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Cohn’s resignation sends shockwaves through Wall Street

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U.S. markets opened sharply lower on Wednesday, reacting to news that President Donald Trump’s top economic adviser, Gary Cohn, is stepping down.

The Dow Jones opened down 289 points, or just over 1 percent, with futures having fallen as much as 400 points overnight. The S&P 500 index fell by around 24 points and the Nasdaq slumped by just over three-quarters of a percent.

Cohn, the market-savvy former president of Goldman Sachs, was seen by many on Wall Street as a crucial influence in the White House and a key player in convincing Trump to modify his controversial tariff on steel and de-escalate worries over a trade war.

Markets have gyrated furiously over the past few months in response to the prospect of inflationary measures, the impact of a 25 percent steel tariff, and Trump’s comments that trade wars are “good” and “easy to win.”

Wednesday’s reaction on Wall Street “shows that the market had a lot of trust in Cohn’s judgment,” said Ameritrade’s J.J. Kinahan. “He was viewed as the calmer head that would prevail in the [Trump administration].”

Without “Globalist Gary” Cohn as a buffer, investors fear the White House will be free to ramp up the anti-trade agenda and adopt protectionist policies that could lead to an all-out trade war that could threaten global expansion for U.S. companies.

“Investors are taking risk off the table to see how much more damage in the administration this will cause,” Andre Bakhos, managing director at New Vines Capital, told Reuters.

The White House played down Cohn’s exit, however, with Commerce Secretary Wilbur Ross saying in an interview with CNBC Wednesday morning that the move “isn’t some kind of a palace coup.”

Ross praised Cohn’s contributions to the nation’s economic progress and denied that the departure of Trump’s top economic adviser was radical, saying that Cohn had been “kind of contemplating some sort of a move for a while.”

As for Cohn’s replacement, “This is going to be a sensible rollout,” carried out “with relative peace and quiet” said Ross.

Cohn served as director of Trump’s National Economic Council for 14 months and had been considered a shoe-in for the coveted position of chairman of the Federal Reserve, until he rankled Trump by publicly rejecting the president’s comments about “both sides” being responsible for white nationalist rioting in Charlottesville.

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EE brings back EU roaming charges for mobile phone customers from next year | Business News

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Mobile network EE is to charge customers for using their phone in Europe from next year.

The company, owned by BT, had previously said it had no plans to reintroduce the charges after Brexit.

It will affect new customers and those upgrading from 7 July.

An EE phone store on Oxford Street, central London. 29/5/2018
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EE said it change would support investment in its UK network

They will face a £2 daily fee from January next year to be able to use their data, call minutes and text allowances in 47 European destinations.

The change will not apply to customers travelling to the Republic of Ireland.

British travellers have not had to pay roaming charges on their mobile phone bills since June 2017, when they were abolished after changes to European regulation.

Before then they added an estimated £350m a year to users’ bills.

Britain’s departure from the European Union meant that from January UK customers no longer had the right to use their phone in Europe without roaming charges.

However, Britain’s major mobile operators had said they had no plans to introduce them.

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December 2020: What’s in the Brexit trade deal?

EE said its decision was designed to “support investment into our UK-based customer service and leading UK network”.

It said customers travelling abroad for longer will be able to use a 30-day Roam Abroad Pass.

Ernest Doku, a mobiles expert at Uswitch.com, said: “It’s hugely disappointing for consumers to see that situation change so quickly.

“If you’re an existing EE customer, these charges won’t affect you yet, but make sure you check the small print if you’re due an upgrade in the coming months.”

Sky News contacted other networks to ask if they had any similar plans.

O2 and Three said they had not made any changes to roaming.

However, both are altering their policies on “fair usage” daily data limits while in the EU – though in each case said the limits were more than enough for the vast majority of holidaymakers’ needs.

Vodafone also said it had no plans to bring back roaming charges.

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HMS Defender: Boris Johnson insists warship was sailing legally as Moscow warns ‘no options can be ruled out’ | UK News

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Boris Johnson has insisted Royal Navy warship HMS Defender was sailing legally in Ukrainian waters and that Russia did not any fire warning shots.

Russia has accused the UK of “barefaced lies” over Wednesday’s incident and said it would respond robustly to any future incursions into what it says are Russian waters.

It summoned the British ambassador in Moscow for a dressing down, while a Kremlin spokesman called it a “deliberate and premeditated provocation”.

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Russia claims this is HMS Defender ‘chased out’

“In the event of a repeat of unacceptable provocative action – if those actions go too far, no options can be ruled out in terms of legally defending Russia’s borders,” added Dmitry Peskov.

The UK rejects Russia’s claim that a border patrol boat fired warning shots and that warplanes dropped bombs into path of the ship off the Crimean coast.

Speaking on Thursday, Boris Johnson said it was “not my information” when asked if the Russians had fired warning shots.

“My understanding is that the Carrier Strike Group proceeded in a way you would expect through international waters and in accordance with the law,” said the prime minister.

He added: “We don’t recognise the Russian annexation of Crimea – it was illegal. These are Ukrainian waters and it was entirely right to use them to get from A to B.”

HMS Defender
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HMS Defender’s main wartime function is to destroy enemy planes and drones

Foreign Secretary Dominic Raab has also said shots were not fired and called the Russian account “predictably inaccurate”.

The Ministry of Defence said it had been made aware in advance that the Russians were conducting “gunnery exercises” in the area.

“No shots were directed at HMS Defender and we do not recognise the claim that bombs were dropped in her path,” it said.

Sukhoi Su-24M bombers pictured over Moscow in May 2019
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Russia said Su-24M jets – pictured in May 2019 – dropped bombs in the ship’s path

However, a BBC journalist on board the 152 metre-long ship said Russian planes had flown nearby and he also heard radio warnings that shots would be fired if HMS Defender didn’t change course .

He said firing was later heard but “well out of range”.

Foreign ministry spokeswoman Maria Zakharova accused Britain of “barefaced lies” over the incident.

Russia claims the British ship had gone as far as three kilometres (2 miles) into Russian waters near Cape Fiolent, near the port of Sevastopol in Crimea.

Crimea was seized from Ukraine in 2014 by the Russians, who claim ownership of waters around its coast.

A map showing the route of HMS Defender
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The route of HMS Defender

Western countries regard Crimea to have been taken illegally.

Mr Johnson also rejected the assertion that the relationship with Russia was now at a new low, following other recent incidents such as the poisoning of former spy Sergei Skripal in the UK in 2018.

“I can remember times in my own lifetime when things have been far worse,” the prime minister said.

Sky’s Moscow correspondent Diana Magnay said the incident was to a large extent about “testing each other’s mettle” and seeing “how far Russia is prepared to go to defend what it claims are its territorial waters – and how far the UK and NATO are prepared to go to defend Ukrainian sovereignty”.

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‘Several injured and one dead’ after building partially collapses in Miami Beach | World News

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A huge emergency operation is under way after a partial building collapse in Miami Beach, with reports of at least one person killed and several injured.

More than 80 fire and rescue units were at the scene of the collapse in the Florida city, with images showing a pile of rubble with debris spilling down from what was left of the balconies of the building.

CBS reported that at least one person had died, while ABC News said eight people were being treated for injuries in hospital.

Sergeant Marian Cruz of the Surfside Police Department said: “We’re on the scene so it’s still very active.

“What I can tell you is the building is 12 floors. The entire back side of the building has collapsed.”

Police have cordoned off nearby roads, with scores of fire and rescue vehicles, ambulances and police cars deployed in the area.

NBC said the rescue teams included a unit that is trained in the removal of victims trapped in complex or confined spaces.

NBC Miami showed a video of a young boy being pulled alive from the rubble.



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