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Reports: $1B Fine for Wells Fargo for Illegal Sales

U.S. news reports say Wells Fargo will be fined as much as $1 billion for illegally selling customers car insurance policies they did not want or need, and for charging unnecessary fees in connection with mortgages.

This would be the largest fine ever imposed by federal bank regulators and the Consumer Financial Protection Bureau.

The fine is part of a settlement regulators negotiated with the bank.

Wells Fargo and federal officials have not commented on the reports.

The San Francisco-based lender admitted selling the unwanted insurance policies to hundreds of thousands of car loan customers. In many cases, the borrowers could not afford both the insurance and car payments and their cars were repossessed.

Many U.S. banks have enjoyed looser federal regulations under President Donald Trump’s pro-business administration.

But Trump denied reports that Wells Fargo would not be punished, tweeting in December that fines and penalties against the bank would, if anything, be substantially increased.

“I will cut regs but make penalties severe when caught cheating,” he wrote.

Wells Fargo previously paid a $185 million fine for opening bank and credit card accounts in its customers’ names without telling them.
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North Korea, Comey, Stormy Add to Trump’s Chaotic Week

To some, it may seem like just another week at the Trump White House.

Word of a potentially historic breakthrough on North Korea is forced to compete with a scathing assessment of the president by his former FBI director. Add into the mix, court appearances earlier in the week by his personal lawyer and an adult film actress who claims she had an affair with the president. Who can blame those in Washington who ask: Is this the new normal? Or is it simply the political phenomenon of Donald Trump breaking the mold once again?

For most presidential administrations, the movement toward a summit with North Korea would be enough for a week of headlines.

“It will be a great day for them. It will be a great day for the world,” President Trump told reporters Wednesday on the possibility of a successful meeting with North Korean leader Kim Jong Un.

Trump spoke at a joint news conference with Japanese Prime Minister Shinzo Abe at the president’s Florida resort.

Bad for the country

Just minutes later, Trump made a quick pivot away from the North Korea situation to blasting the Russia probe that continues to cast a shadow over his administration.

“It is a bad thing for our country,” he said. “A very, very bad thing for our country. But there has been no collusion. They won’t find any collusion. It doesn’t exist.”

Throughout the week, the president has also been engaged in a war of words with James Comey, the man whose dismissal from the job of FBI director set in motion the appointment of special counsel Robert Mueller to lead the Russia investigation.

Comey has held a series of interviews for his new book, “A Higher Loyalty: Truth, Lies and Leadership.” Comey told the ABC News network he believes Trump is “morally unfit” to be president.

Mueller’s fate

And speaking to the USA Today newspaper, Comey mused about the possibility that the president could move to fire Mueller and the man he reports to, Deputy Attorney General Rod Rosenstein.

“That is a fundamental attack on the rule of law, so that is the most important thing. All of us should care about that,” Comey said. “Again, this is above politics, above party affiliation because it is all we are as a country.”

During his news conference on Wednesday, Trump was asked about the fate of Mueller and Rosenstein.

“They have been saying I’m going to be getting rid of them for the last three months, four months, five months, and they are still here,” said Trump. “So we want to get the investigation over with, done with, put it behind us.”

Others with the president’s ear are urging him to take action, according to Associated Press White House correspondent Jonathan Lemire.

“There is, though, a team of outside advisers, sort of Trump’s informal kitchen cabinet,” he said. “A number of those people have suggested to him, ‘Hey, you need to be tougher, Mueller is imperiling your presidency and you should fire him.'”

Some Democrats and a few Republicans are pushing congressional leaders to pass legislation that would protect Mueller and Rosenstein. But House Speaker Paul Ryan sees no need for it at present.

“We do not believe that he should be fired. We do not believe that he will be fired and we therefore don’t think that that is necessary,” Ryan told reporters this week.

Stormy weather

Adding to the turmoil this week was the Monday media circus outside a federal court in Manhattan where Trump’s personal lawyer, Michael Cohen, made an appearance along with adult film star Stormy Daniels.

Cohen was the target of FBI raids recently on his office, home and hotel and is under scrutiny for a payment to Daniels.

Daniels claims she had a brief affair with Trump back in 2006, which he has denied, and that Cohen facilitated a payment intended to silence her about the affair.

The ongoing Russia probe combined with Cohen’s legal troubles suggests more uncertainty ahead for the Trump White House.

“We are coming to some sort of a head,” said American University political expert Chris Edelson. “I mean, certainly this Cohen news is a really big deal and maybe we will find out more about that in the not too distant future. But it is hard to say with certainty what does that mean? Does that mean weeks or months? I don’t know for sure.”

Recent polls suggest Trump has bolstered his support among Republicans, now in the 80 percent approval or better range in several recent surveys. The president’s overall average approval rating has inched up in recent weeks from about 39 percent to 41 percent.

But some recent polls, including Gallup and NBC News/Wall Street Journal, show his approval slipping back to under 40 percent, still historically low for a first-term president.
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North Korea, Comey, Stormy Add to Trump’s Chaotic Week

To some, it may seem like just another week at the Trump White House.

Word of a potentially historic breakthrough on North Korea is forced to compete with a scathing assessment of the president by his former FBI director. Add into the mix, court appearances earlier in the week by his personal lawyer and an adult film actress who claims she had an affair with the president. Who can blame those in Washington who ask: Is this the new normal? Or is it simply the political phenomenon of Donald Trump breaking the mold once again?

For most presidential administrations, the movement toward a summit with North Korea would be enough for a week of headlines.

“It will be a great day for them. It will be a great day for the world,” President Trump told reporters Wednesday on the possibility of a successful meeting with North Korean leader Kim Jong Un.

Trump spoke at a joint news conference with Japanese Prime Minister Shinzo Abe at the president’s Florida resort.

Bad for the country

Just minutes later, Trump made a quick pivot away from the North Korea situation to blasting the Russia probe that continues to cast a shadow over his administration.

“It is a bad thing for our country,” he said. “A very, very bad thing for our country. But there has been no collusion. They won’t find any collusion. It doesn’t exist.”

Throughout the week, the president has also been engaged in a war of words with James Comey, the man whose dismissal from the job of FBI director set in motion the appointment of special counsel Robert Mueller to lead the Russia investigation.

Comey has held a series of interviews for his new book, “A Higher Loyalty: Truth, Lies and Leadership.” Comey told the ABC News network he believes Trump is “morally unfit” to be president.

Mueller’s fate

And speaking to the USA Today newspaper, Comey mused about the possibility that the president could move to fire Mueller and the man he reports to, Deputy Attorney General Rod Rosenstein.

“That is a fundamental attack on the rule of law, so that is the most important thing. All of us should care about that,” Comey said. “Again, this is above politics, above party affiliation because it is all we are as a country.”

During his news conference on Wednesday, Trump was asked about the fate of Mueller and Rosenstein.

“They have been saying I’m going to be getting rid of them for the last three months, four months, five months, and they are still here,” said Trump. “So we want to get the investigation over with, done with, put it behind us.”

Others with the president’s ear are urging him to take action, according to Associated Press White House correspondent Jonathan Lemire.

“There is, though, a team of outside advisers, sort of Trump’s informal kitchen cabinet,” he said. “A number of those people have suggested to him, ‘Hey, you need to be tougher, Mueller is imperiling your presidency and you should fire him.'”

Some Democrats and a few Republicans are pushing congressional leaders to pass legislation that would protect Mueller and Rosenstein. But House Speaker Paul Ryan sees no need for it at present.

“We do not believe that he should be fired. We do not believe that he will be fired and we therefore don’t think that that is necessary,” Ryan told reporters this week.

Stormy weather

Adding to the turmoil this week was the Monday media circus outside a federal court in Manhattan where Trump’s personal lawyer, Michael Cohen, made an appearance along with adult film star Stormy Daniels.

Cohen was the target of FBI raids recently on his office, home and hotel and is under scrutiny for a payment to Daniels.

Daniels claims she had a brief affair with Trump back in 2006, which he has denied, and that Cohen facilitated a payment intended to silence her about the affair.

The ongoing Russia probe combined with Cohen’s legal troubles suggests more uncertainty ahead for the Trump White House.

“We are coming to some sort of a head,” said American University political expert Chris Edelson. “I mean, certainly this Cohen news is a really big deal and maybe we will find out more about that in the not too distant future. But it is hard to say with certainty what does that mean? Does that mean weeks or months? I don’t know for sure.”

Recent polls suggest Trump has bolstered his support among Republicans, now in the 80 percent approval or better range in several recent surveys. The president’s overall average approval rating has inched up in recent weeks from about 39 percent to 41 percent.

But some recent polls, including Gallup and NBC News/Wall Street Journal, show his approval slipping back to under 40 percent, still historically low for a first-term president.
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US-China Trade Row Threatens Global Confidence: IMF’s Lagarde

The biggest danger from the U.S.-China trade dispute is the threat to global confidence and investment, International Monetary Fund Managing Director Christine Lagarde said on Thursday.

The IMF chief said the tariffs threatened by the world’s two largest economies would have a modest direct impact on the global economy but could produce uncertainty that choked off investment, one of the key drivers of rising global growth.

“The actual impact on growth is not very substantial, when you measure in terms of GDP,” Lagarde said of the tariffs, adding that the “erosion of confidence” would be worse.

“When investors do not know under what terms they will be trading, when they don’t know how to organize their supply chain, they are reluctant to invest,” she told a news conference in Washington where world financial leaders gathered for the start of the IMF and World Bank spring meetings.

In its World Economic Outlook released on Tuesday, the IMF cited 2016 research showing that tariffs or other barriers leading to a 10 percent increase in import prices in all countries would lower global output by about 1.75 percent after five years and by close to 2 percent in the long term.

In Beijing, China’s Foreign Ministry warned that the Trump administration’s tariff threats and other measures to try to force trade concessions from Beijing was a “miscalculated step” and would have little effect on Chinese industries.

In the latest escalations in the trade row, Washington said this week that it had banned U.S. companies from selling parts to Chinese telecom equipment maker ZTE for seven years, while China on Tuesday announced hefty anti-dumping tariffs on imports of U.S. sorghum and measures on synthetic rubber imports from the United States, European Union and Singapore.

The U.S. Trade Representative’s office also is planning to soon release a second list of Chinese imports targeted for an additional $100 billion of U.S. tariffs, tripling the amount of Chinese goods under a tariff threat.

Lagarde said the trade tensions would be a major topic of discussion among finance ministers and central bank governors at the IMF and World Bank meetings.

“My suspicion is that there will be many bilateral discussions to be had between the various parties involved,” Lagarde said, adding that the issue would also be discussed in larger sessions involving the Fund’s 189 member countries.

“Investment and trade are two key engines that are finally picking up. We don’t want to damage that,” Lagarde said.

If the tariffs go into effect, the hit to business confidence would be worldwide because supply chains are globally interconnected, she added.

 
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US-China Trade Row Threatens Global Confidence: IMF’s Lagarde

The biggest danger from the U.S.-China trade dispute is the threat to global confidence and investment, International Monetary Fund Managing Director Christine Lagarde said on Thursday.

The IMF chief said the tariffs threatened by the world’s two largest economies would have a modest direct impact on the global economy but could produce uncertainty that choked off investment, one of the key drivers of rising global growth.

“The actual impact on growth is not very substantial, when you measure in terms of GDP,” Lagarde said of the tariffs, adding that the “erosion of confidence” would be worse.

“When investors do not know under what terms they will be trading, when they don’t know how to organize their supply chain, they are reluctant to invest,” she told a news conference in Washington where world financial leaders gathered for the start of the IMF and World Bank spring meetings.

In its World Economic Outlook released on Tuesday, the IMF cited 2016 research showing that tariffs or other barriers leading to a 10 percent increase in import prices in all countries would lower global output by about 1.75 percent after five years and by close to 2 percent in the long term.

In Beijing, China’s Foreign Ministry warned that the Trump administration’s tariff threats and other measures to try to force trade concessions from Beijing was a “miscalculated step” and would have little effect on Chinese industries.

In the latest escalations in the trade row, Washington said this week that it had banned U.S. companies from selling parts to Chinese telecom equipment maker ZTE for seven years, while China on Tuesday announced hefty anti-dumping tariffs on imports of U.S. sorghum and measures on synthetic rubber imports from the United States, European Union and Singapore.

The U.S. Trade Representative’s office also is planning to soon release a second list of Chinese imports targeted for an additional $100 billion of U.S. tariffs, tripling the amount of Chinese goods under a tariff threat.

Lagarde said the trade tensions would be a major topic of discussion among finance ministers and central bank governors at the IMF and World Bank meetings.

“My suspicion is that there will be many bilateral discussions to be had between the various parties involved,” Lagarde said, adding that the issue would also be discussed in larger sessions involving the Fund’s 189 member countries.

“Investment and trade are two key engines that are finally picking up. We don’t want to damage that,” Lagarde said.

If the tariffs go into effect, the hit to business confidence would be worldwide because supply chains are globally interconnected, she added.

 
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Unsold Aluminum Piling Up at Russian Sanctions-Hit Rusal Factory

Russian aluminum giant Rusal is stockpiling large quantities of aluminum at one of its plants in Siberia because U.S. sanctions imposed this month have prevented it from selling the metal to customers, five sources close to the company said.

With the firm’s own storage space filling up with unsold aluminum, Rusal executives in Sayanogorsk, in southern Siberia, have had to rent out additional space to accommodate the surplus stock, one of the sources told Reuters.

“Aluminum sales have broken down. And now the surplus aluminum is being warehoused in production areas of the factory itself,” said someone who works on the grounds of one of Rusal’s two plants in Sayanogorsk.

Several people connected to Rusal said that Oleg Deripaska, the company’s main shareholder who along with the company was included on a U.S. sanctions blacklist, visited Sayanogorsk this week for a closed-door meeting with staff.

Asked if the firm was stockpiling aluminum in Sayanogorsk, a Rusal spokeswoman declined to comment.

Rusal and Deripaska were included on a U.S. sanctions blacklist this month, scaring off many of its customers, suppliers and creditors who fear they too could be hit by sanctions through association with the company.

A number of traders and customers of Rusal’s aluminum have stopped buying the firm’s products, citing the sanctions risk, and Rusal has stopped shipping some of its products for export, according to a logistics firm and a railway operator that used to carry much of its aluminum.

While shipments have stalled, Rusal cannot readily reduce its production of aluminum because the electrolysis pots that are at the heart of the manufacturing process can be irreparably damaged if they are shut down.

At Rusal’s two plants in Sayanogorsk — which together accounted last year for about a quarter of the firm’s production — aluminum is now stacking up in ad hoc stockpiles dotted around the factory grounds, the sources said.

An employee with a Rusal subsidiary described how the unsold aluminum ingots were being stored in garages in the plant. He said his company had just agreed to rent out space to Rusal so it could store more of the ingots.

A contractor at the Sayanogorsk plants said the stockpiled ingots, stacked on pallets, were building up fast. He said two days’ worth of production would fill up a five-car train, but already a week had gone by with aluminum piling up.

“Can you imagine a week?” he said. “There’s a hell of a lot there, a hell of a lot. It’s being stockpiled, it’s not being shipped.”

An electrician working for Rusal said the ingots were being squeezed into all available space.

“The storage is not quite full,” said the electrician, who spoke on condition of anonymity to discuss internal company affairs. “Something is still being loaded all the same, some stuff is being shipped.”

Deripaska, who started his metals industry career in Sayanogorsk in the 1990s, visited the town this week and held a closed-door meeting with staff, according to several people with links to Rusal.

Deripaska himself was included on the U.S. sanctions blacklist, along with Rusal and other businesses where he has a controlling stake.

Washington said it took the measure against Deripaska and others because, it said, they were profiting from a Russian state engaged in “malign activities” around the world.

Since the sanctions were imposed on April 6, Rusal’s share price has slumped, the value of its bonds has plummeted and partners around the world have distanced themselves from Deripaska and his business empire.

U.S. customers cannot do business with Rusal any more under the sanctions, while major Japanese trading houses asked Rusal to stop shipping refined aluminum and other products and are scrambling to secure metal elsewhere, industry sources said.

Rusal is encountering problems at the other end of its production cycle too, with the sanctions affecting the overseas operations that supply it with the raw materials it uses to produce metal.

Rio Tinto, which supplies bauxite to some of Rusal’s refineries and buys refined alumina, said it will declare force majeure on some contracts.

Further besieging Rusal, creditors and bond-holders are trying to offload the firm’s liabilities because many financial market players believe that to handle Rusal debt could leave them too susceptible to U.S. sanctions.
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Unsold Aluminum Piling Up at Russian Sanctions-Hit Rusal Factory

Russian aluminum giant Rusal is stockpiling large quantities of aluminum at one of its plants in Siberia because U.S. sanctions imposed this month have prevented it from selling the metal to customers, five sources close to the company said.

With the firm’s own storage space filling up with unsold aluminum, Rusal executives in Sayanogorsk, in southern Siberia, have had to rent out additional space to accommodate the surplus stock, one of the sources told Reuters.

“Aluminum sales have broken down. And now the surplus aluminum is being warehoused in production areas of the factory itself,” said someone who works on the grounds of one of Rusal’s two plants in Sayanogorsk.

Several people connected to Rusal said that Oleg Deripaska, the company’s main shareholder who along with the company was included on a U.S. sanctions blacklist, visited Sayanogorsk this week for a closed-door meeting with staff.

Asked if the firm was stockpiling aluminum in Sayanogorsk, a Rusal spokeswoman declined to comment.

Rusal and Deripaska were included on a U.S. sanctions blacklist this month, scaring off many of its customers, suppliers and creditors who fear they too could be hit by sanctions through association with the company.

A number of traders and customers of Rusal’s aluminum have stopped buying the firm’s products, citing the sanctions risk, and Rusal has stopped shipping some of its products for export, according to a logistics firm and a railway operator that used to carry much of its aluminum.

While shipments have stalled, Rusal cannot readily reduce its production of aluminum because the electrolysis pots that are at the heart of the manufacturing process can be irreparably damaged if they are shut down.

At Rusal’s two plants in Sayanogorsk — which together accounted last year for about a quarter of the firm’s production — aluminum is now stacking up in ad hoc stockpiles dotted around the factory grounds, the sources said.

An employee with a Rusal subsidiary described how the unsold aluminum ingots were being stored in garages in the plant. He said his company had just agreed to rent out space to Rusal so it could store more of the ingots.

A contractor at the Sayanogorsk plants said the stockpiled ingots, stacked on pallets, were building up fast. He said two days’ worth of production would fill up a five-car train, but already a week had gone by with aluminum piling up.

“Can you imagine a week?” he said. “There’s a hell of a lot there, a hell of a lot. It’s being stockpiled, it’s not being shipped.”

An electrician working for Rusal said the ingots were being squeezed into all available space.

“The storage is not quite full,” said the electrician, who spoke on condition of anonymity to discuss internal company affairs. “Something is still being loaded all the same, some stuff is being shipped.”

Deripaska, who started his metals industry career in Sayanogorsk in the 1990s, visited the town this week and held a closed-door meeting with staff, according to several people with links to Rusal.

Deripaska himself was included on the U.S. sanctions blacklist, along with Rusal and other businesses where he has a controlling stake.

Washington said it took the measure against Deripaska and others because, it said, they were profiting from a Russian state engaged in “malign activities” around the world.

Since the sanctions were imposed on April 6, Rusal’s share price has slumped, the value of its bonds has plummeted and partners around the world have distanced themselves from Deripaska and his business empire.

U.S. customers cannot do business with Rusal any more under the sanctions, while major Japanese trading houses asked Rusal to stop shipping refined aluminum and other products and are scrambling to secure metal elsewhere, industry sources said.

Rusal is encountering problems at the other end of its production cycle too, with the sanctions affecting the overseas operations that supply it with the raw materials it uses to produce metal.

Rio Tinto, which supplies bauxite to some of Rusal’s refineries and buys refined alumina, said it will declare force majeure on some contracts.

Further besieging Rusal, creditors and bond-holders are trying to offload the firm’s liabilities because many financial market players believe that to handle Rusal debt could leave them too susceptible to U.S. sanctions.
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Russia Demands Compensation for US Tariffs on Aluminum, Steel

Russia demanded compensation from the U.S. for its worldwide tariffs on foreign aluminum and steel Thursday, becoming the third influential member of the World Trade Organization to do so.

China, the European Union and India have also objected, arguing the tariffs are a “safeguard” measure to protect U.S. domestic products from imports, which require compensation for major exporting countries.

The Trump administration has rejected that argument and says the tariffs are for national security reasons and are therefore allowed under international law.

The U.S. has agreed to negotiate with China and has informed the EU and India it is willing to discuss any other issue, while maintaining their compensation claims are unwarranted.

It is unclear what Moscow’s demand means in practice because it did not challenge the tariffs through a WTO appeals mechanism through which the organization’s 164 members can negotiate solutions to trade disputes.

China is the only country that has pursued that course and India has asked to be present at negotiations with the U.S. on the issue.

U.S. allies Australia, Canada, the EU, Mexico and South Korea have received temporary exemptions from the tariffs, pending negotiations with the U.S.

 
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Russia Demands Compensation for US Tariffs on Aluminum, Steel

Russia demanded compensation from the U.S. for its worldwide tariffs on foreign aluminum and steel Thursday, becoming the third influential member of the World Trade Organization to do so.

China, the European Union and India have also objected, arguing the tariffs are a “safeguard” measure to protect U.S. domestic products from imports, which require compensation for major exporting countries.

The Trump administration has rejected that argument and says the tariffs are for national security reasons and are therefore allowed under international law.

The U.S. has agreed to negotiate with China and has informed the EU and India it is willing to discuss any other issue, while maintaining their compensation claims are unwarranted.

It is unclear what Moscow’s demand means in practice because it did not challenge the tariffs through a WTO appeals mechanism through which the organization’s 164 members can negotiate solutions to trade disputes.

China is the only country that has pursued that course and India has asked to be present at negotiations with the U.S. on the issue.

U.S. allies Australia, Canada, the EU, Mexico and South Korea have received temporary exemptions from the tariffs, pending negotiations with the U.S.

 
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CIA Director Nominee to Face Confirmation Hearing in May

The confirmation hearing for President Donald Trump’s pick to lead the Central Intelligence Agency will begin next month.

The current deputy CIA director Gina Haspel will testify before the Senate Select Committee on Intelligence starting on May 9, the committee announced Thursday.

If confirmed, Haspel would replace Mike Pompeo, who was nominated be Secretary of State after Trump fired Rex Tillerson.

Haspel is the first woman tapped to head the CIA.

Michael Bowman contributed to this report.
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CIA Director Nominee to Face Confirmation Hearing in May

The confirmation hearing for President Donald Trump’s pick to lead the Central Intelligence Agency will begin next month.

The current deputy CIA director Gina Haspel will testify before the Senate Select Committee on Intelligence starting on May 9, the committee announced Thursday.

If confirmed, Haspel would replace Mike Pompeo, who was nominated be Secretary of State after Trump fired Rex Tillerson.

Haspel is the first woman tapped to head the CIA.

Michael Bowman contributed to this report.
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California Governor: Deal Reached on National Guard, Border

California reached an agreement with the federal government that the state’s National Guard troops will deploy to the border to focus on fighting transnational gangs as well as drug and gun smugglers, Gov. Jerry Brown said. The announcement comes after a week of uncertainty in which President Donald Trump bashed the governor’s insistence that troops avoid immigration-related work.

Homeland Security Secretary Kirstjen Nielsen wrote on Twitter that final details were being worked out “but we are looking forward to the support.”

Brown said Wednesday he secured federal funding for terms similar to those outlined in last week’s proposed contract: The Guard cannot handle custody duties for anyone accused of immigration violations, build border barriers or have anything to do with immigration enforcement.

Federal officials refused to sign the proposal because they said it was outside established protocol for the Guard.

Brown’s office said Wednesday that the previous contract was unnecessary after he secured federal funding for his goals. Brown spokesman Evan Westrup said the exact cost hasn’t been determined.

Some troops may be deployed this month and are expected to stay until at least Sept. 30, Brown said. They will be assigned to all parts of the state, not just the border.

Brown elicited rare and effusive praise from Trump last week when he pledged 400 troops, which helped put the president above the lower end of his threshold of marshaling 2,000 to 4,000 troops for his border mission.

Federal officials said Monday that Brown refused to commit California Guard troops to some initial jobs that were similar to assignments in the three other border states, Arizona, New Mexico and Texas, all governed by Republicans. Trump bashed Brown’s position two days in a row, even as the governor said a deal was near.

“There’s been a little bit of back and forth, as you always get with bureaucrats but I think we can find common understanding here,” Brown said Tuesday in Washington. “There’s enough problems at the border and the interface between our countries that California will have plenty to do, and we’re willing to do it.”

Nielsen, appearing alongside Arizona Gov. Doug Ducey to thank him for contributing 440 troops, said Wednesday there were 1,000 troops deployed on the border mission and that number is growing. She said they were performing aerial surveillance and vehicle repairs.
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California Governor: Deal Reached on National Guard, Border

California reached an agreement with the federal government that the state’s National Guard troops will deploy to the border to focus on fighting transnational gangs as well as drug and gun smugglers, Gov. Jerry Brown said. The announcement comes after a week of uncertainty in which President Donald Trump bashed the governor’s insistence that troops avoid immigration-related work.

Homeland Security Secretary Kirstjen Nielsen wrote on Twitter that final details were being worked out “but we are looking forward to the support.”

Brown said Wednesday he secured federal funding for terms similar to those outlined in last week’s proposed contract: The Guard cannot handle custody duties for anyone accused of immigration violations, build border barriers or have anything to do with immigration enforcement.

Federal officials refused to sign the proposal because they said it was outside established protocol for the Guard.

Brown’s office said Wednesday that the previous contract was unnecessary after he secured federal funding for his goals. Brown spokesman Evan Westrup said the exact cost hasn’t been determined.

Some troops may be deployed this month and are expected to stay until at least Sept. 30, Brown said. They will be assigned to all parts of the state, not just the border.

Brown elicited rare and effusive praise from Trump last week when he pledged 400 troops, which helped put the president above the lower end of his threshold of marshaling 2,000 to 4,000 troops for his border mission.

Federal officials said Monday that Brown refused to commit California Guard troops to some initial jobs that were similar to assignments in the three other border states, Arizona, New Mexico and Texas, all governed by Republicans. Trump bashed Brown’s position two days in a row, even as the governor said a deal was near.

“There’s been a little bit of back and forth, as you always get with bureaucrats but I think we can find common understanding here,” Brown said Tuesday in Washington. “There’s enough problems at the border and the interface between our countries that California will have plenty to do, and we’re willing to do it.”

Nielsen, appearing alongside Arizona Gov. Doug Ducey to thank him for contributing 440 troops, said Wednesday there were 1,000 troops deployed on the border mission and that number is growing. She said they were performing aerial surveillance and vehicle repairs.
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NY Official: Trump Pardons Can’t Be Shield for State Charges

New York’s attorney general says an unintended loophole in state law could allow criminal defendants pardoned by President Donald Trump to argue that they can’t be charged at the state level.

Democrat Eric Schneiderman wrote to state legislators Wednesday urging them to clarify the law to eliminate the possibility. He says a well-intentioned state double jeopardy law could prevent state charges when a defendant already has received a president pardon for similar federal charges. He says the loophole is clearly unintended.

Schneiderman says he was “disturbed” by reports that Trump, a Republican, may be considering pardons that could impede criminal investigations, potentially including those into the Trump Organization, the administration or Russian meddling.

Democratic state Sen. Todd Kaminsky responded, saying he’ll introduce legislation to close the loophole.
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NY Official: Trump Pardons Can’t Be Shield for State Charges

New York’s attorney general says an unintended loophole in state law could allow criminal defendants pardoned by President Donald Trump to argue that they can’t be charged at the state level.

Democrat Eric Schneiderman wrote to state legislators Wednesday urging them to clarify the law to eliminate the possibility. He says a well-intentioned state double jeopardy law could prevent state charges when a defendant already has received a president pardon for similar federal charges. He says the loophole is clearly unintended.

Schneiderman says he was “disturbed” by reports that Trump, a Republican, may be considering pardons that could impede criminal investigations, potentially including those into the Trump Organization, the administration or Russian meddling.

Democratic state Sen. Todd Kaminsky responded, saying he’ll introduce legislation to close the loophole.
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Haley: Relationship with Trump is ‘Perfect’

U.S. Ambassador to the United Nations Nikki Haley said Wednesday that her relationship with President Donald Trump was “perfect” and that he did not need to be worried about Haley and Vice President Mike Pence running against him in 2020.

Her comments come amid unusual public friction between Haley, a former South Carolina governor who is known for her blunt diplomacy at the United Nations, and the White House.

Haley, a member of Trump’s Cabinet, said Sunday that Washington was preparing new sanctions on Russia over its support of Syrian President Bashar al-Assad. However, Trump delayed further action, a senior administration official said.

White House economic adviser Larry Kudlow said Haley might have been confused about Washington’s plans, but Haley fired back Tuesday: “With all due respect, I don’t get confused.”

Kudlow said he had apologized to Haley.

Not publicity shy

When asked Wednesday about her relationship with Trump, Haley said: “It’s perfect.”

While former U.S. Secretary of State Rex Tillerson shied away from the spotlight, Haley has carved out a high-profile role for herself in the Trump administration while at the same time ensuring that she publicly praises the president.

Her direct approach at the United Nations initially raised eyebrows among diplomats, but many acknowledge her political skills and speculate that she has ambitions for higher office.

2020 bid?

The New York Times reported Tuesday that Republicans close to the White House whisper about a possible joint campaign by Haley and Pence in 2020. Trump, who is known to place a high premium on loyalty, has said he will run again in 2020.

When asked Wednesday if Trump should be worried about a Pence/Haley campaign, Haley smiled, shook her head and said: “No.”

Pence’s office did not immediately respond to a request for comment.

Adding to the friction was Pence’s brief appointment of Haley’s senior aide Jon Lerner as his top adviser on foreign policy issues. Lerner withdrew Sunday after a behind-the-scenes White House argument hit the headlines. He will continue working for Haley.

A senior administration official said that Haley had not been “freelancing” when she spoke about new Russian sanctions Sunday. 

“The president just wanted to slow down the process after she spoke,” the official said.

Russian U.N. Ambassador Vassily Nebenzia said he had not spoken with Haley about her remarks on sanctions. When asked if he believe Haley or the White House, Nebenzia said: “I believe in God. Let them sort it out themselves. It’s not our game.”
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Haley: Relationship with Trump is ‘Perfect’

U.S. Ambassador to the United Nations Nikki Haley said Wednesday that her relationship with President Donald Trump was “perfect” and that he did not need to be worried about Haley and Vice President Mike Pence running against him in 2020.

Her comments come amid unusual public friction between Haley, a former South Carolina governor who is known for her blunt diplomacy at the United Nations, and the White House.

Haley, a member of Trump’s Cabinet, said Sunday that Washington was preparing new sanctions on Russia over its support of Syrian President Bashar al-Assad. However, Trump delayed further action, a senior administration official said.

White House economic adviser Larry Kudlow said Haley might have been confused about Washington’s plans, but Haley fired back Tuesday: “With all due respect, I don’t get confused.”

Kudlow said he had apologized to Haley.

Not publicity shy

When asked Wednesday about her relationship with Trump, Haley said: “It’s perfect.”

While former U.S. Secretary of State Rex Tillerson shied away from the spotlight, Haley has carved out a high-profile role for herself in the Trump administration while at the same time ensuring that she publicly praises the president.

Her direct approach at the United Nations initially raised eyebrows among diplomats, but many acknowledge her political skills and speculate that she has ambitions for higher office.

2020 bid?

The New York Times reported Tuesday that Republicans close to the White House whisper about a possible joint campaign by Haley and Pence in 2020. Trump, who is known to place a high premium on loyalty, has said he will run again in 2020.

When asked Wednesday if Trump should be worried about a Pence/Haley campaign, Haley smiled, shook her head and said: “No.”

Pence’s office did not immediately respond to a request for comment.

Adding to the friction was Pence’s brief appointment of Haley’s senior aide Jon Lerner as his top adviser on foreign policy issues. Lerner withdrew Sunday after a behind-the-scenes White House argument hit the headlines. He will continue working for Haley.

A senior administration official said that Haley had not been “freelancing” when she spoke about new Russian sanctions Sunday. 

“The president just wanted to slow down the process after she spoke,” the official said.

Russian U.N. Ambassador Vassily Nebenzia said he had not spoken with Haley about her remarks on sanctions. When asked if he believe Haley or the White House, Nebenzia said: “I believe in God. Let them sort it out themselves. It’s not our game.”
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Ex-Playboy Model Settles Lawsuit Over Alleged Trump Affair

A former Playboy model who said she had a 10-month affair with President Donald Trump settled her lawsuit Wednesday with a supermarket tabloid over an agreement that prohibited her from discussing the relationship publicly.

Karen McDougal’s settlement with the company that owns the National Enquirer “restores to me the rights to my life story and frees me from this contract that I was misled into signing nearly two years ago,” she said in a statement Wednesday. 

In August 2016, the tabloid’s parent company, American Media Inc., paid McDougal $150,000 for the rights to her story about the alleged relationship, but the story never ran. 

Last month, McDougal filed a lawsuit in Los Angeles asking to invalidate the contract. The suit alleged Trump’s attorney, Michael Cohen, was secretly involved in her discussions with AMI executives.

Federal agents raided Cohen’ office and residence last week seeking any information on payments made in 2016 to McDougal and porn actress Stormy Daniels, according to people familiar with the investigation but not authorized to discuss it publicly. Daniels has said she had a sexual encounter with Trump in 2006. The search warrants also sought bank records, records on Cohen’s dealings in the taxi industry and his communications with the Trump campaign, the people said. 

Under the settlement agreement, McDougal can keep the $150,000 she was paid and AMI has the rights to up to $75,000 for any future profits from her story about the relationship. The company also retains the rights to photographs of McDougal that it already has, the settlement said. 

AMI had argued McDougal had been allowed to speak about her relationship since 2016 and the contract gave the company discretion over whether to publish the story.

In an interview with CNN that aired last month, McDougal said Trump tried to pay her after their first sexual tryst at a bungalow at the Beverly Hills Hotel in 2006. McDougal said she continued the relationship with Trump for about 10 months and broke it off in April 2007 because she felt guilty. 

The White House has said Trump denies having an affair with McDougal. Trump married his current wife, Melania Trump, in 2005, and their son, Barron, was born in 2006.

“My goal from the beginning was to restore my rights and not to achieve any financial gain, and this settlement does exactly that,” McDougal said. “I am relieved to be able to tell the truth about my story when asked, and I look forward to being able to return to my private life and focus on what matters to me.”
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Ex-Playboy Model Settles Lawsuit Over Alleged Trump Affair

A former Playboy model who said she had a 10-month affair with President Donald Trump settled her lawsuit Wednesday with a supermarket tabloid over an agreement that prohibited her from discussing the relationship publicly.

Karen McDougal’s settlement with the company that owns the National Enquirer “restores to me the rights to my life story and frees me from this contract that I was misled into signing nearly two years ago,” she said in a statement Wednesday. 

In August 2016, the tabloid’s parent company, American Media Inc., paid McDougal $150,000 for the rights to her story about the alleged relationship, but the story never ran. 

Last month, McDougal filed a lawsuit in Los Angeles asking to invalidate the contract. The suit alleged Trump’s attorney, Michael Cohen, was secretly involved in her discussions with AMI executives.

Federal agents raided Cohen’ office and residence last week seeking any information on payments made in 2016 to McDougal and porn actress Stormy Daniels, according to people familiar with the investigation but not authorized to discuss it publicly. Daniels has said she had a sexual encounter with Trump in 2006. The search warrants also sought bank records, records on Cohen’s dealings in the taxi industry and his communications with the Trump campaign, the people said. 

Under the settlement agreement, McDougal can keep the $150,000 she was paid and AMI has the rights to up to $75,000 for any future profits from her story about the relationship. The company also retains the rights to photographs of McDougal that it already has, the settlement said. 

AMI had argued McDougal had been allowed to speak about her relationship since 2016 and the contract gave the company discretion over whether to publish the story.

In an interview with CNN that aired last month, McDougal said Trump tried to pay her after their first sexual tryst at a bungalow at the Beverly Hills Hotel in 2006. McDougal said she continued the relationship with Trump for about 10 months and broke it off in April 2007 because she felt guilty. 

The White House has said Trump denies having an affair with McDougal. Trump married his current wife, Melania Trump, in 2005, and their son, Barron, was born in 2006.

“My goal from the beginning was to restore my rights and not to achieve any financial gain, and this settlement does exactly that,” McDougal said. “I am relieved to be able to tell the truth about my story when asked, and I look forward to being able to return to my private life and focus on what matters to me.”
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SunPower Buys US Rival SolarWorld to Head Off Trump Tariffs

SunPower Corp. on Wednesday said it would buy U.S. solar panel maker SolarWorld Americas, expanding its domestic manufacturing as it seeks to stem the impact of Trump administration tariffs on panel imports.

The White House cheered the deal, saying it was proof that Trump’s trade policies were stimulating U.S. investment.

Terms of the transaction were not disclosed.

The news sent SunPower’s shares up 12 percent on the Nasdaq to their highest level since before President Donald Trump imposed 30 percent tariffs on imported solar panels in January.

“The time is right for SunPower to invest in U.S. manufacturing,” chief executive Tom Werner said in a statement.

SunPower is based in San Jose, California, but most of its manufacturing is in the Philippines and Mexico. The company had lobbied heavily against the solar trade case brought last year by U.S. manufacturers, including SolarWorld, which said they could not compete with a flood of cheap imports.

‘This is great news’

The deal is a win for the Trump administration’s efforts to revive U.S. solar manufacturing through the tariffs. SunPower will manufacture its cheaper “P-series” panels, which more directly compete with Chinese products, at the SolarWorld factory in Hillsboro, Oregon, it said. It will also make SolarWorld’s legacy products.

“This is great news for the hundreds of Americans working at SolarWorld’s factory in Oregon and is further proof that the president’s trade policies are bringing investment back to the United States,” White House deputy press secretary Lindsay Walters said in an emailed statement.

The announcement comes as SunPower is seeking an exemption from tariffs on its higher-priced, more efficient panels manufactured overseas. It has argued to the U.S. trade representative, which will make a decision on exemptions in the coming weeks, that those products should be excluded because there is no U.S. competitor that makes a similar product.

In a note to clients, Baird analyst Ben Kallo said the SolarWorld deal would enable the company to compete against Chinese imports should SunPower’s products not receive an exemption. But he added that skeptics “may question the company’s ability to generate profits with U.S. manufacturing.”

Capital injection

The deal will inject much-needed capital into SolarWorld’s long-suffering manufacturing plant and give it the support of a major market player. SunPower is one of the largest solar companies in the world and is majority owned by France’s deep-pocketed oil giant Total SA.

The U.S. arm of Germany’s SolarWorld AG opened the Hillsboro factory in 2008 as it sought to capitalize on surging solar demand in the United States. But its start coincided with a dramatic increase in the production of cheaper solar products in Asia, and SolarWorld struggled to compete.

Twice, in 2012 and 2014, trade cases brought by SolarWorld prompted the U.S. Commerce Department to slap import duties on solar products from China and Taiwan. Yet prices on solar panels continued their free fall, and in 2017, the company joined rival Suniva in asking for new tariffs.

SolarWorld called the outcome “ideal” for its hundreds of employees in Hillsboro.

Suniva’s future in doubt

During the trade case and after the tariffs were announced, the solar  industry’s trade group, the Solar Energy Industries Association, argued that the tariffs would not be enough to keep SolarWorld and Suniva afloat.

Indeed, Suniva’s future remains uncertain after a U.S. bankruptcy court judge this week granted a request by its biggest creditor that will allow it to sell a portion of the company’s solar manufacturing equipment through a public

auction.
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SunPower Buys US Rival SolarWorld to Head Off Trump Tariffs

SunPower Corp. on Wednesday said it would buy U.S. solar panel maker SolarWorld Americas, expanding its domestic manufacturing as it seeks to stem the impact of Trump administration tariffs on panel imports.

The White House cheered the deal, saying it was proof that Trump’s trade policies were stimulating U.S. investment.

Terms of the transaction were not disclosed.

The news sent SunPower’s shares up 12 percent on the Nasdaq to their highest level since before President Donald Trump imposed 30 percent tariffs on imported solar panels in January.

“The time is right for SunPower to invest in U.S. manufacturing,” chief executive Tom Werner said in a statement.

SunPower is based in San Jose, California, but most of its manufacturing is in the Philippines and Mexico. The company had lobbied heavily against the solar trade case brought last year by U.S. manufacturers, including SolarWorld, which said they could not compete with a flood of cheap imports.

‘This is great news’

The deal is a win for the Trump administration’s efforts to revive U.S. solar manufacturing through the tariffs. SunPower will manufacture its cheaper “P-series” panels, which more directly compete with Chinese products, at the SolarWorld factory in Hillsboro, Oregon, it said. It will also make SolarWorld’s legacy products.

“This is great news for the hundreds of Americans working at SolarWorld’s factory in Oregon and is further proof that the president’s trade policies are bringing investment back to the United States,” White House deputy press secretary Lindsay Walters said in an emailed statement.

The announcement comes as SunPower is seeking an exemption from tariffs on its higher-priced, more efficient panels manufactured overseas. It has argued to the U.S. trade representative, which will make a decision on exemptions in the coming weeks, that those products should be excluded because there is no U.S. competitor that makes a similar product.

In a note to clients, Baird analyst Ben Kallo said the SolarWorld deal would enable the company to compete against Chinese imports should SunPower’s products not receive an exemption. But he added that skeptics “may question the company’s ability to generate profits with U.S. manufacturing.”

Capital injection

The deal will inject much-needed capital into SolarWorld’s long-suffering manufacturing plant and give it the support of a major market player. SunPower is one of the largest solar companies in the world and is majority owned by France’s deep-pocketed oil giant Total SA.

The U.S. arm of Germany’s SolarWorld AG opened the Hillsboro factory in 2008 as it sought to capitalize on surging solar demand in the United States. But its start coincided with a dramatic increase in the production of cheaper solar products in Asia, and SolarWorld struggled to compete.

Twice, in 2012 and 2014, trade cases brought by SolarWorld prompted the U.S. Commerce Department to slap import duties on solar products from China and Taiwan. Yet prices on solar panels continued their free fall, and in 2017, the company joined rival Suniva in asking for new tariffs.

SolarWorld called the outcome “ideal” for its hundreds of employees in Hillsboro.

Suniva’s future in doubt

During the trade case and after the tariffs were announced, the solar  industry’s trade group, the Solar Energy Industries Association, argued that the tariffs would not be enough to keep SolarWorld and Suniva afloat.

Indeed, Suniva’s future remains uncertain after a U.S. bankruptcy court judge this week granted a request by its biggest creditor that will allow it to sell a portion of the company’s solar manufacturing equipment through a public

auction.
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US Manufacturers Seek Relief From Steel, Aluminum Tariffs

President Donald Trump’s tariffs on imported aluminum and steel are disrupting business for hundreds of American companies that buy those metals, and many are pressing for relief.

Nearly 2,200 companies are asking the Commerce Department to exempt them from the 25 percent steel tariff, and more than 200 other companies are asking to be spared the 10 percent aluminum tariff.

Other companies are weighing their options. Jody Fledderman, chief executive of Batesville Tool & Die in Indiana, said American steelmakers have already raised their prices since Trump’s tariffs were announced last month. Fledderman said he might have to shift production to a plant in Mexico, where he can buy cheaper steel.

A group of small- and medium-size manufacturers are gathering in Washington to announce a coalition to fight the steel tariff.
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US Manufacturers Seek Relief From Steel, Aluminum Tariffs

President Donald Trump’s tariffs on imported aluminum and steel are disrupting business for hundreds of American companies that buy those metals, and many are pressing for relief.

Nearly 2,200 companies are asking the Commerce Department to exempt them from the 25 percent steel tariff, and more than 200 other companies are asking to be spared the 10 percent aluminum tariff.

Other companies are weighing their options. Jody Fledderman, chief executive of Batesville Tool & Die in Indiana, said American steelmakers have already raised their prices since Trump’s tariffs were announced last month. Fledderman said he might have to shift production to a plant in Mexico, where he can buy cheaper steel.

A group of small- and medium-size manufacturers are gathering in Washington to announce a coalition to fight the steel tariff.
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Zuckerberg Under Pressure to Face EU Lawmakers Over Data Scandal

Facebook Inc’s Chief Executive Mark Zuckerberg came under pressure from EU lawmakers on Wednesday to come to Europe and shed light on the data breach involving Cambridge Analytica that affected nearly three million Europeans.

The world’s largest social network is under fire worldwide after information about nearly 87 million users wrongly ended up in the hands of the British political consultancy, a firm hired by Donald Trump for his 2016 U.S. presidential election campaign.

European Parliament President Antonio Tajani last week repeated his request to Zuckerberg to appear before the assembly, saying that sending a junior executive would not suffice.

EU Justice Commissioner Vera Jourova, who recently spoke to Facebook Chief Operating Officer Sheryl Sandberg, said Zuckerberg should heed the lawmakers’ call.

“This case is too important to treat as business as usual,” Jourova told an assembly of lawmakers.

“I advised Sheryl Sandberg that Zuckerberg should accept the invitation from the European Parliament. (EU digital chief Andrius) Ansip refers to the invitation as a measure of rebuilding trust,” she said.

Facebook did not respond to a request for comment. Zuckerberg fielded 10 hours of questions over two days from nearly 100 U.S. lawmakers last week and emerged largely unscathed. He will meet Ansip in San Francisco on Tuesday.

Another European lawmaker Sophia in’t Veld echoed the call from her colleagues, saying that the Facebook CEO should do them the same courtesy.

“I think Zuckerberg would be well advised to appear at the Parliament out of respect for Europeans,” she said.

Lawmaker Viviane Reding, the architect of the EU’s landmark privacy law which will come into effect on May 25, giving Europeans more control over their online data, said the right laws would bring back trust among users.

 
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