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At this point in the unending search for a House speaker, Donald Trumps candidacy is making as much progress as Kevin McCarthys.

The former president (and half-hearted 2024 White House applicant) today secured his first vote as the House slogged through its seventh fruitless attempt to elect a leader. The semi-serious effort to elevate Trump, put forward by Representative Matt Gaetz of Florida, came at the expense of McCarthy, the Trump-endorsed Republican leader whose bid hasnt improved in the past six ballots. McCarthy twice more lost 21 Republicans and fell well short of the 218 votes he needs for a majority.

Todays votes were notable because they were the first since McCarthy reportedly made an offer to his GOP opponents that seemingly encompassed all of their public demands. The two sides have engaged in intense negotiations over the past day, keeping McCarthys candidacy alive and offering perhaps a slim hope that he can win over enough of the holdouts to become speaker. But none of that progress was evident in the tallies this afternoon.

McCarthys concessions represented the equivalent of giving away the remaining trinkets in an already ransacked store. He had previously agreed to significantly lower the threshold of members needed to force a vote to remove him as speaker, known as a motion to vacate. After setting the minimum at five members, McCarthy gave in to the renegades demand that a single member could trigger that voterestoring the standard conservatives had used in 2015 to push Speaker John Boehner out of office. His allies could argue that with so much opposition to McCarthy already, there was little difference between a threshold of five and one.

David Frum: No tears for Kevin McCarthy

But according to reports, McCarthy went even further. He agreed to give the House Freedom Caucus designated seats on the powerful Rules Committee, a panel traditionally controlled by the speaker that decides whether and under what parameters legislation can come to a vote on the floor. He also reportedly promised to allow members to demand virtually unlimited amendment votes on spending bills; that change could open up a process that in recent years has been centralized by the leadership, but it could also lead to free-for-alls that drag out debates on bills for days or weeks.

The concessions are sure to frustrate McCarthy supporters who believe the wannabe-speaker had already surrendered too much to his opponents. Representative Ann Wagner of Missouri told me that the threshold for the motion to vacate should be a majority of the Republican conference. Lowering it to five, she said, was akin to the speaker having a knife over your head every day. Earlier this week, I asked Representative Don Bacon of Nebraska, a McCarthy supporter who has spoken of partnering with Democrats on a consensus pick for speaker, whether he might desert McCarthy if the GOP leader kept empowering his far-right critics. It depends on what it is, Bacon told me. But I think we went too far as it was already.

McCarthy was betting that Republicans closest to the political center would stick with him if it meant finally ending a leadership crisis now on its third day. And yet, even this most generous offer to his foes was not enough, and none of the 21 holdouts crossed over to McCarthys corner.

McCarthy downplayed todays first vote before it even began, telling reporters, Nothing is going to change. For McCarthy, maintaining the status quo might count as progress. His lingering fear is likely that the bottom will fall out among supporters who are growing tired of the stalemate and are looking to alternatives. Representative Ken Buck of Colorado told CNN that Republicans could nominate McCarthys lieutenant, Representative Steve Scalise of Louisiana, by the end of the day if a deal wasnt struck.

McCarthys allies had hoped for another delay to buy time for negotiations, perhaps even through the weekend, but Republicans evidently determined they could not muster the voters to adjourn for a third time in 24 hours. The desire for delay revealed a tactical reversal by McCarthy born out of desperation. At the outset of the voting on Tuesday, his stated goal had been to keep lawmakers on the House floor, casting ballot after ballot until either his far-right opponents or possibly the Democrats got tired enough to let him win. But six consecutive defeats, during which McCarthy lost rather than gained support, disabused him of that idea. Beginning yesterday afternoon, McCarthy tried to adjourn the House to give him more time for backroom negotiations, having apparently realized that his repeated public floggings were doing him no good.

David A. Graham: Kevin McCarthys predicament is a warning

Democrats reluctantly agreed to adjourn after the sixth vote yesterday afternoon, but when McCarthy allies sought to close down the House again in the evening, the Democrats fought back. The vote to adjourn became something of a circus. McCarthys critics on the right splintered, with four of them voting alongside Democrats to keep the House in session and one arch-conservative, Representative Paul Gosar of Arizona, switching his vote at the last minute. With the outcome in doubt, both parties began shoving late-arriving memberssome still wearing their winter coatsto the front of the chamber to cast their votes before the House clerk, Cheryl Johnson, gaveled the motion closed. When Johnson shouted the final tally over the din of the Housethe motion to adjourn passed, 216214McCarthy and his allies cheered. McCarthy had won his first vote in his bid for speaker, one that staved off his next public abasement for at least another day.

Earlier yesterday, the House took three more failed speaker votes that were nearly identical to the three failed votes it took on Tuesday. The lone differences were that the anti-McCarthy GOP faction nominated a new candidate, Representative Byron Donalds of Florida, and McCarthy lost 21 Republican votes instead of the 20 defections he had suffered previously. Representative Victoria Spartz of Indiana switched her vote from McCarthy to present, telling reporters after that the party needed to have more conversations about the way forward. What were doing on the floor is wasting everyones time, she said.

Spartzs protest made little difference. The House met again for more time-wasting this afternoon, and the best that McCarthy could accomplish was not losing any more votes. His candidacy survived a seventh losing ballot, and the House moved quickly on to an eighth and then a ninth (during which Gaetz abandoned his support for Trump and voted for Representative Kevin Hern of Oklahoma instead).

Those votes proceeded no better and no worse for McCarthy, who now seems to be one or two more defections away from a final defeat. He is hanging on for now, but the deadline for him to strike a deal or exit the race is fast approaching.

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Bank of England holds rate but eyes cuts ahead despite global risks

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Bank of England holds rate but eyes cuts ahead despite global risks

The Bank of England has signalled that a weakening labour market could yet trump rising global challenges to allow for more interest rate cuts in the near term.

Policymakers on the nine-member monetary policy committee (MPC) voted 7-3 to maintain Bank rate at 4.25%.

There was greater support than was expected for a cut.

The Bank had previously signalled that a majority on the committee were cautious about the effects of global instability – especially the on-off US trade war.

Money latest: What interest rate decision means for your money

But the minutes of the Bank’s meeting showed there was a greater focus on a rising jobless rate and evidence that employers are shedding jobs – indicating it had dominated the meeting.

It acknowledged, however, that there were potential challenges from the on-off US trade war and as a result of the Israel-Iran conflict.

More on Bank Of England

The barrage of warheads has already resulted in double-digit percentage spikes to oil and natural gas prices in the space of a week.

“Interest rates remain on a gradual downward path,” governor Andrew Bailey said while adding that there was no pre-set path.

“The world is highly unpredictable. In the UK we are seeing signs of softening in the labour market. We will be looking carefully at the extent to which those signs feed through to consumer price inflation,” he added.

The Bank maintained its core message that it would take a “gradual” and “careful” approach.

“Energy prices had risen owing to an escalation of the conflict in the Middle East. The committee would remain vigilant about these developments and their potential impact on the UK economy,” the Bank said.

The rise in the UK’s jobless rate, along with recent data on payrolled employment, has been linked to a business backlash against budget measures, which kicked in in April, that saw employer national insurance contributions and minimum pay demands rise.

While a weaker labour market, including a fall in vacancies, could allow room for the Bank to react through further interest rate cuts, the spectre of war in the Middle East is now clouding its rate judgements.

The last thing borrowers need is an inflation spike.

The UK’s core measure of inflation peaked above 11% in the wake of Russa’s invasion of Ukraine – giving birth to what became known as the cost of living crisis.

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Businesses facing fresh energy cost threat

Inflation across the economy was driven by unprecedented spikes in natural gas costs, which pushed up not only household energy bills to record levels but those for businesses too – with the cost of goods and services reflecting those extra costs.

Borrowing costs have eased, through interest rate cuts, as the pace of price growth has come down.

The rate of inflation currently stands at 3.4% but was already forecast to rise in the second half of the year before the aerial bombardments between Israel and Iran had begun.

LSEG data shortly after the Bank of England minutes were published showed that financial markets were expecting a quarter point cut at the Bank’s next meeting in August and at least one more by the year’s end.

Read more:
Why Middle East conflict poses new cost of living threat

Commenting on the Bank’s remarks Nicholas Hyett, investment manager at Wealth Club, said: “Conflict in the Middle East risks higher energy prices potentially pushing inflation higher – though calling the course of events there is almost certainly a mugs game, and the Bank has said that under current conditions it expects inflation to remain broadly at current levels for the rest of the year.

“The risk is that all the uncertainty leaves the Bank paralysed, with rates stuck at their current level,” he concluded.

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World

UAE says navigational error caused oil tankers to collide near Strait of Hormuz

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UAE says navigational error caused oil tankers to collide near Strait of Hormuz

A crash between two oil tankers on a major shipping route near the UAE was likely caused by a navigational misjudgement by one of the vessels, officials have said.

The Adalynn and Front Eagle tankers collided and caught on fire on Tuesday near the Strait of Hormuz, a narrow channel which connects the Persian Gulf to the Gulf of Oman.

Israel-Iran latest: Tehran warns US against intervention

In a statement issued today, the United Arab Emirates’ energy ministry did not draw any link between the crash and an upsurge in electronic interference amid the Israel-Iran conflict.

Interference has disrupted navigation systems near the strait since the two countries began firing missiles at each other last week.

The multinational US-led Combined Maritime Force’s Joint Maritime Information Centre said in an advisory this week that it had received reports of interference stemming from near Iran’s Port of Bandar Abbas and other areas in the Gulf region.

Tehran has not commented on the collision or reports of interference.

The UAE coastguard said it evacuated 24 people from the Adalynn, while personnel on Front Eagle were reported safe with no pollution visible after a fire on its deck.

Read more from Sky News:
Why Israel-Iran conflict poses cost of living threat
Who has been targeted in Israel’s strikes?

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The Strait of Hormuz – which handles around a fifth of the world’s seaborne oil – links the Gulf to the northwest with the Gulf of Oman, the Arabian Sea beyond.

The Adalynn, owned by a company based in India, had no cargo and was sailing towards the Suez Canal in Egypt, according to monitoring service TankerTrackers.com.

The Front Eagle was on its way to Zhoushan in China – and loaded with two million barrels of Iraqi crude oil, the tracker said.

TankerTrackers.com said on X that the Front Eagle was moving southbound at a speed of 13.1 knots when it “executed a starboard [right] turn, resulting in a collision” with the Adalynn.

The exact cause of the collision, which resulted in no injuries or spills, is still unclear.

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Technology

Samsung aims to catch up to Chinese rivals for thin foldable phones as Apple said to enter the fray

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Samsung aims to catch up to Chinese rivals for thin foldable phones as Apple said to enter the fray

Samsung launched the Galaxy Z Fold6 at its Galaxy Unpacked event in Paris. The tech giant said the foldable device is thinner and lighter than its predecessor.

Arjun Kharpal | CNBC

Samsung will unveil a thinner version of its flagship foldable smartphone at a launch likely set to take place next month, as it battles Chinese rivals to deliver the slimmest devices to the market.

Folding phones, which have a single screen that can fold in half, came in focus when Samsung first launched such a device in 2019. But Chinese players, in particular Honor and Oppo, have since aggressively released foldables that are thinner and lighter than Samsung’s offerings.

Why are slim foldables important?

“With foldables, thinness has become more critical than ever because people aren’t prepared to accept the compromise for a thicker and heavier phone to get the real estate that a folding phone can deliver,” Ben Wood, chief analyst at CCS Insight, told CNBC on Thursday.

Honor, Oppo and other Chinese players have used their slim designs to differentiate themselves from Samsung.

Let’s look at a comparison: Samsung’s last foldable from 2024, the Galaxy Z Fold6, is 12.1 millimeter ~(0.48 inches) thick when folded and weighs 239 grams (8.43 oz). Oppo’s Find N5, which was released earlier this year, is 8.93 millimeters thick when closed and weighs 229 grams. The Honor Magic V3, which was launched last year, is 9.2 millimeters when folded and weighs 226 grams.

“Samsung needs to step up” in foldables, Wood said.

And that’s what the South Korean tech giant is planning to do at its upcoming launch, which is likely to take place next month.

“The newest Galaxy Z series is the thinnest, lightest and most advanced foldable yet – meticulously crafted and built to last,” Samsung said in a preview blog post about the phone earlier this month.

But the competition is not letting up. Honor is planning a launch on July 2 in China for its latest folding phone, the Magic V5.

“The interesting thing for Samsung, if they can approach the thinness that Honor has achieved it is will be a significant step up from predecessor, it will be a tangible step up in design,” Wood said.

Despite these advances by way of foldables, the market for the devices has not been as exciting as many had hoped.

CCS Insight said that foldables will account for just 2% of the overall smartphone market this year. Thinner phones may be one way to address the sluggish market, but consumer preferences would also need to change.

“There is a chance that by delivering much thinner foldables that are more akin to the traditional monoblock phone, it will provide an opportunity to turn consumer heads and get them to revisit the idea of having a folding device,” Wood said.

“However, I would caution foldables do remain problematic because in many cases consumers struggle to see why they need a folding device.”

Although the market remains small for foldables compared to traditional smartphones, noted analyst Ming-Chi Kuo of TF International Securities on Wednesday said Apple  — which has been notably absent from this product line-up — plans to make a folding iPhone starting next year.

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