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Pfizer to temporarily reduce vaccine deliveries to Canada, minister says – Yahoo Canada Finance

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The Canadian Press

Will Trump’s mishandling of records leave a hole in history?

The public won’t see President Donald Trump’s White House records for years, but there’s growing concern that the collection won’t be complete, leaving a hole in the history of one of America’s most tumultuous presidencies. Trump has been cavalier about the law requiring records be preserved. He has a habit of ripping up documents before tossing them out, forcing White House staffers to spend hours taping them back together. “They told him to stop doing it. He didn’t want to stop,” said Solomon Lartey, a former White House records analyst who spent hours taping documents back together well into 2018. The president also confiscated an interpreter’s notes after Trump had a chat with Russian leader Vladimir Putin. Trump scolded his White House counsel for taking notes at a meeting. Top executive branch officials had to be reminded more than once not to conduct official business on private email or encrypted text messaging systems and to preserve it if they did. Trump’s baseless claim of widespread voter fraud, which postponed for weeks an acknowledgement of President-elect Joe Biden’s victory, is delaying the transfer of documents to the National Archives and Records Administration, further heightening concern about the integrity of the records. “Historians are likely to suffer from far more holes than has been the norm,” said Richard Immerman at the Society for Historians of American Foreign Relations. In the Trump White House, “not only has record-keeping not been a priority, but we have multiple examples of it seeking to conceal or destroy that record.” But even with requests by lawmakers and lawsuits by government transparency groups, there is an acknowledgment that noncompliance with the Presidential Records Act carries little consequence for Trump. The Presidential Records Act states that a president cannot destroy records until he seeks the advice of the national archivist and notifies Congress. But the law doesn’t require him to heed the archivist’s advice. Most presidential records today are electronic, and records experts estimate that automatic backup computer systems capture a vast majority of them, but cannot capture records that a White House chooses not to create or log into those systems. THE MOVE Moving a president’s trail of paper and electronic records is a laborious task. President Barack Obama left about 30 million pages of paper documents and some 250 terabytes of electronic records, including the equivalent of about 1.5 billion pages of emails. When Trump lost the November election, records staffers were in position to transfer electronic records, pack up the paper ones and move them to the National Archives by Jan. 20 as required by law. But Trump’s reluctance to concede has meant they will miss the deadline. “Necessary funding from the (White House) Office of Management and Budget was delayed for many weeks after the election, which has caused delays in arranging for the transfer of the Trump presidential records into the National Archives’ custody,” the National Archives said in a statement to The Associated Press. “Even though the transfer of these records will not be completed until after Jan. 20, the National Archives will assume legal custody of them on Jan. 20 in accordance with the Presidential Records Act.” The White House did not respond to a request for comment about preserving Trump’s records. One person familiar with the transition said guidance typically emailed to executive branch employees, explaining how to turn in equipment and pack up their offices, was sent out in December, but quickly rescinded because Trump insisted on contesting the election. With little guidance, some staffers in the White House started quietly calling records workers to find out what to do. Departing employees are instructed to create a list of folders in each box and make a spreadsheet to give the National Archives a way to track and retrieve the information for the incoming Biden team. The public must wait five years before submitting Freedom of Information Act requests to see the Trump material. Even then, Trump — like other presidents before him — is invoking six specific restrictions to public access of his records for up to 12 years. RECORD-KEEPING PRACTICES On impeachment and other sensitive issues, some normal workflow practices were bypassed, a second person familiar with the process said. Higher-ups and White House lawyers became more involved in deciding which materials were catalogued and scanned into White House computer networks where they are automatically saved, the person said. The individuals, who spoke on condition of anonymity because they were not authorized to publicly discuss the inner workings of the White House, said that if uncatalogued materials ended up in an office safe, for instance, they would at least be temporarily preserved. But if they were never catalogued in the first place, staffers wouldn’t know they existed, making them untraceable. Trump’s staff also engaged in questionable practices by using private emails and messaging apps. Former White House counsel Don McGahn in February 2017 sent a memo that instructed employees not to use nonofficial text messaging apps or private email accounts. If they did, he said, they had to take screenshots of the material and copy it into official email accounts, which are preserved. He sent the memo back out in September 2017. Government transparency groups say the screenshots are not adequate because they do not capture attachments or information such as who contacted whom, phone identifiers and other online information. “It’s an open question to me about how serious or conscientious any of those people have been about moving them over,” said Tom Blanton, who directs the National Security Archive at George Washington University, which was founded in 1985 to combat government secrecy. Trump was criticized for confiscating the notes of an interpreter who was with him in 2017 when Trump talked with Putin in Hamburg, Germany. Lawmakers tried unsuccessfully to obtain the notes of another interpreter who was with Trump in 2018 when he met with Putin in Helsinki, Finland. Several weeks ago, the National Security Archive, two historical associations and Citizens for Responsibility and Ethics in Washington sued to prevent the Trump White House from destroying any electronic communications or records sent or received on nonofficial accounts, such as personal email or WhatsApp. The court refused to issue a temporary restraining order after government lawyers told the judge that they had instructed the White House to notify all employees to preserve all electronic communications in their original format until the lawsuit was settled. Anne Weismann, one of the lawyers representing the groups in their lawsuit, suspects “serious noncompliance” of the Presidential Records Act. “I believe we will find that there’s going to be a huge hole in the historical record of this president,” Weismann said. Deb Riechmann, The Associated Press

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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.

Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.

Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).

SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.

The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.

WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.

SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.

SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.

SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.

The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.

“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.

“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”

Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.

On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.

If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.

These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.

If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.

However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.

He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.

“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.

Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.

The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.

Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.

Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.

Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.

Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.

Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”

In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.

“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:SHOP)

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.

The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.

The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.

RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.

The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.

RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:REI.UN)

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