Newsletter Sep 27, 2023

Quick Six

Judge rules Trump, sons committed fraud in real estate case
Donald Trump and his sons Eric and Don Jr. committed fraud by inflating the value of the real estate and financial assets of the Trump Organization for years, a New York judge ruled Tuesday. The ruling by Judge Arthur Engoron is a setback for the former president ahead of a trial in the civil case due to begin on Monday. The lawsuit asserts that Trump and his sons lied to tax collectors, lenders and insurers in a scheme that routinely misstated the value of the organization's properties to enrich themselves.
WHAT THE RULING MEANS FOR TRUMP'S ELECTION BID

With US government shutdown looming, Ukraine aid is at risk
Congress was running out of time Tuesday to avoid a partial government shutdown forced by hard-right Republicans, throwing into doubt White House plans to provide another $24 billion in war aid for Ukraine. With the Sept. 30 deadline fast approaching, none of the different proposals for a short-term spending bill to keep government services going even temporarily has found enough support in the two chambers or within a divided Republican Party.
SEE THE POTENTIAL IMPACT IF SHUTDOWN ISN'T AVOIDED

New home sales drop to their lowest point in five months
Sales of newly constructed homes in the U.S. fell to the lowest level since March as prices stayed elevated and buyers are discouraged by high mortgage rates. Sales of new single-family houses dropped 8.7% to an annual rate of 675,000 from a revised 739,000 in July. New home sales rose 5.8% from a year earlier.
SEE WHAT'S CAUSING A SLOWDOWN IN NEW HOME SALES

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Markets

DJIA	33,618.88	-1.14%
S&P 500	4,273.53	-1.47%
Nasdaq Composite	13,063.61	-1.57%
Japan: Nikkei 225	32,315.05	-1.11%
UK: FTSE 100	7,625.72	0.02%
Crude Oil Futures	90.46	0.08%
Gold Futures	1,919.10	-0.04%
Yen	149.07	0.00%
Euro	1.06	-0.01%
* As of market close

Biden joins UAW strike; Trump visits today

President Joe Biden showed support for the strike of auto workers in Michigan on Tuesday, becoming the first sitting American president to join a picket line. Using a bullhorn, Biden told General Motors workers on a picket line near Detroit. "You should be doing incredibly well too" after U.S. automakers have enjoyed recent record profits. Biden's trip to Michigan comes one day before former President Donald Trump gives a primetime speech in Detroit. Trump will skip the second Republican presidential primary debate to address auto workers.

AUTO WORKERS HAVE NOT SHARED IN COMPANIES' SUCCESS

Can Israeli-Saudi deal survive US politics?

Recent bullish statements by Saudi and Israeli leaders have fueled speculation that a landmark normalization deal is in the offing, despite daunting hurdles that have yet to be cleared. Israeli Prime Minister Benjamin Netanyahu and Saudi Crown Prince Mohammed bin Salman appear to be "at the cusp" of "an historic peace" and U.S. President Joe Biden wants a deal locked in before hitting the 2024 campaign trail.

SEE THE OBSTACLES FACING AN ISRAELI-SAUDI PEACE PACT?

FTC, states sue Amazon for retail monopoly

A top US antitrust regulator sued Amazon on Tuesday, accusing the online retail behemoth of running an monopoly by strong-arming sellers and stifling potential rivals. The Federal Trade Commission said Amazon adopts actions that stop other companies from "lowering prices, degrade quality for shoppers, overcharge sellers, stifle innovation and prevent rivals from fairly competing against Amazon."

LAWSUIT IS LATEST BID TO CURB BIG TECH'S POWER GRAB

Extra point

What was the first monopoly to be broken up by the US government?

Tuesday's answer: The M1A2 Abrams tank was named after the late Gen. Creighton Abrams, Commander of US Forces in Vietnam (1968-72).

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