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Monthly Archives: May 2017
Donald Trump’s budget: ‘2+2 = 7’ – CNN
Posted: May 23, 2017 at 11:20 pm
(CNN)President Donald Trump is in the middle of his 9-day foreign trip. But the big news here in Washington on Tuesday was the release of his budget blueprint -- the administration's wish list heading into the next fiscal year. It landed with a thud -- as Republicans largely avoided even talking about it and Democrats threw it in the trash. Literally. For some perspective on what's in the budget, what's not and whether it all matters, I reached out to the man who knows more about the budget than anyone: Qorvis MSL's Stan Collender. (Doubt me? Stan's Twitter handle is @thebudgetguy. I rest my case.) Our conversation, conducted via email and lightly edited for flow, is below.
Collender: This is not serious at all; it's just a Trump campaign document pretending to be a president's budget. Submitting a budget that is likely ... or even possibly ... going to be adopted and implemented by Congress apparently wasn't the administration's primary goal. Communicating to the ultra-hard right wing of the Republican Party -- the Trump base -- seems to be its only real purpose.
Cillizza: The early readout is that the budget is a win for the wealthy and a loss for the poor. Oversimplification? Why or why not?
Collender: Not an oversimplification at all. Big tax cuts for the wealthy combined with deep spending cuts for the poor and the middle class are the perfect way to describe this budget.
OMB Director Mick Mulvaney used different terms, of course, when talking about his opus, but there is no doubt what he was saying. If he and President Trump get their way, taxpayers (i.e. the wealthy and relatively wealthy) are no longer going to pay for things for non-taxpayers (i.e. the poor and working poor).
It's the Trump equivalent of "Let them eat cake."
Cillizza: How will this budget land among House Republicans?
Collender: Dead on arrival, dead before printing, dead before typesetting, etc. (Does anyone set type anymore?)
By the end of this week, Mulvaney will be the only Republican talking about this budget favorably. Other than the members of the House Freedom Caucus, House and Senate GOP'ers will either be criticizing or ignoring what Trump proposed.
I'm not sure everything Trump proposed will be acceptable to the Freedom Caucus either.
Cillizza: Name the best things for Republicans to sell to the public? Are there things in the budget that Democrats will -- or should -- like?
Collender: Republicans will cling to the proposed increase in the Pentagon budget like a scared child walking with him mother or father in a crowded shopping mall. They'll also applaud the budget showing a surplus at the end of 10 years even if that estimate is based on political and economic science fiction.
Democrats will like that they now have a handful of new issues with which to attack Trump and congressional Republicans in 2018.
Cillizza: Finish this sentence: "The single word that best describes Trump's budget is ____." Now, explain.
Collender: "Twilight Zone" (Yes, I know that's really two words). The Trump 2018 budget is based on such unreal scenarios of how the US economy will perform and what Congress will accept that the White House must be in an alternative universe where up is down, black is white and 2+2=7.
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Trump’s Budget Seeks Fraction of U.S.-Mexico Border-Wall Cost – Bloomberg
Posted: at 11:20 pm
by
May 23, 2017, 3:02 PM EDT
Republicans and Democrats welcomed what they see as a scaled-back vision of one of President Donald Trumps signature campaign promises: a big, beautiful wall on the 1,933-mile U.S.-Mexico border.
Trumps first full-year budget released Tuesday provides a $1.6 billion down payment for new and replacement sections of a wall. The president has estimated that completing the barrier would cost $8 billion to $12 billion, with many experts saying the actual cost would be far higher.
The Trump administration says the wall remains a presidential priority to keep undocumented immigrants out of the U.S. During the campaign, Trump said that Mexico would pay the bill, which that country has refused to do.
Representative Mark Meadows, a North Carolina Republican and chairman of the conservative House Freedom Caucus, called the fiscal year 2018 funding request a pragmatic decision by a White House that knows lawmakers -- particularly in the Senate -- would balk at paying the full cost.
Asking for $12 billion in a budget for a border wall is not going to be met with great receptivity in the Senate, Meadows said.
Graphic: Heres What We Know About Trumps Mexico Wall
Democrat Tom Carper of Delaware, a member of the Senate Homeland Security panel, said the president may be awakening to the idea that Congress controls the purse strings and that some Democratic support will be needed for his ideas. Theres bipartisan consensus for securing the border by using more fencing, technology to monitor illegal crossings and additional border patrol agents, he said.
There are some places along the U.S.-Mexico border where a wall makes some sense, Carper said. Most places it does not. And well take a look and see what they have in mind.
The $1.6 billion is included in Trumps request of $2.6 billion in new border infrastructure and immigration enforcement resources in the fiscal year beginning Oct. 1.
That includes $300 million to recruit and hire more immigration enforcement agents; $239 million for aircraft and other aviation assets to track border crossings; $202 million for equipment like radios, weapons and computers; and $197 million for radars, sensors and other surveillance technology.
The $1.6 billion for border wall construction and replacement would let the Border Patrol decide the best locations. The request would cover 32 miles of border wall construction, 28 miles of levee wall in the Rio Grande Valley, and 14 miles of a new border wall system to replace fencing south of San Diego, according to Department of Homeland Security documents.
White House Budget Director Mick Mulvaney said Tuesday that Trump stands by his campaign promise for the wall.
We are absolutely dead serious about the wall, Mulvaney told reporters. The administration is pleased with border-security funds in this months 2017 spending bill and will press on to bolster resources at the border with Mexico, he said.
Still, Democrats and most Republicans remain opposed to the physical barrier advanced by Trump.
I thought the Mexicans were going to fund it, Representative Fred Upton, a Michigan Republican said when asked about the budget request. We need border security. Im not sure we need to spend billions for a physical wall.
Representative Louie Gohmert, a Texas Republican and member of the Freedom Caucus, said hes disappointed Trump didnt ask for more funding. He said hes concerned that too many of Trumps campaign promises arent being kept.
Were not moving forward with the things we said wed do, he said.
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New record for Trump: lawsuits seeking public records soar – MyPalmBeachPost (blog)
Posted: at 11:20 pm
Perhaps in an attempt to find the truth behind what President Trump has decried as fake news, requests for government documents under the Freedom of Information Act have soared since he took office, according to an analysis released Tuesday by Syracuse University.
Donald Trump
The 63 public record lawsuits filed in April represented a 25-year high, said officials at The FOIA Project at the Newhouse School at the New York university said. Further, with 60 lawsuits filed already in May, it, too, is likely to be another record-setting month, they said.
Information sought includes records on Trumps executive orders and last months missile attack on Syria. Lawsuits have also been filed to get warrant applications for surveillance activities and internal agency communications about China. People and organizations are also seeking paperwork about actions taken by the new director of the U.S. Environmental Protection Agency and border searches by the Department of Homeland Security.
If the pace continues, university officials said they expect more than 579 public records lawsuits will be filed before the fiscal year ends in Sept. 30. By comparison, 512 Freedom of Information Act lawsuits were filed during the last fiscal year of the Obama Administration.
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Even some Republicans say Trump’s steep budget cuts go too far – Chicago Tribune
Posted: at 11:20 pm
President Donald Trump's proposal to cut federal spending by more than $3.6 trillion over the next decade - including deep reductions for programs that help the poor - faced harsh criticism in Congress on Tuesday, where even many Republicans said the White House had gone too far.
While some fiscally conservative lawmakers, particularly in the House, found a lot to praise in Trump's plan to balance the budget within 10 years, most Republicans flatly rejected the White House proposal. The divide sets up a clash between House conservatives and a growing number of Senate Republicans who would rather work with Democrats on a spending deal than entertain Trump's deep cuts.
"This is kind of the game," said Senate Majority Whip John Cornyn, R-Texas. "We know that the president's budget won't pass as proposed."
Instead, Cornyn said he believes conversations are already underway about how Republicans can negotiate with Democrats to avoid across-the-board spending cuts that are scheduled to go into effect in October. Those talks could include broad spending increases for domestic and military programs that break from Trump's plan for deep cuts in education, housing, research and health care.
"I think that's the only way," Cornyn said of working with Democrats on spending. "It would be good to get that done so we can get the Appropriations Committee to get to work."
Senate Majority Leader Mitch McConnell, R-Ky., said such spending talks would be inevitable.
"We'll have to negotiate the top line with Senate Democrats, we know that," McConnell told reporters Tuesday. "They will not be irrelevant in the process and at some point, here in the near future, those discussions will begin."
As Senate Republicans were discussing a bipartisan spending agreement, White House budget director Mick Mulvaney stood across town pitching Trump's proposal to dramatically alter the role of government in society, shrinking the federal workforce, scaling back anti-poverty programs and cutting spending on things like disease research and job training. The $4.094 trillion proposal for fiscal year 2018 includes $1 trillion in cuts over 10 years to anti-poverty programs including Medicaid, food assistance and health insurance for low-income children.
It would slightly increase spending on the military, immigration control and border security and provide an additional $200 billion for infrastructure projects over 10 years. It would also allocate $1.6 billion for the creation of a wall along the U.S. border with Mexico.
Budget experts questioned many of the economic assumptions that the White House put into its plan, saying it was preposterous to claim that massive tax cuts and spending reductions will lead to a surge in economic growth. The Committee for a Responsible Federal Budget, for example, said that using normal economic projections, the White House's proposal would not eliminate the deficit and would allow U.S. debt to continue growing into the next decade.
"Rather than making unrealistic assumptions, the president must make the hard tax and spending choices needed to truly bring the national debt under control," it said.
The White House proposals represent a defiant blueprint for a government realignment that closely follows proposals made in recent years by some of the most conservative members of the House, a group that once included Mulvaney himself. Trump has alleged that safety net programs create a welfare state that pull people out of the workforce, and his budget would cull these programs back.
Mulvaney pointed specifically to the Supplemental Nutrition Assistance Program (SNAP), the modern version of food stamps. The White House plans to propose forcing states to pay a portion of the benefits in the program, which reached more than 44 million beneficiaries in 2016.
"We are not kicking anybody off of any program who really needs it," Mulvaney said. "We have plenty of money in this country to take care of the people who need help. . . . We don't have enough money to take care of . . . everybody who doesn't need help."
Mulvaney, who served in the House from 2011 until earlier this year, is a co-founder of the Freedom Caucus. Many of the provisions in Trump's first budget reflect long-standing priorities of the Republican Party's far right in cutting back federal spending to get the nation's long-term fiscal picture under control - largely by cutting entitlement programs that mainly benefit the poor.
Republicans are keenly interested in passing a budget this year because they hope to use that legislation to lay the groundwork for a GOP-friendly rewrite of the tax code. Many GOP members hope to attach the tax reform to the budget process in order to advantage of special Senate rules that would allow both the budget and tax rewrite to pass with 51 votes, rather than the 60 that are needed to pass most other legislation. That special treatment could be critical to the success of the GOP tax effort in the Senate, where Republicans control a slim 52-to-48 majority.
White House officials knew their budget proposal would be jarring and launch a political fight, but they think it is a necessary debate given a wing of the Republican Party that wants the government to shrink.
But the cuts were met with intense criticism even among the majority of GOP members who hailed Trump's desire to pare back spending, including many who worried about the size of some of the proposed cuts.
Rep. Mark Meadows (N.C.), chairman of the hard-line House Freedom Caucus, said he was encouraged by early reports of new curbs on food stamps, family welfare and other spending. But he said he draws the line on cuts to Meals on Wheels, a charity that Mulvaney earlier this year suggested was ineffective.
"I've delivered meals to a lot of people that perhaps it's their only hot meal of the day," Meadows said. "And so I'm sure there's going to be some give and take, but to throw out the entire budget just because you disagree with some of the principles would be inappropriate."
Sen. Lindsey Graham, R-S.C., said he backs Trump's proposal for a temporary burst of new defense spending, which White House officials say would allow them to add 56,400 service members in 2018. But he worries that Trump would finance those increases by cutting critical programs like the National Institutes of Health.
"My number one goal is to have a more balanced budget," said Graham, who also endorsed the idea of entering into spending talks with Democrats. "NIH is a national treasure, and it would be hurt, too."
Graham is part of a long-standing alliance between defense hawks who want increased military spending and Democrats who are willing to back military programs in exchange for more spending on domestic priorities. The two sides have forged several past agreements, including a two-year plan for increased spending that is set to expire at the end of September.
Senate Minority Leader Charles Schumer, D-N.Y., said that formal spending discussions have not yet begun but he is prepared to work with GOP leaders when the time is right.
"The idea that we'll work on a bipartisan budget independent from the president's is ripe in the air," Schumer said.
But such a deal is sure to anger conservatives in the House, where many of the most hard-line members staunchly defended aspects of Trump's proposal.
Although Meadows said Meals on Wheels cuts might be "a bridge too far," he praised much of the rest of the Trump budget. "It probably is the most conservative budget that we've had under Republican or Democrat administrations in decades," he said.
Rep. Scott DesJarlais (Tenn.), a Freedom Caucus member, rejected the argument that Trump's budget represented a betrayal of some of his populist campaign promises, notably to protect Medicaid spending.
"If we don't do something to protect the program for the people who really need it, then they're not going to have access to that, so I think we can't continue to ignore these big-ticket items," he said. "If we're ever going to get our budget to balance and pay down our debt, we're going to have to make these tough choices and have these tough votes."
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Even some Republicans say Trump's steep budget cuts go too far - Chicago Tribune
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Treasury Secretary Suggests Trump Opposes Border Adjustment Tax – HuffPost
Posted: at 11:20 pm
WASHINGTON The Border Adjustment Tax may not be dead, but President Donald Trump himself may be giving up on making the controversial surcharge on imports part of a tax reform bill later this year.
Treasury Secretary Steve Mnuchin indicated during a private meeting with House Freedom Caucus members on Tuesday that Trump doesnt support the Border Adjustment Tax.
He indicated the president is not supportive of the BAT and that we should discuss other differences that might move things forward, one Freedom Caucus member in attendance told HuffPost, requesting anonymity.
Freedom Caucus Chairman Mark Meadows (R-N.C.) said Mnuchin indicated that Trump is moving from a noncommittal, at times ambivalent, stance on the border adjustment tax to straight-out opposition.
He said POTUS was concerned it would affect too many people adversely that are often forgotten in tax reform, Meadows said.
A border adjustment tax, which still has the support of some GOP House leaders, would impose significant levies on imported goods from clothing to auto parts, driving up prices for Americans.
Chip Somodevilla via Getty Images
It is somewhat of a tax on consumers, another Freedom Caucus member, Rep. Rod Blum (R-Iowa), told HuffPost.
Blum agreed with other Freedom Caucus members that Mnuchin seemed doubtful about prospects for a border adjustment tax.
My feeling is its not going to make it through, Blum said, adding that he thought Trump and Mnuchin felt the same way.
I dont know if theyve given up, but my sense out of that meeting was that Mnuchin and he doesnt speak for the president, of course, but doesnt think that, Blum said, trailing off. Theres just too much controversy. Too many people are divided about it.
Mnuchin himself issued his strongest words against the tax on Tuesday during a Peter G. Peterson Fiscal Policy Summit.
One of the problems with the border adjustment tax is that it doesnt create a level playing field, Mnuchin said. It has very different impacts on different companies. It has the potential to pass on significant costs to the consumer. It has the potential of moving the currencies. We want to make sure were creating a level playing field.
Republicans in Congress also poured cold water on the tax during a Ways and Means hearing, with Rep. Erik Paulsen (R-Minn.) publicly switching from a supporter of the tax to an opponent.
Still, its hard to declare the border tax idea totally dead. Speaker Paul Ryan (R-Wis.) remains an enthusiastic supporter, and Ways and Means Chairman Kevin Brady (R-Texas) hasnt given up on the scheme, though he did signal some openness to new proposals Tuesday.
If someone has a better solution, Brady said, bring it.
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Donald Trump’s Newly Released 2018 Budget Calls for Eliminating the NEA – artnet News
Posted: at 11:20 pm
Donald Trumps much-anticipated 2018 budget proposes steep cuts to domestic programsincluding the National Endowment for the Arts (NEA) and the Corporation for Public Broadcasting.
According to anoutline of the budget released last night, the proposal reiterates many of the cuts first rolled out by the administration earlier this year, including the elimination of the NEA and National Endowment of the Humanities (NEH). As usual, however, Congress remains intent on writing its own budget, so Trumps plan is unlikely to go far on Capitol Hill. Trumps proposal, CNN notes, is more a symbolic statement of policy than a practical budget that is expected to be adopted in full.
A spokesperson for the NEA confirms that the presidents 2018 budget proposes the elimination of the department, and includes a request for $29 million from Congress to shut down the agency in an orderly fashion. The spokesperson says that the organizationis fully funded for the fiscal year, and will continue to make 2017 grant awards and honor all obligated grant funds made to date.
She adds: This budget request is a first step in a very long budget process. We continue to accept grant applications for FY 2018 at our usual deadlines and will continue to operate as usual until a new budget is enacted by Congress.
The news of the proposed elimination of the NEA and NEH comes one day after NEH chair William D. Adams abruptly resignedfrom his post. In a statement, a spokesperson for the NEH noted that Adams decision to resign and the timing of his decision were both self-motivated and unrelated to the budget release.
The Trump administrationfirst revealed a proposal to cut the two departments in its federal budget plan this past March.The elimination of both agencies would save a paltry $300 million from the governments allotted$1.1 trillion in overallannual discretionary spending.
Despite their relatively small size, supporters of the programs say they punch above their weight, and that their elimination would have a serious impact on cultural production. The NEA provides funding to often-overlooked cultural organizations outside major US cities and, through its international insurance indemnity program, enables museums to organize ambitious loan shows that would otherwise be prohibitively expensive.
Still, arts advocates shouldnt be too worriedyet. Trumps proposal is likely to face fierce opposition in Congress. Several Republican politicians have come out in favor of federal support for cultural organizations in recent months.
Congress $1 trillion budget to fund the government through the end of the fiscal year on September 30, which passed earlier this month, included $150 million each for the NEA and NEH (a $2 million increase, respectively, from 2016).The Institute of Museum and Library Services, also targeted by Trump for elimination, saw a small increase in its annual funding,from$230 million to $231 million. The Smithsonian Institutions budget increased to $863 million, up $23 millionfrom last year.
Today, the Smithsonian released its 2018 federal budget request, totaling $947 million, an increase of $108.4 million from 2017. According to a statement, much of the increase will be directed to the National Air and Space Museums multiyear revitalization project.
Mark Meadows, a Republican Representative from North Carolina and the chairman of the conservative House Freedom Caucus, told The New York Timesthat Trumps budget is probably is the most conservative budget that weve had under Republican or Democrat administrations in decades.
To finance a dramatic increase in spending on the military and border security, Trump has proposed cutting more than $800 billion from the healthcare program Medicaid over the next decade and $192 billion from nutritional assistance programs like Meals on Wheels, which delivers food to the poor. Meadows told the NYT: Meals on Wheels, even for some of us who are considered to be fiscal hawks, may be a bridge too far.
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Is GST another blow to financial independence of J&K? – Kashmir Reader
Posted: at 11:20 pm
Srinagar: The Mehbooba Mufti government will soon be convening a special session of the legislative assembly to introduce a bill that will merge different taxes into one Goods and Services Tax (GST). The state of Jammu and Kashmir is the only state in the Indian Union that will do so, the others merely following the GST slabs that the government of India will notify. This is because the state of Jammu and Kashmir enjoys a special status under Article 370 of the Indian Constitution. This special status has over the years been undermined in many ways. Could the GST be another blow to it? Economics professor Nisar Ali is of the view that if the JK Assembly passes an exact replica of the GST bill as passed by the Indian Parliament, it will be a violation of the spirit of autonomy enjoyed by the state. If the government passes the (GST) bill as it is, it will be a clear signal that they are violating their own Constitutional act of 1960 in virtue of having special status under Article 370. It goes against the spirit of autonomy of J&K, Ali told Kashmir Reader. He said that J&K enjoys special powers of levying, collecting and implementing taxes by its own agencies or departments, powers that with the implementation of GST would directly go to New Delhi. Ali criticised the Mehbooba Mufti government for not consulting the business community and trade organisations of Kashmir on the GST. He said the government must hold a dialogue with business bodies before convening the special session of the legislative assembly. Only when you have taken the main stakeholders on board will you succeed in customising the proposed bill to suit the states interests. The government also needs to exempt state exports from the tax as we have a very limited exports business of fruits and handicrafts, he said. JK finance minister Haseeb Drabu has said that a special session of the assembly would be convened to approve the GST bill which will be in consonance with the states existing constitutional position. Indian finance minister Arun Jaitley has also assured the J&K government of all possible help in restructuring the GST in accord with the special status of the state. What remains to be seen is whether the bill that the JK assembly passes is in accord with its special status or contrary to it. Ejaz Ayoub, a financial expert based in Srinagar, says that the states fiscal powers are being diluted by the GST. Previously, JK had its own monetary as well as fiscal powers to manage interest rates and taxes. But during the National Conference government, the monetary powers were handed over to New Delhi. Now our fiscal powers, too, are being diluted and snatched away with the GST. The PDP had raised a hue and cry when our monetary powers were being given to New Delhi but now the same PDP is following in the footsteps of the NC, he said. Ejaz pointed out that it took India almost 17 years to decide on the GST, but J&K has been given too insufficient a time to get the law ready within a month. Even if the government says that they dont have to frame an entire act but only have to make certain changes, we still need a good amount of time to reach consensus on the many issues involved in the GST. Our state has divided opinions Jammu has one view while the Valley has another. It is not only the legislators who have to discuss or debate the tax; traders must also be informed what the customised bill contains. There are also legal issues involved with it, he said. The J&K government had hired the Chartered Accountants Association of India to assess whether the GST would be beneficial to the state or not. The association submitted its report to the state government in 2016, recommending the GST. The report, a copy of which is with Kashmir Reader, said that the state will enjoy tax benefits of Rs 1,500 crore to Rs 2,000 crore if the GST is implemented. The report, however, was kept in official rooms and nothing was made available to the general public or to the business organisations of Kashmir. Associate Professor, Department of Law, Kashmir University, Rafiq Ahmad told Kashmir Reader that the GST is in clear contravention of the states special position and is an attempt to integrate the state further into the Indian Union. Economic forums like the Kashmir Chamber of Commerce & Industries, the Kashmir Economic Alliance, the Kashmir Traders and Manufactures Association, and the Federation of Commerce and Industries in Kashmir have welcomed the GST legislation, but at the same time warned of an agitation if the GST takes away the special status of J&K.
CM Mehbooba Mufti, Goods and Services Tax
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Amy Roloff Ready For Financial Independence, Tonight on ‘Little … – TVRuckus
Posted: at 11:20 pm
Little People Big World is all new tonight on TLC beginning at 9 p.m. ET and the young Roloff husbands are very busy. Both are expectant fathers and each is making a major life change on top of that. Zach and Tori are getting ready for a career change for Zach that will bring in a steady income. Jeremy and Audrey are making the leap of faith it takes to uproot themselves from their current home in Oregon to move closer to the farm.
For Amy and Matt Roloff, having their sons become fathers within months of each other is the jackpot of all time. Both are more than ready to be grandparents and share the love. The delight is evident with Matt talks about building new things on the farm for the babies and Amy speaks about family meals on the farm. Check out the sneak peek posted below!
Little People Big World has tackled the issue of Zach and Toris baby being an LP as he says. The chances are stronger than with Jeremy and Audreys child, but as of this episode of the show, the couple had yet to find out if their child is average size. Zack frets a bit, but when anyone else speaks about it, he pipes up with enthusiasm. Hell be just like me, he says when asked if hes concerned about a baby with dwarfism.
Also on tonights episode is a look at Amy Roloff taking concrete steps towards her dream of owning a restaurant. We know the lady loves to cook and entertain, right? Last season she tried the bed & breakfast idea combined with a camping situation. It about drove her nuts to prepare and execute it to her high standards, but she pulled it off.
What will she need to know about the practicalities of being a restaurateur? The biggest obstacle is the failure rate, which she learns as she discusses the idea with a professional. Amy needs some financial independence from Matt and the farm, so lets see if shes willing to take that kind of risk.
Little People Big World airs Tuesdays on TLC beginning at 9 p.m. ET/PT Image/video credit: Discovery Communications/TLC, used with permission
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China regulator punishes Sealand Securities for "chaotic" management – Reuters
Posted: at 11:18 pm
SHANGHAI May 19 China's securities regulator said on Friday it would suspend the launch of Sealand Securities new asset management products for a year and halt other operations after a probe into its business found its internal management "chaotic".
"The probe found that Sealand Securities has problems including chaotic internal management, ineffective compliance and risk management, and many cases of misbehaviors," the China Securities Regulatory Commission (CSRC) said in a statement posted on its microblog.
The regulator added it would suspend Sealand Securities' new account openings and bond underwriting businesses for a year.
The penalties mark the latest move by regulators to clean up the financial sector, with a focus on shadow banking and excessive borrowings that fuel speculation in risky investments.
Sealand Securities' executives could not be reached for comment after Reuters put in several calls to the brokerage late on Friday.
CSRC's probe into Sealand Securities' bond trading and asset management business came in the wake of a scandal last December that triggered a rout in China's bond market.
The scandal involved "forged" bond agreements which the CSRC said involved deals worth about 20 billion yuan ($2.90 billion) and 20 financial institutions.
In a separate statement, CSRC said it punished Sinvo Fund Management Co after a probe found the mutual fund house had lax risk control and management, resulting in defaults in a bond-related investment scheme last December.
Calls to Sinvo were not answered. ($1 = 6.8897 Chinese yuan) (Reporting by Samuel Shen and John Ruwitch; Editing by Jacqueline Wong)
TOKYO Confidence among Japanese manufacturers receded in May for the first time in nine months after hitting a decade-high level April, a Reuters survey found, showing guarded optimism in a nascent export-led economic recovery.
* April manufacturers' sentiment index +24 vs +26 in April Service-sector index +30 in May vs 28 in April
TOKYO Former Federal Reserve Chairman Ben Bernanke said on Wednesday the Bank of Japan may need to coordinate with the government's new fiscal spending program by allowing inflation to overshoot its consumer price target.
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China regulator punishes Sealand Securities for "chaotic" management - Reuters
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Volume Moving the Tape For Sealand Natural Resources Inc (SLNR) – Concord Register
Posted: at 11:18 pm
Shares ofSealand Natural Resources Inc (SLNR) have seen the needle move-46.67% or -0.35 in the most recent session. TheOTCBB listed companysaw a recent bid of $0.4000 on1800 volume.
Digging deeping into the Sealand Natural Resources Inc (SLNR) s technical indicators, we note that the Williams Percent Range or 14 day Williams %R currently sits at -72.22. The Williams %R oscillates in a range from 0 to -100. A reading between 0 and -20 would point to an overbought situation. A reading from -80 to -100 would signal an oversold situation. The Williams %R was developed by Larry Williams. This is a momentum indicator that is the inverse of the Fast Stochastic Oscillator.
Sealand Natural Resources Inc (SLNR) currently has a 14-day Commodity Channel Index (CCI) of -49.99. Active investors may choose to use this technical indicator as a stock evaluation tool. Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend. On the flip side, a reading below -100 may signal a downtrend reflecting weak price action. Using the CCI as a leading indicator, technical analysts may use a +100 reading as an overbought signal and a -100 reading as an oversold indicator, suggesting a trend reversal.
Currently, the 14-day ADX for Sealand Natural Resources Inc (SLNR) is sitting at 14.72. Generally speaking, an ADX value from 0-25 would indicate an absent or weak trend. A value of 25-50 would support a strong trend. A value of 50-75 would identify a very strong trend, and a value of 75-100 would lead to an extremely strong trend. ADX is used to gauge trend strength but not trend direction. Traders often add the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) to identify the direction of a trend.
The RSI, or Relative Strength Index, is a widely used technical momentum indicator that compares price movement over time. The RSI was created by J. Welles Wilder who was striving to measure whether or not a stock was overbought or oversold. The RSI may be useful for spotting abnormal price activity and volatility. The RSI oscillates on a scale from 0 to 100. The normal reading of a stock will fall in the range of 30 to 70. A reading over 70 would indicate that the stock is overbought, and possibly overvalued. A reading under 30 may indicate that the stock is oversold, and possibly undervalued. After a recent check, the 14-day RSI for Sealand Natural Resources Incis currently at 49.34, the 7-day stands at 46.84, and the 3-day is sitting at 39.53.
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Volume Moving the Tape For Sealand Natural Resources Inc (SLNR) - Concord Register
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