The Federal Reserve on Wednesday signaled that it was prepared to raise borrowing rates in the coming months for the first time since the economic recession.
In a statement, the Fed's policy-setting body said a rate hike was "unlikely" in April because of slightly lowered expectations regarding the economy's trajectory. However, in a break with past statements, the Fed no longer pledged to be "patient" on that front, suggesting a rate hike could come at the Fed's first post-April meeting in June. Jon Terbush
As Sudan's transitional civilian government continues its nascent rule, the country's former President Omar al-Bashir, who was removed from power after 30 years earlier this year following nationwide protests, was sentenced Saturday to two years detention in a state-run reform center on financial irregularities and corruption charges. Some of his supporters briefly disrupted the proceedings before being forced out of the courtroom.
The 75-year-old is reportedly protected somewhat by a law that prevents anyone over the age of 70 from serving jail time. He will reportedly serve his sentence after a verdict is reached in another case in which he is accused of ordering security forces to kill the protesters in the movement that led to his removal, and he was also questioned about the 1989 coup in which he was brought to power. One of his lawyers said they would appeal the verdict.
The International Criminal Court in The Hague is also pursuing al-Bashir for crimes against humanity, war crimes, and genocide in Sudan's Darfur region, but none of the cases against him in Sudan are connected to those allegations. Read more at Al Jazeera and BBC. Tim O'Donnell
Come back with a better plan.
That's essentially what California Gov. Gavin Newsom (D) on Friday told Pacific Gas & Electric after he rejected the utility company's plan to pull itself out of bankruptcy and pay victims of California's wildfires. Newsom said the proposal didn't meet safety requirements under state law and that PG&E fell "woefully short" of the safety benchmark. The company reportedly won't receive state assistance without implementing major changes to its plan. Without that money, it's future is murky.
"For too long, PG&E has been mismanaged, failed to make adequate investments in fire safety and fire prevention, and neglected critical infrastructure," Newsom said in a letter. "PG&E has simply violated the public trust."
PG&E, whose faulty equipment has received blame for sparking some the state's recent fires, is on the hook for $30 billion in financial liabilities from California. The company didn't actually need Newsom's approval, but asked him to weigh in anyway. Now it looks like the gamble backfired, and PG&E is pushing back against Newsom's comments, arguing its plan does conform to the safety requirements.
PG&E has until Tuesday to revise its plan. Read more at The Wall Street Journal and The Los Angeles Times. Tim O'Donnell
North Korea appears committed to that year-end deadline.
The country conducted its second successful test this week geared toward strengthening Pyongyang's nuclear deterrent at the Sohae satellite launch site Friday, state media said Saturday. Although North Korea's Academy of Defense Science didn't specify what was tested, the trial may have included technologies to improve intercontinental ballistic missiles, The Associated Press reports. North Korea considers ICBMs as strategic defensive weapons.
The test, in addition to one on Dec. 7, is widely seen as an attempt to pressure the Trump administration to make major concessions in nuclear negotiations between Washington and Pyongyang. North Korea set a year-end deadline for the United States to change course from its insistence on unilateral denuclearization before it sets out on a "new path."
Still some experts don't believe North Korean leader Kim Jong Un will reverse course too drastically and create tensions that existed in 2017 by running nuclear and ICBM tests. Instead, they predict he'll try to provoke Trump with military activities that don't pose a direct threat to Washington and by strengthening Pyongyang's alliance with Moscow and Beijing, AP reports. Read more at Reuters and The Associated Press. Tim O'Donnell
President Trump now has three chances to keep his financial records a secret.
The Supreme Court agreed Friday to hear Trump's appeal of three cases that involve subpoenas for his financial records, giving no explanation for the decision. Oral arguments for the separate cases are likely slated for March, with a decision expected at the end of June.
In three separate cases, Manhattan District Attorney Cyrus Vance, the House Oversight Committee, and the House Financial Services and Intelligence Committees requested Trump's financial records from his banks and other businesses he worked with. Trump's lawyers sued to block those subpoenas, but in each case, courts ruled against them. So they appealed the decisions to the Supreme Court, first getting stays on the rulings to block the records' immediate release to the oversight committee, and then getting the whole case accepted Friday.
Previous judges have noted that past presidents released their tax returns to the public, and Trump's lawyers subsequently argued that the subpoenas are not a legitimate legislative inquiry. Kathryn Krawczyk
President Trump has at least three Jewish friends. He just asks them all the same questions.
On at least four occasions over the past few months, Trump has pulled out a story where he's purportedly asking a friend which of his administration's moves have been bigger for the Jewish people. The friend always gives the same answer — but Trump changes the name of who he's talking to each time, The Washington Post reports.
"Charlie, let me ask you what’s bigger for the Jewish people," Trump recalled asking Charles Kushner, the disgraced real estate developer and father of Trump's son-in-law Jared Kushner, at a Hanukkah event on Wednesday. "Giving the embassy to Jerusalem" and recognizing it as Israel's capital or supporting Israel's sovereignty in the disputed Golan Heights. "Neither," Kushner apparently replied. "The biggest thing of all is what you did by ending the Iran nuclear catastrophe."
Yet just a few hours earlier, Trump told nearly the same story, this time involving the even shiftier New England Patriots owner Robert Kraft. A few days earlier, it was Republican megadonor Sheldon Adelson who Trump asked about Israeli accomplishments. And back in September, it was a nondescript "people" who told him they loved his withdrawal from the Iran nuclear deal.
Read the full accounts or watch them mashed up side-by-side at The Washington Post. Kathryn Krawczyk