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Politics

Sean Spicer, Press Secretary to U.S. President-elect Donald Trump, greets representatives of the White House Correspondents Association in the lobby of Trump Tower ahead of their scheduled meeting in New York, U.S., January 5, 2017. (Photo: Reuters)

Sean Spicer, Press Secretary to U.S. President-elect Donald Trump, greets representatives of the White House Correspondents Association in the lobby of Trump Tower ahead of their scheduled meeting in New York, U.S., January 5, 2017. (Photo: Reuters)

Incoming White House Press Secretary Sean Spicer held his first press conference on Thursday and outlined what we can expect on and after Inauguration Day. Here are five big takeaways from that

TRUMP AUGURAL ADDRESS

Mr. Spicer said the new president’s inaugural address will “be a very personal” speech that is more agenda-driven and less ideological. That’s a break from President Barack Obama, who set the tone of “ideology first” on just about every issue on just about every occasion.

CABINET CONFIRMATIONS

Republicans this week will move to push for confirmation votes on President-elect Trump’s Cabinet picks, which Democrats are hoping to slow-walk after Republicans helped to confirm numerous nominees for Mr. Obama, many of which by simple voice vote. Mr. Spicer made clear they will also urge senators to put aside politics and move forward with the confirmation votes.

“No one is disputing their qualifications,” he said, adding that the only motives were politics and obstruction.

50 OBAMA ADMINISTRATION HOLDOVERS

The Trump Administration will keep 50 national security advisors from the Obama team, including Special Presidential Envoy for the Global Coalition to Counter ISIL Brett McGurk, Deputy Defense Secretary Robert O. Work and Acting Under Secretary for Terrorism and Financial Intelligence at the United States Department of the Treasury Adam Szubin.

The holdovers are mostly officials who have been dealing with the Islamic State (ISIS). Today, the administration hit a key ISIS target in a stronghold in Libya, where Mr. Obama allowed Hillary Clinton to convince him to intervene and topple Colonel Muammar Gaddafi. It inevitably descended into a terror haven.

EXECUTIVE ORDERS

“The president-elect is continuing to get briefed on some of the orders that he wants to do and the sequencing thereof,” Mr. Spicer told reporters, adding that President-elect Trump “is committed to not just day one, but day two, day three, of enacting an agenda of real change. And I think that you’re going to see that in the days and weeks to come.”

Mr. Spicer said the incoming administration is working to ensure executive orders are issued or revoked in the correct order. However, he also told reporters they can expect swift action. While the official first work day for the Trump Administration will be Monday, due to celebratory activities marking his inauguration, Mr. Spicer said executive action can be anticipated as early as Friday afternoon.

SHORT CELEBRATIONS BEFORE GETTING TO WORK

“You’ll see activity on both tomorrow, over the weekend, and then Monday, Tuesday, Wednesday,” he said. “It’s going to be a robust not just day one but I think first week, first month, and probably first term.”

Most presidents hold at least 5 inaugural parties and begin work on the Monday after the oath of office. However, President-elect Trump will only hold two parties, jokingly stating that he doesn’t need one bash after another.

Incoming White House Press Secretary Sean Spicer

Politics

The former Chief Strategist & Communications Director for the Republican National Committee Sean Spicer arrives in the lobby of Republican president-elect Donald Trump's Trump Tower in New York, New York, U.S. November 14, 2016. (Photo: Reuters)

The former Chief Strategist & Communications Director for the Republican National Committee Sean Spicer arrives in the lobby of Republican president-elect Donald Trump’s Trump Tower in New York, New York, U.S. November 14, 2016. (Photo: Reuters)

Incoming White House Press Secretary Sean Spicer said President-elect Donald J. Trump’s inaugural address will “be a very personal” speech to Americans. Mr. Spicer said Thursday the new president will give a more agenda-driven speech rather than an attempt to pass an ideological litmus test.

“The president-elect continues to make edits and additions to his inaugural address,” Spicer told reporters at a briefing. “It’s going to be a very personal and sincere statement about his vision for the country. He will discuss what it means to be an American and the challenges that we face.”

He added that it will be a “philosophical document” that introduces his vision to the nation.

“He’ll talk about infrastructure, education, our manufacturing base,” Spicer added. “I think it’s going to be less of an agenda and more of a philosophical document, a vision of where he sees the country, the proper role of government, the role of citizens.”

Spicer had stressed Wednesday that preparation of the address has been an intensely personal endeavor for Trump. Trump himself is taking the lead in the writing, Spicer said, with input from senior advisers Stephen Miller, Kellyanne Conway, Steve Bannon and Reince Priebus.

“He wants to talk about his vision of where he sees this country going and where we are right now, frankly,” Spicer said Wednesday. “But it is being 100 percent driven by him.”

Incoming White House Press Secretary Sean Spicer

Economy

Movements such as Ban the Box are helping ex-convicts find jobs upon their release from prison. (Photo: AP)

Movements such as Ban the Box are helping ex-convicts find jobs upon their release from prison. (Photo: AP)

The Labor Department said weekly jobless claims fell by 15,000 to 234,000 for the week ending January 14, lower than the 254,000 estimate. The unemployment insurance weekly claims report also said the prior week was revised higher by 2,000 to 249,000.

No state was triggered “on” the Extended Benefits program during the week ending December 31 and a Labor Department analyst said there were no special factors impacting this week’s initial claims.

The four-week moving average–widely considered a better gauge, as it irons out ups and downs–came in at 246,750, a decline of 10,250 from the previous week’s revised average. This is the lowest level for this average since November 3, 1973, when it was 244,000. However, it is also true that the labor force participation is roughly as low as it was in the 1970s and long-term unemployment has simply shrunk the eligible pool of applicant.s

The previous week’s average was revised up by 500 from 256,500 to 257,000.

The highest insured unemployment rates in the week ending December 31 were in Alaska (4.4), New Jersey (3.1), Montana (3.0), Rhode Island (2.9), Pennsylvania (2.7), Connecticut (2.6), Illinois (2.6), Massachusetts (2.6), Minnesota (2.6), Iowa (2.5), and Puerto Rico (2.5).

The largest increases in initial claims for the week ending January 7 were in New York (+23,082), Georgia (+10,614), Texas (+9,686), Pennsylvania (+6,039), and California (+6,000), while the largest decreases were in New Jersey (-4,372), Michigan (- 3,414), Washington (-3,267), Kentucky (-2,896), and Iowa (-2,379).

The Labor Department said weekly jobless claims

Economy

housing-starts-new-home-construction

New home construction workers. (Photo: Reuters)

The Commerce Department said on Thursday housing starts in the U.S. came in at an annual rate of 1.226 million in December, beating estimates for 1.200 million. November’s starts were revised up to a 1.10 million-unit rate from the previously reported 1.09 million-unit pace.

Building permits, which are a sign of future activity, came in at 1.210 million, missing the estimate for 1.225 million. The new report, if accurate, indicates that the housing market contributed to economic growth in the fourth quarter (4Q).

The Commerce Department said on Thursday housing

Politics

Former Georgia Governor Sonny Perdue arrives for a meeting with U.S. President-elect Donald Trump at Trump Tower in New York, U.S., November 30, 2016. (Photo: Reuters)

Former Georgia Governor Sonny Perdue arrives for a meeting with U.S. President-elect Donald Trump at Trump Tower in New York, U.S., November 30, 2016. (Photo: Reuters)

President-elect Donald J. Trump is expected to nominate former Georgia Gov. Sonny Perdue for Secretary of the U.S. Department of Agriculture (USDA). The nomination was expected to be announced by Vice President-elect Mike Pence during a press conference with incoming White House Press Secretary Sean Spicer on Thursday morning.

Former Gov. Perdue, 70, served on President-elect Trump’s agricultural advisory committee during his presidential campaign and had long been considered the favorite to head the USDA in a Trump administration. In 2002, he became the first Republican to be elected governor in The Peach State in 130 years. He served as chief executive of the state from 2003 to 2011.

Though he must be confirmed by the Republican-controlled U.S. Senate, his nomination represents the final pick for Mr. Trump’s cabinet just before he is sworn in as president on Friday. If confirmed, he will be the first Southerner to lead the Agriculture Department in more than two decades.

While Georgia governor, Mr. Perdue handled a series of crises, including a severe drought in 2007 and a deadly U.S. salmonella outbreak that was traced back to peanut butter made in Georgia.

During the drought, he took steps to cut water usage and even led a service outside the state capitol to pray for rain. He also decided to relocate the state office that issues water permits for irrigation and other agricultural uses from Atlanta to rural south Georgia, where it would be closer to farmers.

Ron Moore, President of the American Soybean Association (ASA), told Reuters he thought Gov. Perdue, the cousin of Sen. David Perdue, R-Ga., would be a staunch supporter of agriculture exports.

“I think he will be very much in favor of trade,” Mr. Moore said. The ASA, with 15 other farm groups, this month urged the incoming administration to “protect and enhance” agricultural trade and its impact on the rural economy.

Zippy Duvall, President of the American Farm Bureau, also praised Gov. Perdue in a statement.

“The nomination of former Georgia Governor Sonny Perdue for Secretary of Agriculture is welcome news to the nation’s farmers and ranchers,” Mr. Duvall said. “Gov. Perdue will provide the strong voice that agriculture needs in the new administration. He is an outstanding nominee.”

However, leftwing environmental groups unsurprisingly objected to the nomination.

“Farmers need a champion in the USDA who will fight for conservation programs to help farmers be more resilient in the face of extreme weather, not pray for rain,” Kari Hamerschlag, the deputy director of food and technology at Friends of the Earth, said in a statement.

But Mr. Duvall, who has known Gov. Perdue for years, vehemently disagreed.

“The American Farm Bureau looks forward to continuing our work with USDA under Gov. Perdue’s leadership. When farmers and ranchers are free to access cutting-edge technologies, reach new markets and make decisions that protect their businesses and resources, we all are better off.”

President-elect Donald J. Trump is expected to

World

Former U.S. National Security Agency contractor Edward Snowden appears live via video during a student organized world affairs conference at the Upper Canada College private high school in Toronto, in this file photo taken February 2, 2015. (Photo: Reuters)

Former U.S. National Security Agency contractor Edward Snowden appears live via video during a student organized world affairs conference at the Upper Canada College private high school in Toronto, in this file photo taken February 2, 2015. (Photo: Reuters)

Russian authorities extended the residence permit of former U.S. National Security Agency (NSA) contractor-employee Edward Snowden.

“Residence permit for Edward Snowden in Russia extended by 3 years until 2020” – told RIA Novosti lawyer Anatoly Kucherena, which represents the interests of Snowden in Russia.

Anatoly Kucherena also declared that Snowden has all legal grounds to soon obtain Russian citizenship.

“In effect, he now has all grounds to receive citizenship in the future, over the course of a certain period, since under the law we have a period of residence on Russia soil of not less than 5 years” – Adding that Snowden has been living in Russia for 4 years now.

Chelsea Manning

The statement about Snowden’s residence permit came after US President Barack Obama softened the sentence of the informant WikiLeaks Chelsea Manning, sentenced to 35 years in prison – she will now be released in May of this year.

Snowden, in his Twitter post, thanked Chelsea Manning for all that she has done, as well as Obama for her release.

Background

In 2013, Snowden passed secret documents to the British newspaper Guardian and other media outlets. The documents contained information on secret surveillance conducted by US intelligence. This led to an international scandal.

In the US, Snowden is accused of theft of state property, the illegal use of information relating to national defense, as well as the deliberate disclosure of confidential data.

In 2013, Snowden was granted temporary asylum in Russia, when he became stuck in the transit area at a Moscow airport, after the US cancelled his passport.

In 2016, in a Financial Times interview, Snowden said that still “continues to serve the United States,” and going to “leave Russia sooner or later.”

Snowden repeatedly called on President Barack Obama to pardon him, saying it was morally necessary for him to expose mass surveillance.

Barack Obama continues to assume that Snowden should return to the United States to face charges for leaking classified information. If convicted of the charges against him, Snowden could face up to 30 years in prison.

This article first appeared on Tsarizm.com — “News you need to know RIGHT NOW about Russia, the former Soviet Union and Eastern Europe”

Russian authorities extended the residence permit of

Economy

consumer-price-index-tv

(Photo: REUTERS)

DEVELOPING: The Labor Department said Wednesday the Consumer Price Index (CPI) found prices at the consumer level increased 0.3% in December, matching the estimate. As households paid more for gasoline and rental accommodation, the CPI saw the largest year-on-year increase in 2-1/2 years, a sign that inflation pressures could be building.

Excluding the volatile food and energy components, prices were up 0.2%, also matching expectations.

Rising inflation comes against the backdrop of increased optimism and the prospect of an economic revival in manufacturing, particularly following the surprise election of President-elect Donald J. Trump. But that also raises the possibility the Federal Reserve will raise interest rates at a faster pace than currently anticipated.

The U.S. central bank had previously forecast just three small rate hikes this year. It raised its benchmark overnight interest rate by 25 basis points to a range of 0.50% to 0.75% last month.

The Labor Department said Wednesday the Consumer

Economy

A Citigroup logo is pictured from the floor of the New York Stock Exchange July 9, 2014. (Photo: Reuters)

A Citigroup logo is pictured from the floor of the New York Stock Exchange July 9, 2014. (Photo: Reuters)

Citigroup Inc (NYSE:C) on Wednesday released a mixed fourth-quarter (4Q) earnings report, topping estimates on earnings per share and missing revenue target. The firm reported earnings of $1.14 per share, an 8% increase that beat the estimate for $1.12. But revenues came in at $17.01 billion, missing estimate was for $17.30 billion.

“We had a strong finish to 2016, bringing momentum into this year. We drove revenue growth in our businesses and demonstrated strong expense discipline across the firm,” Citi CEO Michael Corbat said. “We achieved a full year Citicorp efficiency ratio of 58% as we had targeted, while again increasing our loans and deposits.”

Net income of $3.6 billion increased 4%, fueled in large part by a 25% increase in Citicorp net income. Earnings per share increases were driven by the growth in net income and a 5% reduction in average diluted shares outstanding.

For the year ended December 31, 2016, Citigroup’s net income was $14.9 billion on revenues of $69.9 billion, compared to net income of $17.2 billion on revenues of $76.4 billion for the full year 2015. included CVA/DVA of $254 million ($162 million after-tax). Excluding CVA/DVA, Citigroup revenues decreased 8% and net income decreased 13% compared to the prior year. Citicorp revenues decreased 2% and net income decreased 11% compared to the prior year.

“Our core businesses are beginning to produce the returns our investors expect and deserve,” Mr. Corbat added. “In 2016, we returned nearly $11 billion in capital to our shareholders. Even with this capital return, we ended the year with a 2 Common Equity Tier 1 Capital ratio of 12.5%, 40 basis points higher than when we started the year, showing the capability of this franchise to consistently generate and return significant amounts of capital.”

Citigroup Inc (NYSE:C) Wednesday released a mixed

Economy

A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. (Photo: Reuters)

A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. (Photo: Reuters)

Goldman Sachs Group Inc (NYSE:GS) reported fourth-quarter (4Q) earnings of $5.08 per share and revenues of $8.17 billion, topping estimates for $4.82 and$7.72B, respectively. For the year ended December 31, 2016, revenues were $30.61 billion and net earnings of $7.40 billion.

“After a challenging first half, the firm performed well for the remainder of the year as the operating environment improved,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “We continued to manage our expenses carefully and we enter the new year with industry leading positions across our businesses, as well as strong capital and liquidity.”

Goldman Sachs ranked first in worldwide announced and completed mergers and acquisitions for the year.

Debt underwriting produced record net revenues of $2.45 billion for the year. Assets under supervision increased 10% from a year ago to a record $1.38 trillion, with net
inflows in long-term assets under supervision of $42 billion during 2016. Total operating expenses were the lowest since 2008, including the lowest non-compensation expenses since 2007.

Net revenues in Investment Management were $1.61 billion for the fourth quarter of 2016, 3% higher than the fourth quarter of 2015 and 8% higher than the third quarter of 2016. The gain was fueled by higher incentive fees and transaction revenues.

Goldman Sachs Group Inc reported (4Q) profit

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