Friday, May 17, 2019

Quickly catch up on today's business news - CNN

Quickly catch up on today's business news - CNN


Quickly catch up on today's business news - CNN

Posted: 16 May 2019 02:02 PM PDT

[unable to retrieve full-text content]Quickly catch up on today's business news  CNN

Here's what you might have missed Thursday from CNN Business.

Trump businesses made millions in 2018, but no disclosure of how much he got, report shows - USA TODAY

Posted: 16 May 2019 12:28 PM PDT

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President Donald Trump welcomed Swiss president Ueli Maurer to the White House Thursday, amid rising tensions with Iran. Asked by reporters if the U.S. is going to war with Tehran, Trump responded, "I hope not." (May 16) AP, AP

WASHINGTON – It's not his tax returns, but a financial disclosure statement by President Donald Trump provides a rare peek into his business dealings.

Trump reported income in the hundreds of millions of dollars in 2018 from businesses and other assets, with wide ranges of revenues from each one, according to the 88-page report filed with the Office of Government Ethics.

The form also listed liabilities that included mortgages and loans, again within wide ranges. For example, Trump listed a 30-year loan of between $5 million and $25 million from a bank in Florida, at an annual interest rate of 4.5%, for a property near his Mar-a-Lago resort in Palm Beach, Fla.

The ethics office posted the document on its website Thursday.

Taking into account that the form calls for ranges of income, not precise amounts, the Center for Responsive Politics estimates from the report that Trump earned about $461 million in income last year.

That's down from $486 million in 2017, the organization said.

The picture is incomplete. The report, required to be filed annually, lists net revenues for Trump properties and businesses but does not specify how much Trump personally made from them.

The filing shows that the Trump golf course near Washington, D.C., had income of about $13.3 million last year, while the Trump hotel in downtown Washington, D.C., had income of $40.8 million.

Vice President Mike Pence also filed his financial disclosure form. It stated that Pence has established a legal defense fund in connection with the 2016 election, but did not detail its specific purpose.

In last year's filing, Trump formally disclosed he paid his attorney as much as $250,000 in reimbursements for expenses that included $130,000 in hush money to adult film star Stormy Daniels, who says she had a sexual encounter with him.

Attorney Michael Cohen pleaded guilty to campaign finance violations in connection with the Daniels payments, and federal prosecutors are believed to be investigating Trump along the same lines.

The president, vice president and other top executive branch officials are required to file an annual statement listing their income, assets and liabilities. The broad ranges of income in the disclosure form raised questions, public interest groups have said.

A spokesman for Citizens for Responsibility and Ethics in Washington (CREW), a frequent critic of the president, noted that the forms are an incomplete picture of Trump's wealth, but demonstrated how his businesses have profited from his presidency.

"Because President Trump has not publicly released his tax returns, these financial disclosures to the Office of Government Ethics are one of the only public views into the president's finances," Jordan Libowitz, CREW communications director, said. "They give far from a complete picture of the president's finances, but reveal many potential conflicts from a president who continues to profit from his presidency."

More: Most Americans think Trump is a successful businessman. Until they learn about his losses.

Other disclosures on Trump's filing:

► The president's Doral golf club in Miami generated nearly $76 million in revenue in 2018.

► A Trump golf course in Ireland had income of more than $14 million.

► An "investment in gold" valued between at between $100,000 and $250,000.

Read or Share this story: https://www.usatoday.com/story/news/politics/2019/05/16/donald-trump-new-filing-offers-rare-peek-into-business-dealings/3694673002/

What's moving markets today: Live updates - CNN

Posted: 16 May 2019 02:55 PM PDT

[unable to retrieve full-text content]What's moving markets today: Live updates  CNN

Markets: Stocks rallied for the third day in a row, wiping out Monday's plunge. A bunch of food-related stocks including Mondelez (MDLZ), Starbucks (SBUX) and ...

Dow futures higher | GE pops 10% | Trump sues to block subpoenas - CNBC

Posted: 30 Apr 2019 12:00 AM PDT

BY THE NUMBERS

IN THE NEWS TODAY

President Donald Trump, three of his children and the Trump Organization sued Deutsche Bank (DB) and Capital One (COF), in a bid to block the two from responding to congressional subpoenas, according a court filing. (CNBC)

Rod Rosenstein, the deputy attorney general whose appointment of special counsel Robert Mueller roiled the Trump administration for two years, has submitted his resignation to the president. (CNBC)

North Korea's vice foreign minister said that the United States will face undesired consequences if it fails to present a new position in denuclearization talks, state media reported. (Reuters)

The White House confirmed that the Trump administration is in the process of reviewing the past writings of conservative economics pundit Stephen Moore, Trump's recently announced pick to join the board of the Federal Reserve. (CNBC)

The Wall Street Journal reported that Boeing (BA) said certain safety alerts on its 737 Max jets didn't operate as airlines would have anticipated because of a previously undisclosed glitch on its part.

The We Company, better known as WeWork, filed confidentially for an IPO. It joins a growing list of tech firms that have filed to go public this year. WeWork's business model continues to rely on heavy funding from private investors, namely SoftBank. (CNBC)

Facebook's (FB) annual F8 developer conference beginning today promises to put a focus on its messaging apps as the social network shifts toward privacy. CEO Mark Zuckerberg told analysts he plans to talk about Facebook's privacy product road map. (CNBC)

Health officials confirmed another 78 cases of measles last week, urging people to get vaccinated as they battle the worst year for the disease in 25 years. Nearly three-quarters of this year's measles cases were in unvaccinated people, the CDC said. (CNBC)

STOCKS TO WATCH

Eli Lilly (LLY) posted first-quarter financial results of $1.33 per share on revenue of $5.09 billion. Analysts had expected earnings of $1.31 a share on revenue of $5.12 billion. The pharmaceutical company also raised its full-year guidance.

MGM Resorts (MGM) posted first-quarter earnings per share of 5 cents, compared to the 21 cents forecast by analysts. The hospitality company earned $3.18 billion in revenue, topping estimates of $3.13 billion surveyed by Refinitiv.

AK Steel (AKS) reported first-quarter results of 23 cents earnings per share, beating expectations by 10 cents. Revenue came in at $1.70 billion, lower than the $1.74 billion estimated on the Street.

Yum China (YUMC), the parent company of Pizza Hut and KFC, posted quarterly earnings per share of 59 cents on revenue of $2.30 billion. Analysts estimated earnings per share of 54 cents on revenue of $2.26 billion, according to Refinitiv consensus estimates. Same-store sales increased 4%, compared to the expected increase of 1.8%.

Western Digital (WDC) posted third-quarter earnings that missed estimates on the top and bottom lines. It earned $3.67 billion in revenue, missing estimates of $3.68 billion. Earnings per share were 17 cents, lower than the expected 46 cents.

WATERCOOLER

Starbucks (SBUX) signaled the start of warmer weather by rolling out its summer menu. The coffee chain is bringing back three Frappuccino favorites and introducing a new iteration of the cold brew, along with the Dragon Drink. (CNBC)

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