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Tag: Aerospace/Defense

  • Trump’s PAC has spent $40 million on legal fees so far this year

    Trump’s PAC has spent $40 million on legal fees so far this year

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    The Big Number: Former President Donald Trump’s political action committee has spent $40.2 million on legal fees in this year’s first half, according to multiple published reports citing unnamed sources.

    The PAC, called Save America, is expected to disclose the spending in a filing on Monday with the Federal Election Commission.

    What it means: The outlays show the sizable legal challenges that Trump and his associates have been dealing with.

    The 45th president, who has a big lead in polls for the 2024 Republican presidential primary, was indicted in March in a Manhattan case focused on hush-money payments, as well as indicted in June in a Miami case focused on classified documents. In addition, he could get indicted in Washington, D.C., in a case focused on the Jan. 6, 2021, attack on the U.S. Capitol and in a separate probe in Georgia’s Fulton County over election interference, and he was found liable in May for sexual abuse in a civil lawsuit.

    What people are saying: Former New Jersey Gov. Chris Christie, an outspoken Trump critic who is seeking the 2024 GOP presidential nomination, criticized their race’s frontrunner for not using his own money for the legal expenses that he and his associates are incurring.

    “He’s making regular Americans pay his legal fees. It’s outrageous,” Christie said over the weekend in a CNN interview.

    But Trump campaign spokesman Steven Cheung told CNN that the spending is needed, saying that “to protect these innocent people from financial ruin and prevent their lives from being completely destroyed, the leadership PAC contributed to their legal fees to ensure they have representation against unlawful harassment.”

    Trump’s team is now setting up a legal defense fund to help handle some of the legal fees, according to other published reports citing unnamed sources.

    Now read: Facing legal peril, Trump calls on Republicans to rally around him as he threatens primary challengers

    And see: Trump and his top 2024 primary rivals mostly ignore new federal charges against him during Iowa GOP event

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  • Pinterest stock advances, Masimo shares slump on outlook and other stocks on the move

    Pinterest stock advances, Masimo shares slump on outlook and other stocks on the move

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    Here are some of the biggest movers of the day:

    Stock gainers:

    Shares of Pinterest Inc.
    PINS,
    +3.64%

    were gaining 4% after an Evercore ISI analyst moved to a bullish stance, cheering better advertising-market conditions and improvements made by Chief Executive Bill Ready, who is about a year into his stint.

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  • Bank of America, Morgan Stanley, Lockheed, Masimo, Novartis, and More Stock Market Movers

    Bank of America, Morgan Stanley, Lockheed, Masimo, Novartis, and More Stock Market Movers

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  • What are cluster munitions? Here’s what the U.S. is giving to Ukraine, and why it’s so controversial.

    What are cluster munitions? Here’s what the U.S. is giving to Ukraine, and why it’s so controversial.

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    The Biden administration on Friday said that the U.S. will supply cluster munitions to Ukraine in a controversial move defended by a top official.

    Jake Sullivan, President Joe Biden’s national-security adviser, told reporters at the White House that the Ukrainians need the weapons to defend their country in the conflict with Russia.

    “We will not leave Ukraine defenseless at any point in this conflict,” he said.

    What are cluster munitions? These weapons, sometimes also called cluster bombs, open in the air and send down smaller bombs that scatter across landscapes.

    They are controversial because those “bomblets” disperse over a large area. And the Biden administration’s decision comes amid concern that those smaller bombs can cause civilian casualties.

    But the Pentagon will provide munitions that have a reduced “dud rate,” the Associated Press reported, meaning there will be far fewer unexploded rounds that can result in unintended civilian deaths.

    Sullivan said Ukraine has committed to demining efforts after the conflict ends to lessen any potential future harm to civilians — in other words, finding any unexploded rounds and safely removing them.

    And U.S. officials have said that Russian forces are already using cluster munitions on the battlefield, including in populated civilian areas.

    Russia has not signed on to a treaty banning the use of the weapons, and neither has the U.S. or Ukraine. More than 100 other nations have banned the use of cluster munitions, however.

    Sullivan described the decision as difficult, and one that the U.S. had deferred.

    “It’s a decision that required a real hard look at the potential harm to civilians,” he said. “And when we put all of that together, there was a unanimous recommendation from the national-security team, and President Biden ultimately decided, in consultation with allies and partners and in consultation with members of Congress, to move forward on this strategy.”

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  • Biden’s age is figuring ‘prominently’ in the 2024 White House race — but here’s what the pundits could be getting wrong

    Biden’s age is figuring ‘prominently’ in the 2024 White House race — but here’s what the pundits could be getting wrong

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    As the 2024 race for the White House gathers steam, one topic that just won’t go away is President Joe Biden’s age.

    It comes up whenever the 80-year-old president makes a mistake such as saying “Iraq” when he means to say “Ukraine,” as occurred twice last week, or when he takes a tumble, such as his trip over a sandbag at the Air Force Academy’s commencement on June 1. Biden later joked that he “got sandbagged.”

    The…

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  • Dow gives back earlier gains, stocks end lower after Russia’s brief rebellion

    Dow gives back earlier gains, stocks end lower after Russia’s brief rebellion

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    U.S. stocks closed lower Monday, after Russia on the weekend was rocked by a brief revolt from the Wagner mercenary force. The Dow Jones Industrial Average
    DJIA,
    -0.04%

    fell about 11 points, or less than 0.1%, ending near 33,715, according to preliminary FactSet data, giving up earlier gains in the final moments of trade. The S&P 500 index
    SPX,
    -0.45%

    fell 0.4%, while the Nasdaq Composite Index
    COMP,
    -1.16%

    closed down 1.2%. Stocks have been struggling to extend a recent rally driven by a handful of technology stocks that earlier in June lifted major indexes to their highest levels in more than a year. Investors and oil markets were on edge Monday after a brief mutiny in Russia over the weekend raised concerns about potential disruptions to global oil supplies. U.S. crude prices edged higher Monday, with West Texas Intermediate oil for August
    CL00,
    +0.53%

    CLQ23,
    +0.53%

    ending slightly below $70 a barrel.

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  • Wagner chief says he ordered his Russian mercenaries to halt march on Moscow and return to Ukraine

    Wagner chief says he ordered his Russian mercenaries to halt march on Moscow and return to Ukraine

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    The head of the private Russian military force Wagner said Saturday he has ordered his mercenaries to halt their march on Moscow and retreat to their field camps in Ukraine to avoid shedding Russian blood.

    The announcement from Yevgeny Prigozhin appeared to defuse a dramatically escalating crisis that represented the most significant challenge to President Vladimir Putin’s leadership in his more than two decades in power.

    See: Rebellion in Russia could trigger selloff in U.S. stocks and flight to safe assets, analysts say.

    Moscow had braced for the arrival of a private army led by the rebellious mercenary commander by erecting checkpoints with armored vehicles and troops on its southern edge. Red Square was shut down, and the mayor urged motorists to stay off some roads.

    Prigozhin said that while his men were just 200 kilometers (120 miles) from Moscow, he decided to turn them back to avoid “shedding Russian blood.”

    He didn’t say whether Moscow has responded to his demand to oust Defense Minister Sergei Shoigu. There was no immediate comment from the Kremlin.

    The announcement followed a statement from the office of Belarusian President Alexander Lukashenko saying that he had negotiated a deal with Prigozhin after discussing the issue with Putin.

    Prigozhin agreed to halt the advance in a proposed settlement that contains security guarantees for Wagner troops, Lukashenko’s office said. It didn’t elaborate.

    Putin had vowed harsh consequences for organizers of the armed uprising led by his onetime protege, who brought his forces out of Ukraine, seized a key military facility in southern Russia and advanced toward Moscow earlier Saturday.

    In a televised speech to the nation, Putin called the rebellion a “betrayal” and “treason.”

    “All those who prepared the rebellion will suffer inevitable punishment,” Putin said. “The armed forces and other government agencies have received the necessary orders.”

    Authorities declared a “counterterrorist regime” in the capital and its surrounding region, enhancing security and restricting some movement. On the southern outskirts, troops erected checkpoints, arranged sandbags and set up machine guns.

    Moscow Mayor Sergei Sobyanin warned that traffic could be restricted in parts of the capital and declared Monday a non-working day for most residents.

    Crews dug up sections of highways to slow the march of the Wagner mercenary army. Access to Red Square was closed, two major museums were evacuated and a park was shut.

    Prigozhin’s private army appeared to control the military headquarters in Rostov-on-Don, a city 660 miles (over 1,000 kilometers) south of Moscow that runs Russian operations in Ukraine, Britain’s Ministry of Defense said.

    Wagner troops and equipment also were in Lipetsk province, about 360 kilometers (225 miles) south of Moscow, where authorities “are taking all necessary measures to ensure the safety of the population,” said regional Gov. Igor Artamonov, via Telegram. He did not elaborate.

    The dramatic developments came exactly 16 months after Russia launched its full-scale invasion of Ukraine, Europe’s largest conflict since World War II, which has killed tens of thousands, displaced millions and reduced cities to rubble.

    Ukrainians hoped the Russian infighting would create opportunities for its army to take back territory seized by Russian forces.

    Ukrainian President Volodymyr Zelenskyy said Moscow was suffering “full-scale weakness” and that Kyiv was protecting Europe from “the spread of Russian evil and chaos.”

    The Federal Security Service, or FSB, called for Prigozhin’s arrest Friday night after he declared the armed rebellion.

    Prigozhin said earlier Saturday that his fighters would not surrender, as “we do not want the country to live on in corruption, deceit and bureaucracy.”

    “Regarding the betrayal of the motherland, the president was deeply mistaken. We are patriots of our homeland,” he said in an audio message on his Telegram channel.

    Prigozhin’s private army has been fighting alongside regular Russian troops in Ukraine. His goals weren’t immediately clear, but the rebellion marks an escalation in his struggle with Russian military leaders, whom he accused of botching the war in Ukraine and hobbling his forces in the field.

    “This is not a military coup, but a march of justice,” Prigozhin said.

    See: Who is the head of the mercenary group calling for an armed rebellion in Russia?

    Prigozhin said he had 25,000 troops under his command and urged the army not to offer resistance.

    He posted video of himself at the military headquarters in Rostov-on-Don and claimed his forces had taken control of the airfield and other military facilities in the city. Other videos on social media showed military vehicles, including tanks, on the streets.

    “We didn’t kill a single person on our way,” Prigozhin said in one of his several messages posted as the day went on, adding that his forces seized the military headquarters “without a single gunshot.” His claims could not be independently verified. The Russian authorities haven’t reported any casualties so far, either.

    The rebellion came as Russia is “fighting the toughest battle for its future,” Putin said, with the West piling sanctions on Moscow and arming Ukraine.

    “The entire military, economic and information machine of the West is waged against us,” Putin said.

    A Muscovite who gave only his first name of Khachik called the situation “scary.” Another man who didn’t want to be identified at all denounced Prigozhin’s move as a betrayal and said he supports the Defense Ministry.

    State-controlled TV networks led their newscasts with Putin’s statement and reported the tense situation in Rostov-on-Don. Some showed social media videos of residents denouncing Wagner troops. Broadcasters also carried statements from top officials and lawmakers voicing support for Putin and condemning Prigozhin.

    In announcing the rebellion, Prigozhin said he wanted to punish Defense Minister Sergei Shoigu after he accused Russian government forces of attacking Wagner field camps in Ukraine with rockets, helicopter gunships and artillery. He claimed that “a huge number of our comrades got killed.” Prigozhin said his forces shot down a Russian military helicopter that fired on a civilian convoy, but there was no independent confirmation.

    He alleged that Gen. Valery Gerasimov, chief of the General Staff, ordered the attacks following a meeting with Shoigu, where they decided to destroy the military contractor. The Defense Ministry denied attacking the Wagner camps.

    The 62-year-old Prigozhin, a former convict, has long ties to the Russian leader and won lucrative Kremlin catering contracts that earned him the nickname “Putin’s chef.”

    He gained attention in the U.S. when he and a dozen other Russian nationals were charged with operating a covert social media campaign aimed at fomenting discord ahead of Donald Trump’s 2016 presidential election victory. He formed the Wagner mercenary group, which sent military contractors to Libya, Syria, several African countries and eventually Ukraine.

    After Putin’s address, in which he called for unity, officials sought to reiterate their allegiance to the Kremlin and urged Prigozhin to back down.

    Vyacheslav Volodin, speaker of the lower house of parliament, said lawmakers “stand for the consolidation of forces” and support Putin. Foreign Ministry spokeswoman Maria Zakharova echoed that, saying in a Telegram post that “we have one commander in chief. Not two, not three. One.”

    Ramzan Kadyrov, the strongman leader of the Chechnya region who used to side with Prigozhin in his criticism of the military, also expressed his full support of Putin’s “every word.”

    “The mutiny needs to be suppressed,” Kadyrov said.

    While the outcome of the confrontation was still unclear, it appeared likely to further hinder Moscow’s war effort as Kyiv’s forces probed Russian defenses in the initial stages of a counteroffensive.

    Wagner forces have played a crucial role, capturing the eastern city of Bakhmut, an area where the bloodiest and longest battles have taken place. But Prigozhin has increasingly criticized the military brass, accusing it of incompetence and of starving his troops of munitions.

    Zelenskyy noted the rebellion in his Telegram channel and said “anyone who chooses the path of evil destroys himself.”

    “For a long time, Russia used propaganda to mask its weakness and the stupidity of its government. And now there is so much chaos that no lie can hide it,” he said.

    Prigozhin’s actions could have significant implications for the war. Orysia Lutsevych, the head of the Ukraine Forum at the Chatham House think tank in London, said the infighting will create confusion and potential division among Russian military forces.

    “Russian troops in Ukraine may well now be operating in a vacuum, without clear military instructions, and doubts about whom to obey and follow,” Lutsevych said.”This creates a unique and unprecedented military opportunity for the Ukrainian army.”

    Ukrainian soldier Andrii Kvasnytsia, attending a funeral for a comrade, said Prigozhin’s intentions toward Ukraine might be worse than Putin’s, but that the infighting would still benefit the country.

    Prigozhin, whose feud with the Defense Ministry dates back years, had refused to comply with a requirement that his forces sign contracts with the ministry before July 1. He said Friday he was ready for a compromise but “they have treacherously cheated us.”

    In Washington, the Institute for the Study of War said “the violent overthrow of Putin loyalists like Shoigu and Gerasimov would cause irreparable damage to the stability of Putin’s perceived hold on power.”

    Western countries monitored developments closely. U.S. Secretary of State Antony Blinken spoke with his counterparts in the other G7 countries and the European Union’s foreign affairs representative, his spokesman said, adding that Blinken “reiterated that support by the United States for Ukraine will not change.”

    Latvia and Estonia, two NATO countries that border Russia, said they were increasing security at their borders.

    The Kremlin said Putin spoke by phone with the leaders of Turkey, Belarus, Kazakhstan and Uzbekistan about the events.

    Although there was speculation that Putin had left Moscow, his spokesman Dmitry Peskov denied it.

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  • Tesla, Nvidia, Spirit Aerosystems, KB Home, Accenture, and More Market Movers

    Tesla, Nvidia, Spirit Aerosystems, KB Home, Accenture, and More Market Movers

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    Stock futures were falling following three straight days of losses for Wall Street. Federal Reserve Chairman Jerome Powell again will be delivering testimony before Congress. His comments on Wednesday that the central bank likely would be raising rates further this year pushed markets lower.

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  • Hunter Biden to plead guilty after deal with prosecutors: reports

    Hunter Biden to plead guilty after deal with prosecutors: reports

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    Hunter Biden, son of President Joe Biden, has made a tentative deal with federal prosecutors to plead guilty to two misdemeanor tax charges and admit to the facts of a gun charge, according to multiple published reports. The plea deal is expected to include terms that likely would allow him to avoid jail time.

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  • Boeing Stock Likes the Paris Air Show. There Is a Catch.

    Boeing Stock Likes the Paris Air Show. There Is a Catch.

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    Boeing Stock Usually Wins From the Paris Air Show. This Is the Catch.

    Investors who are buying into the post-Covid recovery of commercial aerospace will get an important update about the industry, including the hot issues of sustainability and supply-chain snags, when the Paris Air Show kicks off on Monday.

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  • Virgin Galactic shares rocket higher on plans for first commercial flight this month

    Virgin Galactic shares rocket higher on plans for first commercial flight this month

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    Shares of Virgin Galactic Holdings on Thursday made a scorching run higher after the space-travel company said it plans to begin offering commercial flights into space near the end of this month, a significant breakthrough for the nearly 20-year-old company founded by Richard Branson.

    Shares rocketed 44% after hours on the news.

    “We’re opening…

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  • New York Empire State, Philadelphia Fed factory indexes mixed but show signs of optimism

    New York Empire State, Philadelphia Fed factory indexes mixed but show signs of optimism

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    The numbers: Two U.S. regional gauges of manufacturing sentiment showed signs in June that they may be improving after a rough patch, according to data released Thursday.

    The Philadelphia Federal Reserve’s manufacturing index slipped further to a reading of negative 13.7 in June from negative 10.4 in the prior month, but economists had expected a reading of negative 14.8, according to a Wall Street Journal survey of economists. This is the tenth straight negative reading.

    The…

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  • The six most serious allegations in the 37-count, classified-documents indictment against Donald Trump

    The six most serious allegations in the 37-count, classified-documents indictment against Donald Trump

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    The federal criminal indictment against former-president Donald Trump alleging he illegally kept classified documents after leaving the White House reads like a textbook manual on how not to handle top-secret files.

    Federal prosecutors from special counsel Jack Smith’s office detail a litany of alleged missteps, willful obfuscation and breaches of security in how Trump stored, shared and even tried to hide from investigators what he had taken with him when he left office in 2020.

    On Friday, a federal judge in Florida unsealed the 37-count indictment against Trump on charges of willful retention of national defense information, conspiracy to obstruct justice, withholding a document or record, corruptly concealing a document or record, scheming to conceal and making false statements and representations.

    Trump has insisted he is innocent and has vowed to fight in court. 

    Here are six of the most serious allegations contained in the 49-page indictment:

    1. The most secret of secrets 

    Prosecutors were vague about exactly what kind of classified information was contained in the files Trump allegedly retained upon leaving office, but they did provide broad descriptions of what type of material was there, including sensitive details about national defense. 

    Other categories included:

    • White House intelligence briefings about foreign countries

    • Details about the military capabilities of certain foreign countries

    • Information on the nuclear capabilities of a foreign country

    • Documents detailing communications with the leader of a foreign country

    • Military contingency planning by the United States

    • Details of U.S. nuclear weapons

    • Documents detailing plans of an attack in a foreign country

    2. Don’t mind those boxes

    Prosecutors allege that Trump was extremely careless in how he stored dozens of boxes which contained hundreds of classified documents that he took with him from the White House to his residence at the Mar-a-Lago social club in Palm Beach, Fla. 

    At various points over the two years Trump kept the papers, the boxes were kept on a stage in a public ballroom, in a bathroom and shower, his home office, his bedroom and an unsecured storage room adjacent to a closet where bottles of liquor were stored.

    In one episode, a Trump staffer found a stack of boxes had fallen over in the storage room, spilling documents marked as classified onto the floor.

    3. Hey, check these out

    On at least two occasions, Trump showed off certain classified documents to people who lacked any kind of security clearance, including a writer working on a book and a representative of a political action committee.

    In July 2021, prosecutors say Trump whipped out a classified document detailing a proposed plan of attack on a foreign country.

    “Look what I found, this was [the senior military official’s] plan of attack, read it and just show … it’s interesting,” Trump was recorded as saying, according to the indictment. 

    “It is like, highly confidential,” he allegedly said. “Secret. This is secret information.”

    Two months later, Trump allegedly showed a classified map of a foreign country where fighting is ongoing to a representative of his political action committee. Trump noted that “he should not be showing the map,” and warned the official “not to get too close.”

    4. Can’t we just keep this stuff?

    After receiving subpoenas demanding he return all the classified material he had taken with him, Trump asked his lawyers if they could just not send it all back, or tell the government that they went through all the boxes and hadn’t found anything.

    “Well, what if we, what happens if we don’t respond at all or don’t play ball with them?” Trump is quoted as saying by federal prosecutors.

    “Wouldn’t it be better if we just told them we didn’t have anything here?” Trump asked, according to the indictment.

    “Well look, isn’t it better if there are no documents?” he further asked, the court documents claimed.

    Later, after Trump’s lawyers had gone through the boxes and uncovered dozens of classified documents, Trump allegedly asked if they could just make anything really damning disappear, the court filing said.

    “He made a funny motion as though —well okay, why don’t you take them with you to your hotel room and if there is anything really bad in there, like, you know, pluck it out. And that was the motion he made. He didn’t say that,” one of the lawyers, who was not named in the filing, was quoted as telling prosecutors.

    5. Documents from many sensitive agencies

    The documents investigators recovered came from a wide gamut of U.S. government agencies, the indictment said, including:

    • The CIA

    • Department of Defense

    • The National Security Agency

    • The National Geospatial Intelligence Agency

    • The National Reconnaissance Office

    • The Department of Energy

    • The Department of State

    6. If my lawyers don’t know about it …

    Prosecutors say that Trump purposefully worked with his personal valet to hide boxes of documents from his own lawyers as they worked to return classified material to the government.

    During a 10-day period in the late spring of 2021, prosecutors say Trump’s valet, Waltine Nauta, moved 64 boxes from a storage room to Trump’s office for him to go through before his lawyers could examine them. Prosecutors say Nauta later moved just 30 boxes back to the storage for the lawyers to sift through. Some of those boxes were later sent to Trump’s other home in Bedminster, N.J.

    Nauta has also been charged with conspiracy to obstruct justice, withholding a document or record, corruptly concealing a document or record, concealing a document in a federal investigation, scheming to conceal and making false statements or representations.

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  • Boeing stock drops on warning about defect on 787 Dreamliner planes

    Boeing stock drops on warning about defect on 787 Dreamliner planes

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    Shares of Boeing Co. dropped 2% in midday trading Tuesday after the aerospace and defense company said it found new problems with its 787 Dreamliner jets.

    The defect, which is not a flight safety concern, is connected with a stabilizer fitting, and will lead the company to inspect every plane in inventory before delivery, Boeing
    BA,
    -0.71%

    said.

    The inspections and required rework will affect timing of near-term 787 deliveries, but “at this time we do not expect that this issue will change our full-year guidance regarding 787 deliveries,” the company said.

    At the time it reported first-quarter earnings in April, Boeing said its 787 program was producing at least three jets a month “with plans to ramp production to five per month in late 2023” and on to 10 a month by 2025-26.

    In-service fleet may continue to operate, and the FAA and customers have been informed, Boeing said.

    Dreamliner deliveries were halted in February after a documentation and data-analysis error, and the FAA had cleared the jets’ deliveries in March.

    Boeing in April identified a problem with another jet family, the 737 Max, related to fittings.

    Shares of Boeing have gained around 9% so far this year, compared with gains of about 11% for the S&P 500 index.
    SPX,
    +0.24%

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  • Blinken’s China trip now back on after postponement due to spy balloon

    Blinken’s China trip now back on after postponement due to spy balloon

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    U.S. Secretary of State Antony Blinken plans to visit China in the coming weeks for talks, according to multiple published reports Tuesday citing unnamed sources. He had planned a trip to China in February but it was postponed after a Chinese spy balloon was found above the continental U.S.

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  • Sonic boom heard across D.C. area as fighter jet scrambles in response to flight of small plane through restricted airspace

    Sonic boom heard across D.C. area as fighter jet scrambles in response to flight of small plane through restricted airspace

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    WASHINGTON (AP) — A wayward and unresponsive business plane that flew over the nation’s capital Sunday afternoon caused the military to scramble a fighter jet before the plane crashed in Virginia, officials said. The fighter jet caused a sonic boom that was heard across the capital region.

    Hours later, police said that rescuers had reached the site of the plane crash in a rural part of the Shenandoah Valley and that no survivors were found.

    The Federal Aviation Administration says the Cessna Citation took off from Elizabethtown, Tenn., on Sunday and was headed for Long Island’s MacArthur Airport. Inexplicably, the plane turned around over New York’s Long Island and flew a straight path down over D.C. before it crashed over mountainous terrain near Montebello, Virginia, around 3:30 p.m.

    The plane was technically flying above some of the most heavily restricted airspace in the nation.

    A U.S. official confirmed to the Associated Press that the military jet had scrambled to respond to the small plane, which wasn’t responding to radio transmissions and later crashed. The official was not authorized to publicly discuss details of the military operation and spoke on condition of anonymity.

    Flight-tracking sites showed the jet suffered a rapid spiraling descent, dropping at one point at a rate of more than 30,000 feet per minute before crashing in the St. Mary’s Wilderness.

    The North American Aerospace Defense Command later said in a statement that the F-16 was authorized to travel at supersonic speeds, which caused a sonic boom that was heard in Washington and parts of Virginia and Maryland.

    “During this event, the NORAD aircraft also used flares — which may have been visible to the public — in an attempt to draw attention from the pilot,” the statement said. “Flares are employed with highest regard for safety of the intercepted aircraft and people on the ground. Flares burn out quickly and completely and there is no danger to the people on the ground when dispensed.”

    Virginia State Police said officers were notified of the potential crash shortly before 4 p.m. and rescuers reached the crash site by foot around four hours later. No survivors were found, police said.

    The plane that crashed was registered to Encore Motors of Melbourne Inc, which is based in Florida. John Rumpel, who runs the company, reportedly told the New York Times that his daughter, 2-year-old granddaughter, her nanny and the pilot were aboard the plane. They were returning to their home in East Hampton, on Long Island, after visiting his house in North Carolina, he said.

    Rumpel, a pilot, told the newspaper he didn’t have much information from authorities but hoped his family didn’t suffer and suggested the plane could’ve lost pressurization.

    “I don’t think they’ve found the wreckage yet,” Rumpel told the newspaper. “It descended at 20,000 feet a minute, and nobody could survive a crash from that speed.”

    A woman who identified herself as Barbara Rumpel, listed as the president of the company, said she had no comment Sunday when reached by the Associated Press.

    The episode brought back memories of the 1999 crash of a Learjet that lost cabin pressure and flew aimlessly across the country with professional golfer Payne Stewart aboard. The jet crashed in a South Dakota pasture and six people died.

    President Joe Biden was playing golf at Joint Base Andrews with his brother at around the time the fighter jet took off. Anthony Guglielmi, a spokesperson for the U.S. Secret Service, said the incident had no impact on the president’s movements Sunday.

    A White House official said that the president had been briefed on the crash and that the sound of the scrambling aircraft was faint at Joint Base Andrews.

    MarketWatch contributed.

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  • Senate passes debt-ceiling bill in 63-36 vote, sending it to Biden to get signed into law

    Senate passes debt-ceiling bill in 63-36 vote, sending it to Biden to get signed into law

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    The U.S. Senate voted 63-36 in favor of a crucial debt-ceiling bill on Thursday night, sending the measure to President Joe Biden to be signed into law.

    The Fiscal Responsibility Act, which the Republican-run House of Representatives approved on Wednesday night in a 314-117 vote, raises the ceiling for federal borrowing and avoids a market-shaking government default while imposing some limits on spending.

    Congress…

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  • Biden says in Hiroshima press conference that Republicans must ‘move from their extreme positions’ on debt limit

    Biden says in Hiroshima press conference that Republicans must ‘move from their extreme positions’ on debt limit

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    President Joe Biden on Sunday called for Republicans to agree to compromises in debt-ceiling negotiations, as he wrapped up a visit to Japan for a G-7 summit and prepared to fly back to Washington, D.C.

    “Now it’s time for the other side to move from their extreme positions, because much of what they’ve already proposed is simply, quite frankly, unacceptable,” Biden said during a news conference in Japan.

    “It’s time for Republicans to accept that there is no bipartisan deal to be made solely — solely — on their partisan terms. They have to move, as well,” he said.

    Biden’s comments on movement were similar to what House Speaker Kevin McCarthy said two days ago. The House Republican from south-central California told reporters on Friday that there needs to be “movement by the White House, and we don’t have any movement yet, so, yeah, we’ve got to pause.”

    Rep. Garret Graves, a Louisiana Republican deputized by McCarthy to lead the talks, had earlier Friday characterized Republicans as pressing a pause button after prior reports that a deal framework was coming into view, 

    The president’s remarks in Hiroshima came as investors are watching for fresh signs of a bipartisan deal that would lift the federal government’s borrowing limit and prevent a market-shaking default.

    Biden accused some Republicans of risking the economic damage of a default because of the 2024 White House race.

    “I think there are some MAGA Republicans in the House who know the damage that it would do to the economy, and because I am president and presidents are responsible for everything, Biden would take the blame, and that’s the one way to make sure Biden is not re-elected,” he said.

    During Sunday’s news conference, Biden, who cut short his trip because of the looming debt-ceiling crisis (leading to the cancellation of a Quad summit in Australia), said he and McCarthy will be talking later Sunday while he is flying back to the U.S.

    “My guess is he’s going to want to deal directly with me,” the president said, adding that it had to do with “making sure we’re on the same page.”

    “Our teams are going to continue working,” Biden also said.

    When asked about McCarthy’s call for government spending to be less next year than this year, Biden said his side is “willing to cut spending, as well as raise revenue,” referring to tax increases. He also said his team is waiting for a GOP response to the White House’s latest counterproposal.

    Graves, the Louisiana Republican, had, with his Friday-morning characterization of debt-ceiling negotiations as at a “pause,” suggested the Biden White House’s representatives were being “unreasonable.” Talks resumed Friday evening, but negotiators quickly called it quits for the night, and there was little progress reported Saturday, with McCarthy telling reporters that he didn’t think there would be an ability to “move forward until the president can get back.”

    Treasury Secretary Janet Yellen warned on May 1 and again last week that a U.S. default could happen as soon as June 1 if Congress doesn’t raise the debt ceiling. The Bipartisan Policy Center and Congressional Budget Office have each offered similar projections.

    Biden had for months called for a so-called clean increase of the $31.4 trillion cap on federal debt issuance, arguing that the time to address the levels of future government spending is instead during the annual budget-writing process.

    In August 2011, lawmakers approved an increase to the debt limit just hours before a potential government default. Within days, the U.S. lost its triple-A credit rating from S&P for the first time in history, with the ratings agency saying the American political system had become less stable. U.S. stocks 
    SPX,
    -0.14%

    DJIA,
    -0.33%

    plunged in August 2011 following that debt downgrade by S&P.

    Now read:

    Debt-ceiling standoff: Here’s what could go into a bipartisan deal

    Biden expresses confidence on achieving debt-ceiling deal: ‘America will not default’

    ‘Doomsday machine’: Here’s what could happen if the debt ceiling is breached

    Ukraine’s Zelensky takes part in G-7 summit n Hiroshima as world leaders sanction Russia

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  • Biden says in Hiroshima press conference that Republicans must ‘move from their extreme positions’ on debt limit

    Biden says in Hiroshima press conference that Republicans must ‘move from their extreme positions’ on debt limit

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    President Joe Biden on Sunday called for Republicans to agree to compromises in debt-ceiling negotiations, as he wrapped up a visit to Japan for a G-7 summit and prepared to fly back to Washington, D.C.

    “Now it’s time for the other side to move from their extreme positions, because much of what they’ve already proposed is simply, quite frankly, unacceptable,” Biden said during a news conference in Japan.

    “It’s time for Republicans to accept that there is no bipartisan deal to be made solely — solely — on their partisan terms. They have to move, as well,” he said.

    Biden’s comments on movement were similar to what House Speaker Kevin McCarthy said two days ago. The House Republican from south-central California told reporters on Friday that there needs to be “movement by the White House, and we don’t have any movement yet, so, yeah, we’ve got to pause.”

    Rep. Garret Graves, a Louisiana Republican deputized by McCarthy to lead the talks, had earlier Friday characterized Republicans as pressing a pause button after prior reports that a deal framework was coming into view, 

    The president’s remarks in Hiroshima came as investors are watching for fresh signs of a bipartisan deal that would lift the federal government’s borrowing limit and prevent a market-shaking default.

    Biden accused some Republicans of risking the economic damage of a default because of the 2024 White House race.

    “I think there are some MAGA Republicans in the House who know the damage that it would do to the economy, and because I am president and presidents are responsible for everything, Biden would take the blame, and that’s the one way to make sure Biden is not re-elected,” he said.

    During Sunday’s news conference, Biden, who cut short his trip because of the looming debt-ceiling crisis (leading to the cancellation of a Quad summit in Australia), said he and McCarthy will be talking later Sunday while he is flying back to the U.S.

    “My guess is he’s going to want to deal directly with me,” the president said, adding that it had to do with “making sure we’re on the same page.”

    “Our teams are going to continue working,” Biden also said.

    When asked about McCarthy’s call for government spending to be less next year than this year, Biden said his side is “willing to cut spending, as well as raise revenue,” referring to tax increases. He also said his team is waiting for a GOP response to the White House’s latest counterproposal.

    Graves, the Louisiana Republican, had, with his Friday-morning characterization of debt-ceiling negotiations as at a “pause,” suggested the Biden White House’s representatives were being “unreasonable.” Talks resumed Friday evening, but negotiators quickly called it quits for the night, and there was little progress reported Saturday, with McCarthy telling reporters that he didn’t think there would be an ability to “move forward until the president can get back.”

    Treasury Secretary Janet Yellen warned on May 1 and again last week that a U.S. default could happen as soon as June 1 if Congress doesn’t raise the debt ceiling. The Bipartisan Policy Center and Congressional Budget Office have each offered similar projections.

    Biden had for months called for a so-called clean increase of the $31.4 trillion cap on federal debt issuance, arguing that the time to address the levels of future government spending is instead during the annual budget-writing process.

    In August 2011, lawmakers approved an increase to the debt limit just hours before a potential government default. Within days, the U.S. lost its triple-A credit rating from S&P for the first time in history, with the ratings agency saying the American political system had become less stable. U.S. stocks 
    SPX,
    -0.14%

    DJIA,
    -0.33%

    plunged in August 2011 following that debt downgrade by S&P.

    Now read:

    Debt-ceiling standoff: Here’s what could go into a bipartisan deal

    Biden expresses confidence on achieving debt-ceiling deal: ‘America will not default’

    ‘Doomsday machine’: Here’s what could happen if the debt ceiling is breached

    Ukraine’s Zelensky takes part in G-7 summit n Hiroshima as world leaders sanction Russia

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    Source link

  • GE CFO Leaving Because Soon There Will Be No GE

    GE CFO Leaving Because Soon There Will Be No GE

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    General Electric


    is getting a new finance chief. Given what’s coming at the company, it makes sense.


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