Tesla Sets up Shanghai Financial Leasing Unit as China Plans Accelerate

Tesla Inc has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China.

The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly-owned financial leasing unit in Shanghai’s free trade zone with registered capital of $30 million, according to China’s National Enterprise Information Publicity System.

Its scope includes leasing and consultancy, the document said, which listed the firm’s legal representative as Zhu Xiaotong, Tesla’s boss in China.

Tesla declined to comment.

The company has opened a tender process to build its Shanghai Gigafactory and at least one contractor has started buying materials, Reuters reported earlier this month.

The $2 billion factory, Tesla’s first in China, marks a major bet by the U.S. electric vehicle (EV) maker as it looks to bolster its presence in the world’s biggest auto market where it faces rising competition from a swathe of domestic EV makers and its earnings have been hit by increased tariffs on U.S. imports.

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Tesla Sets up Shanghai Financial Leasing Unit as China Plans Accelerate

Tesla Inc has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China.

The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly-owned financial leasing unit in Shanghai’s free trade zone with registered capital of $30 million, according to China’s National Enterprise Information Publicity System.

Its scope includes leasing and consultancy, the document said, which listed the firm’s legal representative as Zhu Xiaotong, Tesla’s boss in China.

Tesla declined to comment.

The company has opened a tender process to build its Shanghai Gigafactory and at least one contractor has started buying materials, Reuters reported earlier this month.

The $2 billion factory, Tesla’s first in China, marks a major bet by the U.S. electric vehicle (EV) maker as it looks to bolster its presence in the world’s biggest auto market where it faces rising competition from a swathe of domestic EV makers and its earnings have been hit by increased tariffs on U.S. imports.

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Report: US Retail Holiday Sales Best in 6 Years

Retail sales in the U.S. for the 2018 holiday season were up more than 5 percent to more than $850 billion, according to data Mastercard released Wednesday, making 2018 the best holiday retail season in the last six years.

The Mastercard SpendingPulse report tracks retail spending across all payment types, including cash and checks, from Nov. 1 through Dec. 24.

The report said online sales also jumped more than 19 percent from last year.

Clothing and home improvement items were the seasonal favorite, while the sale of electronics fell.

The National Retail Federation had predicted holiday sales to increase between 4.3 and 4.8 percent from 2017, for a total of $717.45 billion to $720.89 billion.

Online giant Amazon said 2018 was a record year for its global holiday sales. Amazon said it shipped a billion products for free in the U.S. alone for its Amazon Prime customers.

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Report: US Trade Team to Travel to China for Talks  

A U.S. trade delegation will go to China the week of Jan. 7, Bloomberg reported Wednesday, citing two people familiar with the matter.

It will be the first time the two sides will meet face to face since U.S. President Donald Trump and China’s Xi Jinping agreed to de-escalate a trade war during a meeting in Argentina on Dec. 1.

The U.S. team will be led by Deputy Trade Representative Jeffrey Gerrish and will include David Malpass, Treasury undersecretary for international affairs, Bloomberg said. 

For months, the U.S. and China have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars’ worth of exports flowing between the two countries. 

At the meeting in Buenos Aires, the two leaders agreed to a 90-day truce in the trade war between the world’s two largest economies.

Trump also agreed to leave the tariffs on $200 billion worth of Chinese products at 10 percent, and not raise them to 25 percent on Jan. 1 as he had threatened.

Trump said his agreement with Xi would go down “as one of the largest deals ever made. … And it’ll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers — every type of product.”

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, nontariff barriers, cyber intrusions and cyber theft, services and agriculture. 

U.S. Trade Representative Robert Lighthizer, who was put in charge of the China talks, said the negotiations would not be extended beyond the 90-day deadline. He said that March 1 was a “hard deadline” that was endorsed by Trump, Bloomberg reported.

Lighthizer will not be part of the team going to Beijing.

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Wall Street Notches Best Day in 10 Years in Holiday Rebound

Wall Street notched its best day in 10 years as stocks rallied back Wednesday, giving some post-Christmas hope to a market that has otherwise been battered this December.

The Dow Jones Industrial Average jumped more than 1,000 points — its biggest point-gain ever — rising nearly 5 percent as investors returned from a holiday break. The benchmark S&P 500 index also gained 5 percent and the technology heavy Nasdaq rose 5.8 percent.

But even with the rally, the market remains on track for its worst December since 1931, during the depths of the Great Depression, and to finish 2018 with its steepest losses in a decade.

Technology companies, health care stocks, banks drove much of the broad rally. Retailers also were big gainers, as traders cheered a healthy holiday shopping season marked by robust consumer spending. Amazon had its biggest gain in more than a year.

But what really might have pushed stocks over the top was a signal from Washington that President Donald Trump would not try to oust the chairman of the Federal Reserve.

On Monday, Trump tweeted another critical volley about the central bank’s policy, rattling markets over the possibility the White House might interfere with the traditionally independent Federal Reserve. But in an interview with The Wall Street Journal published Wednesday, a White House economic adviser said that Fed chairman Jerome Powell is in no danger of being fired.

Energy stock jump

Energy stocks also rebounded as the price of U.S. crude oil notched its biggest one-day gain in more than two years.

All told, the S&P 500 index rose 116.60 points, or 5 percent, to 2,467.70. The Dow soared 1,086.25 points, or 5 percent, to 22,878.45. The tech-heavy Nasdaq gained 361.44 points, or 5.8 percent, to 6,554.36. The Russell 2000 index of smaller-company stocks picked up 62.89 points, or 5 percent, 1,329.81.

Trading volume was lighter than usual following the Christmas holiday. Markets in Europe, Hong Kong and Australia were closed.

“The real question is do we have follow-through for the rest of this week,” said Sam Stovall, chief investment strategist for CFRA.

Wednesday’s gains pulled the S&P 500 back from the brink of what Wall Street calls a bear market — a 20 percent tumble from an index’s peak. A further stumble would have marked the end to the longest bull market for stocks in modern history after nearly 10 years. The index is now down 15.8 percent since its all-time high September 20.

Powell’s position is safe

Stocks fell sharply Monday after Trump lashed out at the central bank. Administration officials had spent the weekend trying to assure financial markets that Fed chairman Jerome Powell’s job was safe. On Tuesday, Trump reiterated his view that the Federal Reserve is raising interest rates too fast, but called the independent agency’s rate hikes a “form of safety” for an economy doing well.

On Wednesday, Kevin Hassett, chairman of the White House Council of Economic Advisers, weighed in, saying Powell is in no danger of being fired, The Wall Street Journal reported.

The lackluster finish to 2018 comes as most economists expect growth to slow in 2019, though not by enough to slide into a full-blown recession. Many economic barometers still look encouraging. Unemployment is at 3.7 percent, the lowest since 1969. Inflation is tame. Pay growth has picked up. Consumers boosted their spending this holiday season.

Even so, traders have been jittery this autumn over signs that the global economy is slowing, the escalating U.S. trade dispute with China and another interest rate increase by the Fed. Many investors are growing worried that corporate profits — which drive stock market gains — are poised to weaken.

Thumps need a ‘vacation’

Some of what Wall Street sees coming out of the White House has added to the market’s uncertainty, specifically the president’s attacks on the Fed and remarks about the ongoing trade conflict with China.

The president could help restore some stability to the market if he “gives his thumbs a vacation,” Stovall said.

“Tweet things that are more constructive in terms of working out an agreement with Democrats and with China. And then just remain silent as it relates to the Fed,” Stovall said.

The partial U.S. government shutdown that started Saturday is unlikely to hurt the economy much, although it may deprive the financial markets of data about international trade and gross domestic product. The Bureau of Economic Analysis said Wednesday that it’s required to suspend all operations until Congress approves funding, which means that the government might not release its fourth-quarter report on gross domestic product as scheduled for January 30.

Technology stocks accounted for much of Monday’s early bounce. Adobe rose 8.7 percent to $222.95. Payment processors Visa and Mastercard also headed higher. Visa added 7 percent to $130.23, while Mastercard gained 6.7 percent to $186.43.

Big retailers were among the gainers. Amazon climbed 9.4 percent to $1,470.90. Kohl’s gained 10.3 percent to $65.92. Nordstrom picked up 5.8 percent to $46.75.

Homebuilders mostly rebounded after an early slide following a report indicating that annual U.S. home price growth slowed in October. PulteGroup climbed 4.7 percent to $25.85.

U.S. crude climbs

Benchmark U.S. crude climbed 8.7 percent to settle at $46.22 a barrel in New York. Brent crude, used to price international oils, gained 7.9 percent to $54.47 a barrel in London.

The pickup in oil prices helped boost energy stocks. Marathon Petroleum rose 4.8 percent to $56.93.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.79 percent from 2.75 percent late Monday.

The dollar strengthened to 111.36 yen from 110.41 yen on Monday. The euro weakened to $1.1351 from $1.1404.

Gold edged up 0.1 percent to $1,273 an ounce and silver gained 2 percent to $15.12 an ounce. Copper gained 1.5 percent to $2.70 a pound.

Around the world

In other trading Wednesday, South Korea’s Kospi gave up 1.3 percent, while Japan’s Nikkei 225 index, which plunged 5 percent on Tuesday, picked up 0.9 percent. Shares fell in Taiwan, Singapore and Indonesia, but rose in Thailand.

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Serena Voted AP Female Athlete of the Year for 5th Time

She showed up in Paris wearing a black catsuit, a reminder that nobody can command the Grand Slam stage quite like Serena Williams.

She reached the finals at Wimbledon and the U.S. Open, proving again how well she can play no matter how little she practices.

Williams didn’t win those or any other tournaments, which in every other situation might have made for a forgettable year.

In 2018, it was a remarkable one.

Her rapid return to tennis after a health scare following childbirth was a victory in itself, and for that, Williams was voted The Associated Press Female Athlete of the Year for the fifth time.

Williams received 93 points in balloting by U.S. editors and news directors announced Wednesday, while gymnast Simone Biles was second with 68. Notre Dame basketball player Arike Ogunbowale was third, while Olympic snowboarder Chloe Kim and swimmer Katie Ledecky, the 2017 winner, rounded out the top five.

All of those players won a title or titles in 2018, while Williams had to settle for just coming close a couple of times.

Now 37 and a new mother facing some players who weren’t even born when she turned pro in 1995, Williams isn’t the same person who ruthlessly ran her way to 23 Grand Slam singles titles — the last of which came at the 2017 Australian Open when she was pregnant.

“I’m still waiting to get to be the Serena that I was, and I don’t know if I’ll ever be that, physically, emotionally, mentally. But I’m on my way,” Williams said on the eve of the U.S. Open final. “I feel like I still have a ways to go. Once I get there, I’ll be able to play even hopefully better.”

The Male Athlete of the Year will be announced Thursday.

The women’s award has been won more only by Babe Didrikson Zaharias, whose six wins included one for track and five for golf.

Williams’ previous times winning the AP honor, in 2002, 2009, 2013 and 2015, were because of her dominance.

This one was about her perseverance.

Williams developed blood clots after giving birth to daughter Alexis Olympia Ohanian Jr. on Sept. 1, 2017, and four surgeries would follow. She returned to the WTA Tour in March and played in just a pair of events before the French Open, where she competed in a skin-tight, full-length black catsuit .

She said the outfit — worn partly for health reasons because of the clots — made her feel like a superhero, but her game was rarely in superstar shape. She had to withdraw in Paris because of a right pectoral injury and didn’t play again until Wimbledon, where she lost to Angelique Kerber in the final.

Williams came up short again in New York, where her loss to Naomi Osaka in the final will be remembered best for her outburst toward chair umpire Carlos Ramos, who had penalized Williams for receiving coaching and later penalized her an entire game for calling him a “thief” while arguing.

That loss leaves her one major title shy of Margaret Court’s record as she starts play next year in a WTA Tour that will look different in part because of new rules coming about after issues involving Williams. Players returning to the tour may use a “special ranking” for up to three years from the birth of a child, and the exemption can be used for seedings at big events. Also, the tour says players can wear leggings or compression shorts at its tournaments without a skirt over them.

Williams insists she is still driven to play and win as much if not more than before she was a mother. That drive is the focus of a Nike ad showing her in action.

“Getting this far, crazy,” it says. “Stopping now, crazier.”

Williams won’t.

“I’m still on the way up,” she said. “There’s still much more that I plan on doing.”

The rest of the top five:

Simone Biles, gymnastics . The American won four golds and six medals overall in the world championships in Qatar, giving her 20 in her career to tie Russia’s Svetlana Khorkina for the most by a female gymnast.

Arike Ogunbowale, women’s basketball . She hit one jumper to knock off previously unbeaten Connecticut in the Final Four, then a 3-pointer in the championship game to lift Notre Dame over Mississippi State.

Chloe Kim, snowboarding . At 17, the Californian won the halfpipe Olympic gold medal in South Korea, where her parents were from before they immigrated to the United States.

Katie Ledecky, swimming . The 21-year-old U.S. Olympian tuned up for the 2020 Games in Tokyo by winning five medals in the city at the Pan Pacific Championships.

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Serena Voted AP Female Athlete of the Year for 5th Time

She showed up in Paris wearing a black catsuit, a reminder that nobody can command the Grand Slam stage quite like Serena Williams.

She reached the finals at Wimbledon and the U.S. Open, proving again how well she can play no matter how little she practices.

Williams didn’t win those or any other tournaments, which in every other situation might have made for a forgettable year.

In 2018, it was a remarkable one.

Her rapid return to tennis after a health scare following childbirth was a victory in itself, and for that, Williams was voted The Associated Press Female Athlete of the Year for the fifth time.

Williams received 93 points in balloting by U.S. editors and news directors announced Wednesday, while gymnast Simone Biles was second with 68. Notre Dame basketball player Arike Ogunbowale was third, while Olympic snowboarder Chloe Kim and swimmer Katie Ledecky, the 2017 winner, rounded out the top five.

All of those players won a title or titles in 2018, while Williams had to settle for just coming close a couple of times.

Now 37 and a new mother facing some players who weren’t even born when she turned pro in 1995, Williams isn’t the same person who ruthlessly ran her way to 23 Grand Slam singles titles — the last of which came at the 2017 Australian Open when she was pregnant.

“I’m still waiting to get to be the Serena that I was, and I don’t know if I’ll ever be that, physically, emotionally, mentally. But I’m on my way,” Williams said on the eve of the U.S. Open final. “I feel like I still have a ways to go. Once I get there, I’ll be able to play even hopefully better.”

The Male Athlete of the Year will be announced Thursday.

The women’s award has been won more only by Babe Didrikson Zaharias, whose six wins included one for track and five for golf.

Williams’ previous times winning the AP honor, in 2002, 2009, 2013 and 2015, were because of her dominance.

This one was about her perseverance.

Williams developed blood clots after giving birth to daughter Alexis Olympia Ohanian Jr. on Sept. 1, 2017, and four surgeries would follow. She returned to the WTA Tour in March and played in just a pair of events before the French Open, where she competed in a skin-tight, full-length black catsuit .

She said the outfit — worn partly for health reasons because of the clots — made her feel like a superhero, but her game was rarely in superstar shape. She had to withdraw in Paris because of a right pectoral injury and didn’t play again until Wimbledon, where she lost to Angelique Kerber in the final.

Williams came up short again in New York, where her loss to Naomi Osaka in the final will be remembered best for her outburst toward chair umpire Carlos Ramos, who had penalized Williams for receiving coaching and later penalized her an entire game for calling him a “thief” while arguing.

That loss leaves her one major title shy of Margaret Court’s record as she starts play next year in a WTA Tour that will look different in part because of new rules coming about after issues involving Williams. Players returning to the tour may use a “special ranking” for up to three years from the birth of a child, and the exemption can be used for seedings at big events. Also, the tour says players can wear leggings or compression shorts at its tournaments without a skirt over them.

Williams insists she is still driven to play and win as much if not more than before she was a mother. That drive is the focus of a Nike ad showing her in action.

“Getting this far, crazy,” it says. “Stopping now, crazier.”

Williams won’t.

“I’m still on the way up,” she said. “There’s still much more that I plan on doing.”

The rest of the top five:

Simone Biles, gymnastics . The American won four golds and six medals overall in the world championships in Qatar, giving her 20 in her career to tie Russia’s Svetlana Khorkina for the most by a female gymnast.

Arike Ogunbowale, women’s basketball . She hit one jumper to knock off previously unbeaten Connecticut in the Final Four, then a 3-pointer in the championship game to lift Notre Dame over Mississippi State.

Chloe Kim, snowboarding . At 17, the Californian won the halfpipe Olympic gold medal in South Korea, where her parents were from before they immigrated to the United States.

Katie Ledecky, swimming . The 21-year-old U.S. Olympian tuned up for the 2020 Games in Tokyo by winning five medals in the city at the Pan Pacific Championships.

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Indian Casinos Across US Wary of Betting on Sports Books

Two dozen large-screen TVs showing football and other sports line the walls. There’s beer on tap, bar top seating and leather chairs. Chicken wings are on the menu. And at this American Indian casino in the heart of college-football mad Mississippi, you can legally bet on the games.

The sports book owned by the Mississippi Band of Choctaw Indians is the first to open on tribal lands outside of Nevada following a U.S. Supreme Court ruling earlier this year, a no-brainer business decision given the sports fans among its gambling clientele.

“We are basically two hours from Tuscaloosa, Alabama, and then, we are just an hour from Mississippi State. We have Ole Miss just to the north of that, and we have Southern Miss — they’re not SEC, but they are a player. We are not that far from Louisiana,” said Neal Atkinson, the tribe’s director of gaming.

The book at Pearl River Resort is packed every college football Saturday, but remains an outlier months after the high court opened the door for expanded sports gambling across the United States by striking down a federal ban.

Tribes enthusiastically welcomed the decision in May but since then, the regulatory challenges and low-margin nature of the business have sunk in. Few Indian casinos have an enviable location like the Choctaw and many need state approval to add sports betting to their offerings.

Indian casinos started small three decades ago, but they have grown to be an annual $32.4 billion segment of the U.S. gambling industry. The roughly 475 casinos operated by nearly 240 tribes create jobs for tribal members and profits that help pay a variety of services, including health care and housing.

Some casinos only have games like bingo or pull tabs that don’t need state approval. But the majority of them also have state-authorized slot machines, blackjack and other table games, according to the National Indian Gaming Commission.

Many tribes share a portion of casino profits with state governments in exchange for exclusive rights to conduct gambling operations within their states.

To offer sports betting, the majority of tribes would have to renegotiate compacts that vary widely in cycles and the issues covered, though some tribes believe their existing agreements already give them the right to offer the new wagers.

“There’s a broad spectrum in Indian Country covering two extremes: Tribal nations that would not benefit at all, and on the other end, tribal nations that would significantly benefit,” commission chairman Jonodev Osceola Chaudhuri said. “Those are largely business decisions that each tribe will have to make given its own economic landscape and its unique market realities.”

Some federal lawmakers have also proposed regulating sports gambling more widely, adding yet another layer to a complex debate already involving commercial casinos and lotteries, plus sports leagues themselves.

So far, only the Santa Ana Pueblo near Albuquerque, New Mexico, has followed the Choctaw’s effort into sports gambling. Neither tribe was required to obtain additional state approvals.

Contrary to popular belief, sports betting is a low-profit business that requires highly skilled employees. In Nevada, sportsbooks last year contributed only 2.4 percent of the gambling revenue of casinos statewide — dwarfed by the proceeds from table games and slots. The limited payoff has tribal casinos balancing the allure of a Las Vegas-style amenity with the risks of opening compacts for negotiations.

“Tribal leadership is extremely protective of what they have because it’s meant so much to us, and there’s always a risk of upsetting the apple cart,” Washington State Gambling Commission member Chris Stearns said. “Is this going to help us? Is this going to hurt us? That’s really at the heart of why you see Indian tribes gently venturing into sports betting. … In a lot of states, tribes write a check out to the state in exchange for exclusivity. So, any time there’s a new gambling product, and you ask the state to authorize it, there is a risk the state will say ‘Sure, but it is going to cost you.’”

The only sports book in New Mexico, inside the Santa Ana Star Casino Hotel, began taking wagers in October. It offers bets on professional and college sports, but not for games involving two public in-state universities.

In Washington state, all casinos are tribally operated. Changing the state’s laws to allow betting on sports would require a 60 percent supermajority vote in the legislature or a ballot initiative. Only then could sports betting be added to a tribal-state compact.

In California, where tribes have exclusivity on casino-style gambling, voters would have to approve a change to the state constitution.

Casinos are operated on and off reservations in South Dakota. Before the Flandreau Santee Sioux Tribe can try to to edge out its nearest competition across the state line in Iowa, South Dakota’s constitution will have to be amended through a public vote.

The legislature could choose to put the question before voters or supporters could gather enough signatures to add the measure to the 2020 ballot. If the measure passes, it would open the opportunity for tribes to negotiate their compacts with the state.

Tribal councilman Kenny Weston said a sports book could attract new patrons who may also choose to play games already offered and spend nights at the hotel for big sporting events, like MMA fights.

“Normally, with the brick-and-mortar casino like we have, we attract a lot of older crowds and retired people,” Weston said. “I think with sports betting we can bring a different age demographic and different people … and have the opportunity to do the same that they do in Vegas.”

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Indian Casinos Across US Wary of Betting on Sports Books

Two dozen large-screen TVs showing football and other sports line the walls. There’s beer on tap, bar top seating and leather chairs. Chicken wings are on the menu. And at this American Indian casino in the heart of college-football mad Mississippi, you can legally bet on the games.

The sports book owned by the Mississippi Band of Choctaw Indians is the first to open on tribal lands outside of Nevada following a U.S. Supreme Court ruling earlier this year, a no-brainer business decision given the sports fans among its gambling clientele.

“We are basically two hours from Tuscaloosa, Alabama, and then, we are just an hour from Mississippi State. We have Ole Miss just to the north of that, and we have Southern Miss — they’re not SEC, but they are a player. We are not that far from Louisiana,” said Neal Atkinson, the tribe’s director of gaming.

The book at Pearl River Resort is packed every college football Saturday, but remains an outlier months after the high court opened the door for expanded sports gambling across the United States by striking down a federal ban.

Tribes enthusiastically welcomed the decision in May but since then, the regulatory challenges and low-margin nature of the business have sunk in. Few Indian casinos have an enviable location like the Choctaw and many need state approval to add sports betting to their offerings.

Indian casinos started small three decades ago, but they have grown to be an annual $32.4 billion segment of the U.S. gambling industry. The roughly 475 casinos operated by nearly 240 tribes create jobs for tribal members and profits that help pay a variety of services, including health care and housing.

Some casinos only have games like bingo or pull tabs that don’t need state approval. But the majority of them also have state-authorized slot machines, blackjack and other table games, according to the National Indian Gaming Commission.

Many tribes share a portion of casino profits with state governments in exchange for exclusive rights to conduct gambling operations within their states.

To offer sports betting, the majority of tribes would have to renegotiate compacts that vary widely in cycles and the issues covered, though some tribes believe their existing agreements already give them the right to offer the new wagers.

“There’s a broad spectrum in Indian Country covering two extremes: Tribal nations that would not benefit at all, and on the other end, tribal nations that would significantly benefit,” commission chairman Jonodev Osceola Chaudhuri said. “Those are largely business decisions that each tribe will have to make given its own economic landscape and its unique market realities.”

Some federal lawmakers have also proposed regulating sports gambling more widely, adding yet another layer to a complex debate already involving commercial casinos and lotteries, plus sports leagues themselves.

So far, only the Santa Ana Pueblo near Albuquerque, New Mexico, has followed the Choctaw’s effort into sports gambling. Neither tribe was required to obtain additional state approvals.

Contrary to popular belief, sports betting is a low-profit business that requires highly skilled employees. In Nevada, sportsbooks last year contributed only 2.4 percent of the gambling revenue of casinos statewide — dwarfed by the proceeds from table games and slots. The limited payoff has tribal casinos balancing the allure of a Las Vegas-style amenity with the risks of opening compacts for negotiations.

“Tribal leadership is extremely protective of what they have because it’s meant so much to us, and there’s always a risk of upsetting the apple cart,” Washington State Gambling Commission member Chris Stearns said. “Is this going to help us? Is this going to hurt us? That’s really at the heart of why you see Indian tribes gently venturing into sports betting. … In a lot of states, tribes write a check out to the state in exchange for exclusivity. So, any time there’s a new gambling product, and you ask the state to authorize it, there is a risk the state will say ‘Sure, but it is going to cost you.’”

The only sports book in New Mexico, inside the Santa Ana Star Casino Hotel, began taking wagers in October. It offers bets on professional and college sports, but not for games involving two public in-state universities.

In Washington state, all casinos are tribally operated. Changing the state’s laws to allow betting on sports would require a 60 percent supermajority vote in the legislature or a ballot initiative. Only then could sports betting be added to a tribal-state compact.

In California, where tribes have exclusivity on casino-style gambling, voters would have to approve a change to the state constitution.

Casinos are operated on and off reservations in South Dakota. Before the Flandreau Santee Sioux Tribe can try to to edge out its nearest competition across the state line in Iowa, South Dakota’s constitution will have to be amended through a public vote.

The legislature could choose to put the question before voters or supporters could gather enough signatures to add the measure to the 2020 ballot. If the measure passes, it would open the opportunity for tribes to negotiate their compacts with the state.

Tribal councilman Kenny Weston said a sports book could attract new patrons who may also choose to play games already offered and spend nights at the hotel for big sporting events, like MMA fights.

“Normally, with the brick-and-mortar casino like we have, we attract a lot of older crowds and retired people,” Weston said. “I think with sports betting we can bring a different age demographic and different people … and have the opportunity to do the same that they do in Vegas.”

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‘Tech Addicts’ Seek Solace in 12 Steps and Rehab

We like to say we’re addicted to our phones or an app or some new show on a streaming video service.

But for some people, tech gets in the way of daily functioning and self-care. We’re talking flunk-your-classes, can’t-find-a-job, live-in-a-dark-hole kinds of problems, with depression, anxiety and sometimes suicidal thoughts part of the mix.

Suburban Seattle, a major tech center, has become a hub for help for so-called “tech addicts,” with residential rehab, psychologists who specialize in such treatment and 12-step meetings.

“The drugs of old are now repackaged. We have a new foe,” Cosette Rae says of the barrage of tech. A former developer in the tech world, she heads a Seattle area rehab center called reSTART Life, one of the few residential programs in the nation specializing in tech addiction.

Use of that word — addiction — when it comes to devices, online content and the like is still debated in the mental health world. But many practitioners agree that tech use is increasingly intertwined with the problems of those seeking help.

An American Academy of Pediatrics review of worldwide research found that excessive use of video games alone is a serious problem for as many as 9 percent of young people. This summer, the World Health Organization also added “gaming disorder” to its list of afflictions. A similar diagnosis is being considered in the United States.

It can be a taboo subject in an industry that frequently faces criticism for using “persuasive design,” intentionally harnessing psychological concepts to make tech all the more enticing.

​One addict’s story

One 27-year-old man, found through a 12-step program for tech addicts, works in the very industry that peddles the games, videos and other online content that has long been his vice. He does cloud maintenance for a suburban Seattle tech company and constantly finds himself fending off temptation.

“I’m like an alcoholic working at a bar,” he laments. He spoke on the condition that he not be identified, fearing he might harm his career in an industry he’s long loved.

As a toddler, he sat on his dad’s lap in their Seattle area home as they played simple video games on a Mac Classic II computer. By early elementary school, he got his first Super Nintendo system and spent hours playing Yoshi’s Story, a game where the main character searched for “lucky fruit.”

As he grew, so did one of the world’s major tech hubs. Led by Microsoft, it rose from the nondescript suburban landscape and farm fields here, just a short drive from the home he still shares with his mom, who split from her husband when their only child was 11.

As a teen, he took an interest in music and acting but recalls how playing games increasingly became a way to escape life. “I go online instead of dealing with my feelings,” he says.

He’d been seeing a therapist for depression and severe social anxiety. But attending college out of state allowed more freedom and less structure, so he spent even more time online. His grades plummeted, forcing him to change majors, from engineering to business.

After graduating in 2016 and moving home, he’d go to a nearby restaurant or the library to use the Wi-Fi, claiming he was looking for a job but having no luck.

Instead, he was spending hours on Reddit, an online forum where people share news and comments, or viewing YouTube videos. Sometimes, he watched online porn.

​’Detox’

Others who attend a 12-step meeting of the Internet & Tech Addiction Anonymous know the struggle.

“I had to be convinced that this was a ‘thing,”‘ says Walker, a 19-year-old from Washington whose parents insisted he get help after video gaming trashed his first semester of college. He agreed to speak only if identified by first name, as required by the 12-step tenets.

Help is found at facilities like reSTART. Clients “detox” from tech at a secluded ranch and move on to a group home.

They commit to eating well and regular sleep and exercise. They find jobs, and many eventually return to college. They also make “bottom line” promises to give up video games or any other problem content, as well as drugs and alcohol, if those are issues. They use monitored smartphones with limited function — calls, texts and emails and access to maps.

The young tech worker didn’t go to reSTART. But he, too, has apps on his phone that send reports about what he’s viewing to his 12-step sponsor, a fellow tech addict named Charlie, a 30-year-old reSTART graduate.

At home, the young man also persuaded his mom to get rid of Wi-Fi to lessen the temptation.

He still relapses every couple months, often when he’s tired or upset or very bored. He tells himself that his problem isn’t as bad as other tech addicts.

“Then,” the young man says, “I discover very quickly that I am actually an addict, and I do need to do this.”

Having Charlie to lean on helps. “He’s a role model,” he says.

“He has a place of his own. He has a dog. He has friends.”

That’s what he wants for himself.

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At New Museum of Black Civilizations, a Call to Come Home

The Museum of Black Civilizations in Senegal opened this month amid a global conversation about the ownership and legacy of African art. The West African nation’s culture minister isn’t shy: He wants the thousands of pieces of cherished heritage taken from the continent over the centuries to come home.

“It’s entirely logical that Africans should get back their artworks,” Abdou Latif Coulibaly told The Associated Press. “These works were taken in conditions that were perhaps legitimate at the time but illegitimate today.”

Last month, a report commissioned by French President Emmanuel Macron recommended that French museums give back works taken without consent, if African countries request them. Macron has stressed the “undeniable crimes of European colonization,” adding that “I cannot accept that a large part of African heritage is in France.”

The new museum in Dakar is the latest sign that welcoming spaces across the continent are being prepared.

The museum, with its focus on Africa and the diaspora, is decades in the making. The idea was conceived when Senegal’s first president, internationally acclaimed poet Leopold Sedar Senghor, hosted the World Black Festival of Arts in 1966.

At the museum’s vibrant opening, sculptors from Los Angeles, singers from Cameroon and professors from Europe and the Americas came to celebrate, some in tears. “This moment is historic,” Senegalese President Macky Sall said. “It is part of the continuity of history.”

Perhaps reflecting the tenuous hold that African nations still have on their own legacy objects, the museum will not have a permanent collection. Filling the 148,000-square-foot circular structure, one of the largest of its kind on the continent, is complicated by the fact that countless artifacts have been dispersed around the world.

Both the inaugural exhibition, “African Civilizations: Continuous Creation of Humanity,” and the museum’s curator take a far longer view than the recent centuries of colonization and turmoil. Current works highlight the continent as the “cradle of civilization” and the echoes found among millions of people in the diaspora today.

“Colonization? That’s just two centuries,” curator Hamady Bocoum told the AP, saying that proof of African civilization is at least 7,000 years old, referencing a skull discovered in present-day Chad.

Like others, Bocoum is eager to see artifacts return for good. The exhibition includes 50 pieces on loan from France, including more than a dozen from the Quai Branly museum in Paris.

More than 5,000 pieces in the Quai Branly come from Senegal alone, Bocoum said.

“When we see the inventory of the Senegalese objects that are found in France, we’re going to ask for certain of those objects,” Bocoum said. “For the moment, we have not yet started negotiations.”

He brushed off concerns that African institutions might be unable to care for their own heritage, pointing to the new museum’s humidified, air-conditioned storage space.

The history of some of the objects in the opening exhibition is grim. Pointing to the saber of El Hadj Umar Tall, a 19th-century West African thinker who fought against French colonialism, Bocoum described how French troops fighting him stripped local women of their elaborate jewelry by cutting off their ears.

Contemporary works in the exhibition touch on both triumph and tragedy. There are black-and-white photographs of African nightclubs in the 1960s shot by famous Malian photographer Malick Sidibe, and a stark mural by Haitian artist Philippe Dodard depicting African religions and the middle passage.

Works by Yrneh Gabon Brown, based in Los Angeles, reference slavery and contemporary race relations in America.

“Sometimes I feel like a motherless child,” Brown told the AP. “And here, as a member of Africa’s English-speaking diaspora, I am proud, reaffirmed.”

France, whose president in recent weeks has pledged to return 26 pieces to Benin, is just one of many countries loaning works for the new museum’s opening exhibition. Bocoum now is working with dozens of institutions around the world to plan future exhibits.

“This museum is celebrating the resilience of black people,” professor Linda Carty, who teaches African American studies at Syracuse University, told the AP at its opening. “This is a forced recognition of how much black people have brought to the world. We were first. That’s been taken away from us, and we now have reclaimed it.”

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Koreas Celebrate Joint Railway

North and South Korea held a groundbreaking ceremony Wednesday to mark the start of a joint project to connect railways throughout the divided peninsula. The event was held after both Korea’s inspected railways along the peninsula’s east coast.

Ministry of Foreign Affairs Special Representative for Korean Peninsula Peace and Security Affairs Lee Do-hoon told reporters last week, “The railroad linkage project and related groundbreaking ceremony were given the go-ahead to proceed as scheduled in the working group today,” referring to meetings held with State Department Special Representative for North Korea Policy Stephen Biegun in Seoul.

Jung Dae-jin, a research professor with the Ajou Institute of Unification called the ceremony a strong indicator of both North and South Korea wanting to continue discussions held by South Korean President Moon Jae-in and North Korean leader Kim Jong Un this year.

“It looks frozen water from the surface, but the potential of having those conversations is still alive, like the water flowing beneath the ice,” he said.

Jung added that as the North’s rail and roadways are improved, “it can reduce the traveling time which encourages exchanges” between the two governments.

A special train carried 100 South Korean officials, politicians and members of families displaced by the war to the ceremony at Panmun Station in the border city of Kaesong.

In addition to officials from the United Nations, China, Russia, and Mongolia, South Korea’s unification ministry said they were joined by North Korea’s delegation of 100 people.

Following Wednesday’s ceremony, North and South Korea agreed to undertake further railway inspections and work closely with the United States and the United Nations to garner further support for the project and to address sanction concerns.

Railways and sanctions

North Korea’s rail system is said to be antiquated and in desperate need of repair in order to be linked with the South’s. During the first inter-Korean summit in April, North Korean leader Kim Jong Un and South Korean President Moon Jae-in agreed to “modernize” and “connect” the roads and railways across their border as part of efforts to improve ties and promote development and prosperity.

The railway inspection project had been delayed for months amid concerns about possible violations of UN sanctions on North Korea, but the project was given the go-ahead when the UN Security Council granted a sanctions exemption.

Professor Jung recalls that connecting the North’s and South’s rail lines were part of the 2000 Joint Declaration made by Seoul and Pyongyang and between 2007 and 2008, trains traversed the border several hundred times.

But, “if the extra sanctions are not lifted in the future, the whole plan of modernizing North Korea’s railroad will not be possible too,” he said.

Jung ties the future success of President Moon’s initiatives and plans for the connected railway to North Korea’s denuclearization.

“We need to see the New Year’s address by Kim Jong Un,” he said and notes that it is necessary that the global community see concrete measures taken by Pyongyang toward denuclearization for the process of rail and roadway use to proceed.

Lee Ju-Hyun contributed to this report.

 

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Koreas Celebrate Joint Railway

North and South Korea held a groundbreaking ceremony Wednesday to mark the start of a joint project to connect railways throughout the divided peninsula. The event was held after both Korea’s inspected railways along the peninsula’s east coast.

Ministry of Foreign Affairs Special Representative for Korean Peninsula Peace and Security Affairs Lee Do-hoon told reporters last week, “The railroad linkage project and related groundbreaking ceremony were given the go-ahead to proceed as scheduled in the working group today,” referring to meetings held with State Department Special Representative for North Korea Policy Stephen Biegun in Seoul.

Jung Dae-jin, a research professor with the Ajou Institute of Unification called the ceremony a strong indicator of both North and South Korea wanting to continue discussions held by South Korean President Moon Jae-in and North Korean leader Kim Jong Un this year.

“It looks frozen water from the surface, but the potential of having those conversations is still alive, like the water flowing beneath the ice,” he said.

Jung added that as the North’s rail and roadways are improved, “it can reduce the traveling time which encourages exchanges” between the two governments.

A special train carried 100 South Korean officials, politicians and members of families displaced by the war to the ceremony at Panmun Station in the border city of Kaesong.

In addition to officials from the United Nations, China, Russia, and Mongolia, South Korea’s unification ministry said they were joined by North Korea’s delegation of 100 people.

Following Wednesday’s ceremony, North and South Korea agreed to undertake further railway inspections and work closely with the United States and the United Nations to garner further support for the project and to address sanction concerns.

Railways and sanctions

North Korea’s rail system is said to be antiquated and in desperate need of repair in order to be linked with the South’s. During the first inter-Korean summit in April, North Korean leader Kim Jong Un and South Korean President Moon Jae-in agreed to “modernize” and “connect” the roads and railways across their border as part of efforts to improve ties and promote development and prosperity.

The railway inspection project had been delayed for months amid concerns about possible violations of UN sanctions on North Korea, but the project was given the go-ahead when the UN Security Council granted a sanctions exemption.

Professor Jung recalls that connecting the North’s and South’s rail lines were part of the 2000 Joint Declaration made by Seoul and Pyongyang and between 2007 and 2008, trains traversed the border several hundred times.

But, “if the extra sanctions are not lifted in the future, the whole plan of modernizing North Korea’s railroad will not be possible too,” he said.

Jung ties the future success of President Moon’s initiatives and plans for the connected railway to North Korea’s denuclearization.

“We need to see the New Year’s address by Kim Jong Un,” he said and notes that it is necessary that the global community see concrete measures taken by Pyongyang toward denuclearization for the process of rail and roadway use to proceed.

Lee Ju-Hyun contributed to this report.

 

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Futuristic Fun House Transforms Traditional Games into High Tech Wonders

Imagine being on the bridge of a ship navigating through space with your crew’s survival at risk, then stepping onto a river raft to battle aliens in a swamp, and finally flying through the air, all in one night. 

All this and more are possible at a futuristic micro amusement park called Two Bit Circus in Los Angeles. 

“I think it takes a whole arcade game venue to the next level, and there’s a couple of games I played tonight where I was out of breath and actually sweating,” said visitor Kelly Bentall, who had just finished playing a game where she had to roll a plastic ball and watch a cartoon version of it on a screen, while trying to knock an opponent off a virtual arena.

Many of the games at Two Bit Circus can be described as traditional carnival games on steroids where sensors, cameras or virtual reality goggles add to the experience. There is even a robot bartender that mixes drinks for customers.

 “I have not had a robot make my drink before. That was actually pretty cool. He even managed to shake it,” said customer John Duncan.

Just like a movie theater is a venue for the latest films, the Two Bit Circus is a platform for innovative games. Many of these experiences are created in an in-house workshop. 

“We can build stuff here in the morning and test it out there (Two Bit Circus) in the evening,” said co-founder and chief technology officer Eric Gradman, a roboticist who used to build prototypes for the military. “We have a really incredible team of creative people who are always experimenting with new forms of entertainment, and we have the most important ingredient of all — people to test this stuff on.”

Two Bit Circus’s other co-founder and chief executive officer is Brent Bushnell, an engineer, entrepreneur and son of Atari founder Nolan Bushnell. 

“My dad wants to move in here. He freaking loves this place,” Bushnell said. “He comes back. He’s always got ideas — what things we should change, what we should do differently — but he’s obsessed.”

The two founders of the high-tech amusement park also happen to be trained circus clowns.

“I was touring around the country, doing crazy stuff on stage in front of thousands of people, and this place is a great way to combine those two loves, making stuff and performing,” said Gradman.

It is no coincidence that Two Bit Circus is about the size of a department store. As online shopping increases, brick-and-mortar stores are shutting down, leaving large empty spaces that are perfect entertainment venues for innovative games that can be tested and improved.

 “We have built it (Two Bit Circus) to be able to just slot right in. And so for me, that brings real scale, right? That format exists in a hundred cities across the country so we can then iterate and test-optimize this version here and then replicate it across the country,” said Bushnell.

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Futuristic Fun House Transforms Traditional Games into High Tech Wonders

Technology is very quickly changing entertainment as we know it. While some worry that people are spending too much time on video games and not enough time with other people, there is a place in Los Angeles where visitors can interact with both. It’s called the Two Bit Circus – a funhouse that incorporates technology and games with group play for people of all ages. VOA’s Elizabeth Lee has the details.

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Japan Announces IWC Withdrawal, Will Resume Commercial Whaling

Japan is withdrawing from the International Whaling Commission and will resume commercial whaling next year, a government spokesman said Wednesday, in a move expected to spark international criticism.

“We have decided to withdraw from the International Whaling Commission in order to resume commercial whaling in July next year,” top government spokesman Yoshihide Suga told reporters.

“Commercial whaling to be resumed from July next year will be limited to Japan’s territorial waters and exclusive economic zones. We will not hunt in the Antarctic waters or in the southern hemisphere,” Suga added.

The announcement had been widely expected and comes after Japan failed in a bid earlier this year to convince the IWC to allow it to resume commercial whaling.

Tokyo has repeatedly threatened to pull out of the body, and has been regularly criticized for catching hundreds of whales a year for “scientific research” despite being a signatory to a moratorium on hunting the animals.

Suga said Japan would officially inform the IWC of its decision by the end of the year, which will mean the withdrawal comes into effect by June 30.

Leaving the IWC means Japanese whalers will be able to resume hunting in Japanese coastal waters of minke and other whales currently protected by the IWC.

But Japan will not be able to continue the so-called scientific research hunts in the Antarctic that has been exceptionally allowed as an IWC member under the Antarctic Treaty.

The withdrawal means Japan joins Iceland and Norway in openly defying the IWC’s ban on commercial whale hunting.

It is certain to infuriate conservationists and anti-whaling countries such as Australia and New Zealand, and deepen the divide between anti- and pro-whaling countries.

Japan has hunted whales for centuries, and their meat was a key source of protein in the immediate post-World War II years when the country was desperately poor.

But consumption has declined significantly in recent decades, with much of the population saying they rarely or never eat whale meat. 

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Japan Announces IWC Withdrawal, Will Resume Commercial Whaling

Japan is withdrawing from the International Whaling Commission and will resume commercial whaling next year, a government spokesman said Wednesday, in a move expected to spark international criticism.

“We have decided to withdraw from the International Whaling Commission in order to resume commercial whaling in July next year,” top government spokesman Yoshihide Suga told reporters.

“Commercial whaling to be resumed from July next year will be limited to Japan’s territorial waters and exclusive economic zones. We will not hunt in the Antarctic waters or in the southern hemisphere,” Suga added.

The announcement had been widely expected and comes after Japan failed in a bid earlier this year to convince the IWC to allow it to resume commercial whaling.

Tokyo has repeatedly threatened to pull out of the body, and has been regularly criticized for catching hundreds of whales a year for “scientific research” despite being a signatory to a moratorium on hunting the animals.

Suga said Japan would officially inform the IWC of its decision by the end of the year, which will mean the withdrawal comes into effect by June 30.

Leaving the IWC means Japanese whalers will be able to resume hunting in Japanese coastal waters of minke and other whales currently protected by the IWC.

But Japan will not be able to continue the so-called scientific research hunts in the Antarctic that has been exceptionally allowed as an IWC member under the Antarctic Treaty.

The withdrawal means Japan joins Iceland and Norway in openly defying the IWC’s ban on commercial whale hunting.

It is certain to infuriate conservationists and anti-whaling countries such as Australia and New Zealand, and deepen the divide between anti- and pro-whaling countries.

Japan has hunted whales for centuries, and their meat was a key source of protein in the immediate post-World War II years when the country was desperately poor.

But consumption has declined significantly in recent decades, with much of the population saying they rarely or never eat whale meat. 

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Chicano Author, Illustrator Collaborate on Animal Adventure

The 81-year-old author is often called a dean of Chicano literature. The illustrator is a younger muralist steeped in the visual traditions of Mexican-American pop culture and low-rider cars. 

 

Together, novelist Rudolfo Anaya and painter Moises Salcedo — who goes by El Moises — have created a bilingual children’s book with parallel texts in Spanish and English about the adventures of a tiny owl named Ollie who longs to read on his own, even as he skips school and tangles with a cast of conniving animal characters in the hills and skies of northern New Mexico. 

 

Anaya achieved lasting literary fame with the novel Bless Me, Ultima in 1972 about a boy’s coming of age in post-World War II New Mexico under the guidance of a traditional spiritual healer. The book became a movie — and recently an opera. 

Local, traditional references

 

The new children’s book from the Museum of New Mexico Press — titled Owl in a Straw Hat, or El Tecolote del Sombrero de Paja — is chock-full of references to northern New Mexico geography and homespun Hispanic tradition — from posole soup and pinon nuts to the “acequia” organizations that help irrigate fields and lend a special order to local rural life. 

 

Anaya said the work is a heartfelt effort to encourage shared family reading in English or Spanish, with eye-grabbing imagery. 

 

The book’s illustrations spring from the brush of Mexican-born, Arizona-raised El Moises — who made New Mexico his adopted home nearly a decade ago. His other recent commissions include urban murals, a tequila logo, CD covers and more.  

The 45-year-old illustrator is a father of five who often paints at a weathered living-room table amid the bustle of family. El Moises says people call him a Chicano artist, but it’s really just his take on everyday life. 

 

“Bold and bright has always been my thing,” he said. “I love low-riders because I grew up around them. … I just think that I’m an artist who is narrating his life.” 

 

One of the new book’s characters — a hungry and untrustworthy wolf in sunglasses named Luis Lobo — is adapted from a self-designed tattoo on the artist’s upper arm. Other characters include a young raven and crow who prefer video games to school. There are positive role models, too — a disciplined roadrunner who drives a dazzling low-rider car and a loving grandmother “Nana” owl. 

 

El Moises and Anaya already are working on a sequel that explores concerns about childhood bullying, something the illustrator and a 13-year-old son have been grappling with recently in Albuquerque, culminating in the decision to do home schooling.

Anaya, a widower who lives in Albuquerque with a dachshund at his side, continues to work steadily on essays and novels for grown-up readers. 

 

He said Owl in a Straw Hat is an outgrowth of his enduring concern for children, including children living far away in war-torn countries. 

‘Something positive’

 

“Maybe that’s why I write books for children — to get a lift, to think there is something positive on Earth that might offset the evil that we see,” Anaya said, on a day where violence in Syria dominated news headlines. “As I’m writing, I’m speaking to a child, to children. I’m kind of telling them, ‘Look at Oli and Raven and Crow.’ The children are always there, they’re always there wanting to hear a story.” 

 

The English text of the new book contains a smattering of colloquial Spanish words and phrases — such as “mi’jito” for my little son. A Spanish-English glossary at the back of the book resolves any mysteries. 

 

That aims to help young readers from various cultures feel comfortable, according to Enrique Lamadrid, who wrote the book’s full Spanish translation.

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Trump Praises Treasury Secretary Mnuchin But Hits Fed Again on Rate Rises

President Donald Trump on Tuesday expressed confidence in Treasury Secretary Steven Mnuchin amid worries over a weakening economy and a stock market slump, but repeated his criticism of the U.S. Federal Reserve, saying it has raised interest rates too quickly.

Speaking to reporters in the Oval Office after a Christmas video conference with U.S. troops deployed abroad, Trump also said U.S. companies were “the greatest in the world” and presented a “tremendous” buying opportunity.

Asked if he has confidence in Mnuchin, Trump said: “Yes, I do. Very talented guy. Very smart person,” he said. His comments came after Mnuchin on Monday held a conference call with U.S. regulators to discuss plunging U.S. stock markets.

The call did more to rattle markets than to assure them. All three major U.S. stock indexes ended down more than 2 percent on the day before the Christmas holiday. The S&P 500 has lost about 19.8 percent from its Sept. 20 closing high, just shy of the 20 percent threshold that commonly defines a bear market.

Mnuchin also spoke on Sunday with the heads of the six largest U.S. banks, who confirmed they have enough liquidity to continue lending and that “the markets continue to function properly.”

Investors said his move to convene a call with the president’s Working Group on Financial Markets, known as the “Plunge Protection team,” may have weighed on sentiment.

On Tuesday, Trump praised U.S. companies and said their lower stock prices present an opportunity for investors. “I have great confidence in our companies. We have companies, the greatest in the world, and they’re doing really well. They have record kinds of numbers. So I think it’s a tremendous opportunity to buy.”

U.S. stocks have dropped sharply in recent weeks on concerns over weaker economic growth. Trump has largely laid the blame for economic headwinds on the Fed, openly criticizing its chairman, Jerome Powell, whom he appointed.

“They’re raising interest rates too fast because they think the economy is so good. But I think that they will get it pretty soon,” Trump said, repeating his criticism.

Media reports have suggested Trump has gone as far as discussing firing Powell, and he told Reuters in August that he was “not thrilled” with the chairman.

On Monday, Trump said “The only problem our economy has is the Fed.”

The Fed hiked interest rates again last week, as had been widely expected.

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UK Royal Christmas: Church, Lunch and the Queen’s Message

Britain’s Queen Elizabeth II wove personal reflections into her annual Christmas message, offering the customary wishes for peace and saying she hoped she had attained a measure of wisdom during her 92 years.

“Some cultures believe a long life brings wisdom,” Elizabeth said in a pre-recorded message broadcast Tuesday. “I’d like to think so. Perhaps part of that wisdom is to recognize some of life’s baffling paradoxes, such as the way human beings have a huge propensity for good and yet a capacity for evil.”

On a lighter note, the queen noted that 2018 was a busy year for her family: two weddings, two new babies and another due next year.

“It helps to keep a grandmother well occupied,” she said.

The annual message was broadcast to many of the 53 Commonwealth countries after the queen and senior royals attended a church service on the outskirts of one of her country estates.

Elizabeth and other members of the British royal family received cheers from a Christmas crowd when they arrived.

A chauffeured limousine delivered the 92-year-old Elizabeth to St. Mary Magdalene Church, while younger royals walked from nearby Sandringham House.

Prince Charles led the way, followed by his sons: Prince William and his wife, Catherine, and Prince Harry and his pregnant wife, Meghan.

Harry and Meghan, who are expecting their first child in the spring, walked arm in arm next to William and Catherine. Many in the crowd wished them “Merry Christmas” as they strolled to the church in the English countryside on a cold, wintry morning.

During the service, the congregation sang the traditional carols “O Little Town Of Bethlehem,” ″Hark! The Herald Angels Sing” and “O Come All Ye Faithful.”

After the 45-minute service, people gave them flowers as they headed back for a traditional Christmas lunch.

The queen’s husband, Prince Philip, who is 97 and largely retired from public life, did not attend the service. Charles’ wife Camilla, who is recovering from flu, also missed church.

William and Catherine’s three children — Prince George, 5, Princess Charlotte, 3, and 8-month-old Prince Louis, also stayed home.

Prince Andrew, the queen’s son, arrived by car with his mother. Princess Eugenie, another of the queen’s grandchildren, arrived with husband Jack Brooksbank.

Britain’s royals usually exchange small gifts on Christmas Eve, a practice popularized by Queen Victoria and Prince Albert. The queen typically frowns on extravagant gifts, and many of the presents are novelty items.

When the queen was younger, Christmas meant a brisk family walk through the woods on Christmas or an excursion on horseback.

Elizabeth made her first Christmas Day broadcast on the radio in 1952, the year she ascended to the throne. She made the move to television in 1957.

She has broadcast the message each year since, with the exception of 1969. The queen felt the royal family had gotten enough TV exposure that year while allowing unusual access for a TV documentary.

That year, the message only appeared in writing.

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