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Trump signs order designating English as the official language of the US
Securities Lawyers |
2025/03/02 08:05
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President Donald Trump signed on Saturday an executive order designating English as the official language of the United States.
The order allows government agencies and organizations that receive federal funding to choose whether to continue to offer documents and services in language other than English.
It rescinds a mandate from former President Bill Clinton that required the government and organizations that received federal funding to provide language assistance to non-English speakers.
“Establishing English as the official language will not only streamline communication but also reinforce shared national values, and create a more cohesive and efficient society,” according to the order.
“In welcoming new Americans, a policy of encouraging the learning and adoption of our national language will make the United States a shared home and empower new citizens to achieve the American dream,” the order also states. “Speaking English not only opens doors economically, but it helps newcomers engage in their communities, participate in national traditions, and give back to our society.”
More than 30 states have already passed laws designating English as their official language, according to U.S. English, a group that advocates for making English the official language in the United States.
For decades, lawmakers in Congress have introduced legislation to designate English as the official language of the U.S., but those efforts have not succeeded.
Within hours of Trump’s inauguration last month, the new administration took down the Spanish language version of the official White House website.
Hispanic advocacy groups and others expressed confusion and frustration at the change. The White House said at the time it was committed to bringing the Spanish language version of the website back online. As of Saturday, it was still not restored.
The White House did not immediately respond to a message about whether that would happen.
Trump shut down the Spanish version of the website during his first term. It was restored when President Joe Biden was inaugurated in 2021.
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US inflation ticked up last month as some price pressures remain persistent
Securities Lawyers |
2024/12/08 09:52
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Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated.
Consumer prices rose 2.7% in November from a year earlier, up from a yearly figure of 2.6% in October. Excluding volatile food and energy costs, so-called core prices increased 3.3%, the same as in the previous month. Measured month to month, prices climbed 0.3% from October to November, the biggest such increase since April. Core prices also rose 0.3% for a fourth straight month.
Wednesday’s inflation figures from the Labor Department are the final major piece of data that Federal Reserve officials will consider before they meet next week to decide on interest rates. The relatively mild November increase won’t likely be enough to discourage the officials from cutting their key rate by a quarter-point. The probability of a rate cut next week, as envisioned by Wall Street traders, rose to 98% after Wednesday’s inflation report was released, according to futures pricing tracked by CME FedWatch.
“It’s generally in the ballpark of what the Fed would like to see,” said Jason Pride, chief investment strategist at Glenmede, a wealth management firm. Though sharp increases for such items as groceries and hotel rooms increased overall inflation last month, those categories are often volatile. Pride noted that the cost of services, such as rents, car insurance, and airline fares, cooled in November.
Last week, Fed Chair Jerome Powell suggested that with the economy generally healthy, the Fed could reduce its key rate slowly.
“We’re not quite there on inflation, but we’re making progress,” Powell said. “We can afford to be a little more cautious.”
With the job market cooling, growth in Americans’ paychecks has slowed from a nearly 6% annual pace in 2022 to about 4% now, a rate nearly consistent with inflation at the Fed’s 2% target. Powell has said he doesn’t think the current job market is a driver of higher prices.
Randy Carr, CEO of World Emblem, a maker of patches, labels and badges for companies, universities and law enforcement agencies, said he is providing smaller wage increases, in the 3% to 5% range, than his company did during the height of inflation.
“Things have kind of leveled off,” he said.
Carr’s customers, which include the company that makes emblems for UPS uniforms, generally won’t accept price hikes much more than 2% a year. So World Emblem aims to offset the cost of its higher wages through greater efficiencies in manufacturing.
In September, the Fed slashed its benchmark rate, which affects many consumer and business loans, by a sizable half-point. It followed that move with a quarter-point rate cut in November. Those cuts lowered the central bank’s key rate to 4.6%, down from a four-decade high of 5.3%.
Though inflation is now way below its peak of 9.1% in June 2022, average prices are still about 20% higher than they were three years ago — a major source of public discontent that helped drive President-elect Donald Trump’s victory over Vice President Kamala Harris in November.
Grocery prices jumped last month, an uncomfortable reminder for consumers that food prices remain a big drag on households’ budgets. Beef prices leapt 3.1% just from October to November and are up 5% from a year earlier.
Egg prices, which have been volatile for more than two years, in part because of outbreaks of bird flu, soared 8.2% just last month. They are nearly 38% higher than a year ago.
Gas prices ticked up 0.6% from October to November, ending a string of declines. Still, gas is down more than 8% from a year earlier. Hotel prices leapt 3.2% from October to November and are 3.7% higher than a year ago.
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Ford cuts 2024 earnings guidance due to warranty costs and slow pace of cost cutting
Securities Lawyers |
2024/10/26 08:47
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Stubbornly high warranty expenses and lagging cost-cutting efforts are holding back Ford Motor Co.'s profits this year, causing the company to lower its full-year earnings guidance.
That pushed the company’s stock price down 6% in trading after Monday’s closing bell.
The Dearborn, Michigan, automaker, which reported third-quarter earnings Monday, said its net profit tumbled nearly 26% as it took $1 billion in accounting charges to write down assets for a canceled three-row electric SUV.
Ford said it made $892 million from July through September, compared with $1.2 billion it made a year earlier.
But excluding the one-time items, the company made an adjusted pretax profit of $2.6 billion, or 49 cents per share. That beat analyst estimates of 46 cents, according to FactSet.
Revenue rose 5.5% to $46.2 billion, also beating Wall Street predictions. Ford reduced its full-year pretax income guidance to $10 billion, at the low end of the $10 billion to $12 billion it expected at the end of the second quarter, spooking investors.
“Cost, especially warranty, has held back our earnings power, but as we bend that curve, there is significant financial upside for investors,” CEO Jim Farley told analysts on a conference call.
Chief Financial Officer John Lawler said warranty costs were slightly below the third quarter of last year, but still high. The company wouldn’t give numbers until it files its quarterly report with securities regulators on Tuesday but said costs will be higher than a year ago.
Ford reported $800 million of increased warranty costs for the second quarter of this year.
Farley has been trying to get a handle on warranty costs for the past four years. In October of 2020, he said the company was working to cut quality-related repairs after glitch-prone small-car transmissions hit the automaker’s bottom line.
Ford has said that it has a $7 billion cost gap with competitors, and Lawler said Monday it has made progress on that figure. The problem is competitors, which he did not identify, are cutting costs too. “We’ve taken cost out, but we’re not doing it at a pace faster than our competition,” he told analysts.
Ford has removed $2 billion in material, freight and labor costs this year, but that was offset by warranties and inflation at its Turkish joint venture, he said.
He said Ford is focused on reducing warranty and other costs, which will show up in later quarters.
The company’s plans are working, as evidenced by 10 straight quarters of revenue growth, Lawler said.
Farley said Ford has restructured its operations in Europe, South America, India and China, which collectively lost $2.2 billion in 2018 but together are profitable now. For instance, China, including exports, has contributed over $600 million to pretax earnings this year, Farley said. |
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Trial turns testy as Trump lawyers try to pique fixer-turned-witness
Securities Lawyers |
2024/05/24 15:18
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After approximately five weeks, 19 witnesses, reams of documents and a dash of salacious testimony, the prosecution against Donald Trump rested its case Monday, handing over to the defense before closing arguments expected next week.
Trump’s team immediately sought to undermine key testimony against the former president, who is accused of covering up hush money paid to a porn star over an alleged encounter that could have derailed his successful 2016 White House bid.
His attorneys called lawyer Robert Costello — who once advised star prosecution witness Michael Cohen before falling out with him — in an apparent attempt to puncture Cohen’s credibility.
But Costello’s start on the stand was shaky at best, as his dismissive tone provoked an angry response from Judge Juan Merchan.
Merchan chided Costello for remarking “jeez” when he was cut off by a sustained objection and, at another point, “strike it.” Merchan told him: “I’m the only one that can strike testimony in the courtroom. Do you understand that?”
"And then if you don’t like my ruling, you don’t give me side eye and you don’t roll your eyes.”
Merchan was about to bring the jury back in when he asked Costello, “Are you staring me down right now?” and then kicked out the press to further admonish him.
"I’m putting you on notice that your conduct is contemptuous,” Merchan said, according to the transcript of the conversation that occurred when the press was out of the room. ”If you try to stare me down one more time, I will remove you from the stand.”
Costello didn’t return a message seeking comment Monday night.
Trump, speaking to reporters afterward, called the episode “an incredible display,” branding the proceedings “a show trial” and the judge “a tyrant.”
Extended quibbling among the two legal teams, along with the upcoming holiday weekend, means closing arguments that the judge had hoped could start Tuesday are now anticipated for next week.
It’s unlikely and risky, but the door remains open for Trump to take the stand in the criminal trial, the first ever of a former US president.
Experts doubt he will, as it would expose him to unnecessary legal jeopardy and forensic cross-examination by prosecutors — but his lawyer Todd Blanche has raised the prospect.
On Monday, Blanche finished his third day of questioning Cohen after hours of at times digressive, at other times bruising, exchanges.
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Supreme Court restores Trump to ballot, rejecting state attempts to ban him
Securities Lawyers |
2024/04/15 14:36
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The Supreme Court on Monday allowed a lawsuit to go forward against a Black Lives Matter activist who led a protest in Louisiana in which a police officer was injured. Civil rights groups and free speech advocates have warned that the suit threatens the right to protest.
The justices rejected an appeal from DeRay Mckesson in a case that stems from a 2016 protest over the police killing of a Black man in Baton Rouge.
At an earlier stage of the case, the high court noted that the issue was “fraught with implications for First Amendment rights.”
The justices did not explain their action Monday, but Justice Sonia Sotomayor wrote a brief opinion that said lower courts should not read too much into it.
The court’s “denial today expresses no view about the merits of Mckesson’s claim,’' Sotomayor wrote.
At the protest in Baton Rouge, the officer was hit by a “rock-like” object thrown by an unidentified protester, but he sued Mckesson in his role as the protest organizer.
A federal judge threw out the lawsuit in 2017, but a panel of the 5th U.S. Circuit Court of Appeals ruled 2-1 that the officer should be able to argue that Mckesson didn’t exercise reasonable care in leading protesters onto a highway, setting up a police confrontation in which the officer, identified in court papers only as John Doe, was injured.
In dissent, Judge Don Willett wrote, “He deserves justice. Unquestionably, Officer Doe can sue the rock-thrower. But I disagree that he can sue Mckesson as the protest leader.”
If allowed to stand, the decision to allow the suit to proceed would discourage people from protesting, the American Civil Liberties Union wrote, representing Mckesson.
“Given the prospect that some individual protest participant might engage in law-breaking, only the most intrepid citizens would exercise their rights if doing so risked personal liability for third-parties’ wrongdoing,” the ACLU told the court.
Lawyers for the officer had urged the court to turn away the appeal, noting that the protest illegally blocked the highway and that Mckesson did nothing to dissuade the violence that took place. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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