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It wasnt that long ago, just before the 2016 presidential election to be exact, that Donald Trump made the following claim: His net worth was in excess of TEN BILLION DOLLARS. 

The Donalds humblebrag came in a press release as he prepared his first and successful run for the White House.

Presumably, he used all caps for emphasis.

His wealth and success as a businessman (real estate and reality TV) made him uniquely suited to be president and fix the countrys manifold problems that the political class couldnt. 

Yes, we all know about Trumps propensity to be a blowhard but even by his bloviating standards, it is hard to square whats happening now.

He has been reduced to begging banks, and even his loyal MAGA supporters, to pay down what should be a pittance for someone with his alleged wealth: A $454 million civil judgment from a New York state judge in the dubious civil bank-fraud case brought by hyper-ambitious state Attorney General Tish James. 

James case is a joke on so many levels, its still a mystery how she found a sentient judge to agree with her.

Shes claiming Trump exaggerated the value of his condo in Trump Tower on a loan application with Deutsche Bank, which had no complaints about the deal because the bank did its own due diligence.

Trump was good for the money. 

The judge in the case, Arthur Engoron, may be sentient or may not be.

What is certain is that he fits comfortably into the mold of a political hack almost as much as James, who ran for office promising the Democratic base to find a crime, any crime, for which to bust Trump as he geared up to run for president once again even if its a victimless one. 

Victimless but serious: Trump has until Monday to either come up with the money his lawyers say he doesnt really have or secure a bond to cover that amount, which no bank or insurance company seems willing to do as this column goes to press.

He could also ask his coterie of billionaire pals for the money, but for now, they also dont seem too eager to pony up.

Late Friday, Trump said he miraculously came up with the cash, but doesnt want to use it. 

So whats going on with all those many billions of dollars Trump was supposed to have at his disposal, and what will happen Monday if he doesnt meet the courts demands? 

First, if you know anything about what Trump thinks hes worth and what others say hes worth, its been a fraught relationship.

The Donald has been known to badger Forbes magazine, which publishes a popular annual ranking of the worlds richest people, to inflate their estimates of his worth.

He once unsuccessfully sued a reporter who speculated hes worth significantly less than $1 billion. 

Forbes, as of September 2023, estimates Trumps net worth at $2.6 billion which makes him still very wealthy.

On top of that, Trump is looking at a looming massive payday, as the investment vehicle holding his Truth Social social-media platform is set to go public.

It could provide a huge payday for Trump, as much as $3.4 billion. 

But there are complications.

The deal to bring Truth Social public through a merger with a so-called SPAC has attracted some serious litigation, and according to the companys regulatory filings, Trump wouldnt be able to sell his shares for six months.

Shares of the SPAC, known as Digital World Acquisition, have more than doubled to around $37 in recent months with Trump wrapping up the GOP nomination for this years presidential election against Sleepy Joe Biden. 

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Yet Truth Social has a fraction of the traffic of Elon Musks X and if X is having a hard time making money (Musk keeps complaining it does) that will go double for Truth Social.

Trumps stake could be worth far less when he can cash it in. 

Meanwhile, his existing shares probably cant be used as collateral for a loan, I am told by securities lawyers; ditto for his largely illiquid real estate holdings in New York where commercial real estate isnt exactly a booming business.

Who knows what he could get for Trump National Doral in Miami or even the swanky Mar-a-Lago golf and country club in Palm Beach if he had to sell on the spot. 

Most of all, Trump has always had little available cash, even less so now after doling out $83 million to satisfy the judgment in the E.?Jean Carroll defamation case hes also trying to appeal.

So what does a cash-poor billionaire staring at a $454 million judgment to do?

Pray for a change of heart from Tom Barrack, Bernie Marcus or Howie Lorber, his billionaire pals who could write the check and keep Tish James from chaining the front door of Trump Tower come Monday morning.

Maybe beg Musk for a few bucks. 

Or maybe pray that James seizes his Westchester properties and stops there (highly doubtful, knowing James).

Or agrees to less money because she is worried that Trump dumping all his New York properties at once could further depress the citys commercial real estate market. 

Trump could play real hardball which he certainly knows how to do, given his long and tortured history of doing business.

As I first reported, Trump advisers are weighing whether to turn over all the properties to James and let her figure out the complexities of ownership, including his limited partners, until she gets to Trumps share. 

By the time that happens, the case may have been successfully overturned on appeal for all its ludicrousness.

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Politics

Water ombudsman will be created – as major report into ‘broken’ industry to be unveiled

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New water ombudsman to give public stronger protections, government pledges

Consumers will get stronger protections with a new water watchdog – as trust in water companies takes a record dive.

Environment Secretary Steve Reed will announce today that the government will set up the new water ombudsman with legal powers to resolve disputes, rather than the current voluntary system.

The watchdog will mean an expansion of the Consumer Council for Water’s (CCW) role and will bring the water sector into line with other utilities that have legally binding consumer watchdogs.

Consumers will then have a single point of contact for complaints.

Politics latest: Labour should let water companies ‘go bust’, Farage says

The Department for the Environment, Food and Rural Affairs (Defra) said the new watchdog would help “re-establish partnership” between water companies and consumers.

A survey by the CCW in May found trust in water companies had reached a new low, with fewer than two-thirds of people saying they provided value for money.

Just 35% said they thought charges from water companies were fair – even before the impact could be felt from a 26% increase in bills in April.

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‘We’ll be able to eliminate sewage spillages’

Mr Reed is planning a “root and branch reform” of the water industry – which he branded “absolutely broken” – that he will reveal alongside a major review of the sector today.

The review is expected to recommend the scrapping of water regulator Ofwat and the creation of a new one, to incorporate the work of the CCW.

Read more:
Labour will eliminate unauthorised sewage spillages in a decade
Under-fire water regulator could be scrapped

sewage surfers water pollution protest brighton
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A water pollution protest by Surfers Against Sewage in Brighton

Campaigners and MPs have accused Ofwat of failing to hold water operators to account, while the companies complain a focus on keeping bills down has prevented appropriate infrastructure investment.

On Sunday, Mr Reed avoided answering whether he would get rid of Ofwat or not when asked on Sunday Morning with Trevor Phillips.

He pledged to halve sewage pollution by water companies by 2030 and said Labour would eliminate unauthorised sewage spillages in a decade.

Mr Reed announced £104bn of private investment to help the government do that.

Victoria Atkins MP, shadow secretary of state for environment, food and rural Affairs, said: “While stronger consumer protections are welcome in principle, they are only one part of the serious long-term reforms the water sector needs.

“We all want the water system to improve, and honesty about the scale of the challenge is essential. Steve Reed must explain that bill payers are paying for the £104 billion investment plan. Ministers must also explain how replacing one quango with another is going to clean up our rivers and lakes.

“Public confidence in the water system will only be rebuilt through transparency, resilience, and delivery.”

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UK

Inquiry launched to ‘uncover truth’ behind bloody clashes at Orgreave miners’ strike

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Inquiry launched to 'uncover truth' behind bloody clashes at Orgreave miners' strike

A new public inquiry will “uncover the truth” behind the so-called “Battle of Orgreave”, a bloody fight between striking miners and police officers in the 1980s.

One hundred and twenty people were injured in the violent confrontation on 18 June 1984, outside a coal processing factory in Orgreave, South Yorkshire.

Five thousand miners clashed with an equal number of armed and mounted police during a day of fighting.

Police used horse charges, riot shields and batons against the picketers, even as some were retreating.

5000 miners clashed with an equal number of armed and mounted police during a day of fighting
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Masses of miners and police clashed during the day of fighting

Police also used horse charges against protesters
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Police officers on horses charged against protesters

In the aftermath, miners were blamed for the violence in what campaigners believe was an institutional “frame-up”.

“There were so many lies,” says Chris Peace, from campaign group Orgreave Truth and Justice, “and it’s a real historic moment to get to this stage.”

“There’s a lot of information already in the public domain,” she adds, “but there’s still some papers that are embargoed, which will hopefully now be brought to light.”

More on South Yorkshire

Campaigner Chris Peace
Image:
Campaigner Chris Peace

Although dozens of miners were arrested, trials against them all collapsed due to allegations of unreliable police evidence.

Campaigners say some involved have been left with “physical and psychological damage”, but until now, previous governments have refused calls for a public inquiry.

Launching the inquiry today, Home Secretary Yvette Cooper told Sky Newsi that she wanted to “make sure” campaigners now got “proper answers”.

“We’ve obviously had unanswered questions about what happened at Orgreave for over 40 years,” Ms Cooper says, “and when we were elected to government, we determined to take this forward.”

Although dozens of miners were arrested, trials against them all collapsed due to allegations of unreliable police evidence
Image:
A police officer tackling a miner

Campaigners say some miners involved have been left with 'physical and psychological damage'
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A bleeding protester being led away by police during the ‘Battle of Orgreave’

The Bishop of Sheffield, Pete Wilcox
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The Bishop of Sheffield, Pete Wilcox, will chair the inquiry

The inquiry will be a statutory one, meaning that witnesses will be compelled to come and give evidence, and chaired by the Bishop of Sheffield, Pete Wilcox.

“I’m really happy,” says Carl Parkinson, a former miner who was at Orgreave on the day of the clash, “but why has it took so long?”

“A lot of those colleagues and close friends have passed away, and they’ll never get to see any outcome.”

Former miner Carl Parkinson
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Former miner Carl Parkinson

Former miner Chris Skidmore
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Former miner Chris Skidmore

Mr Parkinson and Chris Skidmore, who was also there that day, were among the group of campaigners informed first-hand by Ms Cooper about the public inquiry at the Orgreave site.

“It wasn’t frightening to start off with,” Mr Skidmore remembers of the day itself, “but then what I noticed was the amount of police officers who had no identification numbers on. It all felt planned.”

“And it wasn’t just one truncheon,” says Mr Parkinson, “there were about 30, or 40. And it was simultaneous, like it was orchestrated – just boom, boom, boom, boom.

“And there’s lads with a split down their heads for no good reason, they’d done nothing wrong. We were just there to peacefully picket.”

Police used horse charges, riots shields and batons against the picketers, even as some were retreating
Image:
Police used riot shields against the picketers, even as some were retreating

In the aftermath of the fighting, miners were blamed for the violence
Image:
In the aftermath of the fighting, miners were blamed for the violence

In the intervening years, South Yorkshire Police have paid more than £400,000 in compensation to affected miners and their families.

But no official inquiry has ever looked at the documents surrounding the day’s events, the lead-up to it and the aftermath.

Read more from Sky News:
E-bike riders are doing double the speed limit
Environment secretary pledges to cut sewage pollution

“We need to have trust and confidence restored in the police,” says South Yorkshire Mayor Oliver Coppard, “and part of that is about people, like this campaign, getting the justice that they deserve.

“Obviously, we’ve had things like Hillsborough, CSE [Child Sexual Exploitation] in Rotherham, and we want to turn the page.”

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Environment

Manitou and Hangcha commit to heavy equipment battery production JV

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Manitou and Hangcha commit to heavy equipment battery production JV

French equipment manufacturer Manitou has committed to a joint venture with Chinese forklift manufacturer Hangcha that will see the two companies develop and manufacture advanced lithium-ion batteries to support the electrification of the heavy material handler space.

Manitou is well-known in the West, so they need no introduction. Hangcha, though, is arguably just as capable of a company, having opened its first forklift plant in 1956, manufacturing others’ designs under license. They developed their own, in-house material handler in 1974, and have racked up hits ever since. Hangcha is currently the world’s eighth-largest manufacturer of industrial vehicles globally (sounds wrong, but here’s the source).

The plan for the JV is to upgrade the two companies’ deployed fleets of existing lead-acid battery-powered vehicle with longer lasting lithium-ion (li-ion) batteries to expand their operational lifespan. From there, the focus could switch to diesel retrofits and, eventually, the joint development of entirely new products.

“Deepening strategic cooperation with Manitou Group and jointly establishing a lithium battery joint marks a new phase in the partnership between the two sides, which is a milestone in Hangcha global industrial layout,” explains Zhao Limin, Chairman and General Manager of Hangcha Group. “Leveraging Hangcha’s core technological and manufacturing strengths in lithium battery solutions, we will collaboratively enhance solution capability of new energy industrial vehicle power systems. This partnership perfectly aligns with our shared objectives to accelerate electrification transformation and drive sustainable development, while providing robust support to the broader industrial vehicle market.”

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Manitou MHT 12330


MHT 12330 with 72,750 lb. lift capacity; via Manitou.

Once production begins, the joint venture factory will play a key role in supporting Manitou Group’s “LIFT” strategic roadmap. LIFT aims to expand Manitou’s electric vehicle lineup of telehandlers and forklifts, and have EVs account for 28% of total unit forklift sales by 2030. Hangcha Group, meanwhile, has publicly stated its intention to become 100% electric by the end of 2025.

This joint venture plans to recruit employees including engineers, operators, sales representatives and after-sales service technicians. Le Mans Metropole will support the recruitment and local integration and training of future employees.

SOURCE | IMAGES: Manitou; images by Manitou, via Belkorp AG.


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