RIGZONE
"Oil Settles Lower as Stronger Dollar Offsets Tighter Market"
by Bloomberg | Julia Fanzeres
Friday, March 22, 2024
Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market.
Refined products supplies are looking more constrained after Ukrainian drone attacks hit major facilities, pushing Russia’s refining rate to a multi-month low.
Adding to the crunch, Indian refiners are refusing to take Russian crude carried on PJSC Sovcomflot tankers due to US sanctions, complicating a trade that helped contain prices.
Yet hampering crude’s recent rally is the US dollar’s strength, which makes the commodity more expensive for overseas buyers.
A dollar index is heading for its best week since January following a surprise rate cut from the Swiss National Bank, as well as weakness in China’s yuan, even after the Federal Reserve signaled lower rates remain on the cards this year.
Global oil demand seems to be surpassing expectations, creating a bullish mood at the annual CERAWeek by S&P Global conference in Houston.
Crude has advanced in the first quarter amid declining US inventories, production cuts by the OPEC+ alliance and the Ukrainian attacks on Russian refineries.
However, gains have been limited by surging supply from outside OPEC+ and a muddled economic outlook in top importer China.
In the Middle East, Israel said it would invade Rafah no matter what the US says, potentially escalating regional tensions, as it battles Iran-backed Hamas in the Gaza Strip.
The Houthis in Yemen — who have been targeting ships in the Red Sea for months to support Hamas — have assured China and Russia that their vessels wouldn’t be at risk.
Prices:
WTI for May delivery fell 44 cents to settle at $80.63 a barrel.
Brent for May settlement fell 35 cents to settle at $85.43 a barrel
https://www.rigzone.com/news/wire/oil_s ... 5-article/
THE DAILY NEWS
Re: THE DAILY NEWS
CNBC
"2-year Treasury yield slips below 4.6% as Fed this week signals lower rates ahead"
Samantha Subin @SAMANTHA_SUBIN Sophie Kiderlin @IN/SOPHIE-KIDERLIN-B327B914A/ @SKIDERLIN
PUBLISHED FRI, MAR 22 2024
U.S. Treasury yields fell on Friday, with the 2-year Treasury yield sliding below 4.6% as investors considered when the Federal Reserve will begin interest rate cuts.
The 2-year Treasury yield was last lower by more than 3 basis points at 4.596%, pulling back after hitting 4.74% at one point during Monday’s session.
The yield on the 10-year Treasury was down by more than 6 basis points to 4.206%.
“We seeing yields move lower as the Fed has kind of recommitted to rate cuts this year, which has also added to the positive sentiment in both bond and stock markets,” said Mona Mahajan, senior investment strategist at Edward Jones.
An ongoing move in this direction as the Fed nears cuts could present an opportunity for investors, she added.
Yields and prices have an inverted relationship and one basis point is equivalent to 0.01%.
The central bank left rates unchanged at the conclusion of its policy meeting this week, but pointed to likely rate cuts ahead.
Policymakers indicated that they are expecting three rate cuts to take place this year, which was in line with previous central bank estimates.
Investors were concerned that the Fed may cut this number as recent economic data indicated that inflation may be more persistent than previously expected.
The Fed did not, however, provide any more clarity about a potential timeline for rate cuts.
Traders were last pricing in an 88% chance that the central bank will leave rates unchanged at its next meeting on April 30-May 1, but a roughly 67% likelihood of a June rate cut according to CME’s FedWatch tool.
The Fed reiterated that economic data would be a key marker for when rates will ease and said that its estimates were based on the economy developing “broadly as expected.”
Next week’s economic data releases include the Fed’s preferred inflation gauge known as the personal consumption expenditures price index.
https://www.cnbc.com/2024/03/22/us-trea ... tlook.html
"2-year Treasury yield slips below 4.6% as Fed this week signals lower rates ahead"
Samantha Subin @SAMANTHA_SUBIN Sophie Kiderlin @IN/SOPHIE-KIDERLIN-B327B914A/ @SKIDERLIN
PUBLISHED FRI, MAR 22 2024
U.S. Treasury yields fell on Friday, with the 2-year Treasury yield sliding below 4.6% as investors considered when the Federal Reserve will begin interest rate cuts.
The 2-year Treasury yield was last lower by more than 3 basis points at 4.596%, pulling back after hitting 4.74% at one point during Monday’s session.
The yield on the 10-year Treasury was down by more than 6 basis points to 4.206%.
“We seeing yields move lower as the Fed has kind of recommitted to rate cuts this year, which has also added to the positive sentiment in both bond and stock markets,” said Mona Mahajan, senior investment strategist at Edward Jones.
An ongoing move in this direction as the Fed nears cuts could present an opportunity for investors, she added.
Yields and prices have an inverted relationship and one basis point is equivalent to 0.01%.
The central bank left rates unchanged at the conclusion of its policy meeting this week, but pointed to likely rate cuts ahead.
Policymakers indicated that they are expecting three rate cuts to take place this year, which was in line with previous central bank estimates.
Investors were concerned that the Fed may cut this number as recent economic data indicated that inflation may be more persistent than previously expected.
The Fed did not, however, provide any more clarity about a potential timeline for rate cuts.
Traders were last pricing in an 88% chance that the central bank will leave rates unchanged at its next meeting on April 30-May 1, but a roughly 67% likelihood of a June rate cut according to CME’s FedWatch tool.
The Fed reiterated that economic data would be a key marker for when rates will ease and said that its estimates were based on the economy developing “broadly as expected.”
Next week’s economic data releases include the Fed’s preferred inflation gauge known as the personal consumption expenditures price index.
https://www.cnbc.com/2024/03/22/us-trea ... tlook.html
Re: THE DAILY NEWS
REUTERS
"S&P 500 ends near flat but index posts biggest weekly gain of year"
By Caroline Valetkevitch
March 22, 2024
Summary
* FedEx jumps on Q3 profit beat
* Nike falls after revenue forecast disappoints
* Indexes: Dow down 0.77%, S&P 500 down 0.14%, Nasdaq up 0.16%
NEW YORK, March 22 (Reuters) - The S&P 500 ended little changed on Friday, but the index registered its biggest weekly percentage gain of 2024 after the Federal Reserve this week stuck with projections for three interest rate cuts by year's end.
The Nasdaq ended slightly higher for the day, along with an index of semiconductors.
The semiconductor index was also up sharply for the week amid continued optimism over artificial intelligence.
The Dow ended lower on the day.
On Friday, consumer discretionary shares edged lower.
Shares of Nike fell 6.9%, a day after the world's largest sportswear maker warned that revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage.
Lululemon Athletica shares fell 15.8% after the company forecast annual revenue and profit below expectations.
Earlier in the week, the Fed left rates unchanged but signaled it was still on track for three rate cuts this year.
"The market took that as saying the Fed isn't your enemy any more, and eventually it is going to be your friend," said Matt Stucky, chief equity portfolio manager at Northwestern Mutual Wealth Management Company.
Traders now see about a 71% chance of the first rate cut hitting in June versus 56% at the start of this week, according to the CME's FedWatch Tool.
The Dow Jones Industrial Average fell 305.47 points, or 0.77%, to 39,475.90, the S&P 500 lost 7.35 points, or 0.14%, to 5,234.18 and the Nasdaq Composite gained 26.98 points, or 0.16%, to 16,428.82.
For the week, the S&P 500 gained 2.3% in its biggest weekly percentage advance since mid-December.
The Dow climbed 2%, also its biggest weekly gain since mid-December, while the Nasdaq rose 2.9%, its biggest weekly percentage jump since mid-January.
"At some point before too long it wouldn't be surprising to see a pullback or correction, or even a sideways trading period, after the gains we've had since the October lows," said Michael Sheldon, director at RDM Financial Group at Hightower in Westport, Connecticut.
Among the day's gainers, FedEx jumped 7.4%, a day after the company beat Wall Street expectations for quarterly profit.
On the flip side, Digital World Acquisition fell 13.7% after shareholders of the blank-check firm voted to approve its merger with former U.S. President Donald Trump's media and technology company.
Volume on U.S. exchanges was 9.45 billion shares, compared with the 12.34 billion average for the full session over the last 20 trading days.
Reporting by Caroline Valetkevitch in New York; Additional reporting by Bansari Mayur Kamdar and Shashwat Chauhan in Bengaluru; Editing by Maju Samuel and Matthew Lewis
https://www.reuters.com/markets/us/futu ... 024-03-22/
"S&P 500 ends near flat but index posts biggest weekly gain of year"
By Caroline Valetkevitch
March 22, 2024
Summary
* FedEx jumps on Q3 profit beat
* Nike falls after revenue forecast disappoints
* Indexes: Dow down 0.77%, S&P 500 down 0.14%, Nasdaq up 0.16%
NEW YORK, March 22 (Reuters) - The S&P 500 ended little changed on Friday, but the index registered its biggest weekly percentage gain of 2024 after the Federal Reserve this week stuck with projections for three interest rate cuts by year's end.
The Nasdaq ended slightly higher for the day, along with an index of semiconductors.
The semiconductor index was also up sharply for the week amid continued optimism over artificial intelligence.
The Dow ended lower on the day.
On Friday, consumer discretionary shares edged lower.
Shares of Nike fell 6.9%, a day after the world's largest sportswear maker warned that revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage.
Lululemon Athletica shares fell 15.8% after the company forecast annual revenue and profit below expectations.
Earlier in the week, the Fed left rates unchanged but signaled it was still on track for three rate cuts this year.
"The market took that as saying the Fed isn't your enemy any more, and eventually it is going to be your friend," said Matt Stucky, chief equity portfolio manager at Northwestern Mutual Wealth Management Company.
Traders now see about a 71% chance of the first rate cut hitting in June versus 56% at the start of this week, according to the CME's FedWatch Tool.
The Dow Jones Industrial Average fell 305.47 points, or 0.77%, to 39,475.90, the S&P 500 lost 7.35 points, or 0.14%, to 5,234.18 and the Nasdaq Composite gained 26.98 points, or 0.16%, to 16,428.82.
For the week, the S&P 500 gained 2.3% in its biggest weekly percentage advance since mid-December.
The Dow climbed 2%, also its biggest weekly gain since mid-December, while the Nasdaq rose 2.9%, its biggest weekly percentage jump since mid-January.
"At some point before too long it wouldn't be surprising to see a pullback or correction, or even a sideways trading period, after the gains we've had since the October lows," said Michael Sheldon, director at RDM Financial Group at Hightower in Westport, Connecticut.
Among the day's gainers, FedEx jumped 7.4%, a day after the company beat Wall Street expectations for quarterly profit.
On the flip side, Digital World Acquisition fell 13.7% after shareholders of the blank-check firm voted to approve its merger with former U.S. President Donald Trump's media and technology company.
Volume on U.S. exchanges was 9.45 billion shares, compared with the 12.34 billion average for the full session over the last 20 trading days.
Reporting by Caroline Valetkevitch in New York; Additional reporting by Bansari Mayur Kamdar and Shashwat Chauhan in Bengaluru; Editing by Maju Samuel and Matthew Lewis
https://www.reuters.com/markets/us/futu ... 024-03-22/
Re: THE DAILY NEWS
REUTERS
"Fed gets an earful about 'stranglehold' from high rates"
By Ann Saphir
March 22, 2024
March 22 (Reuters) - Federal Reserve Chair Jerome Powell and fellow Fed governors on Friday heard firsthand from business and community leaders how the Fed's interest rate hikes, along with ongoing price and labor market pressures, are affecting Americans.
Higher interest rates together with instability in commodity prices "has a stranglehold on the American agriculturalist right now, which leads to a stranglehold on all of rural America," said Whitney Ferris-Hansen, who owns and operates J/W Farms and Ranch in Burlington, Colorado.
"An increase in rates is always expected and planned for, but the speed at which these increases happened could not be risk-managed; we could not forward contract grain fast enough to hedge these interest rates."
Starting in March 2022 the Fed raised interest rates rapidly to fight decades-high inflation, bringing its short-term benchmark rate to the 5.25%-5.5% range where it has kept it since last July.
The "Fed Listens" event where Ferris-Hansen and five others spoke and answered policymakers' questions was the latest in a series begun before the pandemic and designed to give U.S. central bankers a close look at the real-world effects of their rate-setting decisions.
It took place at the same table where earlier this week policymakers decided to keep the benchmark short-term policy rate steady.
After that meeting Powell said policymakers expect to cut interest rates later this year, but only once they have greater confidence that inflation is under control.
Friday's panel made clear that for some Americans, that time cannot come soon enough.
Rising borrowing costs coupled with higher energy and transportation prices as well as rising wages are squeezing profits for small and medium-sized manufacturers, said Cara Walton, director at Southfield, Michigan-based Harbour Results, a consulting firm for small manufacturers.
Some have stopped investing in new equipment because they cannot afford the more expensive financing coupled with slowing demand, she said.
"The total cost to invest is very high, and the return on that investment is very long and getting longer," she said.
Small manufacturing companies with young leaders "have never run a business with interest rates like this... it's uncharted territory for us."
Other panelists gave accounts of the impact of continuing pressures from higher prices, even as the rate of increase - inflation - has slowed under pressure of the Fed's interest-rate hikes.
"We're basically in the midst of a perfect storm," said Derrick Chubbs, president and CEO of Second Harvest Food Bank of Central Florida in Orlando, Florida, noting increased costs of healthcare, childcare, transportation and insurance, along with groceries and housing.
His network of nonprofits currently distributes 300,000 meals daily, as much as at the height of the pandemic recession.
One reason for hope: Rents in Orlando are down for the first time since 2020, he said, attributing the decline to the Fed's rate hikes.
Policymakers seemed particularly keen to hear from Svenja Gudell, chief economist at job website Indeed, who noted signs of a cooling labor market compared with the "frenzied" 2021-2022 period, especially in higher-paid sectors like technology where job postings have fallen the most.
Food service and other lower-wage jobs offering benefits like health insurance and time off rose sharply in 2021 and early 2022, she said, but growth has since slowed.
"Send us your slides," Powell said.
Reporting by Ann Saphir; Editing by Andrea Ricci
https://www.reuters.com/markets/us/fed- ... 024-03-22/
"Fed gets an earful about 'stranglehold' from high rates"
By Ann Saphir
March 22, 2024
March 22 (Reuters) - Federal Reserve Chair Jerome Powell and fellow Fed governors on Friday heard firsthand from business and community leaders how the Fed's interest rate hikes, along with ongoing price and labor market pressures, are affecting Americans.
Higher interest rates together with instability in commodity prices "has a stranglehold on the American agriculturalist right now, which leads to a stranglehold on all of rural America," said Whitney Ferris-Hansen, who owns and operates J/W Farms and Ranch in Burlington, Colorado.
"An increase in rates is always expected and planned for, but the speed at which these increases happened could not be risk-managed; we could not forward contract grain fast enough to hedge these interest rates."
Starting in March 2022 the Fed raised interest rates rapidly to fight decades-high inflation, bringing its short-term benchmark rate to the 5.25%-5.5% range where it has kept it since last July.
The "Fed Listens" event where Ferris-Hansen and five others spoke and answered policymakers' questions was the latest in a series begun before the pandemic and designed to give U.S. central bankers a close look at the real-world effects of their rate-setting decisions.
It took place at the same table where earlier this week policymakers decided to keep the benchmark short-term policy rate steady.
After that meeting Powell said policymakers expect to cut interest rates later this year, but only once they have greater confidence that inflation is under control.
Friday's panel made clear that for some Americans, that time cannot come soon enough.
Rising borrowing costs coupled with higher energy and transportation prices as well as rising wages are squeezing profits for small and medium-sized manufacturers, said Cara Walton, director at Southfield, Michigan-based Harbour Results, a consulting firm for small manufacturers.
Some have stopped investing in new equipment because they cannot afford the more expensive financing coupled with slowing demand, she said.
"The total cost to invest is very high, and the return on that investment is very long and getting longer," she said.
Small manufacturing companies with young leaders "have never run a business with interest rates like this... it's uncharted territory for us."
Other panelists gave accounts of the impact of continuing pressures from higher prices, even as the rate of increase - inflation - has slowed under pressure of the Fed's interest-rate hikes.
"We're basically in the midst of a perfect storm," said Derrick Chubbs, president and CEO of Second Harvest Food Bank of Central Florida in Orlando, Florida, noting increased costs of healthcare, childcare, transportation and insurance, along with groceries and housing.
His network of nonprofits currently distributes 300,000 meals daily, as much as at the height of the pandemic recession.
One reason for hope: Rents in Orlando are down for the first time since 2020, he said, attributing the decline to the Fed's rate hikes.
Policymakers seemed particularly keen to hear from Svenja Gudell, chief economist at job website Indeed, who noted signs of a cooling labor market compared with the "frenzied" 2021-2022 period, especially in higher-paid sectors like technology where job postings have fallen the most.
Food service and other lower-wage jobs offering benefits like health insurance and time off rose sharply in 2021 and early 2022, she said, but growth has since slowed.
"Send us your slides," Powell said.
Reporting by Ann Saphir; Editing by Andrea Ricci
https://www.reuters.com/markets/us/fed- ... 024-03-22/
Re: THE DAILY NEWS
The New York Post
"Joe Biden proves he’s a hypocrite as money keeps pouring in"
Opinion by Paul Sperry
22 MARCH 2024
“Lunch Bucket” Joe Biden, champion of the union worker and little guy, likes to bash millionaires and billionaires for “not paying their fair share” to the IRS.
But the president knows a little something himself about making millions and working the tax code to pay as little as possible on his wealth.
His good-for-me-but-not-for-thee hypocrisy is exposed in the footnotes of Special Counsel Rob Hur’s recent report on Biden’s purloined classified documents.
When Hur investigated Biden for the government theft, he examined all the files FBI agents seized from his homes and offices, which also contained personal folders with the Bidens’ financial information.
The prosecutor dug through them searching for a motive for Biden hauling off hundreds of classified materials when he left the vice president’s office in January 2017, and he said he found one: good old-fashioned greed.
Profit motive
A month after leaving the White House, Biden shared some of the classified information with the ghostwriter of his lucrative memoir, according to Hur’s report.
“Mr. Biden had long contemplated writing a book about his vice presidency,” Hur wrote.
And one of the reasons for writing one, according to an entry Biden jotted down in a notebook, was “profit.”
Within days of Biden’s staff packing up 15 boxes containing classified materials from his West Wing office, the departing veep finalized a deal with Creative Artists Agency, a talent agency that negotiated his book deal for “Promise Me, Dad,” with Macmillan Publishers’ American imprint Flatiron Books.
The book contract netted Biden an advance of $8 million.
On the same day, Biden also signed an agreement with the University of Pennsylvania to teach classes and run the Penn Biden Center in Washington.
Though he never taught any classes, he pocketed close to $1 million.
The diary entry also referenced Biden’s plans to create a so-called S-corporation to shelter his income and trim his tax bill, according to Hur.
Biden signed a tax form listing himself as president of an S-corp, CelticCapri, on Jan. 30, 2017 — fewer than three weeks before Hur said Biden disclosed classified secrets to this ghostwriter, Mark Zwonitzer, who was not cleared to receive such sensitive government information.
Later that year, UPenn and Flatiron sent their millions in checks not to Biden, but to his S-corp CelticCapri.
In addition, hundreds of thousands of dollars in income from the Washington Speakers Bureau, a group that booked speeches for Biden, was routed through the S-corp.
Jill, too, gets a break
Around the same time, wife Jill Biden formed another S-corp — Giacoppa (named after her grandfather Gaetano Giacoppa) — as a pass-through for additional household income from her own literary earnings and speaking gigs.
In 2017, the Bidens declared a whopping $11.1 million in joint income, which was almost double what they had made in the prior 18 years combined.
More than $10 million of that windfall flowed through their two S-corps, CelticCapri and Giacoppa.
In 2018, another $3.2 million flowed through these S-corps.
The income diversion helped the Bidens save hundreds of thousands in taxes.
That’s because the S-corps allowed them to pay their “employees” (that is, Joe and Jill) in two ways: wages and distributions.
The Bidens avoided paying income tax on whatever portion they didn’t report as wages.
Take their 2017 S-corp tax filing, for example.
Despite the $10 million windfall that year, their S-corps paid out modest salaries to the couple — a joint $245,833 — and treated the rest of the income as a non-wage “distribution,” which wasn’t subject to the 15.3% combined Social Security and Medicare tax.
S-corps are perfectly legal.
Biden was certainly allowed to do what he did.
But his shielding of income makes his claims that the wealthy aren’t “paying their fair share” a bit rich.
In unveiling his new budget proposal last week, Biden scolded “high-income individuals who too often avoid paying their lawfully owed taxes” through tax breaks.
He complained they “make their money in ways that are often taxed at lower rates than ordinary wage income, or sometimes not taxed at all, thanks to giant loopholes and tax preferences that disproportionately benefit the wealthiest taxpayers.”
Biden proposed a billionaire minimum tax of 25%, while promising to protect and strengthen Social Security.
“Look, I’m a capitalist,” Biden said.
“If you want to make millions of bucks, that’s great."
"Just pay your fair share in taxes.”
You first, Mr. President.
Paul Sperry is a senior reporter for RealClearInvestigations. Follow him on X: @paulsperry_
https://www.msn.com/en-us/news/opinion/ ... aeec&ei=25
"Joe Biden proves he’s a hypocrite as money keeps pouring in"
Opinion by Paul Sperry
22 MARCH 2024
“Lunch Bucket” Joe Biden, champion of the union worker and little guy, likes to bash millionaires and billionaires for “not paying their fair share” to the IRS.
But the president knows a little something himself about making millions and working the tax code to pay as little as possible on his wealth.
His good-for-me-but-not-for-thee hypocrisy is exposed in the footnotes of Special Counsel Rob Hur’s recent report on Biden’s purloined classified documents.
When Hur investigated Biden for the government theft, he examined all the files FBI agents seized from his homes and offices, which also contained personal folders with the Bidens’ financial information.
The prosecutor dug through them searching for a motive for Biden hauling off hundreds of classified materials when he left the vice president’s office in January 2017, and he said he found one: good old-fashioned greed.
Profit motive
A month after leaving the White House, Biden shared some of the classified information with the ghostwriter of his lucrative memoir, according to Hur’s report.
“Mr. Biden had long contemplated writing a book about his vice presidency,” Hur wrote.
And one of the reasons for writing one, according to an entry Biden jotted down in a notebook, was “profit.”
Within days of Biden’s staff packing up 15 boxes containing classified materials from his West Wing office, the departing veep finalized a deal with Creative Artists Agency, a talent agency that negotiated his book deal for “Promise Me, Dad,” with Macmillan Publishers’ American imprint Flatiron Books.
The book contract netted Biden an advance of $8 million.
On the same day, Biden also signed an agreement with the University of Pennsylvania to teach classes and run the Penn Biden Center in Washington.
Though he never taught any classes, he pocketed close to $1 million.
The diary entry also referenced Biden’s plans to create a so-called S-corporation to shelter his income and trim his tax bill, according to Hur.
Biden signed a tax form listing himself as president of an S-corp, CelticCapri, on Jan. 30, 2017 — fewer than three weeks before Hur said Biden disclosed classified secrets to this ghostwriter, Mark Zwonitzer, who was not cleared to receive such sensitive government information.
Later that year, UPenn and Flatiron sent their millions in checks not to Biden, but to his S-corp CelticCapri.
In addition, hundreds of thousands of dollars in income from the Washington Speakers Bureau, a group that booked speeches for Biden, was routed through the S-corp.
Jill, too, gets a break
Around the same time, wife Jill Biden formed another S-corp — Giacoppa (named after her grandfather Gaetano Giacoppa) — as a pass-through for additional household income from her own literary earnings and speaking gigs.
In 2017, the Bidens declared a whopping $11.1 million in joint income, which was almost double what they had made in the prior 18 years combined.
More than $10 million of that windfall flowed through their two S-corps, CelticCapri and Giacoppa.
In 2018, another $3.2 million flowed through these S-corps.
The income diversion helped the Bidens save hundreds of thousands in taxes.
That’s because the S-corps allowed them to pay their “employees” (that is, Joe and Jill) in two ways: wages and distributions.
The Bidens avoided paying income tax on whatever portion they didn’t report as wages.
Take their 2017 S-corp tax filing, for example.
Despite the $10 million windfall that year, their S-corps paid out modest salaries to the couple — a joint $245,833 — and treated the rest of the income as a non-wage “distribution,” which wasn’t subject to the 15.3% combined Social Security and Medicare tax.
S-corps are perfectly legal.
Biden was certainly allowed to do what he did.
But his shielding of income makes his claims that the wealthy aren’t “paying their fair share” a bit rich.
In unveiling his new budget proposal last week, Biden scolded “high-income individuals who too often avoid paying their lawfully owed taxes” through tax breaks.
He complained they “make their money in ways that are often taxed at lower rates than ordinary wage income, or sometimes not taxed at all, thanks to giant loopholes and tax preferences that disproportionately benefit the wealthiest taxpayers.”
Biden proposed a billionaire minimum tax of 25%, while promising to protect and strengthen Social Security.
“Look, I’m a capitalist,” Biden said.
“If you want to make millions of bucks, that’s great."
"Just pay your fair share in taxes.”
You first, Mr. President.
Paul Sperry is a senior reporter for RealClearInvestigations. Follow him on X: @paulsperry_
https://www.msn.com/en-us/news/opinion/ ... aeec&ei=25
Re: THE DAILY NEWS
The Washington Examiner
"Due process and property rights ‘being shaken to the core’ by New York attorney general’s vendetta against Trump"
Story by Elizabeth Stauffer
22 MARCH 2024
Here’s what New York Attorney General Letitia James told ABC News in February after Manhattan Supreme Court Justice Arthur Engoron, the presiding judge in James’s civil fraud trial against former President Donald Trump, ordered Trump to pay a massive $355 million fine, plus accrued prejudgment interest dating back to the day the case was filed: “If he does not have the funds to pay off the judgment, we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets."
"We are prepared to make sure that the judgment is paid to New Yorkers."
"And yes, I look at 40 Wall St. [a Trump-owned property] each and every day.”
In a Monday filing to a New York appeals court, Trump’s lawyers admitted he was unable to secure an appeal bond of $464 million to satisfy the debt and begin the appeal process.
The motion asked the court either to pause the exorbitant judgment or reduce the bond to $100 million.
The filing states: “Despite scouring the market, we have been unsuccessful in our effort to obtain a bond for the Judgment Amount for Defendants for the simple reason that obtaining an appeal bond for $464 million is a practical impossibility under the circumstances presented."
"… These diligent efforts have included approaching about 30 surety companies through 4 separate brokers.”
The filing also states that none of the surety agencies they contacted were “willing to accept hard assets such as real estate as collateral for appeal bonds.”
The Wall Street Journal editorial board noted, “This isn’t surprising given the recent write-downs in commercial real estate and enormous uncertainty about their valuations, especially in places like New York."
"Insurers may also fear Ms. James’s legal retribution if they provide the bond to Mr. Trump.”
This development has left James salivating over the prospect of seizing Trump’s properties after the March 25 deadline.
But imagine her absolute mortification if shareholders of social media platform Truth Social vote to take the company public on Friday, a move that could hand Trump a $3.5 billion windfall.
The Wall Street Journal reported on Wednesday that, although Trump would be prohibited from selling his shares for six months, it’s possible he could borrow against his stake in the company.
That would certainly wipe the grin off James’s face.
Engoron’s ruling found that Trump was liable for overstating the values of his assets on bank loan applications to obtain more favorable interest rates, which, as it turns out, is a common practice among commercial real estate developers.
New York City is the financial capital of the world, and its bankers are among the most sophisticated and savvy on the planet.
They expect developers to inflate property valuations and simply adjust them down to more realistic levels before making their lending decisions.
Significantly, all of the loans were paid back — on time.
Not only was this a victimless crime, according to George Washington University Law School professor Jonathan Turley, but during the trial, “witnesses [loan officers] testified that they wanted to do more business with Trump, who was described as a ‘whale’ client with high yield business opportunities.”
As per the Wall Street Journal, a defendant must post a bond to appeal a verdict in New York state.
So, even though there are numerous grounds for an appeal in this case, including the Eighth Amendment, which states that “excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted,” by setting such an excessive fine, Engoron is effectively blocking Trump from beginning the appeal process.
New York venture capitalist and co-host of Shark Tank Kevin O’Leary sees the Democrats’ abuse of the legal system against Trump as an “attack on America.”
He told Fox News on Tuesday that “the reason this is the No. 1 economy on Earth is because we have laws and we have due process."
"And we have property rights."
"It attracts capital from all around the world."
"All of that is being shaken to the core here."
"It has absolutely nothing to do with Donald Trump at this point, in my view, and it is completely bipartisan."
"This is an attack on America."
"No one is going to put any money to work in New York in these amounts until this thing settles down."
"The whole world is watching, and everybody’s waiting for one thing we haven’t got yet: adult supervision.”
James’s vendetta against Trump may force him to sell properties at fire sale prices just so he can proceed with his appeal.
If that were to happen and Engoron’s obscene judgment is ultimately reduced or even eliminated, the damage would already have been done.
If such an outcome is a possibility, what investor, foreign or domestic, would risk buying property in New York?
Or in any other Democratic-run U.S. city?
James is going for immediate gratification here and ignoring the unintended medium- and long-term consequences that will surely follow.
O’Leary is right.
Love him or hate him, this is bigger than Donald Trump.
The biggest casualty of this grotesque abuse of prosecutorial power will be America.
We are losing the one thing that separates us from Third World countries: equal justice under the law.
Elizabeth Stauffer is a contributor to the Washington Examiner, Power Line, and AFNN, and she is a fellow at the Heritage Foundation Academy. She is a past contributor to RedState, Newsmax, the Western Journal, and Bongino.com. Her articles have appeared on RealClearPolitics, MSN, the Federalist, and many other sites. Please follow Elizabeth on X or LinkedIn.
https://www.msn.com/en-us/news/politics ... aeec&ei=66
"Due process and property rights ‘being shaken to the core’ by New York attorney general’s vendetta against Trump"
Story by Elizabeth Stauffer
22 MARCH 2024
Here’s what New York Attorney General Letitia James told ABC News in February after Manhattan Supreme Court Justice Arthur Engoron, the presiding judge in James’s civil fraud trial against former President Donald Trump, ordered Trump to pay a massive $355 million fine, plus accrued prejudgment interest dating back to the day the case was filed: “If he does not have the funds to pay off the judgment, we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets."
"We are prepared to make sure that the judgment is paid to New Yorkers."
"And yes, I look at 40 Wall St. [a Trump-owned property] each and every day.”
In a Monday filing to a New York appeals court, Trump’s lawyers admitted he was unable to secure an appeal bond of $464 million to satisfy the debt and begin the appeal process.
The motion asked the court either to pause the exorbitant judgment or reduce the bond to $100 million.
The filing states: “Despite scouring the market, we have been unsuccessful in our effort to obtain a bond for the Judgment Amount for Defendants for the simple reason that obtaining an appeal bond for $464 million is a practical impossibility under the circumstances presented."
"… These diligent efforts have included approaching about 30 surety companies through 4 separate brokers.”
The filing also states that none of the surety agencies they contacted were “willing to accept hard assets such as real estate as collateral for appeal bonds.”
The Wall Street Journal editorial board noted, “This isn’t surprising given the recent write-downs in commercial real estate and enormous uncertainty about their valuations, especially in places like New York."
"Insurers may also fear Ms. James’s legal retribution if they provide the bond to Mr. Trump.”
This development has left James salivating over the prospect of seizing Trump’s properties after the March 25 deadline.
But imagine her absolute mortification if shareholders of social media platform Truth Social vote to take the company public on Friday, a move that could hand Trump a $3.5 billion windfall.
The Wall Street Journal reported on Wednesday that, although Trump would be prohibited from selling his shares for six months, it’s possible he could borrow against his stake in the company.
That would certainly wipe the grin off James’s face.
Engoron’s ruling found that Trump was liable for overstating the values of his assets on bank loan applications to obtain more favorable interest rates, which, as it turns out, is a common practice among commercial real estate developers.
New York City is the financial capital of the world, and its bankers are among the most sophisticated and savvy on the planet.
They expect developers to inflate property valuations and simply adjust them down to more realistic levels before making their lending decisions.
Significantly, all of the loans were paid back — on time.
Not only was this a victimless crime, according to George Washington University Law School professor Jonathan Turley, but during the trial, “witnesses [loan officers] testified that they wanted to do more business with Trump, who was described as a ‘whale’ client with high yield business opportunities.”
As per the Wall Street Journal, a defendant must post a bond to appeal a verdict in New York state.
So, even though there are numerous grounds for an appeal in this case, including the Eighth Amendment, which states that “excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted,” by setting such an excessive fine, Engoron is effectively blocking Trump from beginning the appeal process.
New York venture capitalist and co-host of Shark Tank Kevin O’Leary sees the Democrats’ abuse of the legal system against Trump as an “attack on America.”
He told Fox News on Tuesday that “the reason this is the No. 1 economy on Earth is because we have laws and we have due process."
"And we have property rights."
"It attracts capital from all around the world."
"All of that is being shaken to the core here."
"It has absolutely nothing to do with Donald Trump at this point, in my view, and it is completely bipartisan."
"This is an attack on America."
"No one is going to put any money to work in New York in these amounts until this thing settles down."
"The whole world is watching, and everybody’s waiting for one thing we haven’t got yet: adult supervision.”
James’s vendetta against Trump may force him to sell properties at fire sale prices just so he can proceed with his appeal.
If that were to happen and Engoron’s obscene judgment is ultimately reduced or even eliminated, the damage would already have been done.
If such an outcome is a possibility, what investor, foreign or domestic, would risk buying property in New York?
Or in any other Democratic-run U.S. city?
James is going for immediate gratification here and ignoring the unintended medium- and long-term consequences that will surely follow.
O’Leary is right.
Love him or hate him, this is bigger than Donald Trump.
The biggest casualty of this grotesque abuse of prosecutorial power will be America.
We are losing the one thing that separates us from Third World countries: equal justice under the law.
Elizabeth Stauffer is a contributor to the Washington Examiner, Power Line, and AFNN, and she is a fellow at the Heritage Foundation Academy. She is a past contributor to RedState, Newsmax, the Western Journal, and Bongino.com. Her articles have appeared on RealClearPolitics, MSN, the Federalist, and many other sites. Please follow Elizabeth on X or LinkedIn.
https://www.msn.com/en-us/news/politics ... aeec&ei=66
Re: THE DAILY NEWS
The Jerusalem Post
"US says it conducted self-defense strikes against Houthi facilities"
Story by REUTERS
23 MARCH 2024
US forces conducted self-defense strikes against three Houthi underground weapons storage facilities in Houthi-controlled areas of Yemen, US Central Command (CENTCOM) said on Friday.
The strikes targeted capabilities used by the Houthis to threaten and attack naval and merchant vessels in the region, it posted in a statement on X.
CENTCOM also said its forces had destroyed four unmanned aerial vehicles (UAVs) in Houthi-controlled areas of Yemen in self-defense.
Attacks by Yemen's Houthis in the Red Sea region, which the Iran-aligned militants say are in solidarity with Palestinians in Gaza, have disrupted global shipping, forcing firms to take longer and more expensive journeys around southern Africa.
Houthi leaders call foreign intervention, attacks 'reckless'
The head of the Houthi supreme revolutionary committee, Muhammad Ali Al-Houthi, said earlier there had been "reckless" US-British attacks on Yemen.
The Houthi-run Saba News Agency said US and British aircraft had launched five raids on Hodeidah, the area where Yemen's main port is located.
CENTCOM said that during the time frame of the US attacks on the UAVs, Houthi militants had fired four anti-ship ballistic missiles from Houthi-controlled areas of Yemen toward the Red Sea.
"There were no injuries or damage reported by US, coalition, or commercial ships," it said.
CENTCOM said its strikes on the storage facilities were "actions are necessary to protect our forces, ensure freedom of navigation, and make international waters safer and more secure for US, coalition, and merchant vessels."
https://www.msn.com/en-us/news/world/us ... 190e&ei=35
"US says it conducted self-defense strikes against Houthi facilities"
Story by REUTERS
23 MARCH 2024
US forces conducted self-defense strikes against three Houthi underground weapons storage facilities in Houthi-controlled areas of Yemen, US Central Command (CENTCOM) said on Friday.
The strikes targeted capabilities used by the Houthis to threaten and attack naval and merchant vessels in the region, it posted in a statement on X.
CENTCOM also said its forces had destroyed four unmanned aerial vehicles (UAVs) in Houthi-controlled areas of Yemen in self-defense.
Attacks by Yemen's Houthis in the Red Sea region, which the Iran-aligned militants say are in solidarity with Palestinians in Gaza, have disrupted global shipping, forcing firms to take longer and more expensive journeys around southern Africa.
Houthi leaders call foreign intervention, attacks 'reckless'
The head of the Houthi supreme revolutionary committee, Muhammad Ali Al-Houthi, said earlier there had been "reckless" US-British attacks on Yemen.
The Houthi-run Saba News Agency said US and British aircraft had launched five raids on Hodeidah, the area where Yemen's main port is located.
CENTCOM said that during the time frame of the US attacks on the UAVs, Houthi militants had fired four anti-ship ballistic missiles from Houthi-controlled areas of Yemen toward the Red Sea.
"There were no injuries or damage reported by US, coalition, or commercial ships," it said.
CENTCOM said its strikes on the storage facilities were "actions are necessary to protect our forces, ensure freedom of navigation, and make international waters safer and more secure for US, coalition, and merchant vessels."
https://www.msn.com/en-us/news/world/us ... 190e&ei=35
Re: THE DAILY NEWS
GB News
"‘We’re approaching $35 trillion debt!’ Bidenomics savaged in fiery row as President blamed for ‘making Americans poorer’"
Story by Ben Chapman
23 MARCH 2024
US journalist Victor Coglianese has blasted Bidenomics, claiming it has done little to quell the buildup of debt in the country.
The US President’s economic plan focuses on public investment and promoting business competition.
The 71-year-old points to it as one of the main successes of his tenure in office.
But according to Cognialese, it has racked up more debt and Americans are worse off as a result.
“The government spending by Joe Biden and his Democrat colleagues has led to inflation that has left Americans poorer since the pandemic than they were four years ago”, he said on GBN America.
“It’s not a good thing."
"In fact, we’re at a point where we’re approaching $35 trillion in debt."
“Congress may not raise taxes literally, but it is taxing the American people through inflation, through printing money by way of the Federal Reserve."
“It’s a bad thing that leaves Americans struggling.”
Attorney Ethan Bearman hit back at Coglianese’s claim, suggesting ex-President Donald Trump is responsible for much of the outlay in recent years.
“Vince conveniently ignores that initial spending when Covid hit was actually under President Trump and his proposal”, he swiped.
“It was continued by President Biden and increased."
“Furthermore, let’s talk about President Trump’s economic policies that increased the debt and the deficit spending in a hot economy at the greatest time in US history."
“The data shows and there’s a report that in 2023, 53 per cent of the inflation is attributable to corporate profit taking in excess profits by large corporations, multinational corporations preying upon the consumers.”
Bearman added that he believes the US is the envy of the world with its economic health.
“Of course, you are going to have some people who believe that the economy is in worse shape”, he said.
“However, the United States has the strongest economic growth, the strongest wage growth, and the lowest inflation of all the G7 nations."
“I feel bad for my friends in the UK."
"We have the best economy of the industrialised world right now."
“Overall, the economy is actually doing vey well."
“That doesn’t mean that individual people aren’t having bad experiences with places closing and whatnot.
“Their experiences are real and absolutely affect them.”
Journalist Victor Cognialese disagreed with Bearman, saying the ‘reality’ is that Americans are poorer after four years of Biden.
“Their wages are up, but prices are up too much in order for them to pay for those things”, he said.
“Additionally, 60 per cent of Americans are now living paycheck to paycheck."
“We’ve got credit card debt that is over $1.1 trillion right now."
“Those credit card interest rates and the vicinity of 25, 28 per cent and Americans are losing full time jobs.”
https://www.msn.com/en-us/money/markets ... 190e&ei=68
"‘We’re approaching $35 trillion debt!’ Bidenomics savaged in fiery row as President blamed for ‘making Americans poorer’"
Story by Ben Chapman
23 MARCH 2024
US journalist Victor Coglianese has blasted Bidenomics, claiming it has done little to quell the buildup of debt in the country.
The US President’s economic plan focuses on public investment and promoting business competition.
The 71-year-old points to it as one of the main successes of his tenure in office.
But according to Cognialese, it has racked up more debt and Americans are worse off as a result.
“The government spending by Joe Biden and his Democrat colleagues has led to inflation that has left Americans poorer since the pandemic than they were four years ago”, he said on GBN America.
“It’s not a good thing."
"In fact, we’re at a point where we’re approaching $35 trillion in debt."
“Congress may not raise taxes literally, but it is taxing the American people through inflation, through printing money by way of the Federal Reserve."
“It’s a bad thing that leaves Americans struggling.”
Attorney Ethan Bearman hit back at Coglianese’s claim, suggesting ex-President Donald Trump is responsible for much of the outlay in recent years.
“Vince conveniently ignores that initial spending when Covid hit was actually under President Trump and his proposal”, he swiped.
“It was continued by President Biden and increased."
“Furthermore, let’s talk about President Trump’s economic policies that increased the debt and the deficit spending in a hot economy at the greatest time in US history."
“The data shows and there’s a report that in 2023, 53 per cent of the inflation is attributable to corporate profit taking in excess profits by large corporations, multinational corporations preying upon the consumers.”
Bearman added that he believes the US is the envy of the world with its economic health.
“Of course, you are going to have some people who believe that the economy is in worse shape”, he said.
“However, the United States has the strongest economic growth, the strongest wage growth, and the lowest inflation of all the G7 nations."
“I feel bad for my friends in the UK."
"We have the best economy of the industrialised world right now."
“Overall, the economy is actually doing vey well."
“That doesn’t mean that individual people aren’t having bad experiences with places closing and whatnot.
“Their experiences are real and absolutely affect them.”
Journalist Victor Cognialese disagreed with Bearman, saying the ‘reality’ is that Americans are poorer after four years of Biden.
“Their wages are up, but prices are up too much in order for them to pay for those things”, he said.
“Additionally, 60 per cent of Americans are now living paycheck to paycheck."
“We’ve got credit card debt that is over $1.1 trillion right now."
“Those credit card interest rates and the vicinity of 25, 28 per cent and Americans are losing full time jobs.”
https://www.msn.com/en-us/money/markets ... 190e&ei=68
Re: THE DAILY NEWS
Benzinga
"Atlanta Fed President Sees 'Some Troubling Things,' Now Calls For Just 1 Rate Cut In 2024"
Story by Nabaparna Bhattacharya
23 MARCH 2024
Federal Reserve Bank of Atlanta President Raphael Bostic has reportedly revised his forecast, anticipating only one interest-rate cut this year, likely occurring later than initially anticipated.
The Atlanta Fed chief previously advocated for two rate cuts in 2024, suggesting the first cut might occur in the summer, Bloomberg reported.
Bostic informed reporters in Atlanta on Friday that it was a “close call.”
“We will have to see how the data come in over the next several weeks,” he added.
Fed officials, maintaining interest rates for a fifth consecutive meeting Wednesday, narrowly upheld their outlook for three interest-rate cuts this year.
Chair Jerome Powell stated that central bankers anticipate gaining confidence in inflation reaching the 2% goal, with the first reduction likely to occur “at some point this year.”
Former U.S. Treasury Secretary Larry Summers has openly criticized the Federal Reserve’s hints of impending interest rate cuts recently, questioning the necessity of such actions amid a strong economy and ongoing inflation worries.
During an appearance on Bloomberg Television’s Wall Street Week, Summers expressed perplexity over the Fed’s current stance, especially considering the healthy state of the economy and financial markets.
“My sense is still that the Fed has itchy fingers to start cutting rates, and I don’t fully get it,” Summers said.
Meanwhile, Bostic expressed diminished confidence in the inflation trajectory compared to December, citing “some troubling things” beneath headline figures.
He specifically highlighted the wide range of items in the consumer basket experiencing elevated price increases.
A crucial measure of underlying inflation exceeded expectations for the second consecutive month in February, while the Fed’s preferred gauge, to be released next week, is expected to reveal continued high price pressures, Bloomberg reported.
While policymakers project the federal funds rate to reach 4.6% by the end of 2024, individual expectations vary.
The Fed’s “dot plot” revealed that 10 officials anticipate three or more quarter-point cuts this year, while nine expect two or fewer.
“The economy continues to deliver surprises and it continues to be more resilient and more energized than I had forecast or projected,” Bostic said.
https://www.msn.com/en-us/money/markets ... 5b49&ei=26
"Atlanta Fed President Sees 'Some Troubling Things,' Now Calls For Just 1 Rate Cut In 2024"
Story by Nabaparna Bhattacharya
23 MARCH 2024
Federal Reserve Bank of Atlanta President Raphael Bostic has reportedly revised his forecast, anticipating only one interest-rate cut this year, likely occurring later than initially anticipated.
The Atlanta Fed chief previously advocated for two rate cuts in 2024, suggesting the first cut might occur in the summer, Bloomberg reported.
Bostic informed reporters in Atlanta on Friday that it was a “close call.”
“We will have to see how the data come in over the next several weeks,” he added.
Fed officials, maintaining interest rates for a fifth consecutive meeting Wednesday, narrowly upheld their outlook for three interest-rate cuts this year.
Chair Jerome Powell stated that central bankers anticipate gaining confidence in inflation reaching the 2% goal, with the first reduction likely to occur “at some point this year.”
Former U.S. Treasury Secretary Larry Summers has openly criticized the Federal Reserve’s hints of impending interest rate cuts recently, questioning the necessity of such actions amid a strong economy and ongoing inflation worries.
During an appearance on Bloomberg Television’s Wall Street Week, Summers expressed perplexity over the Fed’s current stance, especially considering the healthy state of the economy and financial markets.
“My sense is still that the Fed has itchy fingers to start cutting rates, and I don’t fully get it,” Summers said.
Meanwhile, Bostic expressed diminished confidence in the inflation trajectory compared to December, citing “some troubling things” beneath headline figures.
He specifically highlighted the wide range of items in the consumer basket experiencing elevated price increases.
A crucial measure of underlying inflation exceeded expectations for the second consecutive month in February, while the Fed’s preferred gauge, to be released next week, is expected to reveal continued high price pressures, Bloomberg reported.
While policymakers project the federal funds rate to reach 4.6% by the end of 2024, individual expectations vary.
The Fed’s “dot plot” revealed that 10 officials anticipate three or more quarter-point cuts this year, while nine expect two or fewer.
“The economy continues to deliver surprises and it continues to be more resilient and more energized than I had forecast or projected,” Bostic said.
https://www.msn.com/en-us/money/markets ... 5b49&ei=26
Re: THE DAILY NEWS
The Jerusalem Post
"Oil tanker crew tackle fire after projectile strike off Yemen - maritime agency"
Story by REUTERS
23 MARCH 2024
A Panama-flagged crude oil tanker caught fire after being struck by an unidentified projectile off Yemen on Saturday, in the latest attack on commercial shipping in the Red Sea.
The incident happened 23 nautical miles northwest of the Red Sea port of al-Mukha, British maritime security firm Ambrey said.
The United Kingdom Maritime Trade Operations (UKMTO) agency also reported the incident, saying the fire was extinguished by the crew.
"Vessel and crew reported safe."
"Vessel continuing to next port of call," UKMTO added in an advisory note.
Ambrey said the tanker was registered under Union Maritime Ltd, a UK company, in 2019 before changing its registration details, including name and operator, last month.
"At the time of writing, she had changed course to starboard and continued on her journey to New Mangalore, India," the Ambrey statement said.
Houthis have been attacking for months in the Red Sea
Months of attacks in the Red Sea by Yemen's Houthi terrorists following the Israel-Hamas war have disrupted global shipping, forcing firms to re-route to longer and more expensive journeys around southern Africa, and stoked fears that the war could spread to destabilize the wider Middle East.
The Houthis say their attacks are in solidarity with the Palestinians in Gaza and they will not stop until Israel ends the war and withdraws from the enclave.
The United States and Britain have launched strikes on Houthi targets in Yemen and redesignated the militia as a terrorist group.
https://www.msn.com/en-us/news/world/oi ... 5b49&ei=37
"Oil tanker crew tackle fire after projectile strike off Yemen - maritime agency"
Story by REUTERS
23 MARCH 2024
A Panama-flagged crude oil tanker caught fire after being struck by an unidentified projectile off Yemen on Saturday, in the latest attack on commercial shipping in the Red Sea.
The incident happened 23 nautical miles northwest of the Red Sea port of al-Mukha, British maritime security firm Ambrey said.
The United Kingdom Maritime Trade Operations (UKMTO) agency also reported the incident, saying the fire was extinguished by the crew.
"Vessel and crew reported safe."
"Vessel continuing to next port of call," UKMTO added in an advisory note.
Ambrey said the tanker was registered under Union Maritime Ltd, a UK company, in 2019 before changing its registration details, including name and operator, last month.
"At the time of writing, she had changed course to starboard and continued on her journey to New Mangalore, India," the Ambrey statement said.
Houthis have been attacking for months in the Red Sea
Months of attacks in the Red Sea by Yemen's Houthi terrorists following the Israel-Hamas war have disrupted global shipping, forcing firms to re-route to longer and more expensive journeys around southern Africa, and stoked fears that the war could spread to destabilize the wider Middle East.
The Houthis say their attacks are in solidarity with the Palestinians in Gaza and they will not stop until Israel ends the war and withdraws from the enclave.
The United States and Britain have launched strikes on Houthi targets in Yemen and redesignated the militia as a terrorist group.
https://www.msn.com/en-us/news/world/oi ... 5b49&ei=37