Moody's pushes US out of top triple-A rating club, citing debt
Moody's downgraded the U.S. sovereign credit rating on Friday (May 16) due to concerns about the nation's growing, $36-trillion debt pile, in a move that could complicate President Donald Trump's efforts to cut taxes and send ripples through global markets. Diane To reports.
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Telegraph
32 minutes ago
- Telegraph
Trump warns China ‘not easy' as trade talks enter second day
7:34AM Good morning Thanks for joining me. Donald Trump said it was 'not easy' dealing with China but insisted he had received 'good reports' about trade negotiations between Washington and Beijing officials in London. Here is what you need to know as talks enter a second day. 5 things to start your day Apple's AI event falls flat as iPhone maker struggles | Investors sent shares downwards as Apple unveiled minor upgrades Thames Water lenders demand reprieve on fines in £17bn rescue deal | Ofwat urged to consider 'regulatory reset' after struggling utility giant hit with record penalty Nervous families freeze spending in blow to growth hopes | Fresh pressure on Rachel Reeves as retail sales rise just 1pc Miliband warned carbon capture project faces collapse without £4bn injection | Fledgling green tech has already received almost £22bn in public subsidies SNP ferry scheme suffers fresh blow after rain causes ship to flood | Glen Rosa is already behind schedule and £100m over budget What happened overnight Asian shares were mixed on Tuesday as investors kept an eye on the China-US trade talks that might help stave off a recession. A second day of talks was planned after US and Chinese officials met in London for negotiations over various issues. The hope is that they can eventually reach a deal to reduce painfully high tariffs against each other. Most of the tariff hikes imposed since Donald Trump escalated his trade war are paused to allow trade in everything from tiny tech gadgets to enormous machinery to continue. In Asian trading, Tokyo's Nikkei 225 gained 0.2pc to 38,177.71, while the Kospi in South Korea jumped 0.3pc to 2,865.24. Hong Kong's Hang Seng fell 0.2pc to 24,127.30 and the Shanghai Composite index was down 0.5pc to 3,384.47. In Taiwan, the Taiex surged 2.1pc to 22,242.14. Australia's S&P/ASX 200 advanced 0.8pc to 8,587.20. On Wall Street, the Dow Jones Industrial Average was flat, at 42,761.76, the S&P 500 rose 0.1pc, to 6,005.88. and the Nasdaq rose 0.3pc, to 19,591.24. In the bond market, the yield on benchmark 10-year US Treasury notes fell to 4.478pc from 4.494pc late on Sunday.
Telegraph
33 minutes ago
- Telegraph
California is losing the court of public opinion
In the on-going Battle of Los Angeles, California governor Gavin Newsom may have the law on his side – but his adversary president Donald Trump has the most powerful imagery. The conflict began in Los Angeles on Friday, when mobs of protestors attacked agents of the US Immigrations and Customs Enforcement (ICE), who were trying to serve warrants on specific illegal immigrants at a Home Depot and also at a clothing store. On Saturday, during a protest in front of a nearby Department of Homeland Security (DHS) office, members of the crowd lit fires and threw rocks at federal officers, who defended themselves with tear gas and non-lethal ammunition. Later that day, president Trump authorised the deployment of 2000 members of the National Guard to protect the federal ICE agents; since then 700 American Marines have been added to the federal force. Governor Newsom and other leaders of the Democratic-dominated California have claimed that Trump's actions were not needed because local and state authorities had the situation under control. And yet on Sunday, following three days of violence and arrests, the Los Angeles Police Department declared downtown Los Angeles an 'unlawful assembly' area. And on Monday the state of California sued the Trump administration, claiming that Trump 'illegally acted to federalise the National Guard,' in the words of Newsom. Typically a governor requests a president to federalise and mobilise the National Guard to deal with riots or natural disasters. For example, consider the Los Angeles riots of 1992. It was sparked by the acquittal of four white police officers who beat a black motorist named Rodney King and it led to more than fifty deaths and a billion dollars of damage; in response a Republican California governor Pete Wilson asked a Republican president George HW Bush to federalise the National Guard. Not since 1965, when president Lyndon B. Johnson sent the National Guard to Alabama to protect civil rights demonstrators, has a president sent troops without a governor's request. While California officials might be able to make a legal case against the Trump administration, the state and the Democratic party risk losing in the court of public opinion. Viral photographs show masked rioters waving Mexican flags in front of burning cars and debris, supporting the Trump White House's inflammatory claims about an immigrant invasion. In a shrewd public relations move, the federal Department of Homeland Security (DHS) has released mug shots under the heading: 'ICE Captures Worst of the Worst Illegal Alien Criminals in Los Angeles Including Murderers, Sex Offenders, and Other Violent Criminals.' The rogues' gallery contains illegal immigrants from a number of countries including Vietnam, the Philippines, and Mexico, charged with offenses including attempted rape, assault with a deadly weapon, grand theft larceny, distribution of heroin and cocaine, wilful cruelty to a child and other serious crimes. Democrats recently succeeded in reversing the allegedly unlawful deportation to El Salvador of Kilmar Abrego Garcia, an illegal immigrant from El Salvador who was granted the right to remain in the US by a federal immigration judge. But on his return he was indicted by a federal grand jury on charges of being an MS-13 gang member who has smuggled thousands of illegal immigrants, drugs, and firearms in the US. Democratic strategists might ask whether someone like Abrego Garcia should be the face of the Democratic party. At least, unlike some of the rioters cavorting in front of burning wreckage in LA, he does not wear a mask.
The Guardian
35 minutes ago
- The Guardian
PM says journalist's shooting with rubber bullet raised with US; another embryo bungle at Monash IVF; and life behind a beauty counter
Welcome to Afternoon Update. The Los Angeles Police Department has responded to reports of media being hit with rubber bullets while covering protests in LA, saying 'we're very concerned about it and we're looking into that'. Nine's US correspondent Lauren Tomasi was hit with a rubber bullet on Monday and a British news photographer believed he was also likely hit over the weekend with a non-lethal round. Speaking at the National Press Club, Anthony Albanese described the footage, which appears to show an LAPD officer aiming in the direction of Tomasi, as 'horrific'. The prime minister said there was 'no ambiguity' that Tomasi was a reporter, and that the issue has been raised with the US administration. Monash IVF admits second bungled embryo implant, this time at Victorian clinic Erin Patterson denies lying about making herself vomit after fatal mushroom lunch New Zealand government sued over 'dangerously inadequate' emissions reduction plan RFK Jr to remove all members of CDC panel advising on US vaccines Public disorder breaks out in Northern Ireland town Ballymena after alleged sexual assault Israel preparing to deport Gaza aid boat activists, including Greta Thunberg Funk music pioneer Sly Stone has died aged 82. He leaves behind a career filled with influential, experimental and uplifting music that's soundtracked generations of dancefloors. 'If we have another three years like the last six years, the party will disappear.' Intense discussions are under way within the Liberal party about an alternative to the three-person administrative committee now in control of its New South Wales branch. Liberals who spoke to Guardian Australia take us inside the battle for the soul of the party in NSW. Sign up to Afternoon Update Our Australian afternoon update breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion The Climate Council issued the prediction on Tuesday, amid heightened demand for home batteries after the announcement of a $2.3bn federal government scheme to subsidise their purchase by 30% from July. Life outside work can be chaotic and grubby, but things are different behind the beauty counter: its strict code of conduct, its obsession with ritual and its insistence that perfection is possible between the hours of 10 and six. Perhaps you know someone with the same story as Chloe Elisabeth Wilson? Someone who went from casual employee to dedicated, dewy-skinned disciple. Today's starter word is: LIP. You have five goes to get the longest word, including the starter word. Play Wordiply. Enjoying the Afternoon Update? Then you'll love our Morning Mail newsletter. Sign up here to start the day with a curated breakdown of the key stories you need to know, and complete your daily news roundup. And follow the latest in US politics by signing up for This Week in Trumpland.
