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Yesterday’s testimony by Michael Cohen, President Trump’s former personal lawyer, before the House Oversight Committee was full of theatrics. But between allegations of presidential lawbreaking and racism were revelations about how the Trump Organization operated. They weren’t flattering.
Mr. Trump inflated his net worth to apply for bank loans, according to Mr. Cohen. When he asked Deutsche Bank for financing to buy the Buffalo Bills, he claimed to have billion in unquantified “brand value.” He also exaggerated the value of properties, according to financial statements that Mr. Cohen gave to the House.
Democratic lawmakers pushed Mr. Cohen to talk about other kinds of fraud. Representative Alexandria Ocasio-Cortez, for instance, asked him whether Mr. Trump inflated the value of assets when insuring them. “Yes,” he replied.
The testimony may have hurt Mr. Trump’s inner circle. Potential victims: Donald Trump Jr. and Allen Weisselberg, the Trump Organization’s C.F.O., both of whom were said to have played a role in hush-money payments to the porn star Stormy Daniels; Ivanka Trump, who was involved in plans to build a tower in Moscow; and Jay Sekulow, a White House lawyer whom Mr. Cohen accused of altering testimony to Congress.
Mr. Cohen hinted that more could be revealed. He told lawmakers that he couldn’t answer questions about his last conversation with the president because it was “being investigated right now” by federal prosecutors.
Mr. Trump’s woes certainly aren’t over. Five House committees are investigating his business dealings, and federal prosecutors in New York are still looking at matters that involved Mr. Cohen.
Robert Lighthizer, the president’s top trade adviser, warned lawmakers yesterday that hurdles remained to reaching a significant trade deal with China, Ana Swanson of the NYT reports:
Plans to raise tariffs on Chinese goods are officially axed. Mr. Lighthizer, testifying before the House Ways and Means Committee, confirmed that the U.S. wouldn’t raise levies on 0 billion in Chinese imports after March 1.
Mr. Lighthizer still plans to play hardball. He “told lawmakers that he and his negotiators are maintaining a tough line with the Chinese,” Ms. Swanson writes, “repeatedly using the word ‘if’ when talking about the potential for reaching a deal with Beijing.”
And he insists that President Trump isn’t losing patience. “His instructions to me are: You have to get a great agreement. If we have no agreement, we’ll just wait until we can get a great agreement,” Mr. Lighthizer said.
But success isn’t guaranteed. “Is this perfect? I’m not going to say it’s perfect,” Mr. Lighthizer said of the evolving deal. “But at least it’s leading to results where everything else didn’t.”
More: The U.S. trade deficit in goods widened by 10 percent in December, despite the administration’s attempts to shrink it.
The main topic at the Mobile World Congress in Barcelona, Spain, this week has been the long-hyped next generation of wireless networks, known as 5G, Adam Satariano of the NYT writes.
The F.C.C.’s chairman says America is winning the race. “In my view we’re in the lead with respect to 5G,” the chairman, Ajit Pai, told the WSJ. He believes the agency is making progress in selling the necessary wireless spectrum and overhauling infrastructure.
Not everyone agrees. Brent Skorup, who sits on the F.C.C.’s Broadband Deployment Advisory Committee, writes in a WSJ op-ed that “the U.S. has stumbled,” but “still has time to catch and pass China, the current leader — if the right policies are put in place on both the local and federal levels.”
“A widely available, reliable 5G network will require hundreds of thousands of new transmitter sites, and on that score the U.S. trails badly,” Mr. Skorup writes. Private industry will need to collaborate with the federal government, he cautions, adding that “with a combination of responsible use of public assets and light-touch regulation of 5G services, we can still win this race.”
More: Here are all the 5G handsets announced so far.
Today was supposed to bring a denuclearization deal between America and North Korea. Instead, officials abruptly cut short a summit meeting between President Trump and North Korea’s leader, Kim Jong-un. “Sometimes you have to walk,” Mr. Trump said at a news conference today.
Blame sanctions. Mr. Trump told reporters that North Korea wanted all of the punishing economic sanctions against the country lifted, but America wouldn’t cooperate unless Mr. Kim agreed to give up all of his nuclear weapons.
The announcement was a surprise, in part because Mr. Trump and Mr. Kim appeared to be getting along well. At one point, Mr. Trump called his counterpart “my friend.”
The collapse of the talks was “a diplomatic failure after he had hoped his second summit with Kim, following their meeting last summer in Singapore, would produce demonstrable progress toward North Korea’s denuclearization,” the WaPo reports. Mr. Trump insisted that the two countries could resume talks in the future.
A week ago, the British prime minister was on the brink of resignations by cabinet officials and a crushing defeat in Parliament over her Brexit plan. Now, she has won another two weeks to tweak her agreement and convince lawmakers to back it.
Mrs. May won a set of votes last night that had previously threatened to undermine her control of the Brexit process. The victory followed a partial surrender: She agreed on Tuesday to give Parliament the option of seeking to delay Britain’s exit from the E.U.
“Theresa May is closer to leading Britain out of the European Union with a Brexit deal than at any other point since her negotiations with Brussels began,” Therese Raphael of Bloomberg Opinion writes. Hard-line Euroskeptic M.P.s like Jacob Rees-Mogg have softened their opposition to Mrs. May’s plans, fearing that the alternative might be remaining in the E.U.
But her offer of a potential delay could fall apart. President Emmanuel Macron said France might veto such a move “without a clear understanding of the aim that’s being pursued.”
More: Britain’s opposition Labour Party formally backed a new referendum on Brexit. Britain won approval to remain in a key World Trade Organization agreement. And Norway’s trillion wealth fund said it would continue to invest in Britain, on the basis that its 30-year time horizon wasn’t affected by political issues like Brexit.
News stories about Americans outraged by smaller tax refunds are everywhere. But Neil Irwin of the Upshot says the furor isn’t rooted in logic.
• “The tax law that President Trump signed at the end of 2017 reduced the average American household’s 2018 average federal income tax obligation by about ,600, according to an analysis by the Tax Policy Center.”
• But it meant that many workers prepaid less tax. The average tax refund filed through mid-February was down 17 percent from the same time last year, according to the I.R.S.
• A dollar today is worth more than a dollar tomorrow, Mr. Irwin notes — which means a lower initial bill is worth more than a bigger refund.
• Economists remain baffled by the phenomenon of people even wanting refunds. “Why do they want to make interest-free loans to the government?” asks Richard Thaler, the Nobel-winning economist.
Car ownership is falling out of fashion — under pressure from rising prices, tightening environmental rules, ride-hailing competition and the promise of a self-driving future. In its latest cover story, Bloomberg Businessweek argues that trend could continue:
• “A decade ago the auto industry predicted annual global vehicle sales would top 100 million by now, but they’ve stalled instead, falling to 94.2 million last year, down 1 million from 2017.”
• “Major urban centers such as London, Madrid, and Mexico City are restricting cars’ access. Such constraints, plus the expansion of the sharing economy and the advent of the autonomous age, have made automakers nervous.”
• “ ‘When you put all these trends together, you’re going to see a cap on personal vehicle ownership start to emerge,’ says Mike Ramsey, an automotive consultant with researcher Gartner Inc. ‘We are near peak car.’ ”
• “Rather than signaling the end of the road for the automobile, peak car is a reflection that reurbanization and the widespread adoption of mobile apps that can summon a vehicle on demand will lessen the need for many of the 1.3 billion vehicles now on the road.”
• “Automakers may talk a good game about moving metal, but increasingly they’re chasing profits expected to come from services that charge by the mile.”
A new World Bank report examined 35 indicators of legal equality in 187 countries to understand how easy it is for women to work and earn money.
It rates only six countries as giving women full legal equality: Belgium, Denmark, France, Latvia, Luxembourg and Sweden. By its measures, none did so a decade ago.
America isn’t even in its top 60 countries for legal environments that help promote gender parity in the workplace.
That’s a problem. “Economies that failed to implement reforms toward gender equality over the past 10 years, for example, saw a smaller increase in the percentage of women working overall and in the percentage of women working relative to men,” Kristalina Georgieva, the World Bank Group’s interim president, writes.
“If women have equal opportunities to reach their full potential, the world would not only be fairer, it would be more prosperous as well,” she said in a statement. “Change is happening, but not fast enough.”
More: How income inequality can affect mental health.
CBS reportedly plans to choose its next chief executive by the end of March, with the interim C.E.O., Joseph Ianniello, and Hasbro’s chief, Brian Goldner, seen as front-runners.
The law firm Freshfields hired Aimen Mir, a former Treasury Department official who oversaw the American panel responsible for national security reviews of transactions, as a partner.
One of Bristol-Myers Squibb’s biggest shareholders, Wellington Management, opposes its billion bid for Celgene. (WSJ)
Elliott Management has demanded seats on the boards of several Hyundai companies. (Bloomberg)
The German pharmaceutical and chemicals company Merck bid .9 billion to buy Versum Materials, in the hope of breaking up a deal with a rival, Entegris. (FT)
Disney is reportedly in talks to buy AT&T’s 10 percent stake in the streaming service Hulu. (Variety)
KKR and Tencent Music are said to be weighing potential investments in Vivendi’s Universal Music unit. (Reuters)
Politics and policy
The attorney general for the District of Columbia has subpoenaed documents from President Trump’s inaugural committee. (NYT)
The House voted yesterday to require background checks for all gun buyers, the biggest gun-control bill that it has passed in 25 years. (NYT)
Beto O’Rourke is reportedly close to announcing that he will run for president in 2020. (Dallas Morning News)
State intervention in companies is making a comeback in Europe. (Bloomberg)
Here are 10 breakthrough technologies that Bill Gates says will change the world. (MIT Technology Review)
Could Elon Musk talk himself into a Tesla buyout? Also, look out for an announcement from the company at 5 p.m. Eastern today. (Breakingviews, Twitter)
Facebook says it fired an employee who leaked internal communications about content moderation to a group accusing the company of bias against conservatives. (Verge)
The F.T.C. announced a .7 million settlement with Musical.ly over accusations that the company’s app illegally collected children’s personal information. (NYT)
Best of the rest
Why are there suddenly so many 0 bills? (CNBC)
As its economy sags, China is reportedly facing job losses and troubling infrastructure debt. (CNBC, WSJ)
The venture capitalist Michael Moritz will sponsor the Booker Prize for the next five years. (FT)
How debt makes the markets volatile. (WSJ op-ed)
The stock rout at the end of 2018 reportedly wiped trillion off the fortunes of the world’s richest individuals. (AP)
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【龙】【灵】【心】【里】【紧】【张】【至】【极】，【它】【不】【知】【道】【为】【什】【么】【很】【害】【怕】【这】【个】【人】。 【明】【明】【躺】【着】【的】【时】【候】【没】【什】【么】【啊】—— 【而】【且】！！！ 【为】【什】【么】【他】【能】【听】【到】【自】【己】【说】【话】？ “【她】【看】【到】【了】【这】【个】，【怎】【么】【说】？”【厉】【烬】【野】【捏】【住】【支】【票】，【那】【个】【女】【人】【竟】【然】【没】【有】【花】【钱】，【每】【天】【骑】【着】【电】【动】【车】【工】【作】，【她】【是】【什】【么】【笨】【蛋】。 “【她】【说】【你】【装】【死】【骗】【她】……”【咸】【菜】【啊】，【我】【自】【我】【检】【讨】【一】【会】，【我】【好】
【在】【五】【行】【界】【闯】【荡】【了】【近】【两】【年】，【除】【了】【最】【初】【有】【些】【菜】【以】【外】，【荆】【守】【一】【直】【认】【为】【自】【己】【非】【常】【强】【悍】。 【依】【仗】【系】【统】【面】【板】【的】【帮】【助】【和】【诸】【多】【宝】【物】【在】【身】，【就】【算】【对】【方】【是】【实】【丹】【期】【高】【手】，【荆】【守】【也】【有】【自】【信】【斗】【上】【一】【斗】。 【若】【是】【手】【段】【尽】【出】，【诛】【杀】【对】【手】【也】【有】【七】【八】【分】【把】【握】，【千】【岛】【四】【鲨】【的】【独】【眼】【龙】【便】【是】【活】【生】【生】【的】【例】【子】。 【此】【时】【竟】【然】【被】【嘲】【讽】【为】“【拖】【油】【瓶】”，【他】【心】【中】【的】【郁】【闷】【可】【想】
“【箱】【子】！” “【在】【我】【手】【上】。” “【那】【就】【好】，【那】【就】【好】，【那】【就】……”【绷】【带】【人】【说】【着】【说】【着】【便】【昏】【了】【过】【去】，【大】【胡】【子】【担】【心】【的】【往】【后】【瞄】【了】【眼】，【哪】【想】【到】【对】【方】【又】【突】【然】【醒】【转】，【惊】【得】【他】【差】【点】【没】【踩】【稳】【脚】【步】【一】【滑】【栽】【下】【楼】【去】。 “【我】【靠】！【小】【强】【你】【是】【不】【是】【有】【毛】【病】【啊】！”【大】【胡】【子】【蹲】【在】【天】【台】【上】【后】【怕】【不】【已】，【之】【前】【他】【是】【从】【八】【楼】【跳】【下】【来】【的】，【离】【地】【少】【说】【有】【二】【十】【几】【米】【高】，
【沈】【璐】【好】【不】【容】【易】【把】【宝】【宝】【哄】【睡】【了】，【这】【才】【小】【心】【翼】【翼】【的】【把】【她】【放】【床】【上】，【盖】【上】【被】【子】，【等】【到】【小】【心】【翼】【翼】【的】【退】【出】【了】【房】【间】，【悄】【悄】【的】【关】【上】【了】【房】【门】【才】【开】【始】【跟】【叶】【智】【算】【总】【账】，“【呀】！【死】【猪】【头】！【你】【最】【近】【很】【膨】【胀】【啊】！” “【怎】【么】【说】？” “【哼】！【你】【自】【己】【说】【呢】？” “【我】【怎】【么】【就】【最】【近】【很】【膨】【胀】【了】？” “【呵】~~~” “【我】【明】【明】【一】【直】【都】【这】【么】【膨】【胀】，【最】【近】生财有道暖棚香椿种植【天】【气】【转】【凉】，【早】【晚】【尤】【其】【寒】【冷】，【人】【们】【也】【已】【经】【渐】【渐】【裹】【上】【了】【厚】【衣】【服】，【但】【是】【每】【天】【上】【下】【班】【的】【时】【候】，【总】【能】【在】【街】【上】【看】【到】【一】【些】【流】【浪】【猫】【狗】，【有】【的】【成】【群】【结】【队】，【有】【的】【孤】【独】【蹒】【跚】。【那】【么】【它】【们】【在】【干】【什】【么】【呢】？
【北】【冥】【怒】【等】【人】【也】【觉】【得】【很】【是】【危】【险】，【这】【就】【是】【杀】【敌】【一】【千】【自】【损】【八】【百】【的】【打】【法】，【搞】【不】【好】【就】【会】【陨】【落】。 “【这】【样】【做】，【真】【是】【在】【损】【失】【自】【己】【啊】。”【刀】【封】【喉】【道】：“【真】【武】，【这】【样】【做】，【太】【可】【怕】【了】，【万】【一】【懒】【神】【要】【是】【陨】【落】【了】，【可】【就】【坏】【了】。” “【放】【心】【吧】。”【凌】【天】【宇】【笑】【了】【笑】【道】：“【想】【要】【突】【破】【瓶】【颈】，【就】【必】【须】【这】【样】，【不】【然】【的】【话】，【瓶】【颈】【很】【难】【突】【破】【的】，【这】【是】【要】【命】【的】【事】【情】
【一】【柄】【枪】【头】【悄】【无】【声】【息】【地】【突】【破】【了】【我】【的】【防】【护】【领】【域】，【刺】【进】【我】【的】【胸】【膛】，【同】【时】【也】【穿】【过】【了】【我】【怀】【里】【星】【一】【朵】【的】【身】【体】！ 【这】【怎】【么】【可】【能】？！ 【我】【下】【意】【识】【地】【将】【神】【力】【护】【住】【星】【一】【朵】【那】【被】【枪】【头】【惯】【穿】【的】【身】【体】，【身】【影】【横】【移】【离】【开】【原】【地】，【并】【将】【神】【力】【灌】【注】【星】【一】【朵】【的】【伤】【口】，【可】【是】【我】【依】【然】【能】【感】【受】【到】【星】【一】【朵】【生】【命】【的】【流】【逝】！ 【不】！ 【眼】【看】【着】【星】【一】【朵】【在】【惊】【呼】【声】【中】【闭】【上】【双】【眼】
【第】【二】【百】【八】【十】【八】【章】【终】【局】 【多】【尔】【衮】【的】【怒】【火】【正】【在】【蔓】【延】，【有】【人】【竟】【然】【敢】【当】【了】【他】【的】【面】【刺】【杀】【了】***，【这】【简】【直】【是】【奇】【耻】【大】【辱】，【尤】【其】，【还】【是】【对】【面】【的】【人】【先】【出】【手】【的】。 【这】【时】，【韩】【卫】【天】【惊】【愕】【的】【回】【头】，【发】【现】【自】【己】【最】【信】【任】【的】【部】【下】【此】【刻】【正】【保】【持】【着】【端】【枪】【射】【击】【的】【姿】【势】【看】【向】【远】【处】，【嘴】【上】【划】【过】【一】【抹】【冷】【笑】，【韩】【卫】【天】【的】【脑】【中】【忽】【然】【不】【由】【一】【阵】，【忽】【然】【一】【阵】【狂】【怒】【起】【来】。