Omarosa releases audio of Lara Trump offering $15,000 a month to join campaign after firing

Omarosa Manigault Newman on Thursday released audio she recorded of Lara Trump, a campaign adviser and the daughter in law of the president, offering her $15,000 a month to join the campaign after she was fired from the White House, making the same salary. "It sounds a little like, obviously, that there are some things you’ve got in the back pocket to pull out. Clearly, if you come on board the campaign, like, we can’t have… Everything, everybody positive, right?" Lara Trump says on the audio played on MSNBC. Lara Trump mentions that mostly small-dollar donors would pay her salary. "I saw this as an attempt to buy my silence," Manigault Newman said on MSNBC. In a statement, Lara Trump said the entire family was concerned for her. "We still wanted her on our team because we cared so much about her personally. That’s why I reached out to offer her a position with the 2020 Trump Campaign before we knew anything about the gross violations of ethics and integrity during her White House tenure," she said.

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Rupee slides 26 paise to close below historic 70-mark on trade deficit worries

The rupee on Thursday slid 26 paise to close below the 70-mark for the first time against the U.S. currency, hammered by strong dollar demand amid growing concerns over widening trade deficit.

The Indian currency collapsed to a historic intra-day trading low of 70.40 before closing at fresh life-time low of 70.15 per dollar, down by 26 paise or 0.37% over the previous close.

The RBI intervened in the currency market to save the beleaguered currency, currency traders said.

Emerging market currencies and stocks remained in the investors’ cross hairs as worries mounted despite fresh rally for the Turkish lira.

The lira continued to rebound from record losses a day after Qatar pledged USD 15 billion in investments to help the Turkey’s economy.

Headwinds in the form of widening trade deficit due to surging crude prices amid unsupportive global factors kept forex sentiment shaky and largely weighed on the local unit.

Country’s trade deficit soared to a near five-year high of USD 18 billion, data released by the commerce ministry on Tuesday showed.

A massive exodus of capital outflows from both equity and debt market against the backdrop of US Federal Reserve’s anticipated interest rate policy is triggering wide panic, a forex dealer said.

High current account and fiscal deficits mean the central bank may have little room to tap into its reserves to defend the currency, the dealer said.

The Indian currency has lost 10.5% of its value this year so far against the backdrop of India’s ballooning fiscal deficit and surging crude prices and mounting worries surrounding the US-China trade conflicts.

Allaying worries over the rupee’s slide, Niti Aayog vice-chairman Rajiv Kumar said that the currency was coming back to its natural value after witnessing a 17% appreciation in the last three years.

The rupee should be valued realistically and not be overvalued, he commented.

Meanwhile, officials said that India’s crude oil import bill is likely to jump by about USD 26 billion in 2018-19 due to the rupee’s fall, which could fan inflation worries.

While exporters are seeing short-term gains in the rupee’s slide, they were worried that the currency going above 71-mark would stoke inflation and may also prompt foreign buyers to seek discounts.

The rupee has been one of the worst performing currencies among peers this year – raising fears of a repeat of the currency crisis of 2013.

Reversing its brief rebound, the rupee opened with a gap-down at 70.19 against Tuesday’s close of 69.89 at the inter-bank foreign exchange (forex) market.

Heaping under intense dollar pressure, it plunged to hit a fresh lifetime low of 70.40 in mid-morning deals also impacted by falling local equities.

After reversing earlier steep losses on the back of stepped up dollar selling by state-run banks, the rupee finally ended the day at 70.15.

The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 70.2287 and for the euro at 79.9718.

The 10-year benchmark bond yield also dropped sharply to end at 7.86%.

On the energy front, crude prices clawed back some of their overnight losses after Beijing said it would send a delegation to Washington to try to resolve the trade dispute with the U.S. that has roiled global markets. The benchmark Brent for September settlement was trading firm at USD 71.16 a barrel in early Asian session.

The U.S. dollar also retreated from near one-year high after news that the Chinese delegation will travel to the U.S. Against a basket of six currencies, the dollar index was trading weaker at 96.39.

In the cross currency trade, the rupee remained under pressure against the euro to close at 79.80 compared to 79.68 and also fell back against the Japanese yen to finish at 63.28 per 100 yens from 63.05 earlier.

The home unit, however recovered against the British pound to end at 89.12 per pound from 89.21.

The Forex and money market will be closed on Friday on the account of the Parsi New Year.

In forward market on Thursday, premium for dollar showed a mixed trend owing to lack of market moving factors.

The benchmark six-month forward premium payable in December was unchanged at 107-109 paise, while the far-forward June 2019 contract gained to 254.50-256.50 paise from 253-255 paise.

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Facebook is bringing Spanish soccer to India's billion-strong consumer market — for free

  • Facebook has teamed up with La Liga to bring the Spanish soccer league to viewers on the Indian subcontient for free.
  • India is Facebook’s largest market, with 270 million users. The social media giant has 348 million users in total on the Indian subcontinent.
  • Domestic soccer in India is in its infancy, although some clubs are owned by Bollywood and cricket stars.

Social media giant Facebook is to broadcast Spain’s premier soccer league live to viewers in India and other South Asian countries at no cost.

Announced Tuesday, Facebook and LaLiga’s three-season deal will bring soccer to eight countries on the Indian subcontinent: Afghanistan, Bangladesh, Bhutan, India, Nepal, Maldives, Sri Lanka and Pakistan. The first match kicks off on Friday.

The league, which features teams FC Barcelona and Real Madrid as well as Argentine star Lionel Messi, will be broadcast live and on demand via La Liga’s Facebook page and individual club pages.

La Liga President Javier Tebas hailed the agreement as a win for Indian soccer fans: “La Liga sets the standard for football in the world and we are delighted that more people than ever before will have the opportunity to watch our matches live and for free through Facebook in the region.”

Facebook’s courting of India’s consumer market, in particular, has seen a previous misstep. In 2015, the social network launched its Free Basics package in India, a platform through which a skeleton of popular internet services are offered to users in less economically developed countries. But in 2016, the scheme was banned by the Indian government for breaching net neutrality rules.

Nonetheless, India’s demographics remain attractive, encompassing a consumer market of over 1.3 billion people. It is also expected to be the world’s fastest-growing major economy this year.

Facebook has 348 million users in the Indian subcontinent. India is also home to its biggest user base, with 270 million signed up to the social network. The country is also the world’s fastest-growing smartphone market.

Peter Hutton, Facebook Head of Global Live Sports Programming said La Liga was home to of the two most-followed sports clubs on Facebook in Real Madrid and FC Barcelona, adding that “La Liga has a huge global presence on our platform.”

Gaining Indian soccer fans could also equal big bucks for La Liga. Domestic soccer in India is in its infancy, although some clubs are owned by Bollywood and cricket stars. India did not qualify for the FIFA World Cup in Russia earlier this year.

Facebook and La Liga have not disclosed the financial details of the deal. But, according to Reuters, previous rights holder Sony Pictures Network paid a reported $32 million to broadcast La Liga in the region between 2014 and 2018.

The announcement marks La Liga’s first broadcast agreement with a social media platform. Facebook, for its part, has already been moving into the sports broadcasting space. The social network already screens Major League Baseball in the U.S.

It is not the only social media platform to encroach on the business of sports viewing, a strategy partly employed to prevent user attrition. Amazon is to broadcast 20 U.K. Premier League soccer games next season through its Prime subscription service. These will only be available online.

But, Facebook’s ability to monetize its latest foray into the Indian subcontinent raises a question mark for Elisavet Manoli, a lecturer in sports marketing and communications at Loughborough University in the U.K. She points out that the matches to be shown on the Indian subcontinent will be advertising-free. “Since Facebook is not a subscription service, it remains to be seen how this investment will pay off,” she wrote in a note on Tuesday.

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Trump's military parade is estimated to cost $92 million – $80 million more than earlier estimate

  • President Donald Trump’s military parade is estimated to cost $92 million, according to a U.S. defense official with firsthand knowledge of the assessment.
  • An earlier estimate pegged the cost at $12 million.
  • The parade is scheduled to take place in the nation’s capital on Nov. 10 and will feature armored vehicles, aircraft flyovers and period uniforms.

    President Donald Trump’s military parade this fall is shaping up to cost $80 million more than initially estimated.

    The Department of Defense and its interagency partners have updated their perspective cost estimates for the parade, according to a U.S. defense official with firsthand knowledge of the assessment. The official spoke on the condition of anonymity.

    The parade, slated for Nov. 10, is estimated to cost $92 million, the official said. The figure consists of $50 million from the Pentagon and $42 million from interagency partners such as the Department of Homeland Security. An initial estimate last month pegged the prospective cost for the parade at $12 million.

    A Pentagon spokesman said in an email to CNBC that the Defense Department expects to make an announcement soon, but he would not comment further. The White House referred questions to the Defense Department.

    The $92 million cost estimate includes security, transportation of parade assets, aircraft, as well as temporary duty for troops. The official also noted that while the size and scope of the military parade can still shift, the plans currently include approximately eight tanks, as well as other armored vehicles, including Bradleys, Strykers and M113s.

    The official also said that experts put to rest concerns about whether the Abrams tank, which weighs just shy of 70 tons, would ruin infrastructure in Washington. Their analysis found that, because of the vehicle’s distributed weight and track pads, the streets of the nation’s capital would not be compromised.

    The parade is also expected to include helicopter, fighter jet, transport aircraft as well as historical military plane flyovers. Troops in period uniforms representing the past, present and future forces will march in the parade, as well.

    Inspiration from France

    The ceremony is said to be largely inspired by Trump’s front-row seat at France’s Bastille Day military parade in Paris.

    In September, Trump met with French President Emmanuel Macron and recalled how much he enjoyed watching the parade. “It was a tremendous day, and to a large extent because of what I witnessed, we may do something like that on July 4 in Washington down Pennsylvania Avenue,” Trump said.

    “We’re going to have to try to top it, but we have a lot of planes going over and a lot of military might, and it was really a beautiful thing to see, and representatives from different wars and different uniforms,” he added.

    The U.S. has not held a major military parade in Washington since 1991 to mark the end of Operation Desert Storm. That parade reportedly cost approximately $8 million and was paid for with about $3 million in government funds and the rest with private donations.

    The $92 million figure dwarfs the $12 million estimate that was first reported by CNN last month. As noted at the time, the military parade was expected to cost as much as the “tremendously expensive” bilateral military exercise that Trump swiftly canceled with South Korea in the wake of the historic Singapore summit.

    “We save a fortune by not doing war games, as long as we are negotiating in good faith – which both sides are!” Trump tweeted after meeting North Korean leader Kim Jong Un in Singapore.

    TRUMP TWEET

    After meeting with the reclusive leader from the North to negotiate a nuclear deal, Trump said: “I think it’s inappropriate to be having war games. No. 1, we save money. A lot. And No. 2, it really is something that I think they [North Korea] very much appreciated.” Trump also said that flying U.S. Air Force bombers in regional training missions is another drain on resources.

    Trump’s move falls out of step with the Pentagon, which has maintained that the joint exercises are routine, purely defensive and vital to maintaining readiness on the Korean Peninsula.

    There are currently 28,500 U.S. troops stationed in South Korea, a legacy of the Korean War, which ended in 1953 in an armistice that left the two Koreas technically still at war.

    WATCH: This is the cost of President Trump's 'America first' policy

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      The Importance of Properly Managing Your Cash Flow

      Creating a positive cash flow can help you exponentially grow your wealth. As the saying goes, “The rich keeping getting richer,” but that’s because the rich are cash flow kings: they use cash to create more cash flow. The more cash they have, the more cash flow they can create.

      To achieve this, it is important to understand why cash flow is king, what cash flow is, why it matters and the biggest problems that exist for both cash and cash flow.

      What Is Cash Flow?

      Cash flow is simply the difference between the amount of money that comes in every month and the amount of money that goes out. (For more, see: How Much Cash Should I Keep in the Bank?)

      Positive cash flow would mean you make more than you spend. Positive cash flow is by far the best indicator of a person’s ability to live within their means and their long-term capacity to build wealth. The more money you have left over every month after all your expenses mean the more money that can be put towards creating even more cash flow now or in the future.

      Why Does It Matter?

      Cash flow is the proverbial fuel for our fire with everything we do financially. In order to keep a roof over our heads, put food on the table, pay down debts, save for retirement, and have the freedom to pursue the experiences we enjoy, we need positive cash flow month after month.

      If you’re always behind on bills or never have any money left over every month, it’s impossible to get ahead. In order to increase your cash flow, you need to either lower your living expenses or increase your income, or do both of these things.

      The Biggest Problem With Cash

      We get paid in cash and we use it to pay for everything we pursue in life. Bringing in cash is obviously a good thing, but sitting on too much cash isn’t. Cash’s value erodes over time if it’s growth isn’t able to keep up with inflation. Low interest rate environments are deadly times for sitting on large amounts of cash.

      As a current day example, most retail banks still pay very low interest rates on cash savings. If the most you could earn on cash in a savings account is 1% while inflation hovers at 2-3%, your cash’s purchasing power is eroded. In order to build wealth, it’s imperative that our investments, at the very least, keep up with inflation over long periods of time. So, we invest our cash in various ways, whether it’s in stocks and bonds, real estate, other businesses, or anything else capable of creating growth and cash flow. (For more, see: How Inflation Affects Your Cash Savings.)

      The only cash you should hold onto long term is an emergency fund (as a buffer against unexpected expenses) and enough for a month or so of everyday living expenses that you keep in a checking account.

      The Biggest Problem With Cash Flow

      There is no direct problem with cash flow itself. However, people frequently fall victim to the lifestyle creep. This is when someone starts making a lot of money, but spends everything they make.

      What often happens that they find themselves in a large amount of debt, which only spreads the fire. All their cash flow is consumed in servicing that debt and all other expenses that feed their lifestyle. Before you know it, they’re spending money just as fast as they can make it, never able to save or invest to provide for themselves in their future.

      On the bright side, however, learning to harness cash flow is easier than you might imagine. It is possible to break free of that unrelenting stress of trying to get out of debt and barely scraping by.

      Financial freedom comes first from mastering your cash flow. Cash flow kings are capable of building the foundation of empires from this skill alone.

      How to Be a Cash Flow King

      Most of us make a fixed amount of money every month. We’re likely paid a set salary and can expect a certain amount of money to be deposited to our bank account every two weeks. The bright side of this is that it makes it easy to build a budget. The hard part is sticking to that budget.

      Many of us have a hard time managing our monthly cash flow. We haven’t figured out how to prioritize our expenses and create a system that can manage them. The easiest system to manage all this is to break your spending into three separate buckets, each with their own account(s):

      • Fixed expenses: rent/mortgage, utilities, loan payments, etc. This should go in your main checking account.
      • Discretionary expenses: groceries, dining out, travel, entertainment, etc. This should go into a separate checking account just for these expenses.
      • Savings/Investments: emergency fund, down payment fund, retirement accounts, etc. Put any cash savings in a high-yield savings account.

      After you’ve sorted out how much you can afford or need to allocate to each bucket, set up automatic transfers from your main checking account where you receive your paychecks. Here’s a quick example:

      If your discretionary expenses budget is $150 per week ($600 per month) and your emergency fund monthly savings goal is $1,000 per month, the solution is to have a weekly transfer of $150 from the main checking account to the discretionary checking account and spend your budget from there and to have a monthly transfer of $1,000 from the main checking to a high-yield savings account.

      To make it even easier, you could have these transfers occur the same day you get paid. This way, you can’t spend more than you’ve allocated for discretionary expenses, you’re making saving and living within your means a priority, and you’re eliminating much of the fuss that often happens when trying to stick to any particular budget.

      The easier you make your cash flow to manage, the more likely you’ll adhere to it long term. The more you adhere to it long term, the better the results will be. (For more from this author, see: 5 Ways You Can Be More Financially Responsible.)

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      China Evergrande invests in project to build world’s fastest…

      HONG KONG (Reuters) – Property developer China Evergrande Group on Thursday said it will invest 1.65 billion yuan ($239.53 million) into six high-tech projects by the Chinese Academy of Sciences, including one aimed at building the world’s fastest supercomputer.

      FILE PHOTO: A logo of China Evergrande Group is displayed at a news conference on the property developer’s annual results in Hong Kong, China March 28, 2017. REUTERS/Bobby Yip/File Photo

      The other projects involve artificial intelligence, surgical robotics, unpiloted aircraft, health engineering and graphene. Together, the six projects have a current value of 4.6 billion yuan, Evergrande said in a statement.

      The investment is the first from a total 100 billion yuan that Evergrande agreed with the academy to inject into high-tech sectors earlier this year.

      Evergrande Chairman Hui Ka Yan first announced in March that the property developer would explore opportunities in high-tech sectors to drive growth.

      It set up a subsidiary in April focusing on high-tech agriculture.

      ($1 = 6.8885 Chinese yuan renminbi)

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      Twitter Too Says ‘No’ To Alex Jones

      Twitter has banned controversial conspiracy theory broadcaster Alex Jones from its platform for one week.

      The social media network said the action was taken for sharing a link to a video calling on his supporters to get their “battle rifles” ready against media and others. That was in violation of the company’s rules against abusive behavior and inciting violence, Twitter says.

      As a result, Jones will not be able to tweet, retweet or favorite tweets for seven days as his Twitter page turns into “read-only mode.”

      Twitter has made it clear that they are not removing his older tweets or personal account from the social network. Alex Jones’ far-right website InfoWars’ Twitter account remains unaffected.

      Twitter is the latest major US social media network provider to have denied Jones permission to use its platform.

      Earlier this month, Facebook removedhad four Pages belonging to Alex Jones for repeatedly posting content that breaks its Community Standards.

      They were the Alex Jones Channel Page, the Alex Jones Page, the InfoWars Page and the InfoWars Nightly News Page. In addition, Alex Jones, who is one of the admins of these Facebook pages, was placed on a 30-day block for his role in posting controversial content to these pages.

      YouTube had removed many top channels associated with InfoWars, including The Alex Jones Channel, which had 2.4 million subscribers and videos that were viewed over 1.5 billion times.

      Apple eliminated access to five Infowars podcasts, including “The Alex Jones Show,” from its directory, saying they didn’t comply with guidelines designed to create a safe environment for users, including prohibitions on hate themes.

      Spotify has also removed InfoWars’ content.

      Since founding InfoWars in 1999, Jones has been able to build a vast audience.

      Among the theories he has promoted is that the 9/11 terrorist attacks were staged by the US government.

      The anti-Democrat radio show host had accused victims of the 2012 Sandy Hook school shooting of being “actors” in a plot to discredit the gun lobby.

      by RTTNews Staff Writer

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      Senate Democrats threaten to sue for info on Supreme Court nominee

      WASHINGTON (Reuters) – Democrats in the U.S. Senate said on Thursday they were prepared to sue the National Archives if it does not honor their request for information on Supreme Court nominee Brett Kavanaugh.

      U.S. Supreme Court nominee Judge Brett Kavanaugh leaves after a meeting with Senator Joe Donnelly at Donnelly’s office on Capitol Hill in Washington D.C., U.S., August 15, 2018. REUTERS/Carlos Barria

      The threat ratcheted up the Democrats’ fight with Republicans over documents on the conservative federal judge nominated by President Donald Trump. Senate Democratic leader Chuck Schumer told reporters he plans to meet with Kavanaugh next week.

      Democrats are seeking documents from Kavanaugh’s service while working in the White House under Republican former President George W. Bush. Last week, several Democratic senators filed requests under the U.S. Freedom of Information Act (FOIA) to try and compel the government to release the records.

      “Today we are announcing that we stand ready to sue the National Archives for Judge Kavanaugh’s full records if necessary, if the FOIA request isn’t granted,” Schumer told reporters in the Capitol. “The American people deserve a methodical and thorough examination of a nominee to the Supreme Court, who will yield immense influence on their lives.”

      Democrats have charged that Republicans are dragging their feet on producing the documents needed to properly vet Kavanaugh, but Republicans say the Democratic demands are designed to delay a Senate vote.

      Democrats want to know about any involvement Kavanaugh may have had on controversial issues before the Bush White House such as policy toward torture, the Guantanamo Bay, Cuba, detention facility and other matters.

      Some documents from Kavanaugh’s lengthy career have been released, but Democrats complain that a former deputy to Kavanaugh has been allowed to selectively release the papers.

      “I am going to meet with him (Kavanaugh) next week and I’ll ask him all about these documents and what he intends to do about it. “He should have said already, he wants them released …” said Schumer, who has vowed to fight Kavanaugh’s nomination.

      Trump nominated Kavanaugh, 53, on July 9 to replace retiring Justice Anthony Kennedy. Before he can assume the lifetime job on the nine-member court, the Republican-controlled Senate must vote to confirm him.

      Confirmation hearings are set to begin Sept. 4, and Republicans are hoping to have Kavanaugh confirmed by the time the court starts its next term on Oct. 1.

      Kavanaugh has amassed a solidly conservative judicial record as an appeals court judge for 12 years. His confirmation will require a simple majority in the 100-seat Senate, where Republicans hold a 51-49 edge over Democrats and independents.

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      SEC wants to know what Elon Musk told Tesla directors about going private

      Federal regulators are pressing Tesla Inc.’s directors for details on how much information Chief Executive Elon Musk shared with them before he tweeted last week about a potential deal to take the company private, according to a person familiar with the matter.

      The Securities and Exchange Commission is investigating whether Musk intentionally misled investors when he tweeted about the proposal in a bid to hurt short sellers by driving up TSLA, -0.96% stock price, the person said.

      Establishing what the board knew and when is key to the SEC’s probe, the person said. For instance, if Musk didn’t show the board a relatively firm deal with potential investors, it could indicate that the conversations weren’t as far along as he suggested when he tweeted that he had “funding secured” for a deal.

      An expanded version of this report appears on WSJ.com.

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      How bosses waste their employees’ time.

      Ford’s new CEO has a cerebral style — and to many, it’s baffling.

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      Elon Musk's Boring Company to build tunnel to Dodger Stadium

      Elon Musk could face criminal as well as civil charges: Harvey Pitt

      Former SEC Chairman Harvey Pitt on the SEC investigation into Tesla CEO Elon Musk’s tweet about potentially taking the company private.

      Elon Musk’s Boring Company, the city of Los Angeles and MLB’s Los Angeles Dodgers are partnering on a tunnel project that would allow fans to travel from East Hollywood to Dodger Stadium in an estimated four minutes, avoiding the city’s notorious traffic in the process.

      Continue Reading Below

      Dubbed the “Dugout Loop,” the project would transport fans from one of three existing subway stations to the stadium’s parking lot on a zero-emissions electric “pod.” Each pod will travel at speeds of up to 150 miles per hour and hold between eight and 16 people. Rides will cost an estimated $1 each.

      Like other Boring Company projects, the Dugout Loop will rely entirely on private investments rather than taxpayer money. The company estimates that construction of the required underground tunnel and two loop lifts will take no more than 14 months, but “likely much less.”

      “The purpose of Dugout Loop is to help reduce traffic in Los Angeles by providing a clean and efficient public transportation option to Dodger Stadium,” the company said on its website.

      It’s unclear how much the project will cost. When it first opens, the Dugout Loop will be able to transport roughly 1,400 to the stadium per event, or less than 3% of the venue’s full capacity.

      Los Angeles Mayor Eric Garcetti supports the project, telling Wired that the loop is a “great example of public-private partnership.”

      Advertisement

      Musk founded the Boring Company in late 2016 in a bid to address traffic congestion in the Los Angeles area. In addition to its pursuit of infrastructure projects in Los Angeles and other major cities, the company has sold branded hats and flamethrowers to raise money.

      "We were excited when The Boring Company came to us with this project. Whether it is flying overhead in an aerial transit system or bypassing traffic through an underground tunnel, we are always looking for innovative ways to make it easier for Dodgers fans to get to a game," Tucker Kain, the Dodgers’ chief financial officer, said in a statement obtained by USA Today. "We are committed to working with our neighbors and fans as the project moves forward."

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