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Republican Texas Rep. Lance Gooden sent a letter Wednesday to House and Senate leadership calling on them to remove certain provisions in a bill that is designed to make the U.S. more competitive with China. The letter, first obtained by the Daily Caller, was spearheaded by Gooden and signed by five Republicans. In the letter to Senate Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell, Speaker of the House Nancy Pelosi and House Minority Leader Kevin McCarthy, the House Republicans call for certain provisions in the America COMPETES Act to be removed from the bill. The America COMPETES Act was introduced by Democrats in late January and includes millions in appropriations for diversity, equity and inclusion initiatives, something many Republicans are not pleased with. Gooden and House Republicans are concerned about it hurting the U.S.’s competitiveness with China, especially the immigration provisions. Democrats and Republican Illinois Rep. Adam Kinzinger … [Read more...] about EXCLUSIVE: House Republicans List Reasons Why They Think Major Bill Hurts US Competitiveness With China

Share to Twitter Share to Linkedin Topline The Department of Justice on Tuesday filed a lawsuit against casino billionaire and former Republican National Committee finance chair Steve Wynn that would force him to register as a foreign agent, after Wynn allegedly lobbied the Trump Administration on behalf of the Chinese government to deport a Chinese political asylum seeker. Key Facts In a civil complaint filed in federal court in D.C., the DOJ alleged Wynn acted on behalf of the Chinese government and Chinese Vice Minister for Public Security Sun Lijun by transmitting to former President Donald Trump a request to remove the asylum seeker in 2017, meaning Wynn was required to disclose his activities under the 1938 Foreign Agents Registration Act (FARA). The complaint did not name the asylum seeker, but the Wall Street Journal reported in 2017 that Wynn passed on to the Trump Administration a request from the Chinese government to … [Read more...] about DOJ Sues Casino Mogul And GOP Megadonor Steve Wynn To Register As Agent For China

Share to Twitter Share to Linkedin Cannabis consumers can protect themselves from unreliable police methods to determine impairment with new insurance coverage that provides financial and legal protection for those charged with driving under the influence of marijuana. The new insurance product from Salt Lake City-based Reepher launched this week in Missouri, with a nationwide rollout ultimately expected. Justin Kahn, CEO and co-founder of Reepher, noted in a statement from the company that drug tests for marijuana do not indicate if a person is high. Instead, the tests detect the presence of cannabis metabolites, which can remain in the system for weeks after ingestion, particularly for frequent users. “Unlike alcohol, there is currently no chemical test for cannabis impairment. THC and cannabis metabolites stay in your system and can trigger positive drug test results in sober drivers,” Kahn said. “This means that a regular cannabis consumer is likely to … [Read more...] about Insurance Company Launches Coverage For Marijuana DUIs

A super slide for stocks, bonds, and cryptocurrencies rolled all the way into last week, right up until Friday, when the Nasdaq posted its strongest one-day gain since November of 2020. Despite Friday's gains, the major averages posted losses for the week, with the Dow closing down more than 2% and posting its first seven-week losing streak since 2001. The S&P 500 fell 2.5% and hit its longest weekly losing streak since 2011, while the Nasdaq fell 2.8%. It's been a rough, rough year across capital markets. A full $35 trillion in global market value has been erased since the beginning of the year. That's 14% of all global wealth, including a trillion dollars of losses in cryptocurrencies. To put those losses in perspective, 2008 saw a 19% decline in global market value, and that doesn't include non-financial assets such as housing. Still, perspective is everything, especially for investors who have been invested in the U.S. stock market for at least five years. Believe it or not, … [Read more...] about Keeping it Real with Real Vision’s Raoul Pal

The average 15-year fixed mortgage rate nationwide is 4.87% and the 15-year jumbo mortgage rate is 4.82%, as of May 18, 2022. These rates are not the teaser rates you may see advertised but, based on our methodology, should more accurately represent what customers can expect to get depending on their qualifications. You can learn more about what makes our rates different in the Methodology section of this page. Just because it’s common for homeowners to take out a 30-year mortgage doesn’t mean you need to. Borrowers who score the best 15-year mortgage rates will be able to save tens of thousands of dollars in interest over the lifetime of the loans. While it does come with a higher monthly payment, those who plan properly will be able to take advantage of lower interest rates and will build home equity much faster. Even so, you’ll want to make sure your financial situation is rock-solid enough to afford the large payments. To help you with your decision, we’ve compiled a list … [Read more...] about Best 15-Year Mortgage Rates for 2022

- A + A MANILA (May 19): The Philippine central bank raised interest rates for the first time since 2018 on Thursday, joining peers around world in a rush to stem intensifying inflationary pressures that could derail the domestic economy's recovery. The central bank also said the strong rebound in domestic economic activity and labour market conditions during the first quarter "provides scope for (the central bank) to continue rolling back its pandemic-induced interventions", signalling further tightening could be expected. The Bangko Sentral ng Pilipinas (BSP) lifted the overnight reverse repurchase facility rate by 25 basis points to 2.25%, as expected by the majority of 17 economists in a May 12-16 Reuters poll. The rates on the overnight deposit and lending facilities were likewise raised by 25 bps to 1.75% and 2.75%, respectively. The BSP slashed interest rates by a cumulative 200 basis points in 2020 to help revive an economy that had plunged into recession … [Read more...] about Philippines kicks off tightening cycle with first rate hike since 2018

- A + A HONG KONG (May 19): Hong Kong new listings' volume plunged 90% to a nine-year low this year, data showed, as China's sharp economic slowdown and its regulatory drive cast a long shadow over the city's prospects as a destination for initial public offerings (IPOs). The drying up of share listings in Hong Kong bodes ill for investment banks, who make about a third of their revenue in the region from equity capital market deals, and for the Chinese-ruled territory's status as a global financial hub. Only US$2.1 billion has been raised this year via IPOs and secondary listings in Asia's most popular fundraising venue compared with US$20.7 billion by the same time last year, according to Refinitiv data, the slowest start to a year since 2013. "One of the reasons for the IPO market in Hong Kong falling so sharply is the deteriorating financial performance for most of the applicants in the previous financial year, and it is possible that will be the case for the … [Read more...] about Hong Kong new listings’ volume sinks to nine-year low on China slowdown

- A + A SYDNEY/BENGALURU (May 19): British Airways owner IAG said on Thursday it has agreed to order 50 Boeing 737 MAX jets for delivery between 2023 and 2027, in a vote of confidence in the struggling US plane-maker. The order for 25 737-8-200 and 25 737 MAX 10 jets to be used for short-haul operations at IAG-owned airlines is worth US$6.25 billion at list prices, though the company said it had negotiated a substantial discount, as is typical in the industry. IAG, which owns Ireland's Aer Lingus and Spain's Iberia and Vueling in addition to British Airways, also has a further 100 purchase options as part of the deal, which is subject to shareholder approval. "The addition of new Boeing 737s is an important part of IAG's short-haul fleet renewal," IAG chief executive officer (CEO) Luis Gallego said in a statement. The deal falls short of a blockbuster non-binding commitment for 200 737 MAX jets placed under former CEO Willie Walsh at the Paris Airshow 2019 that … [Read more...] about British Airways owner IAG to order 50 Boeing 737 MAX jets

This article first appeared in The Edge Malaysia Weekly, on May 9, 2022 - May 15, 2022. - A + A DATUK Ahmad Nazim Abdul Rahman, who joined Lembaga Tabung Angkatan Tentera (LTAT) last June, is its third CEO in two years. With his experience as CEO of Pelaburan Mara Bhd, he seems comfortable discussing investment and asset allocation strategies. But given the short stints of his predecessors, the question remains whether he will stay on long enough at the retirement fund to carry out the reforms that have been put in place. Following are excerpts of The Edge’s interview with Nazim. The Edge: LTAT’s main task is to give good dividends to its members. Since 2018, that has come down quite a bit. Are we going to go back and see the good days of 12% to 15%? Datuk Ahmad Nazim Abdul Rahman : It would not be sustainable to go back to that teen-per cent dividend returns. I’m happy to mention we recently announced a dividend of 4.1%, and that is the highest … [Read more...] about Cover Story: Rehabilitating a RM10 billion portfolio

This article first appeared in The Edge Malaysia Weekly, on May 9, 2022 - May 15, 2022. - A + A BECAUSE military spending has always been shrouded in secrecy, companies involved in the industry are used as conduits to channel kickbacks that go undetected. It is no different with Lembaga Tabung Angkatan Tentera (LTAT) and its subsidiary Boustead Holdings Bhd (BHB), two companies that are major beneficiaries of Malaysia’s defence spending. The defence business is carried out via Boustead Heavy Industries Corporation Bhd (BHIC), in which BHB has a 65% stake. LTAT directly owns 8.16% of BHIC. In the last 15 years, more often than not, the Boustead Group and LTAT were in the limelight for facilitating deals seen largely as not “commercially driven”. From procurement of submarines to land and traffic surveillance systems, LTAT and BHB have been used as vehicles to buy assets at inflated prices. Mainly, the assets are linked to connected individuals. One … [Read more...] about Cover Story: A litany of controversial deals