApplewhiteIn previously unseen footage from his deposition to the House Select Committee last Friday, Cipollone spoke about Powell being Trump's pick to be special counsel for the Department of Justice to investigate repeatedly disproven wide spread voter fraud in the 2020 presidential election."I was vehemently opposed," Cipollone said when asked about Powell being made special counsel. "I didn't think she should've been appointed to anything."Read Full StoryRep. Jamie Raskin says Trump 'electrified and galvanized' his extremist supporters with a tweet calling for a 'big protest'Jamie Raskin listens as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.AP Photo/J. Scott ApplewhiteRaskin, a Maryland Democrat, referenced a December 19, 2020, tweet from Trump during the House's January 6 committee hearing on Tuesday."Big protest in D.C. on January 6th," Trump's tweet said. "Be there, will be wild!" Raskin said that Trump's tweet spurred on "the dangerous extremists in the Oathkeepers, the Proud Boys and other racist and white nationalist groups spoiling for a fight against the government.""Here were thousands of enraged Trump followers, thoroughly convinced by the Big Lie who traveled from across the country to join Trump's wild rally to 'stop the steal,'" he added. "With the proper incitement by political leaders, and the proper instigation from the extremists, many members of this crowd could be led to storm the Capitol, confront the vice president in Congress and try to overturn the 2020 election results."Read Full Story  Ivanka Trump told the House January 6 committee that she believed her father lost re-election 'probably prior' to a formal Electoral Collage vote in December 2020Ivanka Trump.Drew Angerer/Getty ImagesIvanka Trump told the House January 6 committee that she believed her father lost the 2020 presidential election likely before a formal Electoral College vote on December 14, 2020."Was that an important day for you? Did that affect your planning or your realization as to whether or not there was going to be an end to this administration?" an attorney for the committee asked Ivanka Trump in video taped testimony."I think it was my sentiment, probably prior as well," Ivanka Trump said in response.Read Full StoryPat Cipollone's testimony 'met our expectations," Cheney saysFormer White House Counsel Pat Cipollone.Jabin Botsford/The Washington Post via Getty ImagesJanuary 6 committee vice chair and Republican Rep. Liz Cheney said former White House Counsel Pat Cipollone testified before the panel — and that his testimony "met our expectations."The House committee then aired several clips of Cipollone's sworn testimony at the start of their seventh hearing on Tuesday.Cipollone told the January 6 committee that he agreed Trump should concede the 2020 election and that he lost to Democratic nominee Joe Biden fair and square.  Read Full StoryCheney: Trump is 'not an impressionable child'GOP Rep. Liz CheneyAP Photo/ Andrew Harnik)GOP Rep. Liz Cheney pushed back on excuses for former President Donald Trump's actions during the Capitol riot, saying he was not simply misled about his election lies but knew they were false."President Trump is a 76-year-old man," Cheney said as the January 6 committee began its hearing on Tuesday. "He is not an impressionable child. Just like everyone else in our country, he is responsible for his own actions and his own choices."Cheney said evidence shows Trump was warned "over and over" that there was no sign of widespread election fraud."No rational or sane man in his position could disregard that information and reach the opposite conclusion," she said, "and Donald Trump cannot escape responsibility by being willfully blind."Read Full StoryJan. 6 committee's next hearing expected to link Trump even more closely to the Capitol attackLawmakers on the House January 6 committee will air the inquiry's findings during a public hearing Thursday.Kent Nishimura / Los Angeles Times via Getty ImagesFrom its very first hearing, the House committee investigating the January 6, 2021, attack on the Capitol made a point of connecting former President Donald Trump to the violence of that day.A month later, the House panel is poised to delve even deeper. At its next public hearing, set for 1 p.m. ET Tuesday, the committee is expected to focus on how the violent pro-Trump mob coalesced on January 6 and the involvement of far-right groups, including the Proud Boys and the Oath Keepers.Committee aides said Monday during a background call with reporters that the panel's seventh hearing would underscore how a single tweet from Trump mobilized his supporters, proving a "pivotal moment that spurred a chain of events, including pre-planning by Proud Boys.""Big protest in D.C. on January 6th," Trump tweeted on December 19, 2020. "Be there, will be wild!"READ FULL STORYCassidy Hutchinson's testimony jolted the DOJ into focusing on Trump in its Jan 6 investigation, report saysCassidy Hutchinson testifying before the Jan. 6 committee on June 28, 2022.Jacquelyn Martin/AP PhotoTestimony by Jan. 6 witness Cassidy Hutchinson sparked debate among top Justice Department officials about Donald Trump's potential criminal culpability for the Capitol riot, The New York Times reported. The June 28 testimony by the former White House aide prompted officials to discuss Trump's actions on January 6, 2021, and questions about potential legal ramifications for the former president, sources told The Times. Present at some of the discussions were Attorney General Merrick Garland, and Deputy Attorney General Lisa Monaco, the report said. Read Full StoryCassidy Hutchinson and Rep. Liz Cheney have forged an 'unlikely bond' amid January 6 testimony process, per reportCassidy Hutchinson, the former Trump White House aide whose explosive January 6 testimony stunned Washington last month, has found a friend and ally in Rep. Liz Cheney, the Wyoming Republican who has been ostracized from the GOP for criticizing the former president and serving as vice-chair on the House Select Committee investigating the January 6 Capitol riot, according to The New York Times.The two Republican women — both on the outs with the party's overwhelming Trump faction — have developed an unlikely bond in recent weeks as the January 6 panel riot zeroes in on increasingly damning testimony against former President Donald Trump.The congresswomen admires Hutchinson's dedication to country over personal power, according to The Times. "I have been incredibly moved by young women that I have met and that have come forward to testify in the Jan. 6 committee," Cheney said in a recent speech at the Reagan Library.Read Full Story A bad day for Steve BannonSteve Bannon asked to delay his mid-July trial by at least three months.Kevin Dietsch/Getty ImagesMonday was not a good day in court for Steve Bannon.The former Trump aide lost on several key pre-trial motions ahead of his upcoming July 18 federal trial on contempt of Congress charges.U.S. District Court Judge Carl Nichols, a Trump appointee, ruled from the bench that Bannon's defense attorneys couldn't use several of their planned arguments. Nichols also denied Bannon's bid to have the trial date delayed.Insider's Ryan Barber was at the courthouse in Washington, DC, and has more in his dispatch linked below. Read Full Story'That mob on the Mall'An Oath Keeper from Idaho in Bozeman, Montana.William Campbell/Corbis via Getty ImagesWe've got a handy preview for you on Tuesday's next big House January 6 hearing, which will focus on the right-wing extremist groups that in the words of Rep. Adam Schiff helped lead "that mob on the Mall." Laura Italiano breaks down the five potential bombshells she'll be looking out for when the panel convenes at 1 pm. Check out what those are here:Read Full Story The most shocking revelations from the January 6 committee's first hearings on the Capitol attackCassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoThe next January 6 committee hearing is scheduled for July 12, at 10 a.m. ET.Catch up on the biggest revelations from the public hearings thus far.Read Full StoryTeasing new witnesses, Rep. Adam Kinzinger says of Trump and his allies: 'They're all scared. They should be.'Rep. Adam Kinzinger (R-IL).Andrew Harnik-Pool/Getty ImagesIn a series of Sunday tweets, Rep. Adam Kinzinger said Donald Trump and his allies, including House Minority Leader Kevin McCarthy, are "scared" following last week's testimony by Cassidy Hutchinson before the Jan. 6 select committee. "This BIPARTISAN committee has been able to find out things that up until recently were denied by the Jan 6th truthers, so they are left with trying to discredit a young woman with more courage than they could muster in a lifetime. Except… that isn't working," Kinzinger tweeted."Cassidy doesn't seek the limelight, but she is compelled with honor. She didn't even have to swear an oath to the constitution like Kevin, Elise, Kristi Noem and others did. But she volunteered to come under oath to tell what she knows. She is a better person than them all. "Read Full StoryLiz Cheney says the January 6 panel won't 'stand by' and let 'men who are claiming executive privilege' attack Cassidy Hutchinson's characterCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, arrives to testify during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building in Washington, DC, on June 28, 2022.Anna Moneymaker/Getty ImagesRep. Liz Cheney in an interview that aired on Sunday reaffirmed her confidence in former Trump White House aide Cassidy Hutchinson's testimony and said that the House panel investigating the January 6, 2021, riot at the Capitol wouldn't sit by idly and let her endure anonymous attacks.While sitting down with ABC News chief Washington correspondent Jonathan Karl at the Ronald Reagan Presidential Library in Simi Valley, Calif., the Wyoming Republican expressed confidence in Hutchinson and the credibility of future hearings."What Cassidy Hutchinson did was an unbelievable example of bravery and of courage and patriotism in the face of real pressure," she said."The Committee is not going to stand by and watch her character be assassinated by anonymous sources and by men who are claiming executive privilege. And so we look forward very much to additional testimony under oath on a whole range of issues," she added.Read Full StoryKinzinger says new witnesses have been coming forward to the Jan. 6 committee since Cassidy Hutchinson's 'inspiring' testimonyRep. Adam Kinzinger of Illinois.Chip Somodevilla/Getty ImagesRep. Adam Kinzinger says that more witnesses have come forward since Cassidy Hutchinson's blockbuster testimony during the Jan 6. hearings last week.  "She's been inspiring for a lot of people," Kinzinger said Sunday on CNN's  "State of the Union." "Every day, we get new people that come forward and say, 'hey, I didn't think maybe this piece of the story that I knew was important, but now that you guys are talking' — I do see this plays in here."Hutchinson, an ex-aide to White House chief of staff Mark Meadows, revealed in front of the Jan. 6 committee shocking details of former president Donald Trump's behavior on the day of the Capitol attack, including that he attempted to grab the steering wheel of his SUV and lunged at one of his Secret Service agents, as Insider's Grace Panetta previously reported. "I mean, look, she is going to go down in history," Kinzinger said, referring to the 25-year-old. "People can forget the names of every one of us on the committee. They will not forget her name. And, by the way, she doesn't want that. She doesn't want to be out in the public spotlight."Read Full StoryLiz Cheney says the Jan. 6 committee could potentially make multiple criminal referrals, including one against TrumpU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesRep. Liz Cheney in an interview broadcast on Sunday said that the House committee investigating the January 6, 2021, riot at the Capitol could potentially make multiple criminal referrals, including one against former President Donald Trump.During an interview on ABC's "This Week," Cheney — who serves as the vice-chair of the panel — was asked by correspondent Jonathan Karl if the work conducted by its members has shown that Trump's conduct warrants prosecution."Ultimately, the Justice Department will decide that," the Wyoming Republican said. "I think we may well as a committee have a view on that."She continued: "If you just think about it from the perspective of what kind of man knows that a mob is armed and sends the mob to attack the Capitol and further incites that mob when his own vice president is under threat — when the Congress is under threat? It's just very chilling. And I think certainly we will continue to present to the American people what we've found."Read Full StoryDOJ wants a DC judge to reject Steve Bannon's request to delay his contempt-of-Congress trial over January 6 hearings' publicity, saying that he has 'barely been mentioned'Steve Bannon argued in April that his criminal prosecution should be dismissed.Tom Williams/CQ-Roll Call, Inc via Getty ImagesThe Department of Justice asked a DC judge on Friday to reject Trump ally Steve Bannon's request to delay his contempt-of-Congress trial, arguing that the January 6 hearings have not revolved around him to the point of distraction.On Wednesday, Bannon's lawyers asked a DC judge to delay his July 18 trial, citing a "media blitz" from the public January 6 committee hearings and saying the request was "due to the unprecedented level of prejudicial pretrial publicity."DOJ lawyers said that Bannon is not as popular as he thinks he is."The Defendant's motion gives the false impression — through general statistics about the volume of viewership of the Committee's hearings and overall media coverage of the Committee's hearings — that all of the Committee's hearings and the attendant media coverage is about him," DOJ lawyers wrote in a filing on Friday. "The truth is just the opposite — the Defendant has barely been mentioned in the Committee's hearings or the resulting media coverage of them."Read More2 Secret Service sources told CNN that Trump angrily demanded to be taken to the Capitol on January 6, partly confirming Cassidy Hutchinson's explosive testimonyFormer President Donald Trump.SAUL LOEB/AFP via Getty ImagesTwo Secret Service sources told CNN on Friday that they heard about former President Donald Trump lunging at the driver of his presidential SUV on January 6, 2021.The pair of sources, who spoke under the condition of anonymity, backed up much of former Trump aide Cassidy Hutchinson's explosive testimony on the altercation in the motorcade vehicle known as "the Beast" after Trump found out he wouldn't be driven to join his supporters at the Capitol."He had sort of lunged forward – it was unclear from the conversations I had that he actually made physical contact, but he might have. I don't know," one of the Secret Service sources told CNN. "Nobody said Trump assaulted him; they said he tried to lunge over the seat – for what reason, nobody had any idea."Read Full StoryMichael Cohen says Trump uses a 'mob boss' playbookMichael Cohen, Donald Trump's former personal attorney, compared the former president to a "mob boss" amid allegations that Trump allies sought to intimidate Jan. 6 witnesses."Donald Trump never changes his playbook," Cohen told The Washington Post. "He behaves like a mob boss, and these messages are fashioned in that style. Giving an order without giving the order. No fingerprints attached."Read Full StoryTrump allies paid legal fees for multiple Jan. 6 witnesses, including Cassidy Hutchinson, sparking witness-influencing concerns, report saysCassidy Hutchinson, a former top aide to Trump White House Chief of Staff Mark Meadows, testifies before the January 6 committee in Washington, DC, on June 28, 2022.Brandon Bell/Getty ImagesFormer President Donald Trump's allies and supporters paid the legal fees for multiple people who had provided testimony to the January 6 committee, including the former White House aide Cassidy Hutchinson, The New York Times reported.Hutchinson eventually fired the lawyer who was paid for a pro-Trump group, and went on to provide damning testimony about Trump, the report said. Two sources familiar with the committee told The Times that they believe Hutchinson's decision to part ways with the lawyer — who had been recommended by Trump allies and paid for by a pro-Trump PAC — likely played a role in her decision to provide new evidence. There are no laws against a third party paying for a witness' legal representation in a congressional inquiry, but the situation may raise some ethical concerns, according to the report.Read Full StoryFormer Secret Service agent said he, too, would have defied Trump's request to be taken to the Capitol on January 6Former President Donald Trump and former Vice President Mike Pence.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesFormer Secret Service agent Jonathan Wackrow said in an op-ed that he also would not have taken then-President Donald Trump to the Capitol on January 6, 2021.In an op-ed published by Newsweek, Wackrow said he was shocked by Cassidy Hutchinson's testimony to the January committee regarding Trump's actions on the day of the Capitol riot. Hutchinson, a former aide in the Trump White House, claimed that Trump had gotten into a physical altercation with the head of his security detail while demanding to be brought to the Capitol."If I had been working on Trump's security detail on January 6, I would have made the same decision as Secret Service Special Agent in Charge Robert Engel to not go to the Capitol based on the known escalating threats," Wackrow wrote.He added, however, that he believed Trump still respects the Secret Service because he probably has seen "first-hand what they're willing to do to protect him and his family." Read Full StoryGOP Rep. Adam Kinzinger says Cassidy Hutchinson is a 'hero' and has 'more courage than most' Republicans after January 6 testimonyCassidy Hutchinson testifies during the sixth hearing by the House Select Committee on the January 6th insurrection.Andrew Harnik-Pool/Getty ImagesGOP Rep. Adam Kinzinger of Illinois on Thursday applauded Cassidy Hutchinson for her testimony to the January 6 committee, saying the former top aide to White House chief of staff Mark Meadows has "more courage" than most of his Republican colleagues. "Cassidy Hutchinson is a hero and a real patriot (not a faux 'patriot' that hates America so much they would attempt a coup.)," Kinzinger, one of two Republicans on the House committee investigating the January 6 insurrection, said in a tweet."Of course they will try to bully and intimidate her. But she isn't intimidated. More courage than most in GOP," Kinzinger added of Hutchinson.Read Full StoryGOP Sen. Pat Toomey says Trump's chances of winning the party's 2024 presidential nomination are 'much more tenuous' following the January 6 committee's hearingsRepublican Sen. Pat Toomey of Pennsylvania at the White House with Trump in February 2018.AP Photo/Evan VucciRepublican Sen. Pat Toomey of Pennsylvania suggested Thursday that public hearings from the House select committee investigating January 6, 2021, had damaged former President Donald Trump politically, even among Republicans.At the end of a wide-ranging interview with Bloomberg that focused on the Supreme Court's recent ruling on the Environmental Protection Agency and the Federal Reserve's approach to tackling inflation, the retiring lawmaker was asked whether he believed the hearings would preclude Trump from seeking a second term as president in 2024."I don't know that it means that. I mean he gets to decide whether he's going to run," said Toomey, who was one of seven Republican senators who voted to convict Trump on a charge of incitement of an insurrection after the Capitol riot."Look, I think he disqualified himself from serving in public office by virtue of his post-election behavior, especially leading right up to January 6," Toomey said. "I think the revelations from this committee make his path to even the Republican nomination much more tenuous."Read Full StoryCheney 'absolutely confident' that former White House aide's explosive testimony is credibleRepublican Rep. Liz Cheney of Wyoming, vice-chair of the select committee investigating the January 6 attack on the Capitol, speaks during a business meeting on Capitol Hill on December 13, 2021 in Washington, DC.Anna Moneymaker/Getty ImagesRepublican Rep. Liz Cheney, who serves as vice-chair of the House's January 6 committee, said she is "absolutely confident" that a former White House aide's damning testimony is accurate."I am absolutely confident in her credibility. I'm confident in her testimony," Cheney told ABC News's Jonathan Karl about the allegations made by top Trump White House aide Cassidy Hutchinson this week.Cheney said that Hutchinson showed "an unbelievable example of bravery and of courage" by testifying.Read MoreBannon wants his contempt trial to be delayed because of Jan. 6 hearingsSteve Bannon outside of the E. Barrett Prettyman U.S. Courthouse on June 15, 2022 in Washington, DC.Kevin Dietsch/Getty ImagesTrump ally Steve Bannon has asked for his contempt-of-Congress trial to be delayed because the hearings on the Capitol riot are getting so much publicity.A federal grand jury indicted Bannon in November 2021 on two counts of contempt of Congress after he refused to comply with a subpoena from the House committee investigating the Capitol riot.In a Wednesday court filing, Bannon's lawyers argued that the coverage of the committee's hearings would make his trial unfair.Read More January 6 panel subpoenas former White House counsel Pat CipolloneFormer White House Counsel Pat Cipollone said he would testify about Jeffrey Clark, a DOJ official who outlined ways for Trump to challenge the 2020 election.Alex Wong/Getty ImagesThe House's panel investigating the Capitol riot on January 6, 2021, has subpoenaed former White House counsel Pat Cipollone.The demand for Cipollone to appear before the committee comes after explosive testimony from a former top White House aide in the Trump administration, who described Trump and his inner circle's actions before and during the insurrection.Read Full StoryFormer Secret Service agent says Trump's 'girth' would have made it impossible to attack driverOutgoing US President Donald Trump waves as he boards Marine One at the White House in Washington, DC, on January 20, 2021.MANDEL NGAN/AFP via Getty ImagesA former White House aide testified that former President Donald Trump grabbed the steering wheel of his SUV and lunged at a Secret Service agent on January 6, 2021, after they refused to take him to the Capitol building.But former Secret Service agents told Insider they have doubts about the story."Trump's not a little guy, right? And the space to actually be able to lunge towards the wheel is not that big," one former agent said, speaking on background to Insider.  "I don't mean to sound disparaging to the former president, but just his girth would prevent him from actually getting to the steering wheel."Keep ReadingHouse Republican who led rioter on tour before insurrection could oversee Capitol policeRep. Barry LoudermilkBill Clark/CQ-Roll Call via Getty ImagesRepublican Rep. Barry Loudermilk — who led a Capitol rioter on a tour of the building the day before the insurrection — could end up overseeing Capitol police.If Republicans regain control of the House, Loudermilk would be next in line to lead the committee that has oversight over the police force attacked by Trump supporters on January 6, 2021.Loudermilk has faced backlash from Democrats after video showed him taking a group on a tour of the Capitol building, showing them hallways, security areas, and stairwells. The next day, members of the tour flaunted a sharpened flagpole bearing the American flag as they marched near the Capitol.It remains unclear whether the group entered the Capitol building itself during the riot.Read Full Story Former Jan. 6 committee investigator announces run for SenateSenior investigative counsel John Wood questions witnesses during the third public hearing of the January 6 committee on June 16, 2022.Anna Moneymaker/Getty ImagesJanuary 6 committee investigator John Wood is launching an independent Senate campaign in Missouri in an effort to stop GOP nominee Eric Greitens.Wood told the St. Louis Post-Dispatch that he believes Greitens — the former Missouri governor — is likely to win the Republican nomination, and that voters deserved an alternative.Wood, a Republican, said he will run as an independent.Read MoreTrump ally says Hutchinson's testimony was a 'campaign commercial' for Ron DeSantis in 2024Florida Gov. Ron DeSantisPhelan M. Ebenhack/AP PhotoExplosive testimony by a former Trump White House aide could be a boost to Florida Gov. Ron DeSantis to replace Trump on the presidential ticket in 2024, CNN reported.One Trump adviser said the hearings — which painted as Trump as violent and volatile — were "basically a campaign commercial" for DeSantis. Another told CNN that "no one is taking this lightly."DeSantis has flirted with larger political ambitions and is a rising Republican star who would be poised to fill the leadership vacuum if Trump is forced aside.Read Full StorySecret Service agents willing to dispute Hutchinson's claims about Trump's outburst, reports sayFormer President Donald TrumpSAUL LOEB/AFP via Getty ImagesSecret Service agents are willing to testify before the January 6 House panel to refute former White House aide Cassidy Hutchinson's claim that Trump tried to grab the steering wheel when he demanded to be taken to the Capitol on the day of the insurrection, according to multiple reports.The driver of the car and the head of Trump's security are ready to testify under oath that the former President never lunged for the wheel or physically assaulted the driver, according to CBS News.Read More Hutchinson's testimony could lead to legal trouble for Trump: reportCassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoFormer aides to Donald Trump worry the explosive testimony by a former White House aide could put Trump in legal jeopardy, according to the New York Times."This hearing definitely gave investigators a lot to chew on," former Attorney General Bill Barr told the Times after testimony from top White House aide Cassidy Hutchinson detailed Trump's behavior on the day of the Capitol riot.Hutchinson's testimony painted Trump as a volatile man who knew his supporters were armed on January 6, 2021. Trump also demanded to be taken to the Capitol building, but his security staff refused, Hutchinson said.Mick Mulvaney, who was once Trump's White House Chief of Staff, said evidence of possible witness tampering could open his orbit up to charges.Keep Reading  Former Trump press secretary shares text that appears to show Melania Trump to condemn Capitol riot violenceMelania Trump speaks at the White House on October 09, 2019Chip Somodevilla/Getty ImagesFormer Trump Press Secretary Stephanie Grisham shared a text exchange on Tuesday that purportedly showed former First Lady Melania Trump refusing to condemn the violence during the Capitol riot. The apparent screengrab of a text exchange was between Grisham and a person named "MT." "Do you want to tweet that peaceful protests are the right of every American, but there is no place for lawlessness & violence?" read the message. "No," the person replied.Representatives for Melania Trump at Trump's post-presidential press office did not respond to a request for comment from Insider.Read Full StoryJohn Eastman drops lawsuit blocking his phone records from January 6 committeeJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APIn a late Tuesday filing, John Eastman dropped a lawsuit he'd filed to prevent the Jan. 6 committee from accessing his phone records."Plaintiff brought this lawsuit primarily to protect the content of his communications, many of which are privileged," the latest filing read. "The Congressional Defendants represented in their motion to dismiss that they were not seeking the content of any of Plaintiff's communications via the subpoena they had issued to Defendant Verizon."The former Trump lawyer's phone was seized by federal agents on June 22, according to a separate suit he filed on Monday, seeking the return of his property. Of interest to investigators are call logs from Eastman's personal device, and the search warrant indicates investigators will not review any additional content from his phone without a court order. Read Full StoryTrumpworld shocked by former White House aide Cassidy Hutchinson's explosive January 6 testimony, calling it the 'most damning day' and 'insane'Cassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoIt took six hearings for the January 6 select committee to finally break through to embattled former President Donald Trump's inner circle.Cassidy Hutchinson, a top aide to then-White House Chief of Staff Mark Meadows, testified during a surprise hearing Tuesday that Trump was determined to go to the US Capitol with his armed supporters on January 6, 2021, as Congress was certifying the election results. Hutchinson's additional revelations about that day came crashing down on Trumpworld during the two-hour hearing. Among them were that Meadows told Hutchinson "things might get real, real bad" on January 6, that Trump knew his supporters were armed when they flooded the Ellipse to attend his "Stop the Steal" rally, and that Trump said "Mike deserves it" when rioters chanted "hang Mike Pence." "Definitely most damning day of testimony," one former White House aide told Insider. READ MOREFox News host says it's not 'wholly out of character' that Trump 'might throw his lunch' after January 6 testimony on ketchup dripping down the wallFormer President Donald Trump and Fox News Chief Political Anchor Bret Baier.Brendan Smialowski / AFP via Getty ImagesMoments after a colleague referred to Tuesday's January 6 committee testimony as "stunning," Fox News host Martha MacCallum downplayed new revelations about former President Donald Trump's violent outbursts surrounding his efforts to overturn the 2020 election.Former White House aide Cassidy Hutchinson testified that Trump threw a plate in the White House dining room after he found out former Attorney General Bill Barr publicly said there was no evidence of widespread voter fraud, leaving "ketchup dripping down the wall.""I mean, I'm not sure that it really shocks anybody that the president just — knowing what we've seen, observing him over the years — if he got angry then he might throw his lunch," MacCallum said. "I'm not sure. It's obviously a very dramatic detail, and the way that she describes it, um, is. But I'm not sure if this is wholly out of character with the Donald Trump and the President Trump that people came to know over the years."READ MOREHere are all the people who sought preemptive pardons from Donald Trump after the Capitol riot, per January 6 committee witnessesRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are ch.....»»

Category: topSource: businessinsiderJul 21st, 2022

Three Pillars Capital Group Acquires 544-Unit Apartment Community in Houston, Texas

Three Pillars Capital Group, a vertically integrated private equity firm specializing in Class B and C multifamily, today announced the acquisition of a 544-unit apartment community in Houston, Texas.  The 419,316-square-foot community was purchased from First Choice Management through a 1031 exchange. Other terms of the transaction were not disclosed.... The post Three Pillars Capital Group Acquires 544-Unit Apartment Community in Houston, Texas appeared first on Real Estate Weekly. Three Pillars Capital Group, a vertically integrated private equity firm specializing in Class B and C multifamily, today announced the acquisition of a 544-unit apartment community in Houston, Texas.  The 419,316-square-foot community was purchased from First Choice Management through a 1031 exchange. Other terms of the transaction were not disclosed. Located at 10909 Gulf Fwy. in the neighborhood of Edgebrook, the community includes an assortment of spacious one-, two- and three-bedroom homes. The multi-bedroom apartments are equipped with washer and dryer units, and the living areas feature built-in bookshelves and pass-through kitchen bars. “Houston is experiencing tremendous growth and demand for rental housing continues to soar as residents flee high costs of living in major gateway cities following the pandemic,” said Gautam Goyal, Founder and Managing Principal of Three Pillars Capital Group. “We are very proud of the acquisition of Del Mar Apartments. It’s a large transaction and is further testament to our firm’s ability to create value for our renters and strong risk-adjusted returns for our investment partners.” Del Mar Apartments resident amenities include three pools and a fitness center. The community is just 15 minutes from Downtown Houston, with easy access to major Houston thoroughfares I-45 South and Beltway 8. The community is within close proximity to a host of shopping, dining and entertainment options, including both Almeda and Baybrook Malls. Originally built in 1972, Three Pillars will oversee a strategic value-add repositioning of the community that will include the addition of granite countertops in kitchens and bathrooms, designer kitchen backsplashes and modern fixtures, as well as pull-down gooseneck faucets in kitchens. Additional upgrades will consist of vinyl wood-look flooring, crown molding, chair rail molding, new decorative interior doors and an updated interior paint scheme. Bathroom renovations will feature tiled bathtub surrounds, vessel sinks with modern single-handle faucets and framed mirrors. Additionally, showerheads, faucets and commodes will be replaced with updated water conserving variants.  Goyal adds,“We acquired this community through a 1031 exchange, and have structured many deals in a similar fashion. A 1031 exchange allows investors to snowball their initial investment into something potentially larger, and it’s a great vehicle for us because it brings in equity that we no longer have to raise. As demand for more moderately priced Class-B and Class-C housing across Houston increases due to rising rents spurred by inflation,  Del Mar Apartments will help meet the needs of residents in the current climate.” Del Mar Apartments will be managed by Three Pillars’ sister company, Greenline Apartment Management. Greenline brings a more sophisticated, hands-on approach to property management and, through collaboration with Three Pillars, delivers a secure, modern and clean living environment that prioritizes the needs and requests of residents.  Jim Hurd with Houston Income Properties represented Three Pillars Capital in the deal.  The post Three Pillars Capital Group Acquires 544-Unit Apartment Community in Houston, Texas appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJul 7th, 2022

Congress passed the biggest climate package in US history. For you, it means cheap energy, clean air, and jobs.

By cutting greenhouse-gas emissions and funding a new climate plan, the Inflation Reduction Act promises to help your wallet, health, and security. Speaker of the House Nancy Pelosi holds a signed copy of H.R. 6376, the "Inflation Reduction Act of 2022," after the bill passed the House at the US Capitol in Washington, DC, August 12, 2022.Leah Millis/Reuters Congress passed the Inflation Reduction Act on Friday, sending it to President Joe Biden to sign into law. The bill includes a $369 billion climate package that Sen. Chuck Schumer and Joe Manchin agreed to. The Inflation Reduction Act would lower energy bills, make EVs affordable, create 1.5 million jobs, and cut pollution. Congress just passed the most significant climate bill in US history, paving the way for cheaper energy and a more livable planet.On Friday, the House approved the Inflation Reduction Act, clearing the bill's last obstacle in Congress and sending it to President Joe Biden's desk for him to sign into law. The plan doles out about $369 billion for climate programs, aiming to expand renewable energy such as solar, wind, and cleaner fuels, while making it less expensive to buy electric vehicles and home appliances.The act is more than a year and a half in the making. In its final weeks, it wasn't clear if its climate plan would survive, as Democratic holdouts Sen. Joe Manchin of West Virginia and Sen. Kyrsten Sinema of Arizona prevented the party unity required to get the package through Congress. But Democrats quickly united to pass the bill after Manchin and Majority Leader Chuck Schumer struck a surprise deal on July 27.Solar panels are installed at a floating photovoltaic plant on a lake in Haltern, Germany, Friday, April 1, 2022.Martin Meissner/AP PhotoOnce it becomes law, the bill would put the US on track to cut its greenhouse-gas emissions by up to 44% from 2005 levels by the end of the decade, according to multiple assessments.Experts say the new climate plan also promises savings, health boons, and higher quality of living for everyday people across the US.The sun sets behind power transmission lines in Texas, on July 11, 2022.Nick Wagner/Xinhua via Getty Images"This isn't about the sky, or the polar bears," Jonathan Foley, executive director of Project Drawdown, a climate nonprofit, told Insider, adding, "This is about you and your pocketbook, your jobs, the air your kids breathe, the town you live in, our national security."Here are five ways the new climate-change package could make your life better:Lower energy billsA woman prepares dinner for her family at her home in Schnecksville, Pennsylvania, on September 22, 2021.Hannah Beier/ReutersThe new climate plan includes about $30 billion in loans and grants for states and electric utilities to adopt more renewable energy, plus more than $60 billion in tax credits for manufacturers of solar panels, wind turbines, batteries for electric vehicles, energy storage, and other technology, according to a summary from Senate Democrats.Solar and wind already generated cheaper electricity than fossil fuels, even before oil and gas prices soared this year. Yet they still only account for about 20% of US energy use. The Inflation Reduction Act could speed up a shift away from fossil fuels and also make it less expensive to hook up your home with electric.Vesta wind turbines in Palm Springs, California, on July 21, 2022.David Swanson/ReutersA total of $9 billion in home energy rebates goes to helping Americans insulate their homes and replace stoves, furnaces, water heaters, and other appliances with electric alternatives. Homeowners can deduct up to 30% of installation costs from their taxes. A similar deduction for solar is guaranteed for homeowners and expanded to residential battery storage."This is really about delivering lower energy bills for everyday Americans," Leah Stokes, an environment and energy politics professor at University of California, Santa Barbara, said in a press briefing on July 28. She noted that high oil and gas prices are a major driver of inflation that ripples across every industry, from transportation to manufacturing to agriculture.A family eats dinner at their home in Calumet Park, Illinois, on December 8, 2020.Shannon Stapleton/Reuters"When fossil fuels go up, other goods and services go up," Stokes said.The average household could save $1,800 on their energy bill each year by installing a modern electric heat pump and rooftop solar and buying an electric vehicle, according to an analysis by Rewiring America, a think tank that promotes electrification.Cheaper electric vehiclesA Scion IQ electric car is plugged in in a garage in Irvine, California, on January 26, 2015.Lucy Nicholson/ReutersThe bill extends an existing $7,500 tax credit for new EVs — offered as a discount at the point of sale — and offers up to $4,000 for used EVs and plug-in hybrids.It also lifts the cap on the number of tax breaks automakers can offer, benefiting companies like Tesla, General Motors, and Toyota that already hit the limit, as long as the vehicle is assembled in the US.  "Once people own an electric car, they're going to laugh every time they drive by a gas station, when they see $5 a gallon," Foley said, adding, "I think this will help us reach a tipping point, where five to 10 years from now you won't see gas cars sold anymore, or very few."Gas prices over the $6.00 mark are advertised at a Mobil Station in Santa Monica, California, on May 23, 2022.David Swanson/ReutersThere are some caveats, like your income, the vehicle's price tag, and where its parts are made.If you earn $150,000 or more a year, or $300,000 in joint family income, you won't qualify for the new car tax credit. There's a limit on the price of the car, too. Bigger vehicles, such as SUVs and pickup trucks, must cost less than $80,000, and smaller cars less than $55,000, to qualify for the credit.For used cars, the income limit is $75,000 for single tax filers and $150,000 for joint filers. The sticker price must be $25,000 or below.The bill also requires vehicle batteries to be made with 40% of minerals extracted or processed in countries the US has a free trade agreement with, or recycled in North America. But supply chains for those minerals don't exist yet, E&E News reported. The majority of lithium, cobalt, nickel, and other minerals used in EV batteries come from China, Russia, and the Democratic Republic of Congo, although analysts told E&E News they hope the mandate spurs a made-in-America market.Cleaner air to breatheA man rides his skateboard at sunset while doing a trick in the Venice Beach area of Los Angeles, California, on November 12, 2019.Carlo Allegri/ReutersWith fewer gas-guzzling cars on the road, and fewer industrial sites powered by fossil fuels, air would be cleaner and safer to breathe."These sorts of climate measures could also reduce particulate matter or ozone smog, as kind of a side benefit that would directly, immediately improve health," Scot Miller, an assistant professor of environmental health and engineering at Johns Hopkins, told Insider.That drop in air pollution could prevent up to 3,900 premature deaths and 100,000 asthma attacks by 2030, according to an analysis by the policy-research firm Energy Innovation LLC.A layer of air pollution hangs over Denver, Colorado, on January 21, 2020.Jim Urquhart/ReutersThe American Lung Association pointed to those clean air and health gains in a statement on July 28, urging Congress to "move swiftly" and "without delay" to pass the new bill into law.The bill also includes provisions to fund cleanup of dangerous pollution sites, which are disproportionately concentrated in low-income communities of color.The investment is "probably not enough, but it's more than we've ever spent before," Foley said.Jobs, jobs, jobsFord Assembly workers install a battery onto the chassis of a Ford Focus Electric vehicle at the Michigan Assembly Plant in Wayne, Michigan, on November 7, 2012.Rebecca Cook/ReutersBy investing about $60 billion in manufacturing — everything from heat pumps to wind turbines — this climate plan could help keep clean-energy companies in the US, securing "good paying, and hopefully union, jobs," Stokes said.It's not just manufacturing. Renewable-energy infrastructure needs to be installed and maintained. The bill funds new electricity-transmission lines, offshore wind projects, housing retrofits, renewable-energy projects in rural areas, and repurposing or replacing defunct energy infrastructure.A worker sits at the base of a wind turbine blade at TPI Composites in Newton, Iowa, on December 22, 2011.Joshua Lott/ReutersAll that work requires workers. The new climate plan would create up to 1.5 million jobs by 2030, according to the Energy Innovation analysis.The bill also focuses on communities historically associated with oil, gas, and coal extraction, by providing a tax incentive for companies that create renewable-energy jobs in those places.Protection from extreme weatherDaniel Bosquez shades the face of Timothy Jalomo, 10 months, from the afternoon sun as he fills a plastic pool with water, as San Antonio, Texas is placed under an excessive heat warning, on July 11, 2022.Lisa Krantz/ReutersClimate change is making droughts, floods, wildfires, and heat waves more severe and more frequent. These weather events cause serious damage to human property and infrastructure and cost lives.The bill provides funding for communities to mitigate the health effects of extreme heat, to prevent and respond to wildfires, and to prepare for coastal climate impacts like severe hurricanes and flooding from sea-level rise. It now includes billions of dollars to fight droughts, a request Sinema made before giving her approval, according to The New York Times.The bill also gives the National Oceanic and Atmospheric Administration (NOAA) a funding boost for forecasting and research.A house is fully engulfed by flames during the Dixie Fire, a wildfire near the town of Greenville, California, August 5, 2021.Fred Greaves/ReutersWhile the new funds would help communities adapt to extreme events, the bill could also help prevent weather from getting even more extreme. If the world cuts emissions enough to keep global warming below 2 degrees Celsius, that could prevent a significant acceleration in the severity and coverage area of extreme weather."I think everyone I work with in the emissions community is sort of holding their breath and hoping that this [bill] goes through," Miller said.This story has been updated with new information. It was originally published on August 3, 2022.Read the original article on Business Insider.....»»

Category: dealsSource: nytAug 12th, 2022

Great Time to Profit from Dividends

Dividends are a great way to generate significant returns from stocks... in good markets or bad. Bryan Hayes highlights three types of dividend-related investments that provide the best returns over time. Many dividend-paying stocks have held up well this year as the major indices entered a bear market. Contrary to conventional wisdom, the opportunity still exists for investors to create a reliable stream of income from the equity markets. One of the best ways to increase returns is to compound dividends received. Over time, reinvesting dividends and distributions can have a significant impact on overall portfolio returns.Dividends are a fantastic way to generate sizeable returns from stocks. I prefer to target companies that have a history of raising dividends, even during uncertain times such as the current market environment. I have found the dividend growth rate to be a reliable forecaster of future earnings growth. A consistently rising dividend trend subtly reveals a company’s progress and is one of the best indicators of a healthy, growing business.In my experience, the following three types of dividend-related investments provide the best returns over time:• Leading dividend-paying stocks (Dividend Achievers)• Master Limited Partnerships (MLPs)• Real Estate Investment Trusts (REITs)Let’s examine each investment vehicle in more detail. 1) Dividend AchieversDividend Achievers are companies with a history of increasing dividend payouts. These companies are committed to enhancing value through the return of capital to shareholders. A Dividend Achiever is generally considered to be a company that has increased its dividend each year for the last ten years.The actual dividend yield is not necessarily as important as the growth rate of dividend increases. For example, a stock that is currently paying just a 2% dividend yield – yet increases that dividend an average of 20% per year – will be yielding 10.3% on the original investment after ten years (+415% total increase in yield). This is due to the magic of compounding.Image Source: Zacks Investment ResearchCorporate directors know their companies better than anyone else. They know the financial condition of their business, along with the outlook for its future earnings growth. They will only raise dividends if they truly believe that future earnings will be able to sustain higher dividend payouts. Using this simple yet effective strategy of investing in companies that consistently raise their dividends, investors can harness the power of compounding income.Continued . . .------------------------------------------------------------------------------------------------------It Just Makes SenseWant a safer, smoother ride to market-beating returns? Don’t settle for T-Notes, CDs, and Money Market Accounts that are losing money relative to inflation.Zacks Income Investor finds stocks that pay nearly 2X higher dividends than the S&P 500, and are projected to do so quarter after quarter. PLUS we apply Zacks Rank analysis to catch rising earnings estimates for substantial growth. For example, it recently closed winners reaching +188.3%, +55.8%, +37.7%, and +150.9%.¹Special opportunity ends at midnight Sunday, August 14.See Our "Growthy" Dividend Stocks Now >>------------------------------------------------------------------------------------------------------2) Master Limited Partnerships (MLPs) Due to their favorable tax treatment, this type of high-yield, high-quality investment vehicle has been providing investors with favorable returns for many years. There are countless and relatively unknown MLPs that have consistently raised their dividends over a long timeframe, providing investors with high returns. MLPs do not pay income taxes and they trade on major stock exchanges.MLPs are different than other traditional investment structures – they are partnerships. A general partner is responsible for running the MLP, and individual investors serve as the limited partners. MLPs must pay their profits directly to shareholders and pay much bigger dividends because they pay no tax. The income generated from the MLP is allocated amongst all partners in proportion to their ownership interest.Compared to dividend-paying stocks, MLPs are relatively unknown and are largely ignored by the financial media. MLPs are able to sidestep the IRS and pass their earnings directly to shareholders making them the ideal investment for individual investors.Investing in MLPs also comes with a special tax benefit for MLP dividends which are referred to as distributions. The IRS considers 80-90% of MLP distributions as a return of capital, which means investors can defer taxes on their gains for many years until they sell their shares. MLPs have attracted a diverse set of companies in many industries due to their favorable tax treatment.3) Real Estate Investment Trusts (REITs) Real estate investment trusts continue to be a great way to balance your portfolio while gaining exposure to the real estate sector. Adding these incoming-producing investments can result in significant advantages over traditional real estate investing including increased liquidity, greater diversification, tax benefits and potentially higher returns with lower risk.Real estate investment trusts either own or manage income-producing real estate, normally through directly investing in properties or the mortgages on those properties. Like MLPs, the IRS mandates that REITs must pay out 90% of their taxable income to shareholders. This typically translates into much higher dividends than your average S&P 500 stock.Investors have the option to buy REITs directly, or may choose to further diversify by investing in REIT ETFs or mutual funds. REITs not only offer above-average yields, but also the potential for future price appreciation. Investors have turned to vehicles like REITs when searching for ways to increase yield.While REIT prices may react in the short-term to changes in the outlook for interest rates, over longer periods there is typically a positive correlation between rising rates and REIT returns. A stronger economic backdrop normally leads to higher occupancy rates, increased NOI (net operating income), and expanding property values. All of these components lead to higher dividend payments for REIT investors.I think dividend-paying stocks are more important than ever, particularly in this highly inflationary environment. With the corporate earnings outlook uncertain at best, these steady, income-producing equities with strong balance sheets and a history of raising dividends are an investor’s best friend. Compounding returns using the dividend strategies we mentioned above is a great long-term approach to building wealth.Easiest Way to Use These Strategies There is a tremendous amount of financial spin out there in the media, so I recommend using proven strategies with an actual history of profitable results. The best way to evaluate any investment methodology is to look at verified results.That’s why I invite you to check out our Zacks Income Investor portfolio right now.In the past year, we’ve closed out major gains such as a +188.3% winner in a domestic real estate investment trust (REIT), as well as a +150.9% return in an aerospace and defense company. Our top holding in the present is a leading company in the steel industry which is showing another tremendous gain of +191.8%.¹This year, Income Investor currently has open trade results displaying an average return north of +32% across more than 20 holdings, with an average dividend yield of +3% and an astonishing 88% in the green. Keep in mind, these results were achieved during one of the worst starts to a year in market history. At the time of this writing, the Nasdaq is still off greater than -20% from its peak last November, while the S&P 500 has fallen more than -13% this year.Image Source: Zacks Investment ResearchThis demonstrates the Income Investor’s ability to produce substantial gains even during bear markets.Investors in our service have received significant price appreciation, in addition to a dividend that makes what savings rate banks are offering look like the slap in the face that they are. If the Income Investor service can produce these types of results during economic uncertainty, imagine what it could do once the market turns the corner.That’s why I wholeheartedly believe that dividend investing is an ideal strategy for today’s volatile markets and uncertain economy.Your cost for sharing our recommendations and commentary for a full month? Only $1 and not a cent of further obligation.New Stock Posts Monday Morning This is another company with high growth potential that’s likely to continue paying attractive dividends well into the future. And you can be among the first to see it.Bonus Report: Here’s yet another reason to get started today. You’ll also gain access to 5 Stocks Set to Double. Each of these ultra-growth plays was selected by a Zacks expert to have the best chance to gain +100% or more during the coming year. They give you the opportunity to balance Income Investor’s steadier approach to profits.   Don’t miss this special arrangement. It ends midnight Sunday, August 14.So claim your access to both our best dividend stocks and bonus report right now >>Wishing You the Best on Your Investing Journey,BryanBryan Hayes, CFA is a Strategist with Zacks Investment Research and invites you to take advantage of the highly successful portfolio he’s directing – Zacks Income Investor.¹ The results listed above are not (or may not be) representative of the performance of all selections made by Zacks Investment Research's newsletter editors and may represent the partial close of a position. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 12th, 2022

Futures Rise In Morbid Volumes With All Eyes On 50% Fib Retracement Level

Futures Rise In Morbid Volumes With All Eyes On 50% Fib Retracement Level European stocks and US futures rallied on the last day of the week, however traded well off session highs in extremely low-volume trading and tracked the sudden drop in oil, as investors pressed bets that easing inflation will allow the Fed to pivot to less aggressive rate hiking (if not ease outright). S&P 500 and Nasdaq 100 contracts rose about 0.3%, with both underlying indexes set to post their longest sequence of weekly gains since November. Treasury yields were steady at 2.87% and the US dollar rose but was set for the worst week since May. Crude oil fell, reducing its biggest weekly gain in about four months. Gold headed for a fourth weekly gain and Bitcoin was summarily smacked down below the $24,000 level yet again as crypto bears fight to preserve the upper hand. For the second day in a row an attempt to void the bear market rally narrative by pushing spoos above the 50% fib retracement level is being defended by bears, with futures trading at 4222, or right on top of the critical level, which also doubles as the 100DMA. If broken through it could lead to substantial upside gains as even more bears throw in the towel. In premarket trading, Alibaba led a premarket decline in US-listed China stocks after some of the nation’s largest state-owned companies announced plans to delist from American exchanges. Bank stocks traded higher, set to gain for a fourth straight day as investors continue to pile into stocks amid signs that inflation is cooling. In corporate news, Huobi Group founder Leon Li is in talks with a clutch of investors to sell his majority stake in the crypto-exchange at a valuation of as much as $3 billion. Here are some of the other notable premarket movers: Rivian (RIVN US) shares fall 1.4% in premarket trading after the electric vehicle-maker forecast a bigger adjusted Ebitda loss for the full year than previously expected. Expensify (EXFY US) shares fall 14% in premarket trading after the software company’s second-quarter revenue missed the average analyst estimate. Toast (TOST US) shares soar 15% in premarket trading after the company boosted its revenue guidance for the full year and beat analyst estimates. Chinese stocks in US slip in premarket trading after China Life Insurance (LFC US), PetroChina (PTR US) and Sinopec (SNP US) announced plans to delist American depository shares from the NYSE. Ciena (CIEN US) gains 2.9% in premarket trading as Morgan Stanley upgrades its rating on to overweight with strong quarters seen ahead for the telecoms and networking equipment firm. Co-Diagnostics (CODX US) shares plunge as much as 40% in US premarket trading, after the molecular diagnostics firm flagged lower volumes for its Covid-19 test. Olo (OLO US) falls 31% in premarket trading, after the restaurant delivery platform cut revenue guidance. Phunware (PHUN US) falls almost 7% in premarket trading after the enterprise cloud platform posted revenue and Ebitda that missed the average estimate. Poshmark (POSH US) gave a weaker-than- expected quarterly revenue forecast as the online marketplace for second-hand goods sees sales growth being held back by macro pressures. The stock fell about 5% in postmarket trading on Thursday. SmartRent’s (SMRT US) lowered full-year guidance represents a more attainable earnings outlook for the smart-home automation company, Cantor Fitzgerald said. Shares fell 16% in postmarket trading. Traders pared back bets on Fed rate hikes after a report on Thursday showed US producer prices fell in July from a month earlier for the first time in over two years. That added to Wednesday’s data on slower increases in consumer prices to provide signs of cooling but still troubling inflation. Swaps referencing the Fed’s September meeting point to some uncertainty over whether a half-point or another 75 basis-point rate hike is on the cards. Working hard to prevent stocks from rising even more, in the latest US central banker comments, San Francisco Fed President Mary Daly said inflation is too high, adding she anticipates more restrictive monetary policy in 2023. Her baseline is a half-point September hike but she’s open to another 75 basis-point move if necessary, Daly said in a Bloomberg Television interview. “The macroeconomic environment may be starting to improve a little bit, with a peak in US CPI calling into question the need to hike rates aggressively,” economists at Rand Merchant Bank in Johannesburg said. “Inflation is still high and the Fed will still need to increase rates, but the situation is not as bad as many had feared.” European stocks erased early gains as energy stocks fell with crude oil futures and investors weighed the impact of recent macroeconomic data on central bank policy. The Stoxx Europe 600 index fell 0.1% by 12:03 p.m. in London after gaining as much as 0.5% earlier. Health care giant GSK Plc was among outperformers, trimming a rout this week that was driven by worries about Zantac litigation, with some analysts suggesting the selloff may have been extreme. Elsewhere, travel and leisure was lifted by gains for Flutter Entertainment Plc following earnings, while consumer staples and miners declined. The region’s main stocks benchmark has risen about 10% since early July, with gains this week spurred by softer-than-expected US inflation data. Still, many investors are skeptical over the impact the report will have on monetary policy. “We’re having another moment where the market is not listening to central banks,” said Tatjana Greil Castro, co-head of public markets at Muzinich & Co. “Marginally, investors are very reluctant to sell anything and want to buy,” she told Bloomberg Television. Paradoxically, at the same time, data from Bank of America showed outflows from European equity funds continued for a 26th week at $4.8 billion. The recent bounce for the region’s benchmark is likely to fizzle out in the absence of a pickup in economic growth, BofA’s strategists said. Here are the biggest European movers: Flutter shares rise as much as much as 13% after the gambling firm reported 1H earnings that beat estimates. The strong update was led by the US and Australia, according to Goodbody. GSK shares rise as much as 5% after its worst two-day rout on Zantac litigation worries. In response to the selloff on Zantac, GSK downplayed cancer risks from ranitidine and said it will vigorously defend all claims. Sanofi, also caught up in the Zantac-related selloff, rises as much as 3.2%, while Haleon edges up as much as 2%. Telecom Italia gains as much as 9.1% following a Bloomberg News report that Italy’s far-right Brothers of Italy party is promoting a plan to take the phone company private and sell off its in a bid to cut its debt pile by more than half. Nexi shares surge as much as 7.4% amid a Reuters report that the payment firm has received several unsolicited approaches from private equity firms, including Silver Lake, to take the company private. Boozt shares rise as much as 18%, the most since October 2020, with DNB (buy) highlighting a strong beat on the bottom line for the Swedish ecommerce retailer. Argenx shares rise as much as 3.7% after KBC reiterates its buy recommendation, saying the biotech is executing on schedule after yesterday’s European approval for Vyvgart, and with regulatory filing submitted in China. Kingfisher shares drop as much as 4.2% after UBS cut its recommendation on the stock to sell from neutral, citing a softening outlook for the UK do-it-yourself (DIY) and do-it-for- me (DIFM) categories. 888 Holdings shares drop as much as 16%, the most since February 2015, after the gambling company reported results and forecast 2H revenue will be in line with 1H. Galenica shares fall as much as 2.5%, with Credit Suisse recommending staying put due to “demanding” valuation. Asian stocks rose to a two-month high as Japan lifted the region higher in a catch-up rally, with traders digesting another downside surprise in US inflation. The MSCI Asia Pacific Index rose as much as 0.7%, poised for a third day of gains. Japan’s Topix Index added 2% after traders returned from a holiday, while markets in the rest of the region were mixed. Chinese shares fluctuated in a narrow range. Concerns on US inflation eased further after an unexpected month-on-month fall in July’s producer price index, which came a day after slower-than-expected US consumer prices. Stocks were initially strong overnight, before the rally faltered on concerns it may have gone to far. Gains in Asia were more modest on Friday, following hawkish commentary from a Fed speaker.  Some optimism has emerged across Asia this week as traders bet on slower interest-rate increases by the Fed amid easing price pressures. The regional stock benchmark headed for a fourth weekly gain, the longest streak since January 2021. Still, the gauge is down more than 15% this year, trailing other equity benchmarks in the US and Europe. “Clearly in the last month and a half, people sort of moved from that inflationary fear to the Goldilocks scenario. And I think that gives a bit of time for reflection,” Joshua Crabb, head of Asia Pacific equities at Robeco, said in a Bloomberg TV interview. The current earnings season is critical because “we’re also gonna see how much demand destruction that inflation is gonna put forward.” Australia's S&P/ASX 200 index fell 0.5% to close at 7,032.50, dragged by losses in mining and health shares. Still, the benchmark climbed 0.2% for the week in its fourth straight week of gains.  The materials sub-gauge contributed most to the gauge’s decline on Friday after iron ore fell, as a report showed stockpiles of the steel-making ingredient are still rising. In New Zealand, the S&P/NZX 50 index fell 0.3% to 11,730.52. The nation’s food prices surged 7.4% from a year earlier in July, the largest increase in four months, according to data released by Statistics New Zealand Indian stocks clocked their longest stretch of weekly gains since the middle of January as a pickup in foreign buying pushed key indexes higher.  The S&P BSE Sensex rose 0.2% to 59,462.78 in Mumbai, taking its weekly gains to almost 2%. This was the fourth week of advance for the key index. The NSE Nifty 50 Index also climbed 0.2% on Friday. Of the 30 stocks in the Sensex, half fell and the rest climbed. Reliance Industries offered the biggest boost to the key gauge.  Thirteen of 19 sectoral sub-indexes compiled by BSE Ltd. rose, led by a gauge of oil and gas companies.  Foreign investors have bought a net $3.2 billion of Indian shares since the end of June through Aug. 10. That’s after dumping about $33 billion in the previous nine months as concerns over the Federal Reserve’s aggressive tightening boosted the dollar and spurred outflows from emerging market assets. “FPIs flows were positive this week. With results season coming towards a close, market focus will shift towards macro factors that includes inflation, central bank rate action, oil prices and recession concerns in key economies globally,” Shrikant Chouhan, head of equity research at Kotak Securities wrote in a note. In FX, Bloomberg dollar spot index is in a holding pattern, up about 0.1%. NZD and AUD are the strongest performers in G-10 FX, SEK and GBP underperform. The Swedish krona led losses after weaker-than-expected inflation data, with the pound also lagging after stronger-than-expected data showed the UK economy shrank in the second quarter. The yen also underperformed. The Canadian dollar and Norwegian krone led gains, with NOK/SEK hitting the highest since April In rates, Treasuries were slightly richer across the curve with gains led by long-end, although futures remain near bottom of Thursday’s range. Curve mildly flatter, but spreads broadly hold Thursday’s steepening move. Gilts underperform after raft of UK data including 2Q GDP which contracted less than expected. US yields richer by as much as 4bp across long-end of the curve with 5s30s spreads steeper by more than 2bp on the day; 10-year yields around 2.865%, richer by 2bp on the day and outperforming bunds, gilts by 3.5bp and 5.5bp in the sector. Gilts underperform bunds and Treasuries, trading about 3-4bps higher across the yield curve after UK 2Q GDP contracted less than expected, with traders raising BOE tightening bets. German 10-year yield briefly rose above 1%, now up about 2bps to 0.99%. Peripheral spreads widen to Germany. Treasuries 10-year yield down 1 bps to 2.87%. In commodities, WTI crude is trading slightly lower at ~$94, within Thursday’s range, and gold is down close to $3 at ~$1,787 Looking to the day ahead now, and data releases include the UK’s GDP reading for Q2, Euro Area industrial production for June, and in the US there’s the University of Michigan’s preliminary consumer sentiment index for August. Market Snapshot S&P 500 futures up 0.6% to 4,234.25 STOXX Europe 600 up 0.4% to 442.02 MXAP up 0.6% to 163.27 MXAPJ up 0.2% to 531.44 Nikkei up 2.6% to 28,546.98 Topix up 2.0% to 1,973.18 Hang Seng Index up 0.5% to 20,175.62 Shanghai Composite down 0.1% to 3,276.89 Sensex up 0.3% to 59,482.94 Australia S&P/ASX 200 down 0.5% to 7,032.51 Kospi up 0.2% to 2,527.94 German 10Y yield little changed at 1.00% Euro down 0.2% to $1.0295 Brent Futures up 0.3% to $99.90/bbl Brent Futures up 0.3% to $99.87/bbl Gold spot down 0.1% to $1,787.09 U.S. Dollar Index up 0.25% to 105.35 Top Overnight News from Bloomberg Three of China’s largest state-owned companies announced plans to delist from US exchanges as the two countries struggle to come to an agreement allowing American regulators to inspect audits of Chinese businesses The cooler inflation reading for July is welcome news and may mean it’s appropriate for the Federal Reserve to slow its interest-rate increase to 50 basis points at its September meeting, but the fight against fast price growth is far from over, San Francisco Fed President Mary Daly said. China may be ready to curb some of the excess liquidity sloshing in the banking system as it turns its focus to mitigating risks in the financial industry. In the fight against pandemic inflation, Latin America led the world into a new age of tight money. Eighteen months later, there’s not much sign that being first in will help the region to become first out The UK economy shrank in the second quarter for the first time since the pandemic, driven by a decline in spending by households and on fighting the coronavirus A more detailed look at global markets courtesy of Newsquawk Asia-Pc stocks were mixed following a similar indecisive lead from Wall Street where stocks and treasuries faded the initial gains from the softer-than-expected PPI data, although Japan outperformed on return from holiday. ASX 200 was dragged lower by losses across nearly all sectors including the top-weighted financial industry despite the confirmation of a return to profit for IAG, while energy bucked the trend after a recent rebound in oil. Nikkei 225 notched firm gains as it played catch-up to global peers and took its first opportunity to react to the softer inflationary signals from the US, while Softbank was among the top performers as it expects to gain USD 34bln from reducing its stake in Alibaba. Hang Seng and Shanghai Comp were both subdued in early trade amid weakness in property stocks and ongoing COVID-related headwinds, although the Hong Kong benchmark gradually recovered with earnings releases also in the limelight. Top Asian News Japanese PM Kishida plans to hold a meeting on August 15th to address rising goods prices, wages and daily life, while he called for additional measures on dealing with rising food and energy prices, according to Reuters. Jardine Matheson Slumps 9.6% as MSCI Cuts Co. Weight in Indexes Baltic States Abandon East European Cooperation With China Gold Set for Fourth Weekly Gain on Signs Fed to Ease Rate Hikes Asian Gas Prices Rally on Rush by Japan to Secure Winter Supply European bourses are firmer, but action has been relatively contained with newsflow slim, Euro Stoxx 50 +0.2%; however, benchmarks waned alongside US futures following China ADS updates. Currently, ES +0.4% but similarly off best levels amid Chinese stocks announcing intentions to delist their ADSs and reports that Germany is being looked at as a banking base. China Life (2628 HK), PetroChina (857 HK), Sinopec (386 HK) plan to delist ADSs from NYSE; last trading day for China Life expected to be on or after 1st September. Subsequently, China's Securities Regulator says it is normal within capital markets for companies to list and delist. Chinese brokers are reportedly looking at Germany as a banking base amid tensions with the US, via Bloomberg citing sources. SMIC (0981 HK) CEO says increasing geopolitical tensions, elevated inflation and a cyclical downturn in demand for chips has resulted in "some panic" within the industry, via FT. Huawei - H1 2022 (CNY): Revenue -5.9% Y/Y to 301.6bln. Net Profit 15.08bln (prev. 31.39bln Y/Y). Device Business Revenue -25.3% Y/Y. 2022 will probably be the most challenging year historically for our devices business Chinese and Hong Kong regulators are to announce adjustments to the trading calendar for the stock connect Top European News Union Leaders Kick Off Rallies Across UK in Living Cost Protest Baltic States Abandon East European Cooperation With China Swedish Core Inflation Surge Fuels Bets of Faster Rate Hikes JPMorgan Strategists Say US 2Q Earnings Fall 3% Excluding Energy Ukraine Latest: Putin’s Economy in Focus; More Grain on the Move FX DXY attempts to recover from its post-CPI lows as it eyes yesterday’s 105.46 high. EUR, JPY, and GBP are under pressure from the firmer Dollar; EUR/USD eyes some notable OpEx for the NY cut. The non-US Dollars are resilient this morning on the back of the general risk tone across stocks and the rise in commodities. Fleeting SEK upside was seen in wake of inflation data, with the metrics being in-line/below expectations. Fixed Income Core benchmarks are little changed overall on the session and particularly when compared to price action seen earlier in the week. Further pressure seen following the Gilt open in wake of UK GDP metrics. USTs in-fitting with peers and the yield curve, currently, does not exhibit any overt bias Commodities WTI and Brent hold an upside bias in Europe amid the broader risk tone. Spot gold is relatively uneventful as the firming Dollar keeps the yellow metal capped under USD 1,800/oz. Base metals markets are relatively mixed with the market breadth shallow, although LME copper extends on gains above USD 8k/t. US Event Calendar 08:30: July Import Price Index YoY, est. 9.4%, prior 10.7%; MoM, est. -0.9%, prior 0.2% July Export Price Index YoY, prior 18.2%; MoM, est. -1.0%, prior 0.7% 10:00: Aug. U. of Mich. Sentiment, est. 52.5, prior 51.5 Aug. U. of Mich. Current Conditions, est. 57.8, prior 58.1 Aug. U. of Mich. Expectations, est. 48.5, prior 47.3 Aug. U. of Mich. 1 Yr Inflation, est. 5.1%, prior 5.2%; 5-10 Yr Inflation, est. 2.8%, prior 2.9% DB's Jim Reid concludes the overnight wrap This will be the last EMR from me for a couple of weeks as I'm off on holiday. We're going to Cornwall rather than our usual France trip this summer as transporting a child in a wheelchair around a beach was seen as mildly easier than doing the same up and down a mountain. Hopefully this time next year we'll be back in the invigorating mountain air. If you're reading this having originated from Cornwall please don't take offence! However I've never liked beach holidays and I think I'm too old to change my mind. The kids on the other hand can't contain their excitement. So expect me to spend most of my time in an uncomfortable wetsuit trying desperately to ensure that they don't get washed away. Give me the stress of payrolls or CPI any day over that. I'll be gazing longingly from the sea at the golf course next door. Life's been quite a beach for markets of late but the last 24 hours have been a bit strange, as a second successive weaker-than-expected US inflation reading (PPI) actually left longer dated yields notably higher than where they were before the better than expected CPI on Wednesday, and at one point they were +23bps above where they were immediately after the first of these two dovish prints. The S&P 500 also reversed earlier gains of more than +1% to finish lower at -0.07%. Maybe we shouldn't read too much into summer illiquidity but the moves have been a bit all over the place of late. While the combination of below-expectations inflation and worsening labour data (see below) initially drove a dovish-Fed interpretation, the price action reverted throughout the day, and we closed with still around even odds between a 50bp or 75bp hike at the September FOMC meeting (61.8bps implied). When it came to Treasuries, despite the selloff, there was a decent amount of curve steepening, with the 2yr yield climbing +0.4bps whilst the 10yr yield rose by +10.6bps to 2.89%, the highest since July 20th. This helped the 2s10s curve to see its biggest daily steepening move in over 3 months and closing at -33bps, but still having closed inverted 29 for days running. 30yr Treasuries (+14.2bps) hit the highest since July 8 after receiving a lukewarm reception at auction. Maybe the longer end yield rises actually reflect a view that the Fed will be less likely to need to choke the recovery off now inflation is cooling. So maybe yields would have been lower this week with stronger inflation prints? Or is that just the silly season getting to me? To add to the ups and downs, this morning in Asia, 10yr UST yields (-2.73 bps) are edging lower, trading at 2.86% with the 2yr yield down -1.86 bps at 3.20% thus flattening the curve a tad as we go to press. Over in equities, the S&P 500 (-0.07%) was marginally lower last night after increasing more than +1% in the New York morning. Small caps were a big outperformer, with the Russell 2000 index up by +0.31% to reach its highest level since April as the near-term growth outlook still looks OK, whereas the NASDAQ bore the brunt of the gradual duration selloff throughout the day, falling -0.58%. Overnight, contracts on the S&P 500 (+0.14%) and NASDAQ 100 (+0.22%) are moving slightly higher again. In terms of the details of that inflation print, US producer prices fell by -0.5% in July, which was some way beneath expectations for a +0.2% rise, and marks the biggest monthly decline since April 2020 when the economy was experiencing Covid lockdowns. As with the CPI release the previous day, the PPI was dragged down by a sharp fall in energy prices, which fell by -9.0% on the month, and that helped the annual headline measure fall from +11.3% in June down to +9.8% in July. Even if you just looked at core PPI however, the reading was still softer than expected, with the monthly gain excluding food and energy at +0.2% (vs. +0.4% expected), which sent the annual gain down to +7.6%. The prospect that the Fed would be more cautious in hiking rates was given a slight bit of extra support thanks to additional signs that the labour market was softening. The weekly initial jobless claims for the week through August 6 came in at 262k (vs. 265k expected), which is their highest level since November, and the smoother 4-week moving average also rose to a post-November high of 252k. Continuing claims climbed to 1428k, above expectations. Recall, our US economics team has showed that once the 4-week average of continuing claims increases 11% over recent lows near-term recession alarms start sounding. We’re at 1399k on the 4-week moving average on claims, still a reasonable distance from this 11% increase of 1465k. Overall, although the weekly claims data is slowly getting worse, it's still happening in a sea of huge job openings and generally big job growth. Perhaps the labour market is behaving slightly different from usual in that you can have both big job openings but claims edging up because of a sudden skills mismatch post Covid. If so it makes traditional clues to the future direction of the economy more difficult to decipher. For us the US jobs market is still healthy for now. I suspect it won't be in 12 months time but that's a story for another day. For Europe, the newsflow continued to be much more downbeat than in the US of late, as concerns mounted across the continent about the energy situation this winter. Natural gas futures rose a further +1.34% yesterday to €208 per megawatt-hour, putting them at their highest levels since early March just after Russia’s invasion of Ukraine began. Power prices also soared to fresh records, with German prices for next year up +5.24% to €449 per megawatt-hour, whilst French prices were up +6.62% to €615 per megawatt-hour. Governments are coming under increasing pressure to do something about this, and German Chancellor Scholz said yesterday that there would be further relief measures for consumers. Growing concerns about an imminent recession meant that European equities also had a lacklustre day, with the STOXX 600 only up +0.06%. Sovereign bonds also lost ground, with yields on 10yr bunds (+8.2bps), OATs (+8.3bps) and BTPs (+3.8bps) all moving higher on the day, although gilts were the biggest underperformer on this side of the Atlantic with yields up by +10.8bps. Asian equity markets are relatively quiet this morning with the exception of the Nikkei (+2.37%) which is surging and catching-up up after a holiday on Thursday, whilst the Hang Seng (+0.09%), the Shanghai Composite (+0.16%), the CSI (+0.08%) and the Kospi (+0.02%) are all edging up. Elsewhere, the San Francisco Fed President Mary Daly in her overnight remarks indicated that a 50 bps interest rate hike in September “makes sense” following two back-to-back 75-basis-point hikes in June and July given recent economic data including on inflation. However, she added that she is open for a bigger rate hike if the data showed it was needed. To the day ahead now, and data releases include the UK’s GDP reading for Q2, Euro Area industrial production for June, and in the US there’s the University of Michigan’s preliminary consumer sentiment index for August. Tyler Durden Fri, 08/12/2022 - 08:08.....»»

Category: dealsSource: nytAug 12th, 2022

Futures Storm Higher As Nasdaq Bull Markets Sparks FOMO Chase

Futures Storm Higher As Nasdaq Bull Markets Sparks FOMO Chase US equity futures extended their post-CPI miss gains (for reasons laid out last night by Goldman's trading desk which sees $13 billion in non-fundamental demand every day and a new round of FOMO by lagging hedge funds), rising 0.4% on Thursday morning... .... while tech stock futures were also higher changed after the Nasdaq 100 advanced 20% from its June lows, entering a new bull market, with Wednesday’s softer-than-expected inflation print bolstering hopes of less aggressive Fed tightening. Contracts on the Nasdaq 100 were 0.4% higher by 7:15 a.m. in New York after the underlying gauge soared 2.8% on Wednesday to the highest level since May 4. A dollar index slipped, adding to retreat a day earlier that was the biggest since the onset of the pandemic. Short-term Treasury yields held a drop on investors’ scaled-back expectations of how aggressively the Fed will have to tighten monetary policy; bitcoin rose to the mid $24,000s. In premarket trading, Disney jumped after beating estimates and saying it’s raising the price of its flagship Disney+ streaming service by 38%. Analysts were optimistic about the performance of the company’s Parks business as travel rebounds. Meanwhile, shares in Bumble Inc. fell  ~7% after the dating app company lowered its full-year revenue guidance. Given the stock’s recent outperformance, analysts noted that expectations were high going into the firm’s 2Q report and attributed the tepid forecast to a shift in product timing, which increases execution risk in 4Q. Other notable movers include: Morgan Stanley (MS US) cut its PC shipment estimates for the year after noting that demand for consumer personal computers is weakening and PC channel inventories are moving higher. The brokerage, however, maintained its recommendations on Dell and HPQ. Matterport (MTTR US) advances ~15% in US premarket trading Thursday after the software company boosted its revenue guidance for the year. Second-half growth outlook is “better-than-feared,” Piper Sandler says. Traeger (COOK US) analysts reduced their price targets on the stock, with Baird downgrading the grill maker to neutral after it cut its revenue guidance for the full-year. Brokers said that catalysts for the stock in the immediate future were in short supply. First Solar (FSLR US) raised to overweight at KeyBanc as it refreshes its views on US renewables stocks, including PT raises for Enphase Energy and NextEra. Marathon Digital (MARA US) and Riot Blockchain lead cryptocurrency-exposed stocks higher in premarket trading with Bitcoin climbing to a near two-month high after softer-than- expected inflation data fueled rallies across digital tokens. Sonos (SONO US) drops 20% in premarket trading after the audio-products maker cut its full-year guidance for revenue and adjusted Ebitda, citing a challenging macroeconomic backdrop, with the strong dollar and inflation pressuring consumer sentiment. The company also said Chief Financial Officer Brittany Bagley is stepping down to pursue another opportunity. Stocks surged after the July CPI reading showed US inflation decelerated in July by more than expected, printing at 8.5% in July, down from the 9.1% June print that was the largest in four decades, a development that could take some pressure off the Federal Reserve in deciding on more rate hikes. However, Fed officials were quick to stress more rate increases are coming to counter price pressures and signaled investors should rethink expectations of cuts next year to shore up economic growth. Still, the news was enough to help the duration-heavy and deflation-propelled Nasdaq index reclaim nearly $2.8 trillion from its June 16 low, with Apple, Amazon.com and Microsoft leading the rally. Tech stocks have been rebounding as bond yields pulled back amid expectations that Fed rate hikes may push the US economy into recession. Lower bond yields particularly support growth stocks like tech, which are valued on future profits. "Despite the Fed’s unwavering rhetoric, this release has given investors hope that the pace of rate rises in the US will slow and that the fabled soft landing may be less elusive than feared," said Lewis Grant, head of global equities at Federated Hermes. “From now onwards, the Fed should start worrying about growth risks much more than inflation," said Ashish Marwah, chief investment officer of ADS Investment Solutions Ltd. While he sees no case for a large rate hike moving forward, Marwah said a smaller increase at the next meeting would give the Fed “time to pause and evaluate what the underlying inflation trend is.” European stocks trimmed earlier gains as losses in the healthcare sector outweighed optimism that signs of a peak in US inflation would spark a dovish tilt in Federal Reserve policy. The Stoxx 600 Index was less than 0.1% higher by 10:33 a.m. in London after surging yesterday to its highest in two months. Healthcare stocks including Sanofi, GSK Plc and Haleon Plc were major drags on the benchmark amid concern over litigation related to Zantac, a once-popular antacid that has drawn a flurry of US personal-injury lawsuits alleging it causes cancer. Energy as well as travel and leisure stocks were among the sectors moving higher. FTSE MIB outperforms, adding 0.4%, DAX lags, dropping 0.1%. Energy, insurance and banks are the strongest-performing sectors. Here are the biggest European movers: Coca-Cola HBC shares advance as much as 6%, the most since March 29, after the company reported 1H sales and Ebit that beat estimates and reinstated its guidance for the year. Kahoot! jumps as much as 22%, the most since August 2021, after the Norwegian game-based learning platform firm reported a rise in 2Q earnings. Russia’s equity benchmark climbed as the price of natural gas in Europe rose and investors worldwide turned more optimistic after signs of cooling US inflation. Stroeer surges as much as 17%, the most since November 2020, after the online advertising and billboards company reported 2Q results which Citi says were “strong.” Zurich Insurance gains as much as 2.4% with analysts saying the Swiss insurer’s quarterly results were strong, as expected. Network International jumps as much as 19%, the most since November 2020, after the payments firm’s 1H results met expectations and it announced a new buyback. Sanofi, GSK and Haleon extend their declines amid mounting concerns about litigations around recalled heartburn drug Zantac. Valneva falls as much as 3.9% after the French biotechnology company lowered its guidance following setbacks for its Covid-19 vaccine. Earlier in the session, Asian stocks gained as cooler-than-expected US inflation data spurred bets that the Federal Reserve will temper the pace of its interest-rate increases. The MSCI Asia ex-Japan Index rose as much as 1.8%, the most in three weeks, lifted by technology shares amid falling Treasury yields. Tech-heavy markets including Taiwan and South Korea led gains in the region. Benchmarks in China also advanced, while Japan’s market was closed for a holiday on Thursday.  US inflation decelerated in July by more than expected, spurring a rally in shares overnight as investors bet on a potential pivot by the Fed on monetary tightening. The positive sentiment carried through to the Asian session, while traders continued to monitor Covid lockdowns in some Chinese cities.  “Inflation has been expected to peak over the summer for some time, so it was reassuring for markets that there are clear signs that this looks to be happening,” said Oliver Blackbourn, multi-asset fund manager at Janus Henderson Investors. “Any dovishness is seen as positive by the stock market, particularly for the highest valued companies.” Still, ongoing US-China tensions have kept some investors on edge, with President Joe Biden being “cautious” about the future of tariffs on more than $300 billion in goods from the US rival.  Japan was closed for a holiday. Indian stocks tracked regional peers higher after softer-than-expected US inflation print raised expectations that the Federal Reserve will raise interest rates at a slower pace. The S&P BSE Sensex climbed 0.9% to 59,332.60 to its highest level in four months in Mumbai. The NSE Nifty 50 Index added 0.7%. Of the 30 member stocks on the Sensex, 20 rose and 10 fell. Housing Development Finance Corp rose 2.4% to its highest level in four months and was among the biggest boosts to the gauge. Fourteen of 19 sectoral sub-indexes compiled by BSE Ltd. advanced, led by a measure of lenders.   “The lower than expected US CPI numbers have catalyzed a rally in global markets on the hope that the US Fed may go slow on rate hikes,” Deepak Jasani, head of retail research at HDFC Securities Ltd., wrote in a note.  The prospect of faster monetary tightening by the Fed had stoked fears of capital outflows from riskier emerging market assets like India.  In earnings, of the 44 Nifty companies that have announced quarterly results so far, an equal number have missed and exceeded analyst estimates. Apollo Hospitals is scheduled to announce results later in the day. In FX, the dollar slipped while NOK and GBP are the weakest performers in G-10 FX, EUR and DKK outperform. In rates, treasuries advanced despite better risk appetite with the yield curve extending Wednesday’s CPI-inspired bull-steepening, following gains led by front-end during London session; 2-year yields richer by ~3.5bp, off session low. 10- to 30-year yields (also off lows) are little changed, steepening 2s10s and 5s30s spreads by ~2bp and ~3bp on the day; US 10-year sector outperforms bunds by ~3bp, gilts by ~5bp. The Treasury auction cycle concludes with $21b 30-year bond sale at 1pm ET; Wednesday’s 10-year note auction stopped 0.6bp below the WI yield at the bidding deadline. WI 30-year yield around 3.03% is ~9bp richer than last month’s result, which stopped 1.8bp through. Bunds and gilts erase post-CPI gains, catching up to USTs reversal on Wednesday as hawkish comments from Fed policy makers stymied prospects of a pivot. Peripheral spreads tighten to Germany. In commodities, WTI crude climbs 0.5% to around $92; gold down about $2 to below $1,790. Most base metals trade in the green; LME nickel rises 2.7%, outperforming peers. LME zinc lags, dropping 0.6%. It’s a fairly quiet day ahead on the calendar now, but data releases include the US PPI reading for July, as well as the weekly initial jobless claims. Market Snapshot S&P 500 futures up 0.1% to 4,216.25 STOXX Europe 600 little changed at 440.16 MXAP up 1.1% to 162.09 MXAPJ up 1.7% to 529.79 Nikkei down 0.6% to 27,819.33 Topix down 0.2% to 1,933.65 Hang Seng Index up 2.4% to 20,082.43 Shanghai Composite up 1.6% to 3,281.67 Sensex up 0.9% to 59,317.34 Australia S&P/ASX 200 up 1.1% to 7,070.95 Kospi up 1.7% to 2,523.78 German 10Y yield little changed at 0.91% Euro up 0.2% to $1.0323 Brent Futures little changed at $97.39/bbl Gold spot down 0.3% to $1,786.27 U.S. Dollar Index down 0.15% to 105.03 Top Overnight News from Bloomberg ‘Worst Likely Over’ for EM Asia Currencies as Fed Hike Bets Ease Oil Steadies as Traders Count Down to OPEC, IEA Market Outlooks Fed Leaders, Unswayed by Softer CPI, See Rate Hikes Into 2023 Kim Jong Un Was ‘Seriously Ill’ in North Korea Covid Surge Market Surge After CPI Data Has Skeptics Issuing a Warning Football Fanatic Builds $1 Billion Bet Against Game’s Mega Rich Pelosi Says US Can’t Let China Establish ‘New Normal’ on Taiwan Hedge Funds Face SEC Push to Share More on Their Strategies JPMorgan Gold Traders Found Guilty After Long Spoofing Trial Trump Deposition Day: Invoking the Fifth in Showdown With AG Driller W&T Opens Internal Probe After Whistle-Blower Letter Chicago Mayor Says City Revenue Unhurt by Corporate Exits Trump 2016 Staff Can Talk About What They Saw on Campaign Snowballing US Rent Crisis Spares No City or Income Bracket CVS Is Said to Have Been Mystery Bidder for One Medical ‘Crying CEO’ Says He Loves His Employees, Even Those He Laid Off Bolton Was Target of Murder Plot in US Iranian Guard Case Disney Tops Profit Views, Raises Ad-Free Streaming Price 38% Ping An Sees HSBC Overstating the Challenges of a Spinoff Blackstone to Buy Bulk Purchaser CoreTrust From HCA Subsidiary Apple Ramps Up Its In-House Podcasting Efforts With Studio Deal Cut-to-Bone Positioning Set the Stage for Stocks’ Big Bounce More detailed look at global markets courtesy of Newsquawk Asia-Pac stocks took impetus from their global counterparts after softer-than-expected US CPI data spurred a dovish reaction across asset classes and unwound some of the hawkish Fed market pricing. ASX 200 reclaimed the 7,000 level with the tech and mining-related sectors leading the gains in the index, while financials are also positive as participants digest earnings results and updates from AMP and QBE Insurance. KOSPI strengthened despite the increase in COVID cases to a 4-month high and the recent devastating floods in Seoul, with strength in index heavyweight Samsung Electronics after it introduced its latest line-up of foldable smartphones and other key products. Hang Seng and Shanghai Comp were higher with Hong Kong lifted by tech and property stocks, although advances in the mainland were initially contained following a jump in COVID infections and with the Biden administration said to have currently set aside the option of scrapping some China tariffs or investigating adding more. Top Asian News China Pledges to Cut Mining Deaths After Spate of Accidents LNG WRAP: Asia Price Rally Prompts Chinese Buyer to Sell Cargo ‘Worst Likely Over’ for EM Asia Currencies as Fed Hike Bets Ease Hang Seng Index Rises 2.4%; Alibaba Leads Advance Ether at Two-Month Peak on Signs of Success in Key Software Test Philippine Stocks Surge 3.2% as Central Bank Seen Less Hawkish European bourses are little changed overall after a modestly firmer open failed to gain much traction with newsflow limited, Euro Stoxx 50 +0.1%. Stateside, performance is very similar though futures are faring incrementally better, ES +0.2% and the NQ +0.4% remains the relative outperformer. China vehicle sales (Jan-Jul): -2% YY (prev. +19.3%), via Industry Association. New energy vehicles sales (Jan-Jul): +120% YY. Top European News UK Real Estate Firms Warn of Price Falls as Borrowing Costs Rise Russia Aircraft Destroyed, Ukraine Says: Photo Ceconomy Drops; Fighting ‘Perfect Storm,’ Baader Helvea Says Ether at Two- Month Peak on Signs of Success in Key Software Test IEA Sees Russian Oil Output Down 20% When EU Ban Takes Effect Deutsche Telekom Raises 2022 Outlook on US Customer Growth FX DXY is back on a softer footing following an overnight session of consolidation from yesterday’s CPI-induced losses. G10s are firmer vs the USD to varying degrees, with the EUR, AUD, and NZD leading the gains. GBP and CAD are the relative laggards while haven FX reside towards the middle of the G10 table. Fixed Income Core benchmarks under modest pressure but remain above the post-CPI trough with action quiet amid a limited schedule and Japanese holiday. USTs essentially unchanged, initial incremental upward bias dissipated and we now look to PPI, Fed's Daly & 30yr supply. Yield curve continues to re-steepen, though lies in yesterday's pronounced ranged while BTP-Bund remains steady at 210bp. Commodities WTI and Brent front-month futures are extending yesterday’s climb Brent Oct' extending gains above USD 98/bbl. Spot gold trades flat around USD 1,789/oz after briefly topping USD 1,800/oz yesterday post-CPI. LME copper has gained a firmer footing above USD 8,000/t amid the softer Dollar, with LME nickel the current outperformer. IEA OMR: Raises 2022 estimate for oil demand growth by 380k BPD to 2.21mln BPD due to more gas-to-oil switching; demand growth is expected to slow to 40k BPD in Q4 2022; declines in Russian supply is more limited than previously forecast. Czech pipeline operator Mero exports oil flows to the nation to resume "soon"; expects flows via Druzhba to restart "tomorrow or the day after", via Reuters. US Event Calendar 08:30: Aug. Initial Jobless Claims, est. 264,000, prior 260,000 July Continuing Claims, est. 1.42m, prior 1.42m 08:30: July PPI Final Demand MoM, est. 0.2%, prior 1.1%; PPI Final Demand YoY, est. 10.4%, prior 11.3% July PPI Ex Food, Energy, Trade MoM, est. 0.4%, prior 0.3%; YoY, est. 5.9%, prior 6.4% July PPI Ex Food and Energy MoM, est. 0.4%, prior 0.4%; YoY, est. 7.7%, prior 8.2% DB's Jim Reid concludes the overnight wrap After much build-up and anticipation, I am now a married man. It was without a doubt the best day of my life being surrounded by family and friends, and thank you for the many kind words I received. Married life so far has been blissful, but I appreciate when you’re not at work and eating out on a daily basis then the usual pressures of life may not apply. Let’s hope this honeymoon spirit and the benefit of the doubt is still around in a few months’ time. Markets were also in a buoyant mood while I was away, and that trend has continued over the last 24 hours thanks to a much lower-than-expected US CPI print. That helped to bolster hopes that the Fed wouldn’t need to tighten policy as aggressively as many had feared, though Fed officials threw some cold water on the optimism later in the session which tempered the rally in yields, at least. And whilst some of the CPI details weren’t as flattering as the headline stats (more on which below), this positive reaction was evident across multiple asset classes as investors received a downside inflation surprise of the sort we haven’t seen in a long time, with monthly headline CPI actually seeing -0.02% deflation on the month. That’s the first time that prices have fallen on a monthly basis since May 2020, and the reading also came in two-tenths beneath the +0.2% expected by the economists’ consensus on Bloomberg, which is the first time in more than five years that inflation has come in beneath the consensus by that big an amount. That unexpected drop in prices was largely driven by a sharp monthly fall in energy prices (-4.6%), which experienced their largest decline since April 2020. Indeed, gasoline specifically was down by -7.7% over the month against the backdrop of a serious decline in oil prices since their recent peaks. In turn, that sent the year-on-year CPI reading down to +8.5%, having been at a four-decade high of +9.1% in June. Furthermore, sentiment was bolstered by the fact that core inflation also surprised to the downside, at +0.3% on the month (vs. +0.5% expected), which meant the year-on-year figure remained at +5.9%. The market reaction to this was incredibly favourable, as the release led investors to reduce the chances that the Fed would hike by 75bps again at their next meeting in September. Indeed, the hike that futures are pricing in for September came down from +68.2bps to +62.5bps, exactly halfway between a +50bp and a +75bp hike, as live as a meeting as you’ll get. That’s still slightly above where it’d been prior to last week’s much stronger-than-expected jobs report that raised expectations of another 75bps move. In turn that sent Treasury yields lower, with the 2yr yield down more than -20bps following the print, but gave back some of that rally after subsequent Fedspeak (more below). 10yr yields also initially moved lower, falling more than -13bps from immediately before the print, only to end the day +2.0bps higher at 2.78%, so we had a decent amount of curve steepening on the day as well as the last batch of data pointed away from stagflationary fears. But even as markets have been celebrating the prospect of a less aggressive Fed, it’s worth remembering that we’re still nowhere near out of the woods yet, and annual inflation of +8.5% is still way above what we’ve been used to experiencing over recent decades. In addition, some of the more granular details from the CPI release were much less positive than the immediate headlines. For instance, the Cleveland Fed’s trimmed-mean CPI measure that removes the biggest outliers in either direction was still running at +0.45% on a monthly basis, and on a year-on-year basis it actually ticked up slightly to +7.0%. So it’s clear there are still broad-based price pressures across the economy, in spite of the decline in energy last month. Elsewhere, the Atlanta Fed produce a “flexible” and “sticky” CPI, which separates the CPI components into ones that change prices regularly and ones that don’t. That showed the flexible CPI reading down by -1.0% on the month, but the sticky CPI reading was up by +0.4%, which means that sticky CPI is now running at +5.8% on an annual basis, or in other words its fastest pace since 1991. So there’s still a long way to go here, and remember that Chair Powell himself said in June that the Fed wanted “compelling evidence” that inflation was heading downwards consistent with returning to target, which is going to take a lot more than just one reading. For markets however, the narrative that we might have seen “peak inflation” was nevertheless dominant, and equities had a buoyant reaction yesterday, with the S&P 500 surging +2.13% to close at a 3-month high for the first time since early January. The more cyclical sectors led the way whilst the megacap tech stocks were a particular beneficiary, with the FANG+ index gaining +3.67% on the day. The VIX index of volatility even closed beneath 20 points for the first time since early April. It was much the same story in Europe too, even if it was a bit more subdued, and the STOXX 600 (+0.89%) closed at its highest level in just over two months as well. When it came to the Fed themselves, we did actually hear from a few speakers yesterday. Chicago Fed President Evans, who is an FOMC voter in 2023, said that inflation was still “unacceptably high” and said that he expected “we will be increasing rates the rest of this year and into next year to make sure inflation gets back to our 2% objective”. Furthermore, his forecast for core CPI is at 2.5%, which is some way beneath our own economists’ projections, and even then he saw the Fed funds rate range at 3.75%-4% by end-2023. Later in the session, President Kashkari took it a step further, saying he expected a 4.4% fed funds rate by the end of next year, and was resolute that the Fed would not waver in bringing inflation back to its 2% target. So both are projecting rates some way above the 3.11% that Fed funds futures are pricing in for December 2023, which just speaks to the divergence between the Fed’s stated intentions in their most recent dot plot and the cuts that markets are pricing in for the latter part of next year. Then overnight, we heard from San Francisco Fed President Daly, who warned in an FT interview that it was too early to “declare victory” over inflation. Away from the Fed, we had a mixed bag of news on the European energy situation yesterday. On the one hand, we heard that Slovakia was now receiving Russian oil via the Druzhba pipeline, which had been suspended previously. At the same time though, European natural gas futures rose by +6.86% to €205 per megawatt-hour, which is their highest level since early March, and German power prices for 2023 rose a further +4.84% to €427 per megawatt-hour. European sovereign bonds were more affected by the US inflation news however, with yields on 10yr bunds (-3.2bps), OATs (-2.0bps) and BTPs (-6.0bps) all moving lower. Overnight in Asia, equity markets are also surging this morning following a strong session on Wall Street overnight. Risk appetite has been evident across the region, with the Hang Seng (+1.74%), the CSI (+1.39%), the Shanghai Composite (+1.18%) and the Kospi (+1.32%) all moving higher, whilst markets in Japan are closed for a holiday. That optimism is also set to extend into the European and US sessions, with futures contracts on the S&P 500 (+0.30%), NASDAQ 100 (+0.43%) and DAX (+0.39%) all pointing towards further gains today as well. Separately, the People’s Bank of China said in its latest quarterly monetary policy report that consumer prices in China will probably remain in a reasonable range and will likely reach its 3% target for full-year inflation . At the same time, the central bank stressed that it will continue to maintain plenty of liquidity in the system so as to provide stronger support to the real economy. It’s a fairly quiet day ahead on the calendar now, but data releases include the US PPI reading for July, as well as the weekly initial jobless claims. Tyler Durden Thu, 08/11/2022 - 07:55.....»»

Category: dealsSource: nytAug 11th, 2022

3 Lithium Stocks to Buy as Senate Passes Historic Climate Bill

The landmark climate bill will further spur the EV revolution, making lithium more attractive than ever. To capitalize on the red-hot prospects of lithium, consider investing in ALB, LTHM and PLL. After a marathon debate, the Senate, on Sunday, passed a monumental climate bill, which aims to accelerate the U.S. transition away from fossil fuels. The bill — also called the Inflation Reduction Act (IRA) — is headed to the House and is expected to be passed by the end of this week. Once signed into law by President Biden, the bill would be the boldest climate legislation in U.S. history.It seeks to allot around $370 billion toward clean energy initiatives to turbocharge decarbonization efforts. The bill includes tax credits to boost domestic manufacturing of solar panels, wind turbines, batteries, and critical minerals processing, as well as subsidies for buying electric and hydrogen-fueled vehicles. All that would put the United States on track to reduce greenhouse gas emissions by nearly 40% below 2005 levels by the decade-end.The new climate bill will further spur the electric vehicle (EV) revolution. The rising EV penetration will have a trickle-down effect in the supply chain, making lithium more attractive than ever. To capitalize on the flourishing prospects of lithium, place your bets on Albemarle Corp ALB and Livent Corp. LTHM and Piedmont Lithium Limited PLL. But before we discuss these stocks, let’s glance through the prospects of the EV space and the lithium market.EV Industry to Shine BrighterEV and renewable energy stocks clearly stand to benefit from this landmark climate bill. As it is, amid heightening climate concerns and technological advancement, more and more cars are getting electrified as legacy automakers are fast shifting gears to e-mobility. And now this IRA is set to further supercharge the prospects of the red-hot EV industry.To encourage the adoption of EVs, the IRA includes a $7,500 tax credit till 2032 on the purchase of a new EV. Importantly, the tax credit will be sans the 200,000-car cap. In the current scenario, the tax credit phases out once a company has reached the 200,000 EV sales mark. A few auto biggies, including Tesla, General Motors and Toyota, have already exhausted the limit. The updated EV tax credit would remove that cap at the start of 2023.With Americans staring at sky-high inflation and rising interest rates, the elimination of this federal EV tax credit cap will help in the acceleration of the adoption of zero-emissions cars, which is the need of the hour. Additionally, there’s a new $4,000 credit on used EVs. The updated tax credits are set to provide a major impetus to the EV industry— which is only expected to blossom in the coming years.Per S&P Global Platts Analytics, global EV sales are expected to rise to 26.8 million units by the decade end. To put this into perspective, sales of green cars totaled 6.6 million units in 2021. BHP Group Ltd forecasts EVs to account for 60% of new car sales by the decade-end and 90% by 2040.Lithium Demand to ExplodeThanks to the accelerated adoption of green vehicles, one metal that is expected to be most in demand is lithium. With batteries serving as the secret sauce for EVs and lithium being the most important metal in the EV battery, the demand for lithium is likely to skyrocket.Importantly, more than half of all the lithium produced is deployed in rechargeable batteries. The lithium space gains the maximum attention from EV batteries. This would only continue to rise in the coming years amid the soaring popularity of green cars and further dwarf the usage of the metal for traditional industrial purposes, including ceramics, polymers and glass ceramics.Notably, China dominates the lithium produce. Western countries are also trying to catch up fast to ramp up their production. Miners in Australia -- home to nearly 50% of the world’s produce — are having a gala time, thanks to a flurry of deals with automakers seeking to rev up their EV game.The burgeoning demand for lithium is underscored by the price of the metal itself, which has rocketed nearly 500% in the past year. The prices are likely to remain elevated for the rest of the year, per BloombergNEF. Per Statista, the global lithium demand is forecast to exceed 2 million metric tons of lithium carbonate equivalent by 2030, majorly driven by consumption in EV batteries. Credit Suisse anticipates lithium demand to triple between 2020 and 2025. Per Fortune Business Insights, the global lithium-ion battery market size is expected to reach $193.13 billion by 2028 and register a revenue CAGR of 23.3% during the 2021-2028 time period.Our PicksGiven the bright outlook for lithium demand, we highlight why you should press the buy button on the below-mentioned lithium stocks.Albemarle: Charlotte-based Albemarle is one of the leading producers of lithium, with battery-grade lithium-producing plants in Australia, China, Chile and the United States. The company’s lithium unit accounts for the highest percentage of overall revenues and profits. ALB, thus, remains laser-focused on the expansion of its lithium footprint.Albemarle is investing in high-return projects to drive productivity and is well placed to gain from the long-term growth of the battery-grade lithium market. In Australia, the Kemerton I plant commenced production last month and the Kemerton II conversion plant is on track for mechanical completion in the second half of this year.  La Negra III/IV expansion in Chile is boosting prospects. In the United States, expansion projects at Silver Peak are progressing ahead of schedule. The acquisition of the Qinzhou plant in China, scheduled for closure in the second half of 2022, will also bolster the growth of conversion capacity and drive lithium volumes.As of Jun 30, Albemarle had liquidity of approximately $2.6 billion. The company is also a dividend aristocrat, having raised its annual dividend for 27 straight years. The Zacks Consensus Estimate for Albemarle’s 2022 earnings implies year-over-year growth of 358.4%. The stock currently sports a Zacks Rank #1 (Strong Buy).Livent: Philadelphia-based Livent is the largest vertically integrated pure-play producer of low-cost lithium, with operational sites in the United States, England, India, China and Argentina. Livent has been extracting Lithium Brine at Salar del Hombre Muerto in Argentina for more than 20 years. It is one of the lowest-cost resources for lithium carbonate, providing the company with a competitive edge.LTHM is on track with all its capacity expansion programs. The first 10,000 metric tons of lithium carbonate expansion in Argentina is scheduled to be completed by the year end. The second 10,000 metric tons of lithium carbonate expansion is anticipated to be concluded by 2023-end. Livent remains on track with a 5,000 metric ton hydroxide addition in Bessemer City by the end of the third quarter of 2022.The company is set to add 15,000 metric tons of lithium hydroxide capacity at a new location in China by the end of next year.Québec-based Nemaska Lithium project is likely to commence in 2025 and will aid the top-line growth of Livent.LTHM expects strong demand and high lithium pricing to buoy its prospects through 2022. The company envisions revenue in the band of $800-$860 million this year, implying a year-over-year uptick of 97% at the midpoint of the guided range. Adjusted EBITDA is estimated at $325-375 million, suggesting significant growth from $70 million recorded in 2021. The consensus mark for LTHM’s 2022 earnings implies year-over-year growth of 667%. The stock currently sports a Zacks Rank #1.Piedmont: This U.S.-based lithium explorer has not generated revenues yet but is worth a look due to its solid prospects. Piedmont is set to benefit from hard rock lithium assets in three strategic locations including North Carolina, Quebec and Ghana. The company is focused on the development of the Carolina Lithium Project, located in North Carolina — one of the top-notch regions in the world for lithium exploration.The project targets the production of 30,000 tons/year of battery-grade lithium hydroxide.Piedmont also holds a 25% stake in the Abitibi lithium hub and a 16.52% interest in Sayona Mining. PLL owns 10% of Atlantic Lithium and can earn a 50% interest in Atlantic Lithium’s Ghanaian lithium portfolio. Atlantic Lithium is likely to provide additional high-quality SC6 to support North American lithium hydroxide production. The company owns a 25% interest in Sayona Quebec, which holds a 100% stake in the Quebec Projects, including North American Lithium, the Authier Project and the TansimProject. Additionally, PLL also owns around a 14% stake in Sayona, the parent company of Sayona Quebec.A sustainable business model and solid growth pipeline with attractive economics augur well for PLL’s long-term prospects.As of Jun 30, Piedmont had cash and cash equivalents of $139 million, representing a strong cash ratio of more than 22.  The consensus estimate for third-quarter 2022 bottom line is pegged at a loss of 13 cents, narrower than the loss of 53 cents recorded in the second quarter of 2022. The stock currently carries a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here. Profiting from the Metaverse, The 3rd Internet Boom (Free Report): Get Zacks' special report revealing top profit plays for the internet's next evolution. Early investors still have time to get in near the "ground floor" of this $30 trillion opportunity. You'll discover 5 surprising stocks to help you cash in.Download the report FREE today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Piedmont Lithium Inc. (PLL): Free Stock Analysis Report Albemarle Corporation (ALB): Free Stock Analysis Report Livent Corporation (LTHM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 10th, 2022

Here"s Why Investors Should Retain Dover (DOV) Stock For Now

Dover (DOV) is benefiting from solid order trends, strong demand across end markets and cost-control actions despite supply chain challenges and escalating costs. Dover Corporation DOV is gaining from forecast-beating earnings in second-quarter 2022. Solid end-market demand across all segments, bookings rates and robust order backlog are aiding growth. Benefits from cost-reduction actions, productivity gains, focus on investments and acquisitions and efforts to reduce debt levels will continue to drive results.Earnings Surpass Q2 Estimates: Dover’s second-quarter 2022 earnings beat the respective Zacks Consensus Estimate and increased year over year.Positive Earnings Surprise History: Dover, a Zacks Rank #3 (Hold) company, has a trailing four-quarter earnings surprise of 5.1%, on average.Return on Equity (ROE): Dover’s trailing 12-month ROE of 26.9% emphasizes its growth potential. The company’s ROE is higher than the industry’s ROE of 23.6%, highlighting its efficiency in utilizing shareholders’ funds.Underpriced: Looking at the price-to-earnings ratio, Dover’s shares are underpriced at the current level, which is attractive for investors. The company has a trailing P/E ratio of 16.9, below the industry average of 20.8.Positive Growth Expectations: The company’s earnings estimate for the current year is pegged at $8.50, suggesting year-over-year growth of 11.4%.Other Growth DriversDover has been gaining from robust order trends across most of its businesses for a while, stemming from strong end-market demand. The company is well poised to deliver robust top-line growth, margin expansion and double-digit earnings per share (EPS) growth in 2022, driven by a strong backlog, margin conversion efforts, benefits from acquisitions, capacity expansion investments and productivity improvement. DOV expects adjusted EPS to be between $8.45 and $8.65 for 2022, up from $7.63 per share reported in 2021. Organic revenue growth is expected between 8-10% for 2022. Also, the company’s productivity and cost-control initiatives will continue to drive bottom-line growth.In the Engineered Products segment, demand for engineered products, vehicle service and industrial automation has been solid. A solid backlog and strong bookings will continue to support the segment’s top line. Orders for refuse trucks and software solutions remain robust, with new order rates pushing well into the year’s second half. The Clean Energy and Fueling segment will gain from solid growth in below-ground retail fueling, fuel transport vehicle wash and industrial gases and acquisitions in Clean Energy and components.The Imaging & Identification segment will gain from the recovery in component shortages from second-quarter COVID shutdowns in China, with demand improvement in textiles. In the Pumps & Process Solutions segment, industrial pumps and polymer processing activity remains solid and precision components continue their upward growth trajectory in bearings and compressor components.Given the large backlog and pricing initiatives, the Climate and Sustainability Technologies segment will perform well in 2022. Demand remains robust across all lines in food retail. Food retail shipments are expected to improve in the second half of the year. Also, its heat exchanger and beverage packaging business are seeing strong order rates and a record backlog for high-efficiency heat pumps. Margins across all the segments will improve in the second half of 2022, owing to improved price/cost, volume growth, productivity gains and favorable product and business mix.Dover invests in capacity expansions in high-growth businesses and productivity improvements across its portfolio. Dover has a long tradition of making successful acquisitions in diverse end markets. The company recently completed the Malema buyout, which has now become part of the PSG business unit within Dover's Pumps & Process Solutions segment. The acquisition will expand the company’s biopharma single-use production offering. Dover will remain active on the buyout front in the current year. This April, Dover acquired certain intellectual property associated with electrically-operated refuse collection vehicle bodies from Boivin Evolution Inc. The buyout will expand the technological footprint and product portfolio of Dover’s Environmental Solutions Group business unit within its Engineered Products segment.The company’s efforts to reduce debt levels, its solid financial position, prudent capital structure, refinancing efforts and momentum in operational execution bode well.Material cost inflation, input shortages, COVID-19 Omicron variant-related absenteeism and supply chain challenges and labor constraints will continue to affect the company’s margin performance.Dover Corporation Price and Consensus  Dover Corporation price-consensus-chart | Dover Corporation Quote Stocks to ConsiderSome better-ranked stocks from the Industrial Products sector are Greif Inc. GEF, Titan International TWI and MRC Global MRC. All of these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Greif has an estimated earnings growth rate of 37% for the current year. In the past 60 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 17%.Greif pulled off a trailing four-quarter earnings surprise of 22.9%, on average. GEF’s shares have risen 17% in the past year.Titan International has an estimated earnings growth rate of 165% for the current year. In the past 60 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 43%.Titan International pulled off a trailing four-quarter earnings surprise of 56.4%, on average. TWI’s shares have soared 101% in a year.MRC Global has an expected earnings growth rate of 259% for 2022. The Zacks Consensus Estimate for the current year’s earnings moved up 24% in the past 60 days.MRC Global has a trailing four-quarter earnings surprise of 140.8%, on average. MRC’s shares have surged 35% in the past year. Profiting from the Metaverse, The 3rd Internet Boom (Free Report): Get Zacks' special report revealing top profit plays for the internet's next evolution. Early investors still have time to get in near the "ground floor" of this $30 trillion opportunity. You'll discover 5 surprising stocks to help you cash in.Download the report FREE today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Dover Corporation (DOV): Free Stock Analysis Report Titan International, Inc. (TWI): Free Stock Analysis Report Greif, Inc. (GEF): Free Stock Analysis Report MRC Global Inc. (MRC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 10th, 2022

Jim Cramer Recommends Buying These 10 Stocks as Commodity Prices Decline

In this article, we discuss the 10 stocks that Jim Cramer recommends buying as commodity prices decline. If you want to read about some more stocks that Jim Cramer recommends buying, go directly to Jim Cramer Recommends Buying These 5 Stocks as Commodity Prices Decline. The prices of commodities like oil, grains, metals, and paper […] In this article, we discuss the 10 stocks that Jim Cramer recommends buying as commodity prices decline. If you want to read about some more stocks that Jim Cramer recommends buying, go directly to Jim Cramer Recommends Buying These 5 Stocks as Commodity Prices Decline. The prices of commodities like oil, grains, metals, and paper have all started to come down in recent weeks, lowering the valuations even as leading firms from these sectors post strong second quarter earnings. Jim Cramer of Mad Money on CNBC, one of the biggest finance personalities on television, has urged investors to take advantage of these falling prices before a recession “takes it all away”. Cramer has also taken aim at officials of the central bank who called for endless rate hikes as the ones responsible for the “craziness” at the market.  Cramer identified the present commodities collapse as one of the “most monumental” that he had seen in his forty years of trading experience. However, he highlighted how nobody at the central bank was talking about it because it did not fit their preferred narrative of “runaway pricing”. Cramer bemoaned the “Fed-media-short seller nexus” that was making investors feel like any positive news from the inflation standpoint was “meaningless” and “just to be ignored”, instead focusing on the fact how everybody was doing “too well”.  Some of the stocks that Cramer is monitoring as the earnings season winds down include Meta Platforms, Inc. (NASDAQ:META), Applied Materials, Inc. (NASDAQ:AMAT), and Eli Lilly and Company (NYSE:LLY).  Our Methodology These were picked keeping in mind the latest calls that Cramer made on these equities during his appearances on news platform CNBC. The list of stocks contains core commodity plays and the stocks which Cramer recently said would benefit from the fall in commodities. An extensive database of around 900 elite hedge funds tracked by Insider Monkey in the first quarter of 2022 was used to identify the popularity of each stock among hedge funds. Jim Cramer Recommends Buying These Stocks as Commodity Prices Decline 10. Nucor Corporation (NYSE:NUE) Number of Hedge Fund Holders: 22  Nucor Corporation (NYSE:NUE) makes and sells steel products. Cramer recently underlined that Nucor was one of the only steel stocks that he would recommend buying in the present economic environment where steel prices were falling and he would wait for them to fall lower before buying shares in firms other than Nucor. Cramer has also said that in the present marketplace, there is a spree of investors buying whatever little is working before recession takes it all away.  On July 6, Morgan Stanley analyst Carlos De Alba maintained an Equal Weight rating on Nucor Corporation (NYSE:NUE) stock and lowered the price target to $121 from $144, underlining that steel prices had fallen from highs in March faster than expected.   At the end of the first quarter of 2022, 22 hedge funds in the database of Insider Monkey held stakes worth $260 million in Nucor Corporation (NYSE:NUE), compared to 26 in the preceding quarter worth $186 million. Just like Meta Platforms, Inc. (NASDAQ:META), Applied Materials, Inc. (NASDAQ:AMAT), and Eli Lilly and Company (NYSE:LLY), Nucor Corporation (NYSE:NUE) is one of the stocks that Jim Cramer is monitoring.  In its Q3 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Nucor Corporation (NYSE:NUE) was one of them. Here is what the fund said: “Our active approach also applies to being disciplined in managing positions in companies in more cyclical industries and taking profits during stronger periods of each cycle. We closed a position in steel maker Nucor Corporation (NYSE:NUE) during the quarter after the shares had more than doubled over the last year as a direct participant in the recovery of the U.S. economy and rebound in industrial activity. At this point in the cycle, we no longer view the risk/reward as compelling and feel more confident in deploying the proceeds in more attractive areas discussed in this and previous letters.” 9. Toll Brothers, Inc. (NYSE:TOL) Number of Hedge Fund Holders: 29    Toll Brothers, Inc. (NYSE:TOL) is a firm that develops and sells homes in luxury residential communities. Cramer recently placed the company among a basket of commodity stocks that he would recommend buying. The journalist investor said that things were going “very well overall” even amid concerns that the central bank would crush the economy. He noted that it was the job of the Federal Reserve to “take away the punch bowl when things get out of hand” but there were many places where things were not out of hand at all.  On July 12, JPMorgan analyst Michael Rehaut maintained a Neutral rating on Toll Brothers, Inc. (NYSE:TOL) stock and lowered the price target to $48 from $53.50, noting that sector headwinds would persist for the homebuilding sector in the coming months.  Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Greenhaven Associates is a leading shareholder in Toll Brothers, Inc. (NYSE:TOL), with 5.2 million shares worth more than $245 million.  8. Waste Management, Inc. (NYSE:WM) Number of Hedge Fund Holders: 40   Waste Management, Inc. (NYSE:WM) provides waste management environmental services. The former hedge fund manager recently placed the company among a group of stocks that he would recommend buying as commodity prices start to come down. Cramer noted that although it was normal to sell industrial stocks amid a crisis situation, investors should consider buying the shares of firms that had reported great quarters recently as prices of commodities like oil, grains, and metals start to come down.  On July 28, BMO Capital analyst Jeffrey Silber maintained a Market Perform rating on Waste Management, Inc. (NYSE:WM) stock and raised the price target to $169 from $164, appreciating the second quarter earnings beat of the firm.  At the end of the first quarter of 2022, 40 hedge funds in the database of Insider Monkey held stakes worth $4.13 billion in Waste Management, Inc. (NYSE:WM), compared to 35 in the preceding quarter worth $4.17 billion.  In its Q1 2022 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and Waste Management, Inc. (NYSE:WM) was one of them. Here is what the fund said: “We also initiated a position in Waste Management, Inc. (NYSE:WM), one of the largest providers of waste collection services in the US. We believe it is a high-quality business with ownership of key landfill assets that provide pricing power over the long term. Its stock was trading at a discount to our estimate of intrinsic value due to short-term market concerns over an increase in growth investments—we expect these investments to be value-creating over the long term.” 7. Barrick Gold Corporation (NYSE:GOLD) Number of Hedge Fund Holders: 45     Barrick Gold Corporation (NYSE:GOLD) is a mining firm with prime interests in gold and copper. Cramer has been bullish on the gold industry in the past few months and placed Barrick Gold among the “best-of-breed” stocks in the sector recently. Cramer claims that some industries and companies can withstand the pressure that the central bank puts them under because they are “good companies”. He also noted that the Federal Reserve does not want anyone to “get hammered” by the rate hikes.  On July 19, Barclays analyst Matthew Murphy maintained an Overweight rating on Barrick Gold Corporation (NYSE:GOLD) stock and lowered the price target to $25 from $28, noting that copper equities were reflecting better value even as macro headwinds persisted.  At the end of the first quarter of 2022, 45 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Barrick Gold Corporation (NYSE:GOLD), compared to 46 the preceding quarter worth $958 million. In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Barrick Gold Corporation (NYSE:GOLD) was one of them. Here is what the fund said: “Also within the structural bucket, we have selectively added to our commodity exposure with the purchase of Barrick Gold Corporation (NYSE:GOLD). Canadian mining company Barrick Gold is a play on operating improvements. The company has aggressively delevered its balance sheet and reduced capex spending to a lower level more permanently, directing its healthy free cash flow to dividends and buybacks.” 6. Ford Motor Company (NYSE:F) Number of Hedge Fund Holders: 46   Ford Motor Company (NYSE:F) is a Michigan-based automobile manufacturer. The former Goldman Sachs employee recently placed Ford among a group of commodity stocks that disciplined investors should consider buying even as rate hikes pressured the economy and a recession loomed. Cramer noted that the prices of oil and gasoline were “down big” and investors could consider buying stocks that benefit from cheaper fuel, like travel and leisure plays, identifying Ford as one of these firms.  On August 2, Citi analyst Itay Michaeli maintained a Neutral rating on Ford Motor Company (NYSE:F) stock and raised the price target to $16 from $15, noting that the near-term catalysts for the firm had been realized.  At the end of the first quarter of 2022, 46 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Ford Motor Company (NYSE:F), compared to 53 in the preceding quarter worth $1.7 billion. In addition to Meta Platforms, Inc. (NASDAQ:META), Applied Materials, Inc. (NASDAQ:AMAT), and Eli Lilly and Company (NYSE:LLY), Ford Motor Company (NYSE:F) is one of the stocks that Jim Cramer recommends buying.  In its Q1 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Ford Motor Company (NYSE:F) Waste Management, Inc. (NYSE:WM) was one of them. Here is what the fund said: “Ford Motor Company (NYSE:F) is another example of typical industrial manufacturing business executive mindsets. The April 18, 2022, Bloomberg Businessweek cover story features Ford Motor Company (NYSE:F) CEO Jim Farley behind the wheel of an electrified Ford F-150 Lightning. The article is titled, “Hey Elon, THIS is a truck.” I thought the article was terrific. One idea especially stood out to me. Since the F-150 is such a popular vehicle, it “argued for a gradual approach to electrification. Essentially the company retrofitted an existing F-150 with an electric powertrain rather than develop an entirely new truck.” No all-in financial and operation bet by this company on electrification.”         Click to continue reading and see Jim Cramer Recommends Buying These 5 Stocks as Commodity Prices Decline.   Suggested Articles: 10 Cheap Blue-Chip Dividend Stocks to Invest In 15 Best Mid-Cap Stocks for 2021 10 Best SPACs to Invest In According to Reddit   Disclosure. None. Jim Cramer Recommends Buying These 10 Stocks as Commodity Prices Decline is originally published on Insider Monkey......»»

Category: topSource: insidermonkeyAug 9th, 2022

Democrats are now united behind the new climate package. For you, it means cheap energy, clean air, and jobs.

By cutting greenhouse-gas emissions and funding a new climate plan, the Inflation Reduction Act promises to help your wallet, health, and security. Senate Majority Leader Chuck Schumer and Sen. Joe ManchinDrew Angerer/Getty Images Sen. Chuck Schumer and Joe Manchin agreed to a surprise $369 billion climate package on July 27. Arizona Sen. Kyrsten Sinema said she would support the bill on Thursday, poising Democrats to pass it into law. The Inflation Reduction Act would lower energy bills, make EVs affordable, create 1.5 million jobs, and cut pollution. Senate Democrats are on the brink of passing the most significant climate bill in US history, paving the way for cheaper energy and a more livable planet.On Thursday, the last Democratic holdout in the Senate, Sen. Kyrsten Sinema of Arizona, announced she was willing to move forward with the new legislation. That leaves Democrats united and poised to pass the bill into law.The surprise deal between Majority Leader Chuck Schumer and Sen. Joe Manchin of West Virginia would dole out about $369 billion for climate programs as part of the Inflation Reduction Act of 2022.The new climate package aims to expand renewable energy such as solar, wind, and cleaner fuels, while making it less expensive to buy electric vehicles and home appliances.Solar panels are installed at a floating photovoltaic plant on a lake in Haltern, Germany, Friday, April 1, 2022.Martin Meissner/AP PhotoIf Congress approves the bill, it would put the US on track to cut its greenhouse-gas emissions by up to 44% from 2005 levels by the end of the decade, according to multiple assessments.Experts say the new climate plan also promises savings, health boons, and higher quality of living for everyday people across the US. The sun sets behind power transmission lines in Texas, on July 11, 2022.Nick Wagner/Xinhua via Getty Images"This isn't about the sky, or the polar bears," Jonathan Foley, executive director of Project Drawdown, a climate nonprofit, told Insider, adding, "This is about you and your pocketbook, your jobs, the air your kids breathe, the town you live in, our national security."Here are five ways the new climate-change package could make your life better:Lower energy billsA woman prepares dinner for her family at her home in Schnecksville, Pennsylvania, on September 22, 2021.Hannah Beier/ReutersThe new climate proposal includes about $30 billion in loans and grants for states and electric utilities to adopt more renewable energy, plus more than $60 billion in tax credits for manufacturers of solar panels, wind turbines, batteries for electric vehicles, energy storage, and other technology, according to a summary from Senate Democrats.Solar and wind already generated cheaper electricity than fossil fuels, even before oil and gas prices soared this year. Yet they still only account for about 20% of US energy use. The Schumer-Manchin deal could speed up a shift away from fossil fuels and also make it less expensive to hook up your home with electric.Vesta wind turbines in Palm Springs, California, on July 21, 2022.David Swanson/ReutersA total of $9 billion in home energy rebates would help Americans insulate their homes and replace stoves, furnaces, water heaters, and other appliances with electric alternatives. Homeowners could deduct up to 30% of installation costs from their taxes. A similar deduction for solar would be guaranteed for homeowners and expanded to residential battery storage."This is really about delivering lower energy bills for everyday Americans," Leah Stokes, an environment and energy politics professor at University of California, Santa Barbara, said in a press briefing on Thursday. She noted that high oil and gas prices are a major driver of inflation that ripples across every industry, from transportation to manufacturing to agriculture.A family eats dinner at their home in Calumet Park, Illinois, on December 8, 2020.Shannon Stapleton/Reuters"When fossil fuels go up, other goods and services go up," Stokes said.The average household could save $1,800 on their energy bill each year by installing a modern electric heat pump and rooftop solar and buying an electric vehicle, according to an analysis by Rewiring America, a think tank that promotes electrification.Cheaper electric vehiclesA Scion IQ electric car is plugged in in a garage in Irvine, California, on January 26, 2015.Lucy Nicholson/ReutersThe bill would extend an existing $7,500 tax credit for new EVs — offered as a discount at the point of sale — and offer up to $4,000 for used EVs and plug-in hybrids.It would also lift the cap on the number of tax breaks automakers can offer, benefiting companies like Tesla, General Motors, and Toyota that already hit the limit, as long as the vehicle is assembled in the US.  "Once people own an electric car, they're going to laugh every time they drive by a gas station, when they see $5 a gallon," Foley said, adding, "I think this will help us reach a tipping point, where five to 10 years from now you won't see gas cars sold anymore, or very few."Gas prices over the $6.00 mark are advertised at a Mobil Station in Santa Monica, California, on May 23, 2022.David Swanson/ReutersThere are some caveats, like your income, the vehicle's price tag, and where its parts are made.If you earn $150,000 or more a year, or $300,000 in joint family income, you won't qualify for the new car tax credit. There's a limit on the price of the car, too. Bigger vehicles, such as SUVs and pickup trucks, must cost less than $80,000, and smaller cars less than $55,000, to qualify for the credit.For used cars, the income limit is $75,000 for single tax filers and $150,000 for joint filers. The sticker price must be $25,000 or below. The bill also requires vehicle batteries to be made with 40% of minerals extracted or processed in countries the US has a free trade agreement with, or recycled in North America. But supply chains for those minerals don't exist yet, E&E News reported. The majority of lithium, cobalt, nickel, and other minerals used in EV batteries come from China, Russia, and the Democratic Republic of Congo, although analysts told E&E News they hope the mandate spurs a made-in-America market.Cleaner air to breatheA man rides his skateboard at sunset while doing a trick in the Venice Beach area of Los Angeles, California, on November 12, 2019.Carlo Allegri/ReutersWith fewer gas-guzzling cars on the road, and fewer industrial sites powered by fossil fuels, air would be cleaner and safer to breathe."These sorts of climate measures could also reduce particulate matter or ozone smog, as kind of a side benefit that would directly, immediately improve health," Scot Miller, an assistant professor of environmental health and engineering at Johns Hopkins, told Insider.That drop in air pollution could prevent up to 3,900 premature deaths and 100,000 asthma attacks by 2030, according to an analysis by the policy-research firm Energy Innovation LLC.A layer of air pollution hangs over Denver, Colorado, on January 21, 2020.Jim Urquhart/ReutersThe American Lung Association pointed to those clean air and health gains in a statement Thursday, urging Congress to "move swiftly" and "without delay" to pass the new bill into law.The bill also includes provisions to fund cleanup of dangerous pollution sites, which are disproportionately concentrated in low-income communities of color.The investment is "probably not enough, but it's more than we've ever spent before," Foley said.Jobs, jobs, jobsFord Assembly workers install a battery onto the chassis of a Ford Focus Electric vehicle at the Michigan Assembly Plant in Wayne, Michigan, on November 7, 2012.Rebecca Cook/ReutersBy investing about $60 billion in manufacturing — everything from heat pumps to wind turbines — this climate plan would help keep clean-energy companies in the US, securing "good paying, and hopefully union, jobs," Stokes said.It's not just manufacturing. Renewable-energy infrastructure needs to be installed and maintained. The bill would fund new electricity-transmission lines, offshore wind projects, housing retrofits, renewable-energy projects in rural areas, and repurposing or replacing defunct energy infrastructure.A worker sits at the base of a wind turbine blade at TPI Composites in Newton, Iowa, on December 22, 2011.Joshua Lott/ReutersAll that work requires workers. The bill would create up to 1.5 million jobs by 2030, according to the Energy Innovation analysis.The bill also focuses on communities historically associated with oil, gas, and coal extraction, by providing a tax incentive for companies that create renewable-energy jobs in those places. Protection from extreme weatherDaniel Bosquez shades the face of Timothy Jalomo, 10 months, from the afternoon sun as he fills a plastic pool with water, as San Antonio, Texas is placed under an excessive heat warning, on July 11, 2022.Lisa Krantz/ReutersClimate change is making droughts, floods, wildfires, and heat waves more severe and more frequent. These weather events cause serious damage to human property and infrastructure and cost lives.The bill would provide funding for communities to mitigate the health effects of extreme heat, to prevent and respond to wildfires, and to prepare for coastal climate impacts like severe hurricanes and flooding from sea-level rise. It now includes billions of dollars to fight droughts, a request Sinema made before giving her approval, according to The New York Times.The bill also gives the National Oceanic and Atmospheric Administration (NOAA) a funding boost for forecasting and research.A house is fully engulfed by flames during the Dixie Fire, a wildfire near the town of Greenville, California, August 5, 2021.Fred Greaves/ReutersWhile the new funds would help communities adapt to extreme events, the bill could also help prevent weather from getting even more extreme. If the world cuts emissions enough to keep global warming below 2 degrees Celsius, that could prevent a significant acceleration in the severity and coverage area of extreme weather."I think everyone I work with in the emissions community is sort of holding their breath and hoping that this [bill] goes through," Miller said.This story has been updated with new information. It was originally published on August 3, 2022.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 5th, 2022

The Senate climate bill may get you cheap energy, clean air, and a job

By cutting greenhouse-gas emissions and funding a new climate plan, the Inflation Reduction Act promises to help your wallet, health, and security. Senate Majority Leader Chuck Schumer and Sen. Joe ManchinDrew Angerer/Getty Images Sen. Chuck Schumer and Joe Manchin agreed to a surprise $369 billion climate package on July 27. The bill could cut energy bills, make EVs affordable, create 1.5 million jobs, and save lives with cleaner air. If the Inflation Reduction Act passes, its climate plan could help your wallet, health, and security. Senate Democrats could pass the most significant climate bill in US history this week, paving the way for cheaper energy and a more livable planet.The surprise deal between Majority Leader Chuck Schumer and Sen. Joe Manchin of West Virginia would dole out about $369 billion for climate programs as part of the Inflation Reduction Act of 2022. It aims to expand renewable energy such as solar, wind, and cleaner fuels, while making it less expensive to buy electric vehicles and home appliances.If Congress approves the bill, it would put the US on track to cut its greenhouse-gas emissions by up to 44% from 2005 levels by the end of the decade, according to multiple assessments. Experts say the bill also promises savings, health boons, and higher quality of living for everyday people across the US. The sun sets behind power transmission lines in Texas, on July 11, 2022.Nick Wagner/Xinhua via Getty Images"This isn't about the sky, or the polar bears," Jonathan Foley, executive director of Project Drawdown, a climate nonprofit, told Insider, adding, "This is about you and your pocketbook, your jobs, the air your kids breathe, the town you live in, our national security."Here are five ways the new climate-change package could make your life better:Lower energy billsA woman prepares dinner for her family at her home in Schnecksville, Pennsylvania, on September 22, 2021.Hannah Beier/ReutersThe new climate proposal includes about $30 billion in loans and grants for states and electric utilities to adopt more renewable energy, plus more than $60 billion in tax credits for manufacturers of solar panels, wind turbines, batteries for electric vehicles, energy storage, and other technology, according to a summary from Senate Democrats.Solar and wind already generated cheaper electricity than fossil fuels, even before oil and gas prices soared this year. Yet they still only account for about 20% of US energy use. The Schumer-Manchin deal could speed up a shift away from fossil fuels and also make it less expensive to hook up your home with electric.Vesta wind turbines in Palm Springs, California, on July 21, 2022.David Swanson/ReutersA total of $9 billion in home energy rebates would help Americans insulate their homes and replace stoves, furnaces, water heaters, and other appliances with electric alternatives. Homeowners could deduct up to 30% of installation costs from their taxes. A similar deduction for solar would be guaranteed for homeowners and expanded to residential battery storage."This is really about delivering lower energy bills for everyday Americans," Leah Stokes, an environment and energy politics professor at University of California, Santa Barbara, said in a press briefing on Thursday. She noted that high oil and gas prices are a major driver of inflation that ripples across every industry, from transportation to manufacturing to agriculture.A family eats dinner at their home in Calumet Park, Illinois, on December 8, 2020.Shannon Stapleton/Reuters"When fossil fuels go up, other goods and services go up," Stokes said.The average household could save $1,800 on their energy bill each year by installing a modern electric heat pump and rooftop solar and buying an electric vehicle, according to an analysis by Rewiring America, a think tank that promotes electrification.Cheaper electric vehiclesA Scion IQ electric car is plugged in in a garage in Irvine, California, on January 26, 2015.Lucy Nicholson/ReutersThe bill would extend an existing $7,500 tax credit for new EVs — offered as a discount at the point of sale — and offer up to $4,000 for used EVs and plug-in hybrids.It would also lift the cap on the number of tax breaks automakers can offer, benefiting companies like Tesla, General Motors, and Toyota that already hit the limit, as long as the vehicle is assembled in the US.  "Once people own an electric car, they're going to laugh every time they drive by a gas station, when they see $5 a gallon," Foley said, adding, "I think this will help us reach a tipping point, where five to 10 years from now you won't see gas cars sold anymore, or very few."Gas prices over the $6.00 mark are advertised at a Mobil Station in Santa Monica, California, on May 23, 2022.David Swanson/ReutersThere are some caveats, like your income, the vehicle's price tag, and where its parts are made.If you earn $150,000 or more a year, or $300,000 in joint family income, you won't qualify for the new car tax credit. There's a limit on the price of the car, too. Bigger vehicles, such as SUVs and pickup trucks, must cost less than $80,000, and smaller cars less than $55,000, to qualify for the credit.For used cars, the income limit is $75,000 for single tax filers and $150,000 for joint filers. The sticker price must be $25,000 or below. The bill also requires vehicle batteries to be made with 40% of minerals extracted or processed in countries the US has a free trade agreement with, or recycled in North America. But supply chains for those minerals don't exist yet, E&E News reported. The majority of lithium, cobalt, nickel, and other minerals used in EV batteries come from China, Russia, and the Democratic Republic of Congo, although analysts told E&E News they hope the mandate spurs a made-in-America market.Cleaner air to breatheA man rides his skateboard at sunset while doing a trick in the Venice Beach area of Los Angeles, California, on November 12, 2019.Carlo Allegri/ReutersWith fewer gas-guzzling cars on the road, and fewer industrial sites powered by fossil fuels, air would be cleaner and safer to breathe."These sorts of climate measures could also reduce particulate matter or ozone smog, as kind of a side benefit that would directly, immediately improve health," Scot Miller, an assistant professor of environmental health and engineering at Johns Hopkins, told Insider.That drop in air pollution could prevent up to 3,900 premature deaths and 100,000 asthma attacks by 2030, according to an analysis by the policy-research firm Energy Innovation LLC.A layer of air pollution hangs over Denver, Colorado, on January 21, 2020.Jim Urquhart/ReutersThe American Lung Association pointed to those clean air and health gains in a statement Thursday, urging Congress to "move swiftly" and "without delay" to pass the new bill into law.The bill also includes provisions to fund cleanup of dangerous pollution sites, which are disproportionately concentrated in low-income communities of color.The investment is "probably not enough, but it's more than we've ever spent before," Foley said.Jobs, jobs, jobsFord Assembly workers install a battery onto the chassis of a Ford Focus Electric vehicle at the Michigan Assembly Plant in Wayne, Michigan, on November 7, 2012.Rebecca Cook/ReutersBy investing about $60 billion in manufacturing — everything from heat pumps to wind turbines — this climate plan would help keep clean-energy companies in the US, securing "good paying, and hopefully union, jobs," Stokes said.It's not just manufacturing. Renewable-energy infrastructure needs to be installed and maintained. The bill would fund new electricity-transmission lines, offshore wind projects, housing retrofits, renewable-energy projects in rural areas, and repurposing or replacing defunct energy infrastructure.A worker sits at the base of a wind turbine blade at TPI Composites in Newton, Iowa, on December 22, 2011.Joshua Lott/ReutersAll that work requires workers. The bill would create up to 1.5 million jobs by 2030, according to the Energy Innovation analysis.The bill also focuses on communities historically associated with oil, gas, and coal extraction, by providing a tax incentive for companies that create renewable-energy jobs in those places. Protection from extreme weatherDaniel Bosquez shades the face of Timothy Jalomo, 10 months, from the afternoon sun as he fills a plastic pool with water, as San Antonio, Texas is placed under an excessive heat warning, on July 11, 2022.Lisa Krantz/ReutersClimate change is making droughts, floods, wildfires, and heat waves more severe and more frequent. These weather events cause serious damage to human property and infrastructure and cost lives.The bill would provide funding for communities to mitigate the health effects of extreme heat, to prevent and respond to wildfires, and to prepare for coastal climate impacts like severe hurricanes and flooding from sea-level rise. It also gives the National Oceanic and Atmospheric Administration (NOAA) a funding boost for forecasting and research.A house is fully engulfed by flames during the Dixie Fire, a wildfire near the town of Greenville, California, August 5, 2021.Fred Greaves/ReutersWhile the new funds would help communities adapt to extreme events, the bill could also help prevent weather from getting even more extreme. If the world cuts emissions enough to keep global warming below 2 degrees Celsius, that could prevent a significant acceleration in the severity and coverage area of extreme weather."I think everyone I work with in the emissions community is sort of holding their breath and hoping that this [bill] goes through," Miller said.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 3rd, 2022

Global Markets Slump With Terrified Traders Tracking Pelosi"s Next Move

Global Markets Slump With Terrified Traders Tracking Pelosi's Next Move Forget inflation, stagflation, recession, depression, earnings, Biden locked up in the basement with covid, and everything else: today's it all about whether Nancy Pelosi will start World War 3 when she lands in Taiwan in 3 hours. US stocks were set for a second day of declines as investors hunkered down over the imminent (military) response by China to Pelosi's Taiwan planned visit to Taiwan, along with the risks from weakening economic growth amid hawkish central bank policy. Nasdaq 100 contracts were down 0.7% by 7:30a.m. in New York, while S&P 500 futures fell 0.6% having fallen as much as 1% earlier. 10Y yields are down to 2.55% after hitting 2.51% earlier, while both the dollar and gold are higher. Elsewhere around the world, Europe's Stoxx 600 fell 0.6%, with energy among the few industries bucking the trend after BP hiked its dividend and accelerated share buybacks to the fastest pace yet after profits surged. Asian stocks slid the most in three weeks, with some of the steepest falls in Hong Kong, China and Taiwan. Among notable movers in premarket trading, Pinterest shares jumped 19% after the social-media company reported second-quarter sales and user figures that beat analysts’ estimates, and activist investor Elliott Investment Management confirmed a major stake in the company. US-listed Chinese stocks were on track to fall for a fourth day, which would mark the group’s longest streak of losses since late-June, amid the rising geopolitical tensions. In premarket trading, bank stocks are lower amid rising tensions between the US and China. S&P 500 futures are also lower, falling as much as 0.9%, while the 10-year Treasury yield falls to 2.56%. Cowen Inc. shares gained as much as 7.5% after Toronto-Dominion Bank agreed to buy the US brokerage for $1.3 billion in cash. Meanwhile, KKR’s distributable earnings fell 9% during the second quarter as the alternative-asset manager saw fewer deal exits amid tough market conditions. Here are some other notable premarket movers: Activision Blizzard (ATVI US Equity) falls 0.6% though analysts are positive on the company’s plans to roll out new video game titles after it reported adjusted second-quarter revenue that beat expectations. While the $68.7 billion Microsoft takeover deal remains a focus point, the company is building out a “robust” pipeline, Jefferies said. Arista Networks (ANET US) analysts said that the cloud networking company’s results were “impressive,” especially given supply-chain constraints, with a couple of brokers nudging their targets higher. Arista’s shares rose more than 5% in US after-hours trading on Monday after the company’s revenue guidance for the third quarter beat the average analyst estimate. Avis Budget (CAR US) saw a “big beat” on low Americas fleet costs and strong performance for its international segment, Morgan Stanley says. The rental-car firm’s shares rose 5.5% in US after-hours trading on Monday, after second-quarter profit and revenue beat the average analyst estimate. Snowflake (SNOW US) falls 5.3% after being cut at BTIG to neutral from buy, citing field checks that show a potential slowdown in product revenue growth in the coming quarters. Clarus Corp. (CLAR US) should continue to see “outsized demand” from the “mega-trend” of people seeking the great outdoors, Jefferies says, after the sports gear manufacturer reported second-quarter sales that beat estimates. Clarus’s shares climbed 9% in US postmarket trading on Monday. Cryptocurrency-exposed stocks are lower in US premarket trading as Bitcoin falls for the third consecutive session as global markets and cryptocurrencies remain pressured over deepening US-China tension. Coinbase (COIN US) falls 2.3% while Marathon Digital (MARA US) drops 3.3%. Transocean (RIG US) rises 18% in US premarket trading after 2Q Ebitda beat estimates, with other positives including a new contract and a 2-year extension of a revolver. US-listed Chinese stocks are on track to fall for a fourth day, which would mark the group’s longest streak of losses since end-of-June, amid geopolitical tensions related to House Speaker Nancy Pelosi’s expected visit to Taiwan. Alibaba (BABA) falls 2.5% and Baidu (BIDU US) dips 2.7% ZoomInfo Technologies analysts were positive on the software firm’s raised guidance and improved margins, with Piper Sandler saying the firm is “in a class of its own.” The shares rose more than 11% in US after-hours trading, after closing at $37.73. Pelosi is expected to land in Taiwan on Tuesday, the highest-ranking American politician to visit the island in 25 years, a little after 10pm local time evening in defiance of Chinese threats. China, which regards Taiwan as part of its territory, has vowed an unspecified military response to a visit that risks sparking a crisis between the world’s biggest economies. “There is no way people will want to put on risk right now with this potential boiling point,” said Neil Campling, head of tech, media and telecom research at Mirabaud Securities. The potential ramifications of Pelosi’s planned visit “are huge.” The growing tensions are the latest addition to a myriad of challenges facing equity investors going into the second half of the year. Fears of a US recession as the Federal Reserve tightens policy to tame soaring inflation have weighed on risk assets. US manufacturing activity continued to cool in July, with the data highlighting softer demand for merchandise as the economy struggles for momentum. In the off chance we avoid world war, there will be a shallow recession that could start by the end of the year, according to Rupert Thompson, chief investment officer at Kingswood Holdings. Meanwhile, the market is too optimistic about the path of monetary policy and “the risk is the Fed goes further than the markets are building in in terms of hiking,” Thompson said in an interview with Bloomberg Television. Goldman Sachs strategists also said it was too soon for stock markets to fade the risks of a recession on expectations of a pivot in the Fed’s hawkish policy. On the other hand, JPMorgan strategists said the outlook for US equities is improving for the second half of the year on attractive valuations and as the peak in investor hawkishness has likely passed. “Although the activity outlook remains challenging, we believe that the risk-reward for equities is looking more attractive as we move through the second half,” JPMorgan’s Marko Kolanovic wrote in a note dated Aug. 1. “The phase of bad data being interpreted as good is gaining traction, while the call of peak Federal Reserve hawkishness, peak yields and peak inflation is playing out.” Markets are also bracing for commentary on the US interest-rate outlook from Chicago Fed President Charles Evans and St. Louis Fed President James Bullard. In Europe, tech, financial services and travel are the worst-performing sectors. Euro Stoxx 50 falls 0.8%. FTSE 100 is flat but outperforms peers. Here are some of the biggest European movers today: BP shares rise as much as 4.8% on earnings. The oil major’s quarterly results look strong with an earnings beat, dividend hike and increased buyback all positives, analysts say. OCI rises as much as 8.6%, the most since March, on its latest earnings. Analysts say the results are ahead of expectations and the fertilizer firm’s short-term outlook remains robust. Maersk shares rise as much as 3.7% after the Danish shipping giant boosted its underlying Ebit forecast for the full year. Analysts note the boosted guidance is significantly above consensus estimates. Greggs shares rise as much as 4% after the UK bakery chain reported an increase in 1H sales. The 1H results are “solid,” while the start to 2H is “robust,” according to Goodbody. Delivery Hero shares gain as much as 3.8%. The stock is upgraded to overweight from neutral at JPMorgan, which said many of the negatives that have weighed on the firm are starting to turn. Rotork gains as much as 4%, the most since June 24, after beating analyst expectations for 1H 2022. Shore Capital says the company shows “good momentum” in the report. Credit Suisse shares decline as much as 6.4% after its senior debt was downgraded by Moody’s, and its credit outlook cut by S&P, while Vontobel lowered the PT following “disappointing” 2Q earnings. Travis Perkins shares drop as much as 11%, the most since March 2020. Citi says the builders’ merchant’s results are “slightly weaker than expected,” with RBC noting shortfalls in sales and Ebita. DSM shares drop by as much as 4.9% as Citi notes weak free cash flow after company reported adjusted Ebitda for the second quarter up 5.3% with FY22 guidance unchanged. UK homebuilders fall after house prices in the country posted their smallest increase in at least a year, indicating that the property market is starting to cool, with Crest Nichols dropping as much as 5.2%. Wind-turbine stocks fall in Europe after Spain’s Siemens Gamesa cut sales and margin guidance, with Siemens Energy dropping as much as 6.1%, with Vestas Wind Systems down as much as 4.7%. Earlier in the session, Asian stocks fell as traders braced for a potential escalation of US-China tensions given a possible visit by US House Speaker Nancy Pelosi to Taiwan. The MSCI Asia Pacific Index dropped as much as 1.4%, poised for its worst day in five weeks. All sectors, barring real estate, were lower with chipmaker TSMC and China’s tech stocks among the biggest drags on the regional measure. Pelosi is expected to arrive in Taipei late on Tuesday. Beijing regards Taiwan as part of its territory and has promised “grave consequences” for her trip. Benchmarks in Hong Kong, China and Taiwan were among the laggards in Asia, slipping at least 1.4% each. Japan’s Topix declined as the yen received a boost from safe-haven demand.  还没打就见血了。4400个股票受伤。 Chinese stocks collapsed in the shadow of a looming conflict. 4400 of 4800 stocks hurt. pic.twitter.com/zo66di9W7I — Hao HONG 洪灝, CFA (@HAOHONG_CFA) August 2, 2022 “I do expect a negative feedback loop into China-related equities especially those related to the semiconductor and technology sectors as Pelosi’s potential visit to Taiwan is likely to harden the current frosty US-China tech war,” said Kelvin Wong, analyst at CMC Markets (Singapore). Pelosi’s controversial trip is souring a nascent revival in risk appetite in the region that saw the MSCI Asia gauge rise in July to cap its best month this year. China’s economic slowdown continues to weigh on sentiment, as authorities said this year’s economic growth target of “around 5.5%” should serve as a guidance rather than a hard target.  Japanese equities fell as the yen soared to a two month high over concerns of US-China tensions escalating with US House Speaker Nancy Pelosi expected to visit Taiwan on Tuesday.  The Topix fell 1.8% to 1,925.49 as of the market close, while the Nikkei declined 1.4% to 27,594.73. Toyota Motor Corp. contributed the most to the Topix Index decline, decreasing 2.6%. Out of 2,170 shares in the index, 227 rose and 1,903 fell, while 40 were unchanged. Pelosi would become the highest-ranking American politician to visit Taiwan in 25 years. China views the island as its territory and has warned of consequences if the trip takes place. “The relationship between the US and China was just about to enter into a period of review, with a move from the US to reduce China tariffs,” said Ikuo Mitsui a fund manager at Aizawa Securities. That could change now as a result of Pelosi’s visit, he added Meanwhile, Australia’s S&P/ASX 200 index erased an earlier loss of as much as 0.7% to close 0.1% higher after the Reserve Bank’s widely-expected half-percentage point lift of the cash rate to 1.85%. The index wiped out a loss of as much as 0.7% in early trade. The RBA’s statement was “not as hawkish as anticipated and the lower growth forecast suggests the RBA is aware of both the domestic and international drags on the economy,” said Kerry Craig, global market strategist at JPMorgan.  “We expect the RBA will continue to push interest rates back to a neutral level this year given the successive upgrades to the inflation outlook, but 2023 looks to be a much less eventful year for the RBA,” Craig said.  Banks and consumer discretionary advanced to boost the index, while miners and energy shares declined.   In New Zealand, the S&P/NZX 50 index rose less than 0.1% to 11,532.46. Indian stock indexes are on course to claw back this year’s losses on steady buying by foreigners. The S&P BSE Sensex closed little changed at 58,136.36 in Mumbai, after falling as much as 0.6% earlier in the day. The measure is now just 0.2% away from turning positive for the year. The NSE Nifty Index too is a few ticks away from moving into the green. Nine of the BSE Ltd.’s 19 sector sub-indexes advanced on Tuesday, led by power and utilities companies.  Foreigners bought local shares worth $836.2 million in July, after pulling out a record $33 billion from the Indian equity market since October. July was the first month of net equity purchases by foreign institutional investors, after nine months of outflows. Still, “choppiness would remain high due to the upcoming RBI policy meet outcome and prevailing earnings season,” Ajit Mishra, vice-president for research at Religare Broking Ltd. wrote in a note. “Participants should continue with the buy-on-dips approach.” The Reserve Bank of India is widely expected to raise interest rates for a third straight time on Friday. Of the 33 Nifty companies that have reported results so far, 18 have beaten the consensus view while 15 have trailed. Of the 30 shares in the Sensex index, 16 rose, while 14 fell. IndusInd Bank and Asian Paints were among the key gainers on the Sensex, while Tech Mahindra Ltd. and mortgage lender Housing Development Finance Corp were prominent decliners.  In FX, the Bloomberg dollar spot index rises 0.1%. JPY and CAD are the strongest performers in G-10 FX, NOK and AUD underperforms, after Australia’s central bank hiked rates by 50 basis-points for a third straight month and signaled policy flexibility. USD/JPY dropped as much as 0.9% to 130.41, the lowest since June 3, in the longest streak of daily losses since April 2021. Leveraged accounts are adding to short positions on the pair ahead of Pelosi’s visit, Asia-based FX traders said. In rates, treasuries extended Monday’s rally in early Asia session as 10-year yields dropped as low as 2.514% amid escalating US-China tension over Taiwan. Treasury yields were richer by up to 5bp across long-end of the curve, where 20-year sector continues to outperform ahead of Wednesday’s quarterly refunding announcement, expected to make extra cutbacks to the tenor. US 10-year yields off lows of the day around 2.55%, lagging bunds by 4bp and gilts by 4.5bp. US stock futures slumped given risk adverse backdrop, adding support into Treasuries while bunds outperform as traders scale back ECB rate hike expectations. The yield on the two-year German note, among the most sensitive to rate hikes, fell as low as 0.17%, its lowest since May 16. Gilts also gained across the curve. Bund curve bull-steepens with 2s10s widening ~2 bps. Gilt and Treasury curves mostly bull-flatten. Australian bonds soared after RBA delivered a third- straight 50bp rate hike as expected, but gave itself wriggle room to slow the pace of tightening in the coming months. In commodities, WTI trades within Monday’s range, falling 0.6% to trade around $93, while Brent falls below $100. Spot gold is little changed at $1,779/oz. Base metals are mixed; LME nickel falls 2% while LME zinc gains 0.6%. Bitcoin remains under modest pressure and has incrementally lost the USD 23k mark, but remains comfortably above last-week's USD 20.6k trough. Looking to the day ahead now and there is a relatively short list of economic indicators to watch, including June JOLTS report and total vehicle sales (July) for the US, UK’s July Nationwide house price index and July PMI for Canada. Given the apparent uncertainty about the direction of the Fed in markets, many will be awaiting Fed’s Bullard, Mester and Evans, who will speak throughout the day. And in corporate earnings, it will be a busy day featuring results from BP, Caterpillar, Ferrari, Marriott, KKR, Uber, S&P Global, Occidental Petroleum, Electronic Arts, Gilead Sciences, Advanced Micro Devices, Starbucks, Airbnb, PayPal, Marathon Petroleum. Market Snapshot S&P 500 futures down 0.6% to 4,096.50 STOXX Europe 600 down 0.5% to 435.13 MXAP down 1.3% to 159.73 MXAPJ down 1.3% to 516.82 Nikkei down 1.4% to 27,594.73 Topix down 1.8% to 1,925.49 Hang Seng Index down 2.4% to 19,689.21 Shanghai Composite down 2.3% to 3,186.27 Sensex little changed at 58,120.97 Australia S&P/ASX 200 little changed at 6,998.05 Kospi down 0.5% to 2,439.62 German 10Y yield little changed at 0.74% Euro down 0.3% to $1.0231 Brent Futures down 0.6% to $99.44/bbl Gold spot down 0.1% to $1,770.93 U.S. Dollar Index up 0.15% to 105.61 Top Overnight News from Bloomberg Oil Steadies Before OPEC+ as Traders Weigh Up Market Tightness China Slaps Export Ban on 100 Taiwan Brands Before Pelosi Visit Pozsar Says L-Shaped Recession Is Needed to Conquer Inflation Pelosi’s Taiwan Trip Raises Angst in Global Financial Markets Taiwan Risk Joins Long List of Reasons to Shun China Stocks Biden Says Strike in Kabul Killed a Planner of 9/11 Attacks Biden Team Tries to Blunt China Rage as Pelosi Heads for Taiwan The Best and Worst Airlines for Flight Cancellations GOP Plans to Deploy Obscure Rule as Weapon Against Spending Bill US to Stop TSMC, Intel From Adding Advanced Chip Fabs in China US Anti-Terrorism Operation in Afghanistan Kills Al-Qaeda Leader They Quit Goldman’s Star Trading Team, Then It Raised Alarms Sinema’s Silence on Manchin’s Deal Keeps Everyone Guessing Manchin Side-Deal Seeks to Advance Mountain Valley Pipeline A more detailed look at global markets courtesy of Newsquawk APAC stocks followed suit to the weak performance across global counterparts as tensions simmered amid Pelosi's potential visit to Taiwan. ASX 200 was initially pressured ahead of the RBA rate decision where the central bank hiked by 50bp, as expected, although most of the losses in the index were pared amid a lack of any hawkish surprises in the statement and after the central bank noted it was not on a pre-set path. Nikkei 225 declined amid a slew of earnings and continued unwinding of the JPY depreciation. Hang Seng and Shanghai Comp underperformed due to the ongoing US-China tensions after reports that House Speaker Pelosi will arrive in Taiwan late on Tuesday despite the military threats by China, while losses in Hong Kong were exacerbated by weakness in tech and it was also reported that Chinese leaders said the GDP goal is guidance and not a hard target which doesn't provide much confidence in China's economy. Top Asian News Tourism Jump to Power Thai GDP Growth to Five-Year High in 2023 China in Longest Streak of Liquidity Withdrawals Since February Singapore Says Can Tame Wild Power Market Without State Control India’s Zomato Appoints Four CEOs, to Change Name to Eternal Taiwan Tensions Raise Risks in One of Busiest Shipping Lanes Japan Trading Giants Book $1.7 Billion Russian LNG Impairment     Japan Proposes Record Minimum Wage Hike as Inflation Hits European bourses are pressured as the general tone remains tentative ahead of Pelosi's visit to Taiwan, Euro Stoxx 50 -0.9%; note, FTSE 100 -0.1% notably outperforms following earnings from BP +3.0%. As such, the Energy sector bucks the trend which has the majority in the red and a defensive bias in-play. Stateside, futures are similarly downbeat and have been drifting lower amid the incremental updates to Pelosi and her possible Taiwan arrival time of circa. 14:30BST/09:30ET; ES -1.0%. Apple (AAPL) files final pricing term sheet for four-part notes offering of up to USD 5.5bln, according to a filing. Top European News Ukraine Sees Slow Return of Grain Exports as World Watches Ruble Boosts Raiffeisen’s Russian Unit Despite Credit Halt DSM 2Q Adj. Ebitda Up; Jefferies Sees ‘Muted’ Reaction Credit Suisse Hit by More Rating Downgrades After CEO Reboot Man Group Sees Assets Decline for First Time in Two Years Exodus of Young Germans From Family Nest Is Getting Ever Bigger FX Yen extends winning streak through yet more key levels vs Buck and irrespective of general Greenback recovery on heightened US-China tensions over Taiwan USD/JPY breaches support around 131.35 and probes 130.50 before stalling, but remains sub-131.00 even though the DXY hovers above 105.500 within a 105.030-710 range. Aussie undermined by risk aversion and no hawkish shift by RBA after latest 50bp hike; AUD/USD nearer 0.6900 having climbed to within a few pips of 0.7050 on Monday. Kiwi holds up better with AUD/NZD tailwind awaiting NZ jobs data, NZD/USD hovering just under 0.6300 and cross closer to 1.1000 than 1.1100. Euro and Pound wane after falling fractionally short of round number levels vs Dollar, EUR/USD back under 1.0250 vs 1.0294 at best, Cable pivoting 1.2200 from 1.2293 yesterday. Loonie and Franc rangy after return from Canadian and Swiss market holidays, USD/CAD straddling 1.2850 and USD/CHF rotating around 0.9500. Yuan off lows after slightly firmer PBoC midpoint fix, but awaiting repercussions of Pelosi trip given Chinese warnings about strong reprisals, USD/CNH circa 6.7700 and USD/CNY just below 6.7600 vs 6.7950+ and 6.7800+ respectively. South Africa's Eskom says due to a shortage of generation capacity, Stage Two loadshedding could be implemented at short notice between 16:00-00:00 over the next three days. Fixed Income Taiwan-related risk aversion keeps bonds afloat ahead of relatively light pm agenda before a trio of Fed speakers. Bunds hold above 159.00 within 159.70-158.57 range, Gilts around 119.50 between 119.70-20 parameters and T-note nearer 122-02 peak than 121-17+ trough. UK 2032 supply comfortably twice oversubscribed irrespective of little concession. Commodities WTI Sept and Brent Oct futures trade with both contracts under the USD 100/bbl mark as the participants juggle a myriad of major factors, incl. the JTC commencing shortly. Spot gold is stable and just below the 50-DMA at USD 1793/oz while base metals succumb to the broader tone. A source with knowledge of last month's meeting between President Biden and Saudi King Salman said the Saudis will push OPEC+ to increase oil production at their meeting on Wednesday and that the Saudi King made the assurance to President Biden during their face-to-face meeting July 16th, according to Fox Business's Lawrence. US Senator Manchin "secured a commitment" from President Biden, Senate Majority Leader Schumer and House Speaker Pelosi for completion of the Mountain Valley Pipeline, according to 13NEWS. US Event Calendar July Wards Total Vehicle Sales, est. 13.4m, prior 13m 10:00: June JOLTs Job Openings, est. 11m, prior 11.3m 10:00: Fed’s Evans Hosts Media Breakfast 11:00: NY Fed Releases 2Q Household Debt and Credit Report 13:00: Fed’s Mester Takes Part in Washington Post Live Event 18:45: Fed’s Bullard Speaks to the Money Marketeers DB's Jim Reid concludes the overnight wrap In thin markets, US House Speaker Nancy Pelosi's visit to Taiwan today for meetings tomorrow (as part of her tour of Asia) could be the main event. She's scheduled to land tonight local time which will be mid-morning US time. She'll be the highest ranking US politician to visit in 25 years. Expect some reaction from the Chinese and markets to be nervous. Meanwhile to dial back rising tensions, the White House has urged China to refrain from an aggressive response as speaker Pelosi’s visit does not change the US position toward the island. As the headline confirming her visit was going ahead broke, 10 year US Treasuries immediately fell a handful of basis point from 2.69% (opened at 2.665%) and continued falling to around 2.58% as Europe retired for the day, roughly where it closed (-6.8bps). Breakevens led most of the move. 2 year notes actually held in which inverted the curve a further -6.12bps and to the lowest this cycle at -30.84bps. Remember that August is the best month of the year for fixed income (see my CoTD last week here for more on this) so the month has started off in line with the textbook. This morning 10yr USTs yields have dipped another -3bps to 2.55%, some 14bps lower than when Pelosi stopover was first confirmed 18 hours ago. 2yr yields have slightly out-performed with the curve just back below -30bps again. Lower yields initially helped to lift equities yesterday, with the Nasdaq being up more than a percent at one point before falling with the rest of the market and closing -0.18%. The S&P 500 was -0.28% and dragged lower by energy (-2.17%). The latter came as crude prices moved substantially lower, with WTI losing -4.91% and Brent (-3.97%) dipping below $100 per barrel as well. Growth concerns, partly due to the weekend and yesterday’s data from China, and partly due to the US risk off yesterday, were mainly to blame. These worries filtered through other commodities as well, including industrial metals and agriculture. For the latter, Ukraine’s first grain shipment since the war began was a contributing factor. European gas was a standout, notching a +5.2% gain as the relentless march continues. In an overall risk-off market, staples (+1.21%) were the only sector meaningfully advancing on the day, followed by discretionary (+0.51%) stocks. Meanwhile, real estate (-0.90%), financials (-0.89%) and materials (-0.82%) dragged the index lower. Although yesterday’s earnings stack was light, today’s line up includes BP, Starbucks, Airbnb and PayPal. Asian equity markets opened sharply lower this morning on the fresh geopolitical tensions between the US and China over Taiwan. Across the region, the Hang Seng (-2.96%) is leading losses after yesterday’s data showed that Hong Kong slipped into a technical recession as Q2 GDP shrank by -1.4%, contracting for the second consecutive quarter as global headwinds mount. Mainland China stocks are also sliding with the Shanghai Composite (-2.90%) and CSI (-2.33%) trading deep in the red whilst the Nikkei (-1.59%) is also in negative territory. Elsewhere, the Kospi (-0.77%) is also weak in early trade. Outside of Asia, DMs stock futures point to a lower restart with contracts on the S&P 500 (-0.38%), NASDAQ 100 (-0.40%) and DAX (-0.50%) all turning lower. As we go to print, the RBA board has raised rates by another 50 basis points to 1.85%. Their economic forecasts seem to have been lowered and they have now said monetary policy is "not on a pre-set path" which some are already interpreting as possibly meaning 25bps instead of 50bps at the next meeting. Aussie 10yr yields dropped 7-8bps on the announcement and 10bps on the day. Back to yesterday, and the important US ISM index, on balance, painted a slightly more comforting picture than it could have been – although the index slowed to the lowest since June 2020. The headline came in above the median estimate on Bloomberg (52.8 vs 52.0). We did see a second month in a row of below-50 score for new orders, but a fall in prices paid from 78.5 to 60.0, the lowest since August 2020, offered some respite to fears about price pressures. Similarly, a rise in the employment gauge from 47.3 to 49.9, beating estimates, was also a positive. The manufacturing PMI was revised down a tenth from the preliminary reading which didn't move the needle. JOLTS today will be on my radar given it's been the best measure of US labour market tightness over the past year or so. Also Fed hawks Mester (lunchtime US) and Bullard (after the closing bell) will be speaking today. Turning to Europe, price action across sovereign bond markets was driven by dovish repricing of ECB’s monetary policy, in contrast to the US where the front end held up. A cloudier growth outlook from yesterday’s European data releases helped drive yields lower – retail sales in Germany unexpectedly contracted in June (-1.6% vs estimates of +0.3%) and Italy’s manufacturing PMI slipped below 50 (48.5 vs 49.0 expected). So Bund yields fell -3.8bps, similar to OATs (-3.1bps). The decline was more pronounced in peripheral yields and spreads, with BTPs (-12.9bps) in particular dropping below 3% for the first time since May of this year, perhaps on further follow through from last week's story that the far right party leading the polls aren't planning to break EU budget rules. Spreads have recovered the lost ground from Draghi's resignation announcement now. Weaker economic data overpowered the effect of lower yields and sent European stocks faded into the close after being higher most of the day with the STOXX 600 eventually declining -0.19%. The Italian market outperformed (+0.11%) for the reasons discussed above. Early this morning, data showed that South Korea’s July CPI inflation rate rose to +6.3% y/y, hitting its highest level since November 1998 (v/s +6.0% in June), in line with the market consensus. The strong inflation data comes as the Bank of Korea (BOK) mulls further interest rate hikes at its next policy meeting on August 25. To the day ahead now and there is a relatively short list of economic indicators to watch, including June JOLTS report and total vehicle sales (July) for the US, UK’s July Nationwide house price index and July PMI for Canada. Given the apparent uncertainty about the direction of the Fed in markets, many will be awaiting Fed’s Bullard, Mester and Evans, who will speak throughout the day. And in corporate earnings, it will be a busy day featuring results from BP, Caterpillar, Ferrari, Marriott, KKR, Uber, S&P Global, Occidental Petroleum, Electronic Arts, Gilead Sciences, Advanced Micro Devices, Starbucks, Airbnb, PayPal, Marathon Petroleum. Tyler Durden Tue, 08/02/2022 - 08:05.....»»

Category: personnelSource: nytAug 2nd, 2022

Futures, Oil Fall As Searing Rally Wobbles

Futures, Oil Fall As Searing Rally Wobbles While European and Asian stocks have extended the blistering July rally to start August, US futures remain have traded in the red in the overnight session, if only modestly, which is to be expected after the best month for US markets since November 2020. Contracts on both the Nasdaq 100 and S&P 500 were lower by about 0.1%, alongside a drop in oil, the dollar and crypto, as investors assessed recession risks against the latest remarks from Neel Kashkari over the weekend and Bill Dudley this morning that higher interest rates are needed to bring inflation under control. The Stoxx 600 Index rose 0.2%, led by banks, as HSBC Holdings Plc posted better-than-estimated profits. 10Y yields dipped to 2.64%. Oil declined after poor Chinese economic data added to concerns that a global slowdown may sap demand. West Texas Intermediate dropped below $97 a barrel after sinking almost 7% in July in the first back-to-back monthly loss since late 2020. In thin premarket trading, bank stocks were lower as investors remain on edge over recession risks. In corporate news, Global Payments agreed to buy Evo Payments for $34 per share in cash. Meanwhile, HSBC delivered better-than-estimated profits and pledged to return to paying quarterly dividends next year as it seeks to head off a call by its largest shareholder to split up. Here are some of the biggest U.S. movers today: Siga Technologies (SIGA US) shares are set to rebound on Monday after the stock sank in the previous session following an FDA update on monkeypox. Shares of other companies making vaccines and antiviral products tied to the disease were also higher in premarket trading. Mobile Global Esports (MGAM US) shares surge as much as 76%, set for another day of gains, following the esports platform’s initial public offering on Friday when it jumped 180%. Cryptocurrency-linked stocks fall as Bitcoin slips following its best month since October 2021, with traders assessing the strength of a recovery from the market’s worst levels. Coinbase (COIN US) down 2%, Marathon Digital (MARA US) falls 4.2%. Comcast (CMCSA US) and Charter Communications (CHTR US) both downgraded at Barclays which said it sees the cable companies as “likely past peak growth.” Comcast shares down 0.1%. Bumble (BMBL US) is cut to hold at Jefferies, with the broker citing incremental FX headwinds and a valuation that is not “compelling.” PubMatic (PUBM US) and Taboola (TBLA US) both cut to sector weight at KeyBanc as the broker anticipates “disparate” 2Q results from the adtech sector. Prefers overweight-rated TradeDesk (TTD US). Traders have been speculating the Federal Reserve will tone down its anti-inflation campaign and opt for a slower path of rate hikes after data showed the US economy shrank a second quarter. While that sentiment drove July’s market turnaround after historic first-half losses, over the weekend some Fed officials - such as Kashkari and Dudley - sought to reinforce the message that higher rates are needed to stamp out price pressures and downplayed recession risks. "The fact that a very weak run of data is seen as equity bullish just purely on the basis of lower rates speaks to just how utterly dominant Fed policy has become in driving investor behavior,” said James Athey, investment director at abrdn. "Unless the Fed pulls off a miracle I am afraid the bear market is absolutely not over." Investors are also monitoring US House Speaker Nancy Pelosi’s trip to Asia. A statement from her office skipped any mention of a possible stopover in Taiwan. A visit may stoke US-China tension over the island. Here are a handful of related headlines: US House Speaker Pelosi’s official itinerary for her trip to Asia was released which did not mention Taiwan, while Radio France Internationale’s Chinese website quoted sources that stated Pelosi will fly to Taiwan via Clark Air Base in the Philippines on August 4th, according to Dimsum Daily HK. China held live-fire drills off the coast opposite Taiwan and its air force said it will resolutely safeguard national sovereignty and territorial integrity regarding Taiwan, according to Associated Press and Chinese state media. A senior official in Beijing said the atmosphere of last week’s Biden-Xi telephone conversation was the worst among the five talks between the leaders and President Xi was said to have showed the toughest attitude he has ever shown to any world leader, while the most important topic in the conversation was China-US relations especially the 'Taiwan Question'. Furthermore, the official believes the probability of US House Speaker Pelosi's visit to Taiwan is low, as President Xi’s tough position on Taiwan will push President Biden to put more pressure on Pelosi to bypass Taiwan on this trip and the official warned that an accidental military conflict around the island of Taiwan cannot be ruled out if Pelosi insists on visiting Taiwan, according to SGH Macro Advisors. European stocks climb as earnings continue to buoy risk sentiment, while US futures slide, with S&P 500 and Nasdaq 100 down 0.4%. Euro Stoxx 50 rises 0.3%. FTSE MIB outperforms peers, adding 0.9%, Stoxx 600 lags, adding 0.2%. Banks, telecoms and autos are the strongest-performing sectors. Here are the other notable European movers: HSBC jumps as much as 7%, the most since January 2021, after the lender reported interim results. Analysts were impressed with second-quarter pretax profit coming in ahead of consensus. Pearson shares rise as much as 10% after first-half sales beat analyst estimates, with weakness in the higher education segment more than offset by strong growth in other divisions. EssilorLuxottica shares climb as much as 4.2% after CEO Francesco Milleri told Les Echos he’s bullish about the eyewear giant’s outlook. Analysts also are positive about its prospects. Deutsche Telekom shares rise after Kepler Cheuvreux re-initiated coverage with buy, saying its free cash flow yield is set to rise to over 13% by 2024 from about 8% in 2022. Air- France KLM shares gain as much as 6.1% after being upgraded to buy at HSBC and to outperform at Oddo BHF, with the latter noting that the effects of the airline’s restructuring seem to be underestimated. Quilter shares gain as much as 18% amid a report that NatWest is considering a bid for the wealth management firm. The article said several other private equity firms are also considering an offer. Spectris drops as much as 8.2%, the most since Feb. 28, after the precision instrumentation and controls supplier reported half-year results. Jefferies said the interims were a “touch light.” Heineken shares fall as much as 3.5% after the company reported strong 1H results, with investors focusing on the cautious outlook and tweaked 2023 guidance. Samhallsbyggnadsbolaget i Norden shares plunged after a fresh sell rating by Goldman Sachs, which downgraded the landlord, saying it’s overleveraged as financing costs continue to surge. Varta fell the most since November 2021 after the German battery maker cut its full-year forecast for sales and earnings over headwinds including rising raw materials and energy costs. CEZ shares fell the most in a month as investors in the Czech power utility digested mounting signals that the government was ready to impose a windfall tax on the most profitable companies. Earlier in the session, Asian stocks rose as investors bet corporate earnings will support market valuations and as weak economic data from China spurred hopes for more stimulus.   The MSCI Asia Pacific Index gained as much as 0.8% with Toyota boosting the measure the most ahead of its earnings release later this week. Industrials led gains among the sectoral gauges as Mitsubishi jumped ahead of its quarterly report. Benchmarks in Japan, Singapore, Vietnam and Thailand outperformed.  Hong Kong and mainland China indexes reversed their earlier losses, buoyed by prospects that weak factory data increases the likelihood of fresh policy support from Beijing. China’s factory activity unexpectedly contracted in July while property sales continued to shrink, data over the weekend showed. Some investors said the weak figures have already been priced into last month’s losses in Chinese markets.  “Expecting more stimulus is reasonable, although the market feels the GDP target is no longer a hard target,” said Steven Leung, an executive director at UOB Kay Hian in Hong Kong. “Weak economy means more policies needed to achieve their target, or get closer to their target.” Asian stocks have been on a downtrend despite Monday’s pending gain, with the regional benchmark down almost 30% from its February 2021 high. The gauge has underperformed US peers so far this year as Covid woes continue in China, along with the nation’s property crisis, while ongoing earnings reports in the region are being closely watched.  Japanese equities erased earlier losses to end higher as better-than-expected domestic corporate earnings boosted sentiment. The Topix Index rose 1% to 1,960.11 as of the close in Tokyo, while the Nikkei advanced 0.7% to 27,993.35. Toyota Motor Corp. contributed the most to the Topix Index’s gain, increasing 3.5%. Out of 2,170 shares in the index, 1,706 rose and 395 fell, while 69 were unchanged. Earnings are “fairly good,” said Hiroshi Namioka, chief strategist and fund manager at T&D Asset Management. “The numbers coming out are clearly positive compared to the previous quarter especially in terms of profit growth.” In Australia, the S&P/ASX 200 index rose 0.7% to close at 6,993.00, the highest since June 9, boosted by gains across mining, healthcare and energy shares. A subgauge of miners climbed for a third session, closing the highest since June 29. Investors await the Reserve Bank of Australia’s interest rate decision due Tuesday, with it expected to lift the key interest rate by 50 basis points to 1.85%.  In New Zealand, the S&P/NZX 50 index rose 0.3% to 11,525.87 In FX, the Bloomberg Dollar Spot Index is down about 0.4%; NOK and CAD are the weakest performers in G-10 FX, NZD and JPY outperform. Yen trades at 132.33/USD. The yen climbed as much as 1% against the greenback to 131.89, rising a fourth day in its longest-winning streak since February. While the gains were initially spurred by signs the Federal Reserve will rein back rate hikes, an Asia-based FX trader said Monday that the yen is increasingly seen as a haven play. The euro edged up 0.4%, bolstered by dollar weakness; Goldman Sachs strategists have revised down their three- and six-month forecasts for EUR/USD to 0.99 and 1.02 (from 1.05 and 1.10 previously), citing the shifting European growth outlook. In rates, Treasuries bear-flatten, with the 10-year rate at 2.64%, well down from June’s peak near 3.50%, after hawkish comments from Kashkari and Bostic. Bund 10-year yields rose about 5 bps, after German and Euro Area PMIs were revised higher, while the yield on 10-year gilts climbs about 4 bps to 1.91%. Italian bonds rallied, sending the 10-year yield below 3% for the first time since May, as investors bet that a new government will stick to commitments needed to unlock about 200 billion euros ($205 billion) of European Union funds. In commodities, WTI drifted 2.2% lower to trade at around $96. Base metals are mixed; LME aluminum falls 1.8% while LME nickel gains 4.4%. Spot gold is little changed at $1,766/oz.  Bitcoin declined after reaching the highest levels since mid-June on Saturday amid optimism that the market may have recovered from its worst levels. Looking at today's calendar, we get the July ISM index and June Construction Spending data, Japan July vehicle sales, Eurozone June unemployment rate, Italy July PMI, budget balance, new car registrations, June unemployment rate. We also get earnings from Devon Energy, Activision Blizzard. Market Snapshot S&P 500 futures down 0.3% to 4,123.00 STOXX Europe 600 up 0.2% to 439.12 MXAP up 0.7% to 161.54 MXAPJ up 0.2% to 523.50 Nikkei up 0.7% to 27,993.35 Topix up 1.0% to 1,960.11 Hang Seng Index little changed at 20,165.84 Shanghai Composite up 0.2% to 3,259.96 Sensex up 0.8% to 58,043.18 Australia S&P/ASX 200 up 0.7% to 6,992.97 Kospi little changed at 2,452.25 Gold spot up 0.0% to $1,766.44 U.S. Dollar Index down 0.26% to 105.63 German 10Y yield little changed at 0.87% Euro up 0.2% to $1.0241 Brent Futures down 1.2% to $102.77/bbl Top Overnight News from Bloomberg European stocks climb as earnings continue to buoy risk sentiment, while US futures slide, with S&P 500 and Nasdaq 100 down 0.3%. Stoxx 600 rises 0.1% with banks, telecoms and autos the strongest-performing sectors. In fixed income, Bund 10-year yield rises about 5 bps, after German and Euro Area PMIs were revised higher, while the yield on 10-year gilts climbs about 4 bps to 1.91%. Italian bonds hold gains, with the 10-year yield falling below 3% for the first time since May. European factory activity plunged and Asian manufacturing output continued to weaken in July amid lingering supply-chain complications and a slowing global economy. Natural gas prices in Europe rose, after posting the biggest weekly gain in more than a month, as Russia’s tightening grip over supply rips through the economy and heightens concerns about shortages in the winter. The US Treasury is expected to make its fourth straight reduction in a quarterly sale of longer-term debt this month, with most dealers predicting extra cutbacks for the 20-year bond. China’s massive trade surplus helped to offset capital outflows in the first half of the year, anchoring its balance of payments even as the Federal Reserve’s aggressive interest rate hikes fuel outflows from developed and emerging markets alike. A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks were choppy as momentum from last week’s earnings-inspired euphoria on Wall St was partially offset by disappointing Chinese PMI data and cautiousness ahead of upcoming risk events including central bank rate decisions, NFP jobs data and US House Speaker Pelosi’s trip to Asia. ASX 200 was kept afloat by strength in energy and utilities after the competition regulator’s interim gas report forecast Australia’s east coast could face a shortfall of 56PJ in 2023, while the latest domestic manufacturing PMI data remained in expansion territory. Nikkei 225 was also positive with the biggest movers driven by recent earnings releases and reports also noted that Japan’s panel is expected to seek a record increase of at least JPY 30 to minimum wages. Hang Seng and Shanghai Comp were initially pressured after Chinese PMI data missed expectations in which the official manufacturing reading printed at a surprise contraction, with sentiment also not helped by US-China tensions as the world second-guesses whether or not US House Speaker Pelosi will defy China’s warnings regarding visiting Taiwan during her Asia trip. However, the mood in Chinese stocks gradually improved and retraced the majority of losses. Top Asian News US House Speaker Pelosi’s official itinerary for her trip to Asia was released which did not mention Taiwan, while Radio France Internationale’s Chinese website quoted sources that stated Pelosi will fly to Taiwan via Clark Air Base in the Philippines on August 4th, according to Dimsum Daily HK. China held live-fire drills off the coast opposite Taiwan and its air force said it will resolutely safeguard national sovereignty and territorial integrity regarding Taiwan, according to Associated Press and Chinese state media. A senior official in Beijing said the atmosphere of last week’s Biden-Xi telephone conversation was the worst among the five talks between the leaders and President Xi was said to have showed the toughest attitude he has ever shown to any world leader, while the most important topic in the conversation was China-US relations especially the 'Taiwan Question'. Furthermore, the official believes the probability of US House Speaker Pelosi's visit to Taiwan is low, as President Xi’s tough position on Taiwan will push President Biden to put more pressure on Pelosi to bypass Taiwan on this trip and the official warned that an accidental military conflict around the island of Taiwan cannot be ruled out if Pelosi insists on visiting Taiwan, according to SGH Macro Advisors. Macau is to permit dine-in services and will reopen gyms, bars and beauty parlours beginning this Tuesday, according to Bloomberg. US, South Korea and Japan will begin joint ballistic missile defence exercises in waters off Hawaii this week, according to Yonhap. "China is willing to boost China-New Zealand comprehensive strategic partnership to yield more results based on the principle of mutual respect and mutual benefit while appropriately handling differences," according to the Chinese Foreign Minister via Global Times. European bourses remain firmer across the board, Euro Stoxx 50 +0.4%, as the region shrugs-off Final Manufacturing PMIs and a mixed APAC handover given Friday's strong Wall St. performance. However, US futures are underpressure in a continuation of downbeat APAC trade amid poor Chinese PMIs and with multiple key risk events looming for the week, ES -0.2%. In Europe, sectors are mixed with the breadth of performance narrow ex-banks given pronounced upside in HSBC, +6.0%, post-earnings; note, HSBC accounts for 18% of the Europe Stoxx 600 Banking sector. Top European News HSBC Shares Jump After Profit Rise and Vow to Restore Dividends Ukraine Latest: First Grain Ship Since Start of War Leaves Odesa Marex Agrees to Buy ED&F Man Brokerage in Global Expansion Italy 10-Year Yield Falls Below 3% for the First Time Since May Quilter Gains; Potential NatWest Deal Has Clear Logic: Investec Vinci Agrees Deal for 30% Stake in Mexico Airport Operator OMA FX DXY down to deeper cycle low sub-105.500 as Yen revival continues and activity currencies climb, USD/JPY retesting underlying bids and support into 132.00 including next layer of Japanese importer buying interest. Aussie up in anticipation of RBA and Kiwi ahead of NZ jobs data, AUD/NZD and NZD/USD firmly back above 0.7000 and 0.6300 respectively. Euro eyes recent peaks and Sterling probes stops around last Friday’s high, EUR/USD touches 1.0270 and Cable tops 1.2250 . Yuan softer in wake of weaker than expected Chinese PMIs, but Rand remains bid irrespective of inflation contractionary SA PMI as Gold underpins, USD/CNH and USD/CNY 6.7600+ and 6.7500+, USD/ZAR under 16.5000. Fixed Income Debt continues to consolidate and retrace from new corrective peaks, but curves remain steeper. Bunds and Gilts sub-par within 157.74-156.74 and 118.22-117.72 respective ranges, T-notes flattish between 121-07+/120-28 parameters. BTPs bid and sharply outperform ahead of Italy's snap elections and into month bereft of issuance. 10 year bond tops 127.50 from 126.40 low just 7 ticks above prior close. Commodities Crude benchmarks are pressured in a resumption of Friday's action after modest overnight consolidation as the complex looks towards OPEC+. Currently, benchmarks are firmer by over USD 1.50/bbl; while Dutch TTF remains around the EUR 200/MWh mark as Russia put the onus on others re. Nord Stream 1. Spot gold is firmer, deriving upside from the pressure seen in the USD though the magnitude of the yellow metal's move perhaps capped by the generally constructive European tone. OPEC Secretary General Al-Ghais said OPEC is not in competition with Russia and that Russia is a big main player in the world energy map with its membership in OPEC+ vital for the success of the agreement. Al-Ghais added OPEC doesn’t control oil prices but practices tuning markets in terms of supply and demand, while he added that the recent rise in prices is not just related to the Ukraine crisis but is also due to lack of spare production capacity. Furthermore, he said the current state of the global oil market is very volatile and that the most important factor to affect oil prices by year-end is the lack of investments in the sector, according to an interview with Al Rai newspaper cited by Reuters. Libya’s Unity government oil minister said oil production is at 1.2mln bpd, according to Reuters. Gazprom said it is halting gas supplies to Latvia and accused it of violating conditions, while Latvia said that it doesn’t expect Gazprom’s decision to have any major impact, according to Reuters. European governments have eased back on efforts to curb trade in Russian oil in which they are delaying a plan to shut Moscow out of the vital Lloyd’s of London maritime insurance market and will permit some international shipments amid fears of rising crude prices and tighter global energy supplies, according to FT. The first ship with grain left the port of Odessa, according to CNN Türk; subsequently, Ukrainian Infrastructure minister says if the grain deal works in full, they will start consultations to open the port of Mykolaiv, via Reuters. Part of the damaged Beirut port silos collapsed following a weeks-long fire, according to Al Jazeera US Event Calendar 10:00: June Construction Spending MoM, est. 0.2%, prior -0.1% 10:00: July ISM Manufacturing, est. 52.0, prior 53.0 Employment, est. 48.2, prior 47.3 New Orders, est. 49.0, prior 49.2 Prices Paid, est. 73.5, prior 78.5 DB's Jim Reid concludes the overnight wrap The 2023 global II survey opens in 11 months' time. If you are likely to value our work in the next year please ...... ah ok, I did promise not to mention it again. Thanks for all the support and we'll see how we do in October or November when the results drop. Talking of results, congratulations to the England women's football team for winning the Euros. After years of watching the men's team lose time and time again in important moments it was strange watching them win, especially against Germany. First second place in the Eurovision Song Contest and now this. The world order is being turned upside down! Anyway, welcome to August and a spectacular start to H2 for markets with the S&P 500 in July (+9.1%) seeing its best month since November 2020 and 10yr US Treasuries (-37bps and +1.7%) seeing their best performance since March 2020. This follows the worst H1 since 1962 and 1788 respectively. A stunning comeback for 60/40, 50/50 or whatever ratio you chose to allocate. See our monthly performance review, out soon after this mail, for all the details. It's a complicated outlook at the moment as we don't think the US is in a typical recession yet but will almost certainly be within a few quarters. That delay is supportive for markets relative to what was priced a few weeks ago but it's hard to say the outlook is positive. However the market has more rallied on lower expected terminal rates and the move to price rate cut probabilities within 6 months. We don't think either will come to pass but my rates colleague Francis Yared always tells me not to fight bullish fixed income markets in the summer. Indeed the CoTD on Friday (link here) showed that August is by far and away the best month of the year for bonds. Interestingly Larry Summers had some harsh words over the weekend suggesting the Fed is engaging in "wishful thinking" in what it will take to tame inflation and that “Jay Powell said things that, to be blunt, were analytically indefensible ...." and that “...there is no conceivable way that a 2.5% interest rate, in an economy inflating like this, is anywhere near neutral.” So this debate will rage on but the winner in August may not be the winner by year end. Markets haven't had a chance to wind down for summer yet and maybe they won't get the chance with US payrolls on Friday, followed by CPI on Wednesday 10th. If nothing out of the ordinary occurs in these two prints though maybe we can have a quiet two or three weeks. However if payrolls are far from consensus and/or CPI is strong then we may have some fun and games in August. It’s a month of low liquidity and if something big happens it can be multiplied in such thin trading. Outside of payrolls, the other most important events this week include the manufacturing PMIs and ISM today, the RBA decision and US JOLTS tomorrow, services PMIs and ISM Wednesday, and the likely biggest hike from the BoE for 27 years alongside the increasingly important US jobless claims data on Thursday. Apart from that, earnings are still coming from all directions, but we are past halfway in the US with over 260 companies having reported. It’s 232 in the Stoxx 600. It might be hard to eclipse the big US tech week last week though. The other thing to look out for is whether US House Speaker Pelosi visits Taiwan this week on her Asian trip. It could set off a major geopolitical incident if she does and domestic accusations of backing down to China if she doesn't given she'd previously said she would visit. The full day by day week ahead is at the end as usual on a Monday but let's preview the main highlights in detail with the big one being payrolls of course. Our US economists expect a 250k reading for nonfarm payrolls (down from 372k in June with consensus also at 250k) and for the unemployment rate to slightly decline to 3.5% from 3.6% (consensus 3.6%). Our economists think the gradual increase in continuing claims since last month is enough to slow the pace of job growth. Remember we did a CoTD on payrolls day last month showing that the first month of a recession on average has a negative payroll print whereas the months leading up to it don't (including R-1). See here for a reminder. This is one of the main reasons we don't think we're there yet in terms of a recession. Our favoured measure of the strength of the labour market has been the JOLTS data which next comes out tomorrow for June. The problem is that it is always one month behind other data. However it gives us a decent if slightly rear-view mirror look at job openings and labour market tightness. Moving on, the BoE's decision on Thursday will be a big event with our UK economists and consensus expecting a +50bps move, which will take the Bank Rate to 1.75% and become the largest single increase since 1995. It will likely also be accompanied by somewhat hawkish economic forecasts from the Bank. The team's full preview, including expectations on forward guidance and QT, can be found here. Before the BoE, our economists expect the RBA to also hike +50bps tomorrow. Regarding policy guidance, they expect the central bank to reiterate the need for higher interest rates, which would implicitly keep another +50bps hike in September among the options. Turning to corporate earnings, this week's line-up will feature a number of important commodities companies, including BP, Occidental Petroleum (tomorrow), ConocoPhillips and Glencore (Thursday). Travel & leisure firms like Marriott, Airbnb (tomorrow) and Booking (Wednesday) will be in the spotlight as well to assess trends in consumer spending on services. Notable carmakers reporting results will include Toyota (Thursday), BMW (Wednesday) and Ferrari (tomorrow). In healthcare, investors will be focused on Regeneron, Moderna (Wednesday), Eli Lilly, Novo Nordisk and Bayer (Thursday). Other notable reporters will include Advanced Micro Devices, PayPal (tomorrow), Maersk (Wednesday) and Alibaba (Thursday). Asian equities are quiet at the start of the week but with China’s disappointing economic data pointing to further weakness in the world’s second biggest economy (more below). As I type, the Nikkei (+0.47%), Shanghai Composite (+0.15%), the CSI and the Kospi (+0.10%) are holding on to their gains helped by a strong US session on Friday. Elsewhere, the Hang Seng (-0.25%) is lower. Outside of Asia, DM stock futures are weaker with contracts on the S&P 500 (-0.50%), NASDAQ 100 (-0.45%) and DAX (-0.25%) edging lower. Oil prices are around -1.5% lower post China data and uncertainty over the OPEC+ meeting this week. Separately, yields on 10yr USTs (-2.0bps) have moved lower, trading at 2.67%, as we go to press. Onto that China data, and factory activity expanded at a slower pace with the Caixin/Markit manufacturing PMI for July easing to 50.4 from 51.7 in June, below analysts’ expectations for a slight dip to 51.5 as growth momentum softened in output, new orders and employment. Over the weekend, China’s factory activity contracted unexpectedly in July with the official reading falling to 49.0 (50.3 expected) from 50.2 in June, underscoring the extent of the uncertainty around growth stemming from fresh virus flare-ups, declining global demand and property market risks. Onto last week now, the FOMC raised rates a super-charged 75bps for the second consecutive meeting, yet financial conditions eased as the market latched onto comments that the hiking cycle would slow at some point and that the Committee was paying heed to slowing activity data. On that news, the splashiest data of the week was the Q2 US GDP which showed the second consecutive quarter of contraction, spurring endless debates as to what constitutes a recession. In Europe, lower Nord Stream capacity continues to ratchet energy pressure higher. The perceived pivot in Fed communications along with slowing activity data drove a shallower pricing of global monetary policy, and thus a rally in global sovereign yields. 10yr Treasuries were -10.2bps lower (-2.7bps Friday), led by a -30.8bp decline in real yields, while 2yr Treasuries were -8.6bps lower on the week (+2.2bps Friday). Not to be outdone, 10yr bunds fell even more, declining -21.4bps (-0.9bp Friday), as the continent looks exposed to even larger potential external shocks. With less aggressive tightening expected, 10yr BTPs tightened -8.1bps versus bunds, -14.3bps of which came on Friday as the main populist far-right party Brothers of Italy, who are polling very strongly, were reported to be likely to adhere to EU budget rules if elected. The easing of expected tightening was a boon to equity markets, which staged big gains across the Atlantic. The S&P 500 was +4.26% higher (+1.42% on Friday) while the NASDAQ picked up +4.70% (+1.88%). Many of the mega cap tech companies reported this week in the US to mixed results. Advertising revenue was sluggish, but supply chain pressures seemed to ease which helped those facing retail customers. Across the board, it seemed like hiring was either slowing or plans were in place to start reducing hiring. European equities also enjoyed some respite from global policy tightening, with the STOXX 600 picking up +2.96% (+1.28% Friday), the DAX +1.74% (+1.52% Friday), and the CAC higher by +3.73% (+1.72% Friday). Despite slowing activity data, oil prices showed no signs of a demand slowdown, with Brent futures climbing +6.60% over the week (+2.68% Friday). On Friday’s data, the US Employment Cost Index increased +1.3%, above 1.2% expectations but a marginal deceleration from 1Q’s 1.4%. The final University of Michigan Sentiment reading was 51.5, versus 51.1 expectations, while year-ahead inflation expectations stayed at 5.2% even if longer term ones edged back up a tenth to 2.9%. Tyler Durden Mon, 08/01/2022 - 07:56.....»»

Category: blogSource: zerohedgeAug 1st, 2022

If you make less than $400,000 a year, your taxes shouldn"t be affected by Manchin"s new tax and energy deal

The deal announced Wednesday proposes a minimum corporate tax limit for big corporations and increased funding for the IRS. Sen. Joe Manchin (D-WV) talks to reporters as he leaves the the Senate Democrats weekly policy luncheon at the U.S. Capitol on July 20, 2021 in Washington, DC. With the bipartisan infrastructure deal in the balance,Chip Somodevilla/Getty Images A new tax deal backed by Sen. Joe Manchin would take aim at the biggest corporations in the US. It states that it wouldn't raise taxes for anyone who makes less than $400,000 per year. Instead, lawmakers say they would generate $313 billion through corporate tax reform. Taxpayers who make less than $400,000 a year shouldn't have to worry about having to pay more taxes because of the new deal struck by Sen. Joe Manchin of West Virginia and Senate Majority Leader Chuck Schumer.The Inflation Reduction Act of 2022, which Manchin agreed to back in a surprise move announced Wednesday, states that it would steer clear of raising taxes for anyone with less than $400,000 annual taxable income. Instead, the plan is to revamp corporate tax and enforce a hard limit on how much big corporations can lower their taxes, which lawmakers predict will generate $313 billion for the US.The new bill would impose a minimum corporate tax limit of 15% on companies that make $1 billion or more in yearly profits.Corporations currently have to pay 21% corporate tax, but around 200 of the biggest companies in the US use tax loopholes to pay below 15%, lawmakers wrote in a summary.As outlined in the 725-page bill, the additional money from the corporate tax revamp would fund climate action reforms and rebates worth $369 billion.Lawmakers estimate the bill would also generate more money for the federal treasury by pumping $80 billion into the IRS, which they say would help the agency better enforce tax laws and conduct improved audits of companies and millionaires. A bolstered IRS would eventually be able to collect an additional $203 billion to help reduce US deficit and fund measures tackling climate change, they estimated.Notably, the bill would exclude additional taxes on people who make $10 million or more per year, signaling an end — for now — to a Democrat push for higher taxes on America's millionaires.The bill is a pared-down version of President Joe Biden's economic agenda. On Wednesday night, Biden announced his support for the deal."This is the action the American people have been waiting for," Biden said in a statement. "This addresses the problems of today – high health care costs and overall inflation – as well as investments in our energy security for the future."Tax savings for homeowners and car buyersMany of the bill's climate action reforms are for green industries and corporations, but some would directly affect American households.They include a $4,000 tax credit that electric-vehicle buyers could claim on cars priced at $55,000 or less, as well as trucks, vans, and SUVs priced at no more than $80,000.Families would be eligible for the credit if their adjusted gross incomes are $300,000 per year or lower, the bill states.The bill would also give rebates to taxpayers who renovate their homes so they consume less energy. Low- or moderate-income households would get rebates of up to $8,000 if their remodeled homes save at least 35% energy. Their rebate would be capped at 80% of the cost of the renovation project.Other homeowners would be able to get rebates of up to $4,000 or 50% the cost of the renovation — whichever is lower.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 28th, 2022

If you make less than $400,000 a year, your taxes shouldn"t be affected by Manchin"s new $700 billion deal

The $700 billion deal announced Wednesday proposes a minimum corporate tax limit for big corporations and increased funding for the IRS. Sen. Joe Manchin (D-WV) talks to reporters as he leaves the the Senate Democrats weekly policy luncheon at the U.S. Capitol on July 20, 2021 in Washington, DC. With the bipartisan infrastructure deal in the balance,Chip Somodevilla/Getty Images A new tax deal backed by Sen. Joe Manchin would take aim at the biggest corporations in the US. It states that it wouldn't raise taxes for anyone who makes less than $400,000 per year. Instead, lawmakers say they would generate $313 billion through corporate tax reform. Taxpayers who make less than $400,000 a year shouldn't have to worry about having to pay more taxes because of the new deal struck by Sen. Joe Manchin of West Virginia and Senate Majority Leader Chuck Schumer.The Inflation Reduction Act of 2022, which Manchin agreed to back in a surprise move announced Wednesday, states that it would steer clear of raising taxes for anyone with less than $400,000 annual taxable income. Instead, the plan is to revamp corporate tax and enforce a hard limit on how much big corporations can lower their taxes, which lawmakers predict will generate $313 billion for the US.The new bill would impose a minimum corporate tax limit of 15% on companies that make $1 billion or more in yearly profits.Corporations currently have to pay 21% corporate tax, but around 200 of the biggest companies in the US use tax loopholes to pay below 15%, lawmakers wrote in a summary.As outlined in the 725-page bill, the additional money from the corporate tax revamp would fund climate action reforms and rebates worth $369 billion.Lawmakers estimate the bill would also generate more money for the federal treasury by pumping $80 billion into the IRS, which they say would help the agency better enforce tax laws and conduct improved audits of companies and millionaires. A bolstered IRS would eventually be able to collect an additional $203 billion to help reduce US deficit and fund measures tackling climate change, they estimated.Notably, the bill would exclude additional taxes on people who make $10 million or more per year, signaling an end — for now — to a Democrat push for higher taxes on America's millionaires.The bill is a pared-down version of President Joe Biden's economic agenda. On Wednesday night, Biden announced his support for the deal."This is the action the American people have been waiting for," Biden said in a statement. "This addresses the problems of today – high health care costs and overall inflation – as well as investments in our energy security for the future."Tax savings for homeowners and car buyersMany of the bill's climate action reforms are for green industries and corporations, but some would directly affect American households.They include a $4,000 tax credit that electric-vehicle buyers could claim on cars priced at $55,000 or less, as well as trucks, vans, and SUVs priced at no more than $80,000.Families would be eligible for the credit if their adjusted gross incomes are $300,000 per year or lower, the bill states.The bill would also give rebates to taxpayers who renovate their homes so they consume less energy. Low- or moderate-income households would get rebates of up to $8,000 if their remodeled homes save at least 35% energy. Their rebate would be capped at 80% of the cost of the renovation project.Other homeowners would be able to get rebates of up to $4,000 or 50% the cost of the renovation — whichever is lower.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 28th, 2022

With federal stimulus payments unlikely, here are the 18 states giving money to residents in relief checks to combat inflation

With no public plans for federal stimulus checks, more than a dozen states instated their own relief programs in the form of direct payments. Man receives a tax refund check from the government.bernie_photo/iStock /Getty Images Plus Residents of more than a dozen states may receive relief in the form of direct payments. State legislatures have been setting up their own stimulus programs in a bid to combat inflation. Some states also provided relief through child payment checks and temporarily suspending grocery and gas taxes. Florida Gov. Ron DeSantis announced Thursday that the state would send nearly 60,000 Florida families a $450-per-child one-time relief check starting this week.The state joins a number of others that are giving residents varying amounts of money in the form of stimulus checks. It's been over a year since the federal government last issued stimulus checks to Americans amid the COVID-19 pandemic.As of July 2021, the Biden administration doesn't appear to have any plans in place regarding any future payments, prompting states to take initiative and set up stimulus relief programs themselves.Here are the states that have instated their own stimulus check programs:CaliforniaCalifornia residents may soon see a stimulus check after Gov. Gavin Newsom signed a $17 billion inflation relief package last month, which also suspended state sales tax on diesel and included financial aid for rent and utility bills.More than half of the state's residents will receive direct payments of up to $1,050, based on a three-tiered eligibility system, and tax filers with at least one dependent will also receive an additional amount of $350, $250, or $200 respectively based on their income.Single tax filers will receive:$350 if they earn less than $75,000 per year$250 if they earn between $75,001 and $125,000 per year$200 if they earn between $125,001 and $250,000 per yearJoint tax filers wil receive:$700 if they earn less than $150,000 per year$500 if they earn between $150,001 and $250,000 per year$400 if they earn between $250,001 and $500,000 per yearColoradoColorado Gov. Jared Polis announced in late June that the state would send a cashback rebate of $750 for single tax filers and $1,500 for joint filers.The governor urged residents to file their taxes by June 30 to receive the direct payment, or file on extension by October 17, 2022, to receive the rebate in January of next year.DelawareIn April, the state created its relief rebate program, sending a one-time direct payment of $300 per adult — or $600 for joint tax filers — in Delaware. Payments were issued in May of this year and will be made throughout the summer to residents who filed 2021 tax returns, per a government notice.FloridaFlorida is issuing a one-time direct payment to assist families impacted by inflation, sending $450 per child to eligible recipients including foster parents, relative and non-relative caregivers, and families receiving funds from the Florida Temporary Assistance for Needy Families program or Guardianship Assistance Program.Florida's Department of Children and Families said they expect about 59,000 families to receive payments.GeorgiaIn May, Georgia's Department of Revenue announced it would begin issuing one-time tax refunds to residents, amounting to $250 for single filers, $500 for joint filers, and $375 for Head of Household filers.HawaiiIn late June, Hawaii Gov. David Ige signed a tax refund into law, providing individual taxpayers who earn less than $100,000 a year or joint filers earning less than $200,000 a payment of $300; and a $100 payment will go to single taxpayers who earn more than $100,000 or joint tax filers who earn more than $200,000.The state's Department of Taxation said it will begin issuing the refunds in the last week of August.IdahoEarlier this year, Gov. Brad Little approved a tax rebate for full-year residents. Residents will receive either $75 per taxpayer and each dependent or 12% of their income tax amount — whichever is greater.IllinoisThe state's Family Relief Plan went into effect on July 1, providing relief by temporarily suspending grocery, gas, and property taxes for Illinois residents.Additionally, individual tax filers who earned less than $200,000 in 2021 will receive a $50 tax rebate, with joint taxpayers making under $400,000 will receive $100. Tax filers will also receive $100 per dependent.IndianaGov. Eric Holcomb announced last December that residents will get a $125 tax refund (and $250 for joint filers) after filing their 2021 taxes. Taxpayers must have filed their 2021 tax return by April 18, 2022 to be eligible, and payments started in May and are expected to continue through the summer.Last month, Holcomb announced plans to distribute a second round of relief checks from the government budget surplus, with payments of about $225, but the plan has yet to be approved by state lawmakers.MaineMore than 850,000 Maine residents are being sent $850 direct relief checks amid pandemic-driven inflation. Eligible recipients include single filers earning less than $100,000, head of household filers earning less than $150,000, and joint filers making less than $200,000.MassachusettsThe state issued a second round of stimulus payments of $500 for more than 300,000 low-income essential workers, following its first set of payments in February.Eligible residents include workers who made at least $13,500 and seen their total income at or below 300% of the federal poverty level.Earlier this month, state lawmakers proposed another set of one-time direct payments of $250 for residents earning at least $38,000 and less than $100,000.New JerseyLast fall, Gov. Phil Murphy announced nearly 1 million families would receive a refund check of up to $500 as part of its Middle Class Tax Rebate program. According to a press release, the state government will begin sending checks in early July and will take about six weeks for all checks to be processed.New MexicoNew Mexico Gov. Michelle Lujan Grisham signed into law in early March approving multiple payments for residents in the state. Depending on income, an eligible single taxpayer may receive a rebate payment of $250 for single filers making under $75,000 and $500 for joint filers making under $150,000, which will be issued in July.A second refundable income tax rebate of $500 for single filers and $1,000 for joint filers, heads of households, and surviving spouses, will also be sent automatically to taxpayers. The second rebate will be sent in two payments — one in June and one in August.New YorkAbout 2.5 million New York homeowners will receive direct property tax rebate credit for 2022. The state sent checks earlier this year, with most payments being sent in June.OregonMore than 230,000 low-income residents in Oregon will receive a $600 one-time payment, the Oregon Department of Revenue announced, funded by the federal pandemic aid provided to states last year. According to a press release, payments were distributed starting in late June.PennsylvaniaLike New York, Pennsylvania state officials set up their own property tax and rent rebate program, allowing eligible recipients up to $650 depending on their income.According to a release, Pennsylvania homeowners will receive a payment of:$650 if they earn less than $8,000$500 if they earn between $8,001 to $15,000$300 if they earn between $15,001 to $18,000$250 if they earn between $18,001 to $35,000Renters in the state will receive:$650 if they earn less than $8,000$500 if they earn between $8,001 and $15,000The state also has pending legislation from earlier this year that would give households with an income of $80,000 and under a one-time payment of $2,000, as proposed by state Gov. Tom Wolf. The plan has since been stalled after facing pushback from Republican legislators in the state.South CarolinaSouth Carolina lawmakers passed legislation approving a $1 billion rebate and income tax rate cuts to aid residents in the state. Residents who paid state income taxes will receive the rebate — about 56% of filers — ranging from $1 to $800, KFMB-TV reported.VirginiaVirginia lawmakers approved a one-time $250 tax rebate to single tax filers — $500 to joint taxpayers — in June, which could likely be issued in late September, according to the Virginia Department of Taxation. Residents can expect to receive their payment by the end of October.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 25th, 2022

The night the Lord of the Skies got away

In 1985, US agents had a chance to stop Mexico's top drug lord. Years later, evidence from that night proved valuable in a way no one could predict. Reuters; John Moore/Getty Images; Rachel Mendelson/InsiderOne night in 1985, US agents may have had a chance to stop the rise of Mexico's most powerful drug lord — a chance they quickly gave up without knowing it. But the evidence gathered that night would prove valuable in a way no one could predict. If he'd blinked he might have missed them.The pair of cars were parked window to window, just off the side of Highway 67, nine miles north of the tiny border town of Presidio, Texas. As David Ramirez cruised by in his dun-colored U.S. Border Patrol sedan, the night sky outside the range of headlights was so pitch-black that he could have been forgiven for not spotting the vehicles.    Ramirez guessed that something was up. Slowing the cruiser, he banged a quick U-turn and headed back. "They were on the side of the road, at that time of night, in that area, which was known for drug trafficking," Ramirez recalled. "And there wasn't any other traffic. We were out there in a patrol vehicle and we saw maybe two other vehicles in a three-hour time span."It was May 1985, and Ramirez had only been with the Border Patrol for two and a half years. But at a posting as remote as southwest Texas, where only a handful of agents were stationed at the time, that qualified him to train the new guy. So, in the passenger seat sat his partner for the evening, a trainee agent learning the ropes as they cruised along this ribbon of pebbles, dust, and potholes masquerading as a state highway.As Ramirez maneuvered his patrol car, two pairs of headlights came on, two engines rumbled to life, and two cars peeled out. A late-model pickup truck went first, and, following closely behind, a big-body, white Mercury Grand Marquis. They were headed south, toward Presidio, and toward Mexico.Ramirez spun the cruiser around once again and sped off in pursuit, flashing his red-and-blues to signal the drivers to stop. The two vehicles ignored him.The Mercury wasn't going that fast, 60, maybe 70 miles-per-hour, but it acted as a sort of rearguard, allowing the driver of the pickup truck to put more and more distance between himself and the Border Patrol agents giving chase. This went on for a while, five minutes maybe. Finally, with the pickup truck out of sight, the driver of the Mercury eased to the side of the road and crunched to a stop. Ramirez knew it was a feint designed to let the other driver — and whatever cargo he might be carrying — get away. But he also knew that at the end of that road, just before the international port of entry, was a Border Patrol station. He radioed ahead for agents to be on the lookout, and turned his focus to the Mercury.Carefully opening his door, Ramirez climbed out of the cruiser, unclasped the snap on his holster, and drew his .38-caliber service revolver, holding it at a downward angle. It had been dark for hours, but in these parts even after midnight  in late spring can be mind-bendingly hot. The thermostat hovered around 95 degrees and the night air hung heavy like a blanket. As Ramirez approached the Mercury from the driver-side door, his heart rate quickened. The ambient sounds of the desert night, the buzz of insects and snuffling of wild javelinas, receded into the background. His training — and his survival instinct — kicked in to guide him. The trainee, armed with a shotgun, mirrored the more experienced agent and sidled toward the car from the passenger side. Speaking in Spanish through the rolled down window, the driver had an easy-does-it, friendly manner. With the trainee standing back, Ramirez holstered his revolver and requested the suspect's documents. The driver obliged.One was a border-crossing card, issued by the Immigration and Naturalization Service, that allowed Mexicans living close to the border to cross back and forth for errands and jobs.The other document identified the driver as an agent of the Federal Security Directorate, or DFS, a powerful — and phantasmagorically corrupt — branch of Mexico's federal law enforcement. For Ramirez, this didn't prove the man was a cop. The DFS was notorious for its connections to drug traffickers, and its agents were known to hand out fake badges to the smugglers they worked with. But he couldn't be sure the man wasn't a cop.Ramirez asked the man if he had any weapons, and the driver said no, no guns. But peering into the Marquis, Ramirez could see a box of ammo sitting on the passenger seat, clear as day. He asked again. No weapons? You sure about that?David Ramirez (r); John Moore/Getty Images; Rachel Mendelson/InsiderThe driver made no attempt to keep the lie going and admitted that, sure, he had a small gun in the trunk. On Ramirez' orders, the driver opened the door and walked around to the rear to pop the trunk. The "small gun" turned out to be a loaded AR-15 assault rifle.Ramirez eyed the driver more closely now. He stood about six feet tall, trim and lanky, and dressed like a well-heeled cowboy, with nice boots and well-fitting clothes. Despite everything, he seemed relaxed. Ramirez gave the driver a careful patdown and, finding no other weapons on him, escorted him back to the Border Patrol cruiser and directed him into the back seat, locking him in there but deciding not to place him in handcuffs, given the DFS badge."In any law enforcement, I would say there's a certain courtesy you give to [other] law enforcement," Ramirez told me. "As a young agent, I didn't really know how to deal with it. I was naive."The trainee took the keys to the Mercury and started back to the station at the Presidio-Ojinaga border. Ramirez followed. In the backseat, the driver sat – quiet, calm, no fuss.The man's name, according to his INS card and DFS badge, was Amado Carrillo Fuentes.The Lord of the Skies Within a decade of that traffic stop, Amado would be the most significant drug trafficker in Mexico. His knack for using airplanes to smuggle huge quantities of drugs earned him the nickname "el señor de los cielos," the Lord of the Skies, and, to this day, he is easily the most prolific and most powerful drug lord the country has ever seen. His would be a household name in Mexico and a curse on the lips of U.S. federal agents tasked with fighting the narcotics trade. Another two decades after that, he would feature prominently as the absurdly white-washed protagonist of the Netflix series Narcos: Mexico. But on the night David Ramirez encountered him on that desolate stretch of Highway 67, Amado was just one trafficker among many. Not a nobody, certainly, but his photo wouldn't yet be on any police bulletin boards, nor his name in any newspapers.Amado was then 28 years old, and for years he had found a comfortable niche for himself in the growing drug empire run by his uncle — a fearsome brute named Ernesto "Don Neto" Fonseca — Miguel Ángel Félix Gallardo, and Rafael Caro Quintero. Like nearly all major drug traffickers of the era — including Joaquín "El Chapo" Guzmán Loera, who was born around the same time as Amado — they all hailed from the northwestern state of Sinaloa. But they ran their operation out of the city of Guadalajara, and became known as the Guadalajara cartel. As the demand for cocaine began to surge in the late 1970s and exploded in the early 1980s, most cocaine headed to the U.S. from Colombia, across the Caribbean, and into Florida. But as the DEA and the Coast Guard cracked down on that route, the Colombians needed a new way of getting drugs north The syndicate that Don Neto, Félix Gallardo, and Caro Quintero operated, which previously focused on heroin and marijuana and was well positioned to offer an alternative route to their new friends in Colombia, was busy forging contacts with Colombian cocaine suppliers. Within a few years, the Mexican traffickers had become an integral link in the chain that saw cocaine travel by air from its roots high in the Andes to labs in the jungles of Colombia to local smugglers in Mexico, and finally to an eager customer base in the United States. Using the staggering infusion of cash that came along with their new specialty in moving cocaine, the Guadalajara network was able to bring most of the major drug traffickers in Mexico under a unified protection racket negotiated by Félix Gallardo and overseen by the DFS and other federal police agencies.Amado, who was quickly gaining a reputation for being cool-headed and having a talent for forging political connections, played a key role in this transformation of the drug game, coordinating cargo planes, loaded down with hundreds — and later thousands — of kilos of coke, to clandestine air strips in northern Mexico.An act of supreme recklessnessEverything changed, however, just a few months before Amado was stopped in southwest Texas. In February 1985, a group of gunmen snatched a young DEA agent named Enrique "Kiki" Camarena off the streets of Guadalajara, tortured and murdered him along with a pilot who'd worked with the DEA, and dumped their bodies on a distant ranch. Amado Carrillo Fuentes (c). Henry Romero/Reuters; Rachel Mendelson/InsiderThe brutal kidnapping, torture, and murder of a U.S. federal agent was an act of supreme recklessness and the consequences were sweeping. By April, Don Neto and Caro Quintero were in prison, Félix Gallardo was in hiding, and the network they had carefully built and paid a fortune to protect was in disarray, cracking under the pressure of a vengeful United States, and the obligatory, if belated, efforts of Mexican cops. (Just this month, on July 15, Caro Quintero was arrested in Mexico in a joint U.S.-Mexican operation. In 2013, while serving a 40-year sentence for the murders, a Mexican court had ordered Caro Quintero released. U.S. officials immediately sought to re-arrest him, adding him to the FBI's Ten Most Wanted Fugitives list, but Caro Quintero went into hiding. During the operation on July 15, 14 marines died when their Black Hawk helicopter crashed outside the city of Los Mochis. A few days after the re-capture of Caro Quintero, in a seemingly unrelated move, Félix Gallardo officially trademarked his own name, apparently for a fashion brand.)Mid-level traffickers who were lucky or savvy enough to escape the dragnet exploited a sudden power vacuum and set up territorial fiefdoms, negotiating new protection pacts with corrupt officials and continuing to traffic all the cocaine, heroin, and marijuana that North Americans could sniff, shoot up?, or smoke.Amado was one of those survivors, but he couldn't stay in Guadalajara. So he headed to Ojinaga, just across the border from Presidio, Texas, where he joined forces with a rough-and-tumble smuggler named Pablo Acosta. The Wild West At the northern extreme of the Chihuahuan Desert and the southwest extreme of Texas, Presidio sits just east of Ojinaga — rather than the proverbial "north of the border," as the Rio Grande runs south there. Located just to the south and east lies Big Bend National Park, and with its canyons, culverts, and deep ravines scored into the earth over millennia, the landscape is such a godsend to smugglers of all kinds that it could almost seem as if it was created for that express purpose.   For as long as the border has divided Presidio and Ojinaga, this remote land has been a causeway for smugglers looking to take advantage of prohibition in the U.S. — first of alcohol, later of marijuana and heroin, and finally cocaine — and of Mexico's booming black market for illegally imported commercial goods that resulted from the country's high tariffs.David Ramirez, a native of of El Paso, arrived in Presidio in 1982, shortly after joining the Border Patrol. He could almost count his fellow agents on two hands, and together they were tasked with patrolling not only the port of entry, with its wooden, two lane bridge crossing the river, but also the vast desert landscape stretching out on either side. (It was still many years before the Border Patrol would morph into the veritable army that polices the border today, with its drones, seismic motion sensors, and agents more numerous than the armies of more than a dozen small nations.) "We often had no radio comms, and all of Big Bend [National Park] to deal with," Ramirez recalled. "It was like the Wild West."Ramirez and his fellow agents may have had the might of the U.S. government at their backs, but down in Presidio, with the drug trade in overdrive, they were tilting at windmills.It wasn't like they could rely much on the Mexican authorities across the border either. The dirty and not so well-kept secret of the drug trade in Mexico is that it is inextricably tied to and controlled by extra-official protection rackets run by corrupt members of the country's business, political, and judicial elite. Just like every other lucrative smuggling corridor along the border, Ojinaga was controlled by a local boss. For much of the 1970s, that person had been Manuel Carrasco; when he eventually ran afoul of too many people he fled town and with time — and after a few shootouts — control passed to an up-and-coming trafficker named Pablo Acosta. 'He's their guy'According to the journalist Terrence Poppa, who chronicled the rise and fall of Acosta in his 1991 book "Drug Lord," Acosta came to power in Ojinaga in the late 1970s or early 1980s, and by 1982 he was either directly involved with, or charging a tax on, all illegal merchandise flowing across the border.Acosta, like Amado, was treated to a sympathetic portrayal in Narcos: Mexico. The actor Gerardo Taraceno plays Acosta up as a sentimental, old-school cowboy — reckless and violent at times, sure, but living by a code of honor and harboring a sentimental streak to boot. This flies in the face of all available evidence. Poppa — and a number of sources I spoke with who either investigated Acosta or did business with him — said that the real-life Acosta was a brutal thug, quick to mete out violence and shocking cruelty against anyone he saw as a threat. He shot men down in the street in broad daylight, subjected people to brutal torture, and was said to have once strapped a rival to the back of his pickup truck and dragged him to his bloody, horrible death. And as the years wore on, Acosta grew ever more erratic, thanks in part to his growing number of enemies and also to his fondness for basuco, a crude cocaine paste that he sprinkled into cigarettes and smoked around the clock.He was, in other words, the polar opposite of Amado. Little is known of Amado and Acosta's working relationship, one the young face of the drug trade to come and the other the proud, battle-scarred avatar of what came before. Amado was there not to do Acosta's bidding but to look after the interests of his uncle's syndicate in Guadalajara, which was increasingly coordinating shipments of cocaine on behalf of the Colombians and moving it through Ojinaga. David Ramirez (r); Rachel Mendelson/InsiderOne player who had the opportunity — or misfortune — to see that dynamic up close was Don Henry Ford, Jr, a former drug trafficker working in the region in the '70s and '80s."Amado Carrillo was never working for Pablo Acosta, not for one fucking day," Ford told me. "He represents the big guys down there, the cartel, he's their guy."When Pablo Acosta was finally gunned down in a raid by Mexican police in the tiny village of his birth in 1987, rumors immediately proliferated that Amado had paid a corrupt police commander $1 million to take him out. Unrepentant cowboyIf Ramirez that night in 1985 saw the amiable, confident face that Amado showed when being detained, Don Henry Ford Jr., two years prior, saw something closer to the real Amado — the careful balance of friendly and ruthless with which Amado gained the trust of business partners and government benefactors, while rooting out potential traitors and rivals.Ford grew up on a Texas ranch a few hundred miles north of the border, but as his family's business started to fail in the late 1970s he began to drift down to Mexico, making trips back and forth across the border in search of easy money and unlimited weed."You may consider one side Mexico and one the U.S., but it ain't either. It's the border," Ford told me recently when I reached him by phone. "People in Presidio and Ojinaga have more in common with each other than with anyone in Washington or Mexico City."By the time I talked to him, Ford had been out of the drug game for decades. The beginning of the end had come in 1986 when he was arrested in Texas but then managed to escape and spend a year or so as an honest-to-god fugitive outlaw, laying low in a tiny communal ejido south of the border, guarding multi-ton shipments of Colombian weed in a cave with just a rifle by his side. In 1987, he was caught while moving about a hundred pounds of weed in southern Texas and ended up serving seven years of a 15-year sentence before being released on good behavior — after which he spent another few years under tight restrictions, pissing in a cup for his parole officer as many as three times a week. As much as he hated giving up those years to prison and parole, Ford knows how lucky he was: less than a year after his second arrest, in 1988, the US eliminated parole for federal offenses and introduced mandatory minimums for large-scale drug trafficking. If he'd been busted any later, he could have spent the rest of his life behind bars, as did many drug traffickers — particularly Black and Brown people — sentenced amid the drastic ramping up of the U.S. war on drugs.He put that life behind him — raised kids, raised cattle, and even put aside some land and a business to pass on to his children. But he still has the spark of an outlaw in his voice. Even his email address, which includes the words "unrepentant cowboy," makes clear that he remains resolutely nonconformist. The south Texas ranch where Ford spends his days is so remote that his cell phone barely gets a signal. When we spoke, his voice crackled out of earshot every time he moved in the wrong direction or when he sat down.Ford had a rather haphazard start as a drug trafficker, running into some greedy cops on his first trip to Mexico who were happy to relieve him of his seed money and send him packing. But before long he found a knack for the business, and developed a lucrative operation trading with a loose network of marijuana growers and wholesalers, trafficking hundreds of thousands, or even millions, of dollars in weed at a time.He did most of his business in the state of Coahuila, east of Acosta's territory in Chihuahua, where he could work without having to deal with Acosta, who he knew by reputation to be a fickle and violent man. Years later, Ford would find that out firsthand, when he was attacked by men he believes to have been working for Acosta, and interrogated at length by a man he believes to be Acosta himself. He believes it to have been Acosta because he was blindfolded, and Ford is not one to say things he's not 100% sure of. (I had to take Ford's word on this incident, as there's no record of it aside from Ford's memory of the experience, and Acosta is not around to confirm it.)But before his near-death encounter with Acosta, it was in Coahuila, in the home of his main connect, a guy named Oscar, that he first met Amado around 1983.Their first meeting was just in passing; Amado was one of several cowboy-looking guys milling about during a visit to the home of his partner, where Ford was visiting on one of his many trips south to score wholesale loads of weed. Amado was dressed, like the rest of the guys, in wide-cut polyester pants and the boots popular with Mexican cowboys with a high, slanted Spanish riding heel."He didn't look like anybody extraordinary at all, he looked like Oscar was giving him some work on the farm," Ford told me. "He wasn't wearing a bunch of gold jewelry and shit that would give away the sense of being wealthy. His boots were worn."For most of his career, Ford had stuck to marijuana. And even in the early years of the cocaine boom he said he could see the effect that the introduction of cocaine was having on the business of smuggling. Guys he had known to be sworn pacifists motivated by peace and love as much as money, began carrying weapons, acting all jittery."All of a sudden it was like Miami Vice," he recalled. But he wasn't so altruistic as to turn down good business, and it soon became clear to him that the real money was in cocaine. He wanted in. So he made some inquiries and was told the person to talk to was Amado — that quiet guy in cowboy boots he'd met once a while back.The meeting happened sometime in 1983, just Ford, his cousin, his partner Oscar, and Amado in a motel room in the city of Torreon, in the southern reaches of Coahuila. It started off well enough — like many meetings between drug traffickers, it was mostly a chance to size each other up. Amado brought with him some of the product he had on hand, and for a few hours, the wirey Texan and the Sinaloan trafficker hung out, drank, sniffed cocaine, and chatted pleasantly. Just as Ramirez would observe later, Ford recalled Amado as a smooth customer, calm and collected but friendly. Even a few drinks and a few lines deep, Amado kept his wits about him."He did a lot more listening than he did talking," Ford said.Ford liked that, and he told Amado that he didn't have any interest in working with a hothead like Acosta."I told him 'If you're like that, I don't wanna do business with you,'" Ford said. "I'm interested in fuckin' moving some drugs and making some money."Ford and Amado didn't make a deal that night, but Ford said they agreed to "something tentative." When it was time for Amado to go, but he left the remaining coke as a gift, more where that came from, and Ford and his cousin set about enjoying it.Rachel Mendelson/InsiderA few hours later, as they were trying to sleep off their coke jitters, there came a series of thunderous knocks on the door, bam-bam-bam, and chaos descended on them. A team of heavily armed men rushed into the hotel room. They wore no uniforms, but they moved with such trained precision that Ford immediately took them for cops of some sort. Over the next few hours, he said, they questioned the pair relentlessly."This motherfucker did this to see if I was a cop," Ford said. "He didn't trust us, and decided he was gonna find out who we were."He never saw Amado again.200 miles from El PasoTwo years or so after Ford met him in Torreon, Amado sat patiently in the Border Patrol station in Presidio with agent David Ramirez. The other driver, the one Amado had slowed down to let escape, had made it to the point of entry. His car was clean and, after showing his ID — along with a DFS badge like Amado's — the agents who spoke to him had nothing to charge him with, and let him cruise back into Mexico. (In an interview, Ramirez told me ruefully that he had written the man's name down in his notebook but later lost it, and the question of the man's identity piques his curiosity to this day.)As for Amado, Ramirez may not have caught him trafficking drugs in flagrante, nor had he proven any collusion with the driver of the pickup truck. But there was the AR-15 he'd found in the trunk. For a nonresident of the United States, it was a serious crime to be in possession of a loaded assault rifle. If charges were brought, it could have earned him a few solid years in a federal prison. No one knew it then, but that could have put a serious crimp in Amado's upward trajectory. But that wasn't the purview of the Border Patrol. If they were going to hold Amado, the Bureau of Alcohol, Tobacco, and Firearms — 200 miles away in El Paso — would have to get involved. If they agreed, someone would have to come in from El Paso, a four-hour drive away, bring Amado back, and then take him to magistrate court in Pecos, another two-hour drive from El PasoRamirez made the call, and waited. In the meantime, in case Amado would be charged, Ramirez fingerprinted the suspect, and took a couple mugshots.By now it was around three in the morning. Amado had been pretty quiet as they drove into Presidio, but sitting in the Border Patrol station, he started to open up a bit more, chatting with Ramirez, even boasting a bit as they made small talk to kill time."The guy, once again, had not a worry in the world," Ramirez said. "Real easy guy, and you know it was strange, he offered a lot of info, like that his uncle was Don Neto and that Caro Quintero was his partner."It might seem strange that an experienced heavy in the drug trade would brag about his connections to a well-known trafficker like Don Neto and the notorious killer of a federal agent like Caro Quintero, but the code of silence only applies to the saps at the bottom of the totem pole, or to the civilians ensnared in the web of violence, corruption, and extortion that funnels money up to the bosses. For the guys making the real money, the relationship with law enforcement is a lot more fluid, with a lot more give and take. Perhaps Amado saw an opportunity to cultivate a contact, pocket a card that he could play at a later date. Or maybe he just knew that no ATF agents were getting their asses out of bed at three in the morning and driving all the way to Presidio and back to book him. Much more likely was that he'd be back in Mexico by sun-up no matter what he said to Ramirez.An hour passed, and then Ramirez got word from the Bureau that they weren't going to bother with this one. Coming all that distance to Presidio, it was too much trouble. So he let Amado go. Ramirez held on to the box of ammo, but Amado drove back into Mexico a free man with the illegal AR-15 in his trunk.'You can't live in what-ifs'Looking back to that night in Presidio in 1985, It's hard to fathom how it was possible that agents of the federal government had one of the top drug traffickers in Mexico in their custody and didn't even know it. But according to Ramirez, that was par for the course back then. "At that time, in that area, there was no intelligence collection. It was very primitive," he said. "We were patrol, we weren't really trained for intelligence gathering. Unfortunately that was the attitude back then."Ramirez doesn't pester himself much wondering how things might have gone if the ATF had bothered to haul Amado in. "He coulda done some time, sure," Ramirez replied when I pushed the point. "But you can't live in what-ifs."After that night in 1985, Ramirez would see Amado from time to time around town on the other side of the border. Ramirez would mostly avert his gaze so as not to make eye contact with the man whose night he'd ruined. He saw him at the border crossing too, and from the way Amado carried himself there, Ramirez said he could tell Amado had pull among Mexican officials."He was a charismatic kinda guy," Ramirez recalled. "He made friends with the inspectors there on the U.S. side, the Customs inspectors and the immigration inspectors, invited them to his ranch and they would go over and come back and tell about the cookouts and the time they had." One of the inspectors even invited Ramirez to the party. Ramirez politely declined.Whatever scrutiny caused him to flee Guadalajara did not appear to have followed Amado to Ojinaga, according to Ramirez. "He wasn't hiding! I mean he was out in the open," Ramirez said with some bemusement.In the years that followed, Amado continued to plot his deliberate, careful rise to power. That evening he spent with Ramirez would go down as his only known brush with US authorities — or at least the only one in which he was a suspected criminal rather than a guy asking Customs inspectors over for lunch. Alongside other major traffickers of his generation, like "El Chapo" in Sinaloa and Sonora and the Arellano-Félix brothers in Tijuana, Amado expertly navigated every power vacuum that presented itself — or triggered power vacuums himself. By the late 1980s Amado had moved his base of operations to Ciudad Juárez, the sprawling metropolis that sits across the river from El Paso, where the multiple ports of entry allow a far greater amount of train, truck, and car traffic — and contraband — than Ojinaga ever could. It was there that Amado truly came into his own, controlling organized crime in the city so tightly that normal, everyday street crime became a rarity, lest criminals incur the wrath of the henchmen tasked with keeping things quiet and orderly. David Ramirez had left Presidio as well, transferring to his hometown of El Paso, where he began doing undercover work investigating trafficking networks alongside Mexican cops. He saw firsthand the control that Amado exercised in the city.He even saw Amado once. Ramirez was in Juárez, eating breakfast with some Mexican colleagues, including a federal police commander, when who walks in but Amado, surrounded by a swarm of burly, heavily armed guards. Amado made a beeline for their table and greeted the commander warmly as Ramirez studied his food and preyed that he wouldn't be recognized. "I thought 'oh shoot, this is the guy I arrested!'" Ramirez recalled. "Everybody says they're looking for him, and he's right there!" Once again, though, Ramirez's hands were tied: no matter how much the U.S. might want its hands on Amado, he was out of reach in Mexico, where his massive web of bribes and political connections made him largely untouchable. Still, even if Ramirez's actions did nothing to stop Amado's rise to power, it wasn't all for naught.The Lord of the Skies is deadOn July 3, 1997, Amado Carrillo Fuentes entered Hospital Ángeles Santa Mónica in the ritzy Mexico City neighborhood of Polanco. Amado had had a rough time of it recently, and it would have shown, his voracious cocaine habit and relentless workload taking their toll on his face and his increasingly heavy frame. The hospital was under heavy security, with an entire wing shut down for the guest of honor's privacy. Reuters; Rachel Mendelson/InsiderAmado was by now the undisputed public face of the drug trade in Mexico, with mansions all over the country and countless men doing his bidding. Being the boss is great for a guy like Amado, but not if everyone knows it. In Juárez he and his henchmen had worked hard to keep his name out of the papers, intimidating and threatening journalists and even discouraging singers from composing narcocorridos, the norteño ballads penned in honor of prominent drug traffickers that form an important role in the folk history of organized crime in Mexico. But when you amass power and wealth like Amado had, you can only remain in the shadows for so long. Things had really taken a turn for Amado that February, when one of his most important guardian angels — General Jesús Héctor Gutierrez Rebollo, Mexico's drug czar  — was arrested and publicly accused of collaboration with Amado. Just a few months earlier, Guttierrez Rebollo had been feted in Washington, described by his American counterpart as "a guy of absolute, unquestioned integrity." So it was with a deeply embarrassed vengeance that the attention of both governments now trained itself on Amado.Amado knew as well as anyone that a drug lord's days are numbered as soon as he becomes a liability to the government. By multiple accounts, Amado started looking for an exit almost immediately. He bought property in Chile, moved money abroad, and was even rumored to have approached contacts in the government to offer a massive bribe in exchange for his freedom to retire in anonymity.On July 3, he checked in under a fake name at the hospital in Polanco to undergo plastic surgery to alter his features. (Or, it was rumored later, for a bit of liposuction. It may have been both.)He was never seen alive again.The next day, July 4, about two miles away from the hospital in the similarly posh Lomas Altas neighborhood, Fourth of July festivities were underway at the fortress-like mansion that was home to the U.S. Ambassador to Mexico. Diplomats and dignitaries, bureaucrats and spooks were spread out across the lawn, mingling with their spouses. Among the revelers were a handful of agents of the Drug Enforcement Administration, who, as Amado might have suspected, had been racing to pin down Amado before he could vanish.Their day off came to a sudden end when one of the DEA agents got a call. According to his source, Amado had succumbed to an overdose on the operating table and the body was headed for burial in his home state of Sinaloa.The call kicked off a furious race by U.S. and Mexican officials alike desperate to confirm the drug lord's death. Rumors were swirling that it was all a lie, that Amado couldn't possibly be dead, and to quiet this talk Mexican officials would a few days later take the extraordinary step of laying out Amado's body — puffy by now; his skin a ghastly grey-green — for a viewing at a government building in Mexico City, inviting journalists to show his corpse to the world.Meanwhile, a young intelligence officer for the DEA named Larry Villalobos was racking his brains to think of a way to confirm that the body was Amado's.Then it hit him: the fingerprints. Villalobos had worked for a while as a fingerprint technician with the FBI before joining the DEA, and, prior to his posting in Mexico City, he had been stationed at the DEA field office in El Paso, where he'd helped build a dossier on Amado. As part of his research, he had learned of Amado's brief detention by Border Patrol agent David Ramirez back in 1985, and he knew Ramirez had taken Amado's mugshot and fingerprints. Villalobos made some calls, and it wasn't long before Ramirez found himself awoken by the ring of his telephone. Amado may not have been worth getting out of bed for when Ramirez called the ATF back in 1985, but he sure was now.."They called me about 3 or 4 o'clock in the morning, wanting to know if I still had his prints," Ramirez recalled rather matter-of-factly. "So I dug 'em up and I sent 'em to him."In Mexico City, Villalobos received a fax of the prints and headed to the morgue to compare them with those belonging to the corpse.They were a match.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 22nd, 2022

Goldman Sachs slows hiring, and resurrects the dreaded performance review as investment bankers brace for layoffs

Today's biggest story on Wall Street looks at Goldman Sachs' plans to slow hiring, reduce compensation, and reintroduce the dreaded performance review, something it sidelined during the earlier stages of the pandemic. Hello there, it's Aaron Weinman in New York. Goldman Sachs warned it will slow its hiring ambitions and bring back dreaded annual performance reviews. The bank put these reviews on hold during the earlier stages of the pandemic, but weaker earnings have forced its hand.Let's look into it.If this was forwarded to you, sign up here. Download Insider's app here.David Solomon, the chief executive of Goldman Sachs, has tasked Salisbury with one of his most prized initiatives: building its asset management business into a juggernaut.Michael Kovac/Getty Images1. Goldman Sachs will reduce the "velocity" of its hiring, and won't fill some roles that are vacated through natural attrition. The bank has also reduced compensation expenses for the first half of this year by $3.5 billion versus the same period in 2021, Chief Financial Officer Denis Coleman told analysts during Goldman's second-quarter earnings call on Monday.Goldman also warned it will reintroduce its annual performance reviews, something it put on hold during the earlier stages of the pandemic. Banks have used such reviews to purge their workforces of under-performing bankers. Historically, Goldman's performance checks have led to the bottom 5% of the staff being laid off.Weak earnings, particularly in firms' investment-banking divisions, have folks braced for job cuts as Wall Street firms come to terms with a volatile market and high inflation. That's contributed to a slump in dealmaking. M&A volumes are down 21% year-over-year, and fees from equity capital markets are down 72%.And it's not just dealmakers that are fearing cuts. College grads are concerned that their full-time offers might dwindle, too.BlackRock also told staffers that it's scaling back hiring plans on the back of economic uncertainty, Insider previously reported.Wall Street firms' adoption of hiring freezes comes just months after many showered bankers with handsome bonuses. Dealmaking soared in the first two years of the pandemic as cheap money and high company valuations prompted firms to tap the capital markets for debt, or to go public via IPO, or through a tie up with a special purpose acquisition vehicle, or SPAC.Today, however, the sharp dip in revenues in investment banking has prompted a sea change across Wall Street.Here's everything we know about banks' belt tightening efforts and how it will impact jobs and pay.In other news:Tesla CEO Elon Musk exits federal court in New York City.Photo by Drew Angerer/Getty Images2. Elon Musk's penchant for not playing by the rules could land him in prison. He could also cop massive fines or lose control of his Tesla stock if he doesn't comply with a court order in Twitter's suit, according to a legal expert.3. Lawyers allege Carvana's founding family used unlawful means to stay in control. The Garcia family controls over 87% of the votes in the online car dealer, but the same lawyers who went after Palantir over its founders' voting power have set their sights on Carvana.4. A bright spot is emerging on Bank of America's trading floor, and it's coming from an unexpected place. BofA's FX and emerging-market trading has enjoyed some wins as strong sales and trading numbers prop up an otherwise weaker earnings season.5. Two ex-quant traders exploited their industry's notorious noncompetes to bootstrap a billion-dollar crypto startup. Tarun Chitra and Rei Chiang ditched quant trading to start Gauntlet, which helps companies manage risks around crypto lending.6. SoftBank has put on hold plans for an IPO of Arm in London due to political uncertainty in the UK, the Financial Times reported. The Japanese investor's decision is another blow to an already wounded equity-capital-markets space, which is navigating a dip in dealmaking and potential job cuts.7. A 38-year-old makes $2,200 in monthly interest investing in peer-to-peer loans. Here's how he set up this easy passive income stream.8. Swiss startup Nevermined raised $3 million in Series A funding after launching in April. The company is focused on opening up access to Web3, and here's the 13-page pitch deck it used to secure the money.9. Russia had ambitions of making Moscow a global finance hub. The annexation of Crimea in 2014, and today's war in Ukraine have crushed that dream.10. Rich residents of Michael Meldman's Silo Ridge Club reckon they're getting fleeced. Dozens of owners of multimillion-dollar homes are suing Amenia, a town in New York, over property taxes.Done deals:Payments company Transact has acquired mobile-ordering company Hangry. Canadian Hangry provides a mobile-ordering platform for schools.Australian bank ANZ agreed to buy local peer Suncorp Bank from its parent Suncorp Group for roughly $3.3 billion.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 19th, 2022

Jan. 6 live: Witness Trump tried to call is a White House support staffer, reports say

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP Rep. Cheney said at Tuesday's Jan 6. hearing that Trump tried to contact a witness. CNN reported that this was a White House staffer who hadn't appeared publicly but is able to corroborate testimony. The Tuesday session focused on Trump's role in galvanizing far-right groups that stormed the Capitol. Jan. 6 panel subpoenas Secret Service for text messages as DHS watchdog accuses agents of deleting them after being askedA US Secret Service agent takes position outside the White House in November 2020.J. Scott Applewhite/AP PhotoThe House committee investigating the Capitol riot has issued a subpoena to the US Secret Service after the Department of Homeland Security inspector general accused the agency of deleting text messages after being asked.Rep. Bennie Thompson, the committee's chairperson, said in a Friday letter to Secret Service director James Murray that the panel was seeking text messages from January 5 and 6, 2021.Thompson mentioned three previous requests for information, sent in January, March, and August of last year, pertaining to all communications between DHS officials and then-President Donald Trump about the Capitol riot.Read Full StoryThe Jan. 6 witness Trump tried to call is a White House support staffer, reports sayThe Jan. 6 committee witness whom former President Donald Trump is alleged to have tried to contact is a White House support staffer, reports say. At Tuesday's hearing, committee member Rep. Liz Cheney claimed that Trump sought to contact a witness who had not appeared publically, in what she characterized as a form of witness tampering. CNN first reported, citing two sources, that Trump made the call to the witness after the June 28 testimony by another witness, the former White House staffer Cassidy Hutchinson.According to the report, the support staffer was in a position to corroborate parts of Hutchinson's testimony, and had been providing evidence to the committee. NBC News later said it had confirmed CNN's reporting. Neither outlet named the person.Read Full StoryWatergate star witness predicts criminal charges after latest Jan. 6 testimony: 'Trump is in trouble'Former White House Counsel John Dean testifying on Capitol Hill on June 10, 2019.SAUL LOEB/AFP via Getty ImagesJohn Dean, a key witness in the Watergate investigation, said that former President Donald Trump and others will likely face legal repercussions from evidence presented at Tuesday's January 6 committee hearing. In an interview with CNN, Dean highlighted testimony by former members of extremist group the Oath Keepers, who were part of the mob that stormed the Capitol.Dean described them as "really classic authoritarian followers, following the leader."He argued that the testimony proves the extent to which the rioters believed they had been sent by Trump, which he said could be used by prosecutors were they to bring charges against the former president.Read Full StoryTrump 'liked the crazies' and wanted Alex Jones and Ali Alexander as Jan. 6 rally speakers despite red flags raised, former spokesperson saysKatrina Pierson, a former campaign spokesperson for Donald Trump and one of the organizers of the January 6 "Stop the Steal" rally, said Trump wanted Alex Jones and Ali Alexander to speak at the event despite the "red flags" they raised.On Tuesday, Rep. Stephanie Murphy, a member of the House select committee investigating the Capitol riot, played a video of Pierson's testimony to the panel in which Pierson commented on Trump's love for "crazies" like Jones and Alexander."Yes, I was talking about President Trump. He loved people who viciously defended him in public," Pierson said in her deposition.Read Full StoryPhoto shows Mark Meadows escorting Rudy Giuliani from the White House following 'UNHINGED' West Wing meeting about 2020 election resultsA photo that Cassidy Hutchinson took of Mark Meadows leading Rudy Giuliani away from the Oval Office.Courtesy of CSPANFormer Trump White House chief of staff Mark Meadows had to escort former Trump lawyer Rudy Giuliani from the Oval Office following a chaotic, late-night December 2020 West Wing meeting about the election results, according to new January 6 testimony.Cassidy Hutchinson, the former Trump White House aide whose explosive testimony stunned Washington last month, shared with the House Select Committee investigating the Capitol riot a photo she took of Meadows leading  Giuliani away from the Oval Office following the turbulent gathering, which was the site of a face-off between Trump's legal allies and White House lawyers over efforts to promote the then-president's baseless claims of election fraud, according to testimony.The January 6 panel shared the photo alongside real-time text messages Hutchinson was sending from the meeting during its seventh live hearing on Tuesday. READ FULL STORYFormer Twitter employee feared people were going to die on January 6A former Twitter employee told the House committee investigating the attack on the US Capitol that activity on the platform raised concerns that there would be deadly violence in Washington on January 6.The former employee, whose voice was obscured in a recording played during Tuesday's hearing, testified about trying and failing to get the company to intervene as former President Donald Trump's extremist supporters used the platform to repeat his statements about the upcoming protests to the 2020 election results.On the night of January 5, the employee testified about slacking a colleague, a message to the effect of, "When people are shooting each other tomorrow, I will try and rest in the knowledge that we tried."The former employee was on a team responsible for platform and content moderation policies during 2020 and 2021.READ FULL STORYOath Keepers attorney used the 'Queer Eye' loft kitchen from Season 3 as her video background before the January 6 committeeOath Keepers attorney Kellye SoRelle.C-SPANTestifying remotely before the House Select Committee investigating the January 6 insurrection, the Oath Keepers' attorney and acting president used a green screen background from the Netflix show "Queer Eye."Erin Ryan, host of Crooked Media's "Hysteria" podcast, tweeted out a screenshot of the remote deposition from Oath Keepers acting president Kellye SoRelle alongside an image from the third season of the streaming series, which Ryan said she found from a reverse Google image search.READ FULL STORYRep. Liz Cheney ends hearing with bombshell: Donald Trump called a witness in the House January 6 investigationFormer President Donald Trump called a witness in the congressional inquiry into the January 6, 2021 attack on the Capitol, Rep. Liz Cheney said Tuesday, prompting House investigators to notify the Justice Department. "After our last hearing, President Trump tried to call a witness in our investigation. A witness you have not yet seen in these hearings. That person declined to answer or respond to President Trump's call and, instead, alerted their lawyer to the call," said Cheney, a Wyoming Republican, in a bombshell revelation that concluded the House January 6 committee's seventh public hearing."Their lawyer alerted us, and this committee has supplied that information to the Department of Justice," she added. "Let me say one more time: We will take any effort to influence witness testimony very seriously."READ FULL STORYThe January 6 investigators obtained a video of Roger Stone reciting the Proud Boys' 'Fraternity Creed,' the first step for initiation to the extremist groupAn image of Roger Stone is shown on a screen as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.Doug Mills/Pool via APNew details emerged at Tuesday's January 6 committee hearing on the close ties between Roger Stone and extremist groups, including that the longtime Donald Trump confidante was recorded reciting the Proud Boys' so-called "Fraternity Creed." Rep. Jamie Raskin, who co-chaired the public hearing, described reciting the creed as "the first level of initiation" into the far-right group, five members of which are scheduled to be tried on seditious conspiracy charges in December.  "Stone's ties to the Proud Boys go back many years," Raskin said. "He's even taken their so-called "Fraternity Creed," required for the first level of initiation to the group."Video then played showing Stone in a crowded outdoor setting, saying, "Hi, I'm Roger Stone. I'm a Western chauvinist, and I refuse to apologize for the creation of the modern world." READ FULL STORYTrump planned to call on his supporters to march to the Capitol on January 6, according to a draft tweetThe House committee investigating the Capitol riot on Tuesday revealed a draft tweet in which President Donald Trump called on his supporters to go to the US Capitol after his speech on January 6, 2021."I will be making a Big Speech at 10AM on January 6th at the Ellipse (South of the White House). Please arrive early, massive crowds expected. March to the Capitol after. Stop the Steal!!" Trump wrote in the draft tweet, which is undated.Trump never sent the tweet, but its existence, along with other messages exchanged between rally organizers, offer proof that the march to the Capitol was premeditated, the January 6 committee said.Democratic Rep. Stephanie Murphy of Florida presented the evidence during Tuesday's hearing, and said: "The evidence confirms that this was not a spontaneous call to action, but rather it was a deliberate strategy decided upon in advance by the president."READ FULL STORYTrump's ex-campaign manger Brad Parscale said in private texts that Trump is to blame for Capitol rioter's deathIn a series of texts revealed at the 7th hearing of the House select committee investigating the January 6 insurrection, President Donald Trump's former campaign manger Brad Parscale suggested in a message to former Trump campaign spokeswoman Katrina Pierson that Trump's words led to the death of a capitol rioter.Messages show Pierson tried to push back, writing that "it wasn't the rhetoric.""Katrina," Parscale wrote back. "Yes it was."Read Full StoryPat Cipollone suggested Pence should get the Presidential Medal of Freedom for refusing to block the Electoral Collage count certificationA video of Pat Cipollone, former White House counsel, is shown as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.Doug Mills/Pool via AP"I think the vice president did the right thing, I think he did the courageous thing," Cipollone said in testimony revealed at the House January 6 committee's seventh public hearing on Tuesday. "I have a great deal of respect for Vice President Pence."Cipollone added that he didn't think Pence had any "legal authority" to do anything other than refuse to give into President Donald Trump's pressure campaign and interfere with the Electoral College certification on January 6, 2021.Read Full Story  11 House Republicans met with Trump to strategize overturning the election results on January 6, and 5 of them later asked for pardonsAccording to Democratic Rep. Stephanie Murphy of Florida, a member of the January 6 committee, several Republicans met at the White House on December 21, 2020, as part of an effort to "disseminate his false claims and to encourage members of the public to fight the outcome on January 6."Vice President Mike Pence, White House Chief of Staff Mark Meadows, and Rudy Giuliani were all at the meeting, along with President Donald Trump.According to White House visitor logs, Rep. Brian Babin of Texas, Rep. Andy Biggs of Arizona, Rep. Matt Gaetz of Florida, Rep. Louie Gohmert of Texas, Rep. Paul Gosar of Florida, Rep. Andy Harris of Maryland, Rep. Jody Hice of Georgia, Rep. Jim Jordan of Ohio, Rep. Scott Perry of Pennsylvania, and Rep-elect Marjorie Taylor Greene of Georgia all attended the meeting.Read Full StoryFormer Twitter employee tells January 6 committee that Trump received special treatment from TwitterAn evidence tweet is shown on a screen during a full committee hearing on "the January 6th Investigation," on Capitol Hill on July 12, 2022, in Washington, DC. - The House committee probing the 2021 assault on the US Capitol is examining connections between associates of former US President Donald Trump and far right-wing extremist groups at its seventh hearing on Tuesday.SAUL LOEB/AFP via Getty Images"I believe that Twitter relished in the knowledge that they were also the favorite and most used service of the former president and enjoyed having that sort of power within the social media ecosystem," the former Twitter employee told investigators in testimony aired in Tuesday's hearing of the congressional committee investigating January 6.The employee, whose identity was kept secret, was introduced by Rep. Jamie Raskin as having worked on Twitter's content moderation team from 2020 to 2021.Read Full StoryCassidy Hutchinson texted a fellow White House aide 'the west wing is UNHINGED' as Oval Office meeting almost devolved into a brawlCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, testifies during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building on June 28, 2022 in Washington, DC.Andrew Harnik-Pool/Getty ImagesAccording to messages released by the House January 6 committee, Hutchinson texted the message to another top aide, Anthony Ornato.It was sent amid the scene of a December 2020 Oval Office meeting as Trump attorney Sidney Powell and White House lawyers clashed over efforts to push Trump's debunked election fraud claims. Read Full Story Former White House counsel Pat Cipollone 'set a new land speed record' trying to break up a meeting between Trump, Michael Flynn, and Overstock's CEO, Sidney Powell saidDemocratic Rep. Jamie Raskin of Maryland, one of the committee members leading Tuesday's January 6 hearing, said former President Donald Trump, election lawyer Sidney Powell, former National Security Advisor Michael Flynn, and Patrick Byrne, the CEO of Overstock.com, had met to discuss an ongoing effort to reverse the results of the 2020 election.Powell told investigators in previously recorded testimony, however, that the group had "probably no more than 10 or 15 minutes" with Trump before Pat Cipollone, then the White House Counsel, intercepted the meeting."I bet Pat Cipollone set a new land speed record," Powell quipped.Rep. Jamie Raskin says the 'oldest domestic enemy' of US democracy' is 'whipping up mob violence to destroy fair elections'Vice Chair Liz Cheney, R-Wyo., left, listens as Rep. Jamie Raskin, D-Md., speaks as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.AP Photo/J. Scott Applewhite"The problem of politicians whipping up mob violence to destroy fair elections is the oldest domestic enemy of constitutional democracy in America," Raskin said in his opening statement during Tuesday's January 6 hearing.He mentioned a time during Abraham Lincoln's presidency, when an 1837 racist mob in Alton, Illinois, during which rioters broke into an abolitionist newspaper's office and murdered the paper's editor, Elijah Lovejoy."If racist mobs are encouraged by politicians to rampage and terrorize, Lincoln said, they will violate the rights of other citizens and quickly destroy the bonds of social trust necessary for democracy to work," Raskin said.Read Full StoryConvicted Capitol rioter testifying in front of the committee warned that a 'Civil War will ensue' if Trump got robbed in 2020Stephen Ayres, who pleaded guilty last month to disorderly conduct in connection to the January 6, 2021, Capitol riot, is set to testify in from to the House committee investigating the January 6 attack.His testimony is expected to underscore how Trump summoned supporters to Washington DC on the day Congress was scheduled to certify the results of the 2020 presidential election.On December 26, 2020, Ayres posted to Twitter: "If the [deep state] robs president Trump!!! Civil War will ensue!" It was posted days after Trump called for a "big protest" in his own tweet.Read Full StoryEx-White House counsel Pat Cipollone was against Trump naming Sidney Powell special counselA video of former White House counsel Pat Cipollone is shown as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.AP Photo/J. Scott ApplewhiteIn previously unseen footage from his deposition to the House Select Committee last Friday, Cipollone spoke about Powell being Trump's pick to be special counsel for the Department of Justice to investigate repeatedly disproven wide spread voter fraud in the 2020 presidential election."I was vehemently opposed," Cipollone said when asked about Powell being made special counsel. "I didn't think she should've been appointed to anything."Read Full StoryRep. Jamie Raskin says Trump 'electrified and galvanized' his extremist supporters with a tweet calling for a 'big protest'Jamie Raskin listens as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Tuesday, July 12, 2022.AP Photo/J. Scott ApplewhiteRaskin, a Maryland Democrat, referenced a December 19, 2020, tweet from Trump during the House's January 6 committee hearing on Tuesday."Big protest in D.C. on January 6th," Trump's tweet said. "Be there, will be wild!" Raskin said that Trump's tweet spurred on "the dangerous extremists in the Oathkeepers, the Proud Boys and other racist and white nationalist groups spoiling for a fight against the government.""Here were thousands of enraged Trump followers, thoroughly convinced by the Big Lie who traveled from across the country to join Trump's wild rally to 'stop the steal,'" he added. "With the proper incitement by political leaders, and the proper instigation from the extremists, many members of this crowd could be led to storm the Capitol, confront the vice president in Congress and try to overturn the 2020 election results."Read Full Story  Ivanka Trump told the House January 6 committee that she believed her father lost re-election 'probably prior' to a formal Electoral Collage vote in December 2020Ivanka Trump.Drew Angerer/Getty ImagesIvanka Trump told the House January 6 committee that she believed her father lost the 2020 presidential election likely before a formal Electoral College vote on December 14, 2020."Was that an important day for you? Did that affect your planning or your realization as to whether or not there was going to be an end to this administration?" an attorney for the committee asked Ivanka Trump in video taped testimony."I think it was my sentiment, probably prior as well," Ivanka Trump said in response.Read Full StoryPat Cipollone's testimony 'met our expectations," Cheney saysFormer White House Counsel Pat Cipollone.Jabin Botsford/The Washington Post via Getty ImagesJanuary 6 committee vice chair and Republican Rep. Liz Cheney said former White House Counsel Pat Cipollone testified before the panel — and that his testimony "met our expectations."The House committee then aired several clips of Cipollone's sworn testimony at the start of their seventh hearing on Tuesday.Cipollone told the January 6 committee that he agreed Trump should concede the 2020 election and that he lost to Democratic nominee Joe Biden fair and square.  Read Full StoryCheney: Trump is 'not an impressionable child'GOP Rep. Liz CheneyAP Photo/ Andrew Harnik)GOP Rep. Liz Cheney pushed back on excuses for former President Donald Trump's actions during the Capitol riot, saying he was not simply misled about his election lies but knew they were false."President Trump is a 76-year-old man," Cheney said as the January 6 committee began its hearing on Tuesday. "He is not an impressionable child. Just like everyone else in our country, he is responsible for his own actions and his own choices."Cheney said evidence shows Trump was warned "over and over" that there was no sign of widespread election fraud."No rational or sane man in his position could disregard that information and reach the opposite conclusion," she said, "and Donald Trump cannot escape responsibility by being willfully blind."Read Full StoryJan. 6 committee's next hearing expected to link Trump even more closely to the Capitol attackLawmakers on the House January 6 committee will air the inquiry's findings during a public hearing Thursday.Kent Nishimura / Los Angeles Times via Getty ImagesFrom its very first hearing, the House committee investigating the January 6, 2021, attack on the Capitol made a point of connecting former President Donald Trump to the violence of that day.A month later, the House panel is poised to delve even deeper. At its next public hearing, set for 1 p.m. ET Tuesday, the committee is expected to focus on how the violent pro-Trump mob coalesced on January 6 and the involvement of far-right groups, including the Proud Boys and the Oath Keepers.Committee aides said Monday during a background call with reporters that the panel's seventh hearing would underscore how a single tweet from Trump mobilized his supporters, proving a "pivotal moment that spurred a chain of events, including pre-planning by Proud Boys.""Big protest in D.C. on January 6th," Trump tweeted on December 19, 2020. "Be there, will be wild!"READ FULL STORYCassidy Hutchinson's testimony jolted the DOJ into focusing on Trump in its Jan 6 investigation, report saysCassidy Hutchinson testifying before the Jan. 6 committee on June 28, 2022.Jacquelyn Martin/AP PhotoTestimony by Jan. 6 witness Cassidy Hutchinson sparked debate among top Justice Department officials about Donald Trump's potential criminal culpability for the Capitol riot, The New York Times reported. The June 28 testimony by the former White House aide prompted officials to discuss Trump's actions on January 6, 2021, and questions about potential legal ramifications for the former president, sources told The Times. Present at some of the discussions were Attorney General Merrick Garland, and Deputy Attorney General Lisa Monaco, the report said. Read Full StoryCassidy Hutchinson and Rep. Liz Cheney have forged an 'unlikely bond' amid January 6 testimony process, per reportCassidy Hutchinson, the former Trump White House aide whose explosive January 6 testimony stunned Washington last month, has found a friend and ally in Rep. Liz Cheney, the Wyoming Republican who has been ostracized from the GOP for criticizing the former president and serving as vice-chair on the House Select Committee investigating the January 6 Capitol riot, according to The New York Times.The two Republican women — both on the outs with the party's overwhelming Trump faction — have developed an unlikely bond in recent weeks as the January 6 panel riot zeroes in on increasingly damning testimony against former President Donald Trump.The congresswomen admires Hutchinson's dedication to country over personal power, according to The Times. "I have been incredibly moved by young women that I have met and that have come forward to testify in the Jan. 6 committee," Cheney said in a recent speech at the Reagan Library.Read Full Story A bad day for Steve BannonSteve Bannon asked to delay his mid-July trial by at least three months.Kevin Dietsch/Getty ImagesMonday was not a good day in court for Steve Bannon.The former Trump aide lost on several key pre-trial motions ahead of his upcoming July 18 federal trial on contempt of Congress charges.U.S. District Court Judge Carl Nichols, a Trump appointee, ruled from the bench that Bannon's defense attorneys couldn't use several of their planned arguments. Nichols also denied Bannon's bid to have the trial date delayed.Insider's Ryan Barber was at the courthouse in Washington, DC, and has more in his dispatch linked below. Read Full Story'That mob on the Mall'An Oath Keeper from Idaho in Bozeman, Montana.William Campbell/Corbis via Getty ImagesWe've got a handy preview for you on Tuesday's next big House January 6 hearing, which will focus on the right-wing extremist groups that in the words of Rep. Adam Schiff helped lead "that mob on the Mall." Laura Italiano breaks down the five potential bombshells she'll be looking out for when the panel convenes at 1 pm. Check out what those are here:Read Full Story The most shocking revelations from the January 6 committee's first hearings on the Capitol attackCassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoThe next January 6 committee hearing is scheduled for July 12, at 10 a.m. ET.Catch up on the biggest revelations from the public hearings thus far.Read Full StoryTeasing new witnesses, Rep. Adam Kinzinger says of Trump and his allies: 'They're all scared. They should be.'Rep. Adam Kinzinger (R-IL).Andrew Harnik-Pool/Getty ImagesIn a series of Sunday tweets, Rep. Adam Kinzinger said Donald Trump and his allies, including House Minority Leader Kevin McCarthy, are "scared" following last week's testimony by Cassidy Hutchinson before the Jan. 6 select committee. "This BIPARTISAN committee has been able to find out things that up until recently were denied by the Jan 6th truthers, so they are left with trying to discredit a young woman with more courage than they could muster in a lifetime. Except… that isn't working," Kinzinger tweeted."Cassidy doesn't seek the limelight, but she is compelled with honor. She didn't even have to swear an oath to the constitution like Kevin, Elise, Kristi Noem and others did. But she volunteered to come under oath to tell what she knows. She is a better person than them all. "Read Full StoryLiz Cheney says the January 6 panel won't 'stand by' and let 'men who are claiming executive privilege' attack Cassidy Hutchinson's characterCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, arrives to testify during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building in Washington, DC, on June 28, 2022.Anna Moneymaker/Getty ImagesRep. Liz Cheney in an interview that aired on Sunday reaffirmed her confidence in former Trump White House aide Cassidy Hutchinson's testimony and said that the House panel investigating the January 6, 2021, riot at the Capitol wouldn't sit by idly and let her endure anonymous attacks.While sitting down with ABC News chief Washington correspondent Jonathan Karl at the Ronald Reagan Presidential Library in Simi Valley, Calif., the Wyoming Republican expressed confidence in Hutchinson and the credibility of future hearings."What Cassidy Hutchinson did was an unbelievable example of bravery and of courage and patriotism in the face of real pressure," she said."The Committee is not going to stand by and watch her character be assassinated by anonymous sources and by men who are claiming executive privilege. And so we look forward very much to additional testimony under oath on a whole range of issues," she added.Read Full StoryKinzinger says new witnesses have been coming forward to the Jan. 6 committee since Cassidy Hutchinson's 'inspiring' testimonyRep. Adam Kinzinger of Illinois.Chip Somodevilla/Getty ImagesRep. Adam Kinzinger says that more witnesses have come forward since Cassidy Hutchinson's blockbuster testimony during the Jan 6. hearings last week.  "She's been inspiring for a lot of people," Kinzinger said Sunday on CNN's  "State of the Union." "Every day, we get new people that come forward and say, 'hey, I didn't think maybe this piece of the story that I knew was important, but now that you guys are talking' — I do see this plays in here."Hutchinson, an ex-aide to White House chief of staff Mark Meadows, revealed in front of the Jan. 6 committee shocking details of former president Donald Trump's behavior on the day of the Capitol attack, including that he attempted to grab the steering wheel of his SUV and lunged at one of his Secret Service agents, as Insider's Grace Panetta previously reported. "I mean, look, she is going to go down in history," Kinzinger said, referring to the 25-year-old. "People can forget the names of every one of us on the committee. They will not forget her name. And, by the way, she doesn't want that. She doesn't want to be out in the public spotlight."Read Full StoryLiz Cheney says the Jan. 6 committee could potentially make multiple criminal referrals, including one against TrumpU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesRep. Liz Cheney in an interview broadcast on Sunday said that the House committee investigating the January 6, 2021, riot at the Capitol could potentially make multiple criminal referrals, including one against former President Donald Trump.During an interview on ABC's "This Week," Cheney — who serves as the vice-chair of the panel — was asked by correspondent Jonathan Karl if the work conducted by its members has shown that Trump's conduct warrants prosecution."Ultimately, the Justice Department will decide that," the Wyoming Republican said. "I think we may well as a committee have a view on that."She continued: "If you just think about it from the perspective of what kind of man knows that a mob is armed and sends the mob to attack the Capitol and further incites that mob when his own vice president is under threat — when the Congress is under threat? It's just very chilling. And I think certainly we will continue to present to the American people what we've found."Read Full StoryDOJ wants a DC judge to reject Steve Bannon's request to delay his contempt-of-Congress trial over January 6 hearings' publicity, saying that he has 'barely been mentioned'Steve Bannon argued in April that his criminal prosecution should be dismissed.Tom Williams/CQ-Roll Call, Inc via Getty ImagesThe Department of Justice asked a DC judge on Friday to reject Trump ally Steve Bannon's request to delay his contempt-of-Congress trial, arguing that the January 6 hearings have not revolved around him to the point of distraction.On Wednesday, Bannon's lawyers asked a DC judge to delay his July 18 trial, citing a "media blitz" from the public January 6 committee hearings and saying the request was "due to the unprecedented level of prejudicial pretrial publicity."DOJ lawyers said that Bannon is not as popular as he thinks he is."The Defendant's motion gives the false impression — through general statistics about the volume of viewership of the Committee's hearings and overall media coverage of the Committee's hearings — that all of the Committee's hearings and the attendant media coverage is about him," DOJ lawyers wrote in a filing on Friday. "The truth is just the opposite — the Defendant has barely been mentioned in the Committee's hearings or the resulting media coverage of them."Read More2 Secret Service sources told CNN that Trump angrily demanded to be taken to the Capitol on January 6, partly confirming Cassidy Hutchinson's explosive testimonyFormer President Donald Trump.SAUL LOEB/AFP via Getty ImagesTwo Secret Service sources told CNN on Friday that they heard about former President Donald Trump lunging at the driver of his presidential SUV on January 6, 2021.The pair of sources, who spoke under the condition of anonymity, backed up much of former Trump aide Cassidy Hutchinson's explosive testimony on the altercation in the motorcade vehicle known as "the Beast" after Trump found out he wouldn't be driven to join his supporters at the Capitol."He had sort of lunged forward – it was unclear from the conversations I had that he actually made physical contact, but he might have. I don't know," one of the Secret Service sources told CNN. "Nobody said Trump assaulted him; they said he tried to lunge over the seat – for what reason, nobody had any idea."Read Full StoryMichael Cohen says Trump uses a 'mob boss' playbookMichael Cohen, Donald Trump's former personal attorney, compared the former president to a "mob boss" amid allegations that Trump allies sought to intimidate Jan. 6 witnesses."Donald Trump never changes his playbook," Cohen told The Washington Post. "He behaves like a mob boss, and these messages are fashioned in that style. Giving an order without giving the order. No fingerprints attached."Read Full StoryTrump allies paid legal fees for multiple Jan. 6 witnesses, including Cassidy Hutchinson, sparking witness-influencing concerns, report saysCassidy Hutchinson, a former top aide to Trump White House Chief of Staff Mark Meadows, testifies before the January 6 committee in Washington, DC, on June 28, 2022.Brandon Bell/Getty ImagesFormer President Donald Trump's allies and supporters paid the legal fees for multiple people who had provided testimony to the January 6 committee, including the former White House aide Cassidy Hutchinson, The New York Times reported.Hutchinson eventually fired the lawyer who was paid for a pro-Trump group, and went on to provide damning testimony about Trump, the report said. Two sources familiar with the committee told The Times that they believe Hutchinson's decision to part ways with the lawyer — who had been recommended by Trump allies and paid for by a pro-Trump PAC — likely played a role in her decision to provide new evidence. There are no laws against a third party paying for a witness' legal representation in a congressional inquiry, but the situation may raise some ethical concerns, according to the report.Read Full StoryFormer Secret Service agent said he, too, would have defied Trump's request to be taken to the Capitol on January 6Former President Donald Trump and former Vice President Mike Pence.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesFormer Secret Service agent Jonathan Wackrow said in an op-ed that he also would not have taken then-President Donald Trump to the Capitol on January 6, 2021.In an op-ed published by Newsweek, Wackrow said he was shocked by Cassidy Hutchinson's testimony to the January committee regarding Trump's actions on the day of the Capitol riot. Hutchinson, a former aide in the Trump White House, claimed that Trump had gotten into a physical altercation with the head of his security detail while demanding to be brought to the Capitol."If I had been working on Trump's security detail on January 6, I would have made the same decision as Secret Service Special Agent in Charge Robert Engel to not go to the Capitol based on the known escalating threats," Wackrow wrote.He added, however, that he believed Trump still respects the Secret Service because he probably has seen "first-hand what they're willing to do to protect him and his family." Read Full StoryGOP Rep. Adam Kinzinger says Cassidy Hutchinson is a 'hero' and has 'more courage than most' Republicans after January 6 testimonyCassidy Hutchinson testifies during the sixth hearing by the House Select Committee on the January 6th insurrection.Andrew Harnik-Pool/Getty ImagesGOP Rep. Adam Kinzinger of Illinois on Thursday applauded Cassidy Hutchinson for her testimony to the January 6 committee, saying the former top aide to White House chief of staff Mark Meadows has "more courage" than most of his Republican colleagues. "Cassidy Hutchinson is a hero and a real patriot (not a faux 'patriot' that hates America so much they would attempt a coup.)," Kinzinger, one of two Republicans on the House committee investigating the January 6 insurrection, said in a tweet."Of course they will try to bully and intimidate her. But she isn't intimidated. More courage than most in GOP," Kinzinger added of Hutchinson.Read Full StoryGOP Sen. Pat Toomey says Trump's chances of winning the party's 2024 presidential nomination are 'much more tenuous' following the January 6 committee's hearingsRepublican Sen. Pat Toomey of Pennsylvania at the White House with Trump in February 2018.AP Photo/Evan VucciRepublican Sen. Pat Toomey of Pennsylvania suggested Thursday that public hearings from the House select committee investigating January 6, 2021, had damaged former President Donald Trump politically, even among Republicans.At the end of a wide-ranging interview with Bloomberg that focused on the Supreme Court's recent ruling on the Environmental Protection Agency and the Federal Reserve's approach to tackling inflation, the retiring lawmaker was asked whether he believed the hearings would preclude Trump from seeking a second term as president in 2024."I don't know that it means that. I mean he gets to decide whether he's going to run," said Toomey, who was one of seven Republican senators who voted to convict Trump on a charge of incitement of an insurrection after the Capitol riot."Look, I think he disqualified himself from serving in public office by virtue of his post-election behavior, especially leading right up to January 6," Toomey said. "I think the revelations from this committee make his path to even the Republican nomination much more tenuous."Read Full StoryCheney 'absolutely confident' that former White House aide's explosive testimony is credibleRepublican Rep. Liz Cheney of Wyoming, vice-chair of the select committee investigating the January 6 attack on the Capitol, speaks during a business meeting on Capitol Hill on December 13, 2021 in Washington, DC.Anna Moneymaker/Getty ImagesRepublican Rep. Liz Cheney, who serves as vice-chair of the House's January 6 committee, said she is "absolutely confident" that a former White House aide's damning testimony is accurate."I am absolutely confident in her credibility. I'm confident in her testimony," Cheney told ABC News's Jonathan Karl about the allegations made by top Trump White House aide Cassidy Hutchinson this week.Cheney said that Hutchinson showed "an unbelievable example of bravery and of courage" by testifying.Read MoreBannon wants his contempt trial to be delayed because of Jan. 6 hearingsSteve Bannon outside of the E. Barrett Prettyman U.S. Courthouse on June 15, 2022 in Washington, DC.Kevin Dietsch/Getty ImagesTrump ally Steve Bannon has asked for his contempt-of-Congress trial to be delayed because the hearings on the Capitol riot are getting so much publicity.A federal grand jury indicted Bannon in November 2021 on two counts of contempt of Congress after he refused to comply with a subpoena from the House committee investigating the Capitol riot.In a Wednesday court filing, Bannon's lawyers argued that the coverage of the committee's hearings would make his trial unfair.Read More January 6 panel subpoenas former White House counsel Pat CipolloneFormer White House Counsel Pat Cipollone said he would testify about Jeffrey Clark, a DOJ official who outlined ways for Trump to challenge the 2020 election.Alex Wong/Getty ImagesThe House's panel investigating the Capitol riot on January 6, 2021, has subpoenaed former White House counsel Pat Cipollone.The demand for Cipollone to appear before the committee comes after explosive testimony from a former top White House aide in the Trump administration, who described Trump and his inner circle's actions before and during the insurrection.Read Full StoryFormer Secret Service agent says Trump's 'girth' would have made it impossible to attack driverOutgoing US President Donald Trump waves as he boards Marine One at the White House in Washington, DC, on January 20, 2021.MANDEL NGAN/AFP via Getty ImagesA former White House aide testified that former President Donald Trump grabbed the steering wheel of his SUV and lunged at a Secret Service agent on January 6, 2021, after they refused to take him to the Capitol building.But former Secret Service agents told Insider they have doubts about the story."Trump's not a little guy, right? And the space to actually be able to lunge towards the wheel is not that big," one former agent said, speaking on background to Insider.  "I don't mean to sound disparaging to the former president, but just his girth would prevent him from actually getting to the steering wheel."Keep ReadingHouse Republican who led rioter on tour before insurrection could oversee Capitol policeRep. Barry LoudermilkBill Clark/CQ-Roll Call via Getty ImagesRepublican Rep. Barry Loudermilk — who led a Capitol rioter on a tour of the building the day before the insurrection — could end up overseeing Capitol police.If Republicans regain control of the House, Loudermilk would be next in line to lead the committee that has oversight over the police force attacked by Trump supporters on January 6, 2021.Loudermilk has faced backlash from Democrats after video showed him taking a group on a tour of the Capitol building, showing them hallways, security areas, and stairwells. The next day, members of the tour flaunted a sharpened flagpole bearing the American flag as they marched near the Capitol.It remains unclear whether the group entered the Capitol building itself during the riot.Read Full Story Former Jan. 6 committee investigator announces run for SenateSenior investigative counsel John Wood questions witnesses during the third public hearing of the January 6 committee on June 16, 2022.Anna Moneymaker/Getty ImagesJanuary 6 committee investigator John Wood is launching an independent Senate campaign in Missouri in an effort to stop GOP nominee Eric Greitens.Wood told the St. Louis Post-Dispatch that he believes Greitens — the former Missouri governor — is likely to win the Republican nomination, and that voters deserved an alternative.Wood, a Republican, said he will run as an independent.Read MoreTrump ally says Hutchinson's testimony was a 'campaign commercial' for Ron DeSantis in 2024Florida Gov. Ron DeSantisPhelan M. Ebenhack/AP PhotoExplosive testimony by a former Trump White House aide could be a boost to Florida Gov. Ron DeSantis to replace Trump on the presidential ticket in 2024, CNN reported.One Trump adviser said the hearings — which painted as Trump as violent and volatile — were "basically a campaign commercial" for DeSantis. Another told CNN that "no one is taking this lightly."DeSantis has flirted with larger political ambitions and is a rising Republican star who would be poised to fill the leadership vacuum if Trump is forced aside.Read Full StorySecret Service agents willing to dispute Hutchinson's claims about Trump's outburst, reports sayFormer President Donald TrumpSAUL LOEB/AFP via Getty ImagesSecret Service agents are willing to testify before the January 6 House panel to refute former White House aide Cassidy Hutchinson's claim that Trump tried to grab the steering wheel when he demanded to be taken to the Capitol on the day of the insurrection, according to multiple reports.The driver of the car and the head of Trump's security are ready to testify under oath that the former President never lunged for the wheel or physically assaulted the driver, according to CBS News.Read More Hutchinson's testimony could lead to legal trouble for Trump: reportCassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoFormer aides to Donald Trump worry the explosive testimony by a former White House aide could put Trump in legal jeopardy, according to the New York Times."This hearing definitely gave investigators a lot to chew on," former Attorney General Bill Barr told the Times after testimony from top White House aide Cassidy Hutchinson detailed Trump's behavior on the day of the Capitol riot.Hutchinson's testimony painted Trump as a volatile man who knew his supporters were armed on January 6, 2021. Trump also demanded to be taken to the Capitol building, but his security staff refused, Hutchinson said.Mick Mulvaney, who was once Trump's White House Chief of Staff, said evidence of possible witness tampering could open his orbit up to charges.Keep Reading  Former Trump press secretary shares text that appears to show Melania Trump to condemn Capitol riot violenceMelania Trump speaks at the White House on October 09, 2019Chip Somodevilla/Getty ImagesFormer Trump Press Secretary Stephanie Grisham shared a text exchange on Tuesday that purportedly showed former First Lady Melania Trump refusing to condemn the violence during the Capitol riot. The apparent screengrab of a text exchange was between Grisham and a person named "MT." "Do you want to tweet that peaceful protests are the right of every American, but there is no place for lawlessness & violence?" read the message. "No," the person replied.Representatives for Melania Trump at Trump's post-presidential press office did not respond to a request for comment from Insider.Read Full StoryJohn Eastman drops lawsuit blocking his phone records from January 6 committeeJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APIn a late Tuesday filing, John Eastman dropped a lawsuit he'd filed to prevent the Jan. 6 committee from accessing his phone records."Plaintiff brought this lawsuit primarily to protect the content of his communications, many of which are privileged," the latest filing read. "The Congressional Defendants represented in their motion to dismiss that they were not seeking the content of any of Plaintiff's communications via the subpoena they had issued to Defendant Verizon."The former Trump lawyer's phone was seized by federal agents on June 22, according to a separate suit he filed on Monday, seeking the return of his property. Of interest to investigators are call logs from Eastman's personal device, and the search warrant indicates investigators will not review any additional content from his phone without a court order. Read Full StoryTrumpworld shocked by former White House aide Cassidy Hutchinson's explosive January 6 testimony, calling it the 'most damning day' and 'insane'Cassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoIt took six hearings for the January 6 select committee to finally break through to embattled former President Donald Trump's inner circle.Cassidy Hutchinson, a top aide to then-White House Chief of Staff Mark Meadows, testified during a surprise hearing Tuesday that Trump was determined to go to the US Capitol with his armed supporters on January 6, 2021, as Congress was certifying the election results. Hutchinson's additional revelations about that day came crashing down on Trumpworld during the two-hour hearing. Among them were that Meadows told Hutchinson "things might get real, real bad" on January 6, that Trump knew his supporters were armed when they flooded the Ellipse to attend his "Stop the Steal" rally, and that Trump said "Mike deserves it" when rioters chanted "hang Mike Pence." "Definitely most damning day of testimony," one former White House aide told Insider. READ MOREFox News host says it's not 'wholly out of character' that Trump 'might throw his lunch' after January 6 testimony on ketchup dripping down the wallFormer President Donald Trump and Fox News Chief Political Anchor Bret Baier.Brendan Smialowski / AFP via Getty ImagesMoments after a colleague referred to Tuesday's January 6 committee testimony as "stunning," Fox News host Martha MacCallum downplayed new revelations about former President Donald Trump's violent outbursts surrounding his efforts to overturn the 2020 election.Former White House aide Cassidy Hutchinson testified that Trump threw a plate in the White House dining room after he found out former Attorney General Bill Barr publicly said there was no evidence of widespread voter fraud, leaving "ketchup dripping down the wall.""I mean, I'm not sure that it really shocks anybody that the president just — knowing what we've seen, observing him over the years — if he got angry then he might throw his lunch," MacCallum said. "I'm not sure. It's obviously a very dramatic detail, and the way that she describes it, um, is. But I'm not sure if this is wholly out of character with the Donald Trump and the President Trump that people came to know over the years."READ MOREHere are all the people who sought preemptive pardons from Donald Trump after the Capitol riot, per January 6 committee witnessesRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are ch.....»»

Category: dealsSource: nytJul 16th, 2022