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Rudy Giuliani suspended from practicing law due to Trump statements

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A New York court on Thursday suspended Rudy Giuliani from practicing law in New York state due to making “false and misleading statements” about the election loss of former President Donald Trump, his client.

The suspension, which takes effect immediately, is a stunning blow to Giuliani, the former New York City mayor who previously served as a top Justice Department official and as the U.S. Attorney in Manhattan.

It also comes as Giuliani is under criminal investigation by that same federal prosecutor’s office in Manhattan in connection with his work in Ukraine.

Giuliani and Trump since last November have made false claims about the legitimacy of the election of President Joe Biden, claiming that Trump was swindled out of a victory only by widespread ballot fraud in key swing states.

Giuliani’s suspension, which was ordered a day short of his 52nd anniversary as a licensed lawyer in New York, was sought by the Attorney Grievance Committee for the First Judicial Department, which encompasses Manhattan. The suspension was granted by the Appellate Division for that same department of state Supreme Court.

The court, in its 33-page suspension order, noted that “interim suspension is a serious remedy, available only in situations where it is immediately necessary to protect the public from” an attorney’s violations of the Rules of Professional Conduct.

“We conclude that there is uncontroverted evidence that respondent communicated demonstrably false and misleading statements to courts, lawmakers and the public at large in his capacity as lawyer for former President Donald J. Trump and the Trump campaign in connection with Trump’s failed effort at reelection in 2020,” the order said.

The court also said Giuliani’s “false statements were made to improperly bolster respondent’s narrative that due to widespread voter fraud, victory in the 2020 United States presidential election was stolen from his client.”

“We conclude that respondent’s conduct immediately threatens the public interest and warrants interim suspension from the practice of law, pending further proceedings before the Attorney Grievance Committee.”

One of the examples cited by the order was Giuliani’s repeated claim in an effort to discredit election results that “dead people ‘voted’ in Philadelphia.”

Giuliani at various times claimed that 8,021 dead people’s ballots were cast, “while also reporting the number as 30,000.”

“As the anecdotal poster child to prove this point, he repeatedly stated that famous heavyweight boxer Joe Frazier continued to vote years after he was dead and stated on November 7, 2020 ‘he is still voting here,’ ” the order noted.

In fact, the order added, “The public records submitted on this motion unequivocally show that respondent’s statement is false. Public records show that Pennsylvania formally cancelled Mr. Frazier’s eligibility to vote on February 8, 2012, three months after he died.”
Giuliani’s suspension is temporary, pending the outcome of a full formal disciplinary hearing.

Giuliani’s lawyers John Leventhal and Barry Kamins said in a statement, “We are disappointed with the Appellate Division, First Department’s decision suspending Mayor Giuliani prior to being afforded a hearing on the issues that are alleged.”

“This is unprecedented as we believe that our client does not pose a present danger to the public interest,” the statement said. “We believe that once the issues are fully explored at a hearing Mr. Giuliani will be reinstated as a valued member of the legal profession that he has served so well in his many capacities for so many years.”

New York state Sen. Brad Hoylman, (D-Manhattan, who had filed the formal complaint with the Attorney Grievance Committee, said, “I’m glad” about the suspension.

“The profession of law is a sacred and noble one,” Hoylman said in a statement. “And there can be no room in the profession for those who seek to undermine and undo the rule of law as Rudy Giuliani has so flagrantly done.”

This is breaking news. Check back for updates.

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U.S. jobs, Australia’s trade data, currencies and oil

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SINGAPORE — Shares in Asia-Pacific looked poised for a lower start on Thursday, following declines overnight on Wall Street that saw the Dow Jones Industrial Average dropping more than 300 points.

Futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 27,530 while its counterpart in Osaka was at 27,490. That compared against the Nikkei 225’s last close at 27,584.08.

Shares in Australia also looked set for an opening slip, with the SPI futures contract at 7,398.0, versus the S&P/ASX 200’s last close at 7,503.20.

Australia’s trade data for June is set to be out at 9:30 a.m. HK/SIN on Thursday.

Stock picks and investing trends from CNBC Pro:

Overnight stateside, the Dow dropped 323.73 points to 34,792.67 while the S&P 500 slipped 0.46% to 4,402.66. The Nasdaq Composite outperformed as it rose 0.13% to 14,780.53.

The moves on Wall Street came after jobs data from payroll processing firm ADP came in well below expectations. The ADP private payroll survey showed a gain of 330,000 jobs for July, well below the consensus estimate of 653,000. The more closely watched Labor Department nonfarm payrolls release is set to be out on Friday.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.27 following a recent bounce from below 92.

The Japanese yen traded at 109.49 per dollar following a weakening yesterday from levels below 109 against the greenback. The Australian dollar changed hands at $0.7381, still higher than levels below $0.735 seen earlier in the trading week.

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GM confirms new electric truck and van for commercial customers

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General Motors plans to launch a new all-electric van called the EV600 by the end of this year. The first 500 vehicles will be sold to FedEx.

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General Motors on Wednesday confirmed that it will add two new electric vehicles to its commercial lineup in the coming years, outside of its recently launched BrightDrop business.

GM CEO Mary Barra said the automaker plans to add a full-size battery electric cargo van for Chevrolet as well as a medium-duty truck for service and utility vehicles such as school buses and bucket trucks.

“Both will complement BrightDrop and keep our commercial fleet market share growing,” Barra told investors Wednesday during an earnings call. “We’ll share more details about these products as we move forward.”

Barra did not disclose timing or other details about the vehicles. The company is investing in the products as part of a previously announced plan to increase spending on electric and autonomous vehicle by 30% to $35 billion through 2025. But the vehicles aren’t expected to launch until after that timeframe, according to a person familiar with the plans.

The medium-duty truck will be offered as a battery-electric vehicle with GM’s Ultium Cells as well as its Hydrotec fuel cells, Barra said. The van will “exceed the expectations” of its customers who have purchased small GM vans in recent years, she said.

The commercial market is expected to be a major growth area for EVs. Other start-up automakers like Amazon-backed Rivian as well as legacy automakers such as Ford Motor and Daimler have announced plans to enter the segment.

GM announced BrightDrop in January as a new wholistic EV commercial and logistics business, separate from its current commercial business that focuses on small vans and pickups.

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What to know about the Ethereum London hard fork EIP-1559 upgrade

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Ethereum, the blockchain that runs ether, the second-largest cryptocurrency under bitcoin, will undergo a major upgrade this week.

Slated for Thursday, the upgrade, called London, includes Ethereum Improvement Proposal (EIP) 1559, which aims to change the way transaction fees, or “gas fees,” are estimated.

Currently, users must bid for how much they’re willing to pay to have their ether transaction picked up by a miner, which can be extremely costly. Under EIP-1559, this process will be handled by an automated bidding system with a set fee amount that fluctuates based on how congested the network is.

“This is great for Ethereum casual users and makes the protocol less intimidating to use,” Eric Conner, a co-author of EIP-1559 and co-founder of EthHub, tells CNBC Make It.

Another major change under EIP-1559 is that part of every transaction fee will be burned, or removed from circulation, which will begin to reduce the supply of ether and potentially boost its price.

That’s why, in part, “EIP-1559 is one of the most significant upgrades to Ethereum since the network’s launch,” says Meltem Demirors, CoinShares chief strategy officer.

Here’s what investors should know as the upgrade rolls out.

What EIP-1559 means for investors

While EIP-1559 aims to strengthen the ecosystem of Ethereum ⁠— which is known for its smart contract capabilities that power DeFi, or decentralized finance, apps and NFTs, or nonfungible tokens, among other things ⁠— it isn’t likely that there will be much short-term impact on investors, Demirors says.

Long-term, however, the proposal’s co-authors hope to make ether deflationary by reducing the supply. This would be “extremely beneficial” for investors, Conner says, especially “with all the recent talk of inflation in the United States.” It would give crypto investors an option to hold a deflationary asset.

Read more about cryptocurrencies from CNBC Pro

But the EIP-1559 proposal alone will not make ether deflationary, Demirors says.

“Many of these expectations are likely too optimistic in the short-term, and will become more material in the long-term,” she says. That’s because “the nominal amount of gas burned won’t outpace network inflation.”

EIP-1559 also wouldn’t lower gas fee prices or the cost of transactions on the network, which can be very high.

Still, the upgrade is important since it has the potential to improve Ethereum’s user experience and may boost the price of ether.

Other innovations surrounding Ethereum are in the works as well, Demirors says. That includes the planned migration from a proof of work (PoW) model to a proof of stake (PoS) model later this year or early 2022.

Under the PoS model, a person can mine or validate transactions according to how many coins they hold. In a PoW model, miners must compete to solve complex puzzles in order to validate transactions. Supporters of the PoS model say it will use less energy and better the blockchain’s efficiency.

“Taken together, EIP-1559 and the move to PoS will have a major impact on miners and the economics of Ethereum,” Demirors says, “but at the moment, the upgrade alone does not.”

Overall, “I think the most important thing that EIP-1559 shows to investors is that Ethereum is still an actively developed project which refuses to stagnate and become obsolete,” Conner says.

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