Democrat Pelosi elected US House speaker for 2nd time

Agencies
January 4, 2019

Washington, Jan 4: Nancy Pelosi knew this moment would come, even if others had their doubts — or worked to stop her. Pelosi was elected Thursday as House speaker, the only woman who has held the office and now one of few elected officials who have returned to it.

The last time a speaker regained the gavel was more than a half-century ago.

The California Democrat has spent her political career being underestimated, only to prove the naysayers wrong. In this case, it was by winning back the Democratic majority and amassing the votes for the speaker's job.

"None of us is indispensable," Pelosi told The Associated Press while campaigning last fall, "but I do know that I'm very good at what I do."

In accepting the gavel, Pelosi gave nod to the new era of divided government with a pledge to "reach across the aisle in this chamber and across the divisions across our nation."

She said, "The floor of this House must be America's Town Hall: where the people will see our debates and where their voices will be heard and affect our decisions."

In outlining Democratic priorities, she talked about lowering health care costs, investing in green infrastructure and restoring "integrity to government." "We must be champions of the middle class and all those who aspire to it — because the middle class is the backbone of our democracy," she said.

Pelosi remains a highly polarizing figure, vilified by Republicans as a San Francisco liberal and a caricature of big government. But she is also a mother of five and a grandmother of nine who has shattered glass ceilings to become one of the most powerful politicians of the 21st century.

With President Donald Trump in the White House and Republicans still controlling the Senate, Pelosi's return to the speaker's office to lead a Democratic majority with its biggest freshmen class since Watergate shakes up the dynamic in Washington even beyond the new era of divided government.

Pelosi has faced pressure from some incoming Democrats who have been willing to talk about the possibility of impeachment proceedings against Trump. Pelosi has called impeachment a "divisive activity," and Democrats were cautious about mentioning the "I'' word during the 2018 midterms for fear it would backfire politically.

She took a measured approach to it in an interview airing Thursday on NBC's "Today" show.

"We shouldn't be impeaching for a political reason, and we shouldn't avoid impeachment for a political reason," she said, adding that she would wait for the findings of special counsel Robert Mueller's investigation into Russia meddling in the 2016 election.

Only the House can begin impeachment proceedings. And while Justice Department guidelines suggest a sitting president can't be indicted, Pelosi called that "an open discussion." "Everything indicates that a president can be indicted after he is no longer president," she said.

Trump himself has denied any wrongdoing.

Pelosi is one of the few congressional leaders who seem to understand Trump, both being children from famous families now primed for deal-making. Trump appreciates strong characters, and, in perhaps a sign of respect, she is one of the few congressional leaders in Washington he has not given a nickname — though he has made her a frequent target.

A core group of rank-and-file Democrats has hungered for new leadership, saying it's time for a new generation to take the helm. They tired of the Republican attack ads featuring Pelosi that are constantly run against them back home, and they worried she would be a drag on efforts to keep the majority in the next election. They enlisted some of the newcomers from the freshmen class to their ranks to try to stop her from regaining the gavel.

But one by one, Pelosi peeled away the skeptics, flipping "no" votes to the "yes" column, sometimes in a matter of days. Some were given lead positions on their legislative priorities, even a gavel of their own to chair special panels.

And Pelosi gave a little, too, promising, at 78, to serve no more than four years in leadership, making way for the next generation.

Pelosi won the speakership by a vote of 220 to Republican Kevin McCarthy's 192 votes.

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Agencies
August 7,2020

Washington, Aug 7: US President Donald Trump on Thursday (local time) signed executive orders halting all transactions with Chinese applications TikTok and WeChat within 45 days, citing national security concerns, further escalating the tensions between Beijing and Washington.

"WeChat, a messaging, social media, and electronic payment application owned by the Chinese company Tencent Holdings Ltd., reportedly has over one billion users worldwide, including users in the United States. Like TikTok, WeChat automatically captures vast swaths of information from its users. 

This data collection threatens to allow the Chinese Communist Party (CCP) access to Americans' personal and proprietary information," Trump said in a statement.

Citing reasons for the ban on WeChat, the US President said that the application captures the personal and proprietary information of Chinese nationals visiting the US, thereby providing the CCP a mechanism to keep tabs on the Chinese citizens who may be "enjoying the benefits of a free society for the first time in their lives".

"In March 2019, a researcher reportedly discovered a Chinese database containing billions of WeChat messages sent from users in not only China but also the United States, Taiwan, South Korea and Australia. WeChat, like TikTok, also reportedly censors content that the CCP deems politically sensitive and may also be used for disinformation campaigns that benefit the CCP. 

These risks have led other countries, including Australia and India, to begin restricting or banning the use of WeChat. The US must take aggressive action against the owner of WeChat to protect our national security," he added.

Earlier, Trump had issued an order banning TikTok as it "reportedly censors content that the CCP deems politically sensitive, such as content concerning protests in Hong Kong and China's treatment of Uighurs and other Muslim minorities. 

TikTok may also be used for disinformation campaigns that benefit the CCP."
US politicians have repeatedly criticised TikTok, owned by Beijing-based startup ByteDance, of being a threat to national security because of its ties to China.

The development comes as China and the US are at loggerheads on a variety of issues including Hong Kong national security law, the South China Sea, the novel coronavirus and trade.

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News Network
April 21,2020

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

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Agencies
August 3,2020

Manila, Aug 2: The number of COVID-19 cases in the Philippines has exceeded the 100,000 marks with a record 5,032 new infections registered on Sunday, the Health Ministry's data showed.

With the total cases now reaching 103,185, the spread of COVID-19 in the Southeast Asian nation is steeply rising. The daily growth rate just this Thursday set a record at over 3,800 cases, the next day there were nearly 4,000 new infections detected and on Saturday, over 4,800 cases were detected.

More than 65,000 people have recovered from the ailment, while 2,059 people have died.

The Philippines' epidemiological dynamic mirrors that of many Southeast Asian nations, where COVID-19 infections have only recently begun to climb. 

Most other nations in Europe and the Americas experienced an initial spread of the virus which later tailed off only to begin climbing again after easing of restrictions.

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