Trump administration to study ways to protect for U.S. investors from Chinese firms By Reuters



© Reuters. U.S. President Trump makes announcement about China at the White House in Washington

WASHINGTON (Reuters) – The Trump administration will study ways to safeguard Americans from the risks of investing in Chinese companies, U.S. president Donald Trump said on Friday, ratcheting up pressure on the firms to comply with U.S. accounting and disclosure rules.

Speaking at a White House briefing to unveil measures targeting Beijing over Hong Kong, Trump said he is instructing the presidential working group on financial markets to study “differing practices of Chinese companies listed on U.S. markets with the goal of protecting American investors,” Trump said.

“Investment firms should not be subjecting their clients to the hidden and undue risks associated with financing Chinese companies that do not play by the same rules,” he said, adding that Americans are entitled to “fairness and transparencies.”

Members of the working group include Treasury Secretary Steven Mnuchin, Federal Reserve Chairman Jerome Powell, Federal Reserve Bank of New York President John Williams (NYSE:), Securities and Exchange Chairman Jay Clayton and other regulatory officials.

The move comes as the U.S. government has begun extending its trade and technology battle with Beijing to capital markets, as ties between the rival nations have soured over the origins of the deadly coronavirus.

Earlier this month, an independent board tasked with administering federal worker and military pension funds halted plans to allow one of its funds to track an index that includes controversial Chinese companies, under pressure from the White House.

The U.S. Senate also passed legislation in May that could prevent some Chinese companies from listing their shares on U.S. exchanges unless they follow standards for U.S. audits and regulations.

Chinese plans to impose new national security legislation on the former British colony. Secretary of State Mike Pompeo has said the territory no longer warrants special treatment under U.S. law that has enabled it to remain a global financial center.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Cuomo to press Trump on reviving U.S. economy with roads, bridges in White House meeting By Reuters


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© Reuters. The spread of the coronavirus disease (COVID-19) in New York

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WASHINGTON (Reuters) – New York Governor Andrew Cuomo will press President Donald Trump to invest in the nation’s roads, bridges and rails during a White House meeting on Wednesday as U.S. states begin to reopen after the coronavirus outbreak left the economy in tatters.

Cuomo’s visit to Washington comes as his hard-hit state begins to see drops in rates of hospitalizations and deaths, while other states relax lockdowns and partygoers flout precautions aimed at curtailing the novel coronavirus.

The Memorial Day holiday weekend saw Americans flock to beaches and lakes in large groups even as U.S. health experts warned that reopening too quickly could trigger outbreaks of COVID-19, the disease caused by the virus.

Twenty U.S. states reported an increase in new cases for the week ended Sunday as the death toll nears 100,000, according to a Reuters analysis. Florida reported a nearly 6 percent increase, while New York registered a double-digit decline.

Businesses across the country are opening doors after shuttering in mid-March as states and local governments took drastic measures to slow the spread of COVID-19, almost bringing the country to a halt. The economy contracted at its deepest pace since the Great Recession in the first quarter and lost at least 21.4 million jobs in March and April.

With a focus on infrastructure as a way to revive the economy, Cuomo, a Democrat, will hit a topic close to Trump. The Republican president has long embraced the idea of updating the country’s infrastructure.

Cuomo, who has sparred with Trump over the federal government’s pandemic response, wants to revive the economy by undertaking major transport and other projects. He told reporters on Tuesday he would discuss a federal role in investments to modernize the nation’s bridges, roads and rail systems.

“This is one of the things I want to talk to the president about … You want to reopen the economy. Let’s do something creative, let’s do it fast, let’s put Americans back to work,” Cuomo said.

Trump has said he believed infrastructure spending could help the economy recover from the pandemic, embracing a massive $2 trillion plan at the end of March. Senate Majority Leader Mitch McConnell said in April that legislation was separate from coronavirus spending and would have to wait.

States have sought more help from the federal government to get through the crisis. Democrats who control the House of Representatives passed legislation on May 15 that would provide nearly $1 trillion for state and local governments, but the bill was rejected by Trump and Republican leaders of the U.S. Senate.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Dollar in Favor as Trump Increases China Tensions By Investing.com



By Peter Nurse

Investing.com – The U.S. dollar has given back some of its overnight gains in early European trade Friday, but remains in favor as risk aversion still dominates, amid rising Sino-U.S. tensions.

At 2:45 AM ET (0645 GMT), the , which tracks the greenback against a basket of six other currencies, stood at 100.365, down 0.1%, having earlier Friday reached a three-week high. 

fell 0.03% to 1.0800 ahead of a revised German GDP reading at 4 AM, while dropped 0.1% to 107.17.

U.S. President Donald Trump ratcheted up these tensions in an interview with Fox Business Network on Thursday, stating he was disappointed with China’s failure to contain the coronavirus, that this had cast a pall over the trade deal between the two countries. He suggested he could even cut off ties.

“It cannot be ruled out that he would pull out of the phase-one trade deal and start putting tariffs back on China,” said analysts at Danske Bank, in a note to investors.

“He would risk hurting the economy even further as well as jeopardize important farmer votes in key swing states if China pulls the plug on agricultural purchases. On the other hand, he could gain politically from taking a tough stance on China.”

The yuan, which is highly sensitive to relations between the world’s two biggest economies, was on the back foot and touched a one-week low of 7.1026 in onshore trade. 

At 02:45 AM ET, traded at 7.1003, up 0.1%, as the market struggled to take a clear lead from data that showed Chinese industrial production rebounding in April but retail sales still down 7.5% on the year.

The deteriorating relationship between these two important countries is the latest potential spanner in the works of global growth, given worries about a second wave of infections and the slow reopening of economies badly hit by the social distancing measures introduced to combat the virus.

With this in mind, it may be worth keeping an eye on the Swiss franc and its relationship with the euro, with the single currency hitting an almost five-year low against the franc of 1.0510 – near the level that many deem to be the unofficial line the Swiss National Bank defends. The euro has been bumping against support at the 1.05 level for the last month.

At 02:45 AM ET, traded at 1.0516, up 0.04%.

“Recent events in Europe have led to increased tensions along many of the same stress points that have troubled the region over the last decade, and this has put renewed appreciation pressure on the traditional safe haven currency on the continent,” said Michael Cahill, an economist at Goldman Sachs (NYSE:), reported by Bloomberg. 

Elsewhere, the British pound remained under pressure at $1.2196, down 0.25%, after touching a five-week low of $1.2161 overnight as the British government reiterated its refusal to extend the Brexit transition deadline beyond December. The third round of talks on the post-Brexit trading relationship with the EU winds up today.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Trump says pandemic clouds U.S.-China trade deal By Reuters


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© Reuters. FILE PHOTO: U.S. President Trump departs on travel to Camp David from the South Lawn at the White House in Washington

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By Doina Chiacu

WASHINGTON (Reuters) – U.S. President Donald Trump on Thursday said he was very disappointed in China over its failure to contain the novel coronavirus, saying the worldwide pandemic cast a pall over his trade deal with Beijing.

The coronavirus outbreak originated in Wuhan, China, in December and was spreading silently as the United States and China signed a Phase 1 trade deal hailed by the Republican president as a major achievement.

“I’m very disappointed in China,” Trump said in an interview broadcast on Fox Business Network.

“They should have never let this happen. So I make a great trade deal and now I say this doesn’t feel the same to me. The ink was barely dry and the plague came over. And it doesn’t feel the same to me,” he said.

The U.S. president’s pique extended to Chinese President Xi Jinping, with whom, Trump says repeatedly, he has a good relationship. “But I just – right now I don’t want to speak to him. I don’t want to speak to him,” Trump said.

Under the Phase 1 deal signed in January, Beijing pledged to buy at least $200 billion in additional U.S. goods and services over two years while Washington agreed to roll back tariffs on Chinese goods in stages.

A Chinese state-run newspaper has reported that some government advisers in Beijing were urging fresh talks and possibly invalidating the agreement.

Trump said again he was not interested in renegotiating.

While U.S. intelligence agencies said the virus did not appear to be man-made or genetically modified, U.S. Secretary of State Mike Pompeo said early in May there is “a significant amount of evidence” it came from a laboratory in Wuhan.

Pompeo’s comments followed Trump’s assertion on April 30 that he was confident the virus may have originated in a Chinese virology laboratory. In April, the World Health Organization said all available evidence suggested the virus originated in bats and was not manipulated or constructed in a lab.

In the Fox Business interview, which was taped on Wednesday, Trump focused more on China’s response to the outbreak than on its origin.

“We have a lot of information, and it’s not good. Whether it came from the lab or came from the bats, it all came from China, and they should have stopped it. They could have stopped it, at the source,” he said.

“It got out of control.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



No, Donald Trump, Negative Rates Aren’t a ‘Gift,’ Bitcoin Advocates Warn By Cointelegraph



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Trump wants California to let automaker Tesla reopen assembly plant By Reuters


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© Reuters. U.S. President Trump holds press briefing on the coronavirus response at the White House in Washington

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By Nathan Frandino

FREMONT, California (Reuters) – U.S. President Donald Trump on Tuesday urged that Tesla Inc (O:) be allowed to reopen its electric vehicle assembly plant in California, joining CEO Elon Musk’s bid to defy county officials who have ordered it to remain closed.

“California should let Tesla & @elonmusk open the plant, NOW. It can be done Fast & Safely!” Trump wrote on Twitter.

On Monday, Musk said production was resuming at the automaker’s sole U.S. vehicle factory, defying an order to stay closed and saying if anyone had to be arrested, it should be he.

Musk tweeted “Thank you!” in response to Trump on Tuesday.

Tesla shares were up 1.1% at $820.44 in late trading.

At Tesla’s factory in Fremont, California, employee parking lots that were deserted on Friday were packed with cars on Tuesday. Trucks could be seen driving in and out of the factory grounds.

About a dozen workers, some masked, some not, were seen standing by a red food truck on the factory grounds.

At the factory’s outbound logistics parking lot, where only a dozen Tesla cars stood on Friday, hundreds of Tesla vehicles were seen on Tuesday.

The company, which on Saturday sued Alameda County, where the plant is located, over its decision that the plant should stay closed, did not comment on Trump’s tweet.

Late on Monday, county health officials said they were aware Tesla had opened beyond the so-called minimum basic operations allowed during lockdown, and had notified the company it could not operate without a county-approved plan.

A county health official on Friday said the county had asked all manufacturers, including Tesla, to delay operations by at least another week to monitor infection and hospitalization rates.

Scott Haggerty, the Alameda County supervisor for the district where Tesla’s factory is located, told the New York Times (NYSE:) on Saturday that the county had been working to permit Tesla to resume operations on May 18 – the same day other U.S. automakers have been permitted to resume production in other states.

Haggerty on Tuesday accused Musk on Twitter of misrepresenting what he had told the newspaper.

Tesla on Saturday released a plan to keep workers returning to the factory safe.

The measures, which include temperature screenings, the installation of barriers to separate work areas and protective equipment for workers, are similar to those set up by Detroit-based automakers General Motors (N:), Ford (N:) and Fiat Chrysler (MI:) (N:).

Trump is eager for the U.S. economy to reopen and for Americans to return to work.

He has sparred with California for years over a series of issues, including immigration, vehicle fuel-efficiency standards, funding for high-speed rail and numerous environmental issues. Trump has met with Musk on several occasions during his presidency.

California Governor Gavin Newsom on Monday said he had spoken with Musk several days ago and that the Tesla founder’s concerns helped prompt the state to begin its phased reopening of manufacturing last week.

States and cities around the United States are experimenting with ways to reopen their economies safely after the coronavirus outbreak shuttered businesses and forced tens of millions of Americans out of work.

Musk over the weekend threatened to leave California for Texas or Nevada over his factory’s closure. His move has highlighted the competition for jobs and ignited a rush to woo the billionaire executive by states that have reopened their economies more quickly in response to encouragement from Trump.

Tesla also has a vehicle plant in Shanghai and is building another in Berlin. Its lawsuit on Saturday alleged that Alameda County had violated California’s constitution by defying Newsom’s orders allowing manufacturers to reopen.

Newsom’s office did not immediately comment on Tuesday.

In the past, Musk has discussed opening a second U.S. factory outside California. In a tweet in February, he solicited comments on potentially opening a factory in Texas.



U.S. next week to start purchasing $3 billion worth of farm goods -Trump By Reuters


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© Reuters. FILE PHOTO: U.S. President Trump meets with Republican members of Congress at the White House in Washington

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WASHINGTON (Reuters) – President Donald Trump on Saturday said the United States will next week begin purchasing $3 billion worth of dairy, meat and produce from farmers as unemployment soars and people are forced to food lines.

“Starting early next week, at my order, the USA will be purchasing, from our Farmers, Ranchers & Specialty Crop Growers, 3 Billion Dollars worth of Dairy, Meat & Produce for Food Lines & Kitchens,” Trump wrote in a post on Twitter.

It was unclear whether his statement referred to a $19 billion relief plan announced by the U.S. Department of Agriculture in April. The agency said it would buy $3 billion worth of agricultural commodities as part of that program.

The White House did not respond immediately to a request for comment.

The U.S. economy lost a staggering 20.5 million jobs in April and the unemployment rate rose to 14.7%, government data showed on Friday.

Food banks have been running short on staples as hunger soars. The coronavirus pandemic has disrupted supply chains, with farmers saying they have had to destroy their produce and euthanize pigs because processing facilities have shuttered.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Republicans urge Trump to bar banks from shunning fossil fuel loans, investments By Reuters



By Valerie Volcovici

WASHINGTON (Reuters) – A group of Republican lawmakers from energy-producing states on Friday called on President Donald Trump to prevent banks from halting loans and investments with companies that produce oil and other fossil fuels while they have access to federal assistance programs during the COVID-19 pandemic.

“Wall Street’s big banks … should not be able to reap the benefits of participating in federally guaranteed loan

programs laid out in the CARES Act, such as the Paycheck Protection Program or the trillion dollar Federal Reserve facility lending programs, while simultaneously targeting American energy companies and workers,” the lawmakers wrote in the letter.

Democratic lawmakers like Massachusetts Senator Elizabeth Warren, who want and economic recovery featuring investments in conservation and alternative energy to fight climate change, have been calling on Treasury Secretary Steve Mnuchin to bar oil and gas companies from accessing loans through the Main Street facility.

Many energy companies have been struggling to stave off bankruptcy due to a meltdown in global crude prices after governments around the world issued stay-at-home orders that obliterated demand for motor and jet fuel.

For years, environmental activists have pressured banks and financial firms to drop support of fossil fuel companies.

The Republican lawmakers, led by North Dakota Senator Kevin Cramer, Alaska Senator Dan Sullivan, and Representatives Don Young of Alaska and Liz Cheney of Wyoming, accused some major U.S. financial institutions of halting fossil fuel investments to “placate the environmental fringe.”

They specifically cited investment giant BlackRock (NYSE:), which has been given a central role in the COVID-19 corporate recovery.

BlackRock announced in January it was divesting from coal burned in power plants and its global head of sustainable investing is Brian Deese, who was a White House climate official under former President Barack Obama, a Democrat.

“Considering BlackRock’s central role as a Federal Reserve

fiduciary for the distribution of CARES Act credit facilities, its hostility towards the American energy sector is unacceptable and should be closely scrutinized,” the lawmakers wrote.

BlackRock did not immediately respond to a request for comment.

The Republican lawmakers urged Trump to use “every administrative and regulatory tool” to prevent those institutions from participating in federal lending programs while “discriminating” against investments in parts of the energy sector but did not specify what measures could be taken.

Energy Secretary Dan Brouillette said in a recent interview that he and Mnuchin also planned to work with U.S. regulators and the banking industry to ensure financial institutions don’t discriminate against oil drillers when choosing who to provide credit to.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Trump stresses desire for arms control with Russia, China in Putin call By Reuters


© Reuters. FILE PHOTO: U.S. President Donald Trump tours face mask production facility in Phoenix, Arizona

WASHINGTON (Reuters) – U.S. President Donald Trump stressed the U.S. desire for arms control that includes both Russia and China in a telephone call with Russian President Vladimir Putin on Thursday, the White House said in a statement.

“President Trump reaffirmed that the United States is committed to effective arms control that includes not only Russia, but also China, and looks forward to future discussions to avoid a costly arms race,” the White House said.

Trump has repeatedly argued – so far to no avail – for China to join the United States and Russia in talks on an arms control accord to replace the 2010 New START treaty between Washington and Moscow that expires in February.

New START restricted the United States and Russia to deploying no more than 1,550 nuclear warheads, the lowest level in decades, and limited the land- and submarine-based missiles and bombers that deliver them.

China, estimated to have about 300 nuclear weapons, has repeatedly rejected Trump’s proposal, arguing its nuclear force is defensive and poses no threat.

The Trump-Putin call, which marked the 75th anniversary of the end of World War Two in Europe, also covered working to defeat the new coronavirus outbreak as well as other issues, the White House said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Senators question Trump pick for top U.S. spy in ‘different’ hearing By Reuters


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© Reuters. Sanitizers are placed on the table for nominee U.S. Rep. John Ratcliffe, R-TX, as he testifies before a Senate Intelligence Committee nomination hearing on Capitol Hill in Washington

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By Patricia Zengerle and Mark Hosenball

WASHINGTON (Reuters) – U.S. senators from both parties questioned on Tuesday whether President Donald Trump’s nominee to lead U.S. intelligence would act independently of the president, in the first public hearing in the Senate during the coronavirus pandemic.

“This hearing will be a little bit different…We have a sparse crowd,” Republican Senator Richard Burr, the committee’s chairman, said as he began the Senate Intelligence panel’s confirmation hearing for U.S. Representative John Ratcliffe to lead the nation’s 17 intelligence agencies.

Trump nominated Ratcliffe, a member of the House of Representatives Intelligence Committee, to be director of national intelligence last summer. The nomination was dropped amid questions about his lack of experience and partisan reputation but the Republican president nominated him again this year.

The committee’s top Democrat, Senator Mark Warner, also said he was concerned about partisanship from Ratcliffe, a strongly outspoken supporter of Trump during impeachment hearings last year, especially regarding intelligence oversight and whisteblowers.

“I still have some of the same doubts now as I had back in August,” Warner said.

Burr, who privately criticized Ratcliffe when his name was first floated last year, now appeared more sympathetic.

Trump infuriated Democrats and attracted criticism from some Republicans by firing Intelligence Community Inspector General Michael Atkinson, who sent Congress a whistleblower complaint alleging that Trump sought to persuade Ukraine’s president to collect potentially damaging information on former Vice President Joe Biden, a rival to Trump as he seeks re-election in November.

That report became central to Trump’s impeachment.

Ratcliffe repeatedly pledged to act independently. “The intelligence I deliver will not be subject to outside influence,” he said.

The large Senate hearing room was far emptier than usual. Ratcliffe’s family did not attend. Former Attorney General John Ashcroft supported his candidacy in written remarks.

Some staff and senators wore masks into the room, but removed them to speak. Ratcliffe did not wear a mask. Members of the press were limited to a small number, who provided pool reports.

Burr closely questioned Ratcliffe about his view of Russian interference in U.S. elections. The nominee said he agreed that Russia sought to sow discord in the United States and interfere in the 2016 and 2018 campaigns.

The Republican president has rejected intelligence community conclusions that Moscow sought to boost his candidacy.

“I will deliver the unvarnished truth, it won’t be shaded for anyone,” Ratcliffe said under questioning from Senator Susan Collins, considered one of the Senate’s most moderate Republicans.

Burr said he planned a quick committee vote on whether to recommend Ratcliffe to the full Senate, where Republicans hold a slim 53 to 47-seat majority.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.