President Joe Biden with his son Hunter and grandson Beau. AFP
President Joe Biden with his son Hunter and grandson Beau. AFP
President Joe Biden with his son Hunter and grandson Beau. AFP
President Joe Biden with his son Hunter and grandson Beau. AFP

Republicans take first steps into Hunter Biden investigation


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US House Republicans have begun to take their first steps in their long-held vow to investigate into the business dealings of Hunter Biden, President Joe Biden's son.

The House Oversight Committee on Wednesday asked Treasury Secretary Janet Yellen for any dubious activity reports on Mr Biden's family's “suspicious business transactions”. Republicans on the committee also want former Twitter executives to testify on what they consider to be suppression of information on Mr Biden's son.

Wednesday's announcement is one of the first actions Republicans have taken to investigate the Democratic President since they officially took control of the House last week. The US withdrawal from Afghanistan and Mr Biden's immigration policies are also expected to be targets of Republican investigations.

“Now that Democrats no longer have one-party rule in Washington, oversight and accountability are coming,” Committee chairman James Comer said in a press release.

Republicans claim that Mr Biden was involved in his son's business dealings with Ukraine and China.

Former president Donald Trump called on Ukrainian President Volodymyr Zelenskyy to investigate Hunter Biden purportedly in a quid pro quo deal for selling Javelins to Kyiv, which resulted in Mr Trump's first impeachment.

“There’s a lot of talk about Biden’s son, that Biden stopped the prosecution and a lot of people want to find out about that, so whatever you can do with the attorney general would be great,” Mr Trump said in the July 25 call, according to a declassified transcript. “Biden went around bragging that he stopped the prosecution, so if you can look into it, It sounds horrible to me.”

Ukraine's President Volodymyr Zelenskyy and former US president Donald Trump. EPA
Ukraine's President Volodymyr Zelenskyy and former US president Donald Trump. EPA

Mr Comer asked Ms Yellen to provide the committee with a list of documents by January 25.

“The American people must know the extent of Joe Biden’s involvement in his family’s shady business deals and if these deals threaten national security and his decision-making as president,” Mr Comer said.

The White House labelled the committee's actions as a partisan stunt.

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

Results
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Updated: January 12, 2023, 5:50 AM