Iran's Atomic Energy Organization says it will not allow nuclear development to stop
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South China Morning Post
2 hours ago
- South China Morning Post
US Justice Department to investigate Federal Reserve's Lisa Cook, urges her removal
The US Justice Department signalled possible plans to investigate Federal Reserve Governor Lisa Cook, with a top official informing Federal Reserve Chair Jerome Powell of the probe and encouraging him to remove her from the board in a letter sent on Thursday. Ed Martin, a Justice Department official who has led similar investigations into Senator Adam Schiff of California and New York Attorney General Letitia James, told Federal Reserve Chair Jerome Powell that Cook's case 'requires further examination' in the letter. 'At this time, I encourage you to remove Ms Cook from your Board,' Martin wrote. 'Do it today before it is too late! After all, no American thinks it is appropriate that she serve during this time with a cloud hanging over her.' US President Donald Trump has discussed firing Cook, according to a White House official familiar, but that is not under active consideration. Trump would prefer to see Cook resign or be fired by Powell, said the official, who spoke on condition of anonymity because they were not authorised to speak publicly on the issue. Powell does not have the legal authority to fire Cook, a Senate-confirmed presidential appointee. Only the president can remove a Fed governor and only for cause. Cook on Wednesday said she intended to remain at the central bank, after Trump called for her resignation.
South China Morning Post
5 hours ago
- South China Morning Post
Trump's ‘excessive' US$515 million fraud penalty dismissed by appeal court
An appeal court has thrown out the massive civil fraud penalty against US President Donald Trump, ruling on Thursday in New York state's lawsuit accusing him of exaggerating his wealth. The decision came seven months after the Republican returned to the White House. A panel of five judges in New York's mid-level Appellate Division said the verdict, which stood to cost Trump more than US$515 million and rock his real estate empire, was 'excessive'. After finding that Trump engaged in fraud by flagrantly padding financial statements that went to lenders and insurers, Judge Arthur Engoron ordered him last year to pay US$355 million in penalties. With interest, the sum has topped US$515 million. The total – combined with penalties levied on some other Trump Organization executives, including Trump's sons Eric and Donald Jnr – now exceeds US$527 million, with interest. 'While the injunctive relief ordered by the court is well crafted to curb defendants' business culture, the court's disgorgement order, which directs that defendants pay nearly half a billion dollars to the State of New York, is an excessive fine that violates the Eighth Amendment of the United States Constitution,' Judges Dianne T. Renwick and Peter H. Moulton wrote in one of several opinions shaping the appeal court's ruling. Engoron also imposed other punishments, such as banning Trump and his two eldest sons from serving in corporate leadership for a few years. Those provisions have been on pause during Trump's appeal, and he was able to hold off collection of the money by posting a US$175 million bond.
South China Morning Post
13 hours ago
- South China Morning Post
Newsom takes Trump meme war to Maga, delighting Democrats and irking Republicans
All-caps hyperbole, wild accusations and idiosyncratic spelling: not just an average Wednesday on Donald Trump's Truth Social feed, but a new digital media strategy for California Governor Gavin Newsom that is delighting Democrats – and riling Republicans. Newsom – hotly tipped for the 2028 Democratic presidential nomination – has been parodying Trump with a series of posts written in the Republican leader's distinct style that he hopes will show his party how to beat the social media master at his own game. In recent weeks, the governor has posted all manner of manipulated images depicting him in the kind of over-the-top vignettes popular among Trump's 'Maga' movement – superimposing his face on Mount Rushmore and appearing to pray with Maga favourites Tucker Carlson, Kid Rock and Hulk Hogan. When Trump's one-word weekend post – saying simply 'Bela' – left the president's supporters scratching their heads, Newsom posted a screenshot alongside his own caption: 'DONALD (TINY HANDS), HAS WRITTEN HIS AUTOBIOGRAPHY THIS MORNING - UNFORTUNATELY (LOW IQ) HE SPELLED IT WRONG - 'BETA.'' The 57-year-old Democrat mocked Trump's salesman-like rhetorical style in a post about redistricting plans that he said had led 'MANY' people to call him 'GAVIN CHRISTOPHER 'COLUMBUS' NEWSOM (BECAUSE OF THE MAPS!).' And he has taken to ending his posts with the much-mocked sign-off that Trump, 79, made famous: 'THANK YOU FOR YOUR ATTENTION TO THIS MATTER!'
