logo
Trump hosts military parade as nationwide ‘No Kings' protests denounce him

Trump hosts military parade as nationwide ‘No Kings' protests denounce him

Al Jazeera11 hours ago

NewsFeed Trump hosts military parade as nationwide 'No Kings' protests denounce him
A massive military parade in Washington DC to mark 250 years since the founding of the US Army coincided with Donald Trump's 79th birthday. At the same time, protesters in thousands of cities rallied with the message that Americans want 'No Kings'.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

As Donald Trump mulls sanctions, Russia's military economy slows
As Donald Trump mulls sanctions, Russia's military economy slows

Qatar Tribune

time3 hours ago

  • Qatar Tribune

As Donald Trump mulls sanctions, Russia's military economy slows

Agencies After three years of doom-defying growth, Russia's heavily militarized economy is slowing, facing a widening budget deficit and weak oil prices, all under the threat of more Western sanctions. Huge spending on guns, tanks, drones, missiles and soldiers for the Ukraine campaign helped ensure Moscow bucked predictions of economic collapse after it launched its offensive in 2022. But as Kyiv's most important backers head Sunday to Canada for the G7, where US President Donald Trump will face pressure to hit Russia with fresh sanctions, the Kremlin's run of economic fortune is showing signs of fatigue. 'It is no longer possible to pull the economy along by the military-industrial complex alone,' Natalia Zubarevich, an economist at Moscow State University, told AFP. Government spending has jumped 60 percent since before the offensive, with military outlays now at nine percent of GDP, according to President Vladimir Putin. 'Almost every other sector is showing zero or even negative growth,' said Zubarevich. Russia's economy expanded 1.4 percent on an annualized basis in the first quarter—down from 4.1 percent in 2024 to its lowest reading in two years. The central bank predicts growth of no more than 1-2 percent this year. Russia's economy 'is simply running out of steam', Alexandra Prokopenko, a former central bank advisor and now analyst based outside Russia, wrote in a recent note. Putin, who has revelled in Russia's strong performance, has brushed off concerns. 'We do not need such growth,' he said at the end of last year, when the slowdown started. Rapid expansion risked creating 'imbalances in the economy, that could cause us harm in the long run', he said. Top among those imbalances has been rapid inflation, running at around 10 percent. The Central Bank last week nudged interest rates down from a two-decade-high saying price rises were moderating. But those high borrowing costs—combined with falling oil prices—are the main factors behind the slowdown, economist Anton Tabakh told AFP. Russia's Urals blend of crude oil sold for an average of $52 a barrel in May, down from $68 in January—a big reduction in energy revenues, which make up more than a quarter of government income. Russia this year has raised taxes on businesses and high earners, essentially forcing them to stump up more for the Ukraine offensive. But the new income 'only covers the shortfall in oil sales', said Zubarevich. With tighter finances, Russia's parliament was this week forced to amend state spending plans for 2025. It now expects a budget deficit of 1.7 percent of GDP—three times higher than initially predicted. Ukrainian President Volodymyr Zelensky is urging Trump to whack a fresh set of economic sanctions on Moscow as punishment for rejecting ceasefire calls and continuing with its deadly bombardments of Ukrainian cities. 'Russia doesn't really care about such human losses. What they do worry about are harsh sanctions,' Zelensky said Thursday. 'That's what really threatens them—because it could cut off their funding for war and force them to seek peace,' he added. Trump's intentions are unclear. He has publicly mulled both hitting Moscow with new sanctions and removing some of the measures already in place. Some US senators, including Republicans, have proposed hitting countries that buy Russian oil with massive tariffs, to try to dent the flow of billions of dollars to Moscow from the likes of China and India. In Moscow, officials flip between blasting sanctions as an 'illegal' attack on Russia and brushing them off as an ineffective tool that has backfired on Europe and the United States. Russia has also talked up its ability to continue fighting for years—whatever the West does—and has geared its economy to serving the military. Moscow still has the cash to wage its conflict 'for a long time', Zubarevich said. 'Through 2025 definitely. 2026 will be a bit tougher but they will cut other expenses. This (military) spending will stay.'

Trump reports more than $600 million in income from crypto, golf, licensing fees
Trump reports more than $600 million in income from crypto, golf, licensing fees

Qatar Tribune

time3 hours ago

  • Qatar Tribune

Trump reports more than $600 million in income from crypto, golf, licensing fees

Agencies Donald Trump reported more than $600 million in income from crypto, golf clubs, licensing and other ventures in a public financial disclosure report released on Friday that provided a glimpse of the vast business holdings of America's billionaire president. The annual financial disclosure form, which appeared to cover the 2024 calendar year, shows the president's push into crypto added substantially to his wealth but he also reported large fees from developments and revenues from his other businesses. Overall, the president reported assets worth at least $1.6 billion, a Reuters calculation shows. While Trump has said he has put his businesses into a trust managed by his children, the disclosures show how income from those sources still ultimately accrue to the president - something that has opened him to accusations of conflicts of interest. Some of his businesses in areas such as crypto, for example, benefit from US policy shifts under him and have become a source of criticism. The White House did not immediately respond to a request for comment. The financial disclosure was signed on June 13 and did not state the time period it covered. The details of the cryptocurrency listings, as well as other information in the disclosure, suggest it was through the end of December 2024, which would exclude most of the money raised by the family's cryptocurrency ventures. Given the speed at which the Trump family has made deals during his ascent to the presidency, the filing is already a time capsule of sorts, capturing a period when the family was just starting to get into crypto but was largely still in the world of real estate deals and golf clubs. A meme coin released earlier this year by the president - $TRUMP - alone has earned an estimated $320 million in fees, although it's not publicly known how that amount has been divided between a Trump-controlled entity and its partners. In addition to the meme coin fees, the Trump family has raked in more than $400 million from World Liberty Financial, a decentralized finance company. The Trump family is involved, also, with a bitcoin mining operation and digital asset exchange-traded funds. In the disclosures, Trump reported $57.35 million from token sales at World Liberty. He also reported holding 15.75 billion governance tokens in the venture. The wealth of the Republican businessman-turned-politician ranges from crypto to real estate, and a large part on paper is tied up in his stake in Trump Media & Technology Group DJT.O, owner of social media platform Truth Social. Besides assets and revenues from his business ventures, the president reported at least $12 million in income, including through interest and dividends, from passive investments totaling at least $211 million, a Reuters calculation shows. His biggest investments were in alternative fund manager Blue Owl Capital Corp and in government bond funds managed by Charles Schwab and Invesco. The disclosure often only gave ranges for the value of his assets and income; Reuters used the lower amount listed, meaning the total value of his assets and income was almost certainly higher. The disclosure showed income from various assets including Trump's properties in Florida. Trump's three golf-focused resorts in the state - Jupiter, Doral and West Palm Beach - plus his nearby private members' club at Mar-a-Lago generated at least $217.7 million in income, according to the filing. Trump National Doral, the expansive Miami-area golf hub known for its Blue Monster course, was the family's single largest income source at $110.4 million. The income figures provided are essentially revenues, not net profits after subtracting costs. The disclosure underlined the global nature of the Trump family business, listing income of $5 million in license fees from a development in Vietnam, $10 million in development fees from a project in India and almost $16 million in licensing fees for a Dubai project. Trump collected royalty money, also, from a variety of deals - $1.3 million from the Greenwood Bible (its website describes it as 'the only Bible officially endorsed by Lee Greenwood and President Trump'); $2.8 million from Trump Watches, and $2.5 million from Trump Sneakers and Fragrances. Trump listed $1.16 million in income from his NFTs - digital trading cards in his likeness - while First Lady Melania Trump earned around $216,700 from license fees on her own NFT collection.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store