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New York Times
a minute ago
- New York Times
Noem's Spending Rule Causes Delays at Homeland Security Dept.
The new rule came down from Kristi Noem, the homeland security secretary, in June — a decree that she would crack down on wasteful spending by personally approving any expense over $100,000. But Ms. Noem has been slow to sign off on new spending requests, including hundreds of projects that officials have deemed critical to protecting national security and advancing President Trump's immigration agenda, according to internal documents reviewed by The New York Times. As of July 30, the most recent date reflected in most of the documents, at least 530 spending requests were awaiting Ms. Noem's approval, while more than 1,500 other spending requests were awaiting review by lower-level officials before they could land on her desk, according to the documents. And while Ms. Noem said in a June memo that her reviews of the requests could take five days, in many cases they are taking weeks, the documents show. A Department of Homeland Security spokeswoman said that as of Monday, Ms. Noem did 'not have a single contract on her desk awaiting signature' — a statement that could not be independently verified. But what is clear, from documents and interviews with people briefed on the spending requests, is that the bottleneck in the approval process has halted some operations while threatening further disruptions across the sprawling department, which includes more than a dozen agencies and divisions focused on issues as varied as immigration enforcement, airport security and disaster response. At the Transportation Security Administration, for example, a contract for airport screening equipment that helps detect fake passports expired in early July while awaiting approval. A lapse in the contract 'increases the likelihood of bad actors boarding aircraft using fraudulent identification,' T.S.A. officials wrote in the internal documents. 'Failure to award this contract action will significantly impact TSA's ability to monitor and analyze vulnerabilities across the agency's field information systems. … The most affected system will be TSA's Credential Authentication Technology which checks passenger identification and Secure Flight vetting status. During an outage, Secure Flight data cannot be fed to the system, thereby requiring Transportation Security Officers to use less secure, manual methods for verifying passenger identification. This increases the likelihood of bad actors boarding aircraft using fraudulent identification and severely impacts passenger throughput at checkpoints.' Want all of The Times? Subscribe.
Bloomberg
a minute ago
- Bloomberg
HPS-Led Group Nears Deal to Buy $2.2 Billion of Stuck LBO Debt
HPS Investment Partners and a group of lenders, including Apollo Global Management Inc., are snapping up over $2.2 billion of buyout debt that had been stuck on bank balance sheets since the Trump Administration's tariff proposals disrupted markets earlier this year, according to people familiar with the matter. The financing, which was tied to a buyout by Canadian auto parts maker ABC Technologies Holdings Inc., includes a $1.6 billion private credit loan led by HPS as well as a $675 million last-out term loan, said the people, who requested anonymity to discuss private deliberations. Apollo, the sponsor for ABC Technologies, is set to take a portion of the last-out loan, they said.
Yahoo
30 minutes ago
- Yahoo
BJ's earnings, Chair Powell's Jackson Hole speech: What to Watch
Market Domination Overtime host Josh Lipton takes a look at the top stories for investors to watch on Friday, Aug. 22. BJ's Wholesale (BJ) will report second quarter earnings results in the morning after a full week of retail earnings, offering more insight into the state of the consumer. The Kansas City Federal Reserve's annual Jackson Hole Economic Symposium will continue into its second day, when Fed Chair Jerome Powell will deliver his final speech as chairman for the event. Markets will be listening for any possible signals from Powell on how the Fed will proceed with interest rates in September. Tune in to Yahoo Finance on Friday for continued coverage of the Fed event and of Powell's speech at 10 a.m. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime. Time now for to watch Friday, August 22nd. We're going to start off on the earnings front here. I'm going to be getting more reports on Friday, including another key name in the retail sector with BJ's wholesale. BJ's announced results for the second quarter before the markets open. Now it's expecting sales momentum to come in solid for Q2, with the retailer still benefiting from shoppers looking for value and low prices. And the company's membership price hike earlier this year given a bigger boost to revenue. This is coming against the backdrop of what's been mixed earnings results from retailers like Walmart and Target this quarter. Sector still battling a challenging inflationary environment. And taking a look at the Federal Reserve, all eyes will be on Fed chair Jerome Powell's speech at the Jackson Hole Economic Symposium on Friday. Fed watchers will be focusing in on whether Powell provides any signals about his willingness to cut interest rates at the Central Bank's September FOMC meeting. Yahoo Finance will have continuing coverage from Jackson Hole, including Powell's speech at 10:00 a.m. Eastern.
