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Tag: Government and politics

  • Trump ally Nigel Farage elected to British parliament for first time

    Trump ally Nigel Farage elected to British parliament for first time

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    Reform UK leader Nigel Farage waves after being elected to become MP for Clacton at the Clacton count centre in Clacton-on-Sea, eastern England, early on July 5, 2024. 

    Henry Nicholls | Afp | Getty Images

    LONDON — Populist lawmaker Nigel Farage on Friday won his first-ever seat in the U.K.’s parliament as he looks to shake up the country’s politics with his right-wing Reform UK party.

    The win by the Brexit proponent follows seven failed attempts to become a member of the British parliament, although he has served as a (pro-Brexit) member of the European Parliament.

    “My plan is to build a mass national movement over the course of the next few years and hopefully be big enough to challenge the general election properly in 2029,” Farage said after the result was announced.

    The result comes amid a surprisingly strong election performance by Reform UK, which has a hardline stance on immigration. Exit polls indicate that the party could secure up to 13 parliamentary seats — quite the feat given that it failed to win any in the 2019 vote — although the final result may fall short of this.

    It follows a U-turn by Farage who had previously declared he would not stand as an MP in this election, choosing instead to focus on helping U.S. former President Donald Trump’s campaign.

    However, just last month Farage announced a surprise return to Reform UK and agreed to become its leader. The news gave the party a huge bump in popularity, with polls showing it was closing in on the ruling Conservatives.

    Euroskeptic Farage is best known for campaigning — successfully — for the U.K. to leave the EU. He led the UK Independence Party (UKIP) before forming the Brexit Party which eventually turned into Reform.

    By 3:56 a.m. local time on Friday, Reform had won three seats, although 402 constituencies were yet to report. The party had also performed well in terms of vote share, securing 15.9% of the vote behind the Conservatives with 22% and Labour at 37.7%.

    According to Carsten Nickel, managing director at U.S. corporate advisory firm Teneo, this means Farage has “really helped Labour,” which is expected to win a huge landslide victory in the election.

    “He has spit the Conservative vote, so the massive losses that we see on the Conservative side, that, to a large degree, is due to Nigel Farage stepping on the scene with his Reform party.”

    Earlier in the evening, Farage posted a video posted on X titled: “The revolt against the establishment is underway.”

    “We’re going to win seats, many, many seats,” he said. “Mainstream media are in denial, just as much as our political parties.”

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  • CNBC Daily Open: U.S. seeks Boeing guilty plea

    CNBC Daily Open: U.S. seeks Boeing guilty plea

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    The Dow Jones Industrial Average rose about 3.8% in the first six months of the year, lagging way behind the Nasdaq, up 18.1%, and the S&P 500, which jumped 14.5% — as investors plowed into artificial intelligence-related stocks.

    Brendan Mcdermid | Reuters

    This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

    What you need to know today

    Dow lags tech rally 
    The
    Dow Jones Industrial Average rose about 3.8% in the first six months of the year, lagging way behind the Nasdaq, up 18.1%, and the S&P 500, which jumped 14.5% as investors plowed into artificial intelligence-related stocks. On Friday, the S&P 500 and Nasdaq hit record highs before pulling back. The yield on the 10-year Treasury rose as investors digested the latest inflation data. U.S. oil prices rose for the third straight week amid fears of a war between Israel and the Iran-backed militia Hezbollah.

    Boeing ‘guilty plea’ 
    U.S. prosecutors plan to seek a guilty plea from Boeing over a charge related to two fatal 737 Max crashes in 2018 and 2019, attorneys for the victims’ family members said. The Justice Department is reviewing whether Boeing violated a 2021 settlement that shielded the company from federal charges. Boeing agreed then to pay a $2.5 billion penalty for a conspiracy charge tied to the crashes. The DOJ revisited the agreement after a door panel blew out of a new 737 Max 9 in January, sparking a new safety crisis.

    Under fire
    Nike CEO John Donahoe faces growing discontent as the company’s stock plummeted 20% on Friday, its worst day since 1980, after forecasting a significant decline in sales. As Wall Street digested the dismal outlook from the world’s largest sportswear company, at least six investment banks downgraded Nike’s stock. Analysts at Morgan Stanley and Stifel took it a step further, specifically calling the company’s management into question.

    Bitcoin windfall
    Mt. Gox, a bankrupt Japanese bitcoin exchange, is set to repay creditors nearly $9 billion worth of Bitcoin following a 2011 hack. The court-appointed trustee overseeing the exchange’s bankruptcy proceedings said distributions to the firm’s roughly 20,000 creditors would begin this month. The payout is likely to be a windfall for those who waited a decade, with Bitcoin’s value surging from around $600 in 2014 to over $60,000 today. One claimant, Gregory Greene, could potentially receive $2.5 million for his $25,000 investment.

    Inflation cooling
    A key inflation measure, watched closely by the Federal Reserve, slowed to its lowest annual rate in over three years in May, with the core personal consumption expenditures price index rising 2.6% from a year ago. “This is just additional news that monetary policy is working, inflation is gradually cooling,” San Francisco Fed President Mary Daly told CNBC’s Andrew Ross Sorkin during a “Squawk Box” interview. “That’s a relief for businesses and households who have been struggling with persistently high inflation. It’s good news for how policy is working.”

    [PRO] Rally will broaden
    The tech sector has driven market performance in 2024, with the S&P 500 tech group up 28% and Nvidia soaring 149%, while small-caps have lagged. Oppenheimer’s chief market strategist John Stoltzfus believes the rally will broaden. CNBC’s Lisa Kailai Han looks at the reasons behind his call

    The bottom line

    The New York Times editorial board has lost faith in President Joe Biden, calling for him to step aside. Iranians will need another go at electing a new president, French voters cast their votes in the first round of snap elections that saw big gains for Marie Le Pen's far-right party and Brits will go to the polls on Thursday.

    It's a busy political environment for markets to navigate. Wall Street has shown remarkable resilience thanks to the AI-powered rally in the first half of the year, which has seen the Nasdaq soar 18% so far. Nvidia is up almost 150%. There could be more to come; Bank of America believes Nvidia and Apple could still deliver "superior returns."

    While one of the biggest bulls on the Street expects the rally to broaden away from the megacaps, Wall Street wasn't feeling any love for Nike's CEO. The company had its worst day of trading since its IPO in December 1980, losing $28 billion in market cap on Friday after slashing its sales forecasts.

    John Donahoe was brought in from eBay to transform the athletic apparel giant's digital channels. The company ditched its retail partners, became too dependent on its aging sneaker ranges and lost ground to new contenders Hoka and On. It'll certainly make an interesting case study for MBA programs for all the wrong reasons. As Wall Street questioned Donahoe's position, he still had the approval of its founder.

    Friday also saw the Fed's favored inflation measure come in line with expectations, raising the prospect of interest rate cuts later this year.

    "I really think the Fed should tee up a cut at the July 31 meeting, confirm it at Jackson Hole in August and do it in September," Wharton finance professor Jeremy Siegel told CNBC's "Squawk on the Street." He added that one or maybe one-and-a-half rate cuts have already been priced in.

    "I actually think there will be more because there might be a little bit more softness in the economy and better inflation numbers, both of those feeding better rates," he continued. Siegel also said it is "hard to say" where the bull market's trajectory currently stands.

    In a four-day trading week — markets are closed for the July 4 Independence Day holiday — the big economic number to watch is the June jobless data on Friday. CNBC's Sarah Min has more on what to expect.

     — CNBC's Lisa Kailai Han, Yun Li, Jeff Cox, Leslie Josephs, Gabrielle Fonrouge, Hakyung Kim, Brian Evans, Spencer Kimball, Ryan Browne and MacKenzie Sigalos contributed to this report.

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  • Iran’s hardline diplomat, sole moderate to square off in presidential run-off

    Iran’s hardline diplomat, sole moderate to square off in presidential run-off

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    A citizen is seen in front of the candidates posters for the 14th presidential elections on the streets ahead of the early presidential election in Tehran, Iran on June 27, 2024. 

    Anadolu | Anadolu | Getty Images

    Iran will hold a run-off presidential election on July 5 after neither of the top candidates secured more than 50% of votes in Friday’s polls, the interior ministry said on Saturday.

    The vote to replace Ebrahim Raisi after his death in a helicopter crash came down to a tight race between the sole moderate in a field of four candidates and the supreme leader’s hardline protege.

    With more than 24 million votes counted moderate lawmaker Massoud Pezeshkian led with over 10 million votes ahead of hardline diplomat Saeed Jalili with over 9.4 million votes, according to provisional results released by the ministry.

    Power in Iran ultimately lies with Supreme Leader Ayatollah Ali Khamenei, so the result will not herald any major policy shift on Iran’s nuclear programme or its support for militia groups across the Middle East.

    But the president runs the government day-to-day and can influence the tone of Iran’s policy.

    Iran’s Tasnim news agency said earlier Saturday that a run-off election was “very likely” to pick the next president.

    If no candidate wins at least 50% plus one vote from all ballots cast, including blank votes, a run-off between the top two candidates is held on the first Friday after the result is declared.

    The election coincides with escalating regional tension due to the war between Israel and Iranian allies Hamas in Gaza and Hezbollah in Lebanon, as well as increased Western pressure on Iran over its fast-advancing nuclear program.

    While the election is unlikely to bring a major shift in the Islamic Republic’s policies, its outcome could influence the succession to Ayatollah Ali Khamenei, Iran’s 85-year-old supreme leader, in power since 1989.

    The clerical establishment sought a high turnout to offset a legitimacy crisis fuelled by public discontent over economic hardship and curbs on political and social freedom.

    The next president is not expected to usher in any major policy shift on Iran’s nuclear programme or support for militia groups across the Middle East, since Khamenei calls all the shots on top state matters.

    Supporters of Saeed Jalili, a candidate for the June 28 presidential election, chant slogans in his campaign meeting in Tehran, Iran, Monday, June 24, 2024. Jalili is among the six candidates approved for the June 28 election to replace president Ebrahim Raisi, who died in a helicopter crash. 

    Majid Saeedi | Getty Images News | Getty Images

    However, the president runs the government day-to-day and can influence the tone of Iran’s foreign and domestic policy.

    Pezeshkian’s views offer a contrast to those of Jalili, advocating detente with the West, economic reform, social liberalisation and political pluralism.

    A staunch anti-Westerner, Jalili’s win would signal the possibility of an even more antagonistic turn in the Islamic Republic’s foreign and domestic policy, analysts said.

    Limited choices

    The election was a contest among a tightly controlled group of three hardline candidates and one low-profile moderate loyal to the supreme leader. A hardline watchdog body approved only six from an initial pool of 80 and two hardline candidates subsequently dropped out.

    “Based on unconfirmed reports, the election is very likely heading to a second round … Jalili and Pezeshkian will compete in a run-off election,” Tasnim reported.

    Critics of the clerical establishment say that low turnouts in recent years show the system’s legitimacy has eroded. Turnout was 48% in the 2021 presidential election and a record low of 41% of people voted in a parliamentary election in March.

    All candidates have vowed to revive the flagging economy, beset by mismanagement, state corruption and sanctions re-imposed since 2018, after the U.S. ditched Tehran’s nuclear pact.

    “I think Jalili is the only candidate who raised the issue of justice, fighting corruption and giving value to the poor. … Most importantly, he does not link Iran’s foreign policy to the nuclear deal,” said Farzan, a 45-year-old artist in the city of Karaj.

    Divided voters

    Pezeshkian, faithful to Iran’s theocratic rule, is backed by the reformist faction that has largely been sidelined in Iran in recent years.

    “We will respect the hijab law, but there should never be any intrusive or inhumane behaviour toward women,” Pezeshkian said after casting his vote.

    A man gestures as he holds up a small election flag during a campaign rally for reformist candidate Massoud Pezeshkian at Afrasiabi Stadium in Tehran on June 23, 2024 ahead of the upcoming Iranian presidential election. 

    Atta Kenare | Afp | Getty Images

    He was referring to the death of Mahsa Amini, a young Kurdish woman, in 2022 while in morality police custody for allegedly violating the mandatory Islamic dress code.

    The unrest sparked by Amini’s death spiralled into the biggest show of opposition to Iran’s clerical rulers in years.

    Pezeshkian attempted to revive the enthusiasm of reform-minded voters who have largely stayed away from the polls for the last four years as a mostly youthful population chafes at political and social curbs. He could also benefit from his rivals’ failure to consolidate the hardline vote.

    In the past few weeks, Iranians have made wide use of the hashtag #ElectionCircus on X, with some activists at home and abroad calling for a boycott, saying a high turnout would only serve to legitimise the Islamic Republic.

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  • Vienna is the world’s most livable city for the third straight year: EIU report

    Vienna is the world’s most livable city for the third straight year: EIU report

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    Syetarn Hansakul, senior analyst for Asia at the Economist Intelligence Unit, discusses its Global Liveability Index 2024, saying the "usual suspects" in Asia-Pacific continue to be in the top 10.

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  • Macron’s snap election gamble in France resurfaces an old criticism — that he’s arrogant and obnoxious

    Macron’s snap election gamble in France resurfaces an old criticism — that he’s arrogant and obnoxious

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    French President Emmanuel Macron attends a trilateral meeting with China’s President Xi Jinping and European Commission President Ursula von der Leyen (not seen) at the Elysee Palace in Paris as part of the Chinese president’s two-day state visit in France, May 6, 2024.

    Gonzalo Fuentes | Reuters

    French President Emmanuel Macron’s decision to call a snap election after the far-right National Rally party won more than double the votes of his centrist alliance has been greeted with surprise, dismay and more than a little bewilderment.

    It has also resurfaced long-standing criticism of Macron, particularly from political commentators and opponents, who see the president as arrogant, ego-driven and, perhaps more worryingly in their eyes, a leader willing to put France’s stability on the line in what’s being seen as a “huge political gamble.”

    For his part, Macron said that holding a snap election would provide clarity after the European Parliament elections, in which the NR party won around 31% of the vote, more than double the 14.6% for the centrist, pro-European alliance that included Macron’s Renaissance Party.

    In a national address Sunday evening as he announced his decision to dissolve parliament, Macron told the electorate that he had “heard” their concerns and would “not leave them unanswered … France needs a clear majority to act in serenity and harmony,” he added. The first round of voting will take place on June 30, with a second to be held on July 7.

    Analysts said Macron’s decision was likely a tactical gamble, with the president hopeful that 1) the European parliamentary election drubbing was the result of a protest vote rather than deeper dissatisfaction with his leadership and 2) that the prospect of a far-right power grab will mobilize the centrist electorate to vote for his party to prevent NR from obtaining an absolute majority in the National Assembly, the lower house of parliament.

    He is also believed to be hoping that, even if NR performs well and he has to appoint a member of the party as prime minister (with NR leader Jordan Bardella the likely candidate for such an eventuality, known as “cohabitation” in France), the party will fail to impress voters when it has a prominent role in French politics, and will fail in the presidential election in 2027.

    ‘Desperate’ president, risky ‘gamble’

    Some of Macron’s critics and political commentators have been less than impressed by Macron’s decision and strategy, however, with some saying it makes Macron look arrogant — an accusation leveled at him by his critics in previous years — and like a man willing to roll the dice with the country’s future.

    Left-leaning newspaper Liberation described the snap election call as an “extreme gamble,” while the center-right Le Figaro ran a brief headline Monday: “Le choc” (“shock”). It continued with an editorial in which the paper’s editor-in-chief Alexis Brézet said “the earthquake was expected, the aftershock seemed unthinkable.”

    Brézet warned that Macron was “taking the risk of entrusting the reins of power … to the party whose progress he had promised to stem! This unprecedented decision is, for the country, a leap into the unknown, the consequences of which are incalculable.” He suggested that Macron had decided to call a snap election because he had been personally humiliated by the EU election result, saying that as a result “Macron has decided to go all in!”

    Jérôme Fenoglio, the editorial director of the popular Le Monde newspaper, was also critical of the move, describing French citizens as “the stakes” in “the risky gamble of a desperate president.”

    “The problem, above all, is that the player [Macron] has lost his lead. That happened well before the humiliation of the European election results, in which Macron’s Renaissance party got less than half as many votes as the far-right Rassemblement National … The campaign merely concentrated this mixture of arrogance and clumsiness, which disgusts many voters ready to turn to a protest vote,” Fenoglio wrote Monday.

    He described the Élysée Palace’s “initial explanations … to justify this dissolution, a mixture of bluff and self-persuasion.” In the meantime, other commentators and newspapers, such as Les Echos, have characterized Macron’s move as a game of poker.

    CNBC has contacted the Élysée Palace for a response to the comments and is awaiting a reply.

    ‘Personal and institutional’ reasons

    The adage goes that it takes years to build a good reputation and minutes to shatter it. Macron has been accused of elitism, obnoxiousness and arrogance during his presidency.

    Fordham: Fallout from European elections will be contained to France

    In 2017, an expensively suited Macron courted controversy by describing opponents of his labor reforms as “slackers” (it became a rallying cry for protestors) and being seen to be out of touch with voters’ concerns over immigration, housing and the cost of living. He has been accused frequently of being a defender of the wealthy and a “president of the rich,” an accusation that fueled the “yellow-vest” protests of 2018 and 2019. Macron’s supporters defend the president as a self-made and ambitious man who has a direct way of speaking to voters.

    Whether it’s deserved or not, Macron’s reputation for arrogance has been hard to shake. Robert Ladrech, emeritus professor of European politics at Keele University, told CNBC Monday that Macron’s latest election call “could be seen as arrogant for two reasons — [both] personal and institutional.”

    “First, he has interpreted the vote for the European Parliament as a personal insult, as a rejection of his domestic policy direction. His immigration policy had already ‘hardened’ recently, and he mentioned last year that perhaps a ‘pause’ in EU climate policy would be good. Both of these nods to the RN electorate appear to have had no impact, if indeed the vote was a referendum on him,” he noted.

    “Second, a French president has before dissolved parliament only a couple of years into its mandate to call fresh elections, conservative [former] President Chirac in 1997, hoping to enlarge his majority. He blew it big, forced to ‘co-habit’ with a left-wing prime minister, Jospin. So, either way, it is a gamble on Macron’s part — arrogance if he thinks he can ‘win’, and arrogance if he thinks a win for the RN may take the wind out of its sails by the 2027 presidential election.”

    French snap election 'akin to the Brexit vote,' Allianz economist says

    Macron’s political opponents are less than impressed — apart, of course, from NR itself, which has been buoyed by its boost in the parliamentary elections and has welcomed the chance to increase its share of the vote. Paris Mayor Anne Hidalgo said she was “stunned” by Macron’s decision.

    “Like a lot of people I was stunned to hear the president decide to do a dissolution (of parliament),” she said of Macron’s surprise announcement Sunday, calling the decision to do it just weeks ahead of the Paris Olympic Games as “extremely unsettling.”

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  • Trump claims credit for Biden’s insulin price cap

    Trump claims credit for Biden’s insulin price cap

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    President Joe Biden and former President Donald Trump 2024.

    Kevin Lamarque | Jay Paul | Reuters

    Former President Donald Trump on Saturday recognized that the price of insulin is lower under President Joe Biden, but he still wants voters to credit his own administration.

    “Low INSULIN PRICING was gotten for millions of Americans by me, and the Trump Administration, not by Crooked Joe Biden. He had NOTHING to do with it,” Trump wrote in a Truth Social post. “It was all done long before he so sadly entered office. All he does is try to take credit for things done by others, in this case, ME!”

    The comment comes as Trump lags Biden on the issue of health care, a top voter priority as the November election nears.

    For example, a May survey from KFF, a nonpartisan health policy research group, found Biden with an 11-point lead over Trump on the question of ensuring access to affordable health insurance.

    Biden led on several other health-care-related topics in the poll, though the candidates were relatively split on addressing high health-care costs. The poll surveyed 1,479 U.S. adults from April 23 to May 1 and the margin of error is +/- 3 percentage points.

    The two candidates are expected to have their first face-to-face presidential debate on June 27.

    Insulin price caps have become a central piece of evidence for Biden’s broader economic argument on the campaign trail against Trump.

    Under the Inflation Reduction Act, Biden issued a host of provisions aimed at bringing down the price of medicine for seniors, including capping the price of insulin at $35 per month for Medicare recipients. The president has continued to push for a more universal insulin cap that would cover younger people as well.

    “Instead of paying $400 a month for insulin, seniors with diabetes only have to pay $35 a month!” Biden said at his State of the Union address in March. “And now I want to cap the cost of insulin at $35 a month for every American who needs it!”

    The Democratic incumbent is trying to use lower insulin costs as proof that he has helped lower consumer costs despite the stubbornly high levels of inflation that have loomed over the U.S. economy’s post-pandemic recovery.

    For Trump’s part, the former president signed an executive order in the last year of his administration to issue his own $35 price cap on insulin. Biden later paused that policy when he took office as part of a larger freeze to allow his administration to review new regulations set to go into effect.

    But the memory of Trump-era health-care policies has still dimmed some voters’ views on the track record of the presumptive GOP presidential nominee. A CNBC All-America Economic survey issued in December found that Biden was ahead by 19 points against Trump on health care.

    Trump unsuccessfully spent most of his presidential term trying to repeal the Obama-era Affordable Care Act without offering a viable alternative health-care option. The ACA provides roughly 45 million Americans wit health insurance, according to a March estimate from the White House.

    Trump has doubled down on the promise to replace Obamacare on the 2024 campaign trail, though he has still not outlined what that replacement would look like.

    “I’m not running to terminate the ACA as Crooked Joe Biden says all over the place,” Trump said in a video posted to his Truth Social account in April. “We’re going to make the ACA much better than it is right now and much less expensive for you.”

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  • U.S. ignored evidence major U.K. bank was helping fund sanctioned Iranian groups, whistleblower says

    U.S. ignored evidence major U.K. bank was helping fund sanctioned Iranian groups, whistleblower says

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    Standard Chartered Plc bank branch in Hong Kong

    Bloomberg | Bloomberg | Getty Images

    Recent documents submitted to a U.S. federal court allege that major British bank Standard Chartered helped finance sanctioned Iranian entities and terrorist groups, and that relevant evidence was ignored by American authorities.

    London-based Standard Chartered, which primarily serves clients in emerging markets, was previously punished with more than a combined $1.7 billion in fines after admitting in 2012 and 2019 to violating sanctions on Iran and other blacklisted countries.

    The bank denies it ran transactions for any organizations designated as terrorists.

    The latest court filings, provided by former Standard Chartered Bank (SCB) employee turned whistleblower Julian Knight, claim that U.S. officials lied by denying that he provided them with evidence of far greater wrongdoing by the bank. The officials then applied to dismiss his whistleblower case against the bank as “meritless” in 2019 in order to shield it, Knight alleged. He has now asked a U.S. federal court in New York to reinstate the case.

    Knight, who led a Standard Chartered transaction services unit between 2009 and 2011, was one of two whistleblowers who gave U.S. investigators confidential bank statements in 2012 and 2013. The statements documenting transactions that he says contained proof of further sanctions breaches, including violations beyond 2007, when the bank said it had stopped any dealings with Iran.

    Knight’s court filing alleges that the U.S. government committed a “colossal fraud” against the legal system by denying he had presented “damning evidence” that Standard Chartered “facilitated many billions of dollars in banking transactions for Iran, numerous international terror groups, and the front companies for those groups,” according to a report by the International Consortium of Investigative Journalists.

    Some of that evidence, the court filing says, showed that the bank’s clients included front companies for Iran’s Revolutionary Guard, Palestinian militant group Hamas, Lebanon’s Hezbollah, and Iran-linked entities in the United Arab Emirates, Kuwait, Germany and other countries. 

    The two whistleblowers alleged that U.S. authorities who investigated Standard Chartered “made false statements to a court in order to have their [Knight’s and his colleague’s] claim for a whistleblower’s reward dismissed” in 2019, the BBC reported.

    The authorities in question, including an FBI agent, said that the whistleblowers’ claims “did not lead to the discovery of any new … violations.” The court then dismissed the case as “meritless.” CNBC has contacted the U.S. Department of Justice for comment.

    The ICIJ report says Knight’s latest claim alleges that the U.S. government “lied that it had conducted ‘a lengthy, costly, and substantial investigation’ into his claims or it was “fully aware” of the transactions he had provided “and simply lied to conceal them,” adding: “The Government’s own statements support the latter scenario.”

    In response to a CNBC request for comment, a Standard Chartered spokesperson described Knight’s court filing as “another attempt to use fabricated claims against the bank, following previous unsuccessful attempts” and said that the “false allegations underpinning it have been thoroughly discredited by the U.S. authorities who undertook a comprehensive investigation into the claims and said they were ‘meritless’ and did not show any violations of U.S. sanctions.”

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  • DOJ charges Chinese national with operating ‘world’s largest botnet’ that stole $5.9 billion in Covid relief funds

    DOJ charges Chinese national with operating ‘world’s largest botnet’ that stole $5.9 billion in Covid relief funds

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    The seal of the US Department of Justice in Washington, DC on March 21, 2024. 

    Mandel Ngan | Afp | Getty Images

    A global malware network responsible for the theft of $5.9 billion in Covid relief funds and tied to other crimes like child exploitation and bomb threats has been shut down, Department of Justice officials announced Wednesday.

    The DOJ arrested 35-year-old YunHe Wang, a Chinese national who was charged with creating the “botnet,” a kind of malware that connects a network of hacked devices, which criminals can then use remotely to launch cyberattacks.

    Federal Bureau of Investigation Director Christopher Wray said it is “likely the world’s largest botnet ever.”

    From 2014 to 2022, Wang launched and operated the botnet, called “911 S5,” from roughly 150 servers worldwide, including some in the U.S., according to the indictment. 911 S5 hacked into over 19 million IP addresses in nearly 200 countries, about 614,000 of which were in the U.S., according to the DOJ.

    The FBI released a how-to guide for users to identify if their devices had been targets of a 911 S5 attack and if so, how to remove the malware.

    Wang allegedly sold access to the compromised IP addresses to cybercriminals and amassed at least $99 million, which he used to buy luxury cars, watches and property around the world.

    911 S5 was also used for fraud, stalking, harassment, illegal exportation of goods and other crimes, the DOJ said. In particular, the botnet targeted Covid relief programs and filed an estimated 560,000 false unemployment insurance claims, stealing $5.9 billion.

    “The conduct alleged here reads like it’s ripped from a screenplay,” said Assistant Secretary for Export Enforcement Matthew S. Axelrod of the U.S. Department of Commerce’s Bureau of Industry and Security.

    “What they don’t show in the movies though is the painstaking work it takes by domestic and international law enforcement, working closely with industry partners, to take down such a brazen scheme and make an arrest like this happen,” Axelrod added in his statement.

    The DOJ partnered with the FBI and other law enforcement agencies internationally to dismantle the botnet and arrest Wang.

    The arrest comes a day after Treasury Department sanctioned Wang and two others for their alleged involvement with 911 S5. Treasury also imposed sanctions on three companies that Wang owned or controlled: Spicy Code Company Limited, Tulip Biz Pattaya Group Company Limited, and Lily Suites Company Limited.

    Wang is facing a maximum 65-year prison sentence with four criminal counts: conspiracy to commit computer fraud, substantive computer fraud, conspiracy to commit wire fraud and conspiracy to commit money laundering. 

    The charges come as U.S. law enforcement agencies try to update protocols to keep up with more sophisticated cybersecurity threats.

    In recent years, the U.S. has expressed particular concern for China-backed hackers looking to subvert American infrastructure.

    In January, the FBI announced that it had dismantled the Chinese “Volt Typhoon” hacking group, which had been targeting U.S. water plants, electric grids and more.

    “Today, and literally every day, they’re actively attacking our economic security, engaging in wholesale theft of our innovation, and our personal and corporate data,” Wray said at a January hearing.

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  • ‘Drone wall’ against Russia: Six NATO countries announce border defense plan

    ‘Drone wall’ against Russia: Six NATO countries announce border defense plan

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    Pilots of the “Sharp Kartuza” division of FPV kamikaze drones prepare drones for a combat flight on May 16, 2024 in the Kharkiv region, 8 km from the border with Russia.

    Libkos | Getty Images News | Getty Images

    Six NATO countries neighboring Russia are joining forces to build a “drone wall” to protect their borders, Lithuania’s interior minister announced on Friday.

    “This is a completely new thing, a drone wall stretching from Norway to Poland, and the goal is to use drones and other technologies to protect our borders,” Lithuanian Interior Minister Agne Bilotaite said in an interview with local news agency BNS.

    “Not only with physical infrastructure, surveillance systems, but also with drones and other technologies, which would allow us to protect against provocations from unfriendly countries and to prevent smuggling,” she said.

    The other states taking part are Lithuania’s Baltic neighbors Latvia and Estonia, as well as Poland, Finland, and Norway.

    Details such as funding, timeline and technical aspects of the project were not provided, but Bilotaite said EU funds could play a role and that each country had to do its “homework.”

    In an interview with Finnish television channel Yle, cited by the Financial Times, Finland’s Interior Minister Mari Rantanen said that the drone wall plan would “improve in time.”

    Finland, which joined NATO in 2023, shares an 832-mile border with Russia.

    The interior ministers of the six countries taking part in the drone wall project met in the Latvian capital of Riga on May 23 and 24. They discussed security threats as well as the issue of non-military tactics such as “instrumentalized migration”, citing past instances where Russia or Belarus sent masses of undocumented asylum seekers from Africa and the Middle East over their borders.

    “Our goal is to ensure that Finland has effective means to tackle situations where instrumentalized migration is used to put pressure on Finland,” Rantanen said in a statement during the event.

    “The phenomenon of instrumentalized migration on the EU’s external borders is a common challenge for our countries. Finland also aims to find EU-level solutions to combat this phenomenon.”

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  • RFK Jr. says he invested $24,000 in GameStop after brief meme stock revival

    RFK Jr. says he invested $24,000 in GameStop after brief meme stock revival

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    Independent U.S. presidential candidate Robert F. Kennedy Jr. hikes in the Santa Monica Mountains in Los Angeles on March 18, 2024.

    Mike Blake | Reuters

    Robert F. Kennedy Jr., the third-party challenger to President Joe Biden and former President Donald Trump in the 2024 election, said Tuesday that he had invested $24,000 in the meme stock GameStop, in an effort to show solidarity with retail investors over large, institutional funds.

    “My administration will support the Ape retail rebellion and enact aggressive Wall Street reforms,” Kennedy Jr. wrote in a social media post. “To match action with words, I just invested $24,000 in GameStop.”

    Calling themselves “apes” to flip the label Wall Street gave them, “dumb money,” this group of retail investors helped trigger explosive rallies in 2021 for shares of the struggling video game retailer GameStop and the movie theater chain AMC.

    The apes were motivated in part by a desire to buck bearish Wall Street analysts’ grim assessments of the companies’ long-term prospects.

    Last week, investors briefly revived the meme stock phenomenon after “Roaring Kitty,” the man who led the GameStop frenzy in 2021, reappeared online for the first time in years.

    Kennedy Jr. is actively courting undecided voters with a fringe political brand that could appeal to some anti-establishment meme stock investors.

    Kennedy Jr. has made obscure statements about his investment record. In July 2023, the candidate said he had not invested in bitcoin, even though financial records showed he owned at least $100,000 worth of the cryptocurrency.

    His campaign did not immediately respond to CNBC’s request for confirmation of the GameStop investment.

    Hours after Kennedy Jr.’s post, Trump’s campaign announced that it would now accept cryptocurrency donations, also appearing to court votes from investors who oppose the traditional financial system.

    “Today’s announcement reflects President Trump’s commitment to an agenda that values freedom over socialistic government control,” the Trump campaign said in a statement.

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  • Russian strikes on Ukraine’s Kharkiv region kill at least 11

    Russian strikes on Ukraine’s Kharkiv region kill at least 11

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    A view shows a crater that appeared after a Russian missile strike on a structure at a resort, amid Russia’s attack on Ukraine, in Kharkiv, Ukraine May 19, 2024. REUTERS/Valentyn Ogirenko

    Valentyn Ogirenko | Reuters

    Russia struck a busy lakeside resort on the edge of Ukraine’s second largest city on Sunday and also attacked villages in the surrounding region, killing at least 11 people and wounding scores.

    The missile strikes were the latest in what have been constant Russian attacks in recent weeks on the Kharkiv region of northeastern Ukraine, where Russian troops have launched an offensive.

    Valentyna, 69, had blood running down her face at the lakeside resort area where her home had been destroyed and a busy restaurant nearby been obliterated. Her husband was killed down by the water, she said, gesturing to the area near the shore where there was now a crater, rubble and corpses.

    “To lose my husband, to lose my house, to lose everything in the world, it hurts, it hurts me,” she shouted through tears “They (the Russians) are animals, why do they need to kill people?”

    Prosecutors said six people were killed there, one was still missing and 27 wounded. Rescuers said the initial strike was followed by a second strike around 20 minutes later, targeting emergency crews at the scene in a so-called “double tap”.

    “There were never any soldiers here,” said Yaroslav Trofimko, a police inspector who arrived after the first strike and was then caught up in the second. “It was a Sunday, people were supposed to be here to rest, children were supposed to he here, pregnant women, resting, enjoying a normal way of life.”

    Another five people were killed and 9 injured later in the day in two villages in Kupiansk district. Local governor Oleh Syniehubov said Russian forces shelled two villages of the district with a self-propelled multiple rocket launcher.

    President Volodymyr Zelenskyy again called on Western allies to supply Kyiv with additional air defence systems to protect Kharkiv and other cities.

    “The world can stop Russian terror – and to do so, the lack of political will among leaders must be overcome,” Zelenskyy said on Telegram.

    “Two Patriots for Kharkiv will make a fundamental difference,” he said, referring to Patriot missile defence systems. Air defence systems for other cities and sufficient support for soldiers on the front line would ensure Russia’s defeat, the president added

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  • Israeli military tells Palestinian civilians in parts of Rafah to ‘evacuate immediately’

    Israeli military tells Palestinian civilians in parts of Rafah to ‘evacuate immediately’

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    Children stand outside their tents at a camp set up for people displaced from Khan Yunis and areas north of Rafah, in the southern Gaza border city with Egypt on Feb. 15, 2024, amid continuing battles between Israel and the Palestinian Hamas movement. 

    Mohammed Abed | Afp | Getty Images

    Israel’s military on Monday said it has begun evacuating Palestinians from parts of Gaza’s southern city of Rafah, ahead of an expected military operation where roughly half of the enclave’s entire population is sheltering.

    “For your safety, the IDF appeals to you evacuate immediately to the expanded humanitarian area in Al-Mawasi,” Avichay Adraee, the Israel Defense Force’s head of the Arab media division, wrote in a post on X, according to a Google translation from Arabic.

    “The IDF will act with extreme force against terrorist organizations in your areas of residence, as it has done so far. Anyone who is close to terrorist organizations puts his life and the life of his family at risk,” the post said.

    Al Mawasi is a small stretch of coastal scrub land, just over half a mile wide and 8.6 miles long, and is already host to several hundred thousand displaced Palestinians. More than 1.2 million people are currently sheltering in Rafah, most of whom fled other parts of the Gaza Strip, predominantly living in tents and without access to sufficient water, food, and basic medicine.

    The White House — as well as the United Nations, WHO and other multinational organizations — has urged Israel against an offensive in Rafah, warning of catastrophic humanitarian consequences. Israeli President Benjamin Netanyahu said that an operation there is essential to his country winning the war against Hamas.

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  • Judge rejects J&J, Bristol Myers Squibb challenges to Medicare drug-price negotiations

    Judge rejects J&J, Bristol Myers Squibb challenges to Medicare drug-price negotiations

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    Jonathan Raa | Nurphoto | Getty Images

    A federal judge in New Jersey on Monday rejected Johnson & Johnson‘s and Bristol Myers Squibb‘s legal challenges to the Biden administration’s Medicare drug-price negotiations, ruling that the program is constitutional. 

    The decision is another win for the White House in a bitter legal fight with several drugmakers over the price talks. The ruling also weakens the pharmaceutical industry’s strategy of seeking split decisions in lower courts scattered across the U.S., which could escalate the issue to the Supreme Court. 

    Medicare drug-price negotiations are a key policy under President Joe Biden’s Inflation Reduction Act that aims to make costly medications more affordable for seniors. In doing so, it could take a bite out of drugmakers’ profits. Final negotiated prices for the first round of drugs subject to the talks, which includes one each from J&J and Bristol Myers, will go into effect in 2026. 

    J&J and Bristol Myers Squibb did not immediately respond to requests for comment on the ruling. 

    In separate lawsuits, the drugmakers argued that the negotiations are an unconstitutional confiscation of their drugs by the government and a violation of their right to freedom of speech. They also argued that the talks are an unconstitutional condition to participate in the Medicaid and Medicare programs.

    But Judge Zahid Quraishi of the District of New Jersey wrote in a 26-page opinion that participation in the price talks and Medicare and Medicaid markets is voluntary.

    The negotiations don’t require drugmakers to “set aside, keep or otherwise reserve any of their drugs” for the use of the government or Medicare beneficiaries, he wrote. Quraishi added the talks don’t force manufacturers to physically transmit or transport drugs at a new negotiated price.

    “Selling to Medicare may be less profitable than it was before the institution of the Program, but that does not make [J&J and Bristol Myers Squibb’s] decision to participate any less voluntary,” Quraishi wrote. “For the reasons provided, the Court concludes that the Program does not result in a physical taking nor direct appropriation” of medications from the two drugmakers. 

    J&J, Bristol Myers Squibb, Novo Nordisk and Novartis presented their oral arguments before Quraishi during the same hearing in March.

    That same month, a federal judge in Delaware rejected AstraZeneca’s separate lawsuit challenging the negotiations. In Texas, a third federal judge tossed a separate lawsuit in February.

    A federal judge in Ohio also issued a ruling in September denying a preliminary injunction sought by the Chamber of Commerce, one of the largest lobbying groups in the country, which aimed to block the price talks before Oct. 1.

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  • Saudi Arabia says all NEOM megaprojects will go ahead as planned despite reports of scaling back

    Saudi Arabia says all NEOM megaprojects will go ahead as planned despite reports of scaling back

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    Saudi Arabia’s economy minister rejected recent reports that the kingdom’s $1.5 trillion NEOM megaproject, a futuristic desert development on the Red Sea coast, is scaling back some of its plans.

    “All projects are moving full steam ahead,” Faisal Al Ibrahim told CNBC’s Dan Murphy on Monday at the World Economic Forum’s special meeting in Riyadh.

    “We set out to do something unprecedented and we’re doing something unprecedented, and we will deliver something that’s unprecedented.”

    In early April, reports emerged in Western media outlets that The Line project, a planned glass-walled city meant to stretch for 105 miles across the desert by 2030, would be a length of just 1.5 miles by that time — a reduction of 98.6%. Citing anonymous sources with knowledge of the matter, the initial report by Bloomberg said that the Saudi government’s original plan to have 1.5 million people living in The Line by 2030 was slashed to 300,000.

    The purported scaling back of plans, at least in the medium-term, comes amid reported concerns over finances for NEOM, which is part of the kingdom’s broader Vision 2030 initiative to diversify its economy away from oil. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has not yet approved NEOM’s budget for 2024, according to Bloomberg’s report.

    Al Ibrahim stressed that the projects would be delivered according to plan, but with the qualification that decisions were being made for “optimal economic impact.”

    “We see feedback from the market, we see more interest from the investors and we’ll always prioritize to where we can optimize for optimal economic impact,” he said.

    “Today the economy in the kingdom is growing faster, but we don’t want to overheat it. We don’t want to deliver these projects at the cost of importing too much against our own interest. We will continue delivering these projects in a manner that meets these priorities, delivers these projects and has the optimal healthy impact for our economy and the … healthy non-oil growth within it.”

    NEOM political map of the 500 billion dollar megacity project in Saudi Arabia along the Red Sea coast. Location of the smart and tourist city with autonomous judicial system. English labeling. Vector.

    Peterhermesfurian | Istock | Getty Images

    Still, the minister emphasized that “for NEOM, the projects, the intended scale is continuing as planned. There is no change in scale.”

    “It is a long-term project that’s modular in design,” he said. “The rest of the mega projects are there to be delivered for specific impact in specific sectors.”

    Asked what kind of a message the reported timeline and scale changes would send to private investors, Al Ibrahim said that decisions would be made to suit the needs and returns of the projects, and that all the developments within NEOM are seeing growing investor interest.

    “Keep in mind that these sectors didn’t exist in the past. They’re being built from scratch. They require some investment and going all in from the government and the sovereign wealth fund,” he said.

    “And we’re seeing increased investor interest on all of these projects. These projects will be delivered to their scale and in a manner that in terms of priorities suits the needs of the projects, the returns of these projects, and the economic impact. It’s like minimizing any leakage, minimizing any overheating risks as well.”

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  • Trump VP contender Kristi Noem stands by killing her dog Cricket amid bipartisan ridicule

    Trump VP contender Kristi Noem stands by killing her dog Cricket amid bipartisan ridicule

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    South Dakota Governor Kristi Noem greets former U.S. President and Republican presidential candidate Donald Trump before he speaks at a South Dakota Republican party rally in Rapid City, South Dakota, U.S. September 8, 2023. 

    Jonathan Ernst | Reuters

    Republican South Dakota Governor Kristi Noem on Sunday attempted to spin a controversial anecdote about killing her puppy, revealed in her upcoming memoir, into a case for her political deftness as she vies to become Donald Trump’s vice presidential pick.

    A Friday report from The Guardian described snippets of her memoir about her decisions to kill various family farm animals, including a 14-month-old puppy named Cricket and an unnamed goat.

    “I can understand why some people are upset about a 20-year-old story of Cricket, one of the working dogs at our ranch,” Noem wrote in an X post on Sunday. “Whether running the ranch or in politics, I have never passed on my responsibilities to anyone else to handle. Even if it’s hard and painful. I followed the law and was being a responsible parent, dog owner, and neighbor.”

    Noem has spent the weekend dealing with ridicule from both Democrats and Republicans since those anecdotes became public.

    In both instances, she has stood by her decision to put down the animals, saying that Cricket had an “aggressive personality” and that the goat was “nasty and mean,” according to The Guardian report.

    Noem’s Sunday defense comes as a last-ditch effort to quell the flurry of doubts that the situation has stirred as she competes for Trump’s VP nomination against contenders like North Dakota Governor Doug Burgum, Senator Tim Scott, R-S.C. and Rep. Elise Stefanik, R-N.Y.

    Over the past several days, people across the political spectrum have taken to social media to comment on the controversy.

    Right-wing media personality Laura Loomer said this anecdote would be a death knell for Noem’s vice-presidential aspirations.

    “She can’t be VP now,” Loomer said in a Friday post. “You can’t shoot your dog and then be VP.”

    President Joe Biden’s reelection campaign quickly seized the opportunity to issue a subtle dig on Friday, posting pictures of Biden and Vice President Kamala Harris smiling with dogs.

    Florida Governor and former GOP presidential candidate Ron DeSantis posted a call to action for people to adopt rescue dogs.

    Noem’s animal killing is not the first time she has raised eyebrows in Washington.

    In March, the South Dakota governor posted an infomercial-style video for a Texas dentist appearing to act as a commercial testimony for the business, despite holding public office.

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  • Trump trial set for opening statements and first witness testimony: Live updates

    Trump trial set for opening statements and first witness testimony: Live updates

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    Former U.S. President Donald Trump exits the courtroom for the day at Manhattan Criminal Court during his trial for allegedly covering up hush money payments on April 19, 2024 in New York City. 

    Spencer Platt | Via Reuters

    This is developing news. Check back for updates.

    Prosecutors and defense lawyers in the New York hush money trial of Donald Trump are set Monday to deliver opening statements and start calling witnesses to testify.

    The prosecution is expected to call David Pecker, the former CEO of National Enquirer publisher American Media, as its first witness, a source with direct knowledge told NBC News.

    Pecker was deeply involved in alleged efforts ahead of the 2016 presidential election to “catch and kill” negative information about Trump, the Republican nominee in that contest.

    Pecker allegedly warned Trump’s then-attorney Michael Cohen in late 2016 about porn star Stormy Daniels’ claim that she had sex with Trump years earlier while he was married. Cohen paid $130,000 to Daniels less than two weeks before the election, which Trump went on to win.

    American Media earlier in 2016 also allegedly paid $150,000 to former Playboy model Karen McDougal, who also says she had an extramarital affair with Trump.

    Trump faces 34 counts of falsifying business records in order to conceal his reimbursement to Cohen for paying off Daniels. Manhattan District Attorney Alvin Bragg accuses Trump of doing so to influence the 2016 election.

    Trump in a post Monday morning on Truth Social defended those payments to Cohen as he railed against the DA.

    Bragg “says that the payment of money to a lawyer, for legal services rendered, should not be referred to in a Ledger as LEGAL EXPENSE,” Trump wrote. “What other term would be more appropriate???”

    Read more about Trump’s hush money trial

    Trump in that post also complained that he is unable to campaign for president this week because he is required to attend his trial, which is expected to last around six weeks.

    “It is also the perfect Crooked Joe Biden NARRATIVE – To be STUCK in a courtroom, and not be allowed to campaign for President of the United States!” he posted.

    The opening statements and witness testimony will be delivered to a jury of 12 members and six alternates, who were seated last week for the historic trial in Manhattan Supreme Court.

    Dozens of potential jurors quickly disqualified themselves from the process by declaring they could not be fair and impartial in deciding on the charges against the former president and current presumptive Republican presidential nominee. Others were excused from service after lawyers found past social media posts criticizing Trump.

    The former president’s attorneys made about a dozen separate attempts to delay or dismiss the trial in the weeks leading up to it.

    This included a request Friday afternoon that a Manhattan appeals court pause the case, in which they argued that Trump cannot receive a fair jury in New York City, where polls show he is deeply unpopular.

    Judge Juan Merchan had seated a full jury that same day, and the appeals court swiftly rejected the last-minute effort.

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  • Trump wins voters on inflation as Biden zeroes in on tariffs, jobs: NBC News poll

    Trump wins voters on inflation as Biden zeroes in on tariffs, jobs: NBC News poll

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    Joe Biden and Donald Trump 2024.

    Brendan Smialowski | Jon Cherry | Getty Images

    More voters trust Donald Trump than President Joe Biden to deal with inflation and the cost of living, their top concerns for the U.S., according to the latest NBC News poll.

    The poll of 1,000 registered voters nationwide found that 52% of respondents said Trump would better handle inflation and the cost of living, while 30% said the same of Biden.

    The survey was taken from April 12 to 16, several days after the release of another hotter-than-expected inflation report, indicating consumer prices gradually ticking back up. Trump attacked Biden’s economic policies immediately following the release of the data.

    As consumer prices heat up again, the Biden administration has kept its message on inflation the same and turned more of its attention to other aspects of the economy: jobs, tariffs and taxes.

    Biden’s heavy focus on those issues was evident as he made the rounds in the key battleground state of Pennsylvania last week.

    During a Wednesday speech in Pittsburgh, Biden announced that he would support tripling tariffs on Chinese steel and aluminum imports, escalating his growing economic hawkishness toward China.

    And a day before in Scranton, Pennsylvania, Biden focused on the tax code and jobs: “There are only two presidents on record in all of American history that left office with fewer jobs than when they entered office: Herbert Hoover and, yes, Donald ‘Herbert Hoover’ Trump.”

    These speeches come after months of Biden hammering the argument that businesses are to blame for stubborn high prices and sticky inflation, accusing companies of price gouging and “shrinkflation,” the practice of selling less quantity of goods for the same price.

    However, as consumer prices wobble, Biden’s recent remarks indicate an effort to bring other economic issues and data to the forefront of voters’ minds.

    For example, while Trump lambasts Biden’s economy, the president has doubled down on the claim that the U.S. “has the best economy in the world.” In fact, the U.S. does lead developed economies on topline metrics like gross domestic product and unemployment.

    But voters are not so easily distracted from their feelings about inflation and the cost of living.

    Only 11% of respondents named “jobs and the economy” as the most critical issues facing the country heading into the November election. Meanwhile, 23% of respondents, the largest share, said inflation and the cost of living were their number one issues — both of which a majority said Trump would manage better.

    Overall, the NBC poll found that Biden appears to be catching up to Trump’s lead, echoing a similar result from a New York Times/Siena College poll earlier this month. The NBC survey found that Trump led Biden by two points in a head-to-head matchup, which was lower than his five-point lead in January. The poll has a margin of error of +/- 3.10%.

    But voters’ rosy memory of the Trump economy has been a consistent thread in early polling and continues to weigh on Biden’s momentum. Despite Biden’s efforts to refocus the conversation on other economic issues, inflation appears to remain an unavoidable barrier to winning over the public’s trust.

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  • House passes Ukraine, Israel, Taiwan aid, potential TikTok ban

    House passes Ukraine, Israel, Taiwan aid, potential TikTok ban

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    On Saturday, the House passed a series of bills to provide aid to Ukraine, Israel, and Taiwan, along with a package that included forcing the Chinese company ByteDance to sell TikTok.

    After a morning of debate on the House floor, the four bills will be wrapped into a single package and sent to the Senate for approval. After that, it will be sent to President Joe Biden to be signed into law.

    “I understand that it is not a perfect piece of legislation,” House Speaker Mike Johnson, R-La., said Saturday following the vote. “We would rather send bullets to the conflict overseas than our own boys, our troops. And I think this is an important moment and important opportunity to make that decision.”

    Johnson’s decision to hold the vote came at a political risk, as hardline members of his party threatened to oust him. In March, Rep. Marjorie Taylor Greene, R-Ga., filed a motion to vacate Johnson from his post, but she has yet to force a vote on the measure.

    “As I’ve said many times, I don’t walk around this building being worried about a motion to vacate,” Johnson said Saturday. “I have to do my job.”

    Following the passage of the long-stalled foreign aid, Johnson received a flurry of public statements thanking him.

     “I want to thank Speaker Johnson, Leader Jeffries, and the bipartisan coalition of lawmakers in the House who voted to put our national security first,” Biden said in a statement. “I urge the Senate to quickly send this package to my desk so that I can sign it into law.”

    Senate Majority Leader Chuck Schumer, D-N.Y., signaled Saturday that the Senate could vote on the package on Tuesday.

    “I am grateful to the United States House of Representatives, both parties and personally Speaker Mike Johnson for the decision that keeps history on the right track,” Ukrainian President Volodymyr Zelenskyy said in a post on X after the vote.

    Israeli Foreign Affairs Minister Israel Katz also thanked Johnson and House Minority Leader Hakeem Jeffries, D-N.Y., on Saturday for helping to pass the aid.

    The bills earmark over $60 billion for Ukraine aid, more than $26 billion for Israel and over $8 billion for Taiwan and Indo-Pacific security. A fourth bill includes a measure to force China’s ByteDance to sell social media platform TikTok within nine months — though the president can offer a 90-day extension — or face a national ban.

    “It is unfortunate that the House of Representatives is using the cover of important foreign and humanitarian assistance to once again jam through a ban bill,” a TikTok spokesperson said in a statement on Saturday.

    The House’s approval is a critical next step for foreign aid, which has been in limbo since President Biden first proposed it in October. After the long-awaited vote on Ukraine passed, a crowd of House Democrats waving Ukrainian flags broke out into a chorus of cheers.

    In February, the Senate passed a $95 billion version of the aid to fund Ukraine, Israel and Taiwan. Still, the House effectively shelved that bill primarily due to political threats from hardline House Republicans like Rep. Greene.

    Despite that looming political backlash, Speaker Johnson was persuaded to revisit the foreign aid package after Iran’s attempted strike on Israel last weekend. That escalatory move triggered a renewed bipartisan push for the House to move to support Israel.

    In response, Johnson put the foreign aid package at the top of the House’s agenda. He devised a plan to structure the foreign aid in separate bills, which he presented to his Republican colleagues on Monday evening.

    After that meeting, Greene expressed her discontent with Johnson’s proposed foreign aid bills but reiterated that she had not yet decided whether she would force a vote to oust him.

    “I think it’s another wrong direction for Speaker Johnson in our conference,” she said Monday.

    Greene’s motion to vacate loomed over Saturday’s vote. Walking into the House chamber, Majority Leader Steve Scalise, R-La., told NBC News he was not expecting Greene to force a vote on the motion on Saturday.

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  • Trump berates judge for ‘rushed’ hush money trial, days before opening statements

    Trump berates judge for ‘rushed’ hush money trial, days before opening statements

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    Former US President Donald Trump sits in the courtroom at Manhattan criminal court in New York, US, on Thursday, April 18, 2024. 

    Jeenah Moon | Reuters

    Donald Trump on Saturday took to social media to deliver another tirade against the judge and the circumstances of his New York hush money trial, which wrapped up jury selection on Friday and is expected to begin opening arguments on Monday.

    “THIS SCAM ‘RUSHED’ TRIAL TAKING PLACE IN A 95% DEMOCRAT AREA IS A PLANNED AND COORDINATED WITCH HUNT,” the 2024 presumptive Republican presidential nominee wrote in one of several Truth Social posts on Saturday morning. “IT IS BEING PRESIDED OVER BY POSSIBLY THE MOST CONFLICTED JUDGE IN JUDICIAL HISTORY, WHO MUST BE REMOVED FROM THIS HOAX IMMEDIATELY.”

    The rant comes a day after Trump’s attorneys requested to delay the trial to find a new location, claiming that New York City residents were too biased to find a fair jury.

    A Manhattan appeals court quickly rejected Trump’s request, the latest of roughly a dozen attempts to delay the trial, which was initially scheduled to kick off March 25.

    Despite Trump’s efforts to postpone, Manhattan Supreme Court Judge Juan Merchan, who presides over Trump’s case, said that opening arguments for the first-ever criminal trial of a former U.S. president would start Monday morning.

    Trump is facing 34 counts of falsifying business records in relation to an alleged cover-up of a $130,000 hush money payment to porn star Stormy Daniels.

    Trump’s social media rants targeting Merchan and others involved in the trial have become a regular pattern for the former president, despite a gag order imposed in March.

    Trump has publicly gone after the judge’s daughter, who has worked for a progressive political consulting firm, and has repeatedly called for the judge to recuse himself.

    Prosecutors on Monday asked Merchan to penalize Trump for his apparent gag order violations, specifically citing three of his social media posts, which targeted several witnesses, including Stormy Daniels and his former lawyer Michael Cohen.

    The prosecutors requested a $1,000 sanction for each of the three posts and asked the judge to warn Trump that future violations could result in jail time.

    Merchan said he would schedule a hearing on the prosecutors’ request for Wednesday.

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  • Oil and gold prices jump on reports of explosions in Iran

    Oil and gold prices jump on reports of explosions in Iran

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    A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. 

    Tayfun Coskun | Anadolu | Getty Images

    Oil prices jumped more than 3% on Friday in Asia following reports that Israel had carried out an operation in Iran.

    A U.S. official told NBC News that Israel is conducting an operation in Iran.

    Global benchmark Brent traded 3.63% higher at $90.27 a barrel, while the U.S. West Texas Intermediate rose 3.66% to $85.76 per barrel.

    Safe haven assets also rose. Spot gold prices surged to a fresh all-time high of 2,411.09 per ounce, while the yen strengthened 0.45% to 153.93 against the U.S. dollar.

    Iran’s Fars news agency reported that explosions were heard near the airport in the Iranian city of Isfahan, and flight tracking site Flight Radar 24 showed that multiple flights were diverted over Iranian airspace early Friday.

    This is is breaking news. Please check back for updates.

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