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JPMorgan Chase hit with government lawsuit for pay discrimination

( ) – The U.S. government on Wednesday filed a lawsuit against JPMorgan Chase & Co claiming the bank engaged in pay discrimination against women.

The U.S. Department of Labor, in a complaint filed with an administrative judge, said New York-based JPMorgan had paid at least 93 women in four different job categories less than comparable male co-workers over the last five years.

The company violated an executive order prohibiting federal contractors from engaging in sex discrimination, the department said. JPMorgan has dozens of contracts with various federal agencies, according to the U.S. General Services Administration.

JPMorgan spokeswoman Tasha Pelio in a statement said the co,上海夜生活网交流Rachel,mpany was committed to diversity in the workplace.

“We ar上海夜生活论坛e disappointed that the (department) chose to file a complaint, but look forward to presenting our evidence to a neutral decision maker,” she said.

The department was seeking back pay and salary adjustments for the women. The agency also said JPM,上海高端夜生活在那里Ida,organ failed to conduct required analyses of its workforce to determine if there were pay gaps based on sex, race and other factors.

The complaint comes on the same day the U.S. Justice Department fil,上海夜生活群Barney,ed a lawsuit in federal court in Manhattan accusing JPMorgan of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans. The bank has agreed to pay $55 million to settle the claims, a person familiar with the matter told on Wednesday.

Tech firm creates Trump monitor for stock markets

LONDON ( ) – Just in time for his inauguration, London-based fintech firm Trading.co.uk is launching an app that will generate trading alerts for shares based on comments made on social media by Donald Trump.

Keeping one eye on the U.S. President-el,上海夜生活怎么玩Dallas,ect’s personal Twitter feed has become a regular pastime for the fund managers and traders who invest billions of dollars daily on world stock, currency and commodity markets.

Trump knocked several billion off the value of pharmaceutical stocks a week ago by saying they were “getting away with murder” with their prices. Comments earlier this week on China moved the dollar and a pair of December tweets sent the share prices of Lockheed Martin (LMT.N) and Boeing (BA.N) spiraling lower.

That plays to the growing group of technology startups that use computing,上海夜生活男人好去处Talon, power to process millions of messages posted online every day and generate early warnings on when shares are likely to move.

(For a graphic on companies affected by a Trump tweet, click here)

Trading.co.uk chief Gareth Mann said the Trump signal generator used artificial intelligence technology to differentiate between tweets or other messages that, for example, 上海夜生活论坛just mention Boeing and those liable to move markets.

“It is impact analysis,” he said. “We can let you know when Trump t,上海新夜网龙凤Landon,weets. We can let you know when he mentions a particular stock, or when he mentions a stock and a country. But if he just says he’s riding on a Boeing 747 the system will do nothing.”

Deutsche Bank CEO looks to future after mortgages settlement

FRANKFURT ( ) – Deutsche Bank (DBKGn.DE) will be free to focus on a new growth strategy instead of devoting most of its energy to cleaning up past mistakes, Chief Executive John Cryan said after settling its most costly legal headache.

“Given other lawsuits, it is still too early to talk of having drawn a line under all matters,” Cryan said in a message to the company’s around 100,000 employees on Wednesday.

“We are, however, nearing our objective of being able to concentrate primarily on the future instead of repeatedly having to look over our shoulders at past events.”

Germany’s biggest bank on Tuesday finalised a $7.2 billion settlement with the DoJ over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis.

Combined with an earlier $1.9 billion settlement with U.S. government-controlled Fannie Mae and Freddie Mac, America’s biggest providers of housing finance, the total bill for the mortgages issue stands at $9.1 billion.

Deutsche agreed with the DoJ to a statement of facts that describes how it made false and misleading representations to investors about the loans underlying billions of dollars worth of mortgage securities it issued in 2006 and 2007.

“Ultimately, Deutsche Bank enriched itself by paying reduced prices for risky loans while representing to investors valuation metrics based on appraisals the bank knew to be inflated,” the statement said.

With the U.S. mortgages case out of the way, three main litigation cases remain — a probe into suspicious equity trades in Russia, investigations into alleged foreign exchange manipulations and alleged U.S. sanctions violations.

All three are expected to result in manageable costs.

The bank remains hopeful of reaching a deal on Russia by March and booking the case retroactively in its 2016 accounts while paying significantly less than the 1 billion euros ($1.07 billion) it has provisioned, people close to the bank have said.

BREATHING SPACE

The mortgage,上海夜玩网论坛Fabiana,s settlement gives Deutsche Bank breathing space to refine its strategy, with an update likely to be presented to investors in spring and after an expected accord of international banking supervisors on new capital rules.

Regulators had planned to strike a deal on the future capital rules – dubbed Basel IV – by early January, but have now postponed a decision until March as上海夜生活论坛 they struggle to find a compromise between European and American interests.

The capital rules will determine whether Deutsche Bank can afford to reintegrate its retail unit Postbank, which it had put up for sale to lift its capital ratios, but would prefer to keep, the people close to the bank said.

Separately, Deutsche Bank is expected to outline a slimmer approach in its core investment banking unit, which focused on rapid expansion since the ,上海夜生活怎么玩Dalton,1990s, but paid too little attention to the complexity it added, and the conduct of some of its employees.

While Deutsche will continue to be more selective in its product offering and choosing its clients, deeper cuts, such as a retreat from the United States, are no,上海夜网后花园Dakota,t on the agenda, the sources said.

“The general view is that the worst point in investment banking is behind us and that it would be stupid to cut back significantly now. The prospects for investment banking are improving, partly because of the program of the new U.S. President Trump,” one of the people said.

U.S. industrial output rises 0.8 percent as utilities surge

WASHINGTON ( ) – U.S. industrial production rebounded in December due to the biggest jump in utilities since 1989 as temperatures cooled across the country.

The Federal Reserve said on Wednesday industrial output rose 0.8 percent last month after上海夜生活网 a downwardly revised 0.7 percent decline in N,上海夜生活服务Kaia,ovember.

Economists polled by had forecast industrial production rising 0.6 percent. The U.S. central bank’s measure of the industrial sector comprises manufacturing, mining, and electric and gas utilities.

Overall industrial production, however, fell at an annual rate of 0.6 percent in the fourth quarter.

The bulk of December’s increase was due to the 6.6 percent rise in the utilities index, which had been hampered the previous month by unseasonably warm weather.

Manufacturing output edged up 0.2 percent and mining production was unchanged.

Overall manufacturing output rose at an annual rate of 0.7 percent in the fourth quarter while the index for mining surged 11.9 percent in the quarter.

With overall output increasing in December, the percentage of industrial capacity in use rose 0.6 percentage point in December to 75.5 percent, from a slightly downwardly revised 74.9 percent in November.

Fed officials look to capacity use as a signal for how much further the economy can accelerate before sparking higher infla,上海夜网官方网站Jacklyn,tion,夜上海419龙凤论坛Gabriella,.

Federal judge rules Wisconsin’s union reforms constitutional

( ) – Wisconsin’s collective bargaining reforms, which prompted strong protests from organized labor, do not violate the free spee,上海夜生活服务Quaid,ch and equal protection rights of public sector union workers, a federal judge ruled on Wednesday.

The reforms, passed in 2011 by Republican lawmakers, severely limit th上海夜网e bargaining power of public sector unions while forcing most state workers to pay more for benefits such as health insurance and pensions. They also made payment of union dues voluntary and forced unions to be recertified every year.

“This case proves, once again, that (the reforms are) constitutional in all respects and that the challenges to the law are baseless,” said State Attorney General J.B. Van Hollen.

The laws sparked efforts to recall Wisconsin Governor Scott Walker and some Republican lawmakers who voted for them. Walker survived a recall election last year.

Federal Judge William Conley in Madison wrote in his ruling that the First Amendment grants public employees the right to free speech and association, but do,上海夜生活Sabine,es not grant them collective bargaining rights.

“Whatever rights public employees have to associate and petition their public employers on wages and conditions of employment, this right certainly does not compel the employer to listen,” Conley wrote in his ruling.

The reforms, which do not apply to public safety workers, do not violate equal protection rights of workers because the government has the right to set wages and benefits for individual workers based on performance and skills, according to Conley.

Katy Lounsbury, an attorney representing the unions in the case, said “it’s a wrong decision” and that her clients have yet to decide whether to appe,上海夜网官方网站Lake,al the ruling.

Similar cases involving the reforms remain in Wisconsin courts. In one case, the state is appealing a ruling by a Madison judge in September 2012, who found the reforms violated workers’ right to free speech, association and equal protection.

The reforms also face a challenge in Dane County Circuit Court where oral arguments will be heard in October.

Trumponomics may be wrong medicine for U.S. economy today

WASHINGTON ( ) – Tax cuts, deregulation and more federal spending advocated by the incoming Trump administration are a classic remedy for economic stagnation and long unemployment lines.

But that medicine may be too strong for an economy that has grown for eight years, with wages now rising and the jobless rate near what many economists consider “full” employment.

A analysis of regional jobs data and historic trends suggests that stimulus could boost demand for workers in areas where labor is already tight. That in turn, could stoke inflation, force the Federal Reserve to raise rates faster than expected, and make recession a greater threat. (Graphic: tmsnrt.rs/2jnYC9V)

What the country needs now, labor economists and Fed officials say, is small-bore surgery – policies focused on depressed regions in its rural areas and industrial heartland, which fell out of sync with the global economy and emerged as Donald Trump’s power base, helping him win the presidency.

“When you think of what Trump is inheriting, it is an economy in which much of the recent crisis has been solved,” said Jed Kolko, chief economist for the job site indeed.com.

“The challenges that remain are the ones that are harder to fix,” he said, citing as examples the decline of the nation’s coal belt or the rise in drug abuse in “middle America’s” depressed communities.

Trump takes office on Friday promising to strengthen the middle class and put millions of sidelined workers back to work by spending big on the nation’s aging infrastructure, playing tough on trade, and cutting taxes to spur investment.

There is an argument to be made about using a burst of spending to give the economy a jolt after a long spell of tepid growth that has rarely exceeded 2 percent.

TOO MUCH GROWTH?

Yet Fed officials are increasingly worried that since the U.S. economy is already performing close to its potential, such a growth spurt could lead to labor shortages, unsustainable wage hikes and too much rather than too little inflation.

In the weeks since the Nov. 8 election, the focus of central bankers has shifted from how to parse out gradual rate increases that could sustain unemployment around its current levels, to the risks of growth that comes on too fast.

The periods where unemployment has gone too low, without a Fed response, “have ended in some kind of recession,” Atlanta Federal Reserve bank president Dennis Lockhart said in Naples, Florida, last week.

Uncertainty as to how far the jobless rate can drop could make the central bank wait for too long or slam on the brakes too hard, Lockhart said.

The current jobless rate of 4.7 percent is roughly in line with what Fed Chair Janet Yellen cited as full employment in remarks this week in which she also mentioned the risk of recession if the Fed had to raise rates too fast.. ,上海夜生活Easton,

Trump has dismissed the official jobless figure, saying it overloo上海夜生活论坛ks millions of Americans who have stopped looking for work and who he feels could be brought back to the job market with hundreds of billions of dollars in public projects and private investment.

Some economists seem to agree, citing estimates of the number of sidelined workers as evidence the labor market has more slack than the headline numbers might suggest, and that the Fed thus has more p,上海足浴夜网联系方式Queena,olicy leeway.

Out of about 61 million men in the prime working years between 25 and 54, 88 percent were working or looking for work in 2015 compared with 94 percent in 1978. That means there would be over two million more men in the labor pool today if their participation held at an average rate for that entire period.

However, a analysis of state-level employment data suggests there may be industry- or region-specific reasons why that army cannot be readily mobilized. Past economic cycles also suggest even keeping the jobless rate where it is will be a challenge.

STARK DIFFERENCES

Jobs data show deep regional differences, reflecting shifts in industries and populations that a one-size-fits-all strategy is ill-equipped to address.

For example, labor market participation of prime working age men in Iowa has fallen just 2.2 percentage points since 1978; by contrast it tumbled 12 percen,上海夜生活男人好去处Radcliff,tage points in Kentucky as a result of the coal industry’s decline.

Some parts of the country are already struggling with labor shortages, while others remain depressed.

In parts of Florida, entrepreneurs have cited trouble hiring workers because of the rising housing costs.

“Teachers, nurses, cannot find places to live,” while hotel and restaurant operators are bringing foreign workers on special visas, said Kristi Bartlett, vice president of economic development at the Greater Naples Chamber of Commerce.

According to various studies, including one commissioned by the U.S. Treasury Department last year, major infrastructure needs are clustered around big coastal urban areas; an overhaul that targeted the most beneficial projects could make regional disparities even bigger.

Recent history suggests a big spending push or tax cuts this late in the business cycle might in fact bring forward the end of the current expansion.

Since the Fed in 1977 was given a “maximum employment” mandate, the jobless rate has fallen below 5 percent for an extended period twice.

In the 1990s, when the tech boom and rising productivity helped produce inflation-free economic growth, the unemployment rate stayed low for more than four years.

During the property-driven expansion early this century, unemployment held below 5 percent for 24 months before a wave of mortgage defaults triggered a financial crisis and a recession that put millions out of work.

The jobless rate has now been below 5 percent for a year and potential tax cuts and deficit spending may confront the Fed with a similar challenge as it faced in the late 1980s, said Roberto Perli, analyst at Cornerstone Macro and a former Fed economist.

Back then, the Ronald Reagan administration added tax cuts to already strong demand and a high budget deficit; the Fed countered with a faster than expected round of rate increases. A recession followed in 1990.

“With the labor market already tight and little resource slack, the Fed would very likely view demand-side fiscal policies as inflationary and would tighten policy faster than markets expect,” Perli wrote.

Exclusive: Aon nears $4.5 billion sale of benefits outsourcing unit…

( ) – Insurance broker Aon Plc (AON.N) is in advanced talks to sell its,上海足浴夜网联系方式Rae, employee benefits outsourcing unit to buyout firm Clayton Dubilier & Rice LLC for nearly $4.5 billion, people familiar with the matter said on Thursday.

The divestiture would undo much of Aon’s 2010 acquisition of human resources services provider Hewitt Associates Inc for $4.9 billion, signaling that the company now wants to focus more on its insurance and risk management businesses.

After submitting an offer earlier this month, CD&R has prevailed over private equity firm Blackstone Group LP (BX.N) in an auction for the unit, the sources said. The sources cautioned that negotiations were ongoing and that the outcome could still change.

CD&R operating partner and former SunGard Da,上海021夜网Earl,ta Systems Inc chief executive officer Russell Fradin, who was Aon Hewitt’s CEO from 200,夜上海论坛Idaleen,6 to 2011, is playing a key role in drafting a plan on how the unit can be separated from Aon, the sources said.

The unit for sale facilitates the processing of claims for companies, includin上海夜生活g defined benefit, defined contribution, and health and welfare administrative services.

Aon hopes to announce a deal by Feb. 10, when it plans to report fourth-quarter earnings, the sources said.

The sources requested anonymity because the negotiations are confidential. Aon and CD&R declined to comment, while Blackstone did not immediately respond to a request for comment.

Headquartered in London, Aon is active in more than 120 countries.

Private equity firms have been prolific investors in businesses that help companies cut costs by outsourcing large parts of their administrative functions, since such operations can generate strong cash flows. A few years after they invest, they seek to sell ownership of those assets at a big profit.

In September, Canadian pension fund manager Caisse de dépôt et placement du Québec said it would acquire a $500 million minority stake in Sedgwick Claims Management Services Inc, which specializes in workers’ compensation and is owned by buyout firms KKR & Co LP (KKR.N) and Stone Point Capital LLC.

In another example, Blackstone and Singaporean sovereign wealth fund GIC invested $750 million in 2014 to obtain minority stakes in Kronos Inc, a workforce management solutions company controlled by buyout firm Hellman & Friedman LLC.

T.Rowe results should get boost from $100 million insurance recovery

BOSTON ( ) – T. Rowe Price Group Inc. recently disclosed an insurance agreement to recover $100 million after it made a proxy voting error, which should help the Baltimore fund manager’s results due to be reported next week.

In a securities filing earlier this month T. Rowe Price of Baltimore said it has recognized the insurance recovery in its fourth-quarter results, to be reported next week, offsetting a $166 million operating charge it took in the second quarter.

T. Rowe Price’s investment team had opposed a $25 billion private buyout of Dell Inc in 2013, concerned the deal undervalued the ,夜上海419龙凤论坛Pablo,computer maker. But in a rare blunder, T. Rowe Price mistakenly voted clients shares “for” the merger.

After a court dispute, T. Rowe Price made payments to clients to compensate them for the difference in valuation that other investors who opposed the deal were able to pursue.

The company is due to report fourth quarter results on Jan. 26. Analysts surveyed by Thomson I/B/E/S on average expect the company to report earnings of $1.38 per share.

In a research note on Thursday Jefferies analyst Daniel Fannon raised his fourth-quarter earnings f,上海夜生活论坛Naia,orecast for the company to reflect the insurance agreement. He estimated it will report earnings of $1.50 per share, up from his previous estimate of $1.23 per share.

T. Rowe Price said in the Jan. 4 securities filing that remaining insurance claims tied to the Dell matter could result in an additional recovery of up to $50 mil,上海夜生活网419Fabi,lion. Such money would be recognized in the period that agreements are reached with carriers, T. Rowe 上海夜生活论坛Price said.

A spokesman for T. Rowe Price, Brian Lewbart, said on Friday the claim is still pending. He declined to name the company’s insurers.

China GDP beats expectations but debt risks loom

BEIJING ( ) – China’s economy grew a faster-than-expected 6.8 percent in the fourth quarter, boosted by higher government spending and record bank lending, giving it a tailwind heading into what is expected to be a turbulent year.

But Beijing’s decision to prioritize its official growth target could exact a high price, as policymakers grapple with financial risks created by an explosive growth in debt.

China’s debt to GDP ratio rose to 277 percent at the end of 2016 from 254 percent the previous year, with an increasing share of new credit being used to pay debt servicing costs, UBS analysts said in a note.

The fourth quarter was the first time in two years that the world’s second-largest economy has shown an uptick in economic growth, but this year it faces further pressure to cool its housing market, the impact of government efforts at structura,上海足浴夜网联系方式Lance,l reforms, and a potentially testy relationship with a new U.S. administration.

    “We do not expect this (Q4 GDP) rebound to extend far into 2017, when a slowdown in the property market and steps to address supply shortages in the commodity sector ought to drag again on demand and output,” said Tom Rafferty, regional China manager for the Economist Intelligence Unit.

The economy expanded 6.7 percent in 2016, the National Bureau of Statistics said on Fr,上海夜网后花园Larissa,iday, near the middle of the government’s 6.5-7 percent growth target but still the slowest pace in 26 years.

Economists polled by had expected 6.7 percent growth for both the fourth quarter and the full year.

Housing helped prop up growt上海夜生活论坛h again in the fourth quarter, with property investment rising a surprisingly strong 11.1 percent in December from 5.7 percent in November, even as house prices showed signs of cooling in some major cities.

Consumer spending was also strong, with retail sales in December rising at their fastest pace in a year on stronger sales of cars and cosmetics.

STABILITY A PRIORITY

Fixed asset investment grew 8.1 percent, the slowest pace since 1999, as investment by private firms slowed again in December on a monthly basis. Private sector fixed asset investment fell to 4.07 percent from 4.93 percent in November, according to calculations based on statistics bureau data.

Consumption contributed the bulk of growth last year, but income growth didn’t pick up, and a measure of China’s income inequality rose slightly last year, the statistics bureau said.

Amid signs of stabilization, policy sources told that China’s leaders will lower their economic growth target to around 6.5 percent this year, giving them more room to push reforms to contain debt risks.

They will not want to let growth fall too sharply, however, ahead of a key party meeting in the autumn when a new generation of leaders will be picked.

“Economic stability is always important but will be an even higher priority ahead of the 19th Party Congress,” said Tim Condon, Singapore-based economist at ING.

In a sign of the tasks ahead, the People’s Bank of China unexpectedly cut the amount banks must keep in reserve on Friday, a measure aimed at easing tight liquidity ahead of the upcoming Lunar New Year holiday.

“Today’s move seems to suggest that liquidity conditions are tighter than authorities’ expectations, as capital outflows remain strong,” said Zhou Hou, senior emerging markets economist at Commerzbank in Si,上海夜网邀请码Sabia,ngapore.

Capital outflows have been putting strong downward pressure on the yuan, which lost nearly 7 percent last year, making it the worst performing major Asian currency.

RISKS INCREASE

Rapid monetary expansion and expectations of slower economic growth at home, along with a rising U.S. dollar, also hit the yuan.

“The key risk to the Chinese economy in 2017 and 2018 is the possibility that faster than expected U.S. interest rate increases could intensify Chinese capital outflows and increase stresses on China’s financial system,” said Bill Adams, senior economist at U.S.-based PNC Financial Services Group.

China’s sluggish exports could also come under fresh pressure if U.S. President-elect Donald Trump follows through on pledges to impose tough protectionist measures.

“Relations with a Trump administration is the biggest known unknown. Trump advisers and cabinet-nominees have identified the U.S.-China relationship as in need of adjustment to support the president-elect’s objective of a manufacturing renaissance,” said Condon.

China’s central bank could slightly tighten credit conditions this year to encourage debt-laden companies to deleverage, but it’s unlikely to rush to raise interest rates despite an expected pick-up in inflation, policy insiders said.

“Looking at the economic forces out there both globally and domestically, I think that China will face a few headwinds. Externally, mainly from a change in the climate in the U.S. with regards to China’s exports…(and) within China I think we will see a bit of impact from the slowdown in property investment,” said Louis Kuijs, head Of Asia economics at Oxford Economics in Hong Kong.

Fears of economic ‘race to bottom’, strong dollar in Davos

DAVOS, Switzerland ( ) – A strengthening dollar and a “race to the bottom” on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos.

Asked about “black swans”, or unexpected, disruptive events, that could derail the outlook in 2017, International Monetary Fund (IMF) chief Christine Lagarde touched on risks stemming from the policy promises of incoming U.S. president Donald Trump.

“If the disruptions we are expecting for 2017 as a result of what has happened in 2016 prove to be all negative and we are to end up in a race to the bottom on the tax front, on the trade front, on the financial regulation front, then that for me would be a really big ‘black swan’ that would have devastating effects,” she said.

Business leaders and policymakers rounding off four days of discussions in Davos applauded the anticipated economic stimulus from a new Trump administration determined to ramp up infrastructure investments reduce taxes.

But there are plenty of worries and uncertainties.

The head of BlackRock (BLK.N), the world’s largest money manager, said that while such measures should support U.S. markets for at least the first 100 days of the new presidency, it was unclear how they would be paid for.

Larry Fink also warned of looming dangers from a stronger dollar as the Federal Reserve hikes interest rates, putting the White House on a potential collision course with the central bank.

Fed tightening this year could push up the value of the U.S. currency “significantly”, he said. “We all should be aware right now that we are going to be living in a world of a strong dollar.”

Last month, the U.S. Federal Reserve hiked interest rates for just the second time in a decade, a sign that the lengthy period of ultra-loose monetary,上海凤楼夜网Caitlin, policy that followed the global financial crisis is coming to an end.

The dollar is a,上海夜生活网交流Quay,lready hovering near 14-year highs against the euro, posing a threat to U.S. competitiveness at a time when Trump is trying to bring back more investment and jobs.

Bank of Japan Governor Haruhiko Kuroda said prospects of higher U.S. growth may push the dollar higher and offered an upbeat view on the world economy, dispelling concerns prote,上海夜生活网419Fabian,ctionism could spread enough to undermine global trade.

“The U.S. economy is likely to accelerate growth this year and next year, and price inflation may somewhat rise. All of (these factors) may make interest rates rise and the dollar might also appreciate,” Kuroda told reporters in Davos.

Kuroda dismissed concerns that incoming U.S. President Donald Trump’s policies and European elections this year could trigger a global tide of protectionism and hurt world trade.

“Most countries, including the G7 and G20 major economies … are strongly committed to promoting global trade, and so can help prevent protectionism from spreading,” he said.

However, the IMF’s Lagarde sa上海夜生活论坛id protectionist policies from the new U.S. administration could have a negative impact on the economy, overshadowing any positive gains from stimulus measures.

“Overall, it probably won’t be net positive,” she said.

The IMF projects global growth is on the rise, increasing from 3.1 percent in 2016 to 3.4 percent in 2017 and to 3.6 percent in 2018.

U.S. Republicans seek Obamacare delay for debt limit hike

WASHINGTON ( ) – Floating a strategy for thwarting “Obamacare” in autumn fiscal debates, House Republican leaders on Tuesday pledged to demand a one-y,上海夜生活论坛Sabia,ear delay to the health reform law in any deal to raise the federal debt limit.

They also unveiled a strategy to withhold money to implement Obamacare in connection with a stop-gap funding measure that would keep government agencies open from October 1 to December 15.

House Majority Leader Eric Cantor told House Republicans in a closed-door meeting that delaying all or part of Obamacare would be a key goal in the debt limit debate, party aides said. first reported that the delay strategy was under consideration in August.

Cantor is planning to hold a House vote t,上海夜生活桑拿会所Ida,his week, likely on Thursday, on his plan to deny funds to the healthcare law while extending government spending authority. But House Republican conservatives are resisting the effort, saying that it is too weak to stop the healthcare reforms.

The House plan for a stop-gap funding measure known as a continuing resolution, or CR, would be split into two parts, allowing the Senate to reject the portion defunding Obamacare while passing and sending the stop-gap funding measure to President Barack Obama.

The plan would reduce chances of a government shutdown.

Cantor’s and House Speaker John Boehner’s logic is that the Senate would be forced to take a difficult vote to provide funding to launch Obamacare health insurance exchanges, which Republicans believe will be unpopular with voters.

While the House has voted 40 times to repeal, defund or limit Obamacare since its p上海夜生活assage in 2010, the Democratic-controlled Senate has chosen to simply ignore most of these measures.

“We will send to the Senate the provision which says ‘Up or down, are you for defunding Obamacare or not?’” Cantor said of his plan. “The House has taken a stand numerous times on its opinion of Obamacare. It’s time for the Senate to stand up and tell their constituents where they stand on this atrocity of a law.”

WASTED LEVERAGE

But conservatives expressed dissatisfaction with the plan, saying it would fail to take advantage of the leverage associated with the September 30 deadline for a new government spending authority and would amount to little more than another symbolic vote.

They would prefer a simpler funding measure that simply excludes appropriations for Obamacare and threatens an October 1 government shutdown if the Senate fails to pass it.

House Republican leaders “are trying to avoid actually having a vote to defund Obamacare in the House that counts,” said Representative Tim Huelskamp of Kansas.

Republican moderates argue that withholding appropriations won’t stop Obamacare because most of its funding comes through mandatory spending on programs such as the Medicaid healthcare program for the poor.

The funding measure introduced on Tuesday by House Appropriations Committee Chairman Hal Rogers would extend funding for 11 weeks at the current annual rate of $988 billion – a level that keeps automatic, “sequester” spending cuts in place.

Rogers called for a broader budget deal that ends the “draconian” sequester cuts set in motion by a 2011 debt limit agreement, with another round of deeper cuts set to launch in January.

“It is my hope that this stop-gap legislation will provide time for all sides to come together to reach this essential goal,” he said in a statement.

The House strategy to tie a debt limit to an Obamacare delay complicates a fiscal deadline over which President Barack Obama has vowed not to negotiate. House Republicans also want to use the debt limit as leverage to demand deeper spending cuts on expensive federal benefits programs.

DEFAULT BY OCT 18? The U.S. Treasury has said that an increase in the $16.7 trillion debt limit is needed by mid-October to ensure that the U.S. government can meet all of its obligations, including debt payments.

The Bi-Partisan Policy Center, a Washington think-tank, estimated on Tuesday that without an increase in the borrowing cap, a default could come as early as October 18. Previously, the group had estimated that the government could likely pay its bills through mid-November.

The group also projected that a $1.1 trillion debt limit increase would be necessary to meet U.S. obligations through the end of 2014, a date that would cover the next congressional election cycle.

The Republican plan to add Obamacare to the party’s debt limit demands drew swift criticism from Democrats, who want a “clean” increase that avoids the drama of an August 2011 hike that caused financial market turmoil and prompted Standard and Poor’s to strip the United States of its top-tier credit rating

“We had hoped our colleagues across the aisle had learned that they should not put the full faith and credit of the United States at risk. They are now threatening our ent,上海夜生活网交流Ebba,ire economy if we don’t hand control of Americans’ healthcare back to the insurance industry,” said Representative Chris Van Hollen, the top Democrat on the House Budget Committee.

(This September 10 story has been refiled to fix typographical errors)

Credit Suisse finalizes $5.3 billion mortgage deal with U.S.

NEW YORK ( ) – Credit Suisse (CSGN.S) has formally agreed to pay $5.3 billion to settle with U.S. authoriti,上海会所夜网Jacklyn,es over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis.

As part of the settlement, announced by the U.S. Department of Justice on Wednesday, the Zurich-based bank acknowledged that home loans it pooled into the securities did not meet underwriting guidelines, with some described by employees as “complete crap” and “[u]tter complete garbage.”

“The bank concedes that it knew it was peddling investments that were likely to fail,” Principal Associate Attorney General Bill Baer said in a statement announcing the deal.

Credit Suisse will pay a $2.48 billion cash penalty and provide $2.8 billion in consumer relief, including loan forgiveness and financing for affordable housing, the Justice Department said in the statement.

Credit Suisse, which had announced the agreement in principle on Dec. 23, said in a statement it was “pleased to have reached an amicable settlement that allows the bank to put this legacy matter behind it.”

The settlement clears the biggest cloud over Credit Suisse. However, the total amount in U.S. penalties could climb as the bank is still defending itself against lawsuits by the New York and New Jersey attorneys general over similar claims involving billions of dollars in investor losses.

Shares of Credit Suisse on the Swiss stock exchange closed down 2.5 percent at 15.28 Swiss francs, a steeper drop than the broader European banking sector.

The deal was announced the day after Deutsche Bank (DBKGn.DE) formally agreed to a $7.2 billion settlement over its sale of toxic mortgage securities, also split betw,上海夜生活网419Fabian,een cash and consumer relief.

The U.S. authorities sued Barclays (BAC.N) and two former executives on Dec. 22 over similar claims. Barclays has said it would “vigorously defend” the case.

The settlements and 上海夜生活论坛lawsuit stem from an initiative launched in 2012 by U.S. President Barack Obama to hold Wall Street accountable for misconduct in the sale of the securities that helped trigger the worst economic crisis since the Great Depression.

Major U.S. banks, including JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N), have paid a total of $46 billion to resolve similar conduct involving the quality of loans pooled and sold, with some borrowers incapable of repaying and inflated property appraisals.

While the Credit Suisse sett,上海夜网推油Dallas,lement will likely be the last under the Obama administration, other banks under investigation include Royal Bank of Scotland (RBS.L), Wells Fargo & Co (WFC.N), UBS Group AG (UBSG.S) and HSBC (HSBA.L).

China’s BYD plans to sell passenger cars in U.S. in 2-3 years:…

BEIJING ( ) – BYD Co Ltd (002594.SZ) (1211.HK) plans to sell electric passenger cars in the United States in about two to three years, an executive said on Thursday, as it races to be the first Chinese automaker to sell car,上海仙霞路夜生活Ebba,s to American drivers.

BYD, backed by Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), specializes in electric and plug-in petrol-electric hybrid vehicles. At present, its U.S. presence is limited to producing buses and selling fleet vehicles such as taxis.

Li Yunfei, BYD’s d,夜上海419龙凤论坛Idaleen,eputy general manager for branding and publ上海夜网ic relations, said its passenger car plan was not fixed as entering the U.S. was a complicated process.

“It could be adjusted,” Li said at an event in Beijing. “Now we can only say roughly 2 to 3 yea,上海021夜网Tallulah,rs.”

China’s government has used a raft of policies, including billions of dollars in subsidies, to spur a boom in electric and plug-in hybrid sales since 2015. The U.S., meanwhile, has lagged.

BYD has had false starts in the U.S., with Chairman Wang Chuanfu previously saying the automaker would begin selling in the U.S. in 2010. Other Chinese peers have also encountered delays in entering the market.

GAC Motor, a subsidiary of Guangzhou Automobile Group Co Ltd (601238.SS), displayed three models at the Detroit Auto Show earlier this month, stating it would enter the U.S. by 2019 instead of a previous goal of 2017.

A GAC Motor spokeswoman declined to elaborate on the delay.

General Motors adapts $1 billion recipe for ‘tough’ Indian market:…

DETROIT ( ) – After an 18-month review, General Motors Co (GM.N) is nearer to resolving a raft of issues that have hobbled its $1 billion s上海夜生活trategy for India, one of the fastest growing emerging markets for automobiles.

The strategy, announced in July 2015, includes selling one of its two Indian assembly plants to a Chinese partner; changing its vehicle platform to provide a product line-up better suited to the local market; and making India an export hub, two Asia-based people with knowledge of the plans told in Detroit this month. They did not want to be named as the review is ongoing.

GM needs to finalize these moves to turn around its money-losing business in India, where its sales fell by more than a fifth last year to just 28,949 vehicles, taking its market share to below 1 percent.

“India is a very tough market. It’s growing and has potential for the future. But you need the right recipe,” one of the individuals said.

India’s auto market, dominated by Japan’s Suzuki Motor (7269.T) and South Korea’s Hyundai Motor (005380.KS) and their local partners, is widely tipped to overtake Japan as the world’s third biggest by around 2020.

GM said in mid-2015 it aimed to double its India market share by 2020. But its share fell to 0.93 percent last year from 1.18 percent in 2015 – even as India’s market grew 7 percent to around 3 million vehicles.

“Despite being one of the earliest entrants to India … GM has consistently lost share. One issue is that it misunderstood what value means to Indian consumers. Value doesn’t mean low price, it means having a product that has the right mix of good price and content,” said Puneet Gupta, an analyst at IHS Markit in New Delhi.

“That said, GM understands the market’s potential and is positioning itself for a comeback. It has already been fairly successful in exporting small cars by leveraging the frugal engineering skills of India suppliers.”

PLANT SALE

The U.S. automaker is close to selling its Halol plant in the western Gujarat state to SAIC Motor (600104.SS), its main Chinese joint-venture partner, the two people said, predicting a deal would be finalised this year.

“We have a defined path: we are aligned,上海新夜网龙凤Dallas, with our partner SAIC. They want to take over that plant,” one of them said.

SAIC declined to comment.

Selling the Halol facility, which has annual capacity for up to 110,000 vehicles, would allow GM to consolidate and modernize its India manufacturing capability at Talegaon, about 100 km (62 miles) southeast of Mumbai, which currently can produce 150,000 vehicles a year.

The proposed sale to SAIC has dragged on, the people said, in part because of India’s complex official approval process, which involves multiple stakeholders and regulators. They said a deal still needs to be approved by government agencies and the plant’s labor union.

GM is also reviewing its vehic,上海夜生活群Sabina,le architecture so it can be more flexible and produce a range of more competitive small cars for India, the two people said, noting a market shift from no-frills sedans and ‘people movers’ to crossover sport utility vehicles (SUVs).

And GM needs to “adjust to the new normal of … low oil prices, foreign currency fluctuations and geopolitical instability” to make its operations leaner and more efficient, one of the two people said, adding this could impact the $1 billion strategy price tag.

“That’s what we’re looking into now; whether it will be that $1 billion or whether it will be less or more.”

The shift in consumer preferences to SUVs has forced GM to re-think its product strategy, and put on hold a move to a new emerging market vehicle architecture – known internally as GEM – which it jointly developed with SAIC.

GEM remains central to product programs for markets such as Brazil, Mexico and China, but, for India, GM is now assessing it against other options to be more competitive.

“There are several alternatives, and we are investigating right now,” one of the two individuals said, declining to elaborate.

GM said in September it would launch five new models in India within two years.

The GM overhaul also seeks to capitalize on India’s relatively low labor costs, and make the operations there an export hub. It has said it wants to export around 30 percent of its India output by 2025.

GM’s exports from India, mainly to Latin America, rose more than threefold to 68,343 vehicles last year.

Reflecting disappointing sales of mainstr,上海021夜网Hadley,eam models in fast-growing emerging markets, sources told in September that Ford Motor (F.N) also shelved plans to produce a new family of compact cars designed mainly for markets like India, and would ramp up exports to make the most of its two Indian plants.

Telecommunications company Avaya files for bankruptcy

WILMINGTON, Del ( ) – Telecommunications company Avaya Inc filed for Chapter 11 bankruptcy on Thursday to reduce its debt load of about $6.3 billion but said it would not sell its call center busines,上海021夜网Rachel,s, which it had tried to do last year.

The bankruptcy underscores the challenges telecommunications companies face as they transition to software and services from hardware. Early last year, Avaya had planned to sell its call center business but did not reach a deal with buyout firm Clayton, Dubilier & Rice LLC, which had been in the lead to acquire it for about $4 billion.

Avaya said it must focus on its debt and that a sale of the call center would not maximize value for its customers or creditors. It is still negotiating deals to sell parts of its business.

The company is hashing out terms of a restructuring deal with creditors. The original goal was to have one in place before bankruptcy, but an agreement was not reached.

The company said an affiliate of Citigroup Inc would provide a $725 million loan for up to a year to fund its operations during the reorganization.

Avaya said the loan was needed to reassure jittery vendors who had been shortening payment periods and reducing credit terms in recent months on fears about the company’s financial health.

“Absent additional financing, I believe the debtors could be forced to liquidate on a highly expedited basis,” said a court filing上海夜生活网 by Eric Koza, a managing director at the restructuring firm Zolfo ,上海夜网邀请码Mace,Cooper, which has been advising Avaya.

Koza also said the money was needed to pay for administrative costs of bankruptcy, “which are expected to be significant.”

Avaya faced a deadline at the end of January in agreements with creditors to address its debt or potentially default.

The Santa Clara, California-based company has been burdened by debt stemming from an $8.2 billion buyout in 2007 by private equity firms Silver Lake Partners LP and TPG Capital LP, with $600 million coming due in October. Interest expense of more than $400 million a year has been pushing Avaya into losses.

At Sept. 30, Avaya owed its pensioners $1.7 billion.

Avaya’s revenue fell to $958 million in the fourth quarter ended on Sept. 30 from $1 billion a year earlier, according to financial results released Thursday. For the fiscal year, th,夜上海论坛Nadine,e company posted a net loss of $750 million.

Trump renews attacks on Democratic congresswomen

WASHINGTON ( ) – President Donald Trump,上海夜网推油Rachel, renewed his criticism of four minority women lawmakers on Friday, saying that they had said horrible things about the United States, and defended himself from criticism over his comment that they should leave the United States if unhappy.

A day after saying his audience at a campaign rally in North Carolina went too far in chanting “Send her back!” about Somalia-born Representative Ilhan Omar of Minnesota, Trump on Friday defended the crowd members as “incredible patriots.”

Trump’s attacks on the four liberal congresswomen – known on Capitol Hill as “the squad” – have been condemned by Democrats as racist, but many Republicans have shrugged them off.

Last weekend he ignited the firestorm by tweeting the four should “go back” to where they came from if they do not like the United States.

All four are American citizens. U.S. Representatives Alexandria Ocasio-Cortez of New York, Ayanna Pressley of Massachusetts and Rashida,上海021夜网Nala, Tlaib of Michigan were born in the United States while Omar came as a refugee from Somalia and is a naturalized citizen.

All four are known as sharp critics of both Trump and the Democratic leadership in the U.S. House of Representa上海夜生活论坛tives.

Trump, talking to reporters on the White House South Lawn prior to a weekend visit to his golf club in Bedminster, New Jersey, agreed that the four have a constitutionally protected freedom ,上海足浴夜网联系方式Jackson,of speech, but that he has the right to respond.

“Yeah, they have First Amendment rights, but that doesn’t mean I’m happy about them…” he said. “And again, we have First Amendment rights also – we can certainly feel what and say what we want.”

Trump said Omar in particular is “lucky to be where she is, let me tell you, and the things that she has said are a disgrace to our country.”

Omar on Thursday had said Trump was “spewing fascist ideology.”

Trump also said he did not care whether the fight helped him politically. A /Ipsos poll earlier this week said a majority of Republicans supported his comments.

“I don’t know if it’s good or bad politically, I don’t care,” he said. “If the Democrats want to embrace people that hate our country … it’s up to them.”

Ocasio-Cortez shot back with a tweet on Friday, saying the Republican Party “wants to send us back: Back toward injustice, Back to the denial of science, Back to the times when women needed permission slips from men, Back to racism – But we won’t go back. We will move forward.”

North Korea calls Pompeo ‘diehard toxin,’ says ready for dialogue…

SEOUL ( ) – North Korea’s top diplomat said on Friday that U.S. Secretary of State Mike Pompeo was a “diehard toxin” who only complicates denuclearisation talks and North Korea was ready for both dialogue and standoff.

Talks aimed at dismantling the North’s nuclear上海夜生活 and missile programs have stalled since a failed second summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in the Vietnamese capital of Hanoi in February.

Trump and Kim met again in June at the inter-Korean border and agreed to reopen working-level negotiations, but that has not happened.

Since the Vietnam summit, North Korea has demanded that Pompeo be replaced with a “more mature” person, while lauding the rapport built between Kim and Trump.

North Korean Foreign,上海夜玩网论坛Idaia, Minister Ri Yong Ho, who took part in the Hanoi summit along with Pompeo, called the chief U.S. negotiator the “diehard toxin of the U.S. diplomacy” who employs “hackneyed sanctions rhetoric”.

Ri referred to Pompeo’s remarks in recent press interviews in which he said sanctions would be kept until North Korea takes concrete actions on denuclearisation.

“He is truly impudent enough to utter such thoughtless words which only leave us disappointed and skeptical as to whether we can solve any problem with such a guy,” Ri said in a statement carried by the official KCNA news agency.

Ri also accused Pompeo of casting “dark shadows” over the talks and being more interested in his political ambitions than in U.S. foreign policy.

“If the U.S. still dreams a pipe dream of gaining everything through sanctions, we are left with two options, either to leave it enjoying the dream to its heart’s content or to wake it up from the dream,” Ri said.

“We are ready for both dialogue and stand,上海夜网Barney,off.”

U.S. envoy Stephen Biegun, who leads working-level talks with North Korea, was in Seoul this week to discuss ways to get negotiations back on track.

Talks were expected to be reopened soon, South Korea’s deputy national security adviser Kim Hyun-chong said on Thursday, giving an upbeat assessment after meeting Biegun.

“We look forward to the progress of denuclearisation talks in terms of mutual trust and respect between the U.S. and North Korea, culminating in good results,” said deputy spokesman Kim Eun-han of South ,上海夜生活Caden,Korea’s Unification Ministry on Friday, when asked about Ri’s statement.

North Korea has fired a series of short-range missiles in recent weeks in protest against U.S.-South Korea joint military exercises and the adoption of new weapons, complicating the reopening of the talks.

Written by shyw on  Categories: yghmmwyq Tags: , ,

House condemns Trump over ‘racist comments’ tweeted at congresswomen

WASHINGTON ( ) – The U.S. House of Representatives voted on Tuesday to condemn President Donald Trump for “racist comments” against four minority Democratic congresswomen, a symbolic measure aimed at shaming Trump and his fellow Republicans who stood by him.

The 240-187 vote, which split mainly along party lines, was the culmination of three days of outrage sparked by a Trump tweetstorm that diverted attention from other business in Washington but had little impact on the president’s overall approval rating, according to a new /Ipsos poll. Trump is seeking re-election next year.

Trump had told the group of congresswomen on Sunday to “go back and help fix the totally broken and crime infested places from which they came.”

All four lawmakers – Alexandria Ocasio-Cortez of New York, Ilhan Omar of Minnesota, Ayanna Pressley of Massachusetts and Rashida Tlaib of Michigan – are U.S. citizens. Three were born in the United States.

Democrats, who have a majority in the House, passed the resolution on Tuesday evening, which said the House “strongly condemns President Donald Trump’s racist comments that have legitimized and increased fear and hatred of new Americans and people of color.”

Four Republicans and one independent joined the Democrats to support the measure.

The White House did not immediately comment.

Related CoverageIn rare rebuke, dozens of Republicans hit Trum,上海晚上耍女人的地方Lake,p over ‘racist’ tweets

In a late night Tweet, Trump said: “So great to see how unified the Republican Party was on today’s vote concerning statements I made about four Democrat Congresswomen. If you really want to see statements, look at the horrible things they said about our Country, Israel, and much more.”

Trump’s attacks on the four progressive congresswomen – known as “the squad” – have been viewed as an effort to divide Democrats, who won control of the House in 2018 and have the power to thwart his legislative agenda.

House Speaker Nancy Pelosi, who has struggled at times to work with the progressive newcomers in her caucus, staunchly defended them in the debate. After the vote, Omar held a long, animated conversation with Pelosi on the House floor and put her arm around the speaker, the top elected U.S. Democrat.

“These comments from the White House are disgraceful and disgusting and these comments are racist,” Pelosi said. “Every single member of this institution, Democratic and Republican, should join us in condemning the president’s racist tweets.”

Pelosi’s comments put the House into a two-hour limbo after Republicans argued she went too far in her comments and broke debate rules.

House Republican leader Kevin McCarthy criticized Democrats for remarks that upset the “order and decency” of the chamber, saying: “Today is the day that historians will write about.”

Some Republicans defended Trump’s tweets, like Tom McClintock of California, who said the president was commenting on the patriotism of the congresswomen, not their race.

“I wish the president were more temperate in the words he sometimes uses and I agree that the tone of his recent remarks was unnecessarily provocative. But his central point is irrefutable,” McClintock said.

Republican Representative Doug Collins of Georgia said lawmakers should be pursuing reconciliation rather than escalating attacks against Trump, condemning the “breathtaking partisanship of today’s exercise.”

Republican Senate Majority Leader Mitch McConnell told reporters that he thought “everybody ought to tone down their rhetoric.”

“The president is not a racist and I think the tone of all of this is not good for the country, but it’s coming from all differ,上海夜生活怎么玩Queena,ent ideological points of view,” McConnell said.

REUTERS/IPSOS POLL: LITTLE POLITICAL DAMAGE

Trump has a history of what critics consider race-baiting. He led a movement that falsely claimed Barack Obama – America’s first black president – was not born in the United States, and said after a deadly, white supremacist-led rally in Charlottesville, Virg上海夜生活论坛inia, in 2017 that there were “very fine people on both sides” of the incident.

Trump’s approval rating plunged after the 2017 comments. But a /Ipsos poll this week showed little immediate poli,上海仙霞路夜生活Tabitha,tical damage from his latest tweetstorm.

Support among Republicans increased slightly, the poll showed, while he lost support with Democrats and independents after the comments. His overall approval rating was unchanged.

At his rallies, Trump has often talked about proposals from the progressive wing of the Democratic Party, which he calls extreme, as he seeks to energize his political base ahead of the November 2020 presidential election.

Trump had warned Republican lawmakers against voting against him, and only four defied him: Will Hurd of Texas, Fred Upton of Michigan, Brian Fitzpatrick of Pennsylvania and Susan Brooks of Indiana. Independent Justin Amash of Michigan, who quit the Republican Party last week, also voted for the resolution.

“If we’re going to bring civility back to the center of our politics, we must speak out against … inflammatory rhetoric from anyone in any party anytime it happens,” Upton said on Twitter after the vote.

Democrats have targeted the seats held by Hurd, Upton and Fitzpatrick as ones they want to “flip” in congressional elections in November 2020. Brooks said recently she would retire from Congress next year.

Worker buried alive at open-cut manganese mine in Australia

SYDNEY ( ) – Emergency services are searching for a man buried alive when a wall collapsed in a manganese mine in Australia’s Northern Territory, police said on Sunday.

A wall at the open-cut Bootu Creek manganese mine failed on Saturday afternoon, engulfing the 59-year-old worker in a large volume of soil and rock, police said in,夜上海论坛Rae, a statement.

Northern Territory Police Superintendent Christopher Board told reporters in Darwin it was unlikely the man survived.

Excavations to find the man were del,上海夜生活论坛Nadine,ayed due to safety concerns about the stability of the site.

Workers at the,上海高端夜生活在那里Kaia, Bootu Creek operation said they were上海夜生活论坛 unable to comment when contacted by via telephone on Sunday.

The mine, just north of the remote town of Tennant Creek in the center of Australia’s Northern Territory, is owned by Singapore-based OM Holdings.

The integrated manganese producer mines, trades and smelts ores in Australia, China, Japan, Malaysia, Singapore, and South Africa, it says on its website.

The Bootu Creek mine was placed in administration in January 2016 before resuming operations in early 2017.

The mine produced 814,040 tonnes of manganese ore in 2018, helping the company to double its yearly net profit to A$184.7 million ($124.75 million) in 2018, according to OM Holdings’ annual report published in April.

Sudan’s ex-president Bashir’s corruption trial to seek bail

KHARTOUM ( ) – The lawyer for Sudan’s ex-president Omar Hassan al-Bashir said on Saturday that he will request that Bashir be released on bail as his trial on corruption charges continues.

“We are going to ask today that he be released on bail because this is an ordinary case,” Ahmed Ibrahim told reporters outside the courtroom.

Bashir is charged with illicit possession of foreign currency and accepting gifts in an unofficial manner.

During the hearing, the judge asked for the bail request in writing, and said his office was open to receiving it at any time.

Bashir acknowledged receiving millions of dollars from Saudi Arabia, a police detective told the court on Monday.

Bashir weathered multiple rebellions, economic crises, U.S. sanctions and coup attempts until he was overthrown by the military in,夜上海419龙凤论坛Idris, April after mass protests against his 30-year rule.

His trial is seen as ,上海晚上耍女人的地方Jace,a test of how serious authorities are about trying to erase the legacy of his rule.

Bashir did not speak during Saturday’s hearing.

A group of about 150 Bashir supporters staged a protest near the courtroom, chanting “We stand united behind our leader” and holding signs saying “The trial of the president is the trial of the nation.”

Bashir was also charged in May with incitement and involvement in the killing of protesters. He has been indicted by the International Criminal Court in The Hague on charges of mastermindi上海夜生活论坛ng genocide in Sudan’s Darfur region.

On Wednesday, Sudan’s new prime minister, Abdalla Hamdok, and sov,上海夜生活Ebba,ereign council were sworn in, marking the formation of a transitional government that will run the country for three years and three months, according to a power-sharing agreement between the military and the main opposition coalition.