US House clears procedural hurdle on cryptocurrency legislation
The vote paves the way for House lawmakers to vote on passage of the several crypto bills, which would mark a huge victory for the digital assets sector. It came one day after conservative Republicans helped defeat a similar procedural measure amid a dispute over how to proceed with the bills.
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Business Times
19 minutes ago
- Business Times
Garuda new 737 plane's higher rent may strain finances further
[JAKARTA] Garuda is paying twice as much to lease its latest Boeing 737 Max jet than it does for the older 737 planes in its fleet, another potential blow to its finances as it tries to return to profitability. The struggling Indonesian airline is paying around US$400,000 per month for the 737 Max 8 it has leased from BOC Aviation, according to people familiar with the matter. The state-owned carrier pays on average US$200,000 a month for its existing older Boeing 737-800 fleet, the people said, asking not to be identified discussing details that are private. BOC Aviation declined to comment. Representatives for Garuda didn't respond to a request for comment. Garuda, which is now owned by Indonesia's sovereign wealth fund Danantara, reported a full year loss in 2024 for the first time since restructuring nearly US$10 billion of debt in 2022. While the new Max 8 offers better fuel economy than the older planes, it's not clear whether the savings would be enough to compensate for the higher leasing costs. Outside of the difference in the age of the airframe, the doubling of the lease cost can in large part be attributed to the discounted rental prices that Garuda managed to get from its lessors during those debt restructuring negotiations. Danantara extended a US$405 million loan to Garuda just days before the airline agreed to lease the additional 737 Max. On Friday, the plane was en-route to Indonesia, according to data from flight tracking website FlightRadar24. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Garuda is already having trouble keeping its existing fleet in the air, with about 10 per cent of its planes grounded as recently as May as it struggled to make maintenance payments. Nearly 16 per cent of revenue in 2024 was for maintenance and repairs, the highest ratio among flag carriers globally, data compiled by Bloomberg show. Garuda could receive US$800 million to US$1.2 billion more from Danantara to assist with payments to maintenance and leasing companies, Bloomberg reported earlier this week, citing people familiar with the matter. Further pressure on the airline may come as it has to take new aircraft after Indonesian President Prabowo Subianto reached a trade deal with US leader Donald Trump that included the purchase of 50 Boeing aircraft. That could force Garuda to agree to a deal under terms it doesn't necessarily favour and with jets it doesn't actually need. Trump announced in a social media post on Tuesday that Indonesia will order 50 aircraft, including 'many' of Boeing's larger 777 planes, without disclosing a buyer. Garuda chief executive officer Wamildan Tsani Panjaitan has previously said he's in talks to buy 50 to 75 Boeing aircraft, including 737 Max and 787-9 Dreamliner models. BLOOMBERG
Straits Times
an hour ago
- Straits Times
US judge weighs putting new block on Trump's birthright citizenship order
FILE PHOTO: U.S. President Donald Trump speaks to the media, after the U.S. Supreme Court dealt a blow to the power of federal judges by restricting their ability to grant broad legal relief in cases as the justices acted in a legal fight over President Donald Trump's bid to limit birthright citizenship, in the Press Briefing Room at the White House in Washington D.C., June 27, 2025. REUTERS/Ken Cedeno/File Photo BOSTON - A federal judge on Friday could deal another blow to President Donald Trump's attempts to limit birthright citizenship, even though a U.S. Supreme Court decision last month made it more difficult for lower courts to block White House directives. A group of Democratic attorneys general from 18 states and the District of Columbia will urge U.S. District Judge Leo Sorokin at a hearing in Boston at 10 a.m. ET Friday to maintain an injunction he imposed in February that blocked Trump's executive order nationwide. The order directs U.S. agencies to refuse to recognize the citizenship of children born in the United States after February 19 if neither their mother nor father is a U.S. citizen or lawful permanent resident. The states' case is back in Sorokin's courtroom so he can assess the impact of the Supreme Court's landmark June 27th decision. In that 6-3 ruling authored by conservative Justice Amy Coney Barrett, the court directed lower court judges like Sorokin that had blocked Trump's policy to reconsider the scope of their orders. Rather than address the legality of Trump's executive order, the justices used the case to discourage nationwide, or 'universal,' injunctions — in which a single district court judge can block enforcement of a federal policy across the country. COMPLETE RELIEF But the court raised the possibility that universal injunctions are still permissible in certain circumstances, including class actions, in which similarly situated people sue as a group, or if they are the only way to provide "complete relief" to litigants in a particular lawsuit. Top stories Swipe. Select. Stay informed. 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"One of the questions the Supreme Court left open in its nationwide injunction decision is whether states can assert claims on behalf of their citizens and, if so, whether a large-scale injunction would then be necessary to vindicate the rights of large numbers of citizens from large numbers of states," Berman said. Spokespersons for the White House and the attorneys general did not immediately respond to a request for comment. A ruling from Sorokin, an appointee of Democratic President Barack Obama, in favor of the states would be the second blow to Trump's executive order this month. On July 10 at a hearing in New Hampshire, U.S. District Judge Joseph Laplante, an appointee of Republican president George W. Bush, issued a nationwide injunction blocking Trump's order after he found that children whose citizenship status would be threatened by it could pursue their lawsuit as a class action. The Democratic-led states, backed by immigrant rights groups, argue the White House directive violated a right enshrined in the U.S. Constitution's 14th Amendment that guarantees that virtually anyone born in the United States is a citizen. They have argued that, if the executive order is allowed to take effect, it would wreak havoc on the administration of federal benefits programs like Medicaid and the Supplemental Nutrition Assistance Program by making it difficult to verify eligibility. They also argue that, because children often move across state lines or are born outside their parents' state of residence, a "patchwork" of injunctions would be unworkable. "Families are likely to be confused if federal benefits eligibility — let alone U.S. citizenship — differs by State," the states wrote in a July 15 court filing. They have urged Sorokin to double down on his February injunction, saying in the court filing that the Supreme Court decision has no bearing on the case before him. "This Court correctly remedied the States' injuries via a nationwide injunction, based on the same complete-relief principle that the Supreme Court recently recognized and endorsed," the brief argued. The Justice Department has countered that Sorokin's injunction from February was "clearly overbroad and inappropriate." In a July 8 court filing, the department argued that individuals are best situated to litigate their own citizenship status. REUTERS
CNA
an hour ago
- CNA
Bank of Japan may offer less gloomy view of US tariff hit in report, sources say
TOKYO :The Bank of Japan will warn of uncertainty over the impact of U.S. tariffs in a quarterly report due this month, but may offer a less gloomy view on the near-term hit to Japan's economy than three months ago, said three sources familiar with its thinking. With the BOJ set to keep interest rates steady at 0.5 per cent at its July 30-31 meeting, markets are focusing on how it will describe the growth and price outlook in a quarterly report due after the meeting. They are seeking clues on the timing of the next rate hike. In the upcoming report, the BOJ is likely to maintain its warning that uncertainty over the economic impact of U.S. tariffs remains very high, the sources, who declined to be identified, said. But the report may also reflect signs of resilience in U.S. and Chinese economies, as well as recent domestic data showing output and capital expenditure holding up, the sources said. "While the impact of tariffs will likely intensify, it's not showing up much in data so far," a factor that may affect the tone of BOJ's upcoming report, one of the sources said. "The BOJ must remain on high alert over risks from tariffs. But it also shouldn't be overly pessimistic either," another source said, a view echoed by a third source. The last report was compiled at the BOJ's previous rate review on April 30-May 1, when investors' pessimism was at its peak with markets still volatile after President Donald Trump's announcement of sweeping "reciprocal" tariffs. That report warns that uncertainty over U.S. tariffs will hit Japan's economy through various channels including by slowing global demand, weakening exports and souring business sentiment. But data released since then has not shown any clear evidence of damage from U.S. tariffs, or Japan's stalled trade talks with Washington, at least for now. The BOJ's "tankan" quarterly survey, released on April 1, showed business sentiment holding up. The bank's regional branch managers also gave a fairly sanguine view on the immediate hit from U.S. tariffs. Such data may be reflected in the next report's language on the economic outlook and risks, as well as in the board's growth projections, the sources said. In the last report, the BOJ expected the economy to grow 0.5 per cent in fiscal 2025, 0.7 per cent in 2026 and 1.0 per cent in 2027. The BOJ is likely to maintain its view that inflation will durably hit its 2 per cent target in the latter half of its three-year projection period running through fiscal 2027, the sources said. Domestic prices, on the other hand, have been moving higher than expected as steady rises in food costs keep consumer inflation well above the BOJ's 2 per cent target, the sources said. Some BOJ policymakers, such as hawkish board member Naoki Tamura, have warned of second-round effects from such cost-push price pressure, which may push up underlying inflation in a way that warrants resuming rate hikes. Sources have told Reuters the BOJ will consider revising up its inflation forecast for the current fiscal year reflecting persistent rises in rice and broader food costs.
