Latest news with #REUTER
Express Tribune
17-05-2025
- Business
- Express Tribune
Moody's downgrades US credit rating amid debt surge
s seen outside the Moody's Corporation headquarters in Manhattan, New York, U.S., November 12, 2021. PHOTO:REUTER Listen to article Moody's Ratings has downgraded the United States' credit rating from AAA to AA1, citing rising federal debt and successive administrations' failure to address widening fiscal deficits. The decision marks the final blow from the three major credit agencies, following similar actions by S&P in 2011 and Fitch in 2023. The downgrade, announced after markets closed on Friday, immediately pushed Treasury yields higher and raised fears of bond market volatility when trading resumes Monday. Moody's warned US debt could hit 134% of GDP by 2035, up from 98% in 2024. The agency also criticised the potential extension of the 2017 tax cuts—a priority of President Donald Trump and the Republican-controlled Congress—which it estimated could add $4 trillion to the deficit over the next decade. The announcement came hours after House Republicans blocked Trump's proposed tax reform bill over internal disputes on spending cuts. Hardline conservatives demanded steeper reductions to Medicaid and climate-related tax incentives, stalling efforts to eliminate taxes on tips, overtime, and firearm silencers. The package also aimed to boost defence and border security funding. House Budget Committee Chairman Jodey Arrington vowed to reintroduce the bill during a rare Sunday session, expressing confidence in reaching a compromise. However, critics warned the proposed spending cuts could strip healthcare from millions. White House communications director Steven Cheung dismissed Moody's decision, calling lead economist Mark Zandi biased. Meanwhile, economists and market analysts warned of global ripple effects. The downgrade underscores Washington's ongoing political paralysis and intensifying fiscal pressure, complicating Trump's pledge to balance the federal budget amid a $36.2 trillion national debt.
Express Tribune
12-05-2025
- Politics
- Express Tribune
Argentina Supreme Court discovers 83 boxes of Nazi archives in its basement
A person holds Nazi-related material that was originally confiscated by local authorities when it was shipped to Argentina in 1941, after several boxes containing the material were recently discovered by chance in the archives of the Supreme Court of Argentina, in Buenos Aires, PHOTO:REUTER Listen to article Argentina's Supreme Court has uncovered 83 boxes of Nazi propaganda and materials in its basement, more than eight decades after they were first confiscated during World War II, court officials announced on Sunday. The boxes, originally shipped in June 1941 by the German embassy in Tokyo aboard the Japanese steamship Nan-a-Maru, were intercepted by Argentine authorities who feared the contents could compromise the country's wartime neutrality. A random inspection of five boxes revealed Nazi propaganda, photographs, postcards, and thousands of notebooks linked to the Nazi Party. Though confiscated by a federal judge and referred to the Supreme Court at the time, the fate of the boxes remained unknown until court staff rediscovered them while preparing for a new judicial museum. "Upon opening one of the boxes, we identified material intended to consolidate and propagate Adolf Hitler's ideology in Argentina during the Second World War," the court said in a statement. The materials have now been moved to a secure location and will be examined by experts from the Buenos Aires Holocaust Museum. Historians hope the cache will shed light on lesser-known aspects of the Holocaust, including Nazi international funding networks and ideological efforts in South America. Argentina remained neutral in WWII until 1944, eventually declaring war on Germany and Japan in 1945. From 1933 to 1954, the country welcomed over 40,000 Jewish refugees fleeing Nazi persecution, making it home to the largest Jewish population in Latin America.
Express Tribune
07-05-2025
- Automotive
- Express Tribune
Uber, Pony AI partner to launch Robotaxi services in Middle East
A man walks near a banner of ride-sharing app Uber during a news conference in Cairo, Egypt, December 4, 2018. PHOTO:REUTER Listen to article Uber has partnered with Chinese autonomous vehicle (AV) firm Pony AI to deploy robotaxi services in a key Middle Eastern market later this year, further strengthening its position in the global self-driving car race. During the pilot phase, Pony AI's autonomous vehicles will operate with a safety driver onboard before transitioning to a fully driverless commercial service. The partnership builds on Uber's ongoing strategy to scale autonomous mobility worldwide and better compete with rivals such as Lyft and Tesla. Uber has recently announced several major AV partnerships. Last week, it revealed deals with US-based May Mobility and China's Momenta, and expanded its collaboration with WeRide to launch services in 15 cities across the Middle East and Europe. Uber also broadened its tie-up with Alphabet's Waymo last year. Pony AI, backed by Toyota and founded in 2016, holds robotaxi licenses in Beijing, Shanghai, Guangzhou, and Shenzhen. The company is actively pursuing international expansion, including into Hong Kong, South Korea, Luxembourg, and now the Middle East. It went public on Nasdaq in November and saw its shares jump nearly 13% in premarket trading after the Uber deal was announced. Uber's stock slipped about 1%. Despite ongoing engineering and regulatory challenges, the global push for commercial AV deployment is accelerating. US federal policies are evolving to support the industry by easing safety exemptions while requiring detailed incident reporting. Uber's partnership with Pony AI adds to its 15+ AV collaborations as it aims to integrate autonomous rides into its core services. Customers will soon have the option to choose AVs for trips via the Uber app.
Express Tribune
23-04-2025
- Politics
- Express Tribune
Judge blocks Trump admins move to shut down VoA, Radio Free Asia
A view of the Voice of America (VOA) building, a day after more than 1,300 of the employees of the media broadcaster, which operates in almost 50 languages, were placed on leave in Washington, D.C., U.S. March 16, REUTER Listen to article A US federal judge has ordered the Trump administration to halt its efforts to dismantle Voice of America (VOA), Radio Free Asia, and Middle East Broadcasting Networks, ruling the move likely violated federal law and the Constitution. US District Judge Royce Lamberth issued a preliminary injunction requiring the administration to immediately restore all employees and contractors to their positions prior to the March 14 executive order. The judge condemned the cuts as 'arbitrary and capricious,' noting that they jeopardized journalism operations and put overseas reporters at risk. The Trump administration's attempt to scale back the US Agency for Global Media (USAGM), which oversees VOA and other outlets, led to the suspension of over 1,300 employees—nearly 1,000 of them journalists. It also disrupted news programming for millions of global audiences who rely on these services, especially in regions with limited press freedom. Judge Lamberth said the administration acted without legal authority, disregarded congressional appropriations, and failed to evaluate the consequences of its actions. 'The silencing of VOA for the first time in 80 years is a clear violation of statutory mandates,' he wrote. Critics argue the shutdown was politically motivated. President Trump had previously accused VOA of bias and appointed allies to key positions, including Kari Lake, known for supporting his false 2020 election claims. VOA White House Bureau Chief Patsy Widakuswara, a lead plaintiff in the case, praised the ruling but warned that the fight is far from over, as an appeal is likely. Media freedom groups and unions have welcomed the injunction as a win for press independence and US international credibility. The court's order ensures the continued operations of VOA, Radio Free Asia, and other USAGM networks. VOA and affiliated networks serve an estimated 425 million people worldwide, making the judge's ruling a significant setback to the administration's efforts.
Express Tribune
19-04-2025
- Express Tribune
College student charged in firebombing of Tesla cybertrucks in Missouri
A Tesla super charger is shown at one of the company's charging stations in San Juan Capistrano, California, U.S., May 30, REUTER Listen to article A 19-year-old college student has been arrested and charged with federal offenses for allegedly firebombing two Tesla Cybertrucks at a dealership in Missouri while home on spring break. Owen McIntire, a Boston-based student from Kansas City, was taken into custody in Massachusetts and appeared in US District Court on Friday. He faces charges of unlawful possession of an unregistered destructive device and malicious damage by fire to property used in interstate commerce, according to the Department of Justice. The incident occurred just before midnight on March 17 at the Kansas City Tesla Center. A nearby police officer saw smoke rising from the lot and discovered a burning Cybertruck and a Molotov cocktail nearby, authorities said. The fire spread to a second vehicle and damaged two Tesla charging stations. The Cybertrucks were valued at over $105,000 each. Surveillance footage and forensic evidence, including DNA from a large hat found near the scene, allegedly link McIntire to the crime. Authorities said he was later seen on security cameras at Kansas City International Airport. "This arrest sends a clear message: firebombing private property will lead to prosecution and prison," said US Attorney General Pamela Bondi. The FBI and ATF are continuing their investigation, noting that this marks the second Tesla-targeted arson case in a week. Officials say Tesla locations across multiple states have recently faced similar acts of vandalism and arson. "These actions are illegal, dangerous, and will not be tolerated," said FBI Director Kash Patel. McIntire remains in federal custody. No injuries were reported in the incident.
