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Russian agents have been hacking major email program for nearly a year, NSA says

Russian agents have been hacking major email program for nearly a year, NSA says

BOSTON — The U.S. National Security Agency says the same Russian military hacking group that interfered in the 2016 presidential election and unleashed a devastating malware attack the following year has been exploiting a major email server program since last August or earlier.The timing of the agency’s advisory Thursday was unusual considering that the critical vulnerability in the Exim Mail Transfer Agent — which mostly runs on Unix-type operating systems — was identified 11 months ago, when a patch was issued.Exim is so widely used — though far less known than such commercial...

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Associated Press
3d ago
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Minneapolis mayor to Trump: ‘Weakness is pointing your finger at somebody else during a time of crisis’

Minneapolis mayor to Trump: ‘Weakness is pointing your finger at somebody else during a time of crisis’

As protests in response to the death of George Floyd on Thursday, President Trump called the city’s mayor “weak” for failing to keep his community under control.“A total lack of leadership,” the president wrote on Twitterlate Thursday, adding that if “the very weak Radical Left Mayor, Jacob Frey,” didn’t “get his act together,” then the commander-in-chief was going to send in the National Guard.Related:This also led to a second Trump tweet warning that “when the looting starts, the shooting starts,” which warning that the post violated its terms of service because it “glorifies...

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Nicole Lyn Pesce
1d ago
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Trade-war collateral damage: destruction of $1.7 trillion in U.S. companies’ market value

Trade-war collateral damage: destruction of $1.7 trillion in U.S. companies’ market value

How do you make $1.7 trillion disappear? A trade war is one way, a new report has found.A study by the adds to previous findings that, despite pronouncements from the White House, Americans are paying — and paying stiffly — for the U.S.-China trade war.Whether it was Washington, Beijing or even a third-party country announcing its often pugnacious trade intent, U.S. businesses ‘bore virtually all of the costs.’The billions in tariffs hurled back and forth between Washington and Beijing have reduced the market value of U.S.-listed companies by $1.7 trillion during the course of the...

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Tanner Brown
1d ago
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Lindsey Graham urges older judges to retire before election so Republicans can fill openings

Lindsey Graham urges older judges to retire before election so Republicans can fill openings

WASHINGTON — Lindsey Graham, the chairman of the Senate Judiciary Committee, is publicly urging federal judges in their mid-60s or older to step aside so President Donald Trump and Senate Republicans can fill the vacancies with conservative jurists.Graham’s comments, in an interview Thursday with conservative radio host Hugh Hewitt, come as Republicans fret they may lose the Senate majority in the November elections amid the economic shutdown resulting from the coronavirus and Trump’s stumbles in addressing the crisis.Democrats have increasing hopes of gaining the minimum three seats...

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Associated Press
3d ago
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Arizona sues Google over ‘deceptive’ location tracking

Arizona sues Google over ‘deceptive’ location tracking

PHOENIX — Google kept tabs on the whereabouts of its users even if they had turned off location tracking, an Arizona official alleged in a lawsuit filed Wednesday.The suit filed by Attorney General Mark Brnovich stemmed from an investigation that began after The Associated Press reported on Google’s location tracking in 2018.The suit alleges Alphabet’sGoogle violated the Arizona Consumer Fraud Act and it seeks to claw back profits from the tracking.“Every company has a responsibility to be truthful to consumers,” Brnovich said. “You cant deceive them, you can’t make misrepresentations.”A...

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Associated Press
4d ago
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Pandemic could cost global economy $82 trillion in depression scenario

Pandemic could cost global economy $82 trillion in depression scenario

How badly will the coronavirus pandemic impact the economy? Does $82 trillion sound not good?That is the scary number put out by the Centre for Risk Studies at the University of Cambridge’s Judge Business School.That figure, of course, needs to be put into context. That’s over five years, not one, and represents the potential hit to the global economy and not just the U.S. in what’s called the “economic depression” scenario.The GDP for the world’s 19 leading economies was $69.2 trillion last year.Its “optimistic” take is a loss of $3.3 trillion over five years. It says the consensus...

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Steve Goldstein
May 20
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Trump threatens to ‘close’ social-media platforms as he fights with Twitter

Trump threatens to ‘close’ social-media platforms as he fights with Twitter

President Donald Trump escalated an attack on social-media giants on Wednesday, threatening to “close them down” a day after Twitter Inc. marked his tweets with a fact-check warning label for the first time.Using his own Twitteraccount, Trump said: “Republicans feel that Social Media Platforms totally silence conservatives voices. We will strongly regulate, or close them down, before we can ever allow this to happen.”Twitter declined to comment about the president’s threat.On Tuesday, Twitter said Trump’s tweets about voting by mail “contain potentially misleading information about voting...

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Robert Schroeder
4d ago
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Dow stays up around 200 points as stocks lose buoyancy amid U.S.-China spat

Dow stays up around 200 points as stocks lose buoyancy amid U.S.-China spat

StocksU.S. stocks came off their highs Wednesday, led by technology stocks, as worries about escalating tensions between the China and the U.S. edged out optimism over businesses reopening as the coronavirus pandemic recedes and economic aid packages by governments.What are major indexes doing? The Dow Jones Industrial Averageadvanced 74 points, or 0.3%, to 25,069. The S&P 500fell 15 points, or 0.5%, to 2,977. The Nasdaq Compositeretreated 165 points, or 1.7%, to 9,175.On Tuesday the Dow jumped 529.95 points or 2.2%, to finish at 24,995.11, while the S&P  advanced 36.32 points, or 1.2%, to...

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William Watts
4d ago
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France will no longer use hydroxychloroquine to treat COVID-19 patients after study suggests it poses health risks

France will no longer use hydroxychloroquine to treat COVID-19 patients after study suggests it poses health risks

PARIS — The French government has stopped the use of malaria drug hydroxychloroquine for treating COVID-19 patients after a study suggested it doesn’t work and poses health risks.A decree ending its use for the coronavirus in France was published Wednesday.The World Health Organization did the same after a study of 100,000 patients worldwide published last week found the drug was ineffective against the virus and tied to a greater risk of death and heart rhythm problems.The drug has been popular and politically sensitive in France, where it was included in a trial of multiple treatments and...

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Associated Press
4d ago
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Dow surges 600 points, S&P 500 punches above key technical level as stock-market investors focus on Novovax, Merck vaccine candidates

Dow surges 600 points, S&P 500 punches above key technical level as stock-market investors focus on Novovax, Merck vaccine candidates

U.S. stock benchmarks rallied Tuesday morning after Memorial Day weekend, as investors seized on fresh coronavirus vaccine news and signs that global economy was slowly starting to emerge from shutdowns induced by the viral pandemic. The Dow Jones Industrial Averagejumped around 600 points, or 2.5%, at 25,082, the S&P 500 indexclimbed 2% at 3,013, which was above its at 2,999.81--a level viewed by technical analysts as a key dividing line between long-term bullish and bearish trends. Meanwhile, the Nasdaq Composite Indexclimbed 1.4% at 9,447. On the corporate front, Novavax Inc.said it has...

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Mark DeCambre
5d ago
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Balancing act as Biden seeks to draw in progressives without forfeiting moderate credentials

Balancing act as Biden seeks to draw in progressives without forfeiting moderate credentials

WASHINGTON (AP) — Joe Biden worked out deals with Senate Republican leader Mitch McConnell. He defended Vice President Mike Pence as a “decent guy” and eulogized Arizona Republican Sen. John McCain’s “fairness, honesty, dignity, respect.”When he launched his presidential campaign, such overtures to Republicans were central to Biden’s promise to “unify the country” and “restore the soul of the nation” after defeating President Donald Trump.Now that he’s the presumptive Democratic nominee, Biden is sharpening his tone, still pitching consensus but touting a “bold agenda” aimed at mollifying...

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Associated Press
6d ago
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‘Call it fate, call it karma’ — Why the coronavirus is merely ‘the final kick into the abyss’ for the U.S. economy

‘Call it fate, call it karma’ — Why the coronavirus is merely ‘the final kick into the abyss’ for the U.S. economy

If you’re looking for some warm and fuzzies in these dark times, maybe try streaming something like or catching up on the latest episode ofThese little guys might do the trick, as well:For the exact opposite, however, keep reading for the latest downer from Charles Hugh Smith.The man behind the OfTwoMinds.com, which was recognized by CNBC as on the internet, has been calling for the implosion of the U.S. empire for years now, and the coronavirus pandemic has him believing that time has finally come.“We like to think we’re in charge and that technology conquers all,” he wrote in . “But...

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Shawn Langlois
May 23
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Hundreds of cars clog Madrid’s center in mass protest against government’s handling of coronavirus

Hundreds of cars clog Madrid’s center in mass protest against government’s handling of coronavirus

Draped in Spanish flags and filled with protesters shouting “freedom,” “resign now” and “Viva Espana,” hundreds of cars, motorbikes and mopeds descended on Madrid’s center early Saturday.The so-called “Caravan for Spain and Liberty” protest against the left-wing government’s handling of the coronavirus outbreak was organized by the far right-wing Vox party, which emerged after years of near obscurity to win 52 seats in Congress last April, double expectations. Founded by members of the Popular Party, Vox is known as a nationalist, anti-immigrant and ultra conservative party.The party...

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Barbara Kollmeyer
May 23
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Fed’s balance sheet tops $7 trillion, shows increased buying of corporate bond ETFs

Fed’s balance sheet tops $7 trillion, shows increased buying of corporate bond ETFs

The numbers: The Federal Reserve’s balance sheet increased to $7.09 trillion for the week ending in May 20, up from $6.98 trillion in the previous week, the central bank said Thursday.What happened: The Fed’s holdings in its corporate credit facility grew by $1.50 billion to $1.80 billion, after the central bank announced last Tuesday it would buy corporate bond exchange-traded funds.The central bank’s support has driven up prices for these ETFs, especially for those focusing on investment-grade issuers.See:The iShares iBoxx $ Investment Grade Corporate Bond ETFis up 2.1% year-to-date,...

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Sunny Oh
May 21
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With over 35 million people filing for unemployment since March, $1,200 stimulus checks are only a Band-Aid for Americans

With over 35 million people filing for unemployment since March, $1,200 stimulus checks are only a Band-Aid for Americans

More than 130 million stimulus checks are already winding their way to millions of Americans. They’re a key part of the government’s $2.2 trillion CARES Act, but furloughed and laid-off workers say a maximum $1,200 payment is not nearly enough to see them through what could be an even bigger economic crisis than the Great Recession.Approximately 2.4 million unemployed Americans using the traditional method of reporting initial claims, but the real number was almost 1 million higher if applicants made eligible through a new federal relief program are included. Some 35.5 million people have...

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Quentin Fottrell
May 23
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Former IMF chief economist says Fed’s bond-buying is ‘smoke and mirrors,’ doesn’t solve U.S. debt problems

Former IMF chief economist says Fed’s bond-buying is ‘smoke and mirrors,’ doesn’t solve U.S. debt problems

U.S. & CanadaThe Federal Reserve’s massive bond buying to stabilize financial markets in the wake of the coronavirus pandemic does not change the fact that the U.S. still has to deal with a mountain of debt, warned former IMF chief economist Ken Rogoff.Noting the Fed’s willingness to expand its balance sheet has helped to convince market participants to keep buying U.S. Treasury debt as the fiscal deficit soars, Rogoff said the central bank’s purchases did not change the overall stock of public debt.“It’s absolute smoke and mirrors. There’s almost zero difference from the Fed buying...

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Sunny Oh
May 20
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Trump says U.S. won’t shut down again if there’s second wave of coronavirus

Trump says U.S. won’t shut down again if there’s second wave of coronavirus

President Donald Trump says that the country will not shut down again if there’s a second wave of COVID-19 in the coming months.“We are going to put out the fires. We’re not going to close the country. We can put out the fires.”Trump spoke Thursday at a Ford Motor Co.plant in Ypsilanti, Mich., which is now making ventilators.Health officials have said that the risk of a second wave of the coronavirus is high, most likely when the normal flu season starts in late fall and early winter, again threatening to overwhelm the country’s health-care system.But Trump on Thursday expressed confidence...

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Mike Murphy
May 21
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Taleb and Asness feud on Twitter over tail-risk hedging

Taleb and Asness feud on Twitter over tail-risk hedging

There’s nothing like a very public spat between two titans of the financial world.In the one corner, “Black Swan” author Nassim Nicholas Taleb; in the other, Cliff Asness, the founder of AQR Capital Management. The two took to Twitter with each using unprintable words about whether it’s worth the cost to insure against extreme events, or what’s called tail-risk hedging.Taleb criticized AQR’s performance, which Asness acknowledges but says is due to the market’s current punishment of value stocks.The coronavirus pandemic has proved to be a terrific time for tail-risk hedging — the CBOE...

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Steve Goldstein
May 21
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CDC now says coronavirus isn’t easily spread by touching surfaces

CDC now says coronavirus isn’t easily spread by touching surfaces

National newsThe U.S. Centers for Disease Control and Prevention now says the coronavirus “does not spread easily” through touching surfaces or objects.In early March, the federal health agency was warning that it “may be possible” to pass on the virus from contaminated surfaces, according to Fox News.Its guidelines now include a section on ways the virus doesn’t easily spread — including from touching surfaces or objects.“It may be possible that a person can get COVID-19 by touching a surface or object that has the virus on it and then touching their own mouth, nose, or possibly their...

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Tamir Lapin
May 21
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Senate passes bill that could delist Chinese companies from U.S. stock exchanges

Senate passes bill that could delist Chinese companies from U.S. stock exchanges

The U.S. Senate approved sweeping new legislation Wednesday that could ultimately bar many Chinese companies from listing shares on U.S. exchanges, or otherwise raising money from American investors.Sen. John Kennedy, a Louisiana Republican, submitted the Holding Foreign Companies Accountable Act for unanimous consent, a bill co-sponsored by Democratic Sen. Chris Van Hollen of Maryland and Republican Sen. Kevin Cramer of North Dakota. The bill was approved without objection.The bill would require Chinese companies to establish they are not owned or controlled by a foreign government....

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Chris Matthews
May 20
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This 2020 presidential forecast says Trump faces historic defeat due to terrible economy

This 2020 presidential forecast says Trump faces historic defeat due to terrible economy

President Donald Trump could suffer a historic defeat in the fall if the economy doesn’t sharply recover from the coronavirus pandemic and the disease lingers, according to a model that has predicted the winner of the popular vote in 16 of the past 18 elections.Oxford Economics predicts Trump would lose to Democrat Joe Biden by a margin of 65% to 35%, using a model based on the pioneering political-forecasting work of Yale economist Ray Fair.How bad is that? Howard Taft was the last president running for reelection to win fewer than 35% of the vote, when he finished third in 1912 behind...

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Jeffry Bartash
May 20
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Justice Department warns California its reopening plan discriminates against churches

Justice Department warns California its reopening plan discriminates against churches

LOS ANGELES — The head of the federal Justice Department’s Civil Rights Division told Gov. Gavin Newsom Tuesday that his plan to reopen California discriminates against churches.In a letter to the governor, Eric S. Dreiband said that despite a coronavirus pandemic “that is unprecedented in our lifetimes,” Newsom should allow some in-person worship under the current second phase of his four-part reopening plan.Restaurants and other secular businesses are being allowed to reopen under social distancing guidelines but not churches, which are limited to online and similar services.That places...

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Associated Press
May 20
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Sen. Sherrod Brown inquires of Treasury’s Steven Mnuchin: ‘How many workers should give their lives to increase the GDP or the Dow Jones by a thousand points?’

Sen. Sherrod Brown inquires of Treasury’s Steven Mnuchin: ‘How many workers should give their lives to increase the GDP or the Dow Jones by a thousand points?’

‘How many workers should give their lives to increase the GDP or the Dow Jones by a thousand points?’That line came from Democratic Sen. Sherrod Brown of Ohio in a tense exchange on Tuesday with Treasury Secretary Steven Mnuchin over efforts to reopen the U.S. economy after lockdowns triggered by the coronavirus pandemic.Brown said he was hearing from experts that it was not safe to reopen the economy until there were better worker protections, including more testing, contact tracing and protective equipment. The senator said President Donald Trump has failed to lead the country on these...

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Victor Reklaitis
May 19
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In a replay of 2008, toxic subprime loans could worsen this financial crisis

In a replay of 2008, toxic subprime loans could worsen this financial crisis

In April, Moody’s placed 20% of its rated collateralized loan obligations (CLO) (valued at around $22 billion) on review. The decision carried ominous echoes of 2008 and the Great Financial Crisis, when collateralized debt obligations (CDOs) proved problematic for the U.S. and global economies. In the current financial crisis, CLOs, which — despite industry protestations to the contrary — share many of same structural characteristics as CDOs, may cause similar problems.Like mortgage securitizations, CLOs package portfolios of corporate loans (often of lower-quality) into investable...

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Satyajit Das
May 14
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Fed’s Powell tells ‘60 Minutes’ he’s not out of ammunition to fight the recession

Fed’s Powell tells ‘60 Minutes’ he’s not out of ammunition to fight the recession

The chairman of the Federal Reserve on Sunday said the central bank has not exhausted its power to help the economy get through the coronavirus pandemic.“We’re not out of ammunition by a long shot,” Powell said in a transcript of his interviewThe Fed chairman said there was “no limit” to what the Fed can do to lend money to financial markets.“So there’s a lot more we can do to support the economy, and we’re committed to doing everything we can as long as we need to,” Powell said.Earlier Sunday, Mohamed El-Erian, the chief economic adviser at Allianz, the corporate parent of Pimco, said he...

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Greg Robb
May 17
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