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Govs. Shapiro, Whitmer stump for Harris in Montgomery County

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Govs. Shapiro, Whitmer stump for Harris in Montgomery County

Project 2025

Referencing Project 2025, Shapiro told the audience that a second Trump administration presents more danger.

“He’s told us what he wants to do,” he said.

Democrats are asserting Trump’s campaign is linked with Project 2025, an initiative by The Heritage Project to provide a blueprint for a second Trump administration to employ “day one” in the pursuit of a conservative agenda.

More than 100 other conservative political groups were involved in the development of the project, which includes plans to prop up the executive branch through giving the president greater power beyond what currently is proscribed by the constitution. The project aims to replace many of the federal government’s civil service employees with political appointees, placing the Department of Justice completely under White House control, eliminating entire federal agencies like the Department of Education, ending carbon gas emission reduction efforts, removing the abortion pill mifepristone from the market, banning pornography and terminating the legal status of 500,000 Dreamers.

Trump has distanced himself from the plan.

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“I know nothing about Project 2025,” Trump wrote on his social media website Truth Social. “I have no idea who is behind it. I disagree with some of the things they’re saying and some of the things they’re saying are absolutely ridiculous and abysmal. Anything they do, I wish them luck, but I have nothing to do with them.”

However, many planks in the Trump 2024 platform are identical to Project 2025, and scores of former Trump White House officials have been involved in the plan’s development. Additionally, according to Heritage Foundation president Dr. Kevin Roberts, as recently as last year, Trump was thoroughly briefed on the plan.

“It’s scary what he’s proposed in this Project 2025,” Shapiro said before adding that he was optimistic that a Harris ticket would protect democracy much the same way the Founding Fathers did at Independence Hall a few miles away.

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Standard Chartered announces largest-ever share buyback as profits rise

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Standard Chartered announces largest-ever share buyback as profits rise

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Standard Chartered has announced a $1.5bn share buyback, its biggest ever, after pre-tax profits rose in the second quarter.

The UK-based bank on Tuesday reported pre-tax profits of $1.6bn during the quarter, up from $1.5bn a year earlier and above analysts’ estimates of $1.5bn.

Growth was driven partly by the bank’s wealth business, which caters to affluent clients, where operating income rose 27 per cent.

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The bank’s chief executive Bill Winters said it was a “strong set of results” and he had “confidence in our performance and robust capital position”.

The emerging markets-focused bank, which makes most of its money in Asia, has been under pressure to improve shareholder returns and previously pledged billions of dollars worth of share buybacks as well as higher dividends.

Winters, who has run StanChart since 2015, has sought to cut costs and respond to criticism that the bank is too bureaucratic and spreads itself too thinly across a range of countries, products and clients. He said in February that he took those challenges “to heart”.

Operating expenses rose 4 per cent on a constant currency basis, which the bank said was driven by inflation and business growth.

StanChart’s shares have risen since the start of this year but are down 17 per cent since Winters took the helm.

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The bank’s reported return on tangible equity, a key measure of profitability, was 10.4 per cent for the quarter, down from 10.8 per cent a year earlier.

Reported net interest income fell to $1.6bn in the second quarter, from $2bn the same time last year, as the benefit from higher interest rates tailed off.

The bank took total credit impairment charges of $73mn in the second quarter, linked partly to its wealth and retail banking business.

StanChart has previously been hit by its exposure to mainland China, one of its most important markets, taking impairment charges relating to commercial property in the country and its stake in China Bohai Bank.

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Map: 4.9-Magnitude Earthquake Strikes Southern California

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Map: 4.9-Magnitude Earthquake Strikes Southern California

Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown. The New York Times

A light, 4.9-magnitude earthquake struck in Southern California on Monday, according to the United States Geological Survey.

The temblor happened at 1 p.m. Pacific time about 14 miles northeast of Barstow, Calif., data from the agency shows.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

Aftershocks in the region

An aftershock is usually a smaller earthquake that follows a larger one in the same general area. Aftershocks are typically minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.

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Quakes and aftershocks within 100 miles

Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.

Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Monday, July 29 at 4:06 p.m. Eastern. Aftershocks data is as of Monday, July 29 at 7:01 p.m. Eastern.

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Protests break out in Venezuela after Nicolás Maduro’s disputed election win

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Protests break out in Venezuela after Nicolás Maduro’s disputed election win

Protests broke out across Venezuela against authoritarian President Nicolás Maduro’s disputed re-election, as the government threatened to crack down on opposition leaders and the international community called for a breakdown of poll results.

Maduro’s victory, which was announced on Monday, has been challenged by the opposition’s candidate Edmundo González. González, a retired diplomat, led Maduro by at least 20 points in independent polls and had a clear lead in exit surveys and quick counts on Sunday.

By the afternoon, people in a number of neighbourhoods across Caracas were shouting “Fraud!” and banging pots and pans from their windows in protest. Disturbances were reported in poorer neighbourhoods as well as middle-class areas, while demonstrators set up a roadblock of burning tyres on the edge of the city on the road to the airport in nearby La Guaira.

Protesters marched across the city towards the centre and the Miraflores presidential palace. Many were carrying Venezuelan flags and some had their faces masked and were carrying large wooden sticks. Police responded by firing tear gas in some areas. In Santa Capilla, a few blocks from the palace, men in plain clothes were firing pistols towards demonstrators, according to videos shared on social media.

“We’re fed up. We want a change,” said Leydis Mojares, 33, one of the marchers. “We want a better life for our children. Maduro isn’t our president any more. The result last night was such a disappointment . . . I cried, I screamed. I saw my daughter, who is 13, crying. I said to her, ‘How long is this going to go on for?’”

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Video shared on social media showed protesters in the town of Coro, in north-western Venezuela, toppling a statue of Maduro’s predecessor and mentor, Hugo Chávez, as crowds cheered them on. Maduro had called Sunday’s election on what would have been Chávez’s 70th birthday.

The dispute over the election has divided the international community, with Maduro’s close allies Russia, China, Iran and Cuba hailing his victory while the US, the EU and the UK demanded to see a detailed breakdown of voting.

The National Electoral Council (CNE) said Maduro had won with 51.2 per cent of the vote compared with González’s 44.2 per cent, with 80 per cent counted. It ignored calls to publish a detailed tally and instead organised a ceremony to proclaim him president until 2031.

After his victory was certified, Maduro, a former bus driver and union activist, delivered a pugnacious 90-minute speech. “Yesterday Venezuela fought and definitively defeated fascism, hatred and demons in these lands,” he said.

The opposition said its parallel count showed González winning. Opposition representatives said in many polling stations, soldiers had removed ballot boxes and tallies of results, instead of providing copies to party witnesses, as required by law. The CNE website, where results are usually published, was down, which officials said was the result of an ongoing cyber attack.

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González stood in the place of María Corina Machado, who was disqualified in January from running in the election by the Supreme Court. She campaigned on González’s behalf, holding rallies across the country.

On Monday, Venezuelan attorney-general Tarek William Saab accused Machado of involvement in an alleged cyber attack on the country’s electoral system, alongside two opposition leaders living in exile. He also warned that “acts of violence and calls that challenge electoral results” are punishable with imprisonment of three to six years.

Maduro’s disputed election victory poses a dilemma for the Biden administration, which had negotiated with Maduro to run a competitive election and temporarily relaxed sanctions on state-owned oil company PDVSA in October. 

The US reimposed the oil sanctions in April, though it has granted licences giving exemptions to individual companies, including Chevron, Maurel & Prom and Repsol, to continue operating in Venezuela.

Senior US administration officials said on Monday afternoon that Washington was yet to make a decision on possible sanctions in response. “It is not currently under consideration that we would retroactively alter licences that have previously been given,” one official said.

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Another senior official balked at the suggestion that Washington’s Venezuela policy had been a failure, citing the release of US nationals from Venezuelan jails and the fact that the election was held at all. “We’re in a much better position now than we were three years ago,” he said.

Eric Farnsworth, vice-president of the Council of Americas, a business lobby, said there were not many good options for the US as Washington was preoccupied with its own election and “loath to take on another messy global crisis”.

Maduro’s disputed re-election is likely to complicate the oil-rich country’s economy, which, buoyed by a relaxation of price and currency controls, has seen a slight recovery after contracting by three-quarters between 2013 and 2021. The country has faced hyperinflation, regular power outages and shortages of food and medicines. Some 7.7mn Venezuelans — about a quarter of the population — have fled.

Venezuela’s debt slipped by more than a cent in secondary market trading on Monday as investors expressed concerns that the result would complicate efforts to restructure about $160bn of bonds.

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