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Supreme Court will hear Trump appeal to exclude undocumented immigrants from count

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President Donald J. Trump hosts a Make America Great event in Greenville, NC United States on October 15, 2020.

Peter Zay | Anadolu Agency | Getty Images

The Supreme Court said Friday that it will hear arguments next month on an appeal by the Trump administration that seeks to exclude the tally of undocumented immigrants in the United States from the Census data used to calcuate the apportionment of congressional districts.

A federal appeals court in Manhattan in September had blocked the Trump administration from excluding undocumented residents from that calculation, as it sought to do under a new policy announced in July.

The appeals court noted in its ruling that throughout American history, “the figures used to determine the apportionment of Congress — in the language of the current statutes, the ‘total population” and the “whole number of persons’ in each State — have included every person residing in the United States at the time of the census, whether citizen or non-citizen and whether living here with legal status or without.”

The Supreme Court scheduled oral arguments in the case for Nov. 30.

The high court recently said it would continue hearing cases remotely due to the coronavirus pandemic for at least the rest of the calendar year.

On Tuesday, the Supreme Court issued a decision that allowed the Trump administration to end field field operations for the 2020 census effective that day, even as the 9th Circuit Court of Appeals still considers a pending appeal that seeks to extend the count.

This is breaking news. Please check back for updates.

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Dow futures sink 500 points as Wall Street grapples with rising Covid cases

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U.S. stock futures fell sharply early Wednesday as investors feared an increase in coronavirus infections could halt the recovering economy.

Dow Jones Industrial Average futures fell 500 points, 1.8%. The loss pointed to a drop of more than 480 points at the open. S&P 500 futures lost 1.4% and Nasdaq 100 futures fell 1%. The Dow is already down 3% on the week, giving up its gain for October.

Daily U.S. coronavirus cases have risen by a record average of 69,967 over the past week, data compiled by Johns Hopkins University showed. Meanwhile, coronavirus-related hospitalizations are up 5% or more in 36 states, according to data from the Covid Tracking Project.

This uptick has led some countries to reinstate certain lockdown measures. In the U.S., the state of Illinois has ordered Chicago to shut down indoor dining.

Stocks that would be hurt most by lockdowns or a slowdown in the economy reopening were hit in premarket trading. Shares of Delta Air Lines fell 2.5% in premarket trading. Royal Caribbean shares lost 3%.

“Uncertainty about COVID-19-related mobility restrictions and US politics mean we should expect volatility to remain elevated for the balance of the year,” said Mark Haefele, chief investment officer for global wealth management at UBS, in a note. “However, we continue to see upside over the medium term.”

“With ten vaccine candidates in late-stage trials globally, our central scenario is that restrictions can start to be lifted by 2Q21, helping corporate earnings recover to pre-pandemic highs by around the end of 2021,” he said.

Dimming hopes for another fiscal stimulus before the election have also weighed on the market.

The Dow fell more than 200 points during regular trading Tuesday and the S&P 500 slipped 0.3%. The Nasdaq Composite, meanwhile, advanced 0.6%. Tuesday’s divergent market action came as names that would benefit from people staying at home — such as Amazon and Zoom Video — rose broadly while stocks dependent on the economy reopening declined.

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Deutsche Bank swings back to profit in third quarter, beats expectations

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2016A statue is seen next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany.

Kai Pfaffenbach | Reuters

LONDON — Deutsche Bank on Wednesday reported a net profit of 182 million euros ($214 million) for the third quarter, as Germany’s largest lender looks to emerge from the coronavirus crisis.

This surpassed expectations of a 114 million euro loss and marked a sharp improvement from the 77 million euro net loss attributable to shareholders in the previous quarter.

Provisions for bad loans totaled 273 million euros, adding to the 761 million euros allocated in the second quarter and 506 million in the first.

Some other highlights included:

  • Total net revenues were 5.9 billion euros, compared to 5.3 billion in the third quarter of 2019.
  • Common equity tier 1 capital ratio stood at 13.3% compared to 13.4% a year ago.
  • Total non interest expenses came in at 5.2 billion euros in the third quarter, vs. 5.8 billion euros a year ago.

The bank had posted a net loss of 832 million euros for the same period last year, when a major restructuring plan continued to weigh on earnings.

Deutsche Bank has been embarking on a mass restructure since July 2019 in a bid to cut costs and return to long-term profitability.

“In the fifth quarter of our transformation, we not only demonstrated continued cost discipline, but also our ability to gain market share,” Deutsche Bank CEO Christian Sewing said in a statement.

“Our more focused business model is paying off and we see a substantial part of our revenue growth as sustainable.”

Going into Wednesday’s trading session, the bank’s share price is up more than 15% year-to-date, having recovered from a sharp decline during the March coronavirus crash.

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India will get access to U.S. satellite data that can make military missiles more precise

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Indian Defence Minister Rajnath Singh welcomes US Secretary of Defence Mark Esper to a Tri-Services Guard of Honour at South Block Lawns on October 26, 2020 in New Delhi, India.

Raj K Raj | Hindustan Times | Getty Images

The United States and India reaffirmed their defense and security partnership on Tuesday and signed an agreement allowing New Delhi to access U.S. satellite data crucial for targeting missiles and other military assets.

U.S. Secretary of Defense Mark Esper and his Indian counterpart Rajnath Singh announced the signing of the Basic Exchange and Cooperation Agreement (BECA) in New Delhi between the two countries.

The U.S.-India partnership is more important than ever for regional security and stability, according to Esper. “We stand shoulder-to-shoulder in support of a free and open Indo-Pacific for all, particularly in light of increasing aggression and destabilizing activities by China,” he said in remarks shared by the State Department.

Esper, along with U.S. Secretary of State Mike Pompeo, was in India to meet Singh and India’s external affairs minister, Subrahmanyam Jaishankar, for the U.S.-India 2+2 Ministerial Dialogue.

Separately, Pompeo said in an interview with Indian media Times Now, that the agreements between the U.S. and India underscore an understanding that there is a “battle” between freedom and authoritarianism.

“India, like the United States, has chosen democracy and freedom and sovereignty and all the things that the people of India care so deeply about,” Pompeo said according to a Oct. 27 State Department transcript of the interview.

“So when confronted by tyranny by the Chinese Communist Party, you can be sure that the United States will stand alongside its partners,” Pompeo added.

The U.S. comments triggered an angry response from Beijing.

The Chinese embassy in India said in a statement that “Pompeo and other senior official repeated old lies, attacked and made allegations against China, violated the norms of international relations and basic principles of diplomacy, instigated China’s relations with other countries in the region.”

“We urge the US side to respect facts and truth, abandon the Cold War and the zero-sum mentality, stop hyping up the so-called ‘China threat’, and stop the wrong actions that undermine regional peace and stability,” the embassy said.

U.S.-India defense pacts

To sum it up, our military-to-military cooperation is progressing very well.

Rajnath Singh

India’s minister of defense

Singh said the positioning of a U.S. Navy liaison officer in the Indian navy’s information sharing hub — the Indian Fusion Center-Indian Ocean Region — and the placement of an Indian liaison officer at the United States Naval Forces Central Command Bahrain could be “leveraged to enhance our information-sharing architecture.”

“To sum it up, our military-to-military cooperation is progressing very well,” Singh added.

Both the U.S. and India are set to participate next month in the Malabar naval exercises in the Indian Ocean along with Japan and Australia.

New Delhi had previously resisted the idea of including Australia in the joint-exercises out of concern over provoking Beijing but India’s relationship with China has deteriorated in recent months over tense border clashes in the Himalayas that killed 20 Indian soldiers.

The four countries have an informal strategic dialogue between them known as the Quadrilateral Security Dialogue, commonly referred to as the “Quad.” While it is described as a collective effort to advance a free, open and inclusive Indo-Pacific region, some experts say its existence is seen as a potential deterrent to China’s growing presence in the region.

“India’s recent decision to include Australia in the upcoming Malabar Naval Exercise alongside American, Indian, and Japanese forces reflects an acknowledgement of the importance of working multilaterally together to address global challenges,” Esper said on Tuesday.

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