Yahoo News - Latest News & Headlines

To read an article, you are linked to the providers site. If you wish to open the link in a new window, hold SHIFT key (Internet Explorer, Opera) or CTRL key (Netscape, Firefox) down and click on the link.

  • Will Trump Live Tweet the Democratic Debates Next Week?

    Will Trump Live Tweet the Democratic Debates Next Week?Will Trump Live Tweet the Democratic Debates Next Week?


  • Did You Miss Calithera Biosciences's (NASDAQ:CALA) 37% Share Price Gain?

    Did You Miss Calithera Biosciences's (NASDAQ:CALA) 37% Share Price Gain?While Calithera Biosciences, Inc. (NASDAQ:CALA) shareholders are probably generally happy, the stock hasn't had...


  • 2019's Top ETF Shines Bright

    2019's Top ETF Shines BrightWhy solar stocks are driving these renewable power ETFs higher.


  • How Much Are MAS Gold Corp. (CVE:MAS) Insiders Spending On Buying Shares?

    How Much Are MAS Gold Corp. (CVE:MAS) Insiders Spending On Buying Shares?We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly...


  • Acting Defense Secretary Patrick Shanahan to Step Down

    Acting Defense Secretary Patrick Shanahan to Step DownActing Defense Secretary Patrick Shanahan has withdrawn from the confirmation process after being nominated to continue his role in a permanent capacity, President Trump announced Tuesday on Twitter.Trump also announced that Mark Esper, who currently serves as secretary of the Army, will succeed Shanahan as acting secretary of defense but did not reveal whether Esper would be nominated for the permanent role.> ….I thank Pat for his outstanding service and will be naming Secretary of the Army, Mark Esper, to be the new Acting Secretary of Defense. I know Mark, and have no doubt he will do a fantastic job!> > -- Donald J. Trump (@realDonaldTrump) June 18, 2019


  • Trump says he will replace acting defense chief Patrick Shanahan

    Trump says he will replace acting defense chief Patrick ShanahanPresident Trump said he would not nominate Patrick Shanahan to be his defense secretary.


  • The Latest: Johnson takes bigger lead in race to lead UK

    The Latest: Johnson takes bigger lead in race to lead UKBoris Johnson has increased his lead in the race to become Britain's next prime minister, as one of his rivals was eliminated from the contest. Five contenders in all were still in the running after a second-round ballot of Conservative lawmakers on Tuesday. The final two contenders will go to a by-mail ballot of all 160,000 Conservative Party members nationwide.


  • U.N. chief urges Russia, Turkey to stabilize Syria's Idlib 'without delay'

    U.N. chief urges Russia, Turkey to stabilize Syria's Idlib 'without delay'U.N. Secretary-General Antonio Guterres appealed to Russia and Turkey on Tuesday "to stabilize the situation without delay" in northwest Syria. "I am deeply concerned about the escalation of the fighting in Idlib, and the situation is especially dangerous given the involvement of an increased number of actors," he told reporters. The U.N. Security Council is due to be briefed behind closed doors later on Tuesday on the situation in northwest Syria.


  • Barrick Gets Three More Weeks to Make Formal Acacia Offer

    Barrick Gets Three More Weeks to Make Formal Acacia Offer(Bloomberg) -- Barrick Gold Corp. has bought itself three more weeks to consider making a formal offer to buy out the minority shareholders of its troubled African unit Acacia Mining Plc.The Toronto-based miner received an extension until July 9 from the U.K. takeover panel, Acacia said in a statement. The previous deadline was set to expire Tuesday. Acacia also said it’s open to an offer, “subject to the price offered being fair and commanding the necessary support from shareholders.”Barrick confirmed the new deadline in its own statement, adding the extension will allow more discussions with Acacia’s shareholders and independent directors even though the company has proposed “a solution which Barrick believes represents fair value for Acacia.”The unit, stuck in a public battle with Tanzania’s government since 2017, may lose even more of its value, Barrick said, since it can’t engage in talks with the government and it believes Acacia’s interim chief executive officer “has not been able to visit Tanzania” since last October.Two years ago, Tanzania handed Acacia an export ban and a $190 billion tax bill, saying it falsely declared bullion sales abroad. Since then, the London-listed miner’s relationship has deteriorated further with the government and majority-owner Barrick.Informal ProposalLast month, Barrick drafted an informal proposal to buy out Acacia’s minority shareholders with its own shares at a ratio that implied a discount to the unit’s market value, with some analysts and investment funds saying the price was too low.As gold miners gained since then on stronger gold, the proposed offered price values Acacia at $887.8 million as of June 17, Barrick said in the statement. That almost matches the miner’s current market value, with some of Barrick’s largest shareholders, who also own Acacia shares, backing the proposed swap.“It’s not the end of the world to hold Barrick stock instead of Acacia,” Joe Foster, portfolio manager at VanEck, said Tuesday by phone.‘Execution Issues’Acacia has been seeking to resolve some of its issues with Tanzania through international arbitration, expected to begin in London in July. It’s not clear if the new deadline for an offer will overlap with that.“Generalist investors like us are upset with all the execution issues,” said Simon Jaeger, a portfolio manager at Flossbach von Storch AG, another one of Barrick’s top shareholders. “At some point in time, you have to have a change. You have to come up with something new.”Jaeger said he “doubts” Barrick CEO Mark Bristow will raise his bid for Acacia and thinks the latter’s shareholders should be weighing the benefits of a deal against the greater risk of delay if arbitration drags on.“If you have arbitration coming up, your focus will be on this instead of on operations. It’s a big distraction,” Jaeger said. “They should get their heads together and solve it as soon as possible.”“The best outcome is a resolution and the longer they delay that resolution, the longer it continues to destroy value,” Foster said. “I expect both companies to do what it takes to get a quick resolution.”(Updates with more Barrick comments from third paragaph.)\--With assistance from Thomas Biesheuvel and Elena Mazneva.To contact the reporter on this story: Danielle Bochove in Toronto at dbochove1@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, ;Lynn Thomasson at lthomasson@bloomberg.net, Steven Frank, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


  • 'He Can’t Putt!' Everything Trump Has Said About Powell and the Fed: A Timeline

    'He Can’t Putt!' Everything Trump Has Said About Powell and the Fed: A Timeline'He Can’t Putt!' Everything Trump Has Said About Powell and the Fed: A Timeline


  • These kid brothers are successful entrepreneurs – and they're uplifting other kids along the way

    These kid brothers are successful entrepreneurs – and they're uplifting other kids along the wayBrandon and Sebastian Martinez are brothers started their own mega-successfulsock company


  • Stocks rise after Trump says he'll meet with Xi next week

    Stocks rise after Trump says he'll meet with Xi next weekStocks rose sharply on Wall Street Tuesday as traders cheered news that the leaders of the U.S. and China will meet face-to-face next week to discuss their long-running trade dispute. President Donald Trump said he will hold talks with Chinese President Xi Jinping at an international summit in Japan. Investors are hoping for any positive sign in the trade war between the world's largest economies.


  • Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Insiders Have Been Selling

    Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Insiders Have Been SellingWe often see insiders buying up shares in companies that perform well over the long term. The flip side of that is...


  • Trump: Alleged Iranian oil tanker attacks 'very minor'

    Trump: Alleged Iranian oil tanker attacks 'very minor'Trump, contradicting previous statements from that Iran had caused serious provocations in, called the alleged attacks 'very minor.'


  • AP Interview: Russia's MiG sees drones as fighter jet future

    AP Interview: Russia's MiG sees drones as fighter jet futureThe head of Russia's MiG warplane manufacturer says his company is entering the drone market, and sees pilotless fighter jets as the future. Ilya Tarasenko said in an interview Tuesday at the Paris Air Show that "we have several options that we are preparing for the market" and the company is discussing them with customers. MiG rival Sukhoi recently rolled out a heavy stealth drone.


  • The Momo (NASDAQ:MOMO) Share Price Has Gained 175%, So Why Not Pay It Some Attention?

    The Momo (NASDAQ:MOMO) Share Price Has Gained 175%, So Why Not Pay It Some Attention?While Momo Inc. (NASDAQ:MOMO) shareholders are probably generally happy, the stock hasn't had particularly good run...


  • All the data self-driving cars take in from cameras looks like this

    All the data self-driving cars take in from cameras looks like thisSelf-driving cars are almost too observant, taking in information from light-emitting LiDAR sensors, radar equipment, microphones, and cameras. But all the information a car gleans from the outside world still has to be wrangled to be useful. Cruise's fleet of self-driving cars testing in San Francisco take in petabytes of data each month from its sensor suite on the road and in simulation, similar to other configurations other self-driving car companies have on autonomous vehicles. A petabyte is a million gigabytes, by the way.So to corral all this information, Cruise -- through a hackathon event -- created an open-source data visualization platform called Webviz. Other autonomous vehicle companies offer different aspects of the self-driving process, like Baidu's Apollo open-source autonomous driving platform. Now Cruise is opening up its application for anyone who works with robotics. Read more...More about Cruise, Self Driving Cars, Data Visualization, Tech, and Transportation


  • How to become a founding member of the Libra Association

    How to become a founding member of the Libra AssociationNow that the Libra white paper has been published, The Block has outlined how to become a Founding Member and the requirements it entails.The post How to become a founding member of the Libra Association appeared first on The Block.


  • Is News Corporation's (NASDAQ:NWSA) CEO Paid Enough Relative To Peers?

    Is News Corporation's (NASDAQ:NWSA) CEO Paid Enough Relative To Peers?Robert Thomson became the CEO of News Corporation (NASDAQ:NWSA) in 2013. This report will, first, examine the CEO...


  • Why SunPower Corporation's Shares Popped 25% Today

    Why SunPower Corporation's Shares Popped 25% TodayAn upgrade from Wall Street has this solar stock trading sharply higher today.


  • Bayer asks trial judge to reverse $2 billion Roundup jury verdict

    Bayer asks trial judge to reverse $2 billion Roundup jury verdictThe German drugmaker and chemicals company in court filings on Monday in Alameda County Superior Court in Oakland blamed the massive verdict on "inflammatory, fabricated and irrelevant evidence" from the couples' lawyers. "The resulting trial focused not on ascertaining the truth regarding the state of the science, causation, and compliance with legal duties, but instead on vilifying Monsanto in the abstract," the company, which bought Monsanto last year for $63 billion, said in motions filed with the court. The verdict and two prior jury decisions against Bayer have triggered steep declines in Bayer shares, leaving it with a market valuation of $56 billion.


  • San Francisco weighs 1st US city ban on e-cigarette sales

    San Francisco weighs 1st US city ban on e-cigarette salesSan Francisco supervisors are considering whether to move the city toward becoming the first in the United States to ban all sales of electronic cigarettes to crack down on youth vaping. Supervisors on Tuesday were set to weigh a ban on the sale and distribution of e-cigarettes in San Francisco until the U.S. Food and Drug Administration completes a review of the effects of e-cigarettes on public health, as well as ban manufacturing e-cigarettes on city property. E-cigarettes since 2014 have been the most commonly used tobacco product among young people in the country.


  • Google Pledges $1 Billion to Tackle Bay Area Housing Crisis

    Google Pledges $1 Billion to Tackle Bay Area Housing Crisis(Bloomberg) -- Google pledged $1 billion over the next 10 years to try and bring down sky-high housing prices in California’s Bay Area.The tech giant will re-purpose $750 million of its own land for residential use, allowing the development of at least 15,000 new homes, Chief Executive Officer Sundar Pichai said in a blog post on Tuesday. Another $250 million will go to incentives for developers to build at least 5,000 affordable housing units.The success of Google and other Silicon Valley technology companies has contributed to massive housing cost increases in the San Francisco Bay Area. The firms employ tens of thousands of high-earners who have bought or rented homes, leaving fewer options for less-wealthy residents. Meanwhile, the supply of new houses and apartments has not kept up with demand. “Our goal is to help communities succeed over the long term, and make sure that everyone has access to opportunity, whether or not they work in tech,” Pichai said.The Silicon Valley area is the most expensive housing market in the country, with a median existing-home price of $1.2 million. The San Francisco and Oakland region is second with a $930,000 median, according to the National Association of Realtors.Google isn’t the first tech giant to throw money at the housing crisis. Microsoft Corp. said in January it would spend $500 million to develop affordable housing and alleviate homelessness in its home town of Seattle.(Updates with information on house prices in Silicon Valley in fifth paragraph.)\--With assistance from Kara Wetzel and Noah Buhayar.To contact the reporter on this story: Gerrit De Vynck in New York at gdevynck@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


  • Internet blackout hits Ethiopia's pocket, but not seen deterring telecoms investors

    Internet blackout hits Ethiopia's pocket, but not seen deterring telecoms investorsAn internet blackout in Ethiopia last week cost the economy millions of dollars and crippled businesses, but an analyst said it was unlikely to have a long-term impact on government plans to privatise the telecoms sector. The country's only internet service provider, state-owned Ethio Telecom, cut internet access and disabled text messaging between Tuesday and Friday, without explanation. Ethiopia has one of the world's last major closed telecoms markets, and the cash-strapped government is seeking up to $2.2 billion in private investment for a much-needed upgrade.


  • From Boardroom to Ballot: How One Group Is Getting More Women to Run for Office

    From Boardroom to Ballot: How One Group Is Getting More Women to Run for OfficeFrom Boardroom to Ballot: How One Group Is Getting More Women to Run for Office


  • Indian family branches out with novel tree house

    Indian family branches out with novel tree houseWhen the Kesharwanis decided to branch out and expand their family home, they came up with a novel way of dealing with an ancient giant fig tree in their garden -- they built the house around it. "We are nature lovers and my father insisted that we keep the tree," said Yogesh Kesharwani, whose parent built the house in 1994 with the help of an engineer friend. The fig tree, known as peepal in Hindi, is considered sacred by many in India and cutting one down is considered inauspicious.


  • Can Cadence Design Systems, Inc.'s (NASDAQ:CDNS) ROE Continue To Surpass The Industry Average?

    Can Cadence Design Systems, Inc.'s (NASDAQ:CDNS) ROE Continue To Surpass The Industry Average?One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...


  • Rolls-Royce boss laments Brexit distraction at Paris Airshow

    Rolls-Royce boss laments Brexit distraction at Paris AirshowRolls-Royce chief executive Warren East said on Tuesday that uncertainties over Brexit remain an unwelcome distraction for the aerospace industry three years after Britain voted to leave the European Union. A delay to Britain's EU departure and the possibility of it leaving without a deal in October has kept Brexit center stage at the Paris Airshow, where East said it had dominated a meeting with heads of aerospace companies and a European commissioner. "It's nuts that at a meeting like we had this morning, when we were meant to be talking about new technologies, dealing with global competition, that instead we spend half the time talking about Brexit.


  • Stocks, Bonds Rally on Trade, Stimulus Hopes: Markets Wrap

    Stocks, Bonds Rally on Trade, Stimulus Hopes: Markets Wrap(Bloomberg) -- U.S. stocks climbed on hopes that President Donald Trump will de-escalate his trade war with China, adding to gains sparked by the ECB’s signal it is ready to cut interest rates if warranted. Treasuries rose.The S&P 500 trimmed gains that topped 1.4% at its height as markets digested news that the Trump administration explored demoting Federal Reserve Chairman Jerome Powell in February. Stocks had jumped within 1% of its all-time high after Trump tweeted earlier that he will meet with Chinese President Xi Jinping at the Group of 20 summit next week. Trade tensions have weighed on stocks since Trump escalated his trade war in early May.“Up until now, the markets have been quite skeptical that a Trump, Xi meeting would happen,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle. “This pivot to an attempt to get a deal done is certainly a lot of what’s driving the market now.”Mario Draghi said that the European Central Bank is ready with stimulus if needed, adding to expectations for easier monetary policies. Central banks in Australia, Russia, India and Chile have recently loosened policy. The Reserve Bank of Australia said Tuesday that further easing is more likely than not.The Fed is widely expected to strike a more dovish tone with its decision at the end of it’s two-day meeting Wednesday. The yield on the benchmark 10-year Treasury approached 2% before the notes pared gains. German 10-year yields tumbled further below zero. Elsewhere, the yen briefly weakened after a magnitude 6.8 earthquake struck off the northwest coast of Japan, triggering a tsunami advisory. Bitcoin steadied after a four-day 17% surge.Here are some key events coming up:The Federal Reserve, Bank of Japan and Bank of England all set monetary policy, along with central banks in Norway, Brazil, Taiwan and Indonesia.The Fed meeting begins Tuesday with a decision and press conference the next day. Officials are expected to debate a rate cut to shelter the U.S. economy, in part, from the fallout caused by escalating trade disputes.In the U.K. Tuesday there will be a second ballot on the leadership contest to choose Theresa May’s successor as leader of the country’s ruling party.Final May CPI data for Britain are due on Wednesday. U.K. retail sales are set for release on Thursday. These are the main moves in markets:StocksThe S&P 500 Index rose 1.1% as of 12:45 p.m. New York time, while the Nasdaq Composite Index gained 1.5% and the Dow Jones Industrial Average increased 1.3%.The Stoxx Europe 600 jumped 1.7%. The MSCI Emerging Market Index rose 1.5%.The MSCI Asia Pacific Index gained 0.6%, the first increase in five trading sessions. CurrenciesThe Bloomberg Dollar Spot Index fell less than 0.1%.The euro eased 0.3% to $1.1190, while the yen strengthened 0.1% to 108.43 per dollar.The British pound rose less than 0.1% to $1.2545.The MSCI Emerging Markets Currency Index rose 0.6%, the first increase in five trading sessions.BondsThe yield on 10-year Treasuries dropped 4 basis points to 2.05%.Germany’s 10-year yield fell 8 basis points to negative 0.32%. CommoditiesWest Texas Intermediate gained 3.9% to $53.96 a barrel.Gold rose 0.6% to $1,347 an ounce.The Bloomberg Commodity Index rose 0.9%.To contact the reporters on this story: Sarah Ponczek in New York at sponczek2@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


  • If You Had Bought Lululemon Athletica (NASDAQ:LULU) Stock Five Years Ago, You Could Pocket A 346% Gain Today

    If You Had Bought Lululemon Athletica (NASDAQ:LULU) Stock Five Years Ago, You Could Pocket A 346% Gain TodayWe think all investors should try to buy and hold high quality multi-year winners. While the best companies are hard...


  • Loss-Making Cinedigm Corp. (NASDAQ:CIDM) Expected To Breakeven

    Loss-Making Cinedigm Corp. (NASDAQ:CIDM) Expected To BreakevenCinedigm Corp.'s (NASDAQ:CIDM): Cinedigm Corp., together with its subsidiaries, operates as distributor and aggregator...


  • Amazon adds more jets to its growing fleet

    Amazon adds more jets to its growing fleetAmazon's fleet of jets is getting bigger. The online shopping giant said Tuesday that it will lease 15 more Boeing 737s as it seeks to grow its delivery business and get packages to shoppers' doorsteps faster. Amazon is in the midst of speeding up its delivery time to one-day from two for its Prime members.


  • Facebook Shares Lose Enthusiasm for `Watershed' Crypto Move

    Facebook Shares Lose Enthusiasm for `Watershed' Crypto Move(Bloomberg) -- Facebook Inc. shares on Tuesday erased an initial advance that came after the company unveiled plans for a new cryptocurrency, a move that analysts saw as a potentially major new profit stream.Shares initially rose as much as 2.9%, though they pared much of that advance and last traded basically unchanged on the day.Ending higher would give Facebook its fourth straight positive session, extending a recent climb. Facebook is up more than 15% from a low hit earlier this month.“Given the recent run in the stock, many investors may be overestimating the near-term impact of a cryptocurrency launch,” Jefferies analyst Brent Thill wrote on Tuesday. “We think most advertisers will wait and see what the potential impact will be on their businesses before allocating more ad dollars to FB.”The recent advance has been fueled, in part, by anticipation over the crypto announcement, and the release of a white paper detailing the initiative spurred additional enthusiasm, for both Facebook and digital currencies.“We view Facebook’s introduction of the Libra currency as a potential watershed moment for the company and global adoption of crypto,” wrote Mark Mahaney, an analyst at RBC Capital Markets who has an outperform rating and $250 price target on Facebook shares. “In terms of scale and importance, we believe this new financial infrastructure could be viewed similar to Apple’s introduction of iOS to developers over a decade ago.”The digital currency, called Libra, is expected to launch as soon as next year. It was designed as a way for Facebook users to send and receive money through its messaging services.Loop Capital Markets wrote that this service represented “a large global opportunity,” and a way for Facebook to diversify away from advertising revenue. “This is among the most important initiatives at the company and may be critical to commercializing the value of its messaging infrastructure,” analyst Alan Gould wrote, affirming his buy rating and $200 price target.Citi, in a report published June 17, wrote that Libra could represent “a meaningful new product and profit stream” over the coming years, calling it a path “to printing even more money.”Despite the bank’s optimism -- it has a buy rating and $212 price target -- Citi noted that “the regulatory framework for cryptocurrencies remains uncertain,” and wrote that the cryptocurrency will be “an important test for how well Facebook has been able to (or will be able to) overcome the recent questions about its trustworthiness.”(Updates stock to afternoon trading, adds commentary from Jefferies.)To contact the reporter on this story: Ryan Vlastelica in New York at rvlastelica1@bloomberg.netTo contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Steven FrommFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


  • European Central Bank hints at stimulus _ drawing Trump ire

    European Central Bank hints at stimulus _ drawing Trump ireThe European Central Bank could unleash more stimulus if the economy doesn't pick up soon, its president warned Tuesday, sparking a sharp drop in the euro and drawing an angry tweet from U.S. President Donald Trump. Europe's top central banker even held out the prospect of cutting interest rates, though they are already at record lows. Draghi noted it was also possible to re-start a bond-buying stimulus program that had been halted only in December.


  • Here's Why Biohaven Pharmaceutical Plummeted Today

    Here's Why Biohaven Pharmaceutical Plummeted TodayDilution is coming for shareholders, while an acquisition doesn't seem as likely.


  • Top Amazon Lawyer: 'Justice for All' Requires More Funding and Innovation

    Top Amazon Lawyer: 'Justice for All' Requires More Funding and InnovationTop Amazon Lawyer: 'Justice for All' Requires More Funding and Innovation


  • What Percentage Of Lightspeed POS Inc. (TSE:LSPD) Shares Do Insiders Own?

    What Percentage Of Lightspeed POS Inc. (TSE:LSPD) Shares Do Insiders Own?Every investor in Lightspeed POS Inc. (TSE:LSPD) should be aware of the most powerful shareholder groups. Generally...


  • Should C&F Financial (NASDAQ:CFFI) Be Disappointed With Their 44% Profit?

    Should C&F Financial (NASDAQ:CFFI) Be Disappointed With Their 44% Profit?If you want to compound wealth in the stock market, you can do so by buying an index fund. But in our experience...


  • White House Explored Legality of Demoting Fed Chairman Powell

    White House Explored Legality of Demoting Fed Chairman Powell(Bloomberg) -- The White House explored the legality of demoting Federal Reserve Chairman Jerome Powell in February, soon after President Donald Trump talked about firing him, according to people familiar with the matter.The White House counsel’s office weighed the legal implications of stripping Powell of his chairmanship and leaving him as a Fed governor, the people said, in what would be an unprecedented move. A replacement would have to be nominated by Trump and confirmed by the Senate.Trump’s team conducted the legal analysis and came to a conclusion that has remained closely held within the White House, the people said, requesting anonymity to discuss internal deliberations. It isn’t clear whether Trump directed the legal review, and the people didn’t describe the outcome.A White House official who declined to be identified said he wouldn’t comment on what he called alleged discussions from months ago. Trump’s top economic adviser, Larry Kudlow, said demoting Powell isn’t currently under consideration.Fed spokeswoman Michelle Smith said in an email: “Under the law, a Federal Reserve Board chair can only be removed for cause.”‘Stuck With You’Bloomberg News reported in December that Trump discussed firing Powell out of frustration over the central bank’s interest rate increases.While Trump still regularly expresses his displeasure with the Fed in tweets, talk of removing Powell has subsided. Trump told Powell in a March phone call, “I guess I’m stuck with you,” according to the Wall Street Journal.The Federal Reserve Act provides explicit protection for all Fed governors against removal by the president except “for cause.” Courts have interpreted the phrase to require proof of some form of legal misconduct or neglect of basic duties. A disagreement over monetary policy wouldn’t meet that bar.However, it’s less clear whether the president can demote a chair, removing him or her from the top position while leaving the person as a Fed governor.Scott Alvarez, who served as the Fed’s general counsel for more than a decade until 2017, said Powell may be protected thanks to changes Congress made to the law four decades ago.Up to that point, the president simply named the Fed chairman from among governors already confirmed by the Senate. But in 1977, lawmakers amended the act, requiring the Senate to confirm chair and vice chair nominees for four-year terms separately from the confirmation of their governorships, which run as long as 14 years.Alvarez said the courts would likely interpret the 1977 change as removing not only the president’s unilateral authority to name the chair, but also the ability to dismiss him or her without cause. There is, however, no precedent for such a move and no way to know how the courts would rule if the Fed, or Powell himself, challenged the demotion.Frustrated PresidentThe White House legal team developed its analysis after Trump in December privately discussed firing Powell following an interest rate increase that roiled global financial markets. The Fed has raised rates seven times since Trump took office.Fed policy makers are meeting Tuesday and Wednesday. No rate move is expected immediately, though economists and investors generally agree the central bank will cut borrowing costs this year.Powell, who became chairman in February 2018, has drawn Trump’s ire for not being more accommodating of his trade war with China. The president has repeatedly complained that the Fed, under Powell, has stymied growth and financial markets by raising rates.“He’s my pick -- and I disagree with him entirely,” Trump said last week in an interview with ABC News. “Frankly, if we had a different person in the Federal Reserve that wouldn’t have raised interest rates so much we would have been at least a point and a half higher.”Trump had a casual dinner with Powell and Fed Vice Chairman Richard Clarida in February, Treasury Secretary Steven Mnuchin said at the time. The Fed released a statement shortly after the meeting saying that the group discussed the U.S. economy’s performance and outlook, but that Powell didn’t share his expectations for monetary policy.‘Law Is Clear’Powell told the CBS News program “60 Minutes” in March that he didn’t think it was appropriate to comment on Trump. But Powell also said he doesn’t think the president has the authority to fire him. “The law is clear that I have a four-year term. And I fully intend to serve it,” he said.Even if he could demote Powell, Trump can’t choose the chair of the Fed’s rate-setting panel, the Federal Open Market Committee. By tradition, committee members select the Fed chair as their chairman, but they are free to choose anyone on the panel. In the absence of a chair, the committee’s vice chair -- traditionally the president of the New York Fed -- would run the meetings.Currently, five of the Fed’s seven seats are filled, and Trump is weighing candidates for the other two seats. Trump has named four people since last year for those two seats, none of whom made it through Senate confirmation.By voicing his frustrations with the Fed, Trump breaks with at least two decades of tradition of presidents refraining from publicly commenting on monetary policy. Presidents, however, have reportedly applied pressure on rates.Former Fed Chairman Paul Volcker recounted in a recent memoir that in 1984, President Ronald Reagan ordered him not to raise rates before elections. Former President George H.W. Bush urged Alan Greenspan to lower interest rates in a June 1992 interview with the New York Times.Trump on Tuesday took his pressure campaign against central bankers to the European Central Bank. The president accused the euro area and China of weakening their currencies to gain an economic advantage, calling out ECB President Mario Draghi for pledging monetary stimulus just before the Fed meeting this week.Draghi said at the institution’s annual forum in Sintra, Portugal, that “additional stimulus will be required” if the economic outlook for the 19-nation euro area doesn’t improve.(Updates with rate-setting panel in 19th paragraph.)\--With assistance from Christopher Condon and Justin Sink.To contact the reporters on this story: Saleha Mohsin in Washington at smohsin2@bloomberg.net;Jennifer Jacobs in Washington at jjacobs68@bloomberg.netTo contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, Justin BlumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


  • Rugby Mining Limited (CVE:RUG) Insiders Increased Their Holdings

    Rugby Mining Limited (CVE:RUG) Insiders Increased Their HoldingsWe often see insiders buying up shares in companies that perform well over the long term. The flip side of that is...


  • Stocks climb as Trump tweets about plans for 'extended meeting' with Chinese president

    Stocks climb as Trump tweets about plans for 'extended meeting' with Chinese presidentStocks climbed close to an all-time record amid Trump's plans for an 'extended meeting' with Chinese President Xi. and talk of rate cuts in Europe


  • Boeing 737 Max Gets a Lift With 200-Jet Order From British Airways Parent IAG

    Boeing 737 Max Gets a Lift With 200-Jet Order From British Airways Parent IAGInternational Airlines Group, or IAG, parent of British Airways, Iberia, Aer Lingus, and two low-cost European airlines, made a surprise move Tuesday at the International Paris Air Show, announcing it may buy 200 of Boeing's Max aircraft, worth $24 billion at list prices. IAG said it signed a letter of intent with Boeing, with plans […]The post Boeing 737 Max Gets a Lift With 200-Jet Order From British Airways Parent IAG appeared first on Skift.


  • Britain's markets regulator investigates Woodford fund suspension

    Britain's markets regulator investigates Woodford fund suspensionBritain's markets watchdog said it had opened a formal investigation into the suspension of Neil Woodford's flagship equity income fund earlier this month and first had concerns more than a year ago. The suspension of the LF Woodford Equity Income Fund on June 3 after a rush of redemption requests has upset investors and politicians, who have demanded answers from the regulator over what went wrong. Financial Conduct Authority Chief Executive Andrew Bailey, responding in a 10-page letter to questions from senior British lawmaker Nicky Morgan, said the watchdog had opened an investigation.


  • What Kind Of Shareholder Appears On The Celestica Inc.'s (TSE:CLS) Shareholder Register?

    What Kind Of Shareholder Appears On The Celestica Inc.'s (TSE:CLS) Shareholder Register?If you want to know who really controls Celestica Inc. (TSE:CLS), then you'll have to look at the makeup of its share...


  • Defying Trump, U.S. senator moves toward vote to block Saudi arms sales

    Defying Trump, U.S. senator moves toward vote to block Saudi arms salesU.S. Senator Bob Menendez began the formal process on Tuesday of blocking President Donald Trump's plan to proceed with more than $8 billion in military sales to Saudi Arabia and the United Arab Emirates without congressional consent. In a Senate speech, Menendez asked the Senate to move to immediate consideration of a resolution disapproving the plan to sell precision-guided munitions to Saudi Arabia.


  • CFTC brings action against purported $147 million UK-based investment scheme

    CFTC brings action against purported $147 million UK-based investment schemeAccording to the complaint filed by The United States Commodity Futures Trading Commission (CFTC), UK-based cryptocurrency company Control-Finance Limited and its CEO Benjamin Reynolds misappropriated $147 million in bitcoin, Finance Feeds writes.The post CFTC brings action against purported $147 million UK-based investment scheme appeared first on The Block.


  • Earthquake rocks Japan, triggering fears of tsunami

    Earthquake rocks Japan, triggering fears of tsunamiA magnitude 6.8 earthquake struck off northwestern Japan on Tuesday, triggering a tsunami advisory for three prefectures in the region.


  • Introducing Koss (NASDAQ:KOSS), The Stock That Dropped 35% In The Last Five Years

    Introducing Koss (NASDAQ:KOSS), The Stock That Dropped 35% In The Last Five YearsThe main aim of stock picking is to find the market-beating stocks. But in any portfolio, there will be mixed results...


  • Eight EU countries to phase out coal by 2030

    Eight EU countries to phase out coal by 2030Eight of the EU's 28 countries have pledged to phase out coal for electricity production by 2030 to reduce greenhouse gas emissions, officials said Tuesday. The European Commission, the EU's executive arm, received the pledges as contributions to the bloc's efforts to deliver on the 2015 Paris climate agreement. "More and more member states are making the political commitment to phase out coal in the next decade," EU climate and energy commissioner Miguel Arias Canete said.


  • Trump reportedly discussed firing Fed chair Jerome Powell over rate hikes

    Trump reportedly discussed firing Fed chair Jerome Powell over rate hikes* President said he was ‘not happy’ with decision to raise rates * Not clear whether Trump has authority to force Powell outDonald Trump with Jerome Powell in November 2017, shortly after Trump nominated Powell to replace Janet Yellen. The Fed will announce its decision on interest rates on Wednesday. Photograph: Carlos Barria/ReutersDonald Trump has reportedly discussed firing the Federal Reserve chairman, Jerome Powell, his latest move a series of unprecedented attacks on the central bank.Trump has repeatedly criticized the Fed for gradually raising rates, which hovered close to record lows for years after the end of the recession. The Fed meets this week to discuss its next move.According to a Bloomberg report, in recent days Trump has grown increasingly frustrated with Powell and talked privately with advisers about firing him. But it is not clear that he has the authority to do so, and Powell has said he intends to stay in the job.Bloomberg said Trump was warned by advisers that firing Powell would be a disastrous move that would worry investors and undermine confidence in the Fed’s independence.On Sunday, Trump once again attacked Powell. In an interview with ABC he said: “I disagree with him entirely.“Frankly, if we had a different person in the Federal Reserve that wouldn’t have raised interest rates so much, we would have been at least a point and a half higher.” Trump was referring to the first quarter’s 3.2% rise in American GDP.Trump said: “I’m not happy with what he’s done.” Trump recently told Reuters the central bank “would be foolish” to proceed with a rate hike.Although Trump appointed Powell, the Fed chair is supposed to be independent – which insulates the central bank from being pressed into making short-term, politically motivated decisions.Trump has tried and failed to influence the Fed by appointing two of his supporters, Stephen Moore and Herman Cain, to the Fed’s board. But both candidates were forced to withdraw amid scandals.The Fed will announce its decision on interest rates on Wednesday and Powell will hold a press conference. The Fed chair has so far avoided directly addressing Trump’s criticisms.At his prior Fed press conference in May, Powell reiterated that the central bank is a “non-political institution” and said politics plays no part in “making a decision”.