Trump yet to fill top jobs as many fail loyalty test

February 21, 2017

Washington, Feb 21: During President Donald Trump's transition to power, his team reached out to Elliott Abrams for help building a new administration. Abrams, a seasoned Republican foreign policy official, sent lists of possible candidates for national security jobs.

trump

One by one, the answer from the Trump team came back no. The reason was consistent: This one had said disparaging things about Trump during the campaign; that one had signed a letter opposing him. Finally, the White House asked Abrams himself to meet with the president about becoming deputy secretary of state, only to have the same thing happen – vetoed because of the past criticism.

Abrams' experience has become a case study in the challenges Trump still faces in filling the top positions a month into his presidency.

Trump remains fixated on the campaign as he applies a loyalty test to some prospective officials. Many Republicans reacted to what happened to Abrams with dismay, leaving them increasingly leery about joining an administration that cannot get past the past.

As Trump brings candidates for national security adviser to meet with him in Florida this weekend, he presides over a government where the upper echelons remain sparsely populated.

Six of the 15 statutory cabinet secretaries are still awaiting Senate confirmation as Democrats nearly uniformly oppose almost all of the president's choices. Even some of the cabinet secretaries who are in place may feel they are home alone.

It is not just Secretary of State Rex W Tillerson who has no deputy secretary, much less Trump-appointed undersecretaries or assistant secretaries. Neither do the heads of the Treasury Department, the Education Department or any of the other cabinet departments. Only three of 15 nominees have been named for deputy secretary positions.

Defense Secretary Jim Mattis has a deputy only because he kept the one left over from President Barack Obama's administration.

That does not even begin to cover the rest of the more than 4,000 appointments that a president typically makes. In some cases, the Trump administration is even going in reverse. A senior political appointee at the housing department, who had started the job, was fired this past week and marched out of the building when someone discovered his previous statements critical of Trump.

The president's top Latin America official at the National Security Council was likewise fired after just weeks on the job for complaining about internal dysfunction at an off-the-record discussion at a Washington research organisation, according to officials, who confirmed a Politico report.

The State Department has laid off six top career officials in recent days, apparently out of questions about their loyalty to Trump.

“Many tough things were said about him and by him” before the last year's election, Abrams, who served as President Ronald Reagan's assistant secretary of state and President George W Bush's deputy national security adviser, said in an interview.

“I would have hoped he would have turned toward just hiring the most effective people to help him govern rather than looking back to what we said in that race.”

Trump faces other hurdles, too. With no cadre ready to go from past political service, he has been starting from scratch. His team has been slow to vet candidates, and in some cases his choices have had troubles with their business backgrounds or other matters.

And Democrats have mounted a wall of resistance to his nominations, slowing the process down.

The White House did not respond to requests for comment, but Trump has disputed reports of troubles.

“The White House is running so smoothly, so smoothly,” he told a rally of supporters in Melbourne, Florida, on Saturday. “And believe me, we inherited one big mess, that I can tell you.”

The ill will between Trump and much of the Republican establishment works both ways. Many Republicans who might have agreed to work for the president have been turned off by what they consider his sometimes erratic behaviour and the competing power centres inside his White House.

After firing his first national security adviser, Michael T Flynn, Trump found that his initial choice for a replacement, Robert S Harward, a retired vice admiral, would not take the job.

“The problem is that with each successive episode, it raises the stakes for the next one,” said Peter D Feaver, a Duke University professor who was a strategic planning adviser to Bush.

“It's going to be hard for the next outsider to accept the national security job and not request the ability to make personnel changes.”

Richard N Haass, a former Republican official and now president of the Council on Foreign Relations, said Trump had “ruled out much of an entire generation of Republican public policy types” and alarmed others with his empowerment of Stephen Bannon, his chief strategist, to shape national security. Even some cabinet secretaries appear unable to pick their own staff.

“This is unprecedented, it's untraditional, it's outside the mainstream,” said Haass, whose own name had been floated for a position.

“And so it's just that you'd be signing on for, at a minimum, tremendous uncertainty, and quite possibly for being associated with a set of policies you deeply disagree with.”

Stuart Holliday, an ambassador under Bush, said many Republicans would want to work for Tillerson or Mattis.

“However, the Republican foreign policy bench is not that deep at senior levels,” he said, “especially if you factor in people who took themselves off the field.”

Former Sen. Judd Gregg, R-N.H., said the business veterans that Trump had enlisted for his cabinet were “the most positive thing about his administration so far.”

But he added that the president's disregard for advice could complicate his efforts to fill posts.

“You get the feeling that he's still flying by his own experiences,” he said, “and that's got to concern anyone who cares about these issues.”

For Trump, the challenge is more pronounced because he and his advisers feel they cannot trust some of the senior career professionals still working at the White House or cabinet departments.

Opposition within

Leaks about Flynn and Trump's phone calls with foreign leaders have convinced White House officials that they face an opposition within.

“You have a new administration that also has a fewer people familiar with the processes and systems of government, including the importance of the vetting process,” said Max Stier, chief executive of the Center for Presidential Transition at the Partnership for Public Service.

“You can't operate as they did in the campaign context, with a smaller than usual group – it doesn't work.”

Trump's failure to vet candidates in advance has led to some stumbles. A White House scheduler was fired this past week because of an issue that surfaced in her background check, something that normally would have been completed weeks ago.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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News Network
April 7,2020

London, Apr 7: British Prime Minister Boris Johnson was moved to the intensive care unit of a London hospital after his coronavirus symptoms worsened Monday, just a day after he was admitted for what were said to be routine tests.

Johnson was admitted to St. Thomas’ Hospital late Sunday, 10 days after he was diagnosed with COVID-19, the first major world leader to be confirmed to have the virus.

Downing Street said Johnson was conscious and did not require ventilation, but he was moved into intensive care in case he needs it later, his office said in a statement.

Britain has no official post of deputy prime minister, but Foreign Secretary Dominic Raab has been designated to take over should Johnson become incapacitated.

Hours earlier, Johnson tweeted that he was in good spirits and thanked the National Health Service for taking care of him and others with the disease.

“On the advice of my doctor, I went into hospital for some routine tests as I’m still experiencing coronavirus symptoms,″ Johnson said in the tweet. “I’m in good spirits and keeping in touch with my team, as we work together to fight this virus and keep everyone safe.″

The prime minister's spokesman said earlier Monday that Johnson had spent a comfortable night and remained in charge of government after being admitted to the hospital because his cough and fever persisted.

Johnson's spokesman, James Slack, refused to say what kind of tests Johnson was undergoing. He insisted that "the PM remains in charge of the government."

“He is receiving updates in hospital and is continuing to receive a (ministerial red) box" of files and briefing papers, Slack said.

Prime Minister Narendra Modi on Monday hoped that his British counterpart Boris Johnson, admitted to a hospital for treatment of coronavirus, finds himself in perfect health soon.

"Hang in there, Prime Minister @BorisJohnson! Hope to see you out of hospital and in perfect health very soon," the prime minister wrote on Twitter.

The 55-year-old leader had been quarantined in his Downing Street residence since being diagnosed with COVID-19 on March 26. He continued to preside at daily meetings on the outbreak until Sunday. He released several video messages during his 10 days in isolation urging Britons to stay home and observe social distancing measures to help slow the spread of the virus.

Speaking earlier at the government's daily coronavirus press briefing, Raab said Johnson was being “regularly updated," but said he had not spoken to him since Saturday.

“He's in charge, but he’ll continue to take doctors’ advice on what to do next," Raab said.

Politicians from all parties wished Johnson a quick recovery. Opposition Labour Party leader Keir Starmer tweeted: “Terribly sad news. All the country’s thoughts are with the Prime Minister and his family during this incredibly difficult time."

Johnson's fiancee, Carrie Symonds, who is pregnant, is herself recovering from coronavirus symptoms.

Johnson was admitted to the hospital as a message to the nation from Queen Elizabeth II was being broadcast Sunday evening. The 93-year-old monarch urged the public to show resolve and follow advice to stay inside.

Concerns had been growing about Johnson’s welfare ever since he posted a message Friday saying that he was feeling better, though was still feverish.

The virus causes mild to moderate symptoms in most people, but for some, especially older adults and the infirm, it can cause pneumonia and lead to death.

The government said Monday that 51,608 people had been confirmed to have the coronavirus in Britain, 5,373 of whom have died.

Derek Hill, a professor of medical imaging science at University College London, said that since COVID-19 causes difficulty breathing, one test performed on people with the disease is lung imaging with ultrasound or CT scans to see how badly they might be affected.

Hill said there are various types of breathing help, depending on the person and the difficulties.

“The reasons some people get seriously ill with COVID-19 while others have minor symptoms is not yet fully understood,″ Hill said. “But doctors managing these patients report that more men than women have serious problems, and patients who are overweight or have previous health problems are at higher risk."

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News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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