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On May 5th, following the Reserve Bank of Australias (RBA) third consecutive interest rate hike and raising its cash rate target to 4.35%, the rate remains below Societe Generales year-end forecast of 4.7%. Societe Generale economists stated in a report, "The RBA still has room to maneuver and may raise rates at least one more time." Economists expect the RBA to maintain interest rates at 4.7% throughout 2027 and the first half of 2028, predicting core inflation will peak at 3.8% in the second quarter, before falling to 3.1% by the end of 2026. They added, "A pause in rate hikes in June seems inevitable," noting that RBA Governor Bullocks more neutral tone prompted demand for short-term rates, simultaneously pushing the yield curve for Australian 2-year and 10-year government bonds into a "bull market steepening."The World Health Organization says it plans to medically evacuate the two people on board who are infected with Hantavirus, and the cruise ship will continue its journey to the Canary Islands.World Health Organization: Our hypothesis is that the Hantavirus cases were contracted outside the cruise ship where the incident occurred.Iranian border police commander: Five smuggling vessels carrying 200,000 liters of smuggled fuel were seized in Khuzestan province.The China Earthquake Networks Center officially reported that a magnitude 3.1 earthquake occurred at 17:05 on May 5 in Kuqa City, Aksu Prefecture, Xinjiang (41.35 degrees north latitude, 83.89 degrees east longitude), with a focal depth of 15 kilometers.

New York property magnate contests "every element" of contempt order Trump probe

Aria Thomas

Jul 07, 2022 11:16


Cushman & Wakefield (NYSE:CWK), which appraised several properties belonging to Donald Trump, protested "every facet" of an order finding it in contempt of court in regard to subpoenas issued in a civil investigation into whether the former president manipulated asset valuations.


Justice Arthur Engoron of a New York state court in Manhattan determined Tuesday that Cushman, one of the world's largest real estate companies, was in contempt and imposed $10,000-per-day fines beginning July 7.


He chastised Cushman for delaying over its most recent date to obtain an extension to comply with subpoenas issued by New York Attorney General Letitia James, adding that the business "had only itself to blame if it chose to disregard the approaching deadlines."


Engoron acknowledged that James subpoenaed Cushman for a "vast" number of documents, but maintained that state law supported such a sweeping demand.


Cushman petitioned a state court of appeals in Manhattan to revisit the contempt ruling against Engoron and provide him extra time to comply with the subpoenas.


Cushman has indicated that it has provided over 650 assessments and several hundred thousand pages of documents since February, and has denied any charges that it has worked in bad faith.


A spokesman for James did not immediately respond to requests for comment.


James, a Democrat, is investigating whether Trump and his family business, the Trump Organization, inflated the assessments of golf courses, hotels, and other real estate to qualify for favorable loans then dropped the prices to avoid paying taxes.


Her office's ability to acquire documents is vital as it prepares to subpoena Trump and two of his adult children, Donald Trump Jr. and Ivanka Trump, on July 15.


Trump, a Republican, has called James' inquiry a "politically motivated witch hunt."


When Engoron convicted him in contempt on April 25, he paid $110,000 in fines. On Monday of last week, the court lifted the contempt order.

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