Category: Business

Trump Engaged in Dubious Tax Schemes & Outright Fraud

President Trump participated in “questionable” tax strategies in the 1990s that allowed him to accrue millions of dollars in additional wealth from his father’s real estate empire, The New York Times reported Tuesday. The newspaper reported that Trump and his siblings set up a “sham” corporation to help disguise otherwise taxable income that came from…

Trump Pulls Trigger on Trade War with China Tonight [VIDEO]

President Donald Trump is preparing to slap tariffs on Chinese goods early Friday, the first shot in a trade war between the world’s two biggest economies.  Tariffs on $34 billion of Chinese goods are scheduled to take effect at 12:01 a.m. in Washington.  Beijing has said retaliatory tariffs on U.S. goods ranging from soybeans to…

Trump Starts Trade War for the Hell of It

The Trump White House said it would move ahead with imposing tariffs on $50 billion of Chinese products, after previously declaring that the trade war was “on hold.” The U.S. tariffs will fall on 1,102 categories of Chinese goods, focusing on industrial sectors like aerospace, automobiles, industrial machinery, information technology and robotics, the administration said.…

Trump Ruins NAFTA Deal & Insults Allies and Competitors [VIDEO]

The Trump administration said on Thursday that it would impose steep tariffs on metals imported from its closest allies after proposing them earlier and the year and then using the threat as leverage during the NAFTA talks with Canada and Mexico.  The European Union, Canada and Mexico, which will face 25 percent tariffs on steel…

ABC cancels Roseanne Following Star’s Racist Tweet [VIDEO]

Actress Roseanne Barr apologized Tuesday for a tweet comparing Valerie Jarrett, a black former senior advisor to President Barack Obama, to an ape. “I apologize to Valerie Jarrett and to all Americans,” Barr wrote on Twitter. “I am truly sorry for making a bad joke about her politics and her looks. I should have known…

Blake Farenthold’s New Job Was Created Just for Him, How Special!

I spoke to a Victoria Advocate Reporter who confirmed that Blake Farenthold’s new job is a newly created position. The Port Director has not responded to questions about whether the position was advertised or whether there were any other applicants.  A Public Information Act request has been filed for contract details. For more: The Victoria Advocate

Trump Trade Positions Cause Whiplash

President Trump threatened to impose tariffs on as much as $150 billion worth of Chinese product, working up to what seemed to be a full-scale trade war with China.  the nation’s greatest economic adversary. Now, suddenly, Mr. Trump seems ready to make peace by lifting sanctions on a major Chinese telecommunications company, ZTE, which has…

Farenthold Goes Back to Congress

Former Congressman Blake  “Ducky  Pjs” Farenthold went right back to Washington DC Monday as the legislative liaison for the Port of Port Lavaca-Point Comfort, located in the district he represented until April 6 of this year.  Seems the Good Ol’ Boy Network felt sorry for him and found him a job, despite the fact that…

Employment Up, Wages Not So Much

The unemployment rate falls to 17-year low but, hourly wages still not rising as fast as the GOP promised when cutting taxes for the Corporate Overlords. While the economy generated 164,000 jobs in April, it still fell short of the 188,000 forecasted jobs.  According to Market Watch, the decline in the unemployment rate was due to a…

China Hits Back on Tariffs: Stops Buying U.S. Soybeans

It appears that China has skipped past a proposed high tariff on soybeans. According to Bunge, Ltd, the world’s largest oilseed processor, China is no longer buying soybeans from U.S. producers at all and has been meeting Chinese demand with supplies from mostly South America. Expect more news on this front as China is also targeting…

Unhinged Trump Sparks Potential Trade War with Tariff Comments

President Donald Trump invited a trade war after slapping tariffs on steel and aluminum imports, daring other countries to act on threats of retaliation. “When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,” Trump said in…

Tronc Agrees To Sell Los Angeles Times For $500 Million

Tronc has agreed to sell the Los Angeles Times and its sister publication, The San Diego Union-Tribune, for $500 million to billionaire physician and Tronc investor Patrick Soon-Shiong. A Californian, Soon-Shiong takes over during a turbulent period at the paper, “which has seen three editors in six months, its publisher placed on unpaid leave amid…

STOCKS PLUNGE – Painful Correction Hits World Markets

Stock markets around the world are falling, driven by fears coming out of the U.S. Major indexes in New York, Tokyo and London have suffered steep losses. And a key gauge of investors’ fear spiked to its highest level in more than two years. Analysts are trying to figure out if it’s a short-term correction…

Amazon Names Top 20 Finalists In Second Headquarters Race

Amazon named 20 finalists in the race to win its second headquarters Thursday, narrowing the pool of cities and states competing to secure an expected 50,000 jobs and $5 billion in investment. They are: Atlanta, GA Austin, TX Boston, MA Chicago, IL Columbus, OH Dallas, TX Denver, CO Indianapolis, IN Los Angeles, CA Miami, FL…

Bannon Loses Support of the Mercers & Trump Names Him ‘Sloppy Steve’

Trump came up with a new nickname for his former chief strategist. In the wake of Steve Bannon’s explosive and provocative comments in Michael Wolff’s new White House tell-all, Trump took to Twitter to label the Breitbart chief “Sloppy Steve.” Enthusiasm for Stephen K. Bannon’s plans for a fiery Republican revolution had already been fading…

Trump Boasts: I Have a Higher IQ Than Rex Tillerson

President Trump told Forbes in an interview published Tuesday that he and Secretary of State Rex Tillerson should compare IQ tests after Tillerson reportedly called his boss a “f–king moron.” “I think it’s fake news,” Trump said. “But if he did that, I guess we’ll have to compare IQ tests. And I can tell you…

John Oliver Talks Corporate Consolidation [VIDEO]

On Sunday’s Last Week Tonight John Oliver explains how big businesses are getting even bigger thanks to a rise in corporate mergers. “It’s true, ‘small businesses are the backbone of our economy’ is that rare thing that every politician agrees on,” along with “support the troops,”

Discovery Communications Is Buying Scripps Networks In $14.6 Billion Deal

Discovery Communications is acquiring Scripps Networks Interactive for $14.6 billion in a deal that is expected to boost the combined company’s negotiating leverage with pay TV operators at a time when more people watch video online, the companies said on Monday. The acquisition, which was completed last night, brings together Scripps’ largely female audience of…

Jeff Bezos Surpasses Bill Gates as World’s Richest Person

Amazon.com founder Jeff Bezos has surpassed Bill Gates to become the richest person in the world, Bloomberg News reported. A Thursday morning surge in Amazon’s share price pushed Bezos’ net worth to $90.9 billion, compared to $90.7 billion for Gates. The Microsoft founder had held the top spot on the Bloomberg Billionaire Index since May…

U.S. Treasury Fines Exxon $2M for Violating Russia Sanctions

The U.S. Treasury Department on Thursday said it’s fining Exxon Mobil Corp $2 million for showing “reckless disregard” for Russia sanctions, the Associated Press reported. Treasury said Exxon subsidiaries signed a deal with Igor Sechin, the chairman of a Russian oil giant, who is on a U.S. blacklist in May 2014. At the time, Secretary…

Google Fined $2.7 Billion in EU Antitrust Ruling

The European Commission slapped Google with a record $2.7 billion fine—2.4 billion euros—on Tuesday for favoring some of its own search results above those of its rivals. “What Google has done is illegal under EU antitrust rules,” Margrethe Vestager, the commission’s top antitrust official, said in a statement. “It denied other companies the chance to…

Amazon To Buy Whole Foods For $13.7 Billion

Amazon announced that it will buy upscale supermarket chain Whole Foods for $13.5 billion. Under the proposed deal, Amazon will pay $42 a share, a 27 percent premium to Thursday’s closing price. It will open the door to Amazon, which has been experimenting with food and grocery delivery, as well as billions of products from…

Ford Reportedly Ousting CEO Mark Fields

On Monday, Ford Motor will announced that CEO Mark Fields is retiring, to be replaced by Jim Hackett, the former chief executive of office-furniture company Steelcase Inc., people briefed on the switch tell The Associated Press and The New York Times. Fields, 56, is being pushed out after three years as chief executive and 28…

Trump Economist Interview: I Came Up With ‘Prime the Pump’

In a new interview with The Economist, President Trump claimed that he came up with the phrase “prime the pump” during a talk about his plan to overhaul the tax code. The common idiom is most-often understood to mean an increase in government expense in order to stimulate the economy or promote a specific improvement,…

Kushner Co. Backlash After Investment For Visas Event in China

Jared Kushner’s possible conflicts of interest picked up steam on Sunday, after the family business of President Trump’s son-in-law spent the weekend promoting an investment-for-visas scheme in Beijing and Shanghai. Nicole Kushner Meyer, Kushner’s sister, urged Chinese investors to put $500,000 into a New Jersey real-estate project in return for investor visas and residency in…

Jobs Report: 211,000 Jobs Added, Unemployment Rate Fell To 4.4%

In April, the U.S. economy added 211,000 jobs and the unemployment rate fell to a new post-crisis low of 4.4%. This is the lowest unemployment rate since May 2007. Wages, which are closely tracked by the Federal Reserve, rose 0.3% month-on-month, as expected. The the annual increase in wages, however, disappointed with wages up just…