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WASHINGTON
(Reuters) - The United States filed a lawsuit on Tuesday against Edward
Snowden, the former National Security Agency contractor who leaked
secret documents about U.S. telephone and internet surveillance in 2013,
saying his new book violates non-disclosure agreements.
Edward
Snowden speaks via video link as he takes part in a discussion about
his book "Permanent Record" with German journalist Holger Stark in
Berlin, Germany, September 17, 2019. REUTERS/Fabrizio Bensch
The
Justice Department said Snowden published his memoir, “Permanent
Record,” without submitting it to intelligence agencies for review,
adding that speeches given by Snowden also violated nondisclosure
agreements. In 2013, Snowden wrote “Everything You Know about the
Constitution is Wrong.”
The United States is seeking all proceeds
earned by Snowden for the book, the Justice Department said. The
lawsuit also names the “corporate entities” behind the book’s
publication as nominal defendants.
Ben Wizner, an attorney with the American Civil Liberties Union who represents Snowden, said the lawsuit was without merit.
“This
book contains no government secrets that have not been previously
published by respected news organizations,” he said in a statement,
adding that Snowden would have submitted it for review if he thought the
government would review it in good faith.
Representatives for
the book’s publisher, Macmillan Publishers, and its unit Henry Holt
& Co, did not immediately respond to requests for comment.
Snowden has lived in Russia since he revealed details of U.S. intelligence agencies’ secret surveillance programs.
Though
he is viewed by some as a hero, U.S. authorities want him to stand in a
criminal trial over his disclosures of classified information.
Speaking
by video link at an event in Berlin to promote the book, Snowden said
that while he had signed a non-disclosure agreement to maintain secrecy,
he had also sworn an oath to uphold the U.S. Constitution.
“You’ve
told the government you’re not going to talk to journalists. You’ve
told them you’re not going to write a book,” Snowden said. “At the same
time you have an oath to defend the Constitution. And the secret that
you are asked to protect is that the government is violating that
Constitution and the rights of people around the world.”
Reporting
by Makini Brice; Additional reporting by Mark Hosenball in Washington
and Paul Carrell in Berlin; Editing by Marguerita Choy and Lisa Shumaker
The
dollar fell on Tuesday in choppy range-bound trading on the eve of an
expected U.S. interest rate cut from the Federal Reserve, with markets
anxious about an overnight spike in dollar funding costs.
The
overnight rate, or the cost for banks and Wall Street dealers to borrow
dollars, surged to 10% on Tuesday, the highest since at least January
2003, according to Refinitiv data. Analysts attributed quarterly
corporate tax payments and settlement of $78 billion in Treasuries
supply for the spike on Monday in interest rates in the repurchase
agreement (repo) market.
“This morning’s funding squeeze has put
some upward pressure earlier in the dollar, but that is not likely to be
a longer-term driver,” said Erik Nelson, currency strategist, at Wells
Fargo Securities in New York.
He added that the reaction in the
FX market after key events is not always cut and dry. “We also have the
Fed tomorrow and market participants are marking time ahead of the
decision. So it’s pretty much back and forth right now,” Nelson said.
Though
investors expect a 25 basis points rate cut, some believe this may be
the last rate cut for a while absent more evidence of a U.S. economic
slowdown. Money markets are pricing in about an 80% probability of
another rate cut by year end.
“If the Fed does cut 25 bps, then
we think it will be the last time until we really do see signs of
recession,” Brown Brothers Harriman strategists said in a note.
Against a basket of its rivals, the greenback edged 0.3% lower to 98.27.
Geopolitical
tensions on Monday supported the dollar against some currencies after
weekend attacks on a Saudi Arabian oil field. The yen, also a safe
haven, also did well.
Though oil prices pulled back slightly from
Monday’s four-month highs, they remained about 15% higher than Friday’s
close on wariness that attacks on Saudi Arabian crude oil facilities
could trigger a military response.
U.S. President Donald Trump
said on Monday he did not want to go to war but also said Washington was
still investigating if Iran was behind the strikes.
In other currencies, the euro was up 0.6% at $1.1065, catching a bid after an influential survey showed a brightening in German investor confidence
U.S. government debt
yields fell Tuesday as investors monitored geopolitical tensions in the
Middle East and awaited the first of a two-day meeting between
policymakers at the Federal Reserve.
The yield on the benchmark 10-year Treasury note slipped to 1.803%, while the yield on the 30-year Treasury bond was also lower at around 2.27%.
The potential of a military response to attacks on two critical oil refineries in Saudi Arabia
fueled a modest bid for Treasurys to start the week and lingered in
fixed income markets on Tuesday. While Yemeni rebels claimed
responsibility for the attack, top White House officials including
Secretary of State Mike Pompeo and Energy Secretary Rick Perry have both
blamed Iran for the strike.
The attack wiped out 5.7 million
barrels per day of daily crude production — or 50% of the kingdom’s oil
output. It has raised the prospect of a major supply shock in a market
that had been focused on demand concerns in recent months.
Those fears abated later Tuesday after Saudi Energy Minister Prince Abdulaziz bin Salman said that the kingdom’s oil supply would be fully back online by the end of the month.
Elsewhere,
investors are likely to closely monitor the Federal Reserve’s two-day
meeting this week. The U.S. central bank is expected to cut the
overnight lending rate by 25 basis points at the conclusion of its
meeting on Wednesday.
Traders are beginning to see the market for
what it truly is, “and that is primarily a place to hide,” wrote Kevin
Giddis, head of fixed income capital markets at Raymond James. “It
doesn’t really matter whether it’s a global slowdown, fear of a tariffs,
or the potential for conflict in the Middle East, the response is the
same: buy U.S. government debt out on the curve.”
The Fed’s
decision will likely not be unanimous, however, as multiple FOMC member
have signaled the need for patience amid stronger U.S. growth data and
modest inflation.
The central bank also tries to foster maximum
employment through tweaking interest rates; the unemployment rates was
last seen at 3.7%, near historic lows.
“If you closed your eyes
and thought about just the data you have seen in the last two weeks,
forget all of the noise around you, would you actually lower interest
rates right now?” Giddis wondered. “I feel like I am one of the few
remaining bond bulls left on the planet, and even I could only get my
arms around cutting rates in here for reasons of inflation, or the lack
thereof.”
Stocks were little changed on Tuesday as the Federal Reserve kicked off a two-day monetary policy meeting.
The Dow Jones Industrial Average traded just above the flaline. The S&P 500 rose 0.1% while the Nasdaq Composite gained 0.2%.
The meeting is scheduled to end Wednesday, when the central bank is expected to announce its latest decision on monetary policy. The Fed is largely expected to cut rates by 25 basis points. That would be the central bank’s second rate cut of 2019.
“The
drama is centered on just how strongly the Fed will signal that it’s
going to cut rates again by the end of 2019,” Tom Essaye, founder of The
Sevens Report, said in a note. “It’ll be the ‘dots’ and statement that
determine whether the Fed meets market expectations (and spurs a
short-term rally) or if we see another ‘hawkish’ cut and uptick in
volatility.”
Traders work on the floor of the New York Stock Exchange (NYSE) on July 10, 2019.
Spencer Platt | Getty Images
Bank
stocks fell broadly. The SPDR S&P Bank ETF (KBE) dropped 1.3% as
Citigroup, J.P. Morgan Chase and Bank of America all slid at least 0.5%.
Regional banks also pulled back. The SPDR S&P Regional Banking ETF
(KRE) slipped 1.4%.
The dots refer to the Fed’s projection of the overnight rate, which is also set for release Wednesday.
Wall
Street ended lower on Monday amid ongoing fears over a potential
increase in oil prices, after drone strikes in Saudi Arabia. U.S.
President Trump said he is not in a rush to respond to the attacks.
Monday’s decline snapped an eight-day winning streak for the Dow.
U.S.
crude futures skyrocketed more than 14% on Monday, their biggest
one-day gain since December 2008, after the attacks. Energy stocks got a
boost from the higher oil prices, with the sector gaining 3.41%. Crude
plunged more than 5% on Tuesday after the Saudi energy minister said the
country’s oil supply will be back online by the end of the month.
The
major indexes were within striking distance of their record highs. The
Dow and S&P 500 were about 1% below all-time highs set in July while
the Nasdaq was 2.1% below its record mark.
“We’re right near that
resistance level on the S&P 500,” said Sandy Villere, partner at
Villere & Co. “We’re waiting for the markets to come back down a
bit. Then we can buy some of the growthier names that have been beaten
up over the last few days.”
Value stocks have outperformed their
growth counterparts this month, rising nearly 7% through Monday’s close.
Growth stocks, meanwhile, are down 1.2%. This is a reversal from an
overarching trend seen over the past few years.
The iShares Edge
MSCI Value Factor ETF (VLUE) is up about 30% over the past five years.
The iShares Edge MSCI Momentum Factor ETF (MTUM) has surged over 80% in
that time.
Stocks briefly jumped after President Donald Trump said a U.S.-China trade deal could come soon.
Trump
told reporters that China was buying U.S. farm products in a “big
league” way, noting a deal could come before the 2020 election or a day
after. Both countries have been engaged in a trade war since last year.
The two sides are expected to hold negotiations next month.
Peter
Cardillo, chief market economist at Spartan Capital Securities, said
China’s economy is showing signs of “cracking,” noting this could lead
to a “relaxation” of some tariffs by the Chinese.
In testimony before the U.S. Senate Subcommittee on Antitrust, Competition Policy and Consumer Rights,
the Federal Trade Commission detailed recent victories in stopping
anticompetitive mergers and conduct, as well as significant policy
initiatives, advocacy work, and engagement with antitrust enforcement
agencies abroad.
Testifying on behalf of the FTC, Chairman Joseph
J. Simons noted that in FY 2018, the agency took action to protect
consumers in 22 merger cases, across a wide variety of industries. The
agency compiled an impressive record of success in both contested merger
challenges and important conduct cases. The Commission secured
preliminary injunctions in two federal court merger cases, and in two
other merger matters, the parties abandoned their plans after the
Commission voted to initiate litigation. The Commission successfully
litigated in federal court a monopolization case involving sham
litigation, and issued administrative decisions in two other major
conduct cases involving online advertising and pharmaceuticals.
The
FTC has long prioritized combatting reverse payments and other types of
anticompetitive behavior in the pharmaceutical industry. In March, the
Commission issued a unanimous decision holding that Impax Laboratories
and Endo Pharmaceuticals had entered into a reverse payment arrangement
that delayed entry of generic competition for Opana ER, an extended
release opioid used for pain relief. In its first “product hopping”
case, the agency alleged that Reckitt Benckiser
engaged in a scheme to shift patients away from its branded
opioid-addiction treatment, Suboxone, which was facing generic
competition. The Commission alleged that the company used deceptive
means to transfer patients to a more lucrative version of the drug that
enjoyed patent protection, while providing no legitimate health
benefits.
The Commission also sued to block Evonik Industries AG’s
proposed acquisition of PeroxyChem Holding company. The Commission
alleged that the merger of the chemical companies would substantially
reduce competition in the Pacific Northwest and the Southern and Central
United States for the production and sale of hydrogen peroxide, a
commodity chemical used for oxidation, disinfection, and bleaching. The
agency has asked the court to preliminarily enjoin the merger pending
the outcome of an administrative trial.
The Commission also filed an administrative complaint to block the merger of title insurance providers Fidelity National Financial, Inc. and Stewart Information Services. The parties have since abandoned the transaction.
The FTC also is committed to maintaining competition in technology markets. It recently voted unanimously to sue Surescripts,
a major player in two markets associated with electronically
transmitted prescription information, in federal court. The Commission
complaint alleges that Surescripts, the operator of several multi-sided
platform markets, engaged in exclusive dealing and other forms of
exclusionary behavior to suppress competition and preserve its monopoly.
Also this year, the agency’s Bureau of Competition established a Technology Task Force to consolidate and coordinate agency work in this increasingly important sector of the U.S. economy.
The Commission voted 5-0 to approve the testimony and include it in the formal record.
The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about how competition benefits consumers or file an antitrust complaint. Like the FTC on Facebook, follow us on Twitter, read our blogs, and subscribe to press releases for the latest FTC news and resources.
For Immediate Release September 17, 2019
For more information contact: Kristen Scaletta, 312-781-7860, kscaletta@nfa.futures.org
Karen Wuertz, 312-781-1335, kwuertz@nfa.futures.org NFA bars Chicago, Ill. commodity trading advisor Systra LLC and its principal Robert H. Kopp from membership
September 17, Chicago—NFA has permanently barred Systra LLC (Systra), an NFA Member commodity trading advisor located in Chicago, Ill., and its sole principal and associated person Robert H. Kopp from membership and from acting as a principal of an NFA Member.
The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint
issued by the BCC. The BCC found that Systra and Kopp provided false
information to NFA concerning Kopp's trading activities on behalf of a
pool managed by Systra. The BCC also found that Systra and Kopp failed
to cooperate with NFA in its May 2019 examination of Systra by failing
to produce documents requested by NFA and failing to make Kopp available
for questioning by NFA.
For more information, read the Complaint and Decision.
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