Dianne Feinstein loses support of California Democratic party - CBS News

AP February 25, 2018, 6:23 PM

Dianne Feinstein loses support of California Democratic party

U.S. Sen. Dianne Feinstein failed to win the official endorsement of the California Democratic Party as she seeks her fifth term in Washington, but her supporters say it won't hurt her with a broader swath of voters. Party activists were more eager to back her primary challenger, state Senate leader Kevin de Leon, who is crafting himself as a fresh face with stronger progressive credentials. However, he too failed to earn the 60 percent support he needed to win the endorsement.

That means neither candidate will get the party's seal of approval or extra campaign cash leading into the June primary. The decision came from more than 3,000 activists gathered for the party's annual convention this weekend, an event aimed at generating enthusiasm for the midterm elections.

None of the four Democrats running to succeed Jerry Brown as governor secured an endorsement either.

For Feinstein, it's the first time she's failed to win the party's backing since her first successful U.S. Senate campaign in 1994. But she also has never faced a credible primary challenger. This time around, there's no Republican running in the contest, meaning a showdown between de Leon and Feinstein was likely from the start.

The top-two primary system in heavily Democratic California allows the two highest vote-getters to advance to the general election regardless of party identification.

Feinstein backers downplayed her failure to win the party endorsement, saying she remains popular among the wider California electorate and has millions of dollars needed to run a successful campaign.

"I think we're in good shape," said her political strategist, Bill Carrick.

De Leon called it "an astounding rejection of politics as usual" and a boost to his campaign's momentum.

He didn't appear to lose support at the weekend gathering despite a sexual misconduct scandal at the California Capitol, under de Leon's leadership. His former roommate, Tony Mendoza, resigned Thursday after an investigation concluded he likely sexually harassed six women. De Leon had called for him to be expelled.

The battle between Feinstein and de Leon underscores Democratic Party tensions still simmering after the 2016 election. The so-called establishment pick, Feinstein touted her long record in Washington and seniority on important committees as a benefit to California. She also highlighted her track record fighting for a ban on assault weapons, including her successful 1994 bill to do so, and her work to protect U.S. gymnasts from sexual assault.

De Leon, meanwhile, has argued Feinstein has lost touch with progressive California values and hasn't fought hard enough for young immigrants brought to the country illegally.

"It should never take a primary challenge for California's leadership to stand up for California values," he told delegates ahead of the vote.

Brexit threatens everything I fought for in the Second World War. On my 95th birthday, this is what I need people to know - Independent

24/2/2018

Brexit threatens everything I fought for in the Second World War. On my 95th birthday, this is what I need people to know

No political party in my youth advocated isolation, which is what leaving the EU means for Britain. Instead all insisted that our military and political survival depended on cooperation and integration with other nations

Harry Leslie Smith @harryslaststand

Today, the political descendants of Winston Churchill are turning our nation into a hermit kingdom whose wealth and ingenuity are being squandered for an idealised notion that we are still a mighty power PA

It was at the end of February in 1945 that I celebrated, courtesy of the RAF and Hitler, my 22nd birthday in Belgium. I was stationed at a former Luftwaffe airfield that was at that time used for fighter planes to fly short reconnaissance missions to the nearby collapsing German front.

Then the world was in turmoil from five long years of world war that had turned Europe into a charnel house. But at the time I didn’t feel jaded because I believed that the tide of evil that had enveloped my generation’s world since the Great Depression was retreating from the shoreline of civilisation.

On that night, 73 years ago, my future and Europe’s stood before me and I faced it with wonder and the fragile grace that comes from having lived through tumultuous events. I remember on that long-ago evening of my 22nd birthday drinking whiskey to take the edge off the cold breath of winter with mates on a deserted tarmac.

Above me, a darkened sky was torn violently open by an endless stream of artillery shells that were trying to pulverise a German V2 rocket emplacement several miles away from our base. As the earth around me shook with the thunder of war, I was overcome with the realisation that, as this conflict was nearing its end, I had a good chance of walking away from it without a scratch. The premonition that I was going to live whilst millions of others had died because of the evil machinations of tyranny and the indifference of the entitled to the suffering of others humbled me on that long-ago birthday.

It was blind luck that I survived both the Great Depression and the Second World War both physically and emotionally intact, but Britain was a different country from what it is today because all of us, from worker to intellectual, felt we were part of a great cause that was vital for the survival of civilisation. And that spirit of destiny and optimism didn’t die when we’d vanquished Hitler; it lived on through the people’s desire to elect a Labour government intent on changing our nation for the better.

Unlike today, no political party in my youth advocated the isolation that Brexit will bring to Britain. Instead all insisted that our military and political survival depended on cooperation and integration with other nations. Yet today, the political descendants of Winston Churchill are turning our nation into a hermit kingdom whose wealth and ingenuity are being squandered for an idealised notion that we are still a mighty power that the nations of the world want to trade with on our terms.

So much has changed in my mood since those early months of 1945 when I felt optimistic for our world’s future. But then America’s president was Franklin D Roosevelt, a man who had made his country great again not by tax cuts but by making sure that each citizen could afford a decent roof over their heads and food on their tables. Whereas today Donald Trump occupies the Oval Office with the malevolence of a Pinochet-in-waiting who is only restrained by a constitution that maybe can prevent tyrants but never the indifference of citizens addicted to reality TV shows and online shopping.

So, as I stand on the cusp of my 95th birthday the night air still bites but my confidence in humanity’s survival and its march towards progress dims like the afternoon sky just before the approach of rain. In fact, my hope that all will be well for my grandchildren’s generation is circumscribed by a growing anger and frustration towards my children’s generation because they bottled their responsibilities to our country and society in pursuit of personal pleasures.

David Davis tries to dispel post-Brexit chaos fears

The baby boomers were bequeathed by my generation a society built upon a bedrock of personal sacrifice and a commitment to social and economic justice. Yet all of our accomplishments, from the NHS to council housing as well as our unfinished work trying to ensure a more equal Britain, was pawned off by them to the hedge funds, tax-avoiding corporations and political parties that believe governments should be run like businesses.

And now with our nation in chaos over Brexit, and fascism becoming as great a threat to our security as it once was in the 1930s, the majority in this country and the western world sit like the inhabitants of Pompeii the day before Vesuvius destroyed their city and their lives, ignoring the warning calls of imminent destruction.

I have almost a hundred years of lived history pulsing through my blood and memories. So when I tell you that this is the best of times for the one per cent and the worst of times for everyone else, heed my words. It is now time that you gather the spirit of my generation into your hearts to begin the task of rebuilding this country, Europe and the world as it should be. It is time to make our Britain a green and pleasant land for all who live here.

It’s why with the little time I have remaining on this earth, I plan to journey to the refugee hot spots of the world and use my voice to end this crisis and teach people that xenophobia only leads to repression and war. On my 95th birthday, I will toast my longevity with sherry and declare that my last stand as a human being was to not go gently into the good night.

Why 3% is the scariest number for stocks - CNN Money

Why 3% is the scariest number for stocks

by Matt Egan and Danielle Wiener-Bronner @CNNMoneyInvest

February 25, 2018: 9:26 AM ET

Your video will play in 00:22

1. Bond jitters persist: One number threatens to derail the stock market comeback.

The Dow has recovered almost two-thirds of the ground it lost during the sell-off earlier this month. Yet stocks remain fragile — and subject to the whims of the bond market.

Each time the yield on the 10-year Treasury note creeps closer to 3%, a level not seen in four years, fears re-emerge about inflation and a less friendly Federal Reserve.

"It really is quite amazing how quickly sentiment toward the market has shifted," Bespoke Investment Group wrote in a recent report. "A fog of unease has definitely set in as investors fret over the Fed, rising interest rates and inflation."

After starting the year at just 2.4%, the 10-year yield spiked to a four-year high above 2.95% on Wednesday. That freaked Wall Street out. A 303-point surge on the Dow disappeared.

Even market optimists warn that a climb above 3% could cause turbulence that would rival the plunge that began three weeks ago.

"3% is still hanging like a sword of Damocles over risky assets, and that's not going away," Michael Block, chief market strategist at Rhino Trading Partners, wrote in a recent report.

A "painful break" in bonds would probably drive the S&P 500 back toward its February 9 low of 2,592. That's roughly 5% below its current level.

Of course, a 3% Treasury yield is no reason to panic. It remains very low historically. And the U.S. economy may be strong enough to withstand the sell-off in the bond market that's driving yields higher.

But the relentless climb in bond rates is a big deal because the 10-year Treasury yield helps set the price for virtually all other assets. Years of low yields on safe bonds sent cash pouring into risky stocks and pumped up their values. A reversal of that trend could slow the stock market down.

Higher Treasury yields also increase the cost of borrowing for businesses, consumers and, of course, the federal government. Mortgage rates have already climbed to levels last seen in April 2014.

Rates have been rising because of the strengthening economy, stronger inflation and the growing federal deficit, which is forcing the U.S. Treasury to issue more debt.

Bank of America (BAC) expects Treasury's total borrowing needs to nearly double from last year to over $1 trillion in the next two fiscal years. The bank on Friday upgraded its year-end forecast for the 10-year Treasury to 3.25%.

"We believe that rates in the U.S. can continue to reprice higher," Bank of America wrote.

That suggests stocks may be in for a bumpy ride.

2. Powell takes the stage: Jerome Powell makes his first trip to Capitol Hill as Fed chairman this week. He will present the Fed's twice-a-year monetary policy report to a House committee on Tuesday and a Senate committee on Thursday.

Lawmakers are expected to press Powell for his views on the economy and signs of increasing inflation. Investors will be watching for clues about whether the Fed might raise interest rates more often or more steeply than planned. The markets expect three rate hikes this year and two in 2019.

3. NAFTA talks: Representatives from Canada, Mexico and the United States meet in Mexico City this week for the seventh round of talks on rewriting the trade deal. Discussions are scheduled through March 5.

The negotiations have no expiration date, but this is the last scheduled round. And a deal will become much more difficult when the Mexican presidential campaign kicks off in March. If negotiators want to reach a deal, they need to do it now.

Negotiators made little progress during the last round. They failed to agree on divisive issues like auto manufacturing. If leaders don't reach a deal in Mexico City, negotiations could be pushed off for another year -— or the agreement could fall apart altogether.

4. Checking in on retail: Several struggling retailers report earnings this week. Macy's (M) is set to report on Tuesday. L Brands (LB) and TJX (TJX) plan to share results on Wednesday, as does Lowe's (LOW), which has mostly avoided the troubles plaguing the retail industry.

Kohl's (KSS), Nordstrom (JWN) and Gap (GPS) are on deck for Thursday. And Foot Locker (FL) and JCPenney (JCP) report Friday.

5. Major mobile conference: Mobile World Congress starts Monday in Barcelona. The world's biggest smartphone makers — minus Apple (AAPL) — will be there. Samsung (SSNLF) is expected to reveal its new Galaxy phone.

6. Coming this week:

Monday — Mobile World Congress starts

Tuesday — Macy's, Booking Holdings (PCLN) (formerly Priceline), Express Scripts (ESRX), Discovery Communications (DISCA) earnings; Powell testifies before House Financial Services Committee

Wednesday — Second estimate of Q4 GDP; Lowe's, TJX, Salesforce (CRM), L Brands (LB), Monster (MNST), Mylan (MYL) earnings

Thursday — Best Buy (BBY), Kohl's, Nordstrom, Gap, Barnes & Noble (BKS) earnings; Powell testifies before Senate Banking Committee

Friday — Foot Locker, JCPenney earnings

China leader's top economic adviser heads to the U.S. for trade talks - Reuters

FEBRUARY 26, 2018 / 6:22 PM / UPDATED 35 MINUTES AGO

China leader's top economic adviser heads to the U.S. for trade talks

Reuters Staff

BEIJING (Reuters) - Chinese President Xi Jinping’s top economic adviser, Liu He, will visit the United States this week, China’s Foreign Ministry said on Monday, at a time of tension between the two countries over trade.

Liu will be in the United States from Feb. 27 to March 3, ministry spokesman Lu Kang told a daily news briefing.

Views will be exchanged “on China-U.S. relations and the two countries’ economic and trade cooperation”, the spokesman said, confirming reports from the United States on the trip, but without giving other details.

Liu, a Harvard-trained economist and trusted confidant of President Xi, has emerged as the front-runner to be the next governor of China’s central bank, according to sources with knowledge of the situation.

Xi’s top adviser on economic policy is also expected to become vice premier overseeing the Chinese economy, part of a government reshuffle coinciding with the annual meeting of China’s parliament that opens on March 5 and is likely to last about two weeks.

A senior U.S. official said last week that there will be discussions on trade disputes with Liu when he visits Washington.

On the U.S. side, the talks will be led by President Donald Trump’s trade envoy, Robert Lighthizer.

The discussions will take place as Donald Trump considers new tariffs on steel imports.

Trump has long sought a way to a more balanced trade relationship with China and threatened to impose a big “fine” against China to protect American intellectual property.

The U.S. official said Trump had been discussing imposing a global tariff on imports of steel from China and other countries.

The U.S. Commerce Department on Feb. 16 recommended that Trump impose stiff curbs on steel imports from China and other countries and offered the president several options, ranging from global and country-specific tariffs to broad import quotas.

A blanket tariff on steel would cover every steel and aluminum product entering the United State market from China, the world’s largest steel producer.

Reporting by Michael Martina; Writing by Ben Blanchard; Editing by Richard Borsuk

Who's going to be the next Italian leader? Here are the main contenders - CNBC News

Who's going to be the next Italian leader? Here are the main contenders

Silvia Amaro | @Silvia_Amaro

Published on 26/2/2018 Updated 3 Mins Ago

Market watchers and foreign politicians are carefully watching developments in Italy, where voters will elect a new prime minister and parliament on March 4.

The outcome of the vote could spark jitters among Europe in the face of rising support for populism at a time when the Italian economy is at a critical juncture.

Polls suggest that the election won't result in a majority government and political parties will have to form an alliance in order to govern.

Here are the main contenders in the Italian election and their coalition partners.

Matteo Renzi

Matteo Renzi, Secretary of the Democratic Party and former Prime Minister of Italy, speaks on stage during a meeting called '#incontramoci'.

Nicolò Campo | LightRocket | Getty Images

Matteo Renzi, Secretary of the Democratic Party and former Prime Minister of Italy, speaks on stage during a meeting called '#incontramoci'.

The leader of the center-left Democratic Party, and former prime minister, is seeking to return to power. He resigned from government back in 2016 after voters rejected his changes to the constitution. Since then, the left-leaning government has been led by caretaker Prime Minister Paolo Gentiloni.

He could potentially decide to form a coalition government with the pro-European party Piu' Europa (More Europe).

Emma Bonino

Emma Bonino attends a press conference on February 20, 2018 in Milan, Italy. Bonino, leader of Piu Europa (also +Europa, 'More Europe'), a pro-Europeanist coalition of centre-left parties, is running for the Premiership at the next elections.

Emanuele Cremaschi | Getty Images

Emma Bonino attends a press conference on February 20, 2018 in Milan, Italy. Bonino, leader of Piu Europa (also +Europa, 'More Europe'), a pro-Europeanist coalition of centre-left parties, is running for the Premiership at the next elections.

She's the head of the liberal party Piu' Europa and former minister of foreign affairs.

After more than 40 years in politics, Emma Bonino is one of the most famous female politicians in Italy.

Luigi di Maio

Leader of the anti-establishment Five Star Movement (M5S), Luigi Di Maio looks on during the presentation of the movement's candidates for the upcoming March general elections, on January 29, 2018, in Rome.

Tiziana Fabi | AFP | Getty Images

Leader of the anti-establishment Five Star Movement (M5S), Luigi Di Maio looks on during the presentation of the movement's candidates for the upcoming March general elections, on January 29, 2018, in Rome.

The youngest of all contenders, Luigi di Maio heads the populist and anti-establishment Five Star Movement (M5S) founded by comedian Beppe Grillo.

Maio has softened the party's stance on the euro but still demands agreements with Europe to reform fiscal policies.

His party has not entered any coalition but he told CNBC that he would be willing to negotiate with other parties if the vote doesn't give a clear majority to any of the parties.

Silvio Berlusconi

Silvio Berlusconi, President of Forza Italia (Go Italy) and former Italian Prime Minister, gives a speech during a political rally on February 25, 2018 in Milan, Italy.

Emanuele Cremaschi | Getty Images

Silvio Berlusconi, President of Forza Italia (Go Italy) and former Italian Prime Minister, gives a speech during a political rally on February 25, 2018 in Milan, Italy.

Silvio Berlusconi has been prime minister of Italy three times. Despite a series of sex scandals and tax fraud convictions, the 81-year-old media mogul is once again at the center stage of Italian politics and could have a pivotal role in the upcoming general election.

He cannot become prime minister after being banned from holding public office for six years for tax fraud, although he is appealing the ruling. But as leader of Forza Italia, polls suggest that he could get more votes than Renzi and potentially more than the Five Star Movement too.

His party has joined forces with three other parties - the Northern League, Brothers of Italy and Us with Italy - increasing his chances of winning a majority.

Giorgia Meloni

Giorgia Meloni, leader of the right-wing party Fratelli d'Italia (Brothers of Italy) holds a giant Italian national flag during a political rally on February 24, 2018 in Milan, Italy.

Emanuele Cremaschi | Getty Images

Giorgia Meloni, leader of the right-wing party Fratelli d'Italia (Brothers of Italy) holds a giant Italian national flag during a political rally on February 24, 2018 in Milan, Italy.

Meloni is the leader of Brothers of Italy — a right-wing and euroskeptic party. She was minister of youth during one of Berlusconi's governments.

She's running in the aforementioned four-party, right-wing coalition.

Matteo Salvini

Matteo Salvini leader of Lega Nord party speaks during the Lega Nord demonstration in Piazza Duomo on February 24, 2018 in Milan, Italy.

Pier Marco Tacca | Getty Images Europe

Matteo Salvini leader of Lega Nord party speaks during the Lega Nord demonstration in Piazza Duomo on February 24, 2018 in Milan, Italy.

The Italian politician has been a member of the European Parliament since 2004 and leader of the Northern League since December 2013.

Lega Nord is also a populist and euroskeptic party, also running with Berlusconi's party.