Sears might be closing down their stores in Canada. Kellogg’s is laying off more employees than originally thought. Today in America there are only 35% businesses that are not profitable. 40% young adults are living with their parents. Retail store closures have skyrocketed to over 286%.Consumer price index has surged. Goldman has started covering bitcoin. Russia has met with the developer of Ethereum they are thinking about using block chain technology in their currency. Trump lays out plan to overhaul the banking regulation, this is to allow the banks bury themselves. Trump met with Yellen and he is using reverse psychology asking for rates to go lower. Obamacare is losing another 2 million people, they are not signing up because it is to expensive. Sessions was being questioned about meeting with Russians, this is a dead end. After 6 months there is no evidence of Russian collusion. North Korea released an American citizen and is transporting this individual back to the US. The President is meeting with the President of South Korea. USS Carl Vinson is headed back to Pearl Harbor. Syria has taken the border and is now controlling it. Tillerson says Trump has no authorization to strike Syrian, Russian or Iranian troops.
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Current News – 06.13.2017
- Sears Canada warned Tuesday there are doubts about its ability to continue operating, and says it may have to restructure or be sold.
- Since early this year, breakfast food giant Kellogg has been saying it intends to fire several thousand employees. But now insiders are saying that number will be more like 11,000 when all is said and done.
- In February, the cereal maker announced that it was shifting its distribution model and intended to close 39 distribution centers in states all across the country. Thus far, employees in Ohio, Tennessee, Texas, North Carolina, New York, and other states have been informed of their impending layoffs.
- The average number of employees left without a job seems to be about 250 per facility closing. At that average, it approaches 10,000 lost jobs. But some facilities have already lost up to 500 jobs, so the 11,000 figure seems more likely.
- according to the Federal Reserve, only 35% of these small businesses are profitable. Most are operating at a loss.
- In other words, only 35% of the companies which make up 80% of American businesses are profitable.
- this means that a whopping 72% of all US businesses are NOT profitable.
- That hardly sounds like record wealth to me.
- little factoid that an astounding 40% of young Americans are living with their parents– the highest percentage in the last 75 years.
- 66% of the largest companies in the US that have given estimates of their earnings for next quarter have issued “negative guidance”.
- For the first time in 3 years, Core Producer Prices have risen at a faster pace than The Fed’s mandated 2% target. May PPI (ex food and energy) rose 2.1% year-over-year, the highest since May 2014, as goods prices tumbled (gasoline, motor vehicles, fresh fruit) while services costs (retailer and wholesaler prices, and residential lending) jumped.
- “Ethereum has caught the attention of none other than the Russian president as a potential tool to help Russia diversify its economy beyond oil and gas.” Putin met Ethereum’s young founder Vitalik Buterin on the sidelines of the St. Petersburg Economic Forum last week and supported his plans to build contacts with local partners to implement blockchain technology in Russia, according to a statement on Kremlin’s website.
- Russia’s central bank has already deployed an Ethereum-based blockchain as a pilot project to process online payments and verify customer data with lenders including Sberbank PJSC, Deputy Governor Olga Skorobogatova said at the St. Petersburg event. She didn’t rule out using Ethereum technologies for the development of a national virtual currency for Russia down the road.
- Nearly four months after Donald Trump signed an executive order calling for a review of Wall Street regulations, the administration has laid out part one of its plans for reforming the system
- the first in a series that will detail the administration’s thinking on how it plans to proceed with paring back post-crisis regulations in the financial services industry – include: adjusting the annual stress tests, easing trading rules (i.e., gutting the Volcker Rule), and paring back the power of the watchdogs – like the Consumer Financial Protection Bureau.
- In a statement released along with the report, Treasury Secretary Steven Mnuchin said that while the administration backs congressional efforts to roll back Dodd-Frank, the report focuses on actions that can be taken without involving Congress. In fact, between 70 and 80% of its recommended reforms can be made unilaterally through federal agencies’ independent rulemaking authorities.
- “We applaud Secretary Steven Mnuchin for recognizing that we need regulatory reform to boost economic growth, and we expect this report will serve as a catalyst in that effort.”
- On the Volcker Rule, Treasury outlined several ways that regulators and Congress should consider weakening it, Bloomberg reported. Banks with less than $10 billion in assets should be exempted altogether, the report argued. It also said all lenders should have more leeway to trade and that restrictions on banks’ investing in private-equity and hedge funds should be loosened.
- WSJ President Trump held court with Fed Chairwoman Janet Yellen in the Oval Office. Seated behind the office’s Resolute desk, he told her she was doing a good job, according to people familiar with the exchange. the president told Ms. Yellen he considered her, like himself, a “low-interest-rate” person. During a roughly 15-minute conversation, they discussed how economic policy might help the millions of Americans who felt left behind during the postcrisis recovery.”
- Which is odd, because during his campaign Trump on several occasions extolled the virtues of higher rates, especially in a nation in which yield-starved retirees are forced to seek extra employment or speculate in the stock market just to make ends meet.
- Earlier today the Centers for Medicare and Medicaid Services (CMS) released the first projected county-by-county map of Obamacare coverage for the 2018 plan year which depicts at least 47 counties, with 35,000 active Obamacare exchange participants, that will have no health insurance options next year. Meanwhile, another 2.4 million people are expected to have only 1 option for coverage. Per CMS:
- 1. Did the mysterious 3rd meeting with Russian ambassador Sergey Kislyak happen at the Mayflower Hotel? He said no, no private room, no meeting, no back room meeting, he might have met there, he might have met other ambassadors.
- 2. When/Why did Sessions make the decision to recuse himself? Right at the beginning he recused himself?
- 3. How involved was Sessions in the decision to fire James Comey?4. Did Comey raise concerns with Sessions about meeting alone with Trump?
- Comey told him about the meeting the next day, session
he Special Counsel may be disciplined or removed from office only by the personal action of the Attorney General. The Attorney General may remove a Special Counsel for misconduct, dereliction of duty, incapacity, conflict of interest, or for other good cause, including violation of Departmental policies. The Attorney General shall inform the Special Counsel in writing of the specific reason for his or her removal.
- Second Option
- By following this second course, Trump could change the regulation by executive order, and then dismiss the special prosecutor himself.
- The Obama administration had a “back channel” to communicate with Russian officials,
- The White House contacted the Kremlin on what Bloomberg described as a “modern-day red phone”
- The “red phone” wasn’t literally a phone, but a secure messaging channel for ” urgent messages and documents,”
- “The Panamanian government is today breaking its ‘diplomatic ties’ with Taiwan, and pledges to end all relations or official contact with Taiwan,” the statement said.
- “We have taken a historic step,” Varela said. “Both countries opt for the connection of a world that is more and more integrated, which creates a new era of opportunities for a relationship that we are starting today.”
- In response, Taiwan’s government said it was sorry and angry over Panama’s decision, and said it would not compete with China in what it described as a “diplomatic money game”.
- Secretary of State Rex Tillerson announced on Tuesday morning that North Korea has released 22-year-old American student Otto Warmbier, who was sentenced to 15 years of hard labor in March 2016.
- Unfortunately, there are reports Warmbier lapsed into a coma for unknown reasons shortly after his last public appearance over a year ago.
- “At the direction of the President, the Department of State has secured the release of Otto Warmbier from North Korea. Mr. Warmbier is en route to the United States, where he will be reunited with his family. The Department of State continues to have discussions with the DPRK regarding three other U.S. citizens reported detained,” said Secretary Tillerson in a statement.
- A suspected North Korean drone has been discovered by Seoul near the country’s border, according to South Korean military officials. The drone managed to take photos of the THAAD missile defense system before crashing.The unmanned aerial vehicle (UAV) was found by a local resident on a mountain in South Korea’s Gangwon Province last Friday,An analysis is currently being conducted to determine whether the drone had already transmitted the 10 photos to Pyongyang, a defense ministry official told AP.The pictures were taken using the drone’s built-in Sony camera.
- President Trump will host South Korean President Moon Jae-in for a two-day visit in Washington, D.C., later this month, the White House announced Tuesday.
- Mr. Trump and Mr. Moon have been at odds over the U.S. deploying of a missile-defense system in South Korea, despite increasing provocations from nuclear-armed North Korea.
- Mr. Trump and Mr. Moon will meet June 29-30 at the White House.
- USS Carl Vinson is scheduled to pull into Pearl Harbor Wednesday after a five-month deployment during which it and the carrier USS Ronald Reagan conducted rare joint training in the Sea of Japan in a massive show of force aimed at North Korea.
- The USS Nimitz carrier strike group, meanwhile, left San Diego June 5 and is on its way to the Western Pacific and Indian Ocean.
- The Syrian media has released another video from the area north of At Tanf where Syrian troops are deployed near the border with Iraq.
President Donald Trump has no Congressional authorization to order the US military to target groups backed by Iran in Syria, Secretary of State Rex Tillerson told the Senate Foreign Relations Committee in a hearing on Tuesday.
“I would agree with that,” Tillerson said when asked if there was no legal authorization from Congress to target Syrian President Bashar Assad or Iranian proxies.
Tillerson stressed that the US mission and purpose in Syria has not changed from its focus on defeating Daesh.