FILE PHOTO: An oil pumpjack painted with the colors of the Venezuelan flag is seen in Lagunillas, Venezuela January 29, 2019. REUTERS/Isaac Urrutia/File Photo
March 25, 2019
By Devika Krishna Kumar and Jessica Resnick-Ault
NEW YORK (Reuters) – U.S. sanctions on Venezuela’s oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced in the region.
Those two companies produce notable amounts of crude oil that refiners have settled on as the immediate replacement for the heavy Venezuelan crude that U.S. refiners relied on for years. Trading volumes in these grades of oil have surged to the highest in months, and prices touched five-year peaks after sanctions were imposed.
U.S. production has surged to a record 12 million barrels a day, but less than 5 percent of that is heavy oil. The sanctions have hamstrung refineries in the United States, as many giant Gulf Coast facilities need heavier oil to produce high-margin refined products like diesel and jet fuel.
Heavy crude accounts for nearly two-thirds of U.S. oil imports. Of that, Venezuela’s oil accounted for 10 percent of heavy crude imports in 2018 and about 13 percent in 2017, according to U.S. Energy Department figures.
Offshore Gulf oil prices – mostly Mars crude, considered the benchmark U.S. sour crude grade – have hit five-year highs, and sales are up sharply, according to company executives, market participants and data reviewed by Reuters.
“We’re buying more Mars for the current time,” said Marathon Petroleum Corp Chief Executive Gary Heminger. Marathon, one of the nation’s largest refiners, was not a major importer of Venezuelan crude. “Since we’re exporting so much in the light sweet crude markets, you’re going to have to bring in more medium sours.”
Shell operates the most Gulf platforms and BP has the highest volume of output from the region, according to figures provided by the companies. Representatives from the companies would not explicitly link the recent boost in sales of offshore crude to Venezuela’s sanctions, though they did acknowledge the market’s interest.
“We do understand that Mars crude is perceived well in the market right now. We’re happy for that and we take advantage of that,” said Rick Tallant, Shell’s vice president of deepwater Gulf of Mexico production.
Production in the Gulf of Mexico rose to a record 1.7 million barrels a day in 2018, and is expected to exceed 2 million bpd in the fourth quarter, according to U.S. Energy Department figures.
Sanctions have intensified the need for the oil that is being pumped out of these vast fields. Gulf production averaged 1.89 million bpd in March, up nearly 145,000 bpd from February, said Jodi Quinnell, oil analyst at Genscape.
GOING TO MARS
Mars generally refers to a medium sour grade of oil produced from the Mars platform, a joint venture between majority owner Shell and BP located about 130 miles (210 km) off the coast of New Orleans.
Refiners including Valero Energy Corp and Marathon have been scooping up Mars from Shell’s trading unit in the weeks following the sanctions, sources familiar with the deals said. Other refiners, such as Phillips 66, were also seen buying Southern Green Canyon (SGC), a grade similar to Mars, from Shell.
Trading in those grades has surged. Volumes in the Argus Sour Crude Index (ASCI), a tool reflecting prices of three U.S. deepwater sour crudes including Mars, rose to 614,036 contracts for February, the most in nearly a year, data from price reporting agency Argus Media show.
Volumes in Mars for February delivery rose to 410,536 contracts, the highest since August 2018, the data showed.
Prices of other offshore grades such as Thunder Horse, Bonito and SGC also surged to the highest in five years after sanctions took effect.
Phillips 66 declined to comment and Valero did not respond to requests for comment.
EASE OF ACCESS
In an auction of federal offshore leases this week, Shell submitted the most high bids for Gulf leases, winning 87 tracts of land valued at more than $84 million. BP grabbed the third-most parcels, winning 23 parcels priced at more than $15 million.
Shell’s pipeline partnership, Shell Midstream Partners, shipped 10 percent more crude on the Mars system to the Gulf Coast last year.
Both Shell’s Tallant and BP’s regional president for the Gulf of Mexico and Canada Starlee Sykes each said their company is continuing to actively invest in the Gulf, where they say crude can be produced at levels that were cost-competitive with that from shale formations.
With several new projects slated to come online as soon as this year, U.S. refiners could replace a good deal of heavy and medium-crude imports with Gulf barrels, said Sandy Fielden, director of commodities & energy research at Morningstar.
“Because of their proximity and ease of access to this market, Gulf producers have a natural advantage selling new output to Gulf Coast refiners,” he said.
(Reporting by Devika Krishna Kumar and Jessica Resnick-Ault; additional reporting by Stephanie Kelly in New York; Editing by Richard Chang and Lisa Shumaker)
FILE PHOTO: U.S. President Donald Trump listens to a question as he meets with former hostage Danny Burch, an oil engineer who was taken hostage in Yemen in September 2017, in the Oval Office at the White House in Washington, U.S. March 6, 2019. REUTERS/Jonathan Ernst/File Photo
March 25, 2019
By David Lawder, Philip Blenkinsop and Michael Martina
WASHINGTON/BRUSSELS/BEIJING (Reuters) – U.S. President Donald Trump’s blunt-force use of tariffs in pursuing his “America First” trade agenda has angered many, from company executives to allied governments and members of both parties of Congress.
But there’s one effort which has drawn broad support from those who oppose him on almost everything else – his push to force Beijing to change what are widely viewed as China’s market-distorting trade and subsidy practices.
As U.S.-China talks to end a trade war reach their endgame, politicians, executives and foreign diplomats are urging Trump and his team to hold out for meaningful structural reforms in China to address entrenched problems in the relationship that hurt U.S. and other foreign companies and workers.
Trump’s trade war “has let the genie out of the bottle” by lifting expectations that the trade war will force China to reform policies that businesses and foreign governments regard as unfair, said Steven Gardon, vice president of indirect taxes and customs at Lear Corp. Gardon’s firm is an automotive seating and electrical supplier with plants in 39 countries, including the United States and China.
“Now that all these issues have been raised, there’s a lot more domestic political support to address these issues, and I don’t think you can pull back from that,” Gardon said at a Georgetown Law School forum this month. “There’s now pressure politically that they have to be addressed for the long term.”
Gardon’s comments reflect a broad shift in U.S. and international business sentiment towards China’s economic and trade policies, one that is aligned with Trump’s goals, if not his tactics.
Trump’s trade team say they are in the final stages of negotiating what would be the biggest economic policy agreement with China in decades. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin head to Beijing this week to try to accelerate talks with Chinese Vice Premier Liu He. Liu is set to travel to Washington for another round of negotiations in early April.
Eight months into the trade war that has disrupted the flow of billions of dollars of goods between the world’s two largest economies, it is unclear if a deal acceptable to both sides can be done.
China’s President Xi Jinping is seen as reluctant to make economic reforms under pressure from the United States, and Trump has said he may keep tariffs on Chinese goods in place for “a substantial period” even if a deal is struck.
Xi may find it easier to live with the tariffs Trump has imposed on trade than to change China’s model for economic development.
As part of a deal, Beijing has offered to make big-ticket purchases from the United States to help reduce a record trade gap. Trump’s team has said those purchases would be worth more than a trillion dollars over about six years.
While big Chinese purchases might be tempting for Trump’s administration, they would do nothing to address what U.S. firms competing in China or against Chinese firms say are structural problems with a system stacked against them.
The United States complains China engages in systematic intellectual property theft, forces foreign firms to give up trade secrets for market access and spends huge sums subsidizing its own industry. Redressing those complaints would require policy reform at the highest level from Xi and China’s ruling Communist Party.
A survey released by the American Chamber of Commerce in China in late February showed that a majority of member U.S. companies supported increasing or maintaining tariffs on Chinese goods, and nearly twice as many as last year want the U.S. government to push Beijing harder to create a level playing field.
The U.S. tariff demands have even encouraged some reform-minded Chinese officials and private-sector business executives to call for a faster pace of reform in China as it celebrates the 40th anniversary of its first steps toward capitalism.
Lighthizer told lawmakers in late February that Chinese-American business people in particular have urged him to “hang tough” in the talks and not to “sell out for soybeans.”
STAY THE COURSE
When Trump delayed a threatened tariff increase well before a March 1 deadline for a deal, he stoked fears that he may be swayed by the big purchase order and leave longstanding structural problems unresolved.
Since then, a steady drumbeat of lobbyists, company executives, foreign diplomats and U.S. lawmakers from both parties have urged Trump to stay the course on his structural demands.
Representative Kevin Brady of Texas, one of the most pro-trade Republicans and a critic of Trump’s tariffs, recently joined that call.
“While we want China to buy more U.S. goods … it’s even more important for us to hold China accountable to meeting high international standards on intellectual property rights, subsidization, overcapacity, and the other structural ways in which China distorts the global economy,” he said at a House Ways and Means Committee hearing just days after the tariff delay was announced.
Last week, Senate Democratic leader Chuck Schumer, a longtime China trade hawk, took to the Senate floor to urge Trump not to “back down” and take a deal based largely on Chinese purchases of American soybeans and other goods.
On Thursday, Schumer tweeted: “Now’s not the time to drop $200B in tariffs just because China’s close to a deal, @realDonald Trump.”
QUIETLY ROOTING FOR TRUMP
European Union members, traditional allies of the United States, are still smarting about the steel and aluminum tariffs Trump imposed on imports into the United States last year. The EU is also worried that Trump will impose duties on autos. But the bloc shares many of the same frustrations over China’s technology transfer policies and market access constraints.
“We get complaints every day from our companies,” one European official told Reuters in Beijing, noting that despite repeated pledges from the Chinese government to make life easier for foreign companies, little had changed.
EU trade commissioner Cecilia Malmstrom’s assessment of China’s behavior sounds almost like it was written by the U.S. Trade Representative’s office, charging that China has abused global trading rules.
China has “blurred the lines between state and private sector. The state has undue influence,” she said in a Washington speech this month. “Intellectual properties of companies are stolen. State subsidies, direct or indirect, are common. And these impacts are felt at home and abroad.”
Malmstrom says that while the U.S. and EU “agree on the diagnosis,” they differ on tactics, and she argues for a more multilateral approach, citing the EU’s work with the United States and Japan to address the issues through reform of World Trade Organization rules.
Some worry that Europe could lose out if Washington and Beijing strike a deal to purchase billions of dollars more in products to try to shrink the U.S. goods trade deficit with China.
“If China is buying more from America then inevitably it will buy less from Europe,” a second European official based in Beijing said, adding that could in particular affect large European multinationals.
But European diplomats and officials acknowledge a begrudging support for Trump’s goals, even if they are repulsed by his blunt tactics. Many are secretly rooting for his success.
“We are against unilateral measures, but nobody is exactly sorry for China. On content we think he does have a point,” said one EU diplomat who spoke on condition of anonymity in Brussels. “Beijing has to understand that without reform, the system could just stop working.”
Trump administration officials insist that he has gotten the message and is holding out for “structural changes” to the U.S.-China relationship, along with an enforcement mechanism that holds China to its pledges.
Clete Willems, a White House trade adviser, told the Georgetown Law School forum that Trump is determined to fix problems with China’s trade relationship that he has railed against for years, long before he ever sought office.
“The notion that he’s just going to suddenly accept a bad deal is totally inaccurate. The president is going to walk away from bad deals,” said Willems, who announced on Friday that he is leaving the White House for family reasons.
(Reporting by David Lawder; Editing by Simon Webb and James Dalgleish)
FILE PHOTO: Special Counsel Robert Mueller departs after briefing the U.S. House Intelligence Committee on his investigation of potential collusion between Russia and the Trump campaign on Capitol Hill in Washington, U.S., June 20, 2017. REUTERS/Aaron P. Bernstein/File Photo
March 25, 2019
By Andy Sullivan
WASHINGTON (Reuters) – Special Counsel Robert Mueller has concluded that nobody associated with President Donald Trump’s campaign “conspired or knowingly coordinated” with Russia during the 2016 presidential election, and U.S. Attorney General William Barr says he does not see enough evidence to charge Trump with obstruction of justice.
But that does not necessarily mean Trump is in the clear – he still faces multiple investigations into his business and other aspects of his political campaign, and Democrats are launching a wave of probes from Capitol Hill.
Following are some possible next steps as Washington continues to wrestle over Russia’s role in the election, the conduct of Mueller’s investigation and other aspects of the Trump-Russia saga.
HOW MUCH OF MUELLER’S REPORT CAN BE MADE PUBLIC?
Barr said he wants to release as much of Mueller’s report as he can, as long as it does not undermine legal proceedings that should be kept secret, such as grand jury interviews, or interfere with other ongoing investigations. He is now going through the report to determine what can be released.
Democrats are pressing Barr to release the entire report so they can draw their own conclusions. If he does not do so, expect a protracted tug-of-war that could end up in court.
THE QUESTION OF OBSTRUCTION
Foremost on Democrats’ minds is whether Trump obstructed justice by interfering with Mueller’s probe and other investigations.
Barr says he did not, but he adds that Mueller presented evidence on both sides of the question. Democrats will press for access to Mueller’s full report – as well as the underlying evidence he collected over the course of an investigation that interviewed 500 witnesses and issued more than 2,800 subpoenas.
The Democratic chairs of six House of Representatives committees said on Friday they expected that evidence to be turned over on request to their panels, which cover everything from taxes to banking.
The House Judiciary Committee is also expected to continue its own investigation into alleged obstruction of justice after requesting documents from 81 people and organizations several weeks ago.
TRUMP’S ALLIES SAY IT’S TIME TO MOVE ON – OR MAYBE NOT
The Russia probe has dogged Trump’s presidency from his first months in office. Trump allies say it is now time to move on and focus on substantive issues like trade and the economy.
But some of Trump’s biggest supporters on Capitol Hill do not want to put the issue to rest just yet.
Senate Judiciary Committee Chairman Lindsey Graham, a Republican, has said he wants to investigate whether top officials at the Justice Department discussed forcing Trump from office, and is pressing the FBI to hand over documents relating to their surveillance of Carter Page, a foreign policy adviser on Trump’s election team.
BARR ON THE HILL
House Judiciary Committee Chairman Jerrold Nadler, a Democrat, said he planned to ask Barr to testify before his committee to explain why he thought Trump should not be charged with obstruction of justice.
Many Democrats are already suspicious of Barr’s views on the issue. As a private lawyer, Barr wrote an unsolicited memo to the Justice Department last year arguing that Mueller’s obstruction inquiry was “fatally misconceived” and saying that presidents have “all-encompassing” authority over law enforcement investigations, even those that relate to him directly.
Barr’s views of presidential power are relevant not only when it comes to obstruction of justice but other issues like how much the administration is required to cooperate with congressional investigators – which will be a key issue over the next two years.
Barr faced pointed questions from Democrats during his January confirmation hearing. Any session devoted to obstruction of justice and presidential powers could be much more contentious.
Mueller has not spoken publicly over the course of the 22-month investigation, but that might change now that his work is done.
Nadler and House Intelligence Committee Chairman Adam Schiff have said they may try to get him to testify in front of Congress. The questioning might be relatively polite – as a former FBI director and decorated Vietnam War veteran, Mueller is one of the most respected people in Washington.
But his testimony may not be that revealing. Mueller has cultivated a reputation as a scrupulous prosecutor, and he may not be willing to discuss evidence or reach conclusions not contained in his report. Also, as special prosecutor, he is required to defer to Barr as to what can be disclosed to the public.
(Reporting by Andy Sullivan; Editing by Ross Colvin and Peter Cooney)
Britain’s Prince Charles and Camilla, Duchess of Cornwall, arrive in Havana, Cuba, March 24, 2019. REUTERS/Phil Noble
March 25, 2019
By Sarah Marsh
HAVANA (Reuters) – Prince Charles and his wife Camilla landed in Havana on Sunday for the first official trip by the British royal family to Communist-run Cuba even as Britain’s top ally the United States seeks to isolate the island nation.
Shortly after arriving on a Royal Air Force plane, the heir to the British throne laid a wreath of flowers at the memorial to independence hero Jose Marti on Havana’s Revolution Square dominated by massive portraits of guerrilla fighters including Ernesto “Che” Guevara.
During his three-day historic visit, which is part of a broader Caribbean tour, the 70-year old Prince of Wales is set to dine with Cuban President Miguel Diaz-Canel, tour Havana’s restored colonial district, visit community and green energy projects and review a parade of antique British cars.
The royal visit, in line with a broader normalization in relations between the West and Cuba, comes three years after one by former U.S. President Barack Obama then billed as the start of a new chapter for ties between the old Cold War foes
Since Donald Trump became U.S. president, however, the United States has reverted to its decades-old strategy of seeking to pressure Cuba to change, including tightening its crippling trade embargo on the island.
The Trump administration has ramped up that pressure over the crisis in Cuba’s socialist ally Venezuela.
“It’s always good for Cuba to strengthen its relations with important international actors but all the more so when the United States has a president responding to the interests of extreme right-wing people who want to hurt Cuba,” said one Havana resident, Arian Rubio, 26, a historian.
William LeoGrande, a professor of government at American University, said such visits by high level delegations of major powers “lend legitimacy to the Cuban government and represent an implicit warning to the United States that hostile actions against Cuba may incur a diplomatic cost with important allies.”
The UK government had asked the royal couple to add Cuba to their Caribbean tour of former and current British territories in hopes of boosting commercial and cultural ties and political influence.
British trade with Cuba was less than $100 million last year while only a handful of well-known British companies have investments there through subsidiaries, for example Imperial Brands Plc, British-American Tobacco Plc and Unilever.
Opportunities to do business, however, are expected to grow as the Caribbean’s largest island continues opening up its beleaguered, state-dominated economy. Those include opportunities in its expanding tourism sector, that already attracts some 200,000 British tourists annually.
Moreover Britain has sought to drum up more trade with alternative partners since a referendum to exit the European Union three years ago.
Plans for high-level officials to accompany the Prince of Wales were scuttled by the political drama playing out in London over how best to leave the EU before a March 29 deadline.
Underscoring the thaw in British-Cuban relations, when Diaz-Canel receives Charles at the presidential Palace of the Revolution on Monday evening, it will be their second meeting in a year.
The 58-year old Cuban president paid the prince a visit last November in London on his first tour of several countries since replacing Raul Castro last April.
(Reporting by Sarah Marsh; Additional reporting by Marc Frank; Editing by Sandra Maler)
U.S. President Donald Trump speaks to reporters as the president returns from a weekend in Florida at the White House in Washington, U.S., March 24, 2019. REUTERS/Carlos Barria
March 25, 2019
By Steve Holland, Jeff Mason and Roberta Rampton
WASHINGTON (Reuters) – U.S. Special Counsel Robert Mueller’s conclusion that Donald Trump did not collude with Russia to win the presidency in 2016 gives the president a powerful weapon to use against his Democratic opponents and a potential boost to what is shaping up to be a tough bid for re-election in 2020.
Mueller’s conclusion that neither Trump nor his aides conspired with Russia in 2016 takes away a central charge that Democrats have flung at Trump for two years – that he did not win the presidency fairly or cleanly. The allegations have played out on an endless loop on cable TV news shows, overshadowing Trump’s presidency from day one.
Democrats have vowed to continue congressional investigations into the 2016 election campaign and Trump’s business practices. But without the solid foundation of a Mueller report that found evidence of any crimes by the president, they now risk seeming to overplay their hand.
“This is a gold star day for Donald Trump,” said presidential historian Douglas Brinkley. “Now the shackles are off. He’s able to demonize the news media and Democrats as perpetuating what he calls a hoax. And he’ll be able to use his innocence as fodder for the campaign trail.”
The question for Trump now is whether he will be able to bring a minimum of discipline to his campaign messaging and to the presidency itself.
History suggests he will have trouble with self-discipline. Just last week, he was immersed in a strange fight with a dead man, sharply criticizing the late Republican Senator John McCain and falsely accusing him of being at the root of some of the collusion allegations against him.
He has also been prone to making baffling abrupt decisions, such as occurred last week when he called off a round of sanctions against North Korea before they had even been imposed.
Despite the Mueller report’s conclusions, Trump remains an intemperate president, eager to lash out at any and all critics and perceived slights.
“This was an illegal takedown that failed,” Trump said on Sunday, even though Mueller left open the question of whether the former real estate magnate had attempted to obstruct the Russia probe, which did find extensive evidence that Russia meddled in the 2016 election.
“Now is the time to get back on the offense on the economy and growth,” said Republican strategist Scott Reed. “This is a good time to get back to a real healthy dose of message discipline for the entire administration, department-wide and the White House. That’s what you do when something like this happens.”
Trump, on a golfing weekend in Palm Beach, Florida, got the news in his private quarters at his Mar-a-Lago retreat from White House counsel Emmett Flood, and watched TV coverage of the Mueller report in his cabin on Air Force One.
Trump’s initial comments in reacting to the Mueller conclusion suggests he is not inclined to move past the investigation.
Speaking to reporters before boarding Air Force One for the flight back to Washington, Trump called for Democrats to be investigated, expanding on his often repeated assertion that the Mueller probe was Democrat-inspired. Mueller was appointed by Trump’s Department of Justice in 2017 after he fired FBI director James Comey.
“It’s a shame that our country had to go through this. To be honest it’s a shame that your president has had to go through this,” Trump said. “Before I even got elected it began, and it began illegally.”
Trump’s comments could foreshadow an effort by his supporters to seek payback for the cloud that has hung over his time in the White House.
“I’m interested in moving on and trying to get this behind us, but people have to pay for what they’ve done for the past two years,” said former Trump campaign aide David Bossie. “We must investigate the investigators.”
CHALLENGES FOR DEMOCRATS
Trump’s path to re-election remains a perilous one. Analysts say he will probably need to win the Midwestern states of Michigan, Pennsylvania and Wisconsin, just as he did in his improbable 2016 victory, and Democrats are already pouring resources into those states.
Trump will foreshadow his campaign message on Thursday night when he headlines a “Make America Great Again” rally in Michigan.
Trump supporters viewed the Mueller report as a blow to the more than a dozen Democrats who are campaigning for their party’s 2020 presidential nomination.
“This is very problematic for any Democrat who’s running for president in 2020 that was hoping they would face a weakened or beaten-down President Trump,” former Trump campaign adviser Jason Miller said. “In fact, President Trump will likely see a ratings boost coming out of this and a strong tailwind pushing him toward the upcoming election.”
Reuters/Ipsos polling has shown that Americans decided early on in Mueller’s investigation whether they thought Trump was guilty of collusion or not. The polling found few undecided voters.
Brinkley said Democrats will need to adjust their tactics and emphasize their differences with Trump’s record on issues ranging from healthcare and climate change to immigration.
“Some of those charges are going to have to rise to be the main charges against Trump,” he said, noting there was fatigue with the Russia issue.
(Reporting By Steve Holland, Jeff Mason and Roberta Rampton; Editing by Ross Colvin and Chris Reese)
“The Special Counsel’s investigation did not find that the Trump campaign or anyone associated with it conspired or coordinated with Russia in its efforts to influence the 2016 U.S. presidential election.” — Letter to Congress from Attorney General William Barr
Now that the findings of the Department of Justice have exonerated the president, will Democrats follow their own advice, admit there was no collusion or obstruction and Move On?
The liberal activist organization of that name was founded a generation ago when Congress investigated and tried to impeach President Clinton. Congress didn’t take the advice of legal experts and constitutional scholars then, and unfortunately it looks like Democrats intend to repeat the mistake.
Judiciary Committee Chairman Jerry Nadler (D-N.Y.) says regardless of the report’s findings, he will pursue investigations even “broader” than what the special counsel has done with 2,800 subpoenas, 500 witnesses, some 500 search warrants and more than $25 million over the last two years.
Democrats and the media should be trying to heal the nation not divide us. Instead, Democrats intend to spend the next two years subpoenaing and dragging every member of Trump’s administration, his family and business associates to testify before their committees.
Nadler says he’s doing it to protect “the rule of law.”
But will House Democrats really respect the institutions and traditions of American jurisprudence? If the past is prelude, the answer to that questions is, sadly, no.
Democrats did away with the presumption of innocence for Judge Brett Kavanaugh and Justice Kavanaugh, with his family and the American people paying the price Now, Democrats are now ready to abandon other bedrock principles of American justice.
One of the most basic principles is equality before the law!
The Constitution prohibits double jeopardy. It’s a matter of basic fairness — no one should be victimized by vindictive prosecutors armed with the power of government and $25 million in financial backing of the U.S. Treasury.
Congressional Democrats’ endless investigations, leaks and political machinations violate the spirit of that constitutional prohibition. Americans understand that, no matter what the spin or who stands accused. The constitution guarantees fair and equal justice for every American regardless of who they are!
Democrats want to convict President Trump in the court of public opinion to set the stage for impeaching him. That’s what Rep. Nadler told George Stephanopoulos: “Before you impeach somebody, you have to persuade the American public that it ought to happen.” Fortunately Mueller’s exoneration of President Trump will make that extremely difficult to do, despite media persecution and false news stories,
The Democrats are ready to violate another norm of legal precedent by asking Attorney General Barr and the DOJ to release every scrap of paper the special counsel gathered.
Prosecutors normally don’t release confidential material gathered during an investigation out of respect for the privacy of individuals not charged with a crime.
”The normal procedure is that unless there’s a damn good reason, you don’t release grand jury material,” Nadler said a generation ago when he opposed releasing the evidence behind the Ken Starr report.
Nadler and fellow Democrats accused the Judiciary Committee of seeking the background material to build a public case for impeaching President Clinton.
“They don’t think there is enough of a vote for impeachment yet out in the public,” Rep. Barney Frank (D-Massachusetts), the second ranking Democrat on the committee, said. “So what you have a very one-sided, partisan effort to release material, before the president gets a chance to review it or respond to it, that makes the president look bad.”
Nadler took a page from that playbook and now demands the raw material Mueller obtained to build his own case for impeaching President Trump. Furthermore, he says the White House “should not get an advance look at the report” or the evidence.
That’s quite an about face from the Jerry Nadler of 1998 who fought for Clinton to have time to look at the Starr report. “The president is asking for two days. The Republicans say no,” he said bitterly.
The DOJ does not release such information to protect the innocent. Furthermore, the Trump administration has a legal right to review the report, prepare a response, rebuke any false accusations and information covered by executive privilege.
As for an impartial hearing, President Trump can expect no better from House Democrats than Senate Democrats gave Judge Kavanaugh.
Chairman Nadler already convicted the president of obstruction of justice before seeing the attorney general’s letter and the Mueller report.
House Democrats don’t care that the special counsel found the president did not collude with the Russians or obstruct justice. They will continue their investigations, attempts to smear the president. Like Javert obsessed with Jean Valjean, Democrats can’t help themselves.
All Americans, Democrats, Republicans and independents alike, should be celebrating the fact investigators found no evidence of collusion. However, Democrats won’t take the finding of no collusion or obstruction for an answer.
That tells you they were never pursuing the truth, just a political vendetta and a different outcome for the 2016 election. Their obsession with President Trump will only further divide the nation, not help unite us.
Rep. Nadler says he wants to protect the rule of law and “the institutions we depend on for our democratic form of government.”
But Democrats are weakening those institutions by engaging in relentless political warfare. Voters elected Congress to address the very real challenges our country faces — an opioid epidemic, China’s economic aggression, the crisis on our southern border, the difficulty of raising a family, to name, just a few.
Our system is founded on belief in equal justice under the law. All will be held accountable.
We hope the politicians, intelligence officials, journalists and media executives who fed Americans unfounded speculation, conspiracy theories for the last two years that have done incalculable damage to our country and its institutions will be held accountable.
Preserve the principles of justice on which our incredible country was founded.
Kimberly Guilfoyle (@KimGuilfoyle) is vice chairwoman of America First Policies, a nonprofit organization supporting key policy initiatives that will work for all citizens in our country and put America first.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of The Daily Caller.
Source: The Daily Caller
FILE PHOTO: FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo/File Photo
March 25, 2019
By Henning Gloystein
SINGAPORE (Reuters) – Oil prices kicked off the week’s trading with losses as concerns of a sharp economic slowdown outweighed supply disruptions from OPEC’s production cutbacks and U.S. sanctions on Iran and Venezuela.
Brent crude oil futures were at $66.79 per barrel at 0022 GMT, down 29 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) futures were at $58.68 per barrel, down 37 cents, or 0.6 percent, from their last settlement.
“Inflation expectations have risen,” said U.S. bank Morgan Stanley.
“Estimates for growth and earnings have been revised down materially across all major regions.”
ANZ bank said the darkening economic outlook “overshadowed the supply-side issues” the oil market was facing amid supply cuts led by producer club OPEC as well as the U.S. sanctions on Venezuela and Iran.
The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia, together referred to as ‘OPEC+’, have pledged to withhold around 1.2 million barrels per day (bpd) of oil supply this year to prop up markets, with OPEC’s de-facto leader seen to be pushing for a crude prices of over $70 per barrel.
GRAPHIC: Russia, Saudi & Rest of OPEC crude oil production: https://tmsnrt.rs/2CHr9lJ
(Reporting by Henning Gloystein; Editing by Joseph Radford)
FILE PHOTO: A river boat cruises down the River Thames as the sun sets behind the Canary Wharf financial district of London, Britain, December 7, 2018. REUTERS/Simon Dawson/File Photo
March 25, 2019
By Lawrence White
LONDON (Reuters) – Optimism about the business outlook among Britain’s financial services firms has fallen at its fastest rate since the 2008 financial crisis amid concerns about Britain’s exit from the European Union, a survey showed on Monday.
Business volumes among the 84 top financial firms polled have also fallen at their fastest rate since September 2012, the survey by the Confederation of British Industry and accounting firm PwC showed.
The mounting gloom from banks, insurers, fund managers and other financial firms comes as Prime Minister Theresa May battles to get her twice-rejected withdrawal agreement with the EU through a bitterly divided parliament.
The investment management industry saw the sharpest fall in growth, the CBI/PwC survey said, as investors hold on to their cash in turbulent markets, while insurance brokers were the lone bright spot.
“The alarm bells ringing at the state of optimism in the financial services sector have now reached a deafening level,” Rain Newton-Smith, CBI chief economist said.
Employment across financial services fell at the quickest pace in four years, the poll showed, driven mainly by job cuts in the banking sector as lenders slash branch networks and shift jobs overseas to trim costs.
(Reporting by Lawrence White; Editing by Alison Williams)
An aerial photo shows rowers on Lake Washington near a line of Boeing 737 MAX aircraft at the Boeing factory in Renton, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson
March 25, 2019
(Reuters) – Boeing Co said it invited airline pilots, technical leaders and regulators for an informational session in Renton, Washington on Wednesday, as part of an effort to share details about the plan to support the return of the 737 MAX to commercial service.
“We continue to work closely with our customers and regulators on software and training updates for the 737 MAX,” Boeing added.
(Reporting by Shubham Kalia in Bengaluru; Editing by Chris Reese)
A Japan Yen note is seen in this illustration photo taken June 1, 2017. REUTERS/Thomas White/Illustration
March 24, 2019
By Swati Pandey
SYDNEY (Reuters) – The Japanese yen hovered near a six-week high on Monday while Asian shares are expected to start lower as risk assets fell out of favor on growing worries about an impending U.S. recession, sending global bond yields plunging.
In Asia, Nikkei futures pointed to a weak start for Japan. Australian shares fell 0.3 percent at the open while New Zealand’s benchmark index faltered 0.9 percent.
Investors also kept one eye on the details of a nearly two-year U.S. investigation which found no evidence of collusion between Donald Trump’s election team and Russia, in a major political victory for the U.S. President.
U.S. stock futures were marginally higher during early Asian hours.
On Friday, all three major U.S. stock indexes registered their biggest one-day percentage losses since Jan.3 with the Dow sliding 1.8 percent, the S&P 500 off 1.9 percent and the Nasdaq dropping 2.5 percent.
Concerns about the health of the world economy heightened last week after cautious remarks by the U.S. Federal Reserve sent 10-year treasury yields to the lowest since early 2018. Adding to the fears of a more widespread global downturn, manufacturing output data from Germany showed a contraction for the third straight month.
In response, 10-year treasury yields slipped below the three-month rate for the first time since 2007. Historically, an inverted yield curve – where long-term rates fall below short-term – has signaled an upcoming recession.
“We have re-run our preferred yield curve recession models, which now suggest a 30-35 percent chance of a U.S. recession occurring over the next 10‑18 months,” said Tapas Strickland, markets strategist at National Australia Bank.
Typically a 40-60 percent probability sees a recession within the next 10-18 months, Strickland added, basing the analysis on previous recessions.
“The risk of a U.S. recession has risen and is flashing amber and this will keep markets pricing a high chance of the Fed cutting rates.”
Much of the concerns around global growth is stemming from Europe and China which are battling separate tariff wars with the United States. Political turmoil in Britain over the country’s exit from the European Union is also a major overhang for risk assets.
On Sunday, Rupert Murdoch’s Sun newspaper said in a front page editorial British Prime Minister Theresa May must announce on Monday she will stand down as soon as her Brexit deal is approved.
The British pound was last flat at $1.3209 after three straight days of wild gyrations. The currency slipped 0.7 percent last week.
Politics was also in focus in the United States.
The long-awaited Mueller report into whether Trump’s campaign colluded with Russia to help Trump defeat his Democratic opponent, Hillary Clinton, marked a major milestone of his presidency as he prepares for his 2020 re-election battle.
In currency markets, the Japanese yen – a perceived safe haven – held near its highest since Feb. 11. It was last off 0.1 percent at 110.04 per dollar.
The Australian dollar, a liquid proxy for risk play, was down for its third straight session of losses at $0.7072.
(Editing by Shri Navaratnam)