Stocks climb as Trump says a trade deal is ‘close’

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Stocks climb as Trump says a trade deal is ‘close’

Nov 23. 2019
By Syndication Washington Post, Bloomberg · Vildana Hajric313 Viewed

U.S. equities edged higher after President Donald Trump said he was “very close” to a trade pact with China even as he warned that Beijing wanted a deal more than he did.

Automakers, an industry particularly sensitive to trade, led advances after Trump’s comments in an interview on Fox News. Bitcoin tumbled to a six-month low and the dollar gained. Oil fell and Treasury yields held steady. The S&P 500 index posted a small weekly loss, its first since early October.

It’s been a mixed picture on the trade front this week, suppressing volatility and keeping stocks in a tight range within 1% of a record high. Chinese Vice Premier Liu He has invited Robert Lighthizer to Beijing for further talks later this month, according to people familiar with the matter, and Washington will likely postpone new tariffs scheduled for December even if there’s no deal by then, the South China Morning Post reported. However, Trump may soon sign a bill supporting Hong Kong’s protesters, a move likely to anger China. He declined to reveal plans when asked Friday.

“Stocks’ short-term direction is still all about trade,” said Alec Young, managing director of global markets research at FTSE Russell. “Given precious little substance of late on that front, it’s no surprise stocks are stuck in a tight trading range with volatility at multi month lows.”

Elsewhere, European stocks advanced. The pound fell — boosting U.K. equities — following a gloomy reading of company sentiment. Government bonds in Europe rose as a measure of services in the euro area disappointed.

Japanese shares steadied after three days of declines, while stocks climbed in Australia and Hong Kong, and slipped in China.

These are the main moves in markets:

Stocks

–The S&P 500 index rose 0.2% at the close of trading in New York; it lost 0.3% for the week.

–The Stoxx Europe 600 index climbed 0.4%.

–The U.K.’s FTSE 100 index surged 1.2%.

–The MSCI Asia Pacific index increased 0.2%.

Currencies

–The Bloomberg Dollar Spot index rose 0.2%.

–The euro fell 0.3% to $1.1021.

–The British pound decreased 0.6% to $1.2835.

–The Japanese yen was little changed at 108.63 per dollar.

Bonds

–The yield on 10-year Treasuries was little changed at 1.77%.

–Germany’s 10-year yield fell three basis points to -0.36%.

–Britain’s 10-year yield decreased five basis points to 0.7%.

Commodities

–West Texas Intermediate crude fell 1.1% to $57.91 a barrel.

–Gold slipped 0.1% to $1,463.04 an ounce.

Lagarde calls for government help in first major ECB speech

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Lagarde calls for government help in first major ECB speech

Nov 23. 2019
By Syndication Washington Post, Bloomberg · Piotr Skolimowski, Jana Randow, Yuko Takeo ·947 Viewed

European Central Bank President Christine Lagarde called for a new policy mix, saying public investment should be stepped up to ease the burden on monetary stimulus and ensure the region can thrive in an uncertain world.

In her first major speech, three weeks into the job, the new ECB chief said her institution will continue to support the euro-zone economy. But she also said fiscal policy is a key element for overcoming the two main challenges facing the bloc: the changing nature of global trade, and declining domestic growth. Minutes after she finished, fresh data showed the current slowdown worsening.

“Twin external and domestic challenges call on us to consider — as Europeans — how we should respond to the new environment,” Lagarde said at a banking conference in Frankfurt. “The answer lies in converting the world’s second-largest economy into one that is open to the world but confident in itself — an economy that makes full use of Europe’s potential to unleash higher rates of domestic demand and long-term growth.”

The size of the challenge was highlighted by purchasing managers indexes published Friday, which showed the economy unexpectedly weakened this month, with a downturn in services activity. That suggests a slump in manufacturing, especially in Germany, is starting to spread to other sectors. That kind of data, which drove the euro lower, is something Lagarde will need to address at her first policy meeting on Dec. 12.

“It is remarkable that she spoke only about responding to ‘future risks,’ even though in our view there is a problem with low inflation and below-potential growth right now,” said Greg Fuzesi, an economist at JPMorgan. “Clearly, the wait for more clarity about the ECB’s thinking goes on.”

Lagarde is picking up where her predecessor Mario Draghi left off. In his final speech, he called for euro-zone fiscal support so that monetary policy isn’t “the only game in town” — a phrase that the new president also used. With her remarks, the Frenchwoman is building on an idea she expressed in Berlin earlier this month, when she urged Europe to overcome its self-doubt and show strength and resolve instead.

“We have a unique possibility to respond to a changing and challenging world by investing in our future,” she said. “All of this would be a game changer, not just for our own stability and prosperity, but for that of the global economy, too.”

Lagarde also said she’ll announce a strategy review of the central bank “in the near future.” That’s a step that may help to heal the divisions that opened up among policy makers after Draghi drove through another stimulus package in his final weeks. She already started building bridges earlier this month by taking the 25-member Governing Council on a retreat to a luxury hotel to discuss their decision-making processes and communication.

After years of unprecedented stimulus — negative interest rates, large-scale asset purchases, and long-term loans to banks — fears are growing over consequences such as rising real-estate prices and excessive risk-taking by investors in search of higher yields.

The ECB noted its own concerns in its Financial Stability Review this week, and the account of Draghi’s final policy meeting, also published this week, included a plea to allow current stimulus to show its potency. Lagarde said the ECB will “continuously monitor the side effects” of its policies.

Above all though, her speech, peppered with quotes from T.S. Eliot and Saint Francis of Assisi, was a call for European leaders to think bigger. She said they’ve been slow to capitalize on the digital age, with the result that productivity growth has slowed, and have been hindered from completing the economic and monetary union because of too much attention to risk reduction.

“Completing EMU is about finding the right trade-off: enough protection against moral hazard to discourage under-saving, but enough mutual insurance to prevent over-saving,” she said. “In this way, we could tap into new sources of growth that would otherwise be suppressed. And, in the spirit of this conference, that would truly represent a ‘new approach’ for Europe.”

U.S. consumer sentiment rises to four-month high on outlook

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U.S. consumer sentiment rises to four-month high on outlook

Nov 23. 2019
A pedestrian carries a Nike shopping bag in San Francisco on March 11, 2019. MUST CREDIT: Bloomberg photo by David Paul Morris.
Photo by: David Paul Morris — Bloomberg

A pedestrian carries a Nike shopping bag in San Francisco on March 11, 2019. MUST CREDIT: Bloomberg photo by David Paul Morris. Photo by: David Paul Morris — Bloomberg
By Syndication Washington Post, Bloomberg · William Edwards

763 Viewed

U.S. consumer sentiment extended gains in mid-November as Americans’ economic outlook improved against a backdrop of solid hiring, record stock prices and the prospect of a trade truce with China.

The University of Michigan’s final sentiment index advanced to 96.8 in November from 95.5 in October, data showed Friday. It was also above both the preliminary reading and median analyst estimate of 95.7. The gauge of current conditions decreased to 111.6 while the expectations index climbed to 87.3, and both were higher than in the initial report.

The upbeat reading, marking the longest streak in sentiment gains since early 2017, signals consumers will continue to drive the longest economic expansion in U.S. history as the holiday shopping season begins.

The measure of Americans’ expectations for inflation five to 10 years out rebounded to 2.5% from a reading that matched a record low. That may give some comfort to Federal Reserve officials, after some policy makers flagged concerns about low inflation expectations in supporting a third straight interest-rate cut last month, according to minutes of their meeting.

Americans’ optimism is being supported by record stock values and a still-solid job market as well as lower interest rates following the Federal Reserve’s third straight reduction in borrowing costs. The Trump administration and Chinese officials are in the process of negotiating an initial trade accord, though it could still fall through.

While Americans’ sentiment remains sharply divided among partisan lines, the data suggested that the start of impeachment proceedings against Republican President Donald Trump is seeping into views: The index rose to a three- month high among Democratic respondents and slumped to a three-month low among Republicans. Still, just 2% of respondents made spontaneous references to impeachment.

“Personal spending will be energized by record favorable evaluations by consumers of their personal financial situation,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement. “Nonetheless, there is little point in dismissing the significant risks from potential negative shocks, associated with tariffs, impeachment, global growth, or geopolitical events.”

Consumer expectations for inflation over the coming year were unchanged from the prior month at 2.5%.

A measure of buying conditions for household durable goods dipped less than initially reported, while lower mortgage rates have helped boost home-buying attitudes.

Fifty-four percent of households said their finances had recently improved, not far from the record high of 57%.

The report reflects surveys from Oct. 22 to Nov. 18. The preliminary report’s cutoff was Nov. 6.

U.S. stocks hit record highs this week. Analysts call it a ‘nervous’ rally

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U.S. stocks hit record highs this week. Analysts call it a ‘nervous’ rally

Nov 22. 2019
Photo by: The Washington Post — The Washington Post

Photo by: The Washington Post — The Washington Post
By The Washington Post · Heather Long

726 Viewed

The U.S. stock market hit record highs this week as a stunning surge of optimism has flooded Wall Street and fears of an imminent recession have all but disappeared.

The market “melt up” is driven by three main factors: Belief that the trade war has peaked, belief there won’t be a U.S. – or global – recession in 2020, and belief that the Federal Reserve has the market’s back. Investors are making a bet that corporate profits will be a bit better next year than this year. They see a future where American consumers keep spending and businesses start investing again as the economy stabilizes and President Trump hits pause on any more tariffs.

The three main stock indexes hit their peaks early in the week, retreated slightly, but regained momentum Friday morning. The stock market is effectively at its highest level in U.S. history, a phenomenon that the White House has openly cheered.

“I am of the opinion that neither the U.S., nor the global, economy are facing a recession through the end of 2020,” said Ed Yardeni, head of Yardeni Research. “The market rightly anticipates Trump wants another term as president and he’s got enough going on with impeachment issues that he wants to put trade on the back burner for awhile.”

But there are a lot of “ifs” in the bullish scenario for next year, especially around trade, which is why markets has already pulled back slightly from its highs. This remains a tip-toe higher market, many analysts say. They point out that while the Dow Jones industrial average is up nearly 20% this year, it is only about 4% higher than it was on October 3, 2018, an indication of the hesitancy that remains among investors.

“It’s a nervous market,” said Howard Silverblatt, senior analyst at S&P Dow Jones Indices. “Everyone is talking a great ball game, but when you come down to it, everyone has their finger just over the sell button. You are one tweet away from concern.”

Goldman Sachs sent a note to clients on November 3 declaring that “tariffs have peaked” and Trump was unlikely to implement any more taxes on China. In a sign of how quickly momentum can shift, the prominent investment bank sent another note on November 19 saying risks of a tariff increase have risen again.

Trump largely credits himself for the recent record highs. The stock market is “through the roof” since election day, he said as cameras recorded his cabinet meeting Tuesday. “That’s something nobody would have thought possible.” Trump adviser Peter Navarro has predicted that the Dow, which broke 28,000 for the first time on Friday, will soon surpass 30,000.

Most market analysts praise the Fed, not Trump, for the rebound in the stock market this year. The Fed has cut interest rates three times, a move that is likely to stimulate the economy well into next year. The housing market is already showing signs of an uptick.

“I believe the stock rally is justifiable because of what Fed Chair Jay Powell said a few weeks ago when he made it clear there is a high bar for raising rates,” said Kristina Hooper, chief global market strategist at Invesco. “This is an environment in which monetary policy is going to be an important support for equities.”

Stocks rallied after Trump enacted the largest corporate tax cut in U.S. history, but his trade war has caused business investment to contract for the past two quarters, a drag on the economy and an indication of how concerned business leaders are. In a new report out this week, researchers at the Federal Reserve Bank of Dallas found that policy uncertainty triggered most of the downturns in the stock market since Trump took office.

“In the absence of such uncertainty, the Standard & Poor’s’ 500 Index would have been about 12% higher over the past two years,” wrote Pavel Kapinos and Alex Musatov from the Dallas Fed.

Photo by: The Washington Post — The Washington Post

Photo by: The Washington Post — The Washington Post

What’s changed in recent weeks is that experts see less risk of a recession — or near-recession – in 2020. Few outside the White House are predicting an economic surge, but the growing consensus is that the economy will continue to chug along at around 2% growth, enough to keep profits healthy and jobs fairly plentiful.

Yardeni and his research team describe it like this: Corporate revenues were flying high at 9% last year as economic growth ticked up in the wake of the big tax cuts. This year revenues for S&P 500 companies are widely expected to fall under 4%, a weak year but not the bloodbath some feared over the summer. The prediction for next year is revenue growth over 5% — a slight pickup and part of the reason the market has been rallying.

There are a number of factors playing into the market momentum. Historically, the stock market has risen by more than 10% in the six months following the Fed’s first rate cut, said Sam Stovall, chief investment strategist at CFRA Research. The third and fourth years of a president’s term have also had strong market performance, according to Bespoke Research.

A number of key economic indicators have also come in better-than-expected: Businesses in most industries continue to add jobs, consumers keep spending, and even the manufacturing slump appears to be plateauing instead of getting worse. The yield curve, which flashed a major warning sign in August when it inverted, is now back to a normal shape.

Corporate earnings have also outperformed with 75% beating expectations, according to the latest data from S&P Dow Jones Indices. But long-time market analyst Silverblatt remains cautious. He has been pointing out to readers of his popular market emails that most companies cut their earnings expectations a lot this year. They are beating this much lower bar, not the initial bar they set heading into 2019.

Despite the fresh market highs, many investors continue to take money out of stocks and pour it into ultra-conservative money market funds, another sign of unease. In a new report out this week, Morningstar said investors have removed more than $36 billion from U.S. equity funds so far this year, including pulling nearly $15 billion out in October alone. In contrast, money market funds are sitting on the largest pile of cash in a decade.

There’s growing belief the markets and the economy are unlikely to tank in 2020, but debate remains over how much upside is left in a bull market that has been running for more than a decade.

GDP growth target for 2020 set at 2.7 to 3.7 per cent

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GDP growth target for 2020 set at 2.7 to 3.7 per cent

Nov 22. 2019
Kobsak Pootrakool

Kobsak Pootrakool
By THE NATION

1,302 Viewed

The Council of the Economic Ministers on Friday (November 22) approved the government’s economic target of 2.7 per cent to 3.7 per cent gross domestic product (GDP) growth next year.

Kobsak Pootrakool, deputy secretary-general to the prime minister for political affairs, said the government also targeted budget disbursement of 92.3 per cent of total budget next year in order to achieve the 2020 GDP growth target.

The council also set export growth target of at least 3 per cent next year and total 41.8 million tourist arrivals. It also aims for private local and foreign investment of at least Bt3.3 trillion next year.

The council urged all state agencies to accelerate budget disbursement of Bt110 billion in this quarter.

The meeting was also briefed on projects faced with slow disbursement, including the the Thai-China high-speed train project.

Royal Academy of Cambodia research centre inaugurated

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Royal Academy of Cambodia research centre inaugurated

Nov 23. 2019
The Royal Academy of Cambodia’s new building has three floors with 24 rooms – an administration room, a meeting room, a room for thesis defence, 18 classrooms, two laboratories, and a conference hall. HUN SEN’S FACEBOOK PAGE

The Royal Academy of Cambodia’s new building has three floors with 24 rooms – an administration room, a meeting room, a room for thesis defence, 18 classrooms, two laboratories, and a conference hall. HUN SEN’S FACEBOOK PAGE
By Ry Sochan
The Phnom Penh Post

124 Viewed

The Royal Academy of Cambodia on Thursday inaugurated its new building which will primarily serve as a research centre and centre for foreign language translation and interpretation.

Prime Minister Hun Sen who presided over the inauguration ceremony said from now on, the Royal Academy of Cambodia will be using the “Indra Devi” building for teaching along with a new building called “Khemarak Pitu”.

“In the future, we plan to gather all intellectuals and foreign language experts to translate authorised documents deemed valuable to the country.

“We think that if those documents are [translated] in Khmer, researchers and students will have an easier time understanding the texts,” said the president of Royal Academy of Cambodia Sok Touch.

Touch said the building would also be used for workshops, conferences, and other round-table discussions to talk about prevailing issues in the social, political, economic, and technological realms.

“In short, this building will serve as a place for researchers specialising in the natural and social sciences to come up with research plans that would contribute to social development.”

He said in the 20 years since its establishment, the Royal Academy of Cambodia had completed many types of research and had collaborated with numerous international educational institutions from around the world.

Hun Sen advised the academy to align its researches to the current social and economic climate and to only expend resources for the things that benefit the academy.

“It doesn’t mean that once you send the research document to me, I will forward it to government institutions to apply it,” Hun Sen clarified.

The prime minister agreed to provide the Royal Academy with a $200,000 laboratory equipped with materials used for plant breeding. He also approved Touch’s request to start offering a tourism course at the Royal Academy of Cambodia.

Touch said the building has three floors with 24 rooms – an administration room, a meeting room, a room for thesis defence, 18 classrooms, two laboratories, and a conference hall. The total expense for the building was over $1.5 million.

Amazon’s formal challenge to massive Pentagon award uses videos that mark potential influence exerte

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Amazon’s formal challenge to massive Pentagon award uses videos that mark potential influence exerte

Nov 23. 2019
For the first time, Amazon directly linked comments by the president to the award of the Joint Enterprise Defense Infrastructure (JEDI) contract to Microsoft last month.

For the first time, Amazon directly linked comments by the president to the award of the Joint Enterprise Defense Infrastructure (JEDI) contract to Microsoft last month.
By The Washington Post · Jay Greene, Aaron Gregg

155 Viewed

WASHINGTON – Amazon on Friday cited comments by President Donald Trump at a rally and to journalists as it pursues its challenge tothe Pentagon’s surprise decision to award a lucrative contract to rival Microsoft last month.

For the first time, Amazon directly linked comments by the president to the award of the Joint Enterprise Defense Infrastructure (JEDI) contract to Microsoft last month. Though Amazon filed its protest under seal, it also notified the Court of Federal Claims that it intends to use four videos as exhibits, including one of Trump at a February 2016 campaign rally, as well as a Fox News host urging him to prevent the Pentagon from awarding the contract to the online retail giant.

The e-commerce giant formally filed a protest with the Court of Federal Claims to protest the award of the cloud-computing contract, following through on a threat it made last week. It did so under seal to protect trade secrets.

In a statement, the e-commerce giant repeated its claims that “unmistakable bias” and “political influence” tainted the decision-making process. Trump has repeatedly criticized Amazon, whose chief executive, Jeff Bezos, owns The Washington Post.

Amazon also repeated its suggestion that the award of the JEDI contract to Microsoft was improperly influenced by President Donald Trump.

“We also believe it’s critical for our country that the government and its elected leaders administer procurements objectively and in a manner that is free from political influence,” Amazon spokesman Drew Herdener reiterated, issuing the same statement he gave a week ago. “Numerous aspects of the JEDI evaluation process contained clear deficiencies, errors, and unmistakable bias- and it’s important that these matters be examined and rectified.”

The JEDI contract could be worth up to $10 billion over 10 years. Amazon, which pioneered the commercial cloud-computing market business and dominates it with a 48 percent market share, according to market-research firm Gartner, had been seen as the most likely winner. It said it would protest after Microsoft, which holds a 15.5 percent share of the market, got the contract.

Microsoft also filed to intervene in the protest, giving it an opportunity to participate in the case.

Don’t eat romaine lettuce from California’s Salinas Valley, CDC warns

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Don’t eat romaine lettuce from California’s Salinas Valley, CDC warns

Nov 23. 2019
By The Washington Post

187 Viewed

Federal health and regulatory officials warned consumers Friday not to eat romaine lettuce of any kind harvested from the Salinas Valley, one of California’s major agricultural regions, because it may be contaminated with a particularly dangerous type of E. coli bacteria that has sickened 40 people in 16 states.

The Centers for Disease Control and Prevention and the Food and Drug Administration told consumers to throw away any romaine lettuce they may already have purchased. Restaurants should not serve it, stores should not sell it, and people should not buy it, if it was harvested from Salinas, a growing area in Northern California. It doesn’t matter if it is chopped, whole head, precut or part of a mix.

Most romaine lettuce products are now labeled with a harvest location showing where they were grown. Officials said to throw out lettuce if it doesn’t have a label specifying where it’s from.

“We are concerned about the potential for contaminated lettuce on store shelves and in people’s refrigerators,” said Robert Tauxe, director of CDC’s Division of Foodborne, Waterborne, and Environmental Diseases. “Heading into the Thanksgiving holiday, it is critically important to avoid buying or eating romaine lettuce from the Salinas growing area so you can protect yourself and your family.”

No deaths have been reported in this E. coli outbreak, but the strain is the same one that caused outbreaks linked to leafy greens and romaine lettuce in the last two years. Just two days before Thanksgiving last year, CDC issued an unusually broad alert, warning consumers to avoid eating romaine lettuce of any kind in response to an outbreak.

Of those who have been sickened in this outbreak by E. coli O157: H7, 28 people have been hospitalized, including five who have developed a type of kidney failure. This E. coli strain produces a Shiga toxin that can enter a person’s bloodstream and wreak havoc on kidney function. Symptoms of infection include vomiting, painful cramps and diarrhea that is often bloody.

The largest number of cases reported so far has been in Wisconsin, with 10 cases. Other cases have been reported in Arizona, California, Colorado, Idaho, Illinois, Maryland, Michigan, Minnesota, Montana, New Jersey, New Mexico, Ohio, Pennsylvania, Virginia, and Washington.

FDA and states are tracing the source of the romaine lettuce eaten by the ill consumers. No common grower, supplier, distributor, or brand of romaine lettuce has been identified.

The Maryland Department of Health identified E. coli O157: H7 in romaine lettuce from an unopened package of Ready Pac Foods Bistro Chicken Caesar salad collected from a sick person’s home in Maryland. Ill people in Maryland also reported eating Ready Pac Foods Bistro Chicken Caesar salad, which contained romaine from Salinas. To date, sickened consumers in other states have not reported eating this particular salad.

Laboratory evidence and interviews with the sickened consumers indicate that romaine lettuce from the Salinas region may be contaminated with this strain. Whole genome sequencing shows the strain in romaine lettuce tested by the Maryland Health Department is closely related genetically to the E. coli found in sick people. That lettuce was harvested from the Salinas growing region.

The U.S. Department of Agriculture has a list of 35 recalled products. They were sold under different brand names and “use by” dates from Oct. 29, 2019 to Nov. 1, 2019. Brands include Bonduelle Chef Salad, Marketside Bistro, Signature Cafe and Signature Farms. On Thursday, Missa Bay LLC recalled salad products due to possible E. coli contamination.

At this time, there is no recommendation for consumers or retailers to avoid using or selling romaine harvested from places other than Salinas, or labeled as indoor, or hydroponically- or greenhouse-grown, FDA officials said.

Convenience salads, from tubs of prewashed baby spinach to bags of chopped romaine, are regularly implicated in foodborne illness outbreaks. Last year, an outbreak that began in March from chopped, bagged, as well as whole heads of romaine was the largest E. coli outbreak in more than a decade, killing five people and sickening more than 200 others in three dozen states.

Food safety experts have said those convenience greens carry an extra risk because they come in contact with more people and machinery before they arrive on your plate. Contamination can occur on the farm from birds flying overhead or when low-lying fields flood with contaminated water. E. coli can also be spread by farmworkers who don’t wash their hands or via farm equipment that has manure on it.

Once the greens are picked, they move to a packaging plant, where they’re exposed to more workers and more equipment. Products from multiple farms is often bagged in the same facility, which further increases the odds of cross-contamination.

U.S. judge orders Iran to pay $180 million in damages to detained Washington Post journalist Jason R

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U.S. judge orders Iran to pay $180 million in damages to detained Washington Post journalist Jason R

Nov 23. 2019
ason Rezaian. MUST CREDIT: Photo for The Washington Post by Kristoffer Tripplaar
Photo by: Kristoffer Tripplaar — For The Washington Post

ason Rezaian. MUST CREDIT: Photo for The Washington Post by Kristoffer Tripplaar Photo by: Kristoffer Tripplaar — For The Washington Post
By The Washington Post · Spencer S. Hsu, Carol Morello

187 Viewed

WASHINGTON – A federal judge on Friday ordered the Iranian government to pay Washington Post journalist Jason Rezaian and his family $180 million in damages for his 18-month detention during U.S.-Iran nuclear talks in 2014, saying it was needed to deter future taking of American hostages.

Rezaian, then The Post’s Tehran-based correspondent, and his newlywed wife were seized July 22, 2014; placed separately in solitary confinement; and threatened with execution, physical mutilation and dismemberment, his family testified earlier this year. He spent 544 days in custody. His wife was released after two months.

U.S. District Judge Richard Leon of Washington entered a default judgment against Iran, which did not answer the lawsuit, following a two-day hearing in January.

Leon granted Rezaian $23.8 million in compensatory damages for pain, suffering and economic losses; his brother Ali $2.7 million and their mother, Mary, $3.1 million for similar claims; and the family $150 million in punitive damages.

“Holding a man hostage and torturing him to gain leverage in negotiations with the United States is outrageous, deserving of punishment, and surely in need of deterrence,” Leon wrote in a 30-page opinion.

Rezaian was released with three other Americans in a prisoner swap completed Jan. 16, 2016, the day the nuclear pact was implemented. In exchange, seven Iranians charged or imprisoned on sanctions violations won U.S. grants of clemency. Rezaian’s wife, Yeganeh Rezaian, had been released separately and is not a plaintiff in the lawsuit.

Rezaian’s attorney David Bowker said the family had sought $44 million in compensatory damages and $1 billion in punitive damages to force Iranian authorities “to recalculate the costs and benefits” of using hostages and terrorism as tools of diplomatic leverage.

 

In his opinion, Leon cited as an “exacerbating factor” evidence showing that Iran held arrested, detained and tortured Rezaian “to increase its bargaining leverage in ongoing negotiations with the United States,” calling the need for deterring such conduct “critical.”

The ruling comes as U.S.-Iran relations have been on a recent downward spiral. After withdrawing last year from the landmark 2015 nuclear deal, the Trump administration has escalated devastating sanctions against Iran’s economy. The regime remains defiant, however, scaling back its commitments.

Tensions also have grown over shipping in the Persian Gulf, with Iran shooting down an drone and Washington blaming Tehran for missiles that struck oil facilities in Saudi Arabia.

On Friday, the Treasury Department added Iran’s information minister to its sanctions list, citing his role in cutting Internet access amid protests over the end of fuel subsidies. Secretary of State Mike Pompeo has urged protesters to send videos and photos documenting the crackdown. In a tweet, Pompeo vowed to “expose and sanction the abuses.”

At least five other U.S. citizens, some of them dual nationals, are currently detained in Iran. The United States believes the charges against them are baseless and considers them hostages. Iran has repeatedly suggested it seeks a prisoner swap for Iranians held in U.S. prisons, mostly for convictions related to breaking sanctions.

Rezaian was The Post’s correspondent in Tehran from 2012 to 2016 and is now a writer for its Global Opinions section.

“Our only focus at The Post has been on what was taken away from Jason, which was 544 days of his freedom,” Washington Post Executive Editor Martin Baron said in a statement. “His imprisonment and that of his wife Yeganeh were wholly unjustified, and his treatment in one of Iran’s worst prisons was horrifying. This legal action was taken solely by Jason and his family. We’ve seen our role as helping the Rezaians through their recovery. Our satisfaction comes from seeing them enjoy their freedom and a peaceful life.”

Trump opens up Camp David as an ‘adult playground’ to woo GOP lawmakers during impeachment

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Trump opens up Camp David as an ‘adult playground’ to woo GOP lawmakers during impeachment

Nov 23. 2019
By IMPEACH-ANALYSIS/The Washington Post · Seung Min Kim, Rachael Bade, Josh Dawsey

210 Viewed

WASHINGTON – President Donald Trump, partial to gold and marble elegance, never took a shine to rustic Camp David. So acting chief of staff Mick Mulvaney pitched him on an unusual idea at the start of the House impeachment inquiry: use the secluded mountainous presidential retreat to woo House Republicans.

Since then, Mulvaney and top White House officials have hosted weekend getaways for Republicans at the historic lodge, seeking to butter up Republicans before the big impeachment vote. The casual itinerary includes making s’mores over the campfire, going hiking, shooting clay pigeons and schmoozing with Trump officials, some of whom stay overnight with lawmakers.

During dinners, Trump has called in to compliment members personally.

“I’ve worked with a number of Republican presidents over various administrations . . . and I’ve never, ever been invited to Camp David,” said Rep. Ann Wagner, R-Mo. “It was amazing to go for the short weekend. So historic.”

The Camp David excursions are one prong of a broad White House charm offensive, meant to hold House and Senate Republicans in line through a House impeachment vote and a trial in the Senate that appears all but inevitable.

Never shy to feud with his own party, Trump has for weeks refrained from full-throated attacks against Republicans who have been even remotely critical of the conduct now under scrutiny by the House: The president’s attempts to pressure Ukraine to investigate former vice president Joe Biden and the Democratic National Committee.

 

The White House has made sure that a small clutch of Republican lawmakers have accompanied Trump to a trio of recent sporting events, whether at the Ultimate Fighting Championships in New York, the World Series in Washington or at the Alabama-Louisiana State University football game in Tuscaloosa, Alabama.

In recent weeks, the White House has also invited a group of GOP senators every Thursday to have lunch with the president, where the mealtime conversation rarely centers on impeachment but inevitably veers toward it, according to participants. Trump’s message to the senators echoes what he has said publicly against charges that he abused the powers of his office, and Republicans who’ve attended say they feel no overt pressure from the president to stay on his side.

“The president rightfully believes he has been targeted since the election, before he was even sworn in,” said Sen. Thom Tillis, R-N.C., who attended a White House-hosted lunch on Nov. 14. “As a human being, he also talks about the toll it takes, it would take on any family.”

The systematic courting may prove to be one pivotal factor if Republican lawmakers continue to ally behind Trump, who is almost certain to become the third U.S. president in history to become impeached by the House in the coming weeks. The idea, at least for the Camp David getaways, is to make Republicans feel as if they are part of Trump’s family – and make it more difficult for them to vote in favor of impeaching him.

The administration-wide effort to court Republicans was described by 20 lawmakers, administration officials, congressional aides and others familiar with the endeavor.

In all, Trump has met with or reached out personally to 100 GOP members of the House since the impeachment inquiry was launched, and 50 of the 53 Senate Republicans have attended a White House lunch – where chicken is often served – with the president. More than 40 House Republicans, from moderates to conservatives, have made the visit to Camp David at the invitation of Mulvaney and the legislative affairs team – who have invited groups of about 10 for overnight stays.

 

The wooing appears to be working, particularly the Camp David effort.

Multiple lawmakers who have visited the retreat – nearly 90 miles from Washington – have described the trips as “surreal” and “incredible,” according to a half dozen lawmakers and aides familiar with the outings An invitation is now considered “the envy of the conference,” according to one member who attended.

“It’s an impressive effort to engage at the member level,” said the GOP lawmaker, who like several others requested anonymity to speak candidly about the coveted invites. “My colleagues have been blown away by it. And by the way, notice Republicans are united on impeachment.”

When Mulvaney first pitched the idea of turning Camp David into a weekend retreat for lawmakers, Trump was surprised, officials said. The acting chief of staff has told GOP attendees that the president didn’t see the allure, asking: “Who would want to go there?”

But it’s clear plenty of House Republicans do. Lawmakers and their spouses are given a tour of the historic grounds once they arrive, attendees said. Many are in awe over the hot tub, golf course and, in particular, who had previously stayed there, as they flip through books containing names of foreign ministers, famous White House staffers and other dignitaries who have slept in the same beds, participants said.

The grounds also include an arcade, a bowling alley and a shooting range. Lawmakers are encouraged to go have fun. And since no phones are allowed on the premises, members have been letting loose – with one attendee likening it to an “adult playground.”

Mulvaney and Eric Ueland, the White House’s chief legislative liaison, have at times broached the subject of impeachment – but more as a discussion of process rather than a hard loyalty sell. The legislative affairs team also gives presentations about policy priorities like prescription drugs and trade.

Though not as elaborate, the Thursday lunches with Trump and GOP senators have a similarly open agenda that the president allows the lawmakers to largely dictate, according to attendees.

Topics vary widely, often on policy matters ranging from foreign affairs to trade to vaping to prescription drugs. The president and senators have also discussed his previous life as a businessman, his books and his first board game; Conan, the military canine who played a key role in the raid that killed Islamic State leader Abu Bakr al-Baghdadi; and parochial issues that Trump promises to fix, according to people who have attended the lunches.

Trump has regularly bragged to the senators about the power of his Twitter feed and his poll numbers.

 

The president also finds time for a personal touch. In one recent lunch, he personally thanked Sen. Jerry Moran, R-Kan., for his support, vaguely mentioning that he was one of seven, according to a person briefed on the encounter. It was unclear to those in attendance what Trump was referring to, although Moran was recently listed as one of seven GOP senators in a Daily Caller story who had explicitly ruled out impeaching the president or removing him from office.

Not much impeachment trial strategy is actually discussed, with most of the impeachment chatter from Trump focusing on the rough transcript of his July 25 call with Ukrainian leader Volodymr Zelensky and his proclamations that he did nothing improper.

“He just said over and over, ‘I didn’t do anything wrong,'” said Sen. Lindsey Graham, R-S.C., describing one lunch.

In one lunch, Sen. Kevin Cramer, R-N.D., asked Trump whether he would like to see a swift dismissal of a Senate trial, particularly if Republicans believe the Democrats’ case is fundamentally flawed, or whether he would like to see a lengthier proceeding that allows for more time to present his defense. Trump declined to take a position, deferring to the senators instead to determine that.

The light and friendly touch from Trump is not an accident.

After Trump called Sen. Mitt Romney, R-Utah, a “pompous ‘ass'” when the Utah senator criticized his conduct on Ukraine, Senate Majority Leader Mitch McConnell, R-Ky., at an Oct. 21 meeting at the White House, urged the president to lay off attacks against Republicans.

A Trump adviser says the president so far is not seeking to attack or directly pressure wary senators. At a recent donor event at Trump International Hotel in Washington, Trump made sure to call out and compliment senators such as Tillis, Steve Daines, R-Mont., and Lisa Murkowski, R-Alaska, whom Trump noted he “kind of” likes “but she really doesn’t like me.”

Trump expressed confidence in a meeting last week with advisers that Romney would not vote to convict him in a Senate impeachment trial, according to a person with knowledge of the meeting. Romney, who has taken up anti-vaping as a key cause in the Senate, was seated next to Trump Friday at a White House event on the issue.

“I don’t think he’s needing any reinforcement by these lunches,” Sen. Mike Braun, R-Ind., said.

Indeed, few if any Republicans have strayed from the party view that Trump’s pressure on Ukraine does not amount to impeachable conduct – both before and after the days of damaging testimony from a cavalcade of witnesses in front of the House intelligence panel this month.

At the Nov. 9 Alabama-LSU game, Rep. Robert Aderholt, R-Ala., said he listened as Trump spoke – again – about impeachment, expressing surprise while chatting with lawmakers in a luxury box at Bryant-Denny Stadium that Democrats were even moving forward with proceedings.

Trump, again, implored the Alabama and Louisiana Republicans in attendance to read the memorandum of the call with Zelensky. He also stressed that he is pleased Republicans have been united behind him so far.

“He had more impeachment on his mind,” Aderholt recalled, “than anything else.”