網頁

2019年2月1日 星期五

On The Money: Economy adds 304K jobs in January | Trump sees 'good chance' of emergency declaration for wall | Dems target Mnuchin over Russia sanctions | Foxconn to build factory after Trump intervenes

 
 
View in your browser
 
On the Money - The Hill Finance
Facebook   Twitter   LinkedIn   Email
 

Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@thehill.com, vneedham@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @VickofTheHill, @NJagoda and @NivElis.

 

THE BIG DEAL—Economy adds 304K jobs in January, beating expectations: The economy added 304,000 jobs in January, the Labor Department reported on Friday, well above the 165,000 economists had anticipated.

The report comes despite a five-week shutdown that lasted most of the month, but also dramatically revised downward the stellar December jobs report, which was revised down to 222,000 from the original 312,000 estimate.

The unemployment rate ticked up to 4 percent from 3.9 percent, even as figures on labor participation remained steady. The Hill’s Niv Elis breaks it down here.



Shutdown impact:

  • The Labor Department had said earlier it would consider the 800,000 federal workers who were furloughed or working without pay during the shutdown fully employed. But in Friday's jobs report, it said that the shutdown had contributed to the uptick in unemployment.
  • Temporary layoffs rose 175,000 because of the shutdown, including some furloughed workers, the department said Friday. The number of unemployed workers rose to 6.5 million in the survey.
  • The shutdown also may have increased the number of people who take on part-time work for economic reasons, which increased by about half a million to 5.1 million in January.

 

White House reaction: The White House took a victory lap Friday on the jobs numbers.

“Three hundred-thousand new jobs plus, 3.2 percent increase in wages, participation rates went up, hours worked went up, it doesn’t get much better than this,” National Economic Council Director Larry Kudlow said in a video posted to the White House Twitter page.

“I hate to say I told you so folks,” he added.

 
 

THE HILL EVENT: Join The Hill Events for Boundless: Building a 5G World on Wednesday, Feb. 6th featuring Reps. Yvette Clarke (D-N.Y.) and John Curtis (R-Utah). Editor-in-Chief Bob Cusack and Hill.TV's Jamal Simmons will sit down with our guests for a series of conversations on the impact of 5G on all aspects of society. RSVP here.

 
 

LEADING THE DAY

Trump: 'Good chance' I will declare emergency to build wall: President Trump said Friday there is a “good chance” he will declare a national emergency to circumvent Congress and build a wall along the U.S.-Mexico border.

“I think there’s a good chance we’ll have to do that,” Trump told reporters in the Cabinet Room of the White House.

Trump’s comments provide one of the clearest signs yet he may act on his own to build the wall, as his frustration grows with congressional Democrats over their determination to block one of his core campaign promises. 

  • The president suggested he may reveal more details about his plan to build the wall in Tuesday's State of the Union address, saying people should “listen closely” to the speech.
  • He once again blasted a bipartisan conference committee debating wall funding as a “waste of time” and predicted Democrats would pay a price for opposing the wall.
  • House and Senate lawmakers from both parties met for the first time on Wednesday to start discussing a possible spending deal on border security ahead of the Feb. 15 deadline. Trump's comments will likely make it a lot harder to secure a deal.

 

Democrats are zeroing in on Mnuchin: Democrats have a new investigative target: Treasury Secretary Steven Mnuchin.

The leaders of three powerful House committees are requesting a trove of documents related to the Treasury Department’s decision to lift sanctions on companies tied to Oleg Deripaska, a prominent Russian oligarch linked with Russian President Vladimir Putin. The Hill’s Morgan Chalfant and Olivia Beavers tell us why.

  • Treasury lifted the sanctions on Deripaska’s United Co. Rusal and two other firms after he agreed to reduce his ownership stake below 50 percent and relinquish control of the firms, according to details of the deal released by the Treasury Department.
  • But Democrats have raised concerns about the agreement, suggesting it could still afford Deripaska influence and even “defacto control” over the companies.
  • Others have raised ethical concerns about Mnuchin’s reported business ties to billionaire Republican donor Len Blavatnik, who is an investor in Rusal and reportedly stands to benefit from the deal.

 

The Treasury Department has publicly pushed back on those assertions, saying Mnuchin had no “direct business relationship” with Blavatnik and calling suggestions of a conflict of interest “baseless.”

The inquiries underline the urgency among Democrats to use their newfound oversight powers in order to investigate any links between people in Trump’s orbit and the Kremlin.

 

Foxconn to build factory in Wisconsin after Trump intervened: President Trump personally intervened with a Taiwan-based manufacturer to convince the company to build a manufacturing plant in Wisconsin, after the company said this week it was rethinking its plans to open the new facility.

In a statement Friday, Foxconn said Trump had spoken with company chairman Terry Gou, and that the company would open a fabrication facility at its base in Wisconsin after all.

“We have undertaken the evaluation while simultaneously seeking to broaden our investment across Wisconsin far beyond our original plans to ensure the company, our workforce, the local community, and the state of Wisconsin will be positioned for long-term success,” the company said.

 

ON TAP NEXT WEEK

Tuesday:

  • The U.S. Chamber of Commerce holds a conference on infrastructure investment, 8 a.m. to 2:30  p.m.

Wednesday:

  • Federal Reserve Vice Chairman for Supervision Randal Quarles delivers a speech at the Federal Reserve Stress Testing Conference, 6 p.m.

Thursday:

  • House Ways and Means Committee: Hearing on legislation to mandate the disclosure of presidential tax returns, 10 a.m.

 

GOOD TO KNOW

  • Rep. Alexandria Ocasio-Cortez (D-N.Y) ramped her criticism of Amazon’s planned headquarters in New York City, saying nothing the company has done “would lead us to believe it could be a good or healthy neighbor.”
  • General Motors is planning to layoff at least 4,000 salaried workers in North America starting Monday ahead of the company's fourth-quarter earnings report, according to CNBC.
  • Reuters explains why U.S. sanctions will sharply limit oil transactions between Venezuela and other countries.
  • Government contractors are still struggling to get by without backpay from the shutdown, according to CBS.
  • NPR looks into the morale crisis facing federal workers coming back to the job after the shutdown.

 

ODDS AND ENDS

 
 
 
 
 
  Facebook   Twitter   LinkedIn   Email  
 
Did a friend forward you this email?
Sign up for Finance Newsletters  
 
 
 
 
 
THE HILL
 
Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  |  Email to a friend  |  Sign Up for Other Newsletters
 
The Hill 1625 K Street, NW 9th Floor, Washington DC 20006
©2019 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc.
 
 

Breaking News: Virginia GOP calls for Northam to resign if he’s in photo in blackface or KKK robe

 
 
View in your browser
 
News Alert
Facebook   Twitter   LinkedIn   Email
 
Virginia GOP calls for Northam to resign if he’s in photo in blackface or KKK
The Virginia Republican Party is calling on Gov. Ralph Northam (D) to resign if he wore blackface or dressed in a Ku Klux Klan robe while in medical school.

The party issued the statement after a photo emerged from Northam's medical school yearbook showing two people, one in a white robe and another in blackface.

“Racism has no place in Virginia,” Virginia Republican Party Chairman Jack Wilson said in a statement. “These pictures are wholly inappropriate. If Governor Northam appeared in blackface or dressed in a KKK robe, he should resign immediately.”
Read the full story here
 
 
Learn more about RevenueStripe...
 
 
 
  Facebook   Twitter   LinkedIn   Email  
 
Did a friend forward you this email?
Sign up for Breaking News  
 
 
 
You Might Like
 
 
 
Learn more about RevenueStripe...
 
 
 
 
THE HILL
 
Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  |  Email to a friend  |  Sign Up for Other Newsletters
 
The Hill 1625 K Street, NW 9th Floor, Washington DC 20006
©2019 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc.
 
 

Overnight Energy: Trump EPA's pollution reduction numbers are lowest in a decade | Exxon, Chevron see oil production rise | Lawmakers gear up for climate hearings

 
 
View in your browser
 
The Hill Energy
Facebook   Twitter   LinkedIn   Email
 

TRUMP EPA WASTE REDUCTION NUMBERS LOWEST IN DECADE: The pounds of pollutants and waste that the Environmental Protection Agency (EPA) has reduced under the Trump administration are at their lowest levels in a decade, according to an analysis by the Environmental Data and Governance Initiative (EDGI) published Friday.

EPA's 2018 reduction of pollution and hazardous waste is the second-lowest amount on record, dating back to 2008. President Trump's first year in office, 2017, was the worst year, according to the analysis.

According to numbers released in EPA's annual year in review this week, EPA in 2018 was responsible for the "treatment, disposal, or elimination of 809 million pounds of pollutants and waste."

The number is nearly double the 462 million pounds of waste EPA discarded in 2017. However, both are in stark contrast to levels reported in previous years under the Obama administration and the last year of the George W. Bush administration.

Between 2008 and 2016, EPA reduced an average of 11,438 million pounds of pollutants per year, according to EDGI's analysis of EPA data.

The third-lowest year on record was 2015, during which the EPA reduced waste by 1,068 million pounds. The figure is roughly 25 percent more than the latest Trump administration numbers.

In 2016, former President Obama's last year in office, the EPA reduced 62,224 million pounds of pollution -- the highest number under his administration. EPA reduced 10,473 million pounds during former President George W. Bush's first year.

The EPA touted the waste number this week in its annual review as an indicator of the "major accomplishments and environmental progress during the Trump administration," which also showed that "America is on a path to a stronger, safer, and cleaner future."

The waste measurement is an alternative measurement to EPA's civil and criminal penalty data that instead considers the outcome of enforcement actions. Two things are considered in the waste calculation: "pollution reduced, treated or eliminated" and "hazardous waste reduced, treated, or properly disposed of," according to EPA.

Read more here.

 

TGIF! Welcome to Overnight Energy, The Hill's roundup of the latest energy and environment news.

Please send tips and comments to Timothy Cama, tcama@thehill.com, and Miranda Green, mgreen@thehill.com. Follow us on Twitter: @Timothy_Cama, @mirandacgreen, @thehill.

CLICK HERE to subscribe to our newsletter.

 

OIL OUTPUT UP AT EXXON, CHEVRON: Two of the nation's largest oil and natural gas companies reported growing oil production Friday, though their quarterly profits went in different directions.

Exxon Mobil Corp. said that in the fourth quarter of 2018, it produced 2.3 million barrels per day of liquids, a category that includes crude oil, natural gas liquids and other products. That was a 4 percent increase over the previous year.

Chevron Corp.'s total production of fossil fuels hit 3.1 million barrels of oil equivalent per day, a new record for the company and a 12 percent year-over-year increase.

But different corporate structures resulted in very different profit outcomes for the companies.

At Exxon, the nation's largest oil company, profits fell 28 percent to $6 billion, it said. But if impacts from the 2017 tax law are not taken into account, Exxon's profit was $6.41 billion, and a 72 percent increase.

Chevron's profit jumped almost 20 percent to $3.73 billion in the same time period.

Read more.

 

ON TAP NEXT WEEK: Get ready for a big week in energy and environment policy.

Perhaps most significantly, two House committees will simultaneously hold hearings on climate change. Democrats, who took the House majority last month for the first time in eight years, see the hearings as a big return for climate debate after years of Republican control.

The House Energy and Commerce Subcommittee on climate and environment on Wednesday morning will have its hearing on "addressing the environmental and economic effects of climate change." The panel hasn't announced its witness list.

At the same time, the full House Natural Resources Committee will hold its hearing on "impacts and the need to act" on climate change.

That hearing will have two panels of witnesses. The first will include North Carolina Gov. Roy Cooper (D) and Massachusetts Gov. Charlie Baker (R), and the second will feature academics and activists.

It's the first hearing of the year for both committees.

EPA Acting Administrator Andrew Wheeler will get his first vote in his bid to become the agency's official administrator. The Senate Environment and Public Works Committee will take a vote Tuesday to advance his nomination to the full Senate for consideration.

Also next week, Trump will give his annual State of the Union address to Congress. Politico is reporting that abortion will be a main focus of the speech. Check in to TheHill.com for Trump's remarks on energy and environment matters.

 

OUTSIDE THE BELTWAY:

BP plans to link bonuses for 36,000 employees to the company's greenhouse gas emissions reductions and support a shareholder move to formally align the company's goals with the Paris agreement, CNN reports.

A Canadian firm is scrapping plants to mine land that was once part of the Grand Staircase-Escalante monument, the Huffington Post reports.

Researchers say European colonizers killed so many Native Americans that it changed the global climate, CNN reports.

 

IN CASE YOU MISSED IT:

Check out Friday's stories...

-Senators call on EPA to restrict key drinking water contaminants

-Trump EPA's pollution, waste reduction numbers are lowest in a decade

-Exxon, Chevron report growth in oil production

 
 
 
 
  Facebook   Twitter   LinkedIn   Email  
 
Did a friend forward you this email?
Sign up for Energy Newsletters  
 
 
 
 
 
THE HILL
 
Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  |  Email to a friend  |  Sign Up for Other Newsletters
 
The Hill 1625 K Street, NW 9th Floor, Washington DC 20006
©2019 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc.