Gold Climbs as Rising Geopolitical and Trade Tensions Aid Havens
(Bloomberg) -- Gold rose — after falling by 2% last week — as an increase in geopolitical and trade tensions revived demand for haven assets.
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Bullion climbed as much as 0.8% in Asia after Ukraine staged a dramatic series of drone strikes across Russia on Sunday, hitting airfields as far away as eastern Siberia. Around the same time, Moscow launched one of its longest attacks against Kyiv, ahead of crucial peace talks this week.
President Donald Trump also stoked more worries over global trade at the weekend, vowing to double import tariffs on foreign steel and aluminum to 50%, with Canada's industry minister warning that it would retaliate. There are also signs the US-China truce is at risk after Trump accused Beijing of reneging on an agreement reached last month.
All of that is restoring some of gold's haven appeal, which has ebbed somewhat since it hit a record high above $3,500 an ounce in April. The precious metal is still up more than a quarter so far this year though, with Goldman Sachs Group Inc. saying last week it would remain a hedge against inflation in long-term portfolios, along with oil.
Spot gold rose 0.8% to $3,314.36 an ounce as of 12:52 p.m. in Singapore. The Bloomberg Dollar Spot Index dipped. Silver rose, while platinum and palladium edged lower.
Looking ahead, there are a slew of labor-market indicators due this week — including the May employment report — which will help to steer US monetary policy.
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‘It is a whole different environment': Republicans revisit key Biden investigations with new momentum
The House Judiciary Committee is expected to interview former Hunter Biden special counsel David Weiss behind closed doors on Friday, two sources familiar with the interview told CNN, as part of a broader Republican effort to revisit previous probes into the Biden family that stalled last Congress but are gaining new momentum now that Republicans control both chambers of Congress and the White House. The scheduled interview, which could still be moved, would be the second time the Republican-led panel will interview Weiss about his work as Republicans continue to probe whether the investigation was hampered by political interference. Weiss has still never testified publicly about his six-year criminal probe into the president's son, which included three convictions, but was ultimately short-circuited as a result of the former president's unconditional pardon of his son. House Judiciary Republicans have long wanted to call Weiss, the Trump-appointed US attorney, back for questioning after his first closed-door interview in 2023. Committee Republicans were also able to finally secure interviews with two Department of Justice tax division prosecutors involved in the Hunter Biden probe who they had been aggressively pursuing for months, one of the sources familiar told CNN. The Justice Department is working with Weiss to provide access to documents he may need for his interview, a person briefed on the matter said. Any delays in getting access to documents would be a scheduling issue and the ability to have personnel who can oversee it, the person briefed on the matter said. It's not the only Biden investigation Republicans are reexamining that leans into a fresh political appetite with GOP control of Washington. House Oversight Chair James Comer is returning to his probe of the former president's mental fitness in an entirely new landscape after a recent book by CNN's Jake Tapper and Axios' Alex Thompson put Joe Biden's physical and mental decline back in the spotlight. Comer told CNN he is in the process of scheduling key interviews with Biden's White House physician, Dr. Kevin O'Connor, and other senior aides who had all rebuffed his efforts last Congress. Beyond the five initial interviews from Biden's orbit, the Republican Chairman told CNN he wants to look at the executive orders Biden signed in his last six months in office and use of the autopen. In the weeks immediately after Biden's disastrous 2024 debate performance that unraveled his presidential campaign and upended the Democratic party, Comer requested to interview Biden's doctor and subpoenaed three senior Biden aides to discuss their roles in the Biden White House, which never materialized. Now, Comer said in an interview with CNN, 'it is a whole different environment.' At the time of his 2024 interview requests, Comer's impeachment inquiry into the Biden family's business dealings had fallen apart and the Biden administration felt no incentive to comply with the House Oversight Committee. Probing Biden's decline now, Comer says, will be a lot easier than trying to convince his colleagues of an alleged Biden family foreign influence peddling scheme, which even Comer conceded was difficult to do, particularly in a minute or less on Fox News. Republicans failed to uncover evidence to support their core allegations against the president, and lacked the votes in their divided, narrow majority last Congress to impeach the president. 'The money laundering and the shell companies, the average American couldn't understand that. I mean, that was hard to understand,' Comer told CNN. 'You know, I did not do a good job explaining that.' But with his investigation into Biden's mental and physical decline, Comer said, 'people see a president that clearly is in decline. They saw it in the debate.' Democrats sought to dismantle the Republican-led 11 month impeachment inquiry into Biden last Congress at every turn. Comer told CNN that although those Democrats aren't jumping at the opportunity to cooperate now, he does not see them as being obstructive either. 'I take that as a step in the right direction,' he told CNN. Tapper and Thompson's book documents how Biden, his closest aides and his family forged ahead with the former president's doomed 2024 reelection bid despite signs of his physical and mental decline. In a previous statement to CNN, a Biden spokesman criticized the book, saying that evidence shows that 'he was a very effective president.' Former Democratic Rep. Dean Phillips, who launched a long-shot challenge to Biden and was outspoken about his concerns over the former president's age, told CNN he did not think there needed to be an investigation on Capitol Hill at this point into Biden's fitness as president. 'This case already went to trial, the jury of American voters convicted the party of the accused, and handed out the harshest political punishment possible-losing the single most consequential election in modern history,' Phillips told CNN. Instead, Phillips called on Biden to authorize his physician to disclose his health file and condition under oath. 'Only if the former president refuses, or if questioning uncovers possible criminal activity, should an investigation be initiated,' Phillips added. Biden was recently diagnosed with an 'aggressive form' of prostate cancer. CNN's Evan Perez contributed to this report.
Yahoo
31 minutes ago
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Internal Docs Raise Questions About Trump IRS Pick Billy Long's ‘No-Show Jobs' And ‘Strange' Schedule Inside A Powerful Agency
It's not quite clear what is happening with former Missouri Congressman Billy Long and his associates at the federal Office of Personnel Management, where he has been a senior advisor to the director since March. And Long's internal OPM calendar, which was obtained and reviewed by TPM, doesn't exactly shed light on the situation. In fact, multiple former OPM employees who discussed the matter with us said Long's schedule — which shows him averaging less than three items per week over the past three months — only adds to the questions about his workload and whether he is complying with recordkeeping requirements. In a statement to TPM, Oregon Senator Ron Wyden, who is the ranking Democrat on the Finance Committee, suggested the calendar data from OPM indicates Long and some of his associates were taking advantage of the agency, which plays a crucial part in the federal bureaucracy. 'If you ask me, it sure looks like Congressman Long got himself and some pals no-show jobs with maxed-out federal salaries,' Wyden said, adding, 'Somebody who abuses taxpayer dollars like that shouldn't come within 100 miles of the IRS.' Long and an OPM spokesperson did not respond to detailed questions from TPM about his schedule and role at the agency. OPM, which essentially serves as the chief human resources office and personnel policy manager for the federal government, is not the most high profile agency, but it is an influential one. During the second Trump administration, it has played a particularly central role, working closely with the Department of Government Efficiency — the initiative spearheaded by Elon Musk — to slash the federal workforce. Even as his current job is raising eyebrows, Long is on his way to taking a more powerful post. On Tuesday, members of the Senate Finance Committee voted 14-13 along party lines to advance Long's nomination to become commissioner of the Internal Revenue Service. That sets the stage for a Senate floor vote that could end in Long's confirmation. President Trump announced his intention to have Long lead the tax agency on Dec. 4, 2024. Long, who represented Missouri's Seventh Congressional District from 2011 until 2023, previously pushed to abolish the IRS and earned a reputation as a staunch Trump loyalist. As TPM has previously reported, Long was one of the members of Congress who promoted bogus conspiracy theories in texts with Trump's former chief of staff, Mark Meadows, during the president's fight to overturn his loss in the 2020 election. In the announcement about the nomination, which came before Trump took office for his second term, the president boasted of Long's past work as an auctioneer and described him as the 'consummate 'people person.'' Since then, Long has been installed at OPM as his nomination has worked its way through the Senate. In that time, various controversies have erupted around his nomination to lead the IRS. These include questions about Long's tax credentials, which seem to come from a Florida business that offers a three-day seminar, and about his past private-sector work promoting a non-existent tax credit as well as another credit that has been described as 'riddled with fraud.' And, in recent weeks, Long's stint at the OPM has added to those concerns. On May 23, shortly after Long appeared before the Senate Finance Committee, members provided him with additional written questions for the record. Wyden, who cited the internal OPM calendars, took the opportunity to ask Long about the work that he and three associates — Ben Elleson, Karen Meads, and Mark Czuchry — are doing at OPM. According to Wyden, Long's in-person answer about the role that he and his associates play at the agency left much to be desired. 'If Congressman Long and his associates had real jobs doing serious work at OPM they'd have proven it to us when we gave him the opportunity,' Wyden said. 'The best he could do when staff questioned him on this was to read aloud a printout of a random press release and garble a few brief answers about proofreading and retirement issues, and it wasn't believable at all.' In his written questions to Long, Wyden claimed that both Long and Elleson, who was previously deputy chief of staff and legislative director in Long's House office, were both earning $195,200, which is the maximum salary for a federal worker in Washington D.C. Wyden also referenced the calendars as he asked Long, 'How many hours per week do you work?' Long's response did not directly answer that question or several others that were asked by the senator about his specific accomplishments and schedule. Instead, Long offered a terse three sentence reply. 'As a Senior Advisor at OPM, I work with the Acting Administrator in modernizing and digitizing the federal government retirement system,' Long wrote. 'This includes identifying improvements and discussing options to better serve federal employees. I work at OPM in the Washington, D.C. headquarters.' TPM obtained and reviewed internal OPM calendars that were provided by a source involved in Long's confirmation. They show Long had a total of 34 items on his schedule during March, April, and May, a period that included thirteen weeks and 64 working days. The calendars did not detail the appointments on Long's schedule, but none appeared to last a full day. And many of the items on Long's calendar may not have been work at all. Eleven of them were identified as 'tentative,' rather than scheduled commitments, and one of the blocked off periods was explicitly listed as 'free.' Long's associates at the agency had similarly open schedules. The calendars show Elleson, whose title at OPM is reportedly 'senior adviser,' had 65 items scheduled, an average of slightly more than one thing per day for the three-month period. Of these, eight were listed as 'tentative' and three were identified as 'free.' According to Wyden's questions for the record, Meads, who spent a dozen years serving as the scheduler in Long's district office, is earning a salary of $175,000. Her OPM calendar shows just six items for all of March and April. Everything on Meads' schedule during that two month period was identified as either 'tentative' or 'free.' Meads' calendar for the month of May was completely empty. In his written responses to Wyden, Long defended the work of both of his associates while providing few details. 'Mr. Elleson is a trusted and respected employee with years of experience. He was brought on following normal hiring practices and procedures,' Long wrote, later adding, 'Ms. Meads is a seasoned employee with extensive government experience. She was brought on following normal hiring practices and procedures.' Elleson and Meads did not respond to requests for comment from TPM. A former senior OPM staffer who left the agency prior to Trump's second term and requested anonymity to avoid retaliation said the lack of activity on these calendars is unusual. 'I can't imagine a day that I had less than six or seven meetings when I was at OPM — or more — that were back to back. That's especially true for senior directors,' the former senior staffer said. The ex-staffer went on to point out that DOGE, the so-called government efficiency agency, has extensively focused on OPM and placed personnel inside the agency. One of the items highlighted by DOGE as part of efforts to eliminate 'waste, fraud, and abuse' is a decommissioned mine in Pennsylvania that OPM has used to warehouse retirement records. Because many of the retirement functions that Long has suggested he is focused on are based there rather than in D.C., the former staffer suggested his work should include an abundance of online meetings that would crop up on the calendar. 'As DOGE mocked or made clear, retirement services is based in a mine in Pennsylvania, so your work cannot be done in person,' the former staffer said. Obviously, it is possible that Long and his associates are simply not inputting all of their activity on the internal calendar system. However, the former senior staffer suggested this would raise other issues since federal recordkeeping requirements call for detailed tracking. Long's third associate at OPM, Mark Czuchry, brings up a whole host of other issues unrelated to workload and bookkeeping. Czuchry is a Minnesota lawyer and partner at the financial firm Lifetime Advisors, which employed Long after he left Congress in 2023. Czuchry, a member of his family, and other employees at Lifetime Advisors were among a group of donors who provided Long with an influx of campaign donations after Trump announced his nomination. Long used that cash to reimburse himself for a personal loan he had made to the failed Senate bid that led him to abandon his House seat. And, last month, the news outlet The Lever surfaced a recording where the CEO of a financial services company touted his relationship with Long and asserted that, if he was confirmed, Long planned to bring Czuchry on board at the IRS. In his written questions to Long, Wyden said Czuchry is also earning a $195,200 salary at OPM. Wyden also noted the fact 'Czuchry was one of many individuals who recently contributed to your Senate campaign fund.' Wyden went on to ask about Czuchry's role at OPM and whether Long wanted to have the attorney 'join' him at the IRS. 'Mr. Czuchry is not employed at OPM and does not plan on being employed by the IRS,' Long wrote in his response, which was submitted on Friday. However, OPM records obtained by the Project on Government Oversight last month described Czuchry as a 'senior advisor' at OPM. While Czuchry seems to have worked at the agency in the past, an OPM spokesperson told Bloomberg for a May 15 story that he had left. Czuchry also had an internal OPM calendar. Like the others belonging to Long and his associates, it was conspicuously empty. There were 27 items on Cuzchry's calendar in March and April of this year. Of those, ten were listed as 'tentative' and one was identified as 'free.' In May, Czuchry's calendar displayed six items, all of which were listed as either 'tentative' or 'free.' A second former OPM employee who left the agency earlier this year and declined to be named for fear of retaliation described Long and his associates' calendars as 'pristine' and said the absence of appointments on them was 'incredibly unusual and disturbing.' The employee had firsthand knowledge of the calendars and said they had raised concerns among others at the agency. 'To be a senior adviser and not be having meetings with various teams — particularly for these sweeping policy initiatives — is strange. They're trying to reimagine the federal workforce,' the employee said. 'They would be meeting with multiple teams. You would be seeing advising or fact finding scheduled throughout the day.' The employee also stressed that, due to its role providing oversight to other agencies, OPM is especially concerned with maintaining standards and procedures. Because of this, the person said, it was particularly problematic to 'have a pocket of four people who aren't contributing to personnel policy in any way but are taking salary.' They also echoed the concerns about recordkeeping and suggested the situation with Long and his associates is even more troubling given the Trump administration's supposed commitment to government efficiency. 'What are these people adding? Why are the American taxpayers paying for him and these three people? What are the taxpayers getting for this time that they have purchased? It doesn't look like anything and that's incredibly disturbing,' the former employee said, adding, 'Talk about 'waste, fraud, and abuse.' What is going on at the government personnel agency? … We always talk about the tone being set, so if this is happening at the personnel agency, what else is happening?'
Yahoo
31 minutes ago
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Scientists Studying Earth's Trees Issued a Stark Warning to Humanity
From towering coastal redwoods to dinosaur-era Wollemi pines and firs that make the perfect Christmas trees, even our most revered woody plants are in grave danger. But the loss of these species isn't just a blow to local forests – it threatens entire ecosystems, research shows. In 2021, the State of the World's Trees report revealed a startling finding: one-third of all tree species are on the brink of extinction, totaling around 17,500 endangered tree species. This is more than double the number of all threatened mammals, birds, amphibians, and reptiles combined. Some tree species are so rare that only a single known individual remains, such as the solitary palm, Hyophorbe amaricaulis, in Mauritius. In a subsequent study from 2022, the same researchers issued a "warning to humanity" about the far-reaching consequences of losing these trees, backed by 45 other scientists from 20 different countries. Conservation biologist Malin Rivers from Botanic Gardens Conservation International and colleagues outline the many impacts these losses will have on our economies, livelihoods, and food. Most of our fruit comes from trees, as do many nuts and medicines, with non-timber products amounting to about US$88 billion worth of trade. In the developing world, 880 million people rely on firewood for fuel, and 1.6 billion people live within 5 kilometers (3 miles) of a forest, relying on them for food and income. All up, trees contribute about US$1.3 trillion annually to the global economy, yet we're destroying billions of them every year – clearing massive tracts of land for farming and development. Trees are each their own little worlds, teeming with all sorts of single- and multicellular-life forms, including other plants, fungi, bacteria, and animals. Lose a tree, and this entire world dies too. They often form the supportive base for the whole web of life around them. In fact, half of all the world's animals and plants rely on treed habitats. "Habitat loss is frequently tree loss, it is at the root of that when we look at extinction concerns for animals or birds," Rivers told Nature World News in 2022. "There is no way we can take care of all the other creatures there if we don't take care of the trees." As with all living systems, losing diversity makes the whole jumble of living connections more vulnerable. This is because less variation means less diversity in immune response, in genes, and responses to environmental conditions, meaning lower chances of surviving the many threats battering the complex web of interactions that is life on Earth. Some tree species provide unique interactions and can't be replaced by other species. This includes the distinctive dragonsblood trees (Dracaena cinnabari), leftover from the ancient Oligocene woodlands, which are host to many other species that are entirely dependent on them, including many other plants and the gecko that pollinates them. So the extinction of a single species can cause a massive domino effect across everything else that interacts with it, even if they're already rare. Species that rely on our dwindling forests have already declined by around 53 percent since 1970, and more forests around the world are showing signs of increasing stress. This doesn't just impact the other life trees interact with either. Trees are interwoven with Earth's soil, atmosphere, and weather, too – cleaning our air, producing oxygen, and making it rain. They store three-quarters of the world's accessible freshwater and more than half its problematic carbon dioxide. Lose enough trees and our planet's cycling of carbon, water, and nutrients will be thrown into disarray. "We're showing that diverse forests store more carbon than monocultures," Rivers told The Guardian. "That's true for many ecological functions, not just carbon capture, but providing habitat to animals, soil stabilization, resilience to pests and diseases, resilience to storms and adverse weather. By losing tree diversity, we'll also lose diversity in all organisms: birds, animals, fungi, microorganisms, insects." A few tree species are getting lucky and are able to take advantage of the rapid environmental changes we've caused, like those creeping into territory that fires have cleared. But many more are being obliterated by the same processes. Much needs to be done to combat this at a collective level, but we all can play a part by recognizing the importance of trees and fighting our own plant blindness. In 2022, researchers pointed out that fewer people than ever are taking up botanical education in the UK at a time when we need plants more than ever. We must all think of the trees. The research was published in Plants, People, Planet. An earlier version of this article was published in September 2022. Dramatic Collapse of Swiss Glacier a Chilling Warning, Experts Say South Africa Is Rising Up Out of The Ocean, Scientists Reveal An Extreme Drop in Oxygen Will Eventually Suffocate Most Life on Earth
