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Pressure Mounts on Trump Organization CFO to Cooperate Against Trump in NY
"I wonder what you make of this reporting that the former guy donald trump and his. Cfo are staying close and that. Another executive is under scrutiny. Well i think the former president needs to be very very concerned. Because you've got the manhattan district attorney as well. As the attorney general new york who are pretty much joining forces from their different vantage points and are looking into possibly significant financial crimes by the former president and his support team including bina guards so when you now extended from the cfo and people are in his immediate circle iraqi people to his bodyguards. And i'm not saying that their low ranking but people who are in different role certainly getting tax free advantages getting housing getting apartments getting benefits. I think that you really really has a much to be concerned with. As the people around him and in fact they've all been advised to their own counsel to cheat. Saw do those prosecutors weisselberg to flip. And what about what. David farren fold. Said that you've got somebody who has been extremely loyal to donald trump for thirty forty years. In addition to which donald trump is widely known for not using email. That's not going to be a source of information for them and he does seem to always sort of operating a plausible deniability arena. Oh i turn that over to him. Absolutely i think it would be critical for him to flip for this reason. I mean he has. He's worked with them for many years. He knows where all the bodies are buried. And that's going to be critical for the case. That's being made out against the former president but i do think the low there's low hanging fruit to there are a lot of people who are receiving a lot of pressure and fill pressure to do the right thing and to just truth until and say what happened and so i think processing is a big problem. Because you've got the district attorney and the new york attorney general that a case against him one from a criminal standpoint and one from a
Trump's Company Sues NYC for Canceling Golf Course Deal
"Suing New York City over his golf course bomb, Brown explains. New York City wants to terminate the Trump Organization's contract at its Bronx golf course. The deal permitted former President Trump's company to operate Trump Golf links at ferry Point, the company says. Invested $30 million in managing the club. In a statement, the Trump Organization said the city wasted millions of dollars of taxpayer money and it's failed attempts to complete the project. The Trump Organization was responsible for developing Central Park's woman rink, which the city had failed to complete. Bob Brown
Markets Stage Massive Rebound Ahead of Powell's Next Appearance
"We start with a major rebound on wall street. The snp rising nearly percent and a half the dow notching. It's best gains since march as markets. Try to recover from last week's losses. Business venture jay powell gets ready to appear before the house tomorrow details from his testimony released in just the past half an hour and he l'envoi has to breaking details hylan. Hi courtney will fed chair. Jay powell characterize the increase in inflation over the past few months as notable but he emphasized that it's still appears to be transitory. Those comments are from his written testimony ahead of the hearing tomorrow. Before the house corona virus committee. He said the jumping inflation was due to base effects. Pass increases oil prices a rebound in consumer spending and supply chain bottlenecks. Now he made no mention of when the fed might hike rates or the earlier forecasts for liftoff from last week but he repeated the fed's commitment to supporting the economy until the recovery is complete. He also warned about the slowing pace of vaccinations in pointed to new strains of the virus as a potential economic risk. Tomorrow's hearing will also focus on the fed's emergency lending facilities during the pandemic powell said the fed's actions unlocked two trillion dollars of funding for businesses nonprofits and state and local governments and ultimately. He argued that help. Prevent businesses from closing and workers from losing their jobs. However i can tell you that. Republicans like the committee's ranking member representative steve scalise. Do intend to confront powell over inflation. They've turned this into both an economic and political talking points. Those are some of the land. Mines powell have to dodge tomorrow but separately today. He and other heads of financial regulatory agencies did meet with president biden for what the white house described as a status check on the financial system. The white house saying that the regulators reported the financial system is in strong condition. Financial risks are being mitigated by robust capital and liquidity levels in the banking system healthy balance sheets among households and the ongoing economic recovery. So courtney a healthy status update on the financial system from the white
Lordstown Motors Executives Reportedly Sold $8M in Shares Before Bad News Broke
"Top executives at electric truck startup. Lordstown motor sold more than eight million dollars in company stock in february according to regulatory filings. That was just weeks before lordstown posted. Its first year end results after going public and its financial results. The company reported a net loss of twenty three cents a share for the quarter more than double analysts expectations. According to factset auto industry reporter. Ben foley has more. I think what stands out to is that at most companies there would be a blackout period prohibiting these types of trades so one of the people trading is the chief financial officer the chief financial officer. I can't say for certain but presumably. What have some knowledge of how the company did in the quarter that had closed a month before in order to avoid the appearance that that person is trading on that information before the rest of the market knows about it. Most companies prohibit that kind of trading in that space. These trades basically. They do not appear to have happened as part of a kind of prescheduled plan and they come basically before a bunch of bad news about the company comes out today. The company's stock fell about five and a half percent to ten dollars and seven cents. Shares are down about fifty percent for the year. Four of the five executives declined to comment through lordstown motor spokesman the fifth former chief financial officer. Julio rodriguez could not be reached for comment last week. The company said a special committee formed by its board concluded that the executive stock sales quote were made for reasons unrelated to the of the company
Agricultural Bank of China Reiterates Ban on Crypto
"The agricultural bank of china china's largest posted a message on its website reinforcing. The previous policy of banks not doing business with crypto companies. This was quickly picked up by people like colin. Woohoo tweeted quote china's third largest bank. The agricultural bank of china issued a statement on june twenty-first stating that it prohibits the use of it services for virtual currency transactions such as bitcoin. The statement emphasized that once relevant behaviors are discovered account. Transactions will be immediately suspended. Customer relationships will be terminated and relevant departments will be reported now the agricultural bank quickly deleted that post but as it turns out it was a timing thing not the mystery and intrigue that people thought at first. We found out a few hours later. That the central bank of china had convened a meeting with the major banks in china. Plus ali pay around these issues. So that includes the industrial and commercial bank of china the agricultural bank of china the china construction bank postal savings bank of china and ali pay on the issue of virtual currency transaction hype. Here's a translated section of an article about the central bank statement from a chinese publication quote institutions must comprehensively investigate and identify virtual currency exchanges and over the counter dealers capital counts and cut off the payment link for transaction funds in a timely manner. They must analyze the capital transaction. Characteristics of virtual currency trading hype activities increased technical input improve abnormal transaction monitoring models and effectively improve monitoring and identification capabilities improve internal working mechanisms clarify. The division of labor compact responsibilities and ensure that relevant monitoring and handling measures are in place participating organization stated that they will attach great importance to this work and in accordance with the relevant requirements of the people's bank of china will not carry out participated in virtual currency related business activities further increase the investigation and disposal efforts ended up strict to resolutely cut off virtual currency trading hype activities. Since this all happened early this morning east coast time. The debate on twitter has been raging. About i if in how this is different than previous similar announcements or policies
Can Facebook Win the Audio Market?
"Facebook has officially rolled out. Live audio rooms. It's clubhouse clone slash twitter space competitor. Podcasting play available to verified public figures and select groups and podcasts partners in the us. Going tech crunch the company tells us live audio. Rooms will become available to any verified public figure or creator in the us who's in good standing with facebook and is using either a profile or the new facebook pages experience on ios for facebook groups. The feature is launching with quote. Dozens of groups were told both products will become more broadly available in the weeks and months ahead as more people podcast in groups are brought on board. Meanwhile one hundred percents facebook users in the. Us will be able to listen to live audio rooms and podcasts as of this week much like clubhouse or similar audio apps facebook live audio. Rooms offer a standard set of features. The events hosts appear in rounded profile at the top of the screen while the listeners appear in the bottom half of the screen as smaller icons. The active speaker is indicated with a glowing ring if verified. A check appears next to their name as well. There are also options for enabling. Live captions a raise hand tool to requests to speak and tools to share the room with others on facebook through things like news feed or group us facebook. Does things a little differently than others. In some places for instance hosts are able to invite people to join them as a speaker in advance of the session or they can choose listeners during the stream to join them in each session. There can be up to fifty speakers and there's no limit on the number of listeners. Facebook says during the session users will be notified when friends or followers the chat to while listening users can like or react to the content as it streams using the thumbs up button at the bottom of the screen which connects you to facebook set of emoji. Reactions and with today's official launch listeners can also show support to the public figure of the live audio room by sending stars
Airlines, Unions Demand Crackdown on Unruly Passengers
"With a steep rise in the case of passengers getting out of control on airline flights, Coalition of unions is calling for more prosecutions dealing with a rising number of passengers who fight flight attendants refused to wear masks and cause other problems on planes. A coalition of aviation groups has sent a letter to the head of the FAA and Attorney General Merrick Garland. Urging for unruly passengers to be prosecuted to the fullest extent of the law. They want the prosecution's made more public to put a spotlight on the serious consequences of breaking the law while in flight
American Airlines to Cut 1% of July Flights
"American airlines is trimming some flights to alleviate potential strains on its operations the move comes after the carrier rapidly increased flying to meet a surge in travel demand. The cuts are relatively small about one percent of flights plan for the first half of july according to american. But it's a sign of how tricky it has been for airlines to scale up after a year of depressed demand even with the latest reductions. America's flying much more than its closest competitors united airlines and
China Steps Up Antitrust Pressure on Internet Firms
"Chinese regulators are stepping up their scrutiny of dozens of domestic internet companies for possible antitrust violations. People familiar with matter. Say government agencies have paid surprise visits to some companies in recent weeks during which agents have questioned senior executives downloaded contracts and financial records and collected emails and internal communications. The moves come amid a broader crackdown. On china's internet jackets as the government works to rein in their influence. The regulators involved in the recent visits didn't respond to requests for comment.
Does Human Resources Still Need Humans?
"You'd think one line of work that would be saved from the robot. Takeover is human resources but some companies are working on a recent new york times investigation laid out how amazon's automated systems for managing warehouse workers led to unreasonable scheduling delayed benefits and fire rings. Peter cappelli is a professor of management and director of the center for human resources. At wharton. i asked him. What a traditional hr department used to do. That's now done by software. You know. I think there's a lot of paper pushing things that have been automated and you know worked pretty well. It's just putting stuff into software so filling out forms for example. We probably all do those a lot has chat bots which are pretty common the same sort of thing that you'd get if you call customer service although we hope it works better than that it answers your questions and moves you along the trails. The things which are kind of on the horizon are things that involve machine learning and building rhythms. That will actually help you. Predict things like predict who will be a good employee or possibly even predicted will be a bad employees. You know who among your current people might steal from you or something like that right and those are the more controversial ones that seems pretty scary knowing what we know about mistakes that algorithms make one of the big differences is that algorithms make in terms of mistakes as they make mistakes at scale for example. If you're thinking about hiring generally speaking we do hiring really poorly. We pushed the problem off on the line managers because it's cheap to do and each manager does it differently so say they actually discriminate against somebody. Well there's one manager and one problem that maybe you could identify once you have an algorithm that makes hiring decisions and it makes a mistake. It's a class action mistake because it's making the same mistake for
Amazon Could Be Facing Supply Delays as Prime Day Kicks Off
"Need to worry If you don't have Amazon because WalMart target best buying everybody else is fighting for your attention. They're all launching some of the biggest deals of the season to keep up with Amazon. Prime day sales, meanwhile, may face issues this year, a seller struggle to stock up stores and distribution centers amid delays in supply delivery and problems with port capacity due to the pandemic. Inventories have further been disrupted by shortages and shipping containers and airfreight capacity globally. The issues with the supply chain prompted the National Retail Federation, the world's largest trade association, to write to the president. Urging for action on port challenges is more than two thirds of its 16,000 members face increasing shipping costs. And cities in the US West
Walmart's 'Deals for Days' Competes With Amazon Prime Day
"Morning, Brian. Today is the start of Amazon's Prime Day, the retail giant's annual online shopping extravaganza. They're promising. It's going to be the biggest and the best in seven years since its existence, But Competitors are working hard to not be outdone like WalMart. It launched its online deal for days sale and that's going to last through Thursday. The 24th Yeah, And, incidentally like Walmart. I don't lot of people have said As I've said, Look, you know I don't support support boycott efforts, But I do vote with my own wallet. I think increasingly It's important that in our society we don't support with our wallet, things that undermine our values. And to that end if you've been looking for a way out of Amazon, But you feel like there just wasn't anything else. That was that good. Lot of folks saying, you know, Walmart has a premium service like prime for delivery and it's really good. So if you are looking for alternatives, Nia Yeah, WalMart target a bunch of the other stories that are out there so and take advantage of deals even outside of the
Cargo Is Piling up Everywhere and It's Making Inflation Worse
"Americans have been buying a record amount of stuff during the pandemic and that's exposed. Some weak links in supply. Chains inventories are shrinking. Delivery times are growing and prices are soaring. The federal reserve says supply chain. Bottlenecks are one of the factors driving inflation to its highest level in more than a dozen years. Npr scott horsely reports on how some businesses are trying to cope. John nephew runs minnesota company. That sells tabletop games. In the style of dungeons and dragons. One of newest offerings is called dice minor. So it's a game about dwarfs who are mining in a mountain. It's a dice drafting game. The games are manufactured in china and these days. The cargo business is its own role of the dice last christmas. Nephew ordered a forty foot shipping container full of games and he expected delivery in about six weeks. The games finally arrived in a little under six months. We were booked on something like eight different shipping. Voyages in a row and had them cancelled from under us. There's so much freight coming across the pacific. Now nephew shipment kept getting bumped and when it finally arrived on the west coast the container was immediately emptied so it could be sent back to china for another load. The games continued onto minnesota by truck rather than rail. The final shipping costs from shanghai to duluth was about twelve thousand dollars at least fifty percent. More than nephew had budgeted. That shipping price is gonna look like a bargain within the next couple of weeks with the way that things are looking. It is just a
Florida Federal Judge Helps Clear the Way for Cruise Ships
"Federal judge in Florida has issued an injunction to help clear the way for cruise ships to resume sailing in Florida without following government guidelines on Covid safety. The judge sided with the state of Florida, which says it's being harmed by strict guidelines for cruise ships set by the U. S Centers for Disease Control. The CDC presented a four phase conditional framework to allow cruise ship operations to resume including rules on wearing masks and requiring proof. Have been vaccinated something that Florida's governor has banned. The judges. Preliminary injunction prevents the CDC from enforcing its health order pending further legal action and orders both sides into mediation. Florida Attorney General Ashley Moody praised the decision, saying the federal government does not nor should it ever have the authority to lock down
As U.S. Economy Rebounds From COVID-19, Foreign Investors Rush In
"Okay. Turbo charged. US economy attracts foreign investors. So the thesis from this article here is that because of how rapidly the U. S is growing, you're going to see a lot of foreign dollars coming in trying to chase that growth. Your thoughts, Mike. Well, one The US is always One of the most attractive places to invest in the world, mainly because of the rule of law and the infrastructure that we have in place to, you know, facilitate investment in our economy. I don't think there's much debate there that In terms of countries with a stable, transparent market, low barriers to entry and rule of law. United States is right up there in terms of attracting foreign investment. I think it depends on the type of investment that we're talking about, and that's where this differs a little bit. It's been very attractive for financial ized investment over the last couple decades. Yes, Stocks, bonds, real estate All have done
Workers Are Resigning at Record Rates
"The number of people quitting their jobs is growing even as the U. S economy recovers from the pandemic. NPR's Andrea Hsu reports in any given month a little more than 2% of U. S workers quit their jobs on average this spring that number entire a record 2.7% of workers, or some four million people quit in April. The sectors that saw the most number of people quitting include leisure and hospitality, retail and transportation. Labor, economists say it's a sign that workers are feeling confident that they can find a better job elsewhere, maybe with more pay or better working conditions. It could also be that some people were reluctant to leave jobs they didn't like in the middle of the pandemic. Now, with much of the country reopened. Job openings are at a record
Hit by a Ransomware Attack? Your Payment May Be Deductible
"A ransomware attack surge. The FBI is doubling down at its guidance to affected businesses don't pay the cybercriminals. The U. S government also offers a little noticed incentive for those who do pay. The ransoms may be tax deductible. Those looking to discourage payments fear the deductions of potentially problematic incentive that could entice businesses to pay for ransoms against the advice of law enforcement. Ransomware has become a multibillion dollar business. And according to the Palo Alto networks, the average payment was more than $310,000 last year up 171%. From
Does a Law From the Civil War Make Stablecoins Illegal?
"The question of stable coins. Decentralized money versus centralised money is one of the key conversations of the next decade. So let's go back in history to see how we've wrestled with that in the past. How the civil war shapes the future of stable coins. The civil war replaced a decentralized monetary system with a centralized one setting precedents for the regulation of stable coins. today in eighteen. Sixty one civil war broke out in the united states over the next four years of conflict the politics. The us remade and so. We're its monetary affairs. A new monetary system was born during the war years that exists with us today and is shaping our stable coin future decentralized currency system before the civil war there was a decentralized currency system with myriad of coins and banknotes all banknotes were privately issued through independent banks. There was us government paper money if a bank wanted to issue currency had to deposit bonds with its state banking authority. Usually a bank could issue anywhere from ninety percent to one hundred percent of the value of the bonds deposited. However in some states you could basically deposit worthless bonds as collateral and some banks. Just ignore the rules. The result was thousands of different banknotes all with different values making matters worse were wildcat banks. A wildcat bank was a fly by night. Operation that appeared in a region and spent its banknotes far and wide. Then it would just pull up stakes and disappear. Leaving worthless banknotes behind during the civil war congress in the abraham lincoln administration overturned the decentralized system establishing a government monopoly on money. It did this in a number of ways but the most relevant to the future of stable coins redefinition of money and the establishment of the national banking system
UK Regulators Probe Mobile Dominance of Apple and Google
"Uk's competition and markets authority announced an official investigation into the mobile device ecosystem. Looking into the dominance of ios and android in the control both have over at marketplaces results of the investigation are expected to be published within a year. The cma previously announced investigation into if apple unfairly favored itself in the ios app
The Hard Truth of the Marijuana Industry
"Two thousand eighteen. Almost seven hundred thousand people in the us were charged for possession of marijuana. Black people were almost four times more likely to be arrested for possession than white people despite the fact that both groups use marijuana at similar rates for a long time because of the so-called war on drugs of the eighties and nineties. These disparities were the primary story of marijuana people of color in the us. But now that story is. Changing as marijuana is legalized in more states. Across the us and growing into a multibillion dollar industry black entrepreneurs are trying to reclaim the plant that crushed their communities for so long black entrepreneurs like gmo modern. I saw this as an opportunity to say if i watch people my community get arrested for this. Why can't i help people my community enter from the legal quote unquote right governmental legal standpoint of this and seeing where we can seek those opportunities. Jia runs her own. Pr firm gb m. communications and public relation services for marijuana businesses. She started her company in two thousand twelve after working goldman sachs for fifteen years three years after starting her company into the marijuana industry. This was in twenty fifteen. Twenty seven states in dc had either legalized medical marijuana or decriminalized marijuana possession but it was instill is illegal at the federal level. So entering that space meant carrying the stigma of working in what many still considered to be an illegal business. My gut never said. Stop what my gut said is back. Be prepare. that you're gonna get a lot of flack keep coughing
30-Year Mortgage Rate Drops to Record Low
"Morgan sent last week. The raid for a 15 year loan edged up to 2.24% from 2.23% last week. The Federal Reserve signal that it might act sooner than Obviously plan to start dialing back the low interest rate policies that have helped spark a swift rebound from the recession but have also coincided with rising
What's Behind the Push for a Fourth Stimulus Check?
"Million payments in the third round of direct stimulus aid with another 1.8 million people this week in line to receive the $1400 checks. But some lawmakers are now pushing for 1/4 round of stimulus aid that would effectively send recurring payments until the pandemic ends. So far, The federal response to the economic crisis has delivered $3200 to each eligible adult 1200 in March of 20 2600 in a December relief measure, and 14 Under the American rescue plan signed in March by President Joe Biden. Despite that financial assistance, millions of Americans remain in financial distress, with about four in 10 people saying their income remains below its pre pandemic levels. For I news. I'm John. Okay,
Boeing's Newest Version of the 737 Max Makes First Flight
"Boeing's newest version of the 7 37 Max jetliner has taken flight A Boeing 7 37 Max 10 completed a test flight of about 2.5 hours yesterday over Washington State. The Max 10 can hold up to 230 passengers. It's a slightly bigger version of Boeing planes that are already flying airlines began using those earlier Max jets in 2017, but they were grounded worldwide for nearly two years after two crashes killed 346
EU investigates Google's conduct in digital ad tech sector
"European Union regulators launched a fresh anti trust investigation of Google regulators a setting out to assess whether the U. S. tech giant is stifling competition in digital advertising technology the E. U.'s executive commission says the probe will look specifically into whether Google has violated the blocks competition rules by favoring its own online display advertising technology services at the expense of a rival publishers advertisers and advertising technology services the commission says it's looking at whether Google is restricting access by third parties to use the data for odd purposes on websites and apps Charles Taylor this month London