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Congressional stock trading has fallen off sharply this year, according to an analysis by a popular financial news site and some insiders believe its because US lawmakers are feeling heat from a possible legislative clampdown.

The volume of stock trades made by members of Congress tumbled more than 75% in the nine months of this year to just 1,800 trades versus 8,000 a year earlier, according to data from Unusual Whales. 

Former House Speaker Nancy Pelosi has made just six trades this year as a congresswoman representing San Francisco. Those include selling Roblox shares, buying Apple and Microsoft shares and acquiring a stake in a luxury hotel, according to recent filings.

Thats a steep dropoff from the 39 trades she made in 2022, the 24 trades she made in 2021, and the 38 trades she made in 2020.

A spokesperson for Pelosi did not respond to a request for comment.

While the markets have been bumpy this year, overall trading volume is down just 10%, according to CBOE data, versus the three-quarters plunge inside Congress.

Passing legislation, sources say, is critical to keep Congress from trading again.

If a movement doesnt turn into a law, Congress isnt going to remain scared, Jeff Hauser, founder of nonprofit watchdog the Revolving Door Project, said. The combination of a bill that could pass and the broader conversation acts as a deterrent.

Ethics experts say the another reason may simply be that members dont feel the trades are worth the trouble anymore.

Federal Reserve governors Eric Rosengren and Robert Kaplan resigned after scrutiny of their trades. Now-retired Sen. Richard Burr stepped down as Chair of the Intelligence Committee and now-ex-Sen. James Inhofe resigned after scrutiny of trades. 

It may not be worth the grief, Charles Stewart III, a political science professor at MIT, told On The Money.

The founder of Unusual Whales, who prefers to remain anonymous, notes that members of Congress have lately been far more diligent about filing their trades quickly. The STOCK Act requires members to file their trades within 45 days but members of Congress like Pelosi lately are filing within just a few days.

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There is limited upside and maybe a lot of downside to congressional trading these days, agrees Thomas Hayes, chairman at Great Hill Capital. Shining a light on this has played a big role.

Another issue: Some of the most lucrative, valuable stocks like Google and Amazon which Pelosi had snatched up are presenting an even greater conflict of interest than they did previously.

The tech high flyers that many members wanted to trade in are politically fraught these days a reference to lawsuits both Google and Amazon are facing, Stewart adds.

While some applaud the recent trend, others are more cautious and note stronger laws against stock trading need to be codified. 

Attention helps and attention makes transparency more effective, Jeff Hauser, founder of nonprofit watchdog the Revolving Door Project, said. But even more effective than transparency is strict rules.

As for the question of whether regulators will ever be willing to regulate themselves, the answer is almost always no. Still, Hauser is optimistic that with enough sticks not to mention the dwindling supply of carrots lawmakers could eventually succumb. 

If the momentum grows big enough, it could pass, Hauser said. And it only has to pass one time.

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British couple killed in Lisbon funicular crash named

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British couple killed in Lisbon funicular crash named

Two of the three Britons killed in the Lisbon funicular crash have been named.

Kayleigh Smith, 36, and William Nelson, 44, were a couple and died alongside 14 others in Wednesday’s incident.

Ms Smith graduated from the Arden School of Theatre in Manchester, where Mr Nelson ran the master’s degree in directing.

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Lisbon crash: What happened?

The identity of the third British victim has not yet been confirmed.

MADS theatre in Macclesfield, Cheshire, said Ms Smith was a “valued member of our society” who will be “greatly missed”.

It said she was an award-winning director and actress, who had also done multiple crew and front-of-house roles.

Five Portuguese citizens died when the packed carriage plummeted out of control – four of them workers at a charity on the hill – but most victims were foreigners.

Police said the other fatalities were two Canadians, two South Koreans, one American, one French citizen, one Swiss and one Ukrainian.

All but one were declared dead at the scene – and 21 others in the packed carriage were injured.

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‘We felt no brakes anymore’

The yellow carriages of the Gloria funicular are a big draw for tourists, as well as a proud symbol of the Portuguese capital.

The journey is just 265m (870ft) up a steep hill and takes three minutes, with two carriages travelling in opposite directions on a linked cable.

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Everything we know about the Lisbon crash

Witnesses reported seeing one of the carriages hurtle down the hill before derailing and crashing 30m from the bottom.

The aftermath shows it crumpled and twisted against the side of a building.

People who were in the bottom carriage said they were a few metres into the climb when it started going backwards.

When they saw the other car speeding towards them, many jumped through the windows to escape.

The crash happened around 6pm on Wednesday. Pic: Reuters
Image:
The crash happened around 6pm on Wednesday. Pic: Reuters

Prime Minister Luis Montenegro called the crash “one of the biggest tragedies of our recent past” and authorities are under intense pressure to quickly identifying the cause.

One witness who was in the lower carriage told Sky’s Europe correspondent Alistair Bunkall that the brakes appeared to fail.

The carriage’s brakeman, Andre Marques, has also been confirmed among the dead.

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‘I screamed, we’re all going to die’

Officials said the streetcar, which has been running since 1914, had a half-hour visual inspection every day and underwent full maintenance last year.

The line links the downtown area near Restauradores Square with Lisbon’s Bairro Alto neighbourhood.

A preliminary technical report due on Friday has now been delayed until Saturday. Another report with a broader scope is expected within 45 days.

Three other funicular lines in Lisbon have been suspended.

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475 people detained during immigration raid on Hyundai factory in Georgia

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475 people detained during immigration raid on Hyundai factory in Georgia

Officers detained 475 people during an immigration raid on a Hyundai factory for electric vehicles in Georgia.

The majority of those detained at the 3,000-acre site west of Savannah are from South Korea, according to Steven Schrank, special agent in charge at Homeland Security Investigations.

Mr Schrank said the raid was the “largest single-site enforcement operation” in the history of the agency and followed an investigation of several months, which involved leads from community members and former workers.

The spokesman for the South Korean foreign ministry, Lee Jaewoong, said there was a “large” number of South Koreans among those detained in the raid, but did not provide an exact number.

A 'large' number of those detained were from South Korea
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A ‘large’ number of those detained were from South Korea

He said the detained workers were part of a “network of subcontractors” and that the employees worked for several different companies on the Georgia site.

Mr Lee said South Korea’s foreign ministry is dispatching diplomats from its embassy in Washington and consulate in Atlanta to the site, and plans to form an on-site response team centred on the local mission.

“The business activities of our investors and the rights of our nationals must not be unjustly infringed in the process of US law enforcement,” Mr Lee added.

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The Department of Homeland Security said in a statement that agents executed a search warrant “as part of an ongoing criminal investigation into allegations of unlawful employment practices and other serious federal crimes”.

The manufacturing site, which employs about 1,200 people, has been hailed as the largest economic development project in the state’s history by Governor Brian Kemp and other officials.

The Hyundai Motor Group plant in Georgia. File pic: AP Photo/Mike Stewart
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The Hyundai Motor Group plant in Georgia. File pic: AP Photo/Mike Stewart

Hyundai Motor Group, the biggest automaker in South Korea, started manufacturing electric vehicles at the $7.6bn (£7.4bn) site a year ago and partnered with LG Energy Solution to build an adjacent battery plant, which is set to open in 2026.

ICE spokesman Lindsay Williams confirmed the raid and said agents were focused on the construction site for the battery plant.

LG said in a statement that it was “closely monitoring the situation and gathered all relevant details”. The firm said it couldn’t immediately confirm how many of its employees or Hyundai workers had been detained.

“Our top priority is always ensuring the safety and well-being of our employees and partners. We will fully cooperate with the relevant authorities,” LG said.

Hyundai and LG’s battery joint venture, HL-GA Battery Company, said in a statement that it’s “cooperating fully with the appropriate authorities” and paused construction of the battery site to assist the investigation.

Operations at Hyundai’s electric vehicle manufacturing plant weren’t interrupted, plant spokesperson Biance Johnson said.

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Former President Biden has skin cancer surgery

The raid is the latest in a series of sweeping ICE operations as part of President Donald Trump’s mass deportation agenda, which saw immigration officers raid farms, construction sites, restaurants and auto repair shops.

The US labour force lost more than 1.2 million immigrants from January through July, which includes legal and illegal immigrants, according to the Pew Research Centre, citing preliminary census data.

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Joe Biden has skin cancer surgery – months after ‘aggressive’ prostate cancer diagnosis

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Joe Biden has skin cancer surgery - months after 'aggressive' prostate cancer diagnosis

Former US president Joe Biden has had surgery for skin cancer, his spokesperson has said.

It’s unclear when he had the procedure, but video from late August showed him leaving church in Delaware with a large, fresh scar on his head.

The spokesperson told Sky’s US partner, NBC News, that he was recovering well.

Mr Biden had Mohs surgery, which involves removing a layer of tissue, examining it under a microscope to see if any cancer cells remain, and repeating if necessary.

The 82-year had a basal cell carcinoma, one of the two most common skin cancer types, removed from his chest in 2023.

His doctor said at the time that all the cancerous cells had been removed.

The same year, Mr Biden’s wife, Jill, had two basal cell carcinomas removed from near her eye and on her chest.

The former president also revealed this May that he had stage-four prostate cancer – with the disease having spread to his bones and having a Gleason score of nine.

Such a score means the disease is “likely to grow quickly”, according to Cancer Research UK.

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The proxy war that will redefine US public health

His office said the prostate cancer was discovered when Mr Biden visited a doctor for urinary symptoms and that he was considering “multiple treatment options”.

“While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive which allows for effective management,” said a statement.

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