Connect with us

World

Trump’s Deutsche Bank ties just one of several issues for House, Rep. Waters says

Published

on

California Democrat Rep. Maxine Waters said an investigation into President Donald Trump‘s personal financial dealings with Deutsche Bank is just one of several issues the House Financial Services Committee has on its plate.

Waters, who is in line to become chair of the committee next year when Democrats take control of the House, told Bloomberg News in an interview Wednesday that the committee was also focused on housing policies and the Consumer Financial Protection Bureau, an agency created by the 2010 Dodd-Frank financial reforms that has been under attack by Republicans ever since.

Congressional Democrats have already been investigating ties between Trump and Germany’s Deutsche Bank, which has been ordered by regulators to shore up internal controls to prevent money laundering. Waters was one of a handful of lawmakers who requested information from the bank last year, including whether loans it made to Trump were guaranteed by the Russian government.

As the new majority on the committee, Waters could use subpoena power to put more force behind such requests. Asked whether she would use that power, Waters said: “That’s simply one piece of the business that we have to do. You know that we have requested information from the Treasury about everything from sanctions to Deutsche Bank, and we know that Deutsche Bank is identified as one of the biggest money laundering banks in the world, perhaps, and that they’re the only ones who were amenable to providing loans to this president. So we want to know some things about that.”

She added, “We have the power to deal with subpoenas, but I want you to know we’re not just focused on that alone.”

She said supporting the CFPB is another task at hand, calling it one of “the most important centerpieces” of the 2010 reforms. Republicans have been trying to dismantle the agency from the start. This summer, Mick Mulvaney, a Trump economic advisor and its acting director, fired the CFPB’s 25-member advisory board, some of whom had been critical of his leadership.

“I’ve got to do everything that I can possibly do to undo some of the harm that Mr. Mulvaney has done,” Waters told Bloomberg. “He is going to come to understand that he cannot just summarily dismiss the advisory committee. That’s not going to work.”

Waters said the committee would also work to insure consumers are protected from fraud and predatory lending.

As for Trump, Waters said he should also steer clear of trying to direct the Federal Reserve‘s policies on interest rates and monetary issues. Trump has been publicly critical of Fed Chair Jerome Powell, whom he nominated to the post. Powell has steadily raised interest rates, something Trump has said he is “not thrilled” with.

“The president should not interfere with the Federal Reserve,” Waters said in the interview. “The president doesn’t understand. He’s not a dictator, and he cannot interfere. As a matter of fact, he could really cause problems in the markets by just rolling out saying things that he should not say because he does not understand the complexity of how they make those decisions.”

“He should leave him alone and let them do their work and not continue to try and make them do what he would have them do.”

Watch the Bloomberg interview here.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

Australian stocks fall on the back of overnight plunge on Wall Street

Published

on


The Dow Jones Industrial Average plunged more than 500 points on Wall Street overnight, erasing its gains for 2018.

Source link

Continue Reading

World

Goldman slashes Apple price forecast, sees stock going nowhere

Published

on

Goldman Sachs now sees Apple’s earnings per year for calendar year 2019 at $13.40, roughly in line with the company’s last three years next-12-month average.

Apple has cut production orders in recent weeks for all three iPhones launched in September, The Wall Street Journal reported Monday. The company stunned many analysts and investors on Nov. 1 when it said it will no longer break out individual sales numbers for the iPhone, iPad and Mac. The three main product lines will be wrapped into one reported revenue figure.

The iPad maker is morphing from a business propelled by the volume of devices it ships into one that stresses luxury products and software sales. That evolution has been marked by shockwaves for much of the technology space, with several of Apple’s largest semiconductor suppliers noting marked declines in order volume.

Apple shares dropped by 5 percent last Monday alone after one of its chipmakers, Lumentum (LITE), said one of its largest customers reduced shipments. Though Lumentum, which makes 3D sensing lasers used in Apple’s Face ID technology, did not mention Apple by name, Wall Street punished the iPhone maker as the prime suspect.

“You’re talking not just about what Apple represents, but its effect across the whole food chain, including semiconductors,” Wedbush analyst Daniel Ives told CNBC last week. “As the core ‘FANG’ names have just taken gut punches left and right over the past few months, this latest downturn for Apple — the degree of it — has really caught investors off base.”

Apple’s decision to no longer break out iPhone sales data, meanwhile, is being heralded as a signal that the phone maker may be expecting softer iPhone volumes in the future. The company has attempted to remedy the slowing volumes with pricier phones, but even those efforts appear to be reaching their limit, Goldman said.

“Apple’s success with iPhone X demand this summer and then a relatively healthy start to the XS cycle this fall suggested to us that pricing power was still intact,” Hall wrote. “However, the laboratory of the market now points to Apple being at the limit of their price premium for the iPhone. In our experience with mobile phones, when pricing power is lost, consumer technology companies tend to either lose margins or market share or both.”

Source link

Continue Reading

World

Norwegian cruise ships to be powered using dead fish

Published

on

Norwegian cruise operator Hurtigruten is to power its ships using liquefied biogas (LBG) produced from dead fish and other kinds of organic waste.

In an announcement at the end of last week, the business said that the LBG used to power its ships would be fossil free and renewable. The fish used in the biogas will come from “cutaways” – essentially waste produce – from fisheries.

“What others see as a problem, we see as a resource and a solution,” the company’s CEO, Daniel Skjeldam, said in a statement.

“While competitors are running on cheap, polluting heavy fuel oil, our ships will literally be powered by nature,” Skjeldam went on to state. “Biogas is the greenest fuel in shipping and will be a huge advantage for the environment. We would love other cruise companies to follow.”

Hurtigruten said that 2019 would see the company introduce the MS Roald Amundsen, which it described as “the world’s first battery-hybrid powered cruise ship.”

By the year 2021, the business wants to operate at least six of its ships with biogas and batteries, combined with liquefied natural gas.

Hurtigruten is the latest company looking to power its ships with renewable energy.

Finnish shipping business Viking Line’s M/S Viking Grace has been fitted with a rotor sail that enables it to use wind power during trips between Finland and Sweden.

The vessel uses a 24-meter-tall cylindrical rotor sail developed by Norsepower Oy, another Finnish company. The sail uses something called the “Magnus effect” for propulsion. As the rotor spins, passing air flows with a lower pressure on one side compared to the other, creating a propulsion force.

Source link

Continue Reading

Trending