
US Virgin Islands ship registry plan will strengthen US shipping, governor says
LONDON, May 15 (Reuters) - A proposal to create a new international U.S. ship registry domiciled in the U.S. Virgin Islands aligns with President Donald Trump's efforts to strengthen the country's maritime industry and has support from the territory, its governor said.
President Donald Trump's administration is considering the proposal as part of efforts to enlarge the tiny commercial shipping fleet flying the American flag, sources familiar with the matter told Reuters last week.
Using the USVI could be the most efficient way to "strengthen American maritime posture" because it could provide a U.S.-controlled flag without the costly restrictions associated with a straight U.S. flag registration, according to Eric Dawicki, president of the Center for Ocean Policy and Economics research body, which submitted the proposal to U.S. officials.
The proposal was initially presented to the USVI's administration by Dawicki some two years ago, Governor Albert Bryan Jr. told Reuters in emailed comments.
"He (Dawicki) offered us a chance to participate in a novel idea and (we) thought it was one worth pursuing," Bryan said.
"He has been working hard to get this initiative on the radar of Washington and it seems he has succeeded."
White House officials did not immediately respond to a request for comment.
Dawicki previously co-founded the Dominica flag registry.
Increasing the number of U.S.-flagged vessels is important for Trump's administration because it would enhance the ability of the U.S. commercial shipping fleet to provide logistical support for the military in time of war, and ease Washington's dependence on foreign ships to transport supplies and equipment across sea lanes.
"The initiative makes sense and is in alignment with the Trump administration's initiative to strengthen American shipping," Bryan said.
"We are very excited and look forward to being able to support this initiative to its fruition."
In previous conflicts, such as the 1991 Gulf War, the U.S. relied upon foreign, opens new tab-flagged vessels to bolster shipping access.
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Reuters
28 minutes ago
- Reuters
Morning Bid: No relief from US-China trade truce
A look at the day ahead in European and global markets from Johann M Cherian European investors are set to wake up to a souring mood as rapidly rising tensions in the Middle East and yet another tariff salvo from U.S. President Donald Trump triggered a new wave of dollar-selling and risk-off moves. The much-hyped U.S.-China talks culminated in a fragile truce that may have put a lid on simmering trade tensions between the world's top two economies for now but the lack of details has left investors unnerved. For starters, China President Xi Jinping is yet to give his approval on the 'deal'. And details on how the new tariffs will be implemented are yet to be ironed out and U.S. export restrictions on high-end artificial intelligence chips are still in place. And with the July 8 deadline on worldwide tariffs fast approaching, Trump is back to his unilateral style of policymaking as he said he would send out letters in one to two weeks outlining terms of trade to dozens of other countries, which they could embrace or reject. Markets will be hoping for another TACO moment. While backward looking inflation reports are yet to reflect the price pressures, companies are starting to sound the alarm. Zara-owner Inditex ( opens new tab was the latest to issue a disappointing quarterly report and flag headwinds from trade uncertainty. And as if investors did not have enough to juggle with already, geopolitical tensions in the Middle East are flaring, adding to the risks of rising crude prices fuelling inflation pressures. Supply concerns out of the oil-rich region pushed Brent and West Texas Intermediate futures to two-month highs of nearly $70 a barrel each. In all of this, as my colleague Jamie McGeever points out, valuations in equities and stocks are beginning to appear stretched, compounding the risks to investors in the event of a market selloff. European futures were down 0.7%, while futures in the U.S. are pointing to a lower open on Thursday, but the benchmark indexes in the regions are just about 2% away from their respective record highs. Further, investors continue to question the dollar's safe-haven status. On Thursday, the euro hit a seven-week high and is up 11% this year, poised for its biggest yearly advance since 2017. The central bank bonanza next week could perhaps throw more light on the global economy's outlook. The U.S. Federal Reserve along with the Bank of Japan and the Bank of England are due to announce their policy decisions. Meanwhile, investors will look for a string of UK economic data including reports on gross domestic product and manufacturing output later in the day. Both are expected to reflect a decline in activity on a monthly basis, reigned in by the BoE's cautious approach to monetary policy easing. Key developments that could provide more direction to markets on Thursday: - In the UK: GDP, industrial output, manufacturing output and trade data - In the U.S.: Producer inflation data, initial weekly jobless claims report and an auction of 30-year bonds worth $22 billion - Policymakers expected to speak include ECB's Jose Luis Escriva, Reserve Bank of Australia's David Jacobs - UniCredit ( opens new tab CEO sees slim hopes of BPM ( opens new tab deal, says Commerzbank ( opens new tab too costly - Oracle (ORCL.N), opens new tab raises annual forecast on robust cloud services demand - Warner Bros' (WBD.O), opens new tab credit rating downgraded to junk by Fitch on split-up

Finextra
30 minutes ago
- Finextra
My Big Coin founder fined for crypto fraud
The Commodity Futures Trading Commission today announced the U.S. District Court for the District of Massachusetts entered a final default judgement against Mark Gillespie of Michigan, John Roche of California, My Big Coin Pay, Inc., and My Big Coin, Inc., both of Nevada. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The order requires Gillespie, My Big Coin Pay, Inc., My Big Coin, Inc., and Roche to pay, jointly and severally a $19,326,324 civil monetary penalty and $6,442,108 in restitution to defrauded victims in connection with their role in a digital asset fraud scheme. The order also imposes a permanent injunction against the defendants and bans them from trading in any CFTC-regulated markets; entering into any transactions involving commodity interests or digital asset commodities; and registering with the CFTC. Case Background The default order finds from at least January 2014 through June 2017, Gillespie, My Big Coin Pay, Inc., My Big Coin, Inc., and Roche, together with co-defendant Randall Crater, one of the other co-defendants named in the CFTC's amended complaint, operated a digital asset scheme in which they fraudulently offered the sale of a fully-functioning virtual currency, My Big Coin (MBC), a commodity in interstate commerce. The CFTC dismissed its enforcement action against named co-defendant Michael Kruger because of his death. The defendants obtained more than $6 million from at least 28 customers through fraudulent solicitations, including false and misleading claims and omissions about MBC's value, usage, and trade status, and that MBC was backed by gold. Crater misappropriated virtually all the money solicited from customers, using those misappropriated funds wrongfully. The order resolves the claims against Gillespie, Roche, My Big Coin Pay, Inc., and My Big Coin, Inc., in the CFTC's enforcement action. [See CFTC Press Release 7678-18] The court had previously entered a consent order resolving the CFTC's claims against Crater, who is currently imprisoned for his role in the scheme. [See CFTC Press Release 9051-25] The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable. Parallel Criminal Action On January 18, 2022, a grand jury returned an eight-count superseding indictment charging Crater with wire fraud, unlawful monetary transactions, and operating an unlicensed money transmitting business based on the same conduct alleged in the CFTC's amended complaint. [United States v. Randall Crater, No. 1:19-cr-10063-DJC (D. Mass. Jan. 18, 2022)).] Crater was found guilty of those charges on July 21, 2022, and was sentenced to 100 months in prison and ordered to pay $7,668,317.50 in restitution to defrauded customers and to forfeit $7,668,317.50, which represented the proceeds he received from his violations. The CFTC appreciates the assistance of the U.S. Attorney's Office for the District of Massachusetts, the Fraud Section of the U.S. Department of Justice, and the FBI. Division of Enforcement staff responsible for this case are Traci Rodriguez, Daniel Ullman II, Chrystal Gonnella, Dmitriy Vilenskiy, Paul G. Hayeck, and former Division staff members Jonah E. McCarthy, Jason Mahoney, John Einstman, Hillary Van Tassel, Patricia Gomersall, and Kyong J. Koh.


The Guardian
44 minutes ago
- The Guardian
Boos, cheers and a heavy dose of irony as Trump takes in Les Mis against backdrop of LA protests
'Do you hear the people sing? / Singing the song of angry men? / It is the music of a people who will not be slaves again!' When the rousing anthem of revolution filled the Kennedy Center on Wednesday night, Donald Trump may have had a Pavlovian response along the lines of 'Get me Stephen Miller' or 'Send in the marines'. We will never know. The tuxedo-clad US president had stood on a red carpet, accompanied by first lady Melania in a long black dress, promising a 'golden era' for America before attending the musical Les Misérables, which translates as The Miserable Ones or The Wretched. The story of Les Mis is inspired by the June Rebellion, an 1832 insurrection by republicans against the authoritarianism of a newly established French king. No one is expecting a replay from Republicans in June 2025. Characters include Jean Valjean, who is imprisoned for stealing a loaf of bread then seeks redemption, and Inspector Javert, who is obsessed with law and order and hunts Valjean without mercy. One reporter asked Trump whether he identifies more with Valjean or Javert. 'Oh, that's a tough one,' chuckled the wannabe strongman who sent troops to crush immigration protests in Los Angeles and is about to stage a tank parade on his birthday. 'You better answer that one, honey,' he deflected to Melania. 'I don't know.' It was Trump's first production at the Kennedy Center, the performing arts complex where he pulled a Viktor Orbán and seized control in February. He pushed out the centre's former chair, fired its longtime president and pledged to overhaul an institution that he criticized as too woke. But ticket sales have fallen since and some performers have cancelled shows. On Wednesday, as he took his seat, 78-year-old Trump was greeted with a high-octane mix of cheers and boos that stopped after a round of 'USA' chants. Several drag queens in full regalia sat in the audience, presumably in response to Trump's criticism of the venue for hosting drag shows. One person shouted 'Viva Los Angeles!' as Trump stepped out of the presidential box at the intermission. The president's appearance was meant to boost fundraising for the Kennedy Center and he said donors raised more than $10m. But Maga's efforts to break into the thespian world went about as well as Napoleon's invasion of Russia. Red carpet arrivals for the show were a far cry from the glamour of Cannes, Hollywood or London's West End. Instead of crowds of fans clamouring for autographs and selfies, Trump and his allies walked through an eerily deserted Hall of Nations and looked unsure whether to answer questions yelled by the media. Those who did revelled in cultural ignorance. First came Corey Lewandowski, a former Trump campaign manager who has faced allegations of sexual harassment. He said: 'What's amazing is, out of all the years I've been in Washington DC, I've never been in this building.' JD Vance, the vice-president, walked the red carpet with wife Usha, now on the Kennedy Center's board of trustees, and denied that Trump had staged a 'hostile takeover'. He then tweeted: 'About to see Les Miserables with POTUS at the Kennedy Center. Me to Usha: so what's this about? A barber who kills people? Usha; [hysterical laughter].' Accompanied by his wife, the actor Cheryl Hines, Robert F Kennedy Jr recalled how his uncle, President John F Kennedy – whose giant bust looms in the atrium – used to say the Greeks were remembered for their architecture, sculpture, plays and poetry. 'A civilisation ultimately is judged based upon its culture and its art. He wanted to make sure that American civilisation would be judged by that and President Trump shares that vision.' Trump spent last Saturday night with Mike Tyson watching people beat the hell out of each other behind a chain-link fence in the Ultimate Fighting Championship, which is quite possibly how American civilisation will actually be judged. Indeed, on his watch, the Kennedy Center no longer feels very Kennedy-esque. The atmosphere is different from the days when Democrats Barack Obama and Nancy Pelosi glided in for the annual Kennedy Center Honors. Framed portraits of the Trumps and the Vances are mounted on a marble wall and, on Wednesday, were bathed in holy light. Washington is now a city under occupation. The president, who reportedly once derided 'shithole countries' in Africa, walked in beneath national flags that include Uganda, Zambia and Zimbabwe and past the opera house stage door. His impromptu press conference was a surreal combination of theatre and geopolitics, veering from his favourite musicals one moment to the prospect of Middle East war the next. 'I love Les Mis,' Trump said. 'We've seen it many times. We love it. One of my favourites.' He was untroubled by reports that understudies may perform due to boycotts by cast members. 'I couldn't care less,' he said. 'Honestly, I couldn't. All I do is run the country well.' Then on Iran: 'They can't have a nuclear weapon. Very simple. They can't have a nuclear weapon. We're not going to allow that.' Then back to showbiz. Brian Glenn of Real America's Voice, who is congresswoman Marjorie Taylor Greene's boyfriend, proclaimed: 'Mr President, we're making theatre great again, aren't we tonight?… You're bringing class back. The golden era of theatre!' Trump lapped it up as a cat does milk. 'And we have a golden era here in the country,' he said. 'We're bringing the country back fast and I'm very proud to have helped Los Angeles survive. Los Angeles right now, if we didn't do what we did, would be burning to the ground.' Glenn wasn't done. 'You're a New Yorker. You've been to a million theatres. Do you remember your first theatre production that you attended?' Trump looked pensive, as if mulling over countless nights absorbing the works of Samuel Beckett, Eugène Ionesco, Tom Stoppard, Tennessee Williams and August Wilson. 'A long time ago,' he mused. 'I would say maybe it was Cats.' Glenn put the same question to Melania, who had held Trump's hand while maintaining a sphinx-like expression. She cited The Phantom of the Opera, which must have been music to the ears of man whose cultural hinterland runs the gamut from 1980 to 1989. But on the night that Maga stormed America's citadel of culture, one man was nowhere to be seen. Elon Musk's banishment continues despite his recent attempts to end his feud with the president. Perhaps the tech bro was out there somewhere in the gloomy streets of Washington, channelling Les Mis's Éponine: On my own Pretending he's beside me All alone I walk with him 'til morning … Without me His world will go on turning A world that's full of happiness That I have never known