Category Archives: BUSINESS

George Soros Transfers $18 Billion to His Foundation


George Soros, who built one of the world’s largest fortunes through a famous series of trades, has turned over nearly $18 billion to Open Society Foundations, according to foundation officials, a move that transforms both the philanthropy he founded and the investment firm supplying its wealth.

Now holding the bulk of Mr. Soros’s fortune, Open Society has vaulted to the top ranks of philanthropic organizations, appearing to become the second largest in the U.S. by assets after the Bill and Melinda Gates Foundation, based on 2014 figures from the National Philanthropic Trust.

Soros Fund Management LLC’s 87-year-old founder now shares influence over the firm’s strategy with an investment committee of Open Society. Mr. Soros set up the committee and is its chairman, but it is meant to survive him, people familiar with it said.

FOLLOW THE LINK FOR THE FULL REPORT – JR 

https://www.wsj.com/articles/george-soros-transfers-18-billion-to-his-foundation-creating-an-instant-giant-1508252926

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Trump’s frustration and fury rupture alliances, threaten agenda

Frustrated by his Cabinet and angry that he has not received enough credit for his handling of three successive hurricanes, President Trump is now lashing out, rupturing alliances and imperiling his legislative agenda, numerous White House officials and outside advisers said Monday.

In a matter of days, Trump has torched bridges all around him, nearly imploded an informal deal with Democrats to protect young undocumented immigrants brought to the country as children, and plunged himself into the culture wars on issues ranging from birth control to the national anthem.

In doing so, Trump is laboring to solidify his standing with his populist base and return to the comforts of his campaign — especially after the embarrassing defeat of Sen. Luther Strange in last month’s Alabama GOP special election, despite the president’s trip there to campaign with the senator.

Sen. Bob Corker’s brutal assessmentof Trump’s fitness for office — warning that the president’s reckless behavior could launch the nation “on the path to World War III” — also hit like a thunderclap inside the White House, where aides feared possible ripple effects among other Republicans on Capitol Hill. 

FOLLOW THE LINK FOR THE FULL REPORT – JR 

https://www.washingtonpost.com/amphtml/politics/a-pressure-cooker-trumps-frustration-and-fury-rupture-alliances-threaten-agenda/2017/10/09/41115744-ad0d-11e7-9e58-e6288544af98_story.html

‘Obamacare’ survives; GOP concedes on last-gasp repeal try


– Senate Republicans, short of votes, abandoned their latest and possibly final attempt to kill the health care law Tuesday, just ahead of a critical end-of-the-week deadline.

The repeal-and-replace bill’s authors promised to try again at a later date, while President Donald Trump railed against “certain so-called Republicans” who opposed the GOP effort. But for now, Trump and fellow Republicans who vowed for seven years to abolish President Barack Obama’s law will leave it standing and turn their attention to overhauling the nation’s tax code instead.

FOLLOW THE LINK FOR THE FULL REPORT – JR 

https://apnews.com/34cc8d59e8724569b38f95312f771bac/’Obamacare’-survives;-GOP-concedes-on-last-gasp-repeal-try

Why Obamacare’s Much-Criticized Individual Mandate Is Likely to Endure (for Now)

The Affordable Care Act’s requirement that Americans either carry health insurance or pay a fine remains the law’s most unpopular feature. Nevertheless, a bipartisan group of governors is insisting that the so-called individual mandate remain in place — at least for now.

In a letter sent late last month, the governors urged federal lawmakers to retain the mandate to help stabilize insurance markets. But the group, which is led by Republican John Kasich of Ohio and Democrat John Hickenlooper of Colorado, also said states should be given the opportunity to devise “a workable alternative” to it, subject to federal approval.

FOLLOW THE LINK FOR THE FULL REPORT – JR 

http://www.governing.com/topics/health-human-services/sl-individual-mandate-obamacare.html

Amazon Web Services Can Now Host the Defense Department’s Most Sensitive Data 

Amazon Web Services has a new market for its cloud computing, analytics, and storage services.

This week, the Defense Department granted the cloud computing giant a provisional authorization to host Impact Level 5 workloads, which are the military and Pentagon’s most sensitive, unclassified information. 

“This further bolsters AWS as an industry leader in helping support the DoD’s critical mission in protecting our security,” the company said in a statement. “The AWS services support a variety of DoD workloads, including workloads containing sensitive controlled unclassified information and National Security Systems information.”

FOLLOW THE LINK FOR THE FULL REPORT – JR 

http://m.nextgov.com/cloud-computing/2017/09/amazon-web-services-can-now-host-defense-departments-most-sensitive-data/140973/

Trump Blocks China-Backed Lattice Bid as Beijing Urges Fairness – Bloomberg

President Donald Trump blocked a Chinese-backed investor from buying Lattice Semiconductor Corp., casting a cloud over Chinese deals seeking U.S. security clearance and spurring a call for fairness from Beijing.

It was just the fourth time in a quarter century that a U.S. president has ordered a foreign takeover of an American firm stopped on national-security concerns. Trump acted on the recommendation of a multi-agency panel, the White House and the Treasury Department said Wednesday. The spurned buyer, Canyon Bridge Capital Partners LLC, is a private-equity firm backed by a Chinese state-owned asset manager.

FOLLOW THE LINK FOR THE FULL REPORT – JR 

https://www.bloomberg.com/news/articles/2017-09-13/trump-blocks-china-backed-bid-for-chipmaker-over-security-risk

Amazon ‘turns a blind eye’ to £1.5bn VAT fraud 

Amazon was accused last night of profiteering from a multi-billion-pound VAT fraud that is pushing British businesses to the wall.

MPs said the online retailer was ‘turning a blind eye’ to organised criminals from China and elsewhere who sell their goods cheaply on internet auction sites – but don’t register to pay VAT.

The scam takes up to £1.5billion a year from Treasury coffers and lets the sellers undercut law-abiding British traders, forcing them to fold or lay staff off.

FOLLOW THE LINK FOR THE FULL REPORT – JR 

http://www.dailymail.co.uk/news/article-4882170/Amazon-turns-blind-eye-1-5bn-VAT-fraud.html

It’s Official: Debt Tops $20 Trillion for First Time; Jumps $317,645,000,000 in 1 Day

The federal debt officially surpassed $20 trillion for the first time on Friday, as the debt subject to the legal limit set by Congress jumped $317,645,000,000 in one day–following President Donald Trump’s signing of a spending-and-debt-limit deal that will fund the government through Dec. 8.

At the close of business on Thursday, Sept. 7, according to the Daily Treasury Statement for Friday, the total debt of the federal government was $19,844,587,000,000 and the portion of it subject to the legal limit set by Congress was $19,808,747,000.

FOLLOW THE LINK FOR THE FULL REPORT – JR 

https://www.cnsnews.com/news/article/terence-p-jeffrey/debt-tops-20-trillion-first-time-jumps-317645000000-1-day

Massive Equifax Data Breach Could Impact Half of the U.S. Population 

A massive cyber security incident at Equifax — one of the largest credit reporting agencies in the United States — may have exposed private information belonging to 143 million people — nearly half of the U.S. population.

The breach, which was discovered July 29, includes sensitive information such as social security numbers, birthdays, addresses and in some instances, driver’s license numbers. The agency said 209,000 credit card numbers were exposed in the breach, which includes customers in Canada and the United Kingdom.

FOLLOW THE LINK FOR THE FULL REPORT – JR 

https://www.nbcnews.com/tech/security/massive-equifax-data-breach-could-impact-half-u-s-population-n799686

The Southern Poverty Law Center Has $69 Million Parked Overseas 


The Southern Poverty Law Center invests almost 20 percent of its nearly $320 million endowment fund in offshore equities and other investments. The 2016 annual report of the Alabama-based civil rights organization reports $69,093,576 of “non-U.S. equity funds” among the assets comprising the total endowment fund of $319,283,961, a fund the SPLC describes as a “plan for the day when nonprofits like the SPLC can no longer afford to solicit support through the mail because of rising postage and printing costs.” (Given that 2016 contributions topped $45 million, that day has not yet arrived.)
FOLLOW THE LINK FOR THE FULL REPORT – JR 

http://www.weeklystandard.com/the-southern-poverty-law-center-has-69-million-parked-overseas/article/2009553