Top News Stories for Today – Dec 24, 2018
Top News Stories for Today – Dec 24, 2018
S. Korea fines BMW $9.9 Million
South Korea said Monday it will fine BMW $9.9 million and will file a criminal complaint against the German automaker for delaying a recall of cars with faulty engines that caught fire. South Korea’s transport ministry said its investigation uncovered that BMW knew about the faulty engines, but did not execute a prompt recall.
The ministry said BMW deliberately tried to cover up the technical issues with the exhaust gas recirculation, or EGR, even after dozens of fires had been reported earlier this year. The French news agency AFP reports some South Korea parking lots had refused to accept BMW cars for fear the cars would catch fire. VOA
Tsunami in Indonesia kills over 280
More than 281 people were killed, more than 1,000 were injured and another 57 are missing after a tsunami hit the island nation of Indonesia without warning Sunday following a volcanic eruption and underwater landslides miles offshore. By early Monday morning, officials were warning residents and tourists to stay as far away from coastal areas as possible, as continued volcanic eruptions from Mount Anak Krakatau could potentially trigger a second devastating tsunami.
The number of dead and injured are both likely to rise, officials said on Sunday. Nugroho said that more than 600 housing units and at least nine hotels were destroyed or badly damaged in the tsunami. Nearly 12,000 people have been displaced. abc News
Pakistan’s ex-PM sentenced for corruption
An anti-graft tribunal sentenced former Prime Minister Nawaz Sharif to seven years in prison for corruption on Monday, drawing criticism from his party, which said the decision was a “black spot” on the justice system.
The verdict came after Sharif was removed from power last year over corruption allegations. Sharif, who was serving his third stint as prime minister, has denied any wrongdoing. He is accused of possessing assets beyond his known sources of income, and was arrested after the ruling was announced. He can appeal the verdict, under which he was also fined $25 million. The same court acquitted him in a second case. VOA
US, Turkey agree to coordinate US pullout from Syria
US President Donald Trump says Turkey will eliminate the rest of the Islamic State militants in Syria after the US military withdraws its forces. In a tweet late Sunday, Trump said Turkish President Recep Tayyip Erdogan “has strongly informed me that he will eradicate whatever is left of ISIS in Syria…and he is a man who can do it plus, Turkey is right ‘next door.'”
“Our troops are coming home!” Trump added. Earlier Sunday, Trump said the two leaders discussed his withdrawal plan during a “long and productive call.” VOA
No end in sight for US Government shutdown
The US government is partially closed until at least Thursday, and possibly for days or even weeks beyond, as President Donald Trump holds firm in demanding funds for a wall along the US-Mexico border and Democrats remain resolutely opposed.
This marks the fourth time in the last five years that Congress and the White House have been unable to agree on how much money the federal government should spend and for which objectives, failing to meet a funding deadline that causes non-essential services and operations to be halted. VOA
Trump names acting defense secretary
“I am pleased to announce that our very talented Deputy Secretary of Defense, Patrick Shanahan, will assume the title of Acting Secretary of Defense starting January 1, 2019,” President Trump tweeted Sunday morning.
“Patrick has a long list of accomplishments while serving as Deputy, & previously Boeing. He will be great!” Trump’s initial announcement that Defense Secretary James Mattis would step down from his post put his departure date “at the end of February,” as did Mattis’ resignation letter. CBS News reports the earlier departure date comes on Trump’s orders. The Week
Dow set for drop on Monday
US stock futures pointed to a drop once trading begins on Monday, following a brutal week that pushed the S&P 500 to the brink of a bear market. Dow Jones Industrial Average futures implied a drop of 65 points as of 8:20 a.m. ET Monday. Dow futures earlier fell as much as 230 points. S&P 500 futures and Nasdaq 100 futures also pointed to a weak open.
December is typically a buoyant month for stocks. Yet both the Dow and S&P 500 are down more than 12 percent this month — on track for their worst December performances since the Great Depression in 1931. CNBC