The US Treasury has said that facilitating ransomware payments to sanctioned hackers may be illegal. It signaled a crackdown on the fast-growing market for consultants who help organizations pay off cybercriminals.

US Treasury: Ransoms to hackers may be illegal

A US government national security review of the social media app TikTok is nearly complete and will deliver a recommendation to the White House this week, Treasury Secretary Steven Mnuchin said Wednesday.

The comments marked the first time the US&nbsp;government has acknowledged that TikTok was under review by the Committee on Foreign Investment in the United States (CFIUS), which scrutinises deals by foreign acquirers for potential national security risks and is led by Treasury.

"TikTok is under CFIUS review and we'll be making a recommendation to the president on it this week," Mnuchin said. "We have lots of alternatives."

Also read:&nbsp;<a href="https://www.wionews.com/world/us-republicans-worry-china-might-use-tiktok-to-meddle-in-election-316729" hreflang="en">US Republicans worry China might use TikTok to meddle in election</a>

The news comes amid increasing concerns voiced by US officials and lawmakers about TikTok's links to China and its potential use for espionage, an allegation consistently dismissed by the company.

In November last year, the app's Chinese parent company, Beijing ByteDance Technology Co was being probed by CFIUS over its $1 billion purchase of social media app Musical.ly, after lawmakers raised concerns over how it stores personal data as well as allegations of censorship.

Also read:&nbsp;<a href="https://www.wionews.com/world/japan-lawmakers-to-urge-government-to-put-curbs-on-tiktok-use-316682" hreflang="en">Japan lawmakers to urge government to put curbs on TikTok use</a>

A TikTok representative said the company could not comment on CFIUS matters, but added that TikTok was working to "develop a best-in-class security infrastructure" and promote a safe app experience.

The committee can force ByteDance to unwind the deal, or take other measures to mitigate the national security threat. Reuters reported earlier on Wednesday that ByteDance has received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer majority ownership of TikTok to them. Some ByteDance investors are valuing the popular app at about $50 billion.

Flanked by Mnuchin, President Donald Trump said before leaving the White House on a trip to Texas that "we are looking at TikTok."

The company is under fire in Washington, as relations between the Trump administration and Beijing have grown chilly over the coronavirus and China's moves against Hong Kong. U.S. Secretary of State Mike Pompeo said the administration was considering banning the app, and White House Chief of Staff Mark Meadows said earlier this month that action was coming in weeks.

A US government national security review of the social media app TikTok is nearly complete and will deliver a recommendation to the White House this week, Treasury Secretary Steven Mnuchin said Wednesday.

A US government national security review of the social media app TikTok is nearly complete and will deliver a recommendation to the White House this week, Treasury Secretary Steven Mnuchin said Wednesday. The comments marked the first time the US government has acknowledged that TikTok was under review by the Committee on Foreign Investment in the United States (CFIUS), which scrutinises deals by foreign acquirers for potential national security risks and is led by Treasury. "TikTok is under CFIUS review and we'll be making a recommendation to the president on it this week," Mnuchin said. "We have lots of alternatives." Also read: US Republicans worry China might use TikTok to meddle in election The news comes amid increasing concerns voiced by US officials and lawmakers about TikTok's links to China and its potential use for espionage, an allegation consistently dismissed by the company. In November last year, the app's Chinese parent company, Beijing ByteDance Technology Co was being probed by CFIUS over its $1 billion purchase of social media app Musical.ly, after lawmakers raised concerns over how it stores personal data as well as allegations of censorship. Also read: Japan lawmakers to urge government to put curbs on TikTok use A TikTok representative said the company could not comment on CFIUS matters, but added that TikTok was working to "develop a best-in-class security infrastructure" and promote a safe app experience. The committee can force ByteDance to unwind the deal, or take other measures to mitigate the national security threat. Reuters reported earlier on Wednesday that ByteDance has received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer majority ownership of TikTok to them. Some ByteDance investors are valuing the popular app at about $50 billion. Flanked by Mnuchin, President Donald Trump said before leaving the White House on a trip to Texas that "we are looking at TikTok." The company is under fire in Washington, as relations between the Trump administration and Beijing have grown chilly over the coronavirus and China's moves against Hong Kong. U.S. Secretary of State Mike Pompeo said the administration was considering banning the app, and White House Chief of Staff Mark Meadows said earlier this month that action was coming in weeks.

National security recommendation on TikTok due this week: US Treasury

US treasury orders to print Trump’s name on stimulus cheques

&nbsp; 
The US Congress &amp; president Trump have enacted a historic 2 trillion-dollar stimulus bill to address the dramatic economic crisis caused by the coronavirus pandemic. &nbsp;The package included direct payments, an unprecedented expansion in unemployment benefits and 350 billion dollar benefits in small business loans.

But while people need the help immediately, the government is taking its sweet time to get everything moving. Why? Because the 73-year-old president of a country which is dealing with unprecedented health and economic disaster has demanded his name to appear on the stimulus checks. &nbsp;

The funds, which are meant for struggling citizens in America will be delayed for an absurd request by their president. &nbsp;Now before we give you the details of what exactly is happening at the US Treasury department and why the internal revenue service is delaying the whole process?

At the latest White House briefing on coronavirus pandemic, &nbsp;a reporter asked the reason of adding Trump's name on the coronavirus relief cheques, Trump immediately dismissed the question by saying that he doesn't know too much about it. However, he did confirm that his name will be on the cheques.&nbsp;

"I don't know too much about it, but I understand that my name will be there. I don't know where they are going, how they are going. But I do understand that it is not delaying anything. And I'm satisfied with that. I can't imagine it to be a big deal. I am sure the people will be happy to receive a big fat beautiful cheque with my name on it”, the president answered.

While the internal revenue service is rushing to send the checks millions of Americans, the US Treasury Department has ordered president trump’s name printed on them. &nbsp;A process which will delay the delivery by a few days. This will be the first time a president’s name will appear on an IRS disbursement, another sign of trump’s effort to cast his response to the pandemic in political terms.

But the president of the United States is not an authorized signer for legal disbursements by the treasury. It is a standard practice for a civil servant to sign checks issued by the treasury department. &nbsp;A standard procedure to ensure that the government payments are nonpartisan. So, the checks will instead bear Trump’s name in the memo line. &nbsp;The paper checks are scheduled to be issued at a rate of 5 million each week until September. 
&nbsp;

US treasury orders to print Trump’s name on stimulus cheques The US Congress & president Trump have enacted a historic 2 trillion-dollar stimulus bill to address the dramatic economic crisis caused by the coronavirus pandemic.

US treasury orders to print Trump’s name on stimulus cheques The US Congress & president Trump have enacted a historic 2 trillion-dollar stimulus bill to address the dramatic economic crisis caused by the coronavirus pandemic. The package included direct payments, an unprecedented expansion in unemployment benefits and 350 billion dollar benefits in small business loans. But while people need the help immediately, the government is taking its sweet time to get everything moving. Why? Because the 73-year-old president of a country which is dealing with unprecedented health and economic disaster has demanded his name to appear on the stimulus checks. The funds, which are meant for struggling citizens in America will be delayed for an absurd request by their president. Now before we give you the details of what exactly is happening at the US Treasury department and why the internal revenue service is delaying the whole process? At the latest White House briefing on coronavirus pandemic, a reporter asked the reason of adding Trump's name on the coronavirus relief cheques, Trump immediately dismissed the question by saying that he doesn't know too much about it. However, he did confirm that his name will be on the cheques. "I don't know too much about it, but I understand that my name will be there. I don't know where they are going, how they are going. But I do understand that it is not delaying anything. And I'm satisfied with that. I can't imagine it to be a big deal. I am sure the people will be happy to receive a big fat beautiful cheque with my name on it”, the president answered. While the internal revenue service is rushing to send the checks millions of Americans, the US Treasury Department has ordered president trump’s name printed on them. A process which will delay the delivery by a few days. This will be the first time a president’s name will appear on an IRS disbursement, another sign of trump’s effort to cast his response to the pandemic in political terms. But the president of the United States is not an authorized signer for legal disbursements by the treasury. It is a standard practice for a civil servant to sign checks issued by the treasury department. A standard procedure to ensure that the government payments are nonpartisan. So, the checks will instead bear Trump’s name in the memo line. The paper checks are scheduled to be issued at a rate of 5 million each week until September.

US treasury orders to print Trump’s name on stimulus cheques

To reduce its fiscal deficit, the <a href="http://13.235.153.162/world/us-space-force-unveils-camouflage-uniform-gets-trolled-on-twitter-275237">US</a> government bringing back a bond it had last issued in 1986.

After contemplating its options, the US treasury decided that it will issue a new 20-year bond within the first six months of 2020.

The <a href="http://13.235.153.162/world/us-treasury-slaps-punitive-sanctions-on-turkeys-defence-minister-255960">US treasury</a> will evaluate the feedback of this bond and will meanwhile consider whether to issue 50-year and 100-year bonds or not.

''Our goal is to finance the government with the least possible burden on the taxpayers. For this purpose, we are assessing our potential options,'' said &nbsp;<a href="http://13.235.153.162/world/us-treasury-secretary-mnuchin-says-trade-deal-with-china-to-boost-global-economy-268327">Steven Mnuchin</a>, Treasury Secretary.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/us-industrial-output-fell-1-in-december-last-year-compared-to-2018-federal-reserve-274933">US industrial output fell 1% in December last year compared to 2018: Federal Reserve</a>

What is <a href="http://13.235.153.162/business-economy/india-to-miss-fiscal-deficit-target-by-30-50-basic-points-report-256454">fiscal deficit</a>?

It is the difference between total revenue and total expenditure of the government.

Why are these bonds are being issued?

The US government needs to return some debts issued to finance corporate tax cut and the tax reforms in 2017.

''To meet these needs, its treasury needs a new reliable source and its other options are long-dated,'' said Mark Cabana, the head of US interest rates strategy at <a href="http://13.235.153.162/business-economy/fears-of-earnings-recession-keep-investors-away-from-stocks-bank-of-america-merrill-lynch-240172">Bank of America</a>.

These bonds will attract insurance companies that need to manage the liabilities of a longer-term.&nbsp;

They can also help the government fund its infrastructure expenditure or another round of tax cuts.

To reduce its fiscal deficit, the US government bringing back a bond it had last issued in 1986. After contemplating its options, the US treasury decided that it will issue a new 20-year bond within the first six months of 2020.

To reduce its fiscal deficit, the US government bringing back a bond it had last issued in 1986. After contemplating its options, the US treasury decided that it will issue a new 20-year bond within the first six months of 2020. The US treasury will evaluate the feedback of this bond and will meanwhile consider whether to issue 50-year and 100-year bonds or not. ''Our goal is to finance the government with the least possible burden on the taxpayers. For this purpose, we are assessing our potential options,'' said Steven Mnuchin, Treasury Secretary. Also read: US industrial output fell 1% in December last year compared to 2018: Federal Reserve What is fiscal deficit? It is the difference between total revenue and total expenditure of the government. Why are these bonds are being issued? The US government needs to return some debts issued to finance corporate tax cut and the tax reforms in 2017. ''To meet these needs, its treasury needs a new reliable source and its other options are long-dated,'' said Mark Cabana, the head of US interest rates strategy at Bank of America. These bonds will attract insurance companies that need to manage the liabilities of a longer-term. They can also help the government fund its infrastructure expenditure or another round of tax cuts.

US brings back a bond it last issued in 1986 to decrease fiscal deficit

The US&nbsp;Treasury Secretary <a href="https://www.wionews.com/world/us-treasury-secretary-mnuchin-says-trade-deal-with-china-to-boost-global-economy-268327">Steven Mnuchin</a> will lead a group of US officials who will attend the World Economic Forum later this month in Davos, Switzerland, the White House said Wednesday.

Also attending will be Keith Krach, a State Department undersecretary for growth, energy and the environment, and Christopher Liddell, a White House deputy chief of staff.

Reuters reported on December&nbsp;17 that <a href="https://www.wionews.com/world/kim-a-man-of-his-word-on-denuclearization-donald-trump-271377">President Donald Trump</a> planned to attend the annual Davos economic forum, citing a source familiar with the plan. A White House official, speaking on condition of anonymity, said on Wednesday that Trump is still expected to attend at this time.

In 2019, Trump had to cancel his plan to attend the annual gathering of global economic and world leaders due to a government shutdown. He attended the Davos forum in 2018.

The World Economic Forum in the Swiss ski resort town is scheduled to run January&nbsp;21-24.

Events in Congress could affect the Republican president's attendance at the event.

Trump, who became the third American president to be impeached on December&nbsp;18, faces a trial on charges of abuse of power and obstruction of Congress once House Speaker Nancy Pelosi, a Democrat, sends the charges - called articles of impeachment - to the Republican-controlled Senate.

A dispute between Pelosi and Senate Leader Mitch McConnell over how the <a href="https://www.wionews.com/world/us-senator-schumer-outlines-documents-he-wants-for-impeachment-trial-269912">trial</a> will be conducted arose after the Democratic-controlled House of Representatives impeached Trump.

The US Treasury Secretary Steven Mnuchin will lead a group of US officials who will attend the World Economic Forum later this month in Davos, Switzerland, the White House said Wednesday.

The US Treasury Secretary Steven Mnuchin will lead a group of US officials who will attend the World Economic Forum later this month in Davos, Switzerland, the White House said Wednesday. Also attending will be Keith Krach, a State Department undersecretary for growth, energy and the environment, and Christopher Liddell, a White House deputy chief of staff. Reuters reported on December 17 that President Donald Trump planned to attend the annual Davos economic forum, citing a source familiar with the plan. A White House official, speaking on condition of anonymity, said on Wednesday that Trump is still expected to attend at this time. In 2019, Trump had to cancel his plan to attend the annual gathering of global economic and world leaders due to a government shutdown. He attended the Davos forum in 2018. The World Economic Forum in the Swiss ski resort town is scheduled to run January 21-24. Events in Congress could affect the Republican president's attendance at the event. Trump, who became the third American president to be impeached on December 18, faces a trial on charges of abuse of power and obstruction of Congress once House Speaker Nancy Pelosi, a Democrat, sends the charges - called articles of impeachment - to the Republican-controlled Senate. A dispute between Pelosi and Senate Leader Mitch McConnell over how the trial will be conducted arose after the Democratic-controlled House of Representatives impeached Trump.

Treasury's Mnuchin to head US delegation to Davos conclave

Since August 2017, nearly 7,00,000 Rohingyas have fled the destruction of their homes and persecution in the Rakhine province of Myanmar for neighbouring Bangladesh.

Known as the 'world's most persecuted minority', the plight of hundreds of thousands of Rohingya people is said to be the world's fastest-growing refugee crisis.

International pressure seems to be building on Myanmar over its brutal crackdown on the Rohingyas, first at the International Court of Justice, and now from the United States.

The US Treasury Department has imposed sanctions on four senior officers of the Myanmar Army, freezing any American assets that the sanctioned men may possess.

Those sanctioned include the Commander-in-Chief of the Myanmar Army - Min Aung Hlaing who is a potential presidential candidate in 2020, his Deputy - Soe Win, and the leaders of two light infantry divisions.

The Treasury Department accuses the army men of leading a brutal purge against the Rohingyas, accusing them of encouraging mass killings and rapes against the ethnic minority.

There are specific charges against the two subordinate officers.

Than oo, who headed the 99th infantry division has been accused of herding hundreds of men, women and children to a riverbank and then mercilessly executing them in 2017.

Aung headed the 33rd light infantry division and is charged with executing over a 100 people in a single operation in august 2017.

The four men who have been sanctioned were earlier barred from entering the United States but that was the extent of American outrage.

Many experts feel that these sanctions are a bit too late, especially considering the seriousness of the crimes.

It is also important to note these sanctions do not target military-owned companies that dominate Myanmar's economy and had funded the Rohingya genocide in 2017.

Since August 2017, nearly 7,00,000 Rohingyas have fled the destruction of their homes and persecution in the Rakhine province of Myanmar for neighbouring Bangladesh.

Since August 2017, nearly 7,00,000 Rohingyas have fled the destruction of their homes and persecution in the Rakhine province of Myanmar for neighbouring Bangladesh. Known as the 'world's most persecuted minority', the plight of hundreds of thousands of Rohingya people is said to be the world's fastest-growing refugee crisis. International pressure seems to be building on Myanmar over its brutal crackdown on the Rohingyas, first at the International Court of Justice, and now from the United States. The US Treasury Department has imposed sanctions on four senior officers of the Myanmar Army, freezing any American assets that the sanctioned men may possess. Those sanctioned include the Commander-in-Chief of the Myanmar Army - Min Aung Hlaing who is a potential presidential candidate in 2020, his Deputy - Soe Win, and the leaders of two light infantry divisions. The Treasury Department accuses the army men of leading a brutal purge against the Rohingyas, accusing them of encouraging mass killings and rapes against the ethnic minority. There are specific charges against the two subordinate officers. Than oo, who headed the 99th infantry division has been accused of herding hundreds of men, women and children to a riverbank and then mercilessly executing them in 2017. Aung headed the 33rd light infantry division and is charged with executing over a 100 people in a single operation in august 2017. The four men who have been sanctioned were earlier barred from entering the United States but that was the extent of American outrage. Many experts feel that these sanctions are a bit too late, especially considering the seriousness of the crimes. It is also important to note these sanctions do not target military-owned companies that dominate Myanmar's economy and had funded the Rohingya genocide in 2017.

Myanmar Rohingya: World's fastest growing refugee crisis

The <a href="https://www.wionews.com/world/us-treasury-slaps-punitive-sanctions-on-turkeys-defence-minister-255960">US&nbsp;Treasury</a> has imposed&nbsp;sanctions&nbsp;on a businessman and a senior government official with close links to&nbsp;Cambodian&nbsp;Prime Minister Hun Sen, accusing them of&nbsp;corruption.

This comes as western countries step up pressure on Hun Sen&nbsp;over&nbsp;a crackdown on the opposition and after the United States expressed concern&nbsp;over&nbsp;Cambodia's military ties with <a href="https://www.wionews.com/world/us-china-trade-dispute-could-spark-a-real-war-world-war-i-broke-out-over-relatively-minor-crisis-former-us-secretary-of-state-henry-kissinger-263637">China</a>.

The US&nbsp;Treasury said it had sanctioned Kun Kim, a former joint chief of staff of the Royal&nbsp;Cambodian&nbsp;Armed Forces (RCAF),&nbsp;over&nbsp;his role in a real estate development in Koh Kong province and his relationship with a Chinese state-owned entity that he reaped significant financial benefit from.

"Kim&nbsp;used RCAF soldiers to intimidate, demolish, and clear-out land sought by the (People's Republic of China)-owned entity," the department said in a statement.

"Kun Kim was replaced as RCAF Chief of Staff because Kim had not shared profits from his unlawful businesses with senior&nbsp;Cambodian&nbsp;government officials," it added.

Three members of Kim's family and five entities that are owned or controlled by these individuals were also sanctioned, the department said.

Cambodian&nbsp;tycoon Try Pheap, a member of Hun Sen's ruling party, was also sanctioned for building a large-scale illegal logging consortium with the collusion of officials. His 11 Cambodia-registered entities were also sanctioned.

Kun Kim and Try Pheap could not be reached for comment.

It is "very disturbing when public figures of a country become subjects of punitive measures of another country based on groundless accounts and accusations in total disregard of legal and judicial independence of the country", Cambodia's foreign ministry said in a statement on Tuesday.

"This is a serious&nbsp;violation of the international principles of sovereign equality and non-interference in the domestic affairs of other states as enshrined in the Charter of the <a href="https://www.wionews.com/world/un-security-council-to-meet-over-north-korea-on-wednesday-at-us-request-267389">United Nations</a> as well as other international laws," it added.

The&nbsp;sanctions&nbsp;are an attack on "the ongoing efforts to restore trust and confidence between Cambodia and the United States", the leaders of which have recently exchanged messages,&nbsp;the ministry added.

A spokesman for the ruling&nbsp;Cambodian&nbsp;People's Party, Senator Sok Eysan, earlier told Reuters that the&nbsp;sanctions&nbsp;were ineffective and only served as support for the opposition.

Kun Kim and Try Pheap "don't have assets abroad and if they are stupid to keep assets outside, let them freeze", he said.

The United States "did this just to support their puppets, it's not effective", he said, referring to the opposition Cambodia National Rescue Party that was dissolved in 2017.

The dissolution paved the way for Hun Sen's party to win all the seats in parliament last year.

The United States has called for the release of detained opposition leader Kem Sokha. It has also voiced concern at reports Cambodia is cooperating with China on a naval base, something Hun Sen has denied.

Cambodia has also come under pressure from the <a href="https://www.wionews.com/world/european-union-to-prolong-russia-sanctions-german-minister-267216">European Union</a>, which is considering the scrapping of trade preferences&nbsp;over&nbsp;Cambodia's crackdown on the opposition.

The US Treasury has imposed sanctions on a businessman and a senior government official with close links to Cambodian Prime Minister Hun Sen, accusing them of corruption.

The US Treasury has imposed sanctions on a businessman and a senior government official with close links to Cambodian Prime Minister Hun Sen, accusing them of corruption. This comes as western countries step up pressure on Hun Sen over a crackdown on the opposition and after the United States expressed concern over Cambodia's military ties with China. The US Treasury said it had sanctioned Kun Kim, a former joint chief of staff of the Royal Cambodian Armed Forces (RCAF), over his role in a real estate development in Koh Kong province and his relationship with a Chinese state-owned entity that he reaped significant financial benefit from. "Kim used RCAF soldiers to intimidate, demolish, and clear-out land sought by the (People's Republic of China)-owned entity," the department said in a statement. "Kun Kim was replaced as RCAF Chief of Staff because Kim had not shared profits from his unlawful businesses with senior Cambodian government officials," it added. Three members of Kim's family and five entities that are owned or controlled by these individuals were also sanctioned, the department said. Cambodian tycoon Try Pheap, a member of Hun Sen's ruling party, was also sanctioned for building a large-scale illegal logging consortium with the collusion of officials. His 11 Cambodia-registered entities were also sanctioned. Kun Kim and Try Pheap could not be reached for comment. It is "very disturbing when public figures of a country become subjects of punitive measures of another country based on groundless accounts and accusations in total disregard of legal and judicial independence of the country", Cambodia's foreign ministry said in a statement on Tuesday. "This is a serious violation of the international principles of sovereign equality and non-interference in the domestic affairs of other states as enshrined in the Charter of the United Nations as well as other international laws," it added. The sanctions are an attack on "the ongoing efforts to restore trust and confidence between Cambodia and the United States", the leaders of which have recently exchanged messages, the ministry added. A spokesman for the ruling Cambodian People's Party, Senator Sok Eysan, earlier told Reuters that the sanctions were ineffective and only served as support for the opposition. Kun Kim and Try Pheap "don't have assets abroad and if they are stupid to keep assets outside, let them freeze", he said. The United States "did this just to support their puppets, it's not effective", he said, referring to the opposition Cambodia National Rescue Party that was dissolved in 2017. The dissolution paved the way for Hun Sen's party to win all the seats in parliament last year. The United States has called for the release of detained opposition leader Kem Sokha. It has also voiced concern at reports Cambodia is cooperating with China on a naval base, something Hun Sen has denied. Cambodia has also come under pressure from the European Union, which is considering the scrapping of trade preferences over Cambodia's crackdown on the opposition.

US imposes sanctions on Cambodian PM's associates over alleged corruption

US President Donald Trump on Monday authorized <a href="https://www.wionews.com/world/trump-imposes-sanctions-on-turkey-amid-conflict-in-northern-syria-255959">sanctions on Turkey's leaders</a>, reimposed steel tariffs and ended talks on a trade deal, seeking to punish the historic ally for its <a href="wionews.com/world/turkey-says-eu-shielding-terror-elements-by-criticising-syria-offensive-255938">deadly offensive into Syria</a>.

Trump also said he was reimposing tariffs of 50 per cent on Turkish steel -- one of a series of measures taken last year to win the release of a detained US pastor, and which contributed to a plunge in the value of the country's lira currency.

In May, Trump reduced tariffs back to 25 per cent, in line with levels the protectionist-minded president has imposed on other trading partners including the European Union.

The US Treasury also slapped punitive sanctions on Turkey's defence minister and two other ministers.

Minister of Defense Hulusi Akar, Interior Minister Suleyman Soylu, and Energy Minister Fatih Donmez were placed on the Treasury's sanctions blacklist, freezing their US assets and banning US or US-related transactions with them.

Watch video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-turkeys-offensive-in-syria-gives-new-lease-of-life-to-isis-255943/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The defence and energy ministries were also hit with sanctions, the Treasury said.

"The United States is holding the Turkish government accountable for escalating violence by Turkish forces, endangering innocent civilians and destabilizing the region," said Treasury Secretary Steven Mnuchin.

The sanctions seek mainly to lock the designated individuals and organizations out of the global financial system, by threatening to penalize any international banks with a US presence involved in transactions with those on the blacklist.

US President Donald Trump on Monday authorized sanctions on Turkey's leaders, reimposed steel tariffs and ended talks on a trade deal, seeking to punish the historic ally for its deadly offensive into Syria.

US President Donald Trump on Monday authorized sanctions on Turkey's leaders, reimposed steel tariffs and ended talks on a trade deal, seeking to punish the historic ally for its deadly offensive into Syria. Trump also said he was reimposing tariffs of 50 per cent on Turkish steel -- one of a series of measures taken last year to win the release of a detained US pastor, and which contributed to a plunge in the value of the country's lira currency. In May, Trump reduced tariffs back to 25 per cent, in line with levels the protectionist-minded president has imposed on other trading partners including the European Union. The US Treasury also slapped punitive sanctions on Turkey's defence minister and two other ministers. Minister of Defense Hulusi Akar, Interior Minister Suleyman Soylu, and Energy Minister Fatih Donmez were placed on the Treasury's sanctions blacklist, freezing their US assets and banning US or US-related transactions with them. Watch video: The defence and energy ministries were also hit with sanctions, the Treasury said. "The United States is holding the Turkish government accountable for escalating violence by Turkish forces, endangering innocent civilians and destabilizing the region," said Treasury Secretary Steven Mnuchin. The sanctions seek mainly to lock the designated individuals and organizations out of the global financial system, by threatening to penalize any international banks with a US presence involved in transactions with those on the blacklist.

US Treasury slaps punitive sanctions on Turkey's defence minister

The United States does not currently plan to stop <a href="https://www.wionews.com/world/trump-considers-delisting-chinese-firms-from-us-markets-sources-252565">Chinese companies from listing on US&nbsp;exchanges</a>, Bloomberg reported on Saturday, citing a US&nbsp;Treasury official.

"The administration is not contemplating blocking Chinese companies from listing shares on US&nbsp;stock exchanges at this time," Bloomberg quoted https://bloom.bg/2obHkDb Treasury spokeswoman Monica Crowley as saying.

Reuters reported on Friday that President Donald Trump's administration is considering delisting Chinese companies from US&nbsp;stock exchanges in a move that would be part of a broader effort to limit US&nbsp;investment in Chinese companies.

The Treasury did not immediately respond to a Reuters request for comment.

Major US stock indexes slipped on the news, which came days before China celebrates the 70th anniversary of the birth of the People's Republic on October 1, when the world's No. 2 economy will shut down for a week of festivities.

Shares of Hangzhou, Zhejiang-based Alibaba ended down 5.15 per cent. JD.com fell by 5.95 per cent and Baidu Inc declined by 3.67 per cent. The iShares China Large-Cap ETF shed 1.15 per cent.

Shares of New York Stock Exchange-owner Intercontinental Exchange Inc ended down 1.88 per cent and shares of Nasdaq Inc declined by 1.70 per cent.

It was not immediately clear how any delisting would work.

Trade talks between the United States and China are expected to be held October 10-11 after months of tit-for-tat moves by both sides which have weakened global growth and driven rollercoaster moves in markets.

The United States does not currently plan to stop Chinese companies from listing on US exchanges, Bloomberg reported on Saturday, citing a US Treasury official. "The administration is not contemplating blocking Chinese companies from listing shares on US stock exchanges at this time," Bloomberg quoted https://bloom.

The United States does not currently plan to stop Chinese companies from listing on US exchanges, Bloomberg reported on Saturday, citing a US Treasury official. "The administration is not contemplating blocking Chinese companies from listing shares on US stock exchanges at this time," Bloomberg quoted https://bloom.bg/2obHkDb Treasury spokeswoman Monica Crowley as saying. Reuters reported on Friday that President Donald Trump's administration is considering delisting Chinese companies from US stock exchanges in a move that would be part of a broader effort to limit US investment in Chinese companies. The Treasury did not immediately respond to a Reuters request for comment. Major US stock indexes slipped on the news, which came days before China celebrates the 70th anniversary of the birth of the People's Republic on October 1, when the world's No. 2 economy will shut down for a week of festivities. Shares of Hangzhou, Zhejiang-based Alibaba ended down 5.15 per cent. JD.com fell by 5.95 per cent and Baidu Inc declined by 3.67 per cent. The iShares China Large-Cap ETF shed 1.15 per cent. Shares of New York Stock Exchange-owner Intercontinental Exchange Inc ended down 1.88 per cent and shares of Nasdaq Inc declined by 1.70 per cent. It was not immediately clear how any delisting would work. Trade talks between the United States and China are expected to be held October 10-11 after months of tit-for-tat moves by both sides which have weakened global growth and driven rollercoaster moves in markets.

US Treasury says no plans to block Chinese listings 'at this time': Report

&nbsp;US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession.

The Labor Department's closely watched monthly employment report on Friday will come in the wake of a survey on Tuesday that showed manufacturing contracting for the first time in three years in August. The economy's waning fortunes, underscored by an inversion of the US Treasury yield curve, have been largely blamed on the White House's year-long trade war with China.

Washington and Beijing slapped fresh tariffs on each other on Sunday. While the two economic giants on Thursday agreed to hold high-level talks in early October in Washington, the uncertainty, which has eroded business confidence, lingers.

The economy is also facing headwinds from Britain's potentially disorderly exit from the European Union, and softening growth in China and the rest of the world.

The Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The US central bank lowered borrowing costs in July for the first time since 2008.

"The general message from the labour market is that businesses are cutting back on hiring, but they are not laying off workers and that is important," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "Consumers are what's keeping the economy moving at this point."

Nonfarm payrolls probably increased by 158,000 jobs last month after advancing 164,000 in July, according to a Reuters survey of economists. The anticipated job gains would be below the monthly average of 165,000 over the last seven months, but still above the roughly 100,000 per month needed to keep up with growth in the working-age population.

The unemployment rate is forecast unchanged at 3.7 per cent for a third straight month.

August job growth could, however, fall short of expectations because of a seasonal quirk related to students leaving their summer jobs and returning to school. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength.

Other factors favouring slower job growth include declines in both the Institute for Supply Management's manufacturing and services industries employment measures in August. In addition, global outplacement firm Challenger, Gray &amp; Christmas reported a 37.7 per cent jump in planned job cuts by U.S-based employers in August.

Bullish consumers

But first-time applications for unemployment benefits, a more timely indicator of labour market health, have been hovering near historically low levels. Consumers were very bullish about the labour market in August and the government likely started recruiting for the 2020 Census last month.

Though the trade impasse does not appear to be spilling over to the labour market, job growth has been slowing since mid-2018.

The government last month estimated that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade. That suggests job growth over that period averaged around 170,000 per month instead of 210,000. The revised payrolls data will be published next February.

The government has also trimmed economic growth for the second quarter. The employment report is expected to show average hourly earnings gaining 0.3 per cent last month, matching July's rise. But the annual increase in wages is seen dipping to 3.1 per cent from 3.2 per cent in July as last year's surge falls out of the calculation.

"Recent downward revisions to estimates of economic growth, corporate profits, and employment growth all suggest that the economy is displaying classic late-cycle symptoms," said Michael Feroli, an economist at JP Morgan in New York. "Moreover, these symptoms are unlikely to go away entirely even if a truce is reached in the current trade tensions."

The length of the workweek will also be watched for clues on how soon companies might start laying off workers. The average workweek fell to its lowest level in nearly two years in July as manufacturers and other industries cut hours for workers. It is forecast rising to 34.4 hours in August from 34.3 hours in July.

"While one month does not make a trend, hours worked is a leading indicator worth noting," said Beth Ann Bovino, US chief economist at S&amp;P Global Ratings in New York. "A prolonged drop in hours worked signals that businesses may reduce hiring, with layoffs and cutbacks in private spending to likely follow."

Manufacturing employment is expected to have risen by 8,000 jobs last month after increasing 16,000 in July. But factory payrolls could surprise on the downside after the ISM reported on Tuesday that its gauge of factory employment dropped in August to its lowest level since March 2016.

Manufacturing has ironically borne the brunt of the Trump administration's trade war, which the White House has argued is intended to boost the sector. Factories cut overtime for workers in July.

Government employment could get a lift from hiring for the 2020 decennial census, which could create roughly 40,000 temporary jobs.

US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession.

US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession. The Labor Department's closely watched monthly employment report on Friday will come in the wake of a survey on Tuesday that showed manufacturing contracting for the first time in three years in August. The economy's waning fortunes, underscored by an inversion of the US Treasury yield curve, have been largely blamed on the White House's year-long trade war with China. Washington and Beijing slapped fresh tariffs on each other on Sunday. While the two economic giants on Thursday agreed to hold high-level talks in early October in Washington, the uncertainty, which has eroded business confidence, lingers. The economy is also facing headwinds from Britain's potentially disorderly exit from the European Union, and softening growth in China and the rest of the world. The Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The US central bank lowered borrowing costs in July for the first time since 2008. "The general message from the labour market is that businesses are cutting back on hiring, but they are not laying off workers and that is important," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "Consumers are what's keeping the economy moving at this point." Nonfarm payrolls probably increased by 158,000 jobs last month after advancing 164,000 in July, according to a Reuters survey of economists. The anticipated job gains would be below the monthly average of 165,000 over the last seven months, but still above the roughly 100,000 per month needed to keep up with growth in the working-age population. The unemployment rate is forecast unchanged at 3.7 per cent for a third straight month. August job growth could, however, fall short of expectations because of a seasonal quirk related to students leaving their summer jobs and returning to school. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength. Other factors favouring slower job growth include declines in both the Institute for Supply Management's manufacturing and services industries employment measures in August. In addition, global outplacement firm Challenger, Gray & Christmas reported a 37.7 per cent jump in planned job cuts by U.S-based employers in August. Bullish consumers But first-time applications for unemployment benefits, a more timely indicator of labour market health, have been hovering near historically low levels. Consumers were very bullish about the labour market in August and the government likely started recruiting for the 2020 Census last month. Though the trade impasse does not appear to be spilling over to the labour market, job growth has been slowing since mid-2018. The government last month estimated that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade. That suggests job growth over that period averaged around 170,000 per month instead of 210,000. The revised payrolls data will be published next February. The government has also trimmed economic growth for the second quarter. The employment report is expected to show average hourly earnings gaining 0.3 per cent last month, matching July's rise. But the annual increase in wages is seen dipping to 3.1 per cent from 3.2 per cent in July as last year's surge falls out of the calculation. "Recent downward revisions to estimates of economic growth, corporate profits, and employment growth all suggest that the economy is displaying classic late-cycle symptoms," said Michael Feroli, an economist at JP Morgan in New York. "Moreover, these symptoms are unlikely to go away entirely even if a truce is reached in the current trade tensions." The length of the workweek will also be watched for clues on how soon companies might start laying off workers. The average workweek fell to its lowest level in nearly two years in July as manufacturers and other industries cut hours for workers. It is forecast rising to 34.4 hours in August from 34.3 hours in July. "While one month does not make a trend, hours worked is a leading indicator worth noting," said Beth Ann Bovino, US chief economist at S&P Global Ratings in New York. "A prolonged drop in hours worked signals that businesses may reduce hiring, with layoffs and cutbacks in private spending to likely follow." Manufacturing employment is expected to have risen by 8,000 jobs last month after increasing 16,000 in July. But factory payrolls could surprise on the downside after the ISM reported on Tuesday that its gauge of factory employment dropped in August to its lowest level since March 2016. Manufacturing has ironically borne the brunt of the Trump administration's trade war, which the White House has argued is intended to boost the sector. Factories cut overtime for workers in July. Government employment could get a lift from hiring for the 2020 decennial census, which could create roughly 40,000 temporary jobs.

Slower US job growth expected, but enough to support economy

The US&nbsp;treasury is nothing more than a "jail warden", Iranian Foreign Minister Mohammad Javad Zarif tweeted on Thursday, a day after Washington imposed fresh sanctions designed to choke off the smuggling of Iranian oil.

"OFAC (Office of Foreign Assets Control of US Treasury) is nothing more than a JAIL WARDEN: Ask for reprieve (waiver), get thrown in solitary for the audacity. Ask again and you might end up in the gallows," Zarif wrote on his Twitter account.

The tweet came a day after US&nbsp;imposed sanctions on a shipping network it said was run by&nbsp;<a href="https://www.wionews.com/world/iran-president-hassan-rouhani-set-to-make-new-cut-in-nuclear-commitments-247582">Iran's Revolutionary Guards</a>, saying it sold millions of barrels of oil to benefit Syrian President Bashar al-Assad.

The sanctions on 16 entities, 10 people and 11 vessels were announced just as Iran was threatening to cut further its commitments under a nuclear deal unless the United States eases its pressure.

The Treasury Department said that the Qods Force, a unit of the elite Revolutionary Guards responsible for external operations, had backed both Assad and its Lebanese ally Hezbollah through crude oil shipments, mostly to Syria.&nbsp;

The State Department said separately that it was offering a $15 million reward for information that can disrupt the financial mechanisms of the Revolutionary Guards, including the Qods Force.

The entities that are facing the new sanctions include the Mehdi Group, based in US ally India, and its director Ali Zaheer Mehdi, which the Treasury Department said has managed vessels for Iranian oil.

The US treasury is nothing more than a "jail warden", Iranian Foreign Minister Mohammad Javad Zarif tweeted on Thursday, a day after Washington imposed fresh sanctions designed to choke off the smuggling of Iranian oil.

The US treasury is nothing more than a "jail warden", Iranian Foreign Minister Mohammad Javad Zarif tweeted on Thursday, a day after Washington imposed fresh sanctions designed to choke off the smuggling of Iranian oil. "OFAC (Office of Foreign Assets Control of US Treasury) is nothing more than a JAIL WARDEN: Ask for reprieve (waiver), get thrown in solitary for the audacity. Ask again and you might end up in the gallows," Zarif wrote on his Twitter account. The tweet came a day after US imposed sanctions on a shipping network it said was run by Iran's Revolutionary Guards, saying it sold millions of barrels of oil to benefit Syrian President Bashar al-Assad. The sanctions on 16 entities, 10 people and 11 vessels were announced just as Iran was threatening to cut further its commitments under a nuclear deal unless the United States eases its pressure. The Treasury Department said that the Qods Force, a unit of the elite Revolutionary Guards responsible for external operations, had backed both Assad and its Lebanese ally Hezbollah through crude oil shipments, mostly to Syria. The State Department said separately that it was offering a $15 million reward for information that can disrupt the financial mechanisms of the Revolutionary Guards, including the Qods Force. The entities that are facing the new sanctions include the Mehdi Group, based in US ally India, and its director Ali Zaheer Mehdi, which the Treasury Department said has managed vessels for Iranian oil.

US treasury is nothing more than a 'jail warden', tweets Iran's Javad Zarif

Asian shares eked out cautious gains on Wednesday, as higher Wall Street futures provided some relief after an overnight US selloff, though deeper worries about the global economy and trade have kept a lid on sentiment.

Japan's Nikkei rose 0.15%, Australia's shares climbed 0.13% while Korea's KOSPI was up 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.06%, dragged lower by Chinese markets.

Oil prices rose in Asia for the second day of gains after an industry report showed US stockpiles fell more than expected.

Gold prices fell in a tentative sign of easing risk aversion, but a deep inversion in the US Treasury yield curve served as a reminder that some investors are still concerned about economic growth.

A trade dispute between the United States and China is now in its second year and is placing increasing strain on the global economy, forcing policymakers to respond with interest rate cuts and stimulus measures to bolster growth.

"Bonds are rallying and there is a limited upside for stocks right now," said Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co in Tokyo.

"But I don't want to give up on equities just yet. The US Federal Reserve and officials in other countries simply have to do more to stimulate their economies, which will eventually prevent the bottom from falling out."

US stock futures were 0.27% higher, which helped ease investors' nerves in Asian trading after the S&amp;P 500 fell 0.33% on Tuesday.

US crude rose 1.02% to $55.49 a barrel, supported by a drawdown in US crude inventories.

Spot gold fell 0.5% to $1,538.00 per ounce, pulling back from a six-year high.

South Korea stocks rose 0.5%, on course for their biggest daily increase in a week as investors hunted for bargains after shares were sold due to worries about weighting changes in the MSCI index.

China unveiled measures late on Tuesday to help boost consumption, including the possible removal of restrictions on auto purchases, as growth in the world's second-biggest economy falters

Chinese shares initially opened higher on Wednesday but then reversed course to trade 0.56% lower, showing there are still some concerns about economic growth.

Shares in Hong Kong swung between gains and losses as increasingly violent protests against China's "one country, two system" rule of the former British colony hurt sentiment.

Investors are also focused on September 1, when the first stage of US tariffs on $300 billion worth of Chinese goods is scheduled to go into effect. In response, China has unveiled tariffs on US products set to go into effect the same day.

A bond yield curve inverts when long-term yields trade below short-term yields and is commonly considered a signal of an impending economic recession.

The yield on benchmark 10-year Treasuries stood at 1.4761%, compared with the two-year yield of 1.5159%. The yield curve inversion is the deepest since May 2007, when the U.S. subprime financial crisis started to unfold.

Yields on 30-year Treasuries stood at 1.9441%, below 3-month T-bill yields of 1.9951%, which some traders say is an even more bearish signal.

The dollar was little changed at 105.67 yen after falling 0.3% on Tuesday.

Asian shares eked out cautious gains on Wednesday, as higher Wall Street futures provided some relief after an overnight US selloff, though deeper worries about the global economy and trade have kept a lid on sentiment.

Asian shares eked out cautious gains on Wednesday, as higher Wall Street futures provided some relief after an overnight US selloff, though deeper worries about the global economy and trade have kept a lid on sentiment. Japan's Nikkei rose 0.15%, Australia's shares climbed 0.13% while Korea's KOSPI was up 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.06%, dragged lower by Chinese markets. Oil prices rose in Asia for the second day of gains after an industry report showed US stockpiles fell more than expected. Gold prices fell in a tentative sign of easing risk aversion, but a deep inversion in the US Treasury yield curve served as a reminder that some investors are still concerned about economic growth. A trade dispute between the United States and China is now in its second year and is placing increasing strain on the global economy, forcing policymakers to respond with interest rate cuts and stimulus measures to bolster growth. "Bonds are rallying and there is a limited upside for stocks right now," said Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co in Tokyo. "But I don't want to give up on equities just yet. The US Federal Reserve and officials in other countries simply have to do more to stimulate their economies, which will eventually prevent the bottom from falling out." US stock futures were 0.27% higher, which helped ease investors' nerves in Asian trading after the S&P 500 fell 0.33% on Tuesday. US crude rose 1.02% to $55.49 a barrel, supported by a drawdown in US crude inventories. Spot gold fell 0.5% to $1,538.00 per ounce, pulling back from a six-year high. South Korea stocks rose 0.5%, on course for their biggest daily increase in a week as investors hunted for bargains after shares were sold due to worries about weighting changes in the MSCI index. China unveiled measures late on Tuesday to help boost consumption, including the possible removal of restrictions on auto purchases, as growth in the world's second-biggest economy falters Chinese shares initially opened higher on Wednesday but then reversed course to trade 0.56% lower, showing there are still some concerns about economic growth. Shares in Hong Kong swung between gains and losses as increasingly violent protests against China's "one country, two system" rule of the former British colony hurt sentiment. Investors are also focused on September 1, when the first stage of US tariffs on $300 billion worth of Chinese goods is scheduled to go into effect. In response, China has unveiled tariffs on US products set to go into effect the same day. A bond yield curve inverts when long-term yields trade below short-term yields and is commonly considered a signal of an impending economic recession. The yield on benchmark 10-year Treasuries stood at 1.4761%, compared with the two-year yield of 1.5159%. The yield curve inversion is the deepest since May 2007, when the U.S. subprime financial crisis started to unfold. Yields on 30-year Treasuries stood at 1.9441%, below 3-month T-bill yields of 1.9951%, which some traders say is an even more bearish signal. The dollar was little changed at 105.67 yen after falling 0.3% on Tuesday.

Asian stocks post modest gains on Wall Street futures, oil

US Treasury Secretary Steven Mnuchin on Sunday backed up <a href="https://www.wionews.com/world/trumps-only-regret-on-china-is-not-raising-the-tariffs-higher-white-house-245529">Donald Trump</a>'s assertion that he indeed can force American companies to stop doing business in China, but noted he has yet to do so.

Mnuchin -- who was speaking on "Fox News Sunday" from France, where he was attending the G7 summit with Trump -- said that authority comes from the somewhat obscure International Emergency Economic Powers Act, a federal law passed in 1977.

The law grants the president powers to regulate international trade in the face of an "unusual and extraordinary threat" from abroad to US foreign policy, national security or the economy. But it has never been used to tip the scales in a trade dispute.

"He would have the authority to do that... He has not done that," Mnuchin said.

"I think what he was saying is that he is ordering companies to start looking," he added.

The Trump administration wants US businesses to operate in places where "trading partners respect us and trade with us fairly," Mnuchin added.

On Friday, Trump sounded the alarm just before announcing an escalation in tariffs on Chinese imports.

"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA," he said on Twitter.

Top Trump economic aide Larry Kudlow, who was also with the president in France, said the president was within his rights to ban US firms from producing in China, but emphasized: "There's nothing right now in the cards."

"Come back to the USA, where we have very low corporate tax rates and massive deregulation programs," Kudlow said on CNN's "State of the Union."&nbsp;

"Our economy is doing just fine right now, and so come home."

Also on Sunday, Trump himself said on the issue: "I have no plan right now."&nbsp;

US Treasury Secretary Steven Mnuchin on Sunday backed up Donald Trump's assertion that he indeed can force American companies to stop doing business in China, but noted he has yet to do so.

US Treasury Secretary Steven Mnuchin on Sunday backed up Donald Trump's assertion that he indeed can force American companies to stop doing business in China, but noted he has yet to do so. Mnuchin -- who was speaking on "Fox News Sunday" from France, where he was attending the G7 summit with Trump -- said that authority comes from the somewhat obscure International Emergency Economic Powers Act, a federal law passed in 1977. The law grants the president powers to regulate international trade in the face of an "unusual and extraordinary threat" from abroad to US foreign policy, national security or the economy. But it has never been used to tip the scales in a trade dispute. "He would have the authority to do that... He has not done that," Mnuchin said. "I think what he was saying is that he is ordering companies to start looking," he added. The Trump administration wants US businesses to operate in places where "trading partners respect us and trade with us fairly," Mnuchin added. On Friday, Trump sounded the alarm just before announcing an escalation in tariffs on Chinese imports. "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA," he said on Twitter. Top Trump economic aide Larry Kudlow, who was also with the president in France, said the president was within his rights to ban US firms from producing in China, but emphasized: "There's nothing right now in the cards." "Come back to the USA, where we have very low corporate tax rates and massive deregulation programs," Kudlow said on CNN's "State of the Union." "Our economy is doing just fine right now, and so come home." Also on Sunday, Trump himself said on the issue: "I have no plan right now."

Donald Trump could force US firms out of China but 'has not done that': US Treasury Secretary Steven Mnuchin

There may be little relief on the horizon for investors in US energy companies, whose shares moved from darlings to dismal performers during <a href="https://www.wionews.com/world/wall-street-notches-all-time-highs-as-rate-cut-hopes-lift-investor-spirits-235406">Wall Street</a>'s record bull run and now face a shaky global economy, doubts about fossil fuel investments and general market scepticism.

Energy has been the worst-performing of the 11 S&amp;P 500 sectors this year, the worst performer since US President Donald Trump's 2016 election and the worst performer since the US bull stock market began more than a decade ago.

As a result, the S&amp;P 500 energy sector has its lowest weight in the overall S&amp;P 500 since at least 1995, according to Refinitiv Datastream data.&nbsp;

It represents under 5 per cent of the benchmark index, down from over 15 per cent in mid-2008, when oil prices reached historic highs at over $140 a barrel, nearly three times current levels.

But this year, the energy sector has even failed to keep pace with oil prices, despite their traditional tendency to move in the same direction.

The poor returns raised some hope that the sector will soon find a floor that would allow it to rebound, especially those stocks with appealing dividends, but that remains to be seen.&nbsp;

“The view of the sector, in general, has gotten to a point where it's a very difficult space for institutional investors to embrace because it`s been such a chronic underperformer,” said Walter Todd, chief investment officer at Greenwood Capital in South Carolina.

Since the current bull run began in March 2009, the S&amp;P 500, which many investors view as a proxy for the stock market, has soared well over 300 per cent, while the energy sector has climbed 32 per cent.&nbsp;

Oil prices are up relatively little throughout the bull market, which has largely overlapped with a US economic expansion characterized by modest growth and with a boom in shale exploration that helped make the country the world`s top oil producer.

This year, however, US crude prices have climbed over 18 per cent to about $54 a barrel against a 3 per cent drop for the energy sector, although there is a wide disparity in performance among the 28 S&amp;P 500 energy stocks.&nbsp;

“If you look over the last 18 to 24 months, the reason why this space is so frustrating is that when oil rallies, they rally but not nearly to the degree you think that they should," Todd said. "But then when oil comes in, they get crushed.”

Investors have become wary of energy companies in the past out-spending their cash flows and of drilling wells without adequate returns, said Pearce Hammond, managing director at Simmons Energy in Houston.

"Basically, they were destroying capital," Hammond said. "It seems like this year has been the year when investors said, 'Stop.' "

Trump has sought to cut regulations involving energy and other natural resources companies, but the sector has still struggled during his administration.

“If you remove regulation, you are inviting more drilling which then adds supply which means lower prices," said Christian Ledoux, chief investment officer at South Texas Money Management in San Antonio.

Trump's tariff battle against China is raising concerns about the economy.&nbsp;

Indeed, falling long-dated yields in the US Treasury market have inverted the yield curve, a warning sign that a recession could be looming.

This could particularly hit energy stocks.

“It’s an economically sensitive space and they are probably one of the largest victims of any trade war concerns,” said Burns McKinney, portfolio manager with Allianz Global Investors in Dallas.

Energy shares underperformed on Friday as trade tensions escalated and China threatened to impose tariffs on US crude oil imports for the first time.

Some investors avoid the fossil fuel industry as they worry about the companies impact on climate change.&nbsp;

"The oil and gas companies, for a lot of investors, have become a bit of a pariah," Hammond said.

To be sure, the energy stocks have lagged so much that some strategists and investors say they are becoming appealing.

Citigroup equity strategist Tobias Levkovich rates the sector "overweight," noting it is at its most attractive valuation relative to the S&amp;P 500 since 2002.&nbsp;

But in a recent report, Levkovich conceded, "We along with others struggle to perceive which catalysts encourage the Street to step back into the sector, short of a major supply disruption."

Some investors say energy shares could benefit simply from a catch-up trade with oil.&nbsp;

Another factor, High dividend payout rates among some companies as US Treasury yields have tumbled.&nbsp;

Exxon Mobil Corp's dividend yields 5 per cent, while Occidental Petroleum Corp yields 7per cent, compared to just a 1.54 per cent yield on the 10-year US Treasury note.

“If you stick to investment-grade rated companies, there’s a pretty small list of energy companies to invest in, and if you did that you’d probably be OK,” said Ledoux, whose firm's holdings include Chevron Corp.

However, Robert Pavlik, chief investment strategist at SlateStone Wealth, who is slightly underweight the sector, said he could sell energy holdings should the stocks rise to lock in profits.

"I don’t think that there is that much upside," Pavlik said. "Where is oil going to go if the whole industry continues to shift (to alternative energy) as it is and we are looking at a slowdown in the economy?"

There may be little relief on the horizon for investors in US energy companies, whose shares moved from darlings to dismal performers during Wall Street's record bull run and now face a shaky global economy, doubts about fossil fuel investments and general market scepticism.

There may be little relief on the horizon for investors in US energy companies, whose shares moved from darlings to dismal performers during Wall Street's record bull run and now face a shaky global economy, doubts about fossil fuel investments and general market scepticism. Energy has been the worst-performing of the 11 S&P 500 sectors this year, the worst performer since US President Donald Trump's 2016 election and the worst performer since the US bull stock market began more than a decade ago. As a result, the S&P 500 energy sector has its lowest weight in the overall S&P 500 since at least 1995, according to Refinitiv Datastream data. It represents under 5 per cent of the benchmark index, down from over 15 per cent in mid-2008, when oil prices reached historic highs at over $140 a barrel, nearly three times current levels. But this year, the energy sector has even failed to keep pace with oil prices, despite their traditional tendency to move in the same direction. The poor returns raised some hope that the sector will soon find a floor that would allow it to rebound, especially those stocks with appealing dividends, but that remains to be seen. “The view of the sector, in general, has gotten to a point where it's a very difficult space for institutional investors to embrace because it`s been such a chronic underperformer,” said Walter Todd, chief investment officer at Greenwood Capital in South Carolina. Since the current bull run began in March 2009, the S&P 500, which many investors view as a proxy for the stock market, has soared well over 300 per cent, while the energy sector has climbed 32 per cent. Oil prices are up relatively little throughout the bull market, which has largely overlapped with a US economic expansion characterized by modest growth and with a boom in shale exploration that helped make the country the world`s top oil producer. This year, however, US crude prices have climbed over 18 per cent to about $54 a barrel against a 3 per cent drop for the energy sector, although there is a wide disparity in performance among the 28 S&P 500 energy stocks. “If you look over the last 18 to 24 months, the reason why this space is so frustrating is that when oil rallies, they rally but not nearly to the degree you think that they should," Todd said. "But then when oil comes in, they get crushed.” Investors have become wary of energy companies in the past out-spending their cash flows and of drilling wells without adequate returns, said Pearce Hammond, managing director at Simmons Energy in Houston. "Basically, they were destroying capital," Hammond said. "It seems like this year has been the year when investors said, 'Stop.' " Trump has sought to cut regulations involving energy and other natural resources companies, but the sector has still struggled during his administration. “If you remove regulation, you are inviting more drilling which then adds supply which means lower prices," said Christian Ledoux, chief investment officer at South Texas Money Management in San Antonio. Trump's tariff battle against China is raising concerns about the economy. Indeed, falling long-dated yields in the US Treasury market have inverted the yield curve, a warning sign that a recession could be looming. This could particularly hit energy stocks. “It’s an economically sensitive space and they are probably one of the largest victims of any trade war concerns,” said Burns McKinney, portfolio manager with Allianz Global Investors in Dallas. Energy shares underperformed on Friday as trade tensions escalated and China threatened to impose tariffs on US crude oil imports for the first time. Some investors avoid the fossil fuel industry as they worry about the companies impact on climate change. "The oil and gas companies, for a lot of investors, have become a bit of a pariah," Hammond said. To be sure, the energy stocks have lagged so much that some strategists and investors say they are becoming appealing. Citigroup equity strategist Tobias Levkovich rates the sector "overweight," noting it is at its most attractive valuation relative to the S&P 500 since 2002. But in a recent report, Levkovich conceded, "We along with others struggle to perceive which catalysts encourage the Street to step back into the sector, short of a major supply disruption." Some investors say energy shares could benefit simply from a catch-up trade with oil. Another factor, High dividend payout rates among some companies as US Treasury yields have tumbled. Exxon Mobil Corp's dividend yields 5 per cent, while Occidental Petroleum Corp yields 7per cent, compared to just a 1.54 per cent yield on the 10-year US Treasury note. “If you stick to investment-grade rated companies, there’s a pretty small list of energy companies to invest in, and if you did that you’d probably be OK,” said Ledoux, whose firm's holdings include Chevron Corp. However, Robert Pavlik, chief investment strategist at SlateStone Wealth, who is slightly underweight the sector, said he could sell energy holdings should the stocks rise to lock in profits. "I don’t think that there is that much upside," Pavlik said. "Where is oil going to go if the whole industry continues to shift (to alternative energy) as it is and we are looking at a slowdown in the economy?"

No ready spark is seen for lagging US energy shares

<a href="https://www.wionews.com/world/china-will-be-reunited-pla-will-defeat-anyone-attempting-to-separate-taiwan-national-defence-plan-238163">China's foreign ministry</a> said on Wednesday it opposed the long-arm jurisdiction of the United States amid indictments on Chinese firms.

A Chinese company, its owner and three managers have been indicted on charges of conspiring to evade US sanctions meant to stop North Korean firms from helping Pyongyang to develop nuclear weapons and ballistic missiles, the US Department of Justice said on Tuesday.

"The head of Dandong Hongxiang Limited company you mentioned is suspected of economic crimes and China's judiciary is currently dealing with this matter according to its laws," ministry spokeswoman Hua Chunying told a daily briefing.

The US treasury department's Office of Foreign Assets Control imposed sanctions on Dandong Hongxiang when the charges were announced in September 2016, the first time Washington had taken such a step against a Chinese company.

China's foreign ministry said on Wednesday it opposed the long-arm jurisdiction of the United States amid indictments on Chinese firms. A Chinese company, its owner and three managers have been indicted on charges of conspiring to evade US sanctions meant to stop North Korean firms from helping Pyongyang to develop nuclear weapons and ballistic missiles, the US Department of Justice said on Tuesday.

China's foreign ministry said on Wednesday it opposed the long-arm jurisdiction of the United States amid indictments on Chinese firms. A Chinese company, its owner and three managers have been indicted on charges of conspiring to evade US sanctions meant to stop North Korean firms from helping Pyongyang to develop nuclear weapons and ballistic missiles, the US Department of Justice said on Tuesday. "The head of Dandong Hongxiang Limited company you mentioned is suspected of economic crimes and China's judiciary is currently dealing with this matter according to its laws," ministry spokeswoman Hua Chunying told a daily briefing. The US treasury department's Office of Foreign Assets Control imposed sanctions on Dandong Hongxiang when the charges were announced in September 2016, the first time Washington had taken such a step against a Chinese company.

Oppose US long-arm jurisdiction of Chinese firms:  Foreign ministry

Facebook must meet "a very high standard" before it moves ahead with its planned <a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162">digital currency Libra</a>, US Treasury Secretary Steven Mnuchin said Monday.

Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

"Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system."

Facebook last month unveiled its <a href="https://www.wionews.com/world/facebooks-libra-currency-under-fire-235697">plans for Libra</a>, widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Mnuchin said the US Treasury welcomes "responsible innovations" that can improve the efficiency of the financial system but added: "Our overriding goal is to maintain the integrity of the financial system and protect it from abuse."

'National security issue'

He said US regulators have met with Facebook officials on this question, and how Facebook can protect against the new virtual coin being used for criminal activity.

"This is indeed a national security issue," the Treasury chief said.

Facebook, he added, must implement safeguards against the use of Libra for money laundering and terrorist financing and comply with other financial regulations.

Commenting on Facebook's claim that Libra could lower costs and help people without access to traditional financial services, Mnuchin said, "That's fine (but) they've got a lot of work to do to convince us they can get to that place."

Mnuchin's comments echoed concerns voiced by Federal Reserve Chairman Jerome Powell and regulators around the world, as well as by lawmakers set to open hearings this week on the plan by Facebook and its partners in the Libra project.

Hearing set Tuesday

David Marcus, who heads Facebook's digital wallet and blockchain efforts, said in testimony prepared for delivery Tuesday that he expects regulators to carry out an extensive review of the Libra project.

"The time between now and launch is designed to be an open process and subject to regulatory oversight and review," Marcus was to say in his remarks, which were released by the Senate Banking Committee.

"We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals."

Marcus said that Libra, whose association will be based in Geneva, will be supervised by the Swiss Financial Markets Supervisory Authority, but would also register with the US Treasury's FinCEN (Financial Crimes Enforcement Network) to comply with anti-money laundering regulations.

Facebook "will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy," Marcus added.

The companies behind Libra include payment giants Visa, MasterCard and PayPal, as well as ride-hailing apps Lyft and Uber.

Central bankers around the world have said they would carefully study the proposed currency and last week US President Donald Trump weighed in.

"I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he said.

Facebook must meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

Facebook must meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities. "Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system." Facebook last month unveiled its plans for Libra, widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies. Mnuchin said the US Treasury welcomes "responsible innovations" that can improve the efficiency of the financial system but added: "Our overriding goal is to maintain the integrity of the financial system and protect it from abuse." 'National security issue' He said US regulators have met with Facebook officials on this question, and how Facebook can protect against the new virtual coin being used for criminal activity. "This is indeed a national security issue," the Treasury chief said. Facebook, he added, must implement safeguards against the use of Libra for money laundering and terrorist financing and comply with other financial regulations. Commenting on Facebook's claim that Libra could lower costs and help people without access to traditional financial services, Mnuchin said, "That's fine (but) they've got a lot of work to do to convince us they can get to that place." Mnuchin's comments echoed concerns voiced by Federal Reserve Chairman Jerome Powell and regulators around the world, as well as by lawmakers set to open hearings this week on the plan by Facebook and its partners in the Libra project. Hearing set Tuesday David Marcus, who heads Facebook's digital wallet and blockchain efforts, said in testimony prepared for delivery Tuesday that he expects regulators to carry out an extensive review of the Libra project. "The time between now and launch is designed to be an open process and subject to regulatory oversight and review," Marcus was to say in his remarks, which were released by the Senate Banking Committee. "We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals." Marcus said that Libra, whose association will be based in Geneva, will be supervised by the Swiss Financial Markets Supervisory Authority, but would also register with the US Treasury's FinCEN (Financial Crimes Enforcement Network) to comply with anti-money laundering regulations. Facebook "will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy," Marcus added. The companies behind Libra include payment giants Visa, MasterCard and PayPal, as well as ride-hailing apps Lyft and Uber. Central bankers around the world have said they would carefully study the proposed currency and last week US President Donald Trump weighed in. "I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he said.

Facebook needs 'very high standard' for Libra coin: US Treasury Steven Mnuchin

US Treasury Secretary Steven Mnuchin said on Saturday that the <a href="https://www.wionews.com/world/mexico-reaches-deal-with-us-on-migration-averting-tariff-war-trump-225346">US-Mexico immigration deal met President Donald Trump's objectives</a> of fixing immigration problems on the southern US border, but Trump will retain the authority to impose tariffs if Mexico fails to live up to it.

The deal averts a 5%<a href="https://www.wionews.com/world/mexico-promises-unprecedented-steps-to-curb-migration-in-us-deal-joint-statement-225371"> tariff on all Mexican goods</a> that was due to start on Monday, with Mexico agreeing to rapidly expand a <a href="https://www.wionews.com/world/mexico-offers-to-send-national-guard-to-guatemala-to-stem-migration-sources-225134">controversial asylum program</a> and deploy security forces to stem the flow of illegal Central American migrants.

"We now have an agreement that we believe is going to fix the immigration issue. And that was extremely important to the president," Mnuchin told Reuters in an interview on the sidelines of a G20 finance meeting in Fukuoka, Japan.

Mnuchin, who said he participated in a call with Trump just before the deal was announced, said the president would retain the right to impose tariffs if Mexico did not keep its commitments.

"Our expectation is that Mexico will do what they've committed to do and our expectation is that we won’t need to put tariffs in place, but obviously if that's not the case, the president retains that authority."

US Treasury Secretary Steven Mnuchin said on Saturday that the US-Mexico immigration deal met President Donald Trump's objectives of fixing immigration problems on the southern US border, but Trump will retain the authority to impose tariffs if Mexico fails to live up to it.

US Treasury Secretary Steven Mnuchin said on Saturday that the US-Mexico immigration deal met President Donald Trump's objectives of fixing immigration problems on the southern US border, but Trump will retain the authority to impose tariffs if Mexico fails to live up to it. The deal averts a 5% tariff on all Mexican goods that was due to start on Monday, with Mexico agreeing to rapidly expand a controversial asylum program and deploy security forces to stem the flow of illegal Central American migrants. "We now have an agreement that we believe is going to fix the immigration issue. And that was extremely important to the president," Mnuchin told Reuters in an interview on the sidelines of a G20 finance meeting in Fukuoka, Japan. Mnuchin, who said he participated in a call with Trump just before the deal was announced, said the president would retain the right to impose tariffs if Mexico did not keep its commitments. "Our expectation is that Mexico will do what they've committed to do and our expectation is that we won’t need to put tariffs in place, but obviously if that's not the case, the president retains that authority."

US Treasury's Mnuchin says Mexico immigration deal fixes problems

The Trump administration banned group educational travel to Cuba on Tuesday, cutting off one of the main avenues for Americans to visit the Caribbean island.

In a move to punish what it called Cuba's "destabilizing role" in the region, the US Treasury also banned the US export of boats and private airplanes to the country.

The end to group educational travel would likely deal a heavy blow to American tourism on the island, which took off after former president Barack Obama moved to ease the half-century embargo against the communist government in 2014.

"Cuba continues to play a destabilizing role in the Western hemisphere, providing a communist foothold in the region and propping up US adversaries in places like Venezuela and Nicaragua by fomenting instability, undermining the rule of law, and suppressing democratic processes," Treasury Secretary Steven Mnuchin said in a statement.

"This administration has made a strategic decision to reverse the loosening of sanctions and other restrictions on the Cuban regime. These actions will help to keep US dollars out of the hands of Cuban military, intelligence, and security services."

The Treasury move banned "group people-to-people educational travel," a structure that allowed travel agencies to organize regular American tourists into "educational groups" who, on their visit to Cuba, would spend a certain amount of time in exchanges with Cubans.

After he came into office in January 2017 promising to reverse Obama's thaw with Cuba, President Donald Trump banned individual visits and in a series of moves limited commercial interactions with the country.

Washington blames Cuba for propping up the besieged Venezuelan regime of President Nicolas Maduro.

The Trump administration banned group educational travel to Cuba on Tuesday, cutting off one of the main avenues for Americans to visit the Caribbean island. In a move to punish what it called Cuba's "destabilizing role" in the region, the US Treasury also banned the US export of boats and private airplanes to the country.

The Trump administration banned group educational travel to Cuba on Tuesday, cutting off one of the main avenues for Americans to visit the Caribbean island. In a move to punish what it called Cuba's "destabilizing role" in the region, the US Treasury also banned the US export of boats and private airplanes to the country. The end to group educational travel would likely deal a heavy blow to American tourism on the island, which took off after former president Barack Obama moved to ease the half-century embargo against the communist government in 2014. "Cuba continues to play a destabilizing role in the Western hemisphere, providing a communist foothold in the region and propping up US adversaries in places like Venezuela and Nicaragua by fomenting instability, undermining the rule of law, and suppressing democratic processes," Treasury Secretary Steven Mnuchin said in a statement. "This administration has made a strategic decision to reverse the loosening of sanctions and other restrictions on the Cuban regime. These actions will help to keep US dollars out of the hands of Cuban military, intelligence, and security services." The Treasury move banned "group people-to-people educational travel," a structure that allowed travel agencies to organize regular American tourists into "educational groups" who, on their visit to Cuba, would spend a certain amount of time in exchanges with Cubans. After he came into office in January 2017 promising to reverse Obama's thaw with Cuba, President Donald Trump banned individual visits and in a series of moves limited commercial interactions with the country. Washington blames Cuba for propping up the besieged Venezuelan regime of President Nicolas Maduro.

US tightens Cuba sanctions, ends group travel

The US Treasury expanded the number of countries subject to scrutiny in a semi-annual report released Tuesday, but again found that neither China nor any other trading partners was manipulating its currency.

Treasury urged the Asian giant to avoid allowing the renminbi (RMB) to weaken persistently -- which would give its products more competitive advantage.

Germany remained on the US "monitoring list" due to its large trade surplus, as did Japan and South Korea, indicating they "merit close attention to their currency practices."

Despite a bitter trade war with China focused on bringing down the US trade deficit, Treasury held back from escalating the fight further.

Tensions between the two economic superpowers have risen in recent weeks after President Donald Trump accused Beijing of reneging on its commitments, and with a US crackdown on Chinese telecom giant Huawei.

Treasury Secretary Steven Mnuchin said his agency "takes seriously any potentially unfair currency practices," and "is working vigorously to achieve stronger growth and to ensure that trade expands in a way that helps US workers and firms and protects them from unfair foreign trade practices."

Treasury said the report concluded that "direct intervention by the People's Bank of China in the last year has been limited."&nbsp;

However, the US "continues to urge China to take the necessary steps to avoid a persistently weak currency."

Expanding scrutiny

The closely watched report broadened the field of its scrutiny for potential exchange rate manipulation, since a weak currency makes US products less competitive and could undermine Washington's efforts to cut a soaring global trade imbalance.

Mnuchin said Treasury "is expanding the number of US trading partners it reviews to make currency practices fairer and more transparent."

With the newly expanded list, Treasury put nine trading partners on the monitoring list, including Ireland, Italy, Malaysia, Singapore and Vietnam.&nbsp;

Beginning with this report, the Treasury is assessing all US trading partners with annual trade surpluses in goods of more than $40 billion.

Based on trade in 2018, that standard covered 21 countries with nearly $3.5 trillion in goods trade with the United States, according to the report.

China's currency dropped 3.8 per cent against the US dollar in the second half of last year, making it eight per cent weaker over the last year.&nbsp;

However, China only triggered one of the criteria used to determine whether a country merits close monitoring.

A senior Treasury official told reporters that China still merited inclusion "given the importance of China and their large, increasing surplus."

Punitive duties

Treasury's analysis could become even more critical after the Commerce Department last week announced it intends to change its rules in order to impose duties on countries that "act to undervalue their currency relative to the dollar, resulting in a subsidy to their exports."

In the details of the proposed change, Commerce said it will "defer to Treasury's evaluation as to undervaluation" of a currency.

However, a senior Treasury official said that would be "a distinct, different process" from the currency report.

The text is largely symbolic since it only calls for consultations with countries deemed to be currency manipulators, but would gain more teeth if Commerce can impose duties to retaliate.

Germany remains on the monitoring list for a third year, and Treasury noted it has "the world's largest current account surplus," and a $68 billion trade surplus with the United States in 2018.&nbsp;

While Germany has repeatedly been listed, like Italy and Ireland it is part of the eurozone and no longer has independent control over its currency or monetary policy, which is handled by the European Central Bank.

The latest report removed India and Switzerland because for two consecutive reports they had both met only one of three criteria necessary for inclusion on the monitoring list.

While India had a significant bilateral surplus, Switzerland had a material current account surplus, according to the report.

The US Treasury expanded the number of countries subject to scrutiny in a semi-annual report released Tuesday, but again found that neither China nor any other trading partners was manipulating its currency.

The US Treasury expanded the number of countries subject to scrutiny in a semi-annual report released Tuesday, but again found that neither China nor any other trading partners was manipulating its currency. Treasury urged the Asian giant to avoid allowing the renminbi (RMB) to weaken persistently -- which would give its products more competitive advantage. Germany remained on the US "monitoring list" due to its large trade surplus, as did Japan and South Korea, indicating they "merit close attention to their currency practices." Despite a bitter trade war with China focused on bringing down the US trade deficit, Treasury held back from escalating the fight further. Tensions between the two economic superpowers have risen in recent weeks after President Donald Trump accused Beijing of reneging on its commitments, and with a US crackdown on Chinese telecom giant Huawei. Treasury Secretary Steven Mnuchin said his agency "takes seriously any potentially unfair currency practices," and "is working vigorously to achieve stronger growth and to ensure that trade expands in a way that helps US workers and firms and protects them from unfair foreign trade practices." Treasury said the report concluded that "direct intervention by the People's Bank of China in the last year has been limited." However, the US "continues to urge China to take the necessary steps to avoid a persistently weak currency." Expanding scrutiny The closely watched report broadened the field of its scrutiny for potential exchange rate manipulation, since a weak currency makes US products less competitive and could undermine Washington's efforts to cut a soaring global trade imbalance. Mnuchin said Treasury "is expanding the number of US trading partners it reviews to make currency practices fairer and more transparent." With the newly expanded list, Treasury put nine trading partners on the monitoring list, including Ireland, Italy, Malaysia, Singapore and Vietnam. Beginning with this report, the Treasury is assessing all US trading partners with annual trade surpluses in goods of more than $40 billion. Based on trade in 2018, that standard covered 21 countries with nearly $3.5 trillion in goods trade with the United States, according to the report. China's currency dropped 3.8 per cent against the US dollar in the second half of last year, making it eight per cent weaker over the last year. However, China only triggered one of the criteria used to determine whether a country merits close monitoring. A senior Treasury official told reporters that China still merited inclusion "given the importance of China and their large, increasing surplus." Punitive duties Treasury's analysis could become even more critical after the Commerce Department last week announced it intends to change its rules in order to impose duties on countries that "act to undervalue their currency relative to the dollar, resulting in a subsidy to their exports." In the details of the proposed change, Commerce said it will "defer to Treasury's evaluation as to undervaluation" of a currency. However, a senior Treasury official said that would be "a distinct, different process" from the currency report. The text is largely symbolic since it only calls for consultations with countries deemed to be currency manipulators, but would gain more teeth if Commerce can impose duties to retaliate. Germany remains on the monitoring list for a third year, and Treasury noted it has "the world's largest current account surplus," and a $68 billion trade surplus with the United States in 2018. While Germany has repeatedly been listed, like Italy and Ireland it is part of the eurozone and no longer has independent control over its currency or monetary policy, which is handled by the European Central Bank. The latest report removed India and Switzerland because for two consecutive reports they had both met only one of three criteria necessary for inclusion on the monitoring list. While India had a significant bilateral surplus, Switzerland had a material current account surplus, according to the report.

US Treasury again says China is not manipulating currency

David Malpass, a senior US Treasury official in President Donald Trump's administration, was unanimously chosen Friday as the next president of the World Bank.

The selection of Malpass by the bank's board of directors followed an "open, transparent" nomination process in which citizens of all membership countries were potentially eligible, the bank said in a statement.&nbsp;

But since the bank's creation following World War II, all of its presidents have been American men, following an unwritten rule that also ensures European leadership at the top of its sister institution, the International Monetary Fund.

The announcement on Friday came as expected just prior to next week's joint spring meetings of the World Bank and the IMF.

Malpass had been the lone candidate for the job and his nomination by Trump earlier this year sparked outrage among critics, who saw it as an affront to the global anti-poverty lender's very mission.

The 63-year-old US Treasury official in charge of international affairs has been a strident critic of global financial institutions -- calling their lending practices "corrupt" and ineffective, and complaining they are overly generous to China.

He has softened his message recently, however, saying he was committed to the bank's mission of eliminating extreme poverty, and that reforms enacted last year had addressed many of his criticisms.

In recent years, emerging market countries have challenged the unwritten arrangement on World Bank and IMF leadership, demanding a more open, merit-based selection process.

The bank has been at pains to stress that it has heard such criticisms and now allows a more open process. But the few non-American candidates in recent years have received little support from major bank shareholders.

Many, including former Treasury officials from both political parties, have sharply criticized Malpass and his qualifications, pointing to his failure to foresee the global financial crisis during his time at the now-defunct investment bank Bear Stearns and his opposition, which later proved unjustified, to post-crisis Federal Reserve policies.

David Malpass, a senior US Treasury official in President Donald Trump's administration, was unanimously chosen Friday as the next president of the World Bank. The selection of Malpass by the bank's board of directors followed an "open, transparent" nomination process in which citizens of all membership countries were potentially eligible, the bank said in a statement.

David Malpass, a senior US Treasury official in President Donald Trump's administration, was unanimously chosen Friday as the next president of the World Bank. The selection of Malpass by the bank's board of directors followed an "open, transparent" nomination process in which citizens of all membership countries were potentially eligible, the bank said in a statement. But since the bank's creation following World War II, all of its presidents have been American men, following an unwritten rule that also ensures European leadership at the top of its sister institution, the International Monetary Fund. The announcement on Friday came as expected just prior to next week's joint spring meetings of the World Bank and the IMF. Malpass had been the lone candidate for the job and his nomination by Trump earlier this year sparked outrage among critics, who saw it as an affront to the global anti-poverty lender's very mission. The 63-year-old US Treasury official in charge of international affairs has been a strident critic of global financial institutions -- calling their lending practices "corrupt" and ineffective, and complaining they are overly generous to China. He has softened his message recently, however, saying he was committed to the bank's mission of eliminating extreme poverty, and that reforms enacted last year had addressed many of his criticisms. In recent years, emerging market countries have challenged the unwritten arrangement on World Bank and IMF leadership, demanding a more open, merit-based selection process. The bank has been at pains to stress that it has heard such criticisms and now allows a more open process. But the few non-American candidates in recent years have received little support from major bank shareholders. Many, including former Treasury officials from both political parties, have sharply criticized Malpass and his qualifications, pointing to his failure to foresee the global financial crisis during his time at the now-defunct investment bank Bear Stearns and his opposition, which later proved unjustified, to post-crisis Federal Reserve policies.

US Treasury official David Malpass named 13th World Bank president

The Democratic head of a powerful <a href="https://www.google.com/url?q=https://www.wionews.com/world/congressional-committee-to-investigate-ivanka-trumps-private-email-use-for-work-178467&amp;sa=U&amp;ved=0ahUKEwiutsKs4LXhAhWb8HMBHV5VDLAQFggIMAE&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1x1xCPrH9_fve1yZ8cbc-W">US House committee</a> asked the Internal Revenue Service for six years of President Donald Trump's<a href="https://www.google.com/url?q=https://www.wionews.com/world/us-house-panel-seeks-to-depose-trump-tax-ethics-attorneys-200116&amp;sa=U&amp;ved=0ahUKEwjp0pfG4LXhAhWU7nMBHUkECh4QFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw14Z3EL5Xu-e7spe1oEwshh"> personal and business tax returns</a> on Wednesday, in a long-awaited move widely expected to lead to a long court battle with the White House.

The request, in a letter from Ways and Means Committee Chairman Richard Neal to IRS Commissioner Charles Rettig, is viewed by Democrats in the House of Representatives as a vital first step toward oversight of Trump's income taxes and business network, which some lawmakers believe could be rife with conflicts of interest and potential tax law violations.

"It is critical to ensure the accountability of our government and elected officials. To maintain trust in our democracy, the American people must be assured that their government is operating properly, as laws intend," Neal said in a statement.

IRS and US Treasury officials were not immediately available for comment.

Trump defied decades of precedent as a presidential candidate by refusing to release the tax documents and has continued to keep them under wraps as president, saying his returns were "under audit" by the IRS.

Trump's former personal lawyer Michael Cohen recently testified in Congress that he did not believe the president was being audited but may have used the audit claim to avoid the scrutiny that could lead to an audit and IRS<a href="https://www.google.com/url?q=https://www.wionews.com/world/us-taxpayers-face-bitter-surprise-after-trumps-tax-cuts-197279&amp;sa=U&amp;ved=0ahUKEwiqlprl4LXhAhX98HMBHUXGDvsQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2Tkt9L9VzMU6n_OXcUVmTy"> tax penalties</a>.

Trump was dismissive of the request but continued to make the audit argument in comments to reporters during a meeting with US military leaders on Wednesday.

"Is that all?" the president asked when told Democrats wanted to see six years of his returns.

"Usually it's 10, so I guess they're giving up," he said. "I've been under audit for many years because the numbers are big and I guess when you have a name, you're audited. But until such time as I'm not under audit, I would not be inclined to do that."

Neal based his request on his committee's oversight jurisdiction of the IRS, specifically its alleged audits of Trump and the extent to which the agency has enforced the tax laws against the president.

OVERSIGHT PRESSURE

Congressional Republicans oppose Neal's effort, saying such a move sets a dangerous precedent by turning the confidential tax documents of a US citizen into a political weapon.

"This particular request is an abuse of the tax-writing committees' statutory authority and violates the intent and safeguards of ... the Internal Revenue Code,” Representative <a href="https://www.google.com/url?q=http://www.wionews.com/world/uspresident-donald-trump-says-he-will-propose-new-tax-cuts-prior-to-november-139008&amp;sa=U&amp;ved=0ahUKEwig94v54LXhAhUDjuYKHcITBGgQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1mdVmhJaOJy4aVnQa16r2u">Kevin Brady</a>, the committee's top Republican, said in a statement.

Independent analysts welcomed the move.

"The Ways and Means Committee's strongest oversight ability is making sure the IRS is operating properly," said Steve Rosenthal, a senior fellow at the nonpartisan Tax Policy Centre think tank in Washington.

It was the third time this week a Democratic-led House committee exerted oversight pressure on Trump. Earlier on Wednesday, the House Judiciary Committee authorized its chairman to subpoena Special Counsel Robert Mueller's full investigation report on Russia's role in the 2016 US election.

The House Oversight Committee subpoenaed a former White House security chief on Tuesday.

Neal's committee initially planned to request only Trump's personal tax returns. But some Democrats and independent analysts pressed for them to include business returns to better gauge the president's activity in the private sector.

The request includes returns for eight entities: Donald J Trump Revocable Trust, DJT Holdings LLC, DJT Holdings Managing Member LLC, DTTM Operations LLC, DTTM Operations Managing Member Corp, LFB Acquisition Member Corp, LFB Acquisition LLC and Trump National Golf Club.

A Democratic aide said the committee selected a manageable number of business entities that provide a vital window on Trump's business activity.

Although Trump has never released his returns, the New York Times last year cited a "vast trove" of returns and financial records saying it showed he engaged in tax schemes including cases of fraud in which he and his siblings helped their parents dodge millions of dollars in taxes. The White House called the report misleading.

The Democratic head of a powerful US House committee asked the Internal Revenue Service for six years of President Donald Trump's personal and business tax returns on Wednesday, in a long-awaited move widely expected to lead to a long court battle with the White House.

The Democratic head of a powerful US House committee asked the Internal Revenue Service for six years of President Donald Trump's personal and business tax returns on Wednesday, in a long-awaited move widely expected to lead to a long court battle with the White House. The request, in a letter from Ways and Means Committee Chairman Richard Neal to IRS Commissioner Charles Rettig, is viewed by Democrats in the House of Representatives as a vital first step toward oversight of Trump's income taxes and business network, which some lawmakers believe could be rife with conflicts of interest and potential tax law violations. "It is critical to ensure the accountability of our government and elected officials. To maintain trust in our democracy, the American people must be assured that their government is operating properly, as laws intend," Neal said in a statement. IRS and US Treasury officials were not immediately available for comment. Trump defied decades of precedent as a presidential candidate by refusing to release the tax documents and has continued to keep them under wraps as president, saying his returns were "under audit" by the IRS. Trump's former personal lawyer Michael Cohen recently testified in Congress that he did not believe the president was being audited but may have used the audit claim to avoid the scrutiny that could lead to an audit and IRS tax penalties. Trump was dismissive of the request but continued to make the audit argument in comments to reporters during a meeting with US military leaders on Wednesday. "Is that all?" the president asked when told Democrats wanted to see six years of his returns. "Usually it's 10, so I guess they're giving up," he said. "I've been under audit for many years because the numbers are big and I guess when you have a name, you're audited. But until such time as I'm not under audit, I would not be inclined to do that." Neal based his request on his committee's oversight jurisdiction of the IRS, specifically its alleged audits of Trump and the extent to which the agency has enforced the tax laws against the president. OVERSIGHT PRESSURE Congressional Republicans oppose Neal's effort, saying such a move sets a dangerous precedent by turning the confidential tax documents of a US citizen into a political weapon. "This particular request is an abuse of the tax-writing committees' statutory authority and violates the intent and safeguards of ... the Internal Revenue Code,” Representative Kevin Brady, the committee's top Republican, said in a statement. Independent analysts welcomed the move. "The Ways and Means Committee's strongest oversight ability is making sure the IRS is operating properly," said Steve Rosenthal, a senior fellow at the nonpartisan Tax Policy Centre think tank in Washington. It was the third time this week a Democratic-led House committee exerted oversight pressure on Trump. Earlier on Wednesday, the House Judiciary Committee authorized its chairman to subpoena Special Counsel Robert Mueller's full investigation report on Russia's role in the 2016 US election. The House Oversight Committee subpoenaed a former White House security chief on Tuesday. Neal's committee initially planned to request only Trump's personal tax returns. But some Democrats and independent analysts pressed for them to include business returns to better gauge the president's activity in the private sector. The request includes returns for eight entities: Donald J Trump Revocable Trust, DJT Holdings LLC, DJT Holdings Managing Member LLC, DTTM Operations LLC, DTTM Operations Managing Member Corp, LFB Acquisition Member Corp, LFB Acquisition LLC and Trump National Golf Club. A Democratic aide said the committee selected a manageable number of business entities that provide a vital window on Trump's business activity. Although Trump has never released his returns, the New York Times last year cited a "vast trove" of returns and financial records saying it showed he engaged in tax schemes including cases of fraud in which he and his siblings helped their parents dodge millions of dollars in taxes. The White House called the report misleading.

US House committee seeks Trump tax returns from IRS

US Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute.

"So far, so good," he said when asked by reporters on how the meetings in Beijing went. He did not say who he met.

Mnuchin said earlier he hoped for "productive" trade meetings as the two countries seek to end a festering dispute that has seen both sides level tariffs at one other.

US tariffs on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if the two sides cannot reach a deal by a March 1 deadline, increasing pain and costs in sectors from consumer electronics to agriculture.

Mnuchin, asked by reporters as he left his Beijing hotel what his hopes were for the visit, said "productive meetings". He did not elaborate.

Mnuchin, along with US Trade Representative Robert Lighthizer, arrived in the Chinese capital on Tuesday.

US President Donald Trump said on Tuesday that he could let the deadline for a trade agreement "slide for a little while," but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point.

Trump's advisers have previously described March 1 as a "hard deadline," but Trump told reporters that a delay was now possible.

He said in December that the 90-day truce could be extended, but that he could revert to tariffs if differences could not be resolved.

A growing number of US businesses and lawmakers have expressed hopes for a delay in the tariff increase while the two sides tackle the difficult US demands for major structural policy changes by China aimed at ending the forced transfer of American trade secrets, curbing Beijing's industrial subsidies and enforcing intellectual property rights.

Trump said last week he did not plan to meet with Xi before the March 1 deadline.

Mnuchin and Lighthizer are scheduled to hold talks on Thursday and Friday with Vice Premier Liu He, the top economic adviser to Xi.

The latest round of talks in Beijing kicked off on Monday with discussions among deputy-level officials to try to work out technical details, including a mechanism for enforcing any trade agreement.

China's Foreign Ministry referred questions on the talks to the Ministry of Commerce, which did not respond to a request for comment.

A round of talks at the end of January ended with some progress reported, but no deal, and US declarations that much more work was needed.

Dodge a bullet

James Green, a senior research fellow at Georgetown University, said he believed China was looking to secure a Xi-Trump meeting in the hope that it would make a near-term deal on tariffs far more likely.

"From their point of view, they would have dodged a bullet," Green, who was USTR's top official at the US embassy in Beijing until mid-2018, told Reuters by telephone.

But there is growing bipartisan concern in the United States about increasing state control of China's economy, military activity in the South China Sea, and security issues around its technology companies.

Even if the two sides could come to terms on tariffs, that might not mean an end to trade friction, Green added.

"I think that whatever we might get for an agreement, it will be a pause, because the US government is still going to move forward in the telecoms sector, on law enforcement and legal action, and on sanctions-related issues."

US Secretary of State Mike Pompeo cautioned allies on Monday against deploying equipment from Chinese telecoms giant Huawei Technologies on their soil, saying it would make it more difficult for Washington to "partner alongside them".

The United States and its Western allies believe Huawei's apparatus could be used for espionage, and see its expansion into central Europe as a way to gain a foothold in the European Union market.

Both the Chinese government and Huawei have dismissed these concerns.

US Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute.

US Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute. "So far, so good," he said when asked by reporters on how the meetings in Beijing went. He did not say who he met. Mnuchin said earlier he hoped for "productive" trade meetings as the two countries seek to end a festering dispute that has seen both sides level tariffs at one other. US tariffs on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if the two sides cannot reach a deal by a March 1 deadline, increasing pain and costs in sectors from consumer electronics to agriculture. Mnuchin, asked by reporters as he left his Beijing hotel what his hopes were for the visit, said "productive meetings". He did not elaborate. Mnuchin, along with US Trade Representative Robert Lighthizer, arrived in the Chinese capital on Tuesday. US President Donald Trump said on Tuesday that he could let the deadline for a trade agreement "slide for a little while," but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point. Trump's advisers have previously described March 1 as a "hard deadline," but Trump told reporters that a delay was now possible. He said in December that the 90-day truce could be extended, but that he could revert to tariffs if differences could not be resolved. A growing number of US businesses and lawmakers have expressed hopes for a delay in the tariff increase while the two sides tackle the difficult US demands for major structural policy changes by China aimed at ending the forced transfer of American trade secrets, curbing Beijing's industrial subsidies and enforcing intellectual property rights. Trump said last week he did not plan to meet with Xi before the March 1 deadline. Mnuchin and Lighthizer are scheduled to hold talks on Thursday and Friday with Vice Premier Liu He, the top economic adviser to Xi. The latest round of talks in Beijing kicked off on Monday with discussions among deputy-level officials to try to work out technical details, including a mechanism for enforcing any trade agreement. China's Foreign Ministry referred questions on the talks to the Ministry of Commerce, which did not respond to a request for comment. A round of talks at the end of January ended with some progress reported, but no deal, and US declarations that much more work was needed. Dodge a bullet James Green, a senior research fellow at Georgetown University, said he believed China was looking to secure a Xi-Trump meeting in the hope that it would make a near-term deal on tariffs far more likely. "From their point of view, they would have dodged a bullet," Green, who was USTR's top official at the US embassy in Beijing until mid-2018, told Reuters by telephone. But there is growing bipartisan concern in the United States about increasing state control of China's economy, military activity in the South China Sea, and security issues around its technology companies. Even if the two sides could come to terms on tariffs, that might not mean an end to trade friction, Green added. "I think that whatever we might get for an agreement, it will be a pause, because the US government is still going to move forward in the telecoms sector, on law enforcement and legal action, and on sanctions-related issues." US Secretary of State Mike Pompeo cautioned allies on Monday against deploying equipment from Chinese telecoms giant Huawei Technologies on their soil, saying it would make it more difficult for Washington to "partner alongside them". The United States and its Western allies believe Huawei's apparatus could be used for espionage, and see its expansion into central Europe as a way to gain a foothold in the European Union market. Both the Chinese government and Huawei have dismissed these concerns.

'So far, so good,' Steven Mnuchin says of trade talks in China

The Trump administration has notified<a href="http://www.wionews.com/world/ivanka-trump-backing-indra-nooyi-to-be-next-world-bank-chief-report-190611"> World Bank </a>shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the US&nbsp;nominee to lead the development lender, people familiar with the decision said on Monday.

The nomination of Malpass would put a Trump loyalist and a sceptic of multilateral institutions in line to lead the world's largest development lender. Politico, which first reported the decision, said it would be announced on Wednesday, citing unidentified administration officials.

A White House spokeswoman declined to comment, and a spokesman for the US Treasury did not respond to queries about the decision.

A European diplomatic source said the Trump administration had notified several capitals of the Malpass nomination, adding that European shareholders of the bank were not likely to block it.

Malpass or any other US nominee would still need to win approval from the World Bank's 12-member executive board. While the United States controls the largest share of board voting power and has traditionally chosen the World Bank's leader, challengers could emerge.

If approved, Malpass, the US Treasury's top diplomat as undersecretary for international affairs, would replace Jim Yong Kim in the role. Kim stepped down on Feb. 1 to join private equity fund Global Infrastructure Partners, more than three years before his term ended, amid differences with the Trump administration over climate change and development resources.

Malpass in 2017 criticized the World Bank, the International Monetary Fund and other multilateral institutions for growing larger, more "intrusive" and "entrenched."

Over the past two years, Malpass has also pushed for the World Bank to halt lending to China, which he says is too wealthy for such aid, especially when Beijing has subjected some developing countries including Sri Lanka and Pakistan to crushing debt loads with its "Belt and Road" infrastructure development program. China is the World Bank's third-largest shareholder after Japan.

But last year, Malpass helped negotiate a package of World Bank lending reforms tied to a $13 billion capital increase that aimed to limit the bank's lending and focus resources more on poorer countries. The reforms seek to "graduate" countries to private-sector lending and limit World Bank staff salary growth.

Malpass, 62, was an economic adviser to Trump during his 2016 election campaign. He served as chief economist at Bear Stearns and Co prior to its 2008 collapse and served at the Treasury and State Departments under Presidents Ronald Reagan and George HW Bush.

The Trump administration has notified World Bank shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the US nominee to lead the development lender, people familiar with the decision said on Monday.

The Trump administration has notified World Bank shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the US nominee to lead the development lender, people familiar with the decision said on Monday. The nomination of Malpass would put a Trump loyalist and a sceptic of multilateral institutions in line to lead the world's largest development lender. Politico, which first reported the decision, said it would be announced on Wednesday, citing unidentified administration officials. A White House spokeswoman declined to comment, and a spokesman for the US Treasury did not respond to queries about the decision. A European diplomatic source said the Trump administration had notified several capitals of the Malpass nomination, adding that European shareholders of the bank were not likely to block it. Malpass or any other US nominee would still need to win approval from the World Bank's 12-member executive board. While the United States controls the largest share of board voting power and has traditionally chosen the World Bank's leader, challengers could emerge. If approved, Malpass, the US Treasury's top diplomat as undersecretary for international affairs, would replace Jim Yong Kim in the role. Kim stepped down on Feb. 1 to join private equity fund Global Infrastructure Partners, more than three years before his term ended, amid differences with the Trump administration over climate change and development resources. Malpass in 2017 criticized the World Bank, the International Monetary Fund and other multilateral institutions for growing larger, more "intrusive" and "entrenched." Over the past two years, Malpass has also pushed for the World Bank to halt lending to China, which he says is too wealthy for such aid, especially when Beijing has subjected some developing countries including Sri Lanka and Pakistan to crushing debt loads with its "Belt and Road" infrastructure development program. China is the World Bank's third-largest shareholder after Japan. But last year, Malpass helped negotiate a package of World Bank lending reforms tied to a $13 billion capital increase that aimed to limit the bank's lending and focus resources more on poorer countries. The reforms seek to "graduate" countries to private-sector lending and limit World Bank staff salary growth. Malpass, 62, was an economic adviser to Trump during his 2016 election campaign. He served as chief economist at Bear Stearns and Co prior to its 2008 collapse and served at the Treasury and State Departments under Presidents Ronald Reagan and George HW Bush.

Trump plans to nominate Treasury's Malpass to lead World Bank: Politico

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months.

Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent.

Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze.

On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect.

"Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement.

DISPUTED DECISION

The decision to lift the sanctions, imposed by the US&nbsp;Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions.

Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo.

Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies.

Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies.

But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control.

That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions.

It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements.

Deripaska himself remains subject to US sanctions.

CHANGES IN RUSAL, En+

After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions.

Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors.

"The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement.

These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said.

In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+.

Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao.

They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked.

Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them. The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months. Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent. Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze. On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect. "Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement. DISPUTED DECISION The decision to lift the sanctions, imposed by the US Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions. Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo. Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies. Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies. But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control. That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions. It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements. Deripaska himself remains subject to US sanctions. CHANGES IN RUSAL, En+ After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions. Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors. "The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement. These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said. In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+. Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao. They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked. Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

Rusal shares soar, aluminium falls as US lifts sanctions

Crisis-stricken Italy should work to resolve its current political crisis while staying within the eurozone, a senior US Treasury official said Tuesday.

US Treasury Secretary Steven Mnuchin is due to meet later this week with his counterparts at a Group of Seven ministerial meeting in British Columbia, Canada, an event sure to be dominated by the Italian crisis and Washington's multi-front trade disputes with major economies.

A power struggle between Italy's presidency and populist parties on Tuesday shook global markets and called the country's continued membership in the European single currency into question.

"I think it would be better if they were to work things out within the eurozone without making significant changes there and certainly the Italians have to opportunity to do that," a senior US Treasury official told reporters in a briefing before the ministerial meeting.

The official, who spoke on condition of anonymity under Treasury Department ground rules, said the department was monitoring developments closely but saw no immediate danger to the stability of the wider financial system.

"At this point, no, I don't see any systemic impact," he said.

 
&nbsp

US Treasury Secretary Steven Mnuchin is due to meet later this week with his counterparts at a Group of Seven ministerial meeting in British Columbia, Canada

Crisis-stricken Italy should work to resolve its current political crisis while staying within the eurozone, a senior US Treasury official said Tuesday. US Treasury Secretary Steven Mnuchin is due to meet later this week with his counterparts at a Group of Seven ministerial meeting in British Columbia, Canada, an event sure to be dominated by the Italian crisis and Washington's multi-front trade disputes with major economies. A power struggle between Italy's presidency and populist parties on Tuesday shook global markets and called the country's continued membership in the European single currency into question. "I think it would be better if they were to work things out within the eurozone without making significant changes there and certainly the Italians have to opportunity to do that," a senior US Treasury official told reporters in a briefing before the ministerial meeting. The official, who spoke on condition of anonymity under Treasury Department ground rules, said the department was monitoring developments closely but saw no immediate danger to the stability of the wider financial system. "At this point, no, I don't see any systemic impact," he said.

Italy should remain in eurozone: US Treasury

World stocks hit a new one-year high today, while the dollar and benchmark government bond yields sank and precious metals rose after weak US productivity data again pushed back expectations of a Federal Reserve rate hike. 
 
Wall Street was expected to grind fractionally higher when it resumes, with jobs and housing market data on the agenda. 
 
Europe&#39;s main bourses were struggling with modest 0.3-0.4 per cent losses due to weak company results, although the MSCI&#39;s 46-country All World index remained positive after overnight Asian gains. 
 
With the focus on signs of pressure in the United States economy, demand for bonds firmed again, a factor already highlighted on Tuesday by the Bank of England&#39;s failure to prise enough debt from investors to meet its revamped bond-buying plan.. 
 
US Treasury yields dropped to 1.536 per cent in Europe, while Germany&#39;s 10-year bonds yield fell 1.4 basis points to minus 0.16 per cent as Berlin sold 4 billion Euros of bond at a new record low average yield of -0.09 per cent. 
 
The 10-year UK gilt yield also sank to a record low of 0.54 per cent in the wake of the BoE&#39;s bond buying issues. 
 
&quot;Central banks look increasingly accommodative and no one seems to be going against that trend ... which supports all asset prices,&quot; said Anton Heese, head of European rates strategy at Morgan Stanley in London. 
 
&quot;The growth prospects for the US economy are probably weaker than many anticipate.&quot; 
 
The bond moves had a clear impact on currencies, with the Dollar index, which tracks the US greenback against a basket of other top currencies, seeing its biggest drop in over a week, falling 0.65 per cent to 95.559. 
 
That in turn sent the Euro up 0.6 per cent to $1.1186, extending its recovery from Friday&#39;s one-week low of $1.1046. The Yen climbed to 101.20 per dollar and even the recently buffeted UK pound made ground. 
 
&quot;The release of the third consecutive decline in quarterly US productivity, the worst run since at least 1980, does not bode well for the prospects for the Dollar,&quot; Morgan Stanley head of currency strategy, Hans Redeker, said. 
 
 
Good as gold 
 
The Australian Dollar advanced to a more than three-month peak of $0.7729, having been buoyed this week by Australia&#39;s relatively high yields and stronger investor risk appetite. 
 
&quot;Part of the Australian dollar&#39;s resilience is the lack of follow-through in pricing for a Fed hike in September, limiting the US dollar&#39;s gains,&quot; analysts at Westpac said in a note. They recommended investors buy the Australian Dollar. 
 
The US dollar&#39;s weakness gave gold a lift, with the precious metal gaining 0.9 per cent to $1,352.26 an ounce. 
 
Palladium jumped more than 7 per cent to a 14-month high at one point as bets on lower prices were reversed after the metal, which is used in car catalytic converters among other things, broke above key chart levels. It surged nearly 20 per cent last month in its biggest one-month rise in 8-1/2 years. 
 
That may mean investors who had bet on lower prices could be exposed to heavy losses. 
 
&quot;You can talk about fundamental explanations, strong car sales, a reduction in supply from Russia, but those didn&#39;t happen overnight,&quot; Macquarie analyst Matthew Turner said. 
 
Oil prices slipped for a second straight day as top producer Saudi Arabia revealed its output hit a record 10.67 million barrels per day last month. It came after data had also shown a surprise US crude stockpile build. 
 
Brent futures fell as much as 1.5 per cent to $44.30 per barrel before recovering to $44.95. US crude also slipped 0.4 per cent to $42.62, extending Tuesday&#39;s 0.6 per cent decline. 
 
Emerging market stocks showed little reaction to the crude moves as they rose for a fifth straight day with many EM currencies also strengthening following the dollar&#39;s sell-off. 
 
MSCI&#39;s emerging market index hit a new one-year high as gains across Asia and other markets such as Greece and the Czech Republic helped extend its rise this month to over 3.5 per cent. 
 
(Reuters)

The US Dollar's weakness gave gold a lift, with the precious metal gaining 0.9 per cent to $1,352.26 an ounce

World stocks hit a new one-year high today, while the dollar and benchmark government bond yields sank and precious metals rose after weak US productivity data again pushed back expectations of a Federal Reserve rate hike. Wall Street was expected to grind fractionally higher when it resumes, with jobs and housing market data on the agenda. Europe's main bourses were struggling with modest 0.3-0.4 per cent losses due to weak company results, although the MSCI's 46-country All World index remained positive after overnight Asian gains. With the focus on signs of pressure in the United States economy, demand for bonds firmed again, a factor already highlighted on Tuesday by the Bank of England's failure to prise enough debt from investors to meet its revamped bond-buying plan.. US Treasury yields dropped to 1.536 per cent in Europe, while Germany's 10-year bonds yield fell 1.4 basis points to minus 0.16 per cent as Berlin sold 4 billion Euros of bond at a new record low average yield of -0.09 per cent. The 10-year UK gilt yield also sank to a record low of 0.54 per cent in the wake of the BoE's bond buying issues. "Central banks look increasingly accommodative and no one seems to be going against that trend ... which supports all asset prices," said Anton Heese, head of European rates strategy at Morgan Stanley in London. "The growth prospects for the US economy are probably weaker than many anticipate." The bond moves had a clear impact on currencies, with the Dollar index, which tracks the US greenback against a basket of other top currencies, seeing its biggest drop in over a week, falling 0.65 per cent to 95.559. That in turn sent the Euro up 0.6 per cent to $1.1186, extending its recovery from Friday's one-week low of $1.1046. The Yen climbed to 101.20 per dollar and even the recently buffeted UK pound made ground. "The release of the third consecutive decline in quarterly US productivity, the worst run since at least 1980, does not bode well for the prospects for the Dollar," Morgan Stanley head of currency strategy, Hans Redeker, said. Good as gold The Australian Dollar advanced to a more than three-month peak of $0.7729, having been buoyed this week by Australia's relatively high yields and stronger investor risk appetite. "Part of the Australian dollar's resilience is the lack of follow-through in pricing for a Fed hike in September, limiting the US dollar's gains," analysts at Westpac said in a note. They recommended investors buy the Australian Dollar. The US dollar's weakness gave gold a lift, with the precious metal gaining 0.9 per cent to $1,352.26 an ounce. Palladium jumped more than 7 per cent to a 14-month high at one point as bets on lower prices were reversed after the metal, which is used in car catalytic converters among other things, broke above key chart levels. It surged nearly 20 per cent last month in its biggest one-month rise in 8-1/2 years. That may mean investors who had bet on lower prices could be exposed to heavy losses. "You can talk about fundamental explanations, strong car sales, a reduction in supply from Russia, but those didn't happen overnight," Macquarie analyst Matthew Turner said. Oil prices slipped for a second straight day as top producer Saudi Arabia revealed its output hit a record 10.67 million barrels per day last month. It came after data had also shown a surprise US crude stockpile build. Brent futures fell as much as 1.5 per cent to $44.30 per barrel before recovering to $44.95. US crude also slipped 0.4 per cent to $42.62, extending Tuesday's 0.6 per cent decline. Emerging market stocks showed little reaction to the crude moves as they rose for a fifth straight day with many EM currencies also strengthening following the dollar's sell-off. MSCI's emerging market index hit a new one-year high as gains across Asia and other markets such as Greece and the Czech Republic helped extend its rise this month to over 3.5 per cent. (Reuters)

World stocks hit 1-year high as US data saps dollar, bond yields

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