Chinese Firms Are Investing Abroad at Fastest Pace in Eight Years
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
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China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Real estate brokerage stocks tumbled Thursday on waning expectations for Federal Reserve interest-rate cuts, and as a disappointing earnings release raised concern about the sector’s outlook.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Jul 12, 2019
Bloomberg News
,(Bloomberg) -- Lawyers for Donald Trump are in court Friday morning arguing against a subpoena from congressional Democrats seeking financial information from the president’s longtime accountants, Mazars USA LLP.
The Mazars case is one of three testing the power of Congress to compel production of a sitting president’s financial records in the name of oversight. A New York-based federal appeals court next month will hear a similar case -- Trump’s appeal of a ruling giving the House Financial Services Committee permission to examine records held by Deutsche Bank AG and Capital One Financial Corp.
Friday’s argument in the federal appeals court in Washington was spurred by a demand by the House Oversight Committee. Hearing the case are U.S. Circuit Judges David Tatel and Patricia Millett, appointed by Democratic presidents, and one judge appointed by Trump, Neomi Rao.
Trump is asking them to reverse a ruling by U.S. District Judge Amit Mehta, who rejected arguments that the lawmakers lacked a legitimate legislative purpose for seeking the president’s records and that in so doing they were encroaching on executive branch power by impermissibly engaging in law enforcement.
The case could have a wide-ranging impact on the relationship between the executive and legislative branches.
“We are talking about rulings that could have significant constitutional implications going forward for the balance of powers,” George Washington University historian Matt Dallek said in an interview. “The larger question,” he said, is do the rulings reduce Congress to “a second-rate branch.”
Lawmakers exercised equivalent authority during the Watergate and Whitewater probes.
Trump could wind up with a ruling reaffirming congressional power rather than reducing it, said Steven Schwinn, who teaches at Chicago’s John Marshall Law School. “My guess is that the Supreme Court won’t want to touch this,” because the president’s arguments are weak and the law is settled.
Mazars has taken no position in the dispute.
Another Democrat-controlled House committee, Ways and Means, filed a lawsuit on July 2 asking a Washington federal court to force the Treasury Department and Internal Revenue Service to hand over the president’s tax returns for the past six years.
The cases are Trump v. Mazars USA LLP, 19-5142, U.S. Court of Appeals, District of Columbia Circuit (Washington) and Trump v. Deutsche Bank AG, 19-1540, U.S. Court of Appeals, Second Circuit (Manhattan).
To contact the reporters on this story: Andrew Harris in Washington at aharris16@bloomberg.net;Bob Van Voris in federal court in Manhattan at rvanvoris@bloomberg.net
To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Peter Jeffrey
©2019 Bloomberg L.P.