Acting Defense Secretary Pat Shanahan Steps Down
The university of Alabama school of law online, choose between an l l m and tax or business transactions for lawyers or jurists master in taxation for non-lawyers. Connect. And learn with live lectures details. Had Bama by distance dot U, A dot EDU. Acting Defense Secretary patch Shanahan won't pursue the permanent job. The lack of an actual nomination to formally proceed with a confirmation hearing was peculiar and CBS's once far considering an offer for sister company by these companies have tried to merge three times in the last four years last. It's decision day for the fed. This is what's news from the Wall Street Journal, on Kim ghetto thin. Let's get started. Now, before we get into her main story of the morning. Why acting Defense Secretary Pat Shanahan won't pursue the permanent job? Here's what you missed. CBS is once more trying to buy its sister company, Viacom according to people familiar with the situation, the deal could come as soon as the next few weeks, this would be the third attempt in the past four years to reunite the two companies, the thirty billion dollar media empire was split apart by Sumner Redstone more than thirteen years ago, Ben Mellon, explains from New York. Weren't really dates back to two thousand six when Sumner Redstone paid thirty eight point four billion dollars to buy CBS to create a then unprecedented media behemoth few years after that, he split, the two companies because Viacom, which had MTV and still does all these companies that appeal to younger viewers was growing really quickly, relative to the stock of CVS. So in order to, as they say unlock shareholder value he split the company's apart. One another CBS was called via slow and Viacom was dubbed by grow by the street as you've seen in the last few years. Basically, every major media company has either merged with a wireless provider, a cable company or another big media company in order to get more. As they say scale Time Warner was purchased by AT and T discovery. Purchase scripts networks. Meredith bought Time inC there's a lot of these media companies that have merged with Iraq. Levels to get scale because they're facing competition from tech firms, like Facebook Inc. Google all these companies that have dominance over digital advertising, and President Trump officially launched. His twenty twenty reelection bid at a mega rally in Florida last night. Are you ready? I we'd do make America great again that we do keep America great. Let me hear it ready. Make America great again. During his seventy five minute speech, the president kept to familiar topics including boasts about the economy and criticism of the media and Democrats. He also promised to continue as efforts to quote drain the swamp together, we're breaking the most sacred rule in Washington politics. We are keeping our promises to the American people. Although he faces a crowded field of over twenty democratic presidential hopefuls. We write the president's approval rating remained stuck below fifty percent in crucial battleground states. Molly. Magnetic. And this is probably the only add Sharon song. I know but I'm clearly in the minority, the British pop star is close to breaking the record for the highest grossing tour ever and he's done. So by bucking, almost every trend he doesn't charge a ton for his shows the average ticket price for his door was eighty nine dollars compared with more than one hundred sixteen dollars for Taylor, swift, or Jay z and beyond say, add Sharon also, sometimes surprises his fans with upgrades to front row seats. So what's his secret? Well, it's pretty simple. He just performed more shows ninety four last year compared to the fifty or so for Taylor or the Carters. now our main story this morning acting Defense Secretary, Pat Shanahan will not pursue nomination in front of congress. President Trump said he'd done a quote, wonderful job and named secretary of the army Marcus spurts, be the new acting Pentagon chief. So why did he leave Charlie Turner has been finding out more from a reporter, Gordon Liu bald in Washington? Gordon acting Defense Secretary patch Shanahan decided not to pursue confirmation as the permanent head of the Pentagon. That's according to a tweet from President Trump. Did the president ask Mr. Shanahan to withdraw? Well, the president just arrived in Florida and just reiterated that he did not ask the acting secretary to withdraw. We know a few things here, though. Mr. Shannon, who was originally, the deputy secretary of defense, and then became the acting secretary, January one when then defense. -tary Jim Mattis abruptly resigned had been in an acting role and had yet to be nominated even despite, you know, support or seeming support from the White House in tweets and other public remarks from the president and others. But the, the lack of an actual nomination to formally proceed with a confirmation hearing was peculiar and had been pushed several weeks to the right. Just even as recently as yesterday. Support for him was pretty thin inside the administration and on Capitol Hill for a number of different reasons, Mr. Shanahan was battling, though, his own demons from his past extremely contentious divorce in which they're allegations by his then wife of an assault that I think ultimately, contributed to his decision to pull himself from the confirmation process and also to step down from the Pentagon altogether. And also gore. There were questions about it his experience and about his record during his brief tenure. That's right. So there, there was a number of areas of concern about his past being one of them, but primarily, this is a long time Boeing executive who was up for probably number three or number four job at the Pentagon in two thousand seventeen and then through a series of circumstances in this administration can found himself at the top in the top job, top Pentagon job, you know, requires a lot of, you know, policy substance, substance. He really lacked. I mean he was learning, but he, he didn't really have a knack for the policy details and didn't really have a lot of hunger for it. And had stumbled publicly in ways that folks from Capitol Hill had noticed and people within the administration and noticed and. You know, we're at a place here with rising tensions with Iran. There's a host of, of kind of national security issues that Mr. Shanahan was to confront and the concern was that he would be a lap dog for national security. Adviser, John Bolton and Mike Pompeo who in the case of Iran or are particularly more hawkish and would not necessarily be a good cushion or protector of the interests of the US military, a double question here, who will be named acting secretary of defense. And does he have a better chance of being confirmed? Well, this is a really interesting question. Right now, President Trump is indicated that he's going to name army secretary Mark Esper- as the acting secretary of defense. We don't know if secretary Asper would be ultimately nominated for the the permanent position. Or if he will also kind of sit in limbo for for weeks or months. Noting, again, here that acting secretary passion Eoghan was acting for the last more than five months, the longest a Pentagon chief has ever served in an acting role and should know. Also, that is important jobs, huge budget, you need credibility on Capitol Hill. You need credibility with with world leaders with whom the Pentagon secretary of defense, engages routinely, and so not having the support of the White House back at home and remaining in an acting role leaves that job a lot in limbo. So we don't know what's going to happen with secretary aspirin. But for right now, he will be the acting secretary of defense, you can follow our full coverage of who will take on the Pentagon's top job at WSJ dot com. The university of Alabama school of law online, choose between an l l m in tax or business transactions for lawyers or jurists master in taxation for non-lawyers connecting. Learn with live, lectures, details at Bama by distance dot U, A dot EDU. On to markets. Asian markets followed Wall Street higher after President Trump said in a tweet that he had, quote, a very good telephone conversation and quote with the Chinese president Xi Jinping. The two leaders are set to meet at the end of the month at the g twenty summit from Hong Kong market's editor Quinton Webb has more. Reaction to the idea that there's a thorn in trade relations between the US and China has been pretty positive and pretty strong fest. The US markets, rallied, a now in Asia where I'm based, there's being equity market gains of roughly wants two percent. And of course, trade related companies or companies dealing in tech industries have rallied, even more. It's a bit premature to assume that this means there will be no more trade tensions between the two I think more realistic assessment might just be that the coming tariffs on three hundred billion dollars of Chinese goods, which at the moment are not facing levies when they entered the US. I think it's really stick to seem that maybe those could be postponed while the two sides told more the other complicating factor in markets. Is that as trade relations waxing and waning? There is also this big shifts in central Bank policies. So the European. In central Bank is turning to easier policy, and there's a widespread expectation building. The Federal Reserve will say starts, listen policy, too. So that is helping I think fueled gains in many markets. Now the skied, here's what to look forward to later today. If you've been listening to our shows this past week, you know that today is decision day for the Federal Reserve. The key question that investors will be paying attention to whether the fed cuts rates at this meeting, or signals that it might cut rates when it meets again, in July another issue Lee yesterday, the president wants more renewed his criticisms of fed chair, Jay Powell. President Trump said he would consider demoting, Mr Powell if he didn't like the outcome of today's meeting, however, legal experts say it's unclear if the president would have the authority to do so. And San Francisco took one step closer yesterday to becoming the first US city to ban. The sale of e cigarettes said he's supervisors approved a measure, that would stop the sale and distribution of cigarettes until the FDA completes a review of the effects of e cigarettes on public health. Here's the boards cherish Amman, Walton. The mine these battling big tobacco. And now we see it's new form through e cigarettes. I'm not gonna put profits of big tobacco over the health of our children in our young people. The ordinance is not a permanent ban. It is a moratorium until do diligence is carried out by the FDA concerning. Big tobacco companies like gills marketing to our youth Niger needs to pass a second vote before it would go into effect Joel said the measure won't effectively address underage use of its products that added it had already shut down its Instagram and Facebook accounts in order to discourage beeping by people who are under twenty one years, old, finally, big news. If you're a scotch lever the association that governs, how scotch is marketed and made has decided to relax, one of its rules, you might already know this. But the process to make scotch is already quite arduous. If I must be distilled in Scotland from water and multi barley aged in the country for three years in oak casks, it then. Has matured in barrels used by the industry. These are primarily old, Sherry cognac bourbon or port barrels now, the new rule says the barrels which have been used to mature other spirits like tequila and mess. Cal can be used. The hope is the new rules will help increase scotch sales, which have lagged and encourage innovation. We know it's a bit early, but we'll drink to that. That's what's news from the Wall Street Journal. Thanks for listening.