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Trump Says Investors Should Sue ABC for Market-Moving Report

President Donald Trump called on investors to sue ABC News after a false report about him caused the stock market to briefly plunge Friday. ABC News investigative reporter Brian Ross told viewers Friday morning that former national security adviser Michael Flynn was prepared to testify that Trump, then still a candidate, had told him to contact Russian officials. The implication that the president himself was connected to his campaign’s dealings with Russia sent the Dow Jones Industrial Average down more than 350 points before it recovered. “People who lost money…

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Senate Passes Major Business, Individual Cuts: Tax Debate Update

The Senate tax bill is in the midst of a marathon vote session that stretched into early Saturday morning with the goal of holding a final vote in the next several hours. Here are the latest developments, updated throughout the day: Senate Passes Major Business, Individual Cuts (1:51 a.m.) Senate Republicans narrowly approved the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans. The 51-49 vote — achieved only after closed-door deal-making with dissident senators…

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Mulvaney Says Would Be OK to Drop Mandate Repeal in Tax Plan

The White House wouldn’t oppose removing from the Senate tax plan a controversial provision to repeal the individual health-care mandate of the Affordable Care Act, budget director Mick Mulvaney said, a move that could help secure the vote of key Republicans. The provision could be dropped if it becomes “an impediment,” Mulvaney, head of the Office of Management and Budget, said on CNN’s “State of the Union.” “If we can repeal part of Obamacare as part of a tax bill and have a tax bill that is still a good…

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Trump Scraps Possible Formal Meeting With Putin

President Donald Trump will not meet formally with Russian President Vladimir Putin at an Asia-Pacific summit in Vietnam this week due to a scheduling conflict, the White House said Friday, amid U.S. concerns that the meeting wouldn’t create genuine progress on key issues. “Are they going to bump into each other and say hello? Certainly possible and likely,” Press Secretary Sarah Huckabee Sanders told reporters. “But in terms of a scheduled, formal meeting, there’s not one on the calendar and we don’t anticipate that there will be one.” Any Putin-Trump meeting…

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Trump’s $250 Billion China Haul Features Little of Substance

Donald Trump can use to show he’s creating opportunities for U.S. businesses and jobs for his base. The reality, however, is that the roughly 15 agreements unveiled on Thursday are mostly non-binding memorandums of understanding and could take years to materialize — if they do at all. A day earlier, Commerce Secretary Read More: Details on the Deals Trump’s Team Plans to Unveil in China “To me this is an old-style visit when you pile up all the deals so you can to get a big number,” said James McGregor, China…

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One Tax Loophole Untouched So Far: The Trump Golf-Course Break

Republican lawmakers pushing to close dozens of tax loopholes have left open one that’s been good to President the outline for a sweeping tax rewrite on Thursday, a lucrative break for golf-course owners — including the president — remains firmly in place in the House version of the measure. The Obama administration estimated in 2014 that closing the controversial loophole would save more than $600 million over a decade. While Republicans are eliminating many write-offs, the House version of the bill allows golf-course owners to claim deductions for promising never to…

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RenTechs Robert Mercer to Exit as Co-CEO, Sell Breitbart Stake

Donald Trump. Peter Brown, 62, will continue as CEO, according to a letter sent to employees at his hedge fund Thursday. Mercer, 71, will also leave Renaissance’s board and remain at the company as a member of the technical staff, focusing on research. Mercer and Brown took the co-CEO posts in 2010 after the company’s founder Read More: Read Mercer’s Letter to His Staff at Renaissance personal political projects dragged the notoriously secretive firm into the national spotlight. Mercer and his daughter, Rebekah, are prominent Republican donors and patrons of Stephen…

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Papa John’s Blames the NFL for Hurting Pizza Sales

Papa John’s International Inc. founder John Schnatter is going after NFL Commissioner Roger Goodell, saying weak handling of the league’s national-anthem controversy has hammered sales of his pizza. “The NFL has hurt us by not resolving the current debacle to the players’ and owners’ satisfaction,” Schnatter, who serves as the pizza chain’s chairman and chief executive officer, said on a conference call. “NFL leadership has hurt Papa John’s shareholders.” The remarks follow a controversy over NFL football players protesting during the national anthem, a movement that started last season. The demonstrations…

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Three Trump Associates Charged in Russia Collusion Probe

The federal investigation into whether President Read the full indictment here The accusations arrive after a months-long probe into possible crimes including obstruction of justice by Trump and other crimes by his associates. The Read more: Your Guide to Understanding the Trump-Russia Saga Manafort, 68, has been targeted by Mueller for months. A top Republican strategist who also worked extensively for foreign politicians, he left Trump’s campaign after only a few months in 2016. He departed after information surfaced about his work in Ukraine for a pro-Russian party, which intensified…

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Billionaire Founder Charged in Opioid Bribery Case

More than a decade after opioid painkillers first exploded across the U.S., John Kapoor found an aggressive way to sell even more, according to prosecutors: He began bribing doctors to prescribe them. Speakers’ fees, dinners, entertainment, cash — federal charges unsealed Thursday claim Kapoor’s striving company, Purdue Pharmaceutical Inc.’s marketing of OxyContin. Scores of states, cities and counties have sued companies including Purdue, Johnson & Johnson’s Janssen Pharmaceuticals, alleging they triggered the opioid epidemic by minimizing the addiction and overdose risks of painkillers such as Percocet. But so far, no…

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Taylor Has Complex History to Overcome If Picked as Fed Chair

John Taylor has a complicated history with the U.S. Federal Reserve that could force him into a hard pivot if he’s selected as its next leader. The Stanford University economist, who is on President Donald Trump’s short list to lead the central bank, wrote the monetary policy rule that Fed officials use as a constant reference, and many of the institution’s own economists are schooled in his ideas. On the other hand, he’s been a vocal critic of recent Fed policy, arguing that the institution should hew closer to the…

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Mnuchin Says Its Very Hard Not to Give Tax Cuts to the Wealthy

U.S. Treasury Secretary Steven Mnuchin said in an interview published Wednesday that the Republican tax plan will include breaks for the wealthy, a rhetorical reversal that contradicts President told CNBC that Trump wanted “no absolute tax cut for the upper class,” which prompted Democrats to label that promise the “Mnuchin Rule.” In the ensuing months, Mnuchin softened that promise in public remarks — in June, he

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North Korea Warns That Nuclear War Could Break Out Any Moment

North Korea warned that a nuclear war “may break out any moment” as the U.S. and South Korea began one of the largest joint naval drills off both the east and west coasts of the peninsula. Kim In Ryong, North Korea’s deputy ambassador to the United Nations, said on Monday that his nation had become a “full-fledged nuclear power which possesses the delivery means of various ranges” and warned that “the entire U.S. mainland is within our firing range.” He also called North Korea “a responsible nuclear state.” “As long…

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Airbus to Buy Majority Stake in Bombardier C Series Jet Program

Bombardier Inc.’s C Series jetliner program, breathing new life into a slow-selling plane and opening a new front in the battle with United Technologies Corp. After the transaction, which is expected to be completed in the second half of next year, the Canadian planemaker will own about 31 percent of the C Series partnership. The province of Quebec, which invested $1 billion in the C Series after the cost overruns and delays, will hold approximately 19 percent. A Canadian government official said the deal is expected to be approved after…

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Yellen Calls Inflation the ‘Biggest Surprise’ in the Economy

Federal Reserve Chair Janet Yellen said that the U.S. central bank expects to continue to raise interest rates gradually as solid growth, a strong labor market and a healthy global economy lift prices even as she recognized that inflation has been surprisingly low.  “My best guess is that these soft readings will not persist, and with the ongoing strengthening of labor markets, I expect inflation to move higher next year,” Yellen said Sunday at the Group of Thirty’s Annual International Banking Seminar in Washington. Yellen’s term expires in February and…

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