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Maduro hails ‘cordial’ talks with US as west seeks new oil supplies

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Maduro hails ‘cordial’ talks with US as west seeks new oil supplies

Venezuela’s president Nicolás Maduro has described landmark talks he held with a US authorities delegation as “respectful” and “cordial”, as Washington explores a rapprochement with Caracas to safe various oil provides to Russia.

Maduro stated the events met for almost two hours on the weekend within the presidential palace in Caracas — the primary high-level assembly between the 2 nations since 2019 once they severed diplomatic ties.

“We agreed to work on a forward-looking agenda,” Maduro stated in a late-night televised tackle on Monday. “We’ll press forward with the conversations, the co-ordinations, and a optimistic agenda for the federal government of the USA and the federal government of the Bolivarian Republic of Venezuela.”

The assembly seems to mark a serious coverage shift for the US, which was once the most important purchaser of Venezuelan oil till the Trump administration slapped sanctions on Caracas in 2019, closing its embassy there and accusing Maduro of stealing a presidential election the earlier yr.

Russia’s invasion of Ukraine and the ensuing US and EU sanctions on Moscow have prompted Western international locations to look all over the world for various sources of power. The search has gained new urgency with Washington discussing extending the sanctions to Moscow’s oil exports.

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Washington might also see the Ukrainian battle as a possibility to coax Maduro away from Moscow’s embrace in change for relieving sanctions on Venezuelan oil.

Earlier on Monday, White Home press secretary Jen Psaki confirmed the Caracas assembly and stated the events had mentioned “a variety of points together with definitely power safety”. She described the talks course of as “ongoing”.

“What we’re making an attempt to do is have interaction with power producers and people with reserves of oil provide to guarantee that we’re addressing the availability within the market,” she stated. “We have to have interaction with all kinds of nations all over the world.”

Maduro stated he had been joined within the assembly by his spouse Cilia Flores, a lawyer and congresswoman, and Jorge Rodríguez, head of the Venezuelan congress and Maduro’s former vice-president.

The US delegation included Juan Gonzalez, senior director for western hemisphere affairs on the Nationwide Safety Council, and Jimmy Story, the US ambassador to Venezuela, who since 2019 has been based mostly in Bogotá.

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The administration of former US president Donald Trump recognised opposition chief Juan Guaidó as Venezuela’s respectable president in 2018 as an alternative of Maduro and persuaded about 60 different nations to observe go well with.

Since then Guaidó’s help has dwindled and most of the international locations that when recognised him, significantly within the EU, not accomplish that.

The Trump-era sanctions crushed Venezuela’s economic system however Maduro tightened his grip on energy and has survived with the help of Cuba, Russia and China.

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Were the Kennedy Files a Bust? Not So Fast, Historians Say.

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Were the Kennedy Files a Bust? Not So Fast, Historians Say.

In June 1973, a C.I.A. employee wrote a memo at the request of William E. Colby, the agency’s director, listing various ways the C.I.A. had, to put it delicately, “exceeded” its charter over the years.

The seven pages matter-of-factly described break-ins at the French Consulate in Washington, planned paramilitary attacks on Chinese nuclear facilities and injections of a “contaminating agent” in Cuban sugar bound for the Soviet Union. The memo ended with an offhand aside about John A. McCone, the agency’s former director.

“Finally, and this will reflect my Middle Western Protestant upbringing, McCone’s dealings with the Vatican, including Pope John XXIII and Pope Paul VI, would and could raise eyebrows in certain quarters,” the author wrote.

It was just one paragraph in the roughly 77,000 pages the National Archives posted online this week as part of the latest — and supposedly final — release of its vast collection of documents related to the assassination of President John F. Kennedy.

But for some of the scholars who immediately started combing through the documents, the brief passage, seen unredacted for the first time, raised eyebrows for sure.

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“This opens a door on a whole history of collaboration between the Vatican and the C.I.A., which, boy, would be explosive if we could get documents about it,” said Peter Kornbluh, a senior analyst at the National Security Archive, an independent research center at George Washington University.

“Which of course,” he added, “we will now try to do.”

The document drop may have been a disappointment for those hoping for juicy revelations about the Kennedy assassination. But for scholars steeped in the history of intelligence agencies and the secret side of American foreign policy, there have been revelations aplenty.

They include information about C.I.A. involvement in various attempted coups, election interference in countries around the world and connections that ran to the top of some foreign governments. To see the documents all drop suddenly, without redactions, was remarkable to scholars.

“I didn’t think I’d live to see it,” Mr. Kornbluh said.

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That the release included so much material with no obvious connection to the assassination reflected the broad intentions of the President John F. Kennedy Assassination Records Collection Act, a 1992 law passed after the Oliver Stone film “JFK” prompted a resurgence of conspiracy theorizing.

The law ordered that all government records related to the assassination and various investigations be gathered in one place and released within 25 years, with some exceptions for grand jury secrecy, tax privacy and concern for “identifiable harm” to national security.

And the law defined “assassination-related record” broadly, taking in a swath of documents related to the inner workings and covert operations of the C.I.A. and F.B.I., including many gathered by the Senate’s Church Committee, established in 1975 to investigate abuses by the intelligence agencies.

Before this week, 99 percent of the roughly six million pages in the collection had already been made public. Only several thousand documents remained redacted, and as few as 50 withheld in full, according to past statements from the archives.

Tulsi Gabbard, the director of national intelligence, said this week that only a few documents, which remained under a court seal because of grand jury rules, were still secret. The federal government is working to get those documents unsealed.

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The release of the newly unredacted material had long been opposed by the C.I.A. because it would give up the names of its sources. But equally important to the agency was the desire to protect its mid-20th-century tradecraft: how well it had penetrated the Egyptian government’s communications, or the depth of its contacts in France.

Unredacted passages in the new documents revealed how the C.I.A. wiretapped phones in Mexico City in 1962. While that may be interesting in a Cold War spy movie kind of way, it has no bearing on whether American spy agencies can listen to a phone call made on an encrypted app on a modern cellphone.

But for historians, the agency’s closely guarded “sources and methods” are important to filling out the full historical picture. And some of the new material is startling, they said.

Fredrik Logevall, a Harvard historian who is working on a multivolume biography of Kennedy, said that it was remarkable to see a full version of an unredacted 1961 memo by Arthur Schlesinger Jr., an aide to Kennedy, written shortly after the Bay of Pigs fiasco, warning of the growing power of the C.I.A. and calling for it to be reorganized.

Newly visible passages revealed, among other things, that nearly half of the political officers in American embassies around the world were working for the C.I.A. “That’s astonishing,” Dr. Logevall said.

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He also cited a now-unredacted 41-page memo of minutes from meetings between 1962 and 1963 of the President’s Foreign Intelligence Advisory Board, which included many suggestive new details, including some related to surveillance of China’s efforts to develop a nuclear bomb.

There was also an unredacted 1967 report by the C.I.A.’s inspector general on the 1961 assassination of the Dominican dictator Rafael Trujillo that now shows the names of all the C.I.A. agents involved in the plot.

“Without the 1992 law, all of this probably would have been under lock and key forever,” Dr. Logevall said.

The revelation of sources’ identities causes the C.I.A. deep angst, on principle and because it undermines efforts to recruit sources today.

“These relationships are secret for a reason,” said Nicholas Dujmovic, a retired C.I.A. historian. “If people don’t want others to know that they were cooperating with the C.I.A., for whatever reason, we have a moral obligation to keep these relationships secret, because that was the going in agreement.”

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Arturo Jimenez-Bacardi, a historian at the University of South Florida and researcher for the National Security Archive, said the documents also revealed efforts to interfere in elections in Finland, Peru and Somalia that had been rumored but undocumented, or entirely unknown. There was also new information, he said, about C.I.A. involvement in failed and successful coups in various countries, including Brazil, Haiti and what is now Guyana.

A 1964 C.I.A. inspector general report on the workings of the agency’s station in Mexico City was particularly significant, he said, because it contained one of the most detailed accounts available of how the agency organized its ground operations.

A heavily redacted version was released in 2022. But newly visible passages revealed that Adolfo López Mateos, the president of Mexico, had approved a joint surveillance operation against Soviets in Mexico.

The memo also described a “highly successful project” aimed at “rural and peasant targets,” led by a Catholic priest who had created an extensive network of youth groups, credit unions, agricultural co-ops and study centers — presumably, Dr. Jimenez-Bacardi said, to make sure people “don’t go on the Soviet path.”

The White House said on Thursday that all remaining classified documents in the collection are now open for research at the National Archives, with additional pages still set to be digitized and posted online “in the coming days.”

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Dr. Jimenez-Bacardi said he was eager to see the Church Committee interviews and depositions of former directors of the C.I.A., but had not yet found them.

Parts were included in previous releases. “But there are still secrets in those depositions,” he said.

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Dollar slump magnifies stock market pain for foreign investors

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Dollar slump magnifies stock market pain for foreign investors

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European investors in US equities have been dealt a double blow as a slide in the dollar compounds losses on stocks, ending a “virtuous cycle” of share price and currency gains during Wall Street’s recent record run.

The slump in US stocks this year has confounded a widespread bet that Wall Street would continue to outperform. But an accompanying slide in the dollar has magnified the pain for foreign investors, ending a pattern where currency gains tended to offset some of the declines. 

The blue-chip S&P 500 is down 4 per cent in dollar terms so far this year, but nearly 9 per cent in euro terms. 

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This has reversed a self-reinforcing cycle whereby European investors piling into US stocks had helped to strengthen the dollar, improving the returns from unhedged stock bets and encouraging them to allocate more, analysts said.

The dollar has strengthened over the past couple of decades against its major peers, with the latest burst of strength at the end of last year.

“It’s sort of a virtuous cycle that you have had for a long time and now that is turning the other way,” said Peter Oppenheimer, chief global equity strategist at Goldman Sachs. 

“The US market has fallen more and because the dollar has fallen, when you translate that back, the impact is worse.”

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In the final quarter of 2024, investors drove US stocks to record highs on tech optimism and hopes for a boost to corporate profits from Donald Trump’s tax-cutting pledges. The S&P rose 2 per cent in dollar terms, but almost 10 per cent in euro terms.

But the dollar has dramatically reversed this year as investors upend their assumptions on the impact of Trump’s protectionist policies. Previously, investors had anticipated high trade tariffs would boost US inflation and hurt growth elsewhere, pushing the dollar upwards and the euro towards parity with the greenback.

Since mid-January, the dollar has weakened as investors fret over US economic growth while Europe’s promises on higher defence spending breed optimism on the continent.

Some detect a deeper shift in how dollar assets are perceived. The dollar has been widely viewed as a haven in times of stress, often strengthening when bad news hits global stocks. That has encouraged overseas investors to pile into Wall Street stocks without paying to hedge their currency risk, because the dollar acted as a shock absorber during a sell-off.

“The risk-reducing properties of unhedged dollar exposure have played a key part in portfolio allocation over the past decade”, said Deutsche Bank analyst George Saravelos, adding that this is “now changing”.

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This year’s US sell-off has led to similar losses for European investors as a much deeper Wall Street rout did in 2022, due to the shifting role of the dollar, he said.

If this “correlation breakdown” between equities and the dollar continues, European investors may think twice about loading up on US stocks without currency hedges, according to Saravelos.

Some are already shifting. Just over a fifth of European fund managers responding to a Bank of America survey this month said they were underweight US equities, the highest proportion since mid-2023.

A bigger European exodus could add to the pressure on US stocks, which tumbled into correction territory earlier this month.

“The downside risks to the S&P 500 as a result of foreigners selling are significant,” said Apollo chief economist Torsten Slok in a note this week, citing the overweight position that foreign investors had built up in US stocks.

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Judge releases video of himself disassembling guns in chambers in dissent against court ruling

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Judge releases video of himself disassembling guns in chambers in dissent against court ruling

An appellate judge shared a video of himself disassembling multiple firearms in an unusual dissent against the court’s decision to uphold California’s ban on gun magazines that hold more than 10 rounds of ammunition.

During the video, Judge Lawrence VanDyke of the U.S. Court of Appeals for the 9th Circuit said his colleagues have a “basic misunderstanding of how firearms work.” 

Throughout the 18-minute video, VanDyke said large-capacity magazines should be covered under the Second Amendment. He argued that the magazines can allow the gun to function better, and should be considered functional parts, not accessories. He said he had planned to voice his arguments in his dissent but found it “obviously much more effective to simply show you.” He stated that the guns featured in the video were inoperable for safety reasons. 

Judge Lawrence VanDyke holds up a firearm in his chambers after an appeals court ruled that California’s law banning gun magazines that hold more than 10 rounds of ammunition can remain in place.

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U.S. Court of Appeals for the 9th Circuit


His colleagues on the 9th U.S. Circuit Court of Appeals ruled that a law banning large-capacity gun magazines was allowed under the Second Amendment, finding in a 7-4 decision that large-capacity magazines are not considered “arms” or “protected accessories.” The dissenting judges, including VanDyke, wrote that magazines holding more than 10 rounds are “the most common magazines in the country” and are sold with most guns. 

In her concurrence with the ruling, Judge Marsha Berzon criticized VanDyke’s video, saying that he had “in essence appointed himself as an expert witness in the case” and provided “a factual presentation with the express aim of convincing the readers of his view of the facts without complying with any of the procedural safeguards that usually apply to experts and their testimony, while simultaneously serving on the panel deciding the case.”

Berzon also called it “wildly improper” and said it should be commented on “lest the genre proliferate.” 

VanDyke was nominated by President Trump during his first term and confirmed in December 2019. The Senate confirmed him in a 51-44 vote. 

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