US President Trump addressing a rally says China wants to talk

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.

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Former Maldives president pleads not guilty to charges of money laundering

By Mohamed Junayd

MALE (Reuters) – Abdulla Yameen, the former president of the Maldives, pled not guilty to charges of money laundering on Sunday, in the first hearing of a criminal court trial into the matter.

Yameen, who drew the Indian Ocean island country closer to China during his tenure, is accused of receiving $ 1 million of government money through a private company, SOF Private Ltd, which has been implicated in a corrupt deal to lease tropical islands for hotel development.

The corruption scandal, originally uncovered by an internal audit, has also implicated several other leading politicians and businessmen, all of whom have denied any wrongdoing.

SOF Private could not immediately be reached for comment.

Yameen, who unexpectedly lost an election last year, was arrested in February. He has repeatedly denied the allegations against him.

During Sunday’s hearing, which was broadcast nationally in a historic move, the court dismissed five pre-trial motions filed by Yameen’s lawyers challenging the validity of the charges against him.

The defense’s arguments did not amount to a valid reason to not proceed to trial, the judge ruled.

The prosecution’s witnesses will begin to testify at the next trial date on August 4. If found guilty, Yameen could face a jail sentence of between five to 15 years.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Economy News

Mohammed Morsi, ousted Egyptian president, has died

Cairo — Egypt’s state TV says the country’s ousted president, Mohammed Morsi, has collapsed during a court session and died. Morsi had been Egypt’s elected president following the death of Hosni Mubarak in 2012, but was deposed after a military coup in 2013 that installed General Abdel Fattah el-Sisi into power. 

The state TV says the 67-year-old Morsi was attending a court session Monday in his trial on espionage charges when he blacked out and then died. His body was taken to a hospital, it said.

Morsi, a leader of Egypt’s largest Islamist group, the now outlawed Muslim Brotherhood, was elected president in 2012 in the country’s first free elections following the ouster the year before of longtime leader Hosni Mubarak. The military ousted Morsi in 2013 after massive protests and crushed the Brotherhood in a major crackdown, arresting Morsi and many others of the group’s leaders. Morsi had been imprisoned since his arrest and was previously sentenced to death for his alleged role in a mass prison break that took place during the 2011 uprising that toppled Mubarak. 

Egypt's deposed president Mohamed Morsi waves from inside the defendants cage during his trial
Egypt’s deposed president Mohamed Morsi waves from inside the defendants cage during his trial at the police academy in Cairo, Jan. 8, 2015. Getty

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World – CBSNews.com

Coinbase COO and President quits after 18 months

Asiff Hirji to leave the largest US exchange

Bitcoin has been on fire in the past two weeks but all wasn’t well at Coinbase. Chief Operating Officer and President Asiff Hirji decided to leave after just 18 months at the exchange.

He joined Coinbase from Andreessen Horowitz, where he was a partner and after terms at Hewlett-Packard, Saxo Bank and TD Ameritrade. He is one of several top executives who have recently left.

Emilie Choi will take over the role. She joined CoinBase in March after eight years at LinkedIn including as VP of Corporate Development.

For his part, Hirji hinted that his time at Coinbase was always meant to be temporary.

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Canada moves to ratify North American trade deal ahead of visit by U.S. vice president

© Reuters. Macron and Ardern launch 'Christchurch Appeal' against terrorism in Paris © Reuters. Macron and Ardern launch ‘Christchurch Appeal’ against terrorism in Paris

By Kelsey Johnson

OTTAWA (Reuters) – The Canadian government formally presented draft legislation to ratify the new North American Trade deal to parliament on Wednesday, less than 24 hours ahead of a visit by U.S. Vice President Mike Pence.

Prime Minister Justin Trudeau presented the bill to the House of Commons, confirming a Reuters story from Tuesday that said the legislation would officially be offered up to parliament on Wednesday.

Canada, Mexico and the United States signed the United States-Mexico-Canada Agreement (USMCA) in November 2018.

However, the deal, which would replace the existing North American Free Trade Agreement (NAFTA), has yet to be ratified by any of the three countries.

“The new NAFTA will secure access to a trading zone that accounts for more than a quarter of the global economy,” Trudeau said. “It is now time for the members of this House to ratify it.”

Foreign Minister Chrystia Freeland has said Canada will press ahead with its ratification plans, in tandem with the United States.

With Canadian voters set to head to the polls in October for a national election and the U.S. presidential election in 2020, time is running short.

Pence is scheduled to meet with Trudeau on Thursday to discuss USMCA ratification and other issues. It marks the first time the vice president has traveled to Canada in an official capacity.

His visit also comes after the United States agreed to remove tariffs on Canadian and Mexican steel and aluminum products earlier this month, ending a year-long dispute.

Canadian officials had said Canada probably would not pass the pending trade pact until the tariffs had been lifted.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Economy News

US President Trump says his meetings with Japanese PM Abe went very well

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.

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Joe Biden, former vice president

Trump goes after Joe Biden at Pennsylvania rally

President Trump held a Make America Great Again rally in Montoursville, Pennsylvania, on Monday night. He went after Joe Biden as new polls show the former Vice President leading in the state. Joe Micek, editor-in-chief of Pennsylvania Capital-Star, joins CBSN to discuss the key concerns on voters’ minds.

May 20 06:05

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U.S. – CBSNews.com

Japan PM Abe and US President Trump to meet Friday this week – here’s what is not on the agenda

Meeting on 26 April 2019

Japan’s Finance Minister Aso says the two will not discussing currency matters (speicficaly the USD/JPY rate).

However,  Aso is scheduled to meet with US Treasury Secretary Mnuchin on Thursday … where FX rates may well (likely will) be a topic. Aso will be keen to avoid any tweets from you-know-who attacking the yen and seeking to strengthen it.

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May you rest in peace President George H.W. Bush

Funeral services at the National Cathedral

“I will keep America moving forward, always forward, for a better America, for an endless enduring dream and a thousand Points of Light. This is my mission, and I will complete it.”

“We are a nation of communities… a brilliant diversity spread like stars, like a thousand points of light in a broad and peaceful sky.”

“America is never wholly herself unless she is engaged in high moral principle. We as a people have such a purpose today. It is to make kinder the face of the nation and gentler the face of the world.”

“I think the 24-hour news cycle has helped exaggerate the differences between the parties. You can always find someone on TV somewhere carping about something. That didn’t happen 20 years ago.”

“We don’t want an America that is closed to the world. What we want is a world that is open to America”

“Read my lips: no new taxes.” 

“I’m conservative, but I’m not nuts about it.”

“I do not like broccoli. And I haven’t liked it since I was a little kid and my mother made me eat it. And I’m President of the United States and I’m not going to eat any more broccoli.”

Rest in Peace….
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French President Macron lays down the law on a Brexit trade deal for the UK

Over the weekend the EU agreed to the Brexit draft deal after years of haggling. Now for the difficult bit.

Two hurdles to watch (and run headlong onto) are:

  1. The UK parliament vote, this is going to be a huge mountain for May
  2. A trade deal with the EU is yet to be sorted.

On the second point, Macron outlined the very firm French position on Sunday:

  • “We as 27 have a clear position on fair competition, on fish, on the subject of the EU’s regulatory autonomy, and that forms part of our lines for the future relationship talks
  • It is a lever, because it is in our mutual interest to have this future relationship. I can’t imagine that the desire of Theresa May or her supporters is to remain for the long term in a customs union, but to define a proper future relationship which resolves this problem
  • We will concentrate our efforts in order to obtain access to the British waters before the end of the transition period. And of course all of our fishermen will be protected.”

For now GBP is a touch bid, circa 1.2830 (from late Friday 1.2815) in early trade. There is much work ahead still. 

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