"wilbur ross"

Huawei to get 3 more months before US ban is enacted

“Yet another delay” in the Trump administration's threatened U.S. ban on China's Huawei technologies, Colin Lecher reports at The Verge. Read the rest

Huawei plans hundreds of layoffs at U.S.-based research subsidiary Futurewei

Some 850 people in research labs across America will lose their jobs.

Trump defeated: 2020 Census will not contain citizenship question

Following the Supreme Court's determination that there was no good reason to add a citizenship question to the 2020 Census, the Trump administration has abandoned its pursuit of the project. Read the rest

Brilliant video: Wilbur Ross dubbed over Mr. Burns

Watch the video below. As a wise man once said, "God bless America!"

(Thanks, Bob Pescovitz!) Read the rest

U.S. Commerce Secretary Wilbur Ross says he doesn't "understand why" unpaid federal workers need money

U.S. Commerce Secretary Wilbur Ross is puzzled as to why 800,000 furloughed federal workers need to visit food banks to keep their families from starving, when they can simply get a loan.

From Reuters:

Asked about their struggles, Ross told CNBC: “I know they are, and I don’t really quite understand why.”

“The banks and the credit unions should be making credit available to them,” he said, noting that the government would give federal employees back pay. “There really is not a good excuse why there really should be a liquidity crisis.”

Wilbur Ross is has a net worth of around $700 million, according to Forbes. Before becoming Trump's Commerce Secretary, Ross was co-chair of the Bank of Cyprus, which is a laundromat for dirty Russian money. From The Dallas News:

The country of Cyprus has a long history as a laundromat for dirty money, particularly from Russia. Cyprus is referenced 530,937 times in the Panama Papers, and the Bank of Cyprus, the country's largest bank, is referenced 4,657 times. And the cast of characters linked to the bank and President Donald Trump is troubling.

Read the rest

Trump White House cancels Davos trip for World Economic Forum

The planned delegation included Pompeo and Mnuchin.

White House press secretary Sarah Sanders says the Trump administration has canceled a planned trip to Davos, Switzerland, for the World Economic Forum. The announcement was made today, Thursday, the 27th day of Trump's partial government shutdown. Read the rest

After Trump nicknames himself "Tariff Man" the stock market plunges

Over the weekend it seemed like a solid trade agreement – putting the trade war on hold for 90 days – had been made between the United States and China. And then Trump couldn't resist Twitter, where, over a few posts, he warned that if the deal didn't happen, he was a "Tariff Man." Following his toxic tweets, the Dow Jones industrial fell 705 points, or nearly 3%. The Nasdaq fell 3.1%.

According to The New York Times:

Stocks fell on Tuesday, after President Trump sowed confusion over the status of a truce in the trade war between the United States and China, while the bond market, often considered a safe haven for investors, sent a stark warning about expectations for an economic slowdown.

Read the rest

The Paradise Papers: another tax-shelter leak implicates Apple, Trump, Putin, Hollywood, Twitter, Facebook, the Queen and more

1.4TB/13.4 million documents have leaked from Appleby, the offshore law-firm that is part of the "magic circle" of firms employed by the super-rich to manipulate their finances; the documents are supplemented with another "offshore provider"'s files, and the company registries of 19 tax havens. Read the rest

Leaked documents expose links between Trump’s commerce secretary and Putin’s son-in-law

Breaking news from the Organized Crime and Corruption Reporting Project (OCCRP): "A trove of 13.4 million records exposes ties between Russia and U.S. President Donald Trump’s billionaire commerce secretary, the secret dealings of Canadian Prime Minister Justin Trudeau’s chief fundraiser and the offshore interests of the queen of England and more than 120 politicians around the world."

Of note is the revelation that Wilbur Ross, Trump's commerce secretary, has massive financial ties to Russians under US sanctions.

In the United States, the files reveal foreign business ties and personal wealth practices of key Trump associates who are charged with helping to put “America First.”

The Appleby files show how Ross, Trump’s commerce secretary, has used a chain of Cayman Islands entities to maintain a financial stake in Navigator Holdings, a shipping company whose top clients include the Kremlin-linked energy firm Sibur. Among Sibur’s key owners are Kirill Shamalov, Russian President Putin’s son-in-law, and Gennady Timchenko, a billionaire the U.S. government sanctioned in 2014 because of his links to Putin. Sibur is a major customer of Navigator, paying the company more than $23 million in 2016.

When he joined Trump’s Cabinet, Ross divested his interests in 80 companies. But he kept stakes in nine companies, including the four that connect him to Navigator and its Russian clients.

These revelations come against a backdrop of growing concerns about hidden Russian involvement in U.S. political affairs.

Sibur is “a company with crony connections,” said Daniel Fried, a Russia expert who has served in senior State Department posts in both Republican and Democratic administrations.

Read the rest

The Trump-Russia scandals: a quick visual guide

Trump keeps saying that the media's relentless investigations into Russia's corrupting influence on the White House is "fake news," but the media keeps finding out more and more about how Trump and his inner circle have cozied up to Russian and eastern European mobsters and kleptocrats. This new infographic from Vox is a simple guide to what's been unearthed so far, but it doesn't include recent revelations into billionaire Commerce Secretary Wilbur Ross' role as a vice chairman of the Bank of Cyprus, which is co-owned by a dear friend of Russian president Vladimir Putin, and is run by the former head of the mega-money-laundering Deutsche Bank. It also doesn't reveal this bit of news reported today in the NY Times: "Jared Kushner, Mr. Trump’s son-in-law and now a senior adviser, also participated in the meeting at Trump Tower with Mr. Flynn and Sergey I. Kislyak, the Russian ambassador." (Kislyak is quite the belle of the ball in Trumplandia.)

It's stinking to high heaven in the White House, and even the Trump Aftershave everyone is wearing can't mask the odor of large-scale malfeasance. Read the rest

Rachel Maddow connects the dots between a billionaire Russian oligarch and a bizarre Donald Trump deal

Why would a savvy Russian billionaire buy a tear-down, mold-infested house from Donald Trump for $100 million, and what does it have to do with newly confirmed Commerce Secretary Wilbur Ross? Read the rest

New secretary of commerce Wilbur Ross has ties to illicit Russian finance

Billionaire Wilbur Ross, 79, was sworn in today as secretary of commerce. According to DC Report, Ross' "role as Vice Chair and a leading investor in the Bank of Cyprus, the largest bank in Cyprus, one of the key offshore havens for illicit Russian finance," makes him a poor choice for this position. But the Senate voted 72-27 to confirm him anyway.

Ross’ involvement in the Bank of Cyprus raises many questions about his judgment, but also about the Trump Administration’s seemingly endless direct and indirect connections with friends and associates of Vladimir Putin, who all 17 U.S. intelligence agencies say conspired to interfere in the November 2016 U.S. election on behalf of Donald Trump.

Whether or not these connections involve any criminality, these are the kind of relationships that most American business people would not tolerate for 30 seconds.

After all, as discussed below, since the 1990s Cyprus has served as one the top three offshore destinations for Russian and former Soviet Union flight capital, most of it motivated by tax dodging, kleptocracy, and money laundering. As of 2013, just before the banking crisis, Russian deposits accounted for at least a third of all bank deposits in Cyprus. As one leading newspaper put it, “Russian money is in fact at the heart of the island’s economy.”

The Bank of Cyprus caters to the island nation’s large Russian population. Nor is Ross’ Bank of Cyprus in particular – now probably at least half owned by Russians, as we‘ll see -- any stranger to money laundering, tax dodging, or odious finance.

Read the rest

:)