Top Stories Today – July 9, 2019
Top Stories Today – July 9, 2019
Dems demand Trump business documents
Democrats in the US Congress on Monday said they were using a court case to demand documents from President Donald Trump’s businesses in hopes of proving that they violated anti-corruption provisions of the US Constitution. A group of more than 200 Democratic Party lawmakers said in a statement that as part of lawsuit in federal court they had issued 37 subpoenas the Trump Organization and other entities, seeking information about foreign government payments accepted by properties in his real estate empire.
The subpoenas also seek information about trademarks granted to Trump businesses by foreign governments. “Our goal is simple and straightforward – stopping President Trump from putting a ‘For Sale’ sign in Russian on the door to the Oval Office,” said Richard Blumenthal, a senator from Connecticut and the lead plaintiff in the lawsuit. The Voice of America
Global stocks drop for third day
World stocks fell for a third straight day on Tuesday after a stinging warning from German chemicals giant BASF about the effects of the global trade war and as hopes dwindled of a hefty US interest rate cut this month. With global macroeconomic clouds looming and markets waiting for policy signals from US Federal Reserve chief Jerome Powell on Wednesday, the focus of headlines and sentiment turned to three individual heavyweight stocks.
For Europe, it was an almost 7% early slump in German chemicals giant BASF after it had blamed a global slowdown and trade war between the United States and China for what one trader described as a “shocking” 30% profit warning. Reuters
Trump lashes out at Britain’s ambassador
US President Donald Trump lashed out for a second day at Britain’s ambassador to the United States on Tuesday, describing him as “wacky” and a “pompous fool,” after a leak of emails critical of the American administration. Leaked diplomatic cables published Sunday, July 7,2 019, in a British newspaper reveal that Britain’s ambassador to the United States described President Donald Trump’s administration as “clumsy and inept” while grappling with international problems
Outgoing British Prime Minister Theresa May backed Britain’s ambassador to Washington, Kim Darroch, on Tuesday, after President Trump tweeted Monday afternoon that Darroch “is not liked” in the US and “we will no longer deal with him.” Trump also insulted May and on Tuesday again attacked Darroch as a “very stupid guy.” May’s spokesman said Britain’s government did not agree with Darroch’s leaked candid assessments of Trump’s administration — which include adjectives like “dysfunctional” and “clumsy and inept” — but said it’s the ambassador’s job to give his frank assessment. Meanwhile, Britain is hunting for who leaked the confidential cables to journalist Isabel Oakeshott, a strong supporter of Brexit and Brexit Party leaker Nigel Farange, who is friendly with Trump. Reuters, The Associated Press
Lam: Hong Kong extradition bill is dead
Hong Kong leader Carrie Lam has said the controversial bill that would have allowed extradition to the Chinese mainland “is dead”. At a press conference on Tuesday, Lam said the government’s work on the bill had been a “total failure”. But she stopped short of saying it had been fully withdrawn, and protesters have vowed to continue mass rallies.
The bill sparked weeks of unrest in the city and the government had already suspended it indefinitely. “But there are still lingering doubts about the government’s sincerity or worries whether the government will restart the process in the Legislative Council,” Lam told reporters. So, I reiterate here, there is no such plan. The bill is dead.”
23 governors opposing Trump mileage standards
Citing climate-damaging tailpipe emissions, 23 US governors signed a pledge backing California leaders in their showdown with the Trump administration over its plans to relax vehicle mileage standards. The stand by leaders of states and Puerto Rico, nearly all Democrats, comes as the Trump administration moves to freeze tougher mileage standards laid out by former President Barack Obama, in one of the previous administration’s key efforts against climate change.
The Trump administration says American consumers increasingly want bigger, gas-guzzling SUVs and pickup trucks . It also argues that demanding ever-more fuel-efficient vehicles will drive up automobile costs and keep less-safe, older vehicles on the road longer. Many engineers have challenged that claim. Besides California and Puerto Rico, leaders of Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, Montana, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, Washington and Wisconsin signed the mileage pledge. The Associated Press
African Union launches continent-wide free trade area
At the African Union Summit in Niger, Nigerian President Muhammadu Buhari launched the African Continental Free Trade Area by signing the continent’s largest economy onto the deal. After months of reluctance over competition concerns, Nigeria’s support gives weight to forming the world’s largest free trade zone — a 55-nation bloc worth $3.4 trillion.
Despite the African free trade area’s launch, much work remains before the agreement becomes effective. While all of the African Union’s 55 members except Eritrea have signed on to the free trade area, only half have ratified the deal. And even after costs are reduced, Africa’s exporters still will have to contend with non-tariff barriers that will take much longer to fix — such as corruption and poor transport links between nations. The Voice of America