Treasury proposes new anti-money laundering regulations for investment advisers
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The Biden administration is proposing new recordkeeping rules for U.S. investment advisers to combat money laundering and illicit finance. The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has proposed a regulation that would require investment advisers to develop anti-money laundering programs and report suspicious activity to the government. The proposal aims to level the regulatory playing field, protect national security, and safeguard American businesses. This follows other recent announcements by the Biden administration targeting financial crime, including a rule requiring real estate professionals to report information about non-financed sales of residential real estate to legal entities, trusts, and shell companies. The Treasury has also launched a beneficial ownership registry and plans to prioritize anti-corruption efforts and transparency in the financial system. The investment adviser rule is expected to add transparency to the U.S. financial system and assist law enforcement in identifying illicit proceeds. Public comment on the rule will be open until April 15.
#BidenAdministration #MoneyLaundering #InvestmentAdvisers #FinancialCrimes #Anti-corruption #Transparency
One surprising reason to be optimistic about the U.S. economy
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The pandemic has caused a major rethink of the 'bigger is better' concept of living in large cities. Many Americans, especially millennials, have moved south to lower-cost places such as Phoenix, San Antonio, Jacksonville, and Charlotte. Remote workers are still connected to big cities through video technology, and the moves have helped alleviate the urban housing crunch and freed up money for other purposes. Rising-star cities like Phoenix and Austin are experiencing an entrepreneurship boom and attracting government and private investment. Americans are generally happier with their jobs and are opening businesses at rates not seen in decades. The U.S. economy's adaptability and the extension of megacity benefits around the country could lead to an era of rising productivity and better lifestyles in many more locales.
#U.s.Economy #Pandemic #UrbanMigration #RemoteWork #Housing #Entrepreneurship #Productivity
https://www.washingtonpost.com/opinions/2024/02/13/economy-optimism-pandemic-moving-cities/
Opinion | The surge in immigration is a $7 trillion gift to the economy
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The nonpartisan Congressional Budget Office (CBO) released updated 10-year economic and budget forecasts, factoring in a previously unexpected surge in immigration that began in 2022. The CBO estimates that from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise. This increase in immigration has led to a multitrillion-dollar windfall for the overall economy and federal tax coffers. Immigrants are more likely to work than their native-born counterparts, leading to better economic growth. Federal Reserve Chair Jerome H. Powell has also highlighted the benefits of immigration, stating that the U.S. economy has benefited from immigration and that a big part of the story of the labor market coming back into better balance is immigration returning to pre-pandemic levels. However, poorly managed flows of immigration present near-term stresses on the U.S. economy. The article argues that there are ways to harness the energies and talents of immigrants and patch the immigration system. The Republican party is criticized for scaremongering about immigration and supporting policies that degrade the economy and labor systems. The article concludes by highlighting the historical importance of immigration to the United States and the positive impact it has had on the country's energy, ideas, and leadership in the world.
#Immigration #Economy #CongressionalBudgetOffice #Gdp #Revenues #LaborForce #FederalReserve #RepublicanParty
https://www.washingtonpost.com/opinions/2024/02/13/immigration-economy-jobs-cbo-report/
Editorial Roundup: United States
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The Washington Post discusses the debate over removing AM radios from new electric vehicles. Automakers are starting to remove AM radios as standard equipment from new electric vehicles due to the fuzzy sound caused by electric motors and the declining popularity of AM. However, there are concerns about the impact on emergency alerts, as the Federal Emergency Management Agency relies on AM to transmit these messages. A bipartisan bill in the Senate aims to require car manufacturers to maintain AM broadcast radio in new vehicles. The article argues that while AM radio may be outdated, it still serves a vital role in reaching everyone, especially during emergencies. The loss of AM in cars could lead to the eventual demise of AM radio altogether. The article also highlights the importance of AM radio to rural America, right-wing talk shows, agricultural information, and programming for immigrant audiences.
#AmRadio #ElectricVehicles #EmergencyAlerts
Ark Restaurants: Fiscal Q1 Earnings Snapshot
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Ark Restaurants Corp. reported fiscal first-quarter profit of $1.4 million, with a net income of 38 cents per share. The New York-based company posted revenue of $47.5 million in the period. Ark Restaurants shares have dropped 28% in the last 12 months.
#ArkRestaurants #Earnings #Profit #Revenue
Live updates | Israeli military rescues 2 hostages in a dramatic raid in the Gaza Strip
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The Israeli military rescued two hostages from the Gaza Strip in a dramatic raid in Rafah. The raid resulted in the death of at least 67 Palestinians in airstrikes. The war between Israel and Hamas began on October 7, with Hamas' assault into Israel, resulting in the death of about 1,200 people. The Palestinian death toll from the war has surpassed 28,000 people. The Israeli military has rescued 2 hostages from captivity in the Gaza Strip. The U.K. government expressed deep concern about a military offensive in Rafah and called on Israel to stop and think seriously before taking further action. The European Union's foreign policy chief, Josep Borrell, called on the United States and other countries to stop providing weapons to Israel. The Health Ministry in the Hamas-run Gaza Strip reported that more than 12,300 Palestinian minors and 8,400 women have been killed in Israel's war on Hamas. Judges in the Netherlands ordered the Dutch government to halt the export of F-35 fighter jet parts to Israel due to the risk of violations of international law.
#IsraeliMilitary #Hostages #GazaStrip #Airstrikes #Israel-hamasWar #Palestinians #Rafah #U.k.Government #EuropeanUnion #JosepBorrell #HealthMinistry #Netherlands #F-35FighterJetParts
Egypt is threatening to void its decades-old peace treaty with Israel. What does that mean?
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Egypt is threatening to void its decades-old peace treaty with Israel due to Israeli Prime Minister Benjamin Netanyahu's vow to send troops into Rafah, a city in Gaza on the border with Egypt. The peace treaty, established in 1979, has allowed over 40 years of peace between the two countries and has served as an important source of stability in the region. Under the treaty, Israel agreed to withdraw from the Sinai Peninsula, which Egypt would leave demilitarized. Israeli ships were granted passage through the Suez Canal, and the countries established full diplomatic relations. If the treaty is nullified, it could mean that Israel can no longer rely on its southern border as an oasis of calm and would have to bolster forces along its border with Egypt. It would also have serious ramifications for Egypt, including jeopardizing billions of dollars in U.S. military assistance and straining its struggling economy. Egypt opposes any move that could send desperate Palestinians fleeing across the border onto its territory and stifle the deliveries of humanitarian aid.
#Egypt #Israel #PeaceTreaty #BenjaminNetanyahu #Rafah #Gaza
Recession risks are fading, business economists say, but political tensions pose threat to economy
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Just a quarter of business economists and analysts expect the United States to fall into recession this year. Any downturn would likely result from an external shock, such as a conflict involving China, rather than from domestic economic factors. Respondents to a National Association of Business Economics survey expect year-over-year inflation to exceed 2.5% through 2024. Inflation has fallen from a peak of 9.1% in June 2022 to 3.4% in December. The Fed has stopped raising rates and has signaled that it expects to reduce rates three times this year. However, a growing share of business forecasters worry that the Fed is keeping rates unnecessarily high. Respondents are concerned about the chances of a conflict between China and Taiwan, conflict in the Middle East driving oil prices above $90 a barrel, political instability in the United States before or after the Nov. 5 presidential election, and U.S. government finances. The most important objectives of government budget policy should be promoting medium- to long-term growth and reducing the federal deficit and debts.
#Recession #Economists #PoliticalTensions #Inflation #InterestRates #FederalReserve #China #Taiwan #MiddleEast #OilPrices #GlobalShipping #UsGovernmentFinances #BudgetPolicies #GovernmentSpending #Taxes #EconomicGrowth #FederalDeficit #IncomeInequality
Diamondback Energy to buy Endeavor in $26 billion deal creating a drilling giant in Southwestern US
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Diamondback Energy will buy rival Endeavor Energy Resources in a cash-and-stock deal valued at about $26 billion to create a drilling giant in the Southwestern United States. Diamondback and Endeavor combined will oversee 838,000 acres and can produce 816,000 oil-equivalent barrels each day. The deal includes approximately 117.3 million shares of Diamondback common stock and $8 billion in cash. Shareholders of Diamondback Energy Inc. will own about 60.5% of the combined company, while Endeavor’s equity holders would own approximately 39.5%. The combined company will be based in Midland, Texas. The boards of both companies have approved the deal, which is expected to close in the fourth quarter.
#DiamondbackEnergy #EndeavorEnergyResources #MergersAndAcquisitions #SouthwesternUs #PermianBasin
Opinion | How to save Social Security — and make it better
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President Biden and likely Republican nominee Donald Trump agree on not cutting Social Security. The Social Security Trust Fund is projected to be insolvent by 2033, resulting in across-the-board benefit cuts. A Gallup poll shows that many Americans expect to receive no Social Security benefits when they retire. Social Security has significantly reduced elderly poverty rates. Social Security benefits are progressive, with lower earners receiving a higher replacement rate. Any benefit cuts would disproportionately affect low- and middle-income workers and non-White households. One way to fix Social Security is by raising more tax revenue from top earners. Tying tax hikes for the wealthy and large corporations to Social Security could help make them more palatable. Not extending Trump's tax cuts could save nearly $3 trillion over the next decade and help keep Social Security solvent. With modest adjustments, Social Security can be saved and improved.
https://www.washingtonpost.com/opinions/2024/02/12/social-security-insolvent-2033-how-to-save/
Man who lunged at judge in viral video charged with attempted murder
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Deobra Redden, a 30-year-old man, has been indicted on nine counts, including attempted murder, for attacking Judge Mary Kay Holthus in a Las Vegas courtroom. The attack occurred in early January when Redden leaped over the bench and placed his hands around Holthus's throat and hit her head. The incident was captured in a viral video that garnered millions of views. The counts in the indictment also include battery on a protected person and intimidating a public officer. If convicted, Redden could face up to 20 years in prison. Redden will be arraigned on February 29.
#DeobraRedden #MaryKayHolthus #LasVegas #Courtroom #AttemptedMurder
https://www.washingtonpost.com/nation/2024/02/11/nevada-judge-attack-courtroom-indictment/
Man convicted of execution-style killing of NYPD officer in 1988 denied parole
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Todd Scott, a man convicted in the drug-related killing of NYPD officer Edward Byrne in 1988, has been denied parole. Scott was part of a crew paid $8,000 to kill Officer Byrne in retaliation for the arrest of drug dealer Howard 'Pappy' Mason. Scott walked up to Byrne's police cruiser and distracted him while another man shot him five times. Scott has been serving his sentence since 1988 and has been eligible for parole since 2013. His latest denial means he won't be eligible again until August 2025. The Police Benevolent Association expressed relief at the denial and will continue to oppose the release of two others convicted in the killing. Scott Cobb, the driver in the slaying, was paroled last year.
#Nypd #Parole #Execution-styleKilling #Drug-relatedCrime
NASA climate satellite blasts off to survey oceans and atmosphere of a warming Earth
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NASA's newest climate satellite, Pace, was launched by SpaceX on a $948 million mission to survey the world's oceans and atmosphere. The satellite will spend at least three years studying the oceans and atmosphere from 420 miles up, scanning the globe daily with two science instruments and taking monthly measurements with a third instrument. Pace will provide unprecedented views of Earth and help scientists improve severe weather forecasts, monitor Earth's changes as temperatures rise, and predict harmful algae blooms. The satellite will also give insights into how atmospheric aerosols and sea life interact. Pace is the most advanced mission ever launched to study ocean biology and will see in 200 colors, allowing scientists to identify types of algae in the sea and particles in the air. NASA is collaborating with India on another advanced Earth-observing satellite named Nisar, which will measure the effect of rising temperatures on glaciers and icy surfaces.
#Nasa #ClimateSatellite #Pace #Oceans #Atmosphere #SevereWeatherForecasts #HarmfulAlgaeBlooms #AtmosphericAerosols #SeaLife #OceanBiology #Nisar #Glaciers #IcySurfaces
Mexico overtakes China as the leading source of goods imported to US
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Mexico surpassed China as the leading source of goods imported to the United States in 2023, reflecting growing tensions between Washington and Beijing. The value of goods imported from Mexico rose nearly 5% to over $475 billion, while Chinese imports tumbled 20% to $427 billion. The last time Mexican goods exceeded the value of Chinese imports was in 2002. The shift away from Chinese factories is due to U.S. efforts to import from friendlier and closer countries, as well as supply chain disruptions caused by the COVID-19 pandemic. Some Chinese manufacturers have established factories in Mexico to take advantage of the U.S.-Mexico-Canada Trade Agreement. The drop in U.S. reliance on Chinese goods reflects wariness of Beijing's economic policies and President Xi Jinping's handling of the COVID-19 pandemic. The overall U.S. trade deficit narrowed 10% to $1.06 trillion in 2023.
#Mexico #China #Trade #Imports #U.s.CommerceDepartment
South Korean president reiterates that Seoul will not seek its own nuclear deterrent
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South Korea’s President Yoon Suk Yeol reiterated that the country would not seek its own nuclear deterrent in the face of threats from nuclear-armed North Korea. Yoon emphasized Seoul’s commitment to the nuclear Nonproliferation Treaty and stated that developing nuclear weapons would result in economic sanctions and harm the trade-dependent economy. Tensions on the Korean Peninsula are high, with North Korean leader Kim Jong Un accelerating weapons tests and issuing threats of nuclear conflict. South Korea has been strengthening its military exercises with the United States and Japan and upgrading its nuclear deterrence strategies. Yoon described Kim’s government as 'irrational forces' and expressed willingness to provide economic assistance if North Korea shows genuine willingness to wind down its nuclear weapons and missile program. Yoon also stated that previous summits between Korean leaders did not stop North Korea’s nuclear ambitions and emphasized the need for exchanges and discussions between working-level officials before summits.
#SouthKorea #NuclearDeterrent #NorthKorea #YoonSukYeol #KimJongUn
Cambodian Prime Minister Hun Manet visits Thailand with busy schedule to extend close ties
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Cambodian Prime Minister Hun Manet arrived in Thailand's capital on his first official visit since becoming his country's leader last year. He is scheduled to meet with his Thai counterpart, Srettha Thavisin, have a royal audience with King Maha Vajiralongkorn, preside over the signing of several documents on bilateral cooperation, and address a Thailand-Cambodia business forum. The visit aims to strengthen bilateral cooperation, especially in the economic development of border areas, trade and investment, transportation connectivity, tourism cooperation, and fostering closer ties between the two countries. The visit also reaffirms the close relationship established by Hun Manet's father and predecessor, Hun Sen. However, human rights activists criticize the cooperation between the two countries, alleging the repression of political dissidents. Several Cambodian opposition figures and government critics who fled to Thailand were recently detained in Bangkok. Cambodian officials highlight the positive course of relations between Hun Manet and Srettha, who both assumed office last year and have engaged in congratulatory phone calls and official visits. Cambodia and Thailand have generally warm relations, with Cambodia sending laborers to fill low-paying jobs in Thailand's construction sector.
Gigantic replica of Emperor Constantine looks out over Rome as 3D technology brings past to life
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Rome authorities have unveiled a massive, 13-meter replica of the statue of Emperor Constantine, which was imagined using 3D modeling technology from scans of the original marble body parts. The reconstructed statue is located in a side garden of the Capitoline Museums in Rome. The statue is made from resin, polyurethane, marble powder, gold leaf, and plaster. A second version of the statue will be installed in northeast England. The project was financed by the Fondazione Prada and created by the Factum Foundation, a Madrid-based non-profit.
#EmperorConstantine #3dTechnology #Rome
Kazakhstan's president appoints a new prime minister to replace the one he dismissed
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Kazakhstan's president, Kassym-Jomart Tokayev, appointed his chief of staff, Olzhas Bektenov, as the new prime minister to replace Alikhan Smailov. The Cabinet's resignation was announced in a presidential decree on Monday, without providing a reason. Tokayev had criticized the ministers last year for their failure to address inflation and improve infrastructure. Bektenov, who previously led the country's anti-corruption agency, was nominated by the ruling Amanat party and quickly approved by the national parliament. The president is expected to set priorities for the new Cabinet at a meeting on Wednesday.
Filmmaker Ed Zwick is not afraid to name names
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Ed Zwick's memoir, 'Hits, Flops, and Other Illusions,' provides a frank appraisal of Hollywood over the last 40 years. Zwick discusses his career as a filmmaker, including his work on films such as 'Glory' and 'Courage Under Fire.' He also co-created TV shows like 'thirtysomething' and 'My So-Called Life.' Zwick shares anecdotes about working with actors like Denzel Washington and Tom Cruise. The memoir includes lists of thoughts on assistant directors and tips from his mentor Sydney Pollack. Zwick also discusses his experiences with the film 'Shakespeare in Love' and the challenges of making films with weight and substance in the current Hollywood landscape.
https://www.washingtonpost.com/books/2024/02/06/ed-zwick-memoir/
U.S. coach Gregg Berhalter to have Sergiño Dest in camp ahead of CONCACAF Nations League final four
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U.S. coach Gregg Berhalter plans to have Sergiño Dest at the team’s training camp for the CONCACAF Nations League final four next month, even though the defender is suspended for the March 21 semifinal against Jamaica. Sergiño Dest, a 23-year-old outside back, received a pair of yellow cards for dissent in a 30-second span during November’s quarterfinal second leg at Trinidad and Tobago, triggering an automatic one-game suspension. However, Dest will be eligible to play in the March 24 championship or third-place match against Mexico or Panama. The final four will take place in Arlington, Texas. Dest is currently on loan from Barcelona to PSV Eindhoven.
#U.s.Coach #SergiñoDest #ConcacafNationsLeague #TrainingCamp #Suspension #Semifinal #Championship #Third-placeMatch #Mexico #Panama