Kevin McCarthy Predicts Matt Gaetz Rejection, Trump’s Impact on Climate Policy, and Bitcoin Hits $93K | Trizan Business News
Trizan Business News | Top Stories – November 14, 2024
Markets Snapshot
S&P 500 Futures: $6,021 (+0.08%)
Nasdaq Futures: $21,166.25 (+0.03%)
US Dollar Index: $1,288.1 (+0.26%)
(Market data as of 04:54 AM EST)
Kevin McCarthy Predicts Senate Rejection of Matt Gaetz Nomination
Former House Speaker Kevin McCarthy has forecasted that the Republican-controlled Senate will likely reject Donald Trump’s nomination of Matt Gaetz for Attorney General. This highlights a broader trend in Trump’s appointments, where loyalty and subservience to the former president have emerged as key qualifications for high-ranking positions. Gaetz’s potential nomination is one in a series of controversial picks expected in Trump’s second term, reinforcing concerns over political influence in key governmental roles.
DOJ Investigates Polymarket for Potential Violation of US Laws
The Department of Justice is reportedly investigating the betting platform Polymarket over potential violations of US regulations regarding political prediction markets. Allegations suggest that Polymarket continued to accept trades from US-based users, despite operating without necessary registrations. Critics argue that such markets could distort public perception ahead of elections by allowing large bets on political outcomes.
Corporate Roundup
Disney: Disney’s strong quarterly performance, driven by hits like Inside Out 2 and the upcoming Deadpool & Wolverine crossover, underscores a rebound in its studio business.
Cisco: Shares of Cisco saw a decline in premarket trading after the company issued a less-than-optimistic annual forecast, sparking concerns about growth prospects in its networking segment.
Exxon: Exxon is set to lay off nearly 400 employees at Pioneer, following its $63 billion acquisition of the Permian Basin driller earlier this year, signaling ongoing integration challenges.
Manhattan Rent Surge Amid Higher Borrowing Costs
Manhattan apartment rents saw a significant rise in October, reaching their highest levels in three months. The increase is partly due to higher borrowing costs, which have helped stabilize prices. However, recent legislation passed by the New York City Council offers some relief, as it shifts the burden of real estate agent fees from tenants to landlords—potentially easing financial pressure on renters.
China Faces Growing Social Unrest Amid Rising Violence
In China, a string of violent incidents, including a high-profile mass murder by a motorist, is challenging the country's state surveillance system. In response, authorities have moved quickly to erase traces of the events, including removing flowers from a makeshift memorial. These actions reflect the government's increasingly tight grip on dissent and public expression.
Crypto Brief: Bitcoin Surges Above $93,000
Bitcoin briefly surpassed $93,000, driven by investor optimism regarding Donald Trump’s economic agenda and expectations surrounding Federal Reserve policy. The cryptocurrency market continues to be sensitive to macroeconomic developments, with Bitcoin benefiting from broader uncertainty in traditional financial markets.
Trump’s Climate Policy: An Assault on Biden’s Green Agenda
Donald Trump’s stance on climate policy remains firmly oppositional as he prepares for his second term. He has sharply criticized the Inflation Reduction Act (IRA), the most significant climate investment in U.S. history, calling it a “green new scam.” Trump has also promised to withdraw the U.S. from the Paris climate agreement once again, challenging global efforts to tackle climate change. His administration’s climate policies cast a long shadow over ongoing international climate talks, particularly at COP29 in Azerbaijan.
Despite Trump’s rhetoric, experts believe it will be difficult for him to fully dismantle the IRA. Provisions for renewable energy and nuclear power have garnered bipartisan support, making them resilient to repeal efforts. Moreover, China’s leadership in renewable energy and its expanding role in global climate policy could further complicate efforts to undo U.S. commitments.
Brazil’s Pivot to China: A Potential Clash with Trump’s China Strategy
Brazilian President Luiz Inácio Lula da Silva’s growing partnership with China could lead to a geopolitical clash with Donald Trump’s approach to Beijing. Lula’s administration is looking to China to help fuel Brazil’s economic growth, but this new alignment with Beijing could strain relations with the U.S. under Trump, whose policies have consistently aimed to curb China’s global influence.
Opinion: Iran Faces Weaker Position in Face of Trump’s Strategy
In an insightful analysis, Hal Brands argues that Iran is in a weaker position now than when it last faced off with Donald Trump. A combination of U.S. sanctions, the success of Israel’s military operations, and the potential realignment of Gulf states could form a stronger anti-Iran coalition, which may reshape the balance of power in the Middle East.
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