How a legendary bond trader from Salomon Brothers brokered a do-or-die deal that reshaped U.S.-Saudi relations for generations.
Russia’s cyberattack on the U.S. electoral system before Donald Trump’s
election was far more widespread than has been publicly revealed,
including incursions into voter databases and software systems in almost
twice as many states as previously reported.
Jared Kushner, Donald Trump’s son-in-law and top adviser, wakes up each morning to a growing problem that will not go away. His family’s real estate business, Kushner Cos., owes hundreds of millions of dollars on a 41-story office building on Fifth Avenue. It has failed to secure foreign investors, despite an extensive search, and its resources are more limited than generally understood. As a result, the company faces significant challenges.
President Donald Trump dealt his biggest blow to the renewable energy industry yet.On Monday, Trump approved duties of as much as 30 percent on solar equipment made outside the U.S., a move that threatens to handicap a $28 billion industry that relies on parts made abroad for 80 percent of its supply.
The FBI hasn’t interviewed Supreme Court nominee Brett Kavanaugh or
Christine Blasey Ford because it doesn’t have clear authority from the
White House to do so, according to two people with knowledge of the
the White House has indicated to the FBI that testimony from Kavanaugh
and Ford, who has accused him of attempting to rape her when they were
in high school, before the Senate Judiciary Committee last week is
sufficient, said the people, who asked to not be identified discussing
the sensitive matter.
The U.S. recorded a $100.5 billion budget deficit in October, an
increase of about 60 percent from a year earlier, as spending grew twice
as fast as revenue. The
deficit widened from $63.2 billion in the same month last year, the
department said in an emailed statement on Tuesday. October marks the
start of the U.S. fiscal year.
Republican Senator Marco Rubio broke with his party by blasting last
year’s tax overhaul for benefiting corporations rather than workers. “When
corporation uses profits for stock buy back it’s deciding that
returning capital to shareholders is better for business than investing
in their products or workers,” Rubio said in a tweet Thursday. “Tax code encourages this. No surprise we have work life that is unstable & low paying.”
The U.S. Treasury Department is set to maintain elevated sales of long-term debt to finance the government’s widening budget deficit, with new issuance projected to top $1 trillion for a second-straight year. A heightened supply of Treasury securities follows tax cuts and
government spending increases implemented under the current
administration. That’s darkening a fiscal outlook already made worrisome
by rising entitlement-program expenses and higher costs to service America’s nearly $16 trillion in debt.
Major U.S. banks shaved about $21 billion from their tax bills last
year — almost double the IRS’s annual budget — as the industry
benefited more than many others from the Republican tax overhaul.By year-end, most of the nation’s largest lenders met or exceeded their initial predictions for tax savings.
Corporate America brought $664.9 billion of offshore profits back to the
U.S. last year, falling short of the $4 trillion President Donald
Trump said would return as a result of the 2017 tax overhaul. Companies kept much of their overseas profit offshore because a 35
percent tax kicked in only if they brought the cash back to the U.S. But
the Republican tax law set a one-time 15.5 percent tax rate on cash and
8 percent on non-cash or illiquid assets, regardless of the country
where the profits sat.