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Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. President-elect Trump says he should be the one to make the decision on whether TikTok can continue operating in the United States due to the unique national security and First Amendment issues raised by this case, he said in an amicus brief Friday. Trump’s argument comes in an amicus brief "supporting neither party," filed Friday, weeks before the Supreme Court is expected to hear oral arguments on Jan. 10, 2025 on the law that requires a divestment of TikTok from foreign adversary control. TIKTOK DIVESTMENT COULD BE ‘DEAL OF THE CENTURY’ FOR TRUMP, HOUSE CHINA COMMITTEE CHAIR SAYS TikTok is owned by ByteDance, a company based in Beijing and connected to the Chinese Communist Party. "Today, President Donald J. Trump has filed an amicus brief in the U.S. Supreme Court asking the Court to extend the deadline that would cause TikTok’s imminent shutdown, and allow President Trump the opportunity to resolve the issue in a way that saves TikTok and preserves American national security once he resumes office as President of the United States on January 20, 2025," Trump spokesman and incoming White House Communications Director Steven Cheung told Fox News Digital. President-elect Donald Trump speaks at AmericaFest, Sunday, Dec. 22, 2024, in Phoenix. (AP Photo/Rick Scuteri) "President Donald J. Trump ("President Trump") is the 45th and soon to be the 47th President of the United States of America," the brief states. "On January 20, 2025, President Trump will assume responsibility for the United States’ national security, foreign policy, and other vital executive functions." Trump argues that "this case presents an unprecedented, novel, and difficult tension between free-speech rights on one side, and foreign policy and national-security concerns on the other." "As the incoming Chief Executive, President Trump has a particularly powerful interest in and responsibility for those national-security and foreign-policy questions, and he is the right constitutional actor to resolve the dispute through political means. President Trump also has a unique interest in the First Amendment issues raised in this case," the brief states. "Through his historic victory on November 5, 2024, President Trump received a powerful electoral mandate from American voters to protect the free-speech rights of all Americans—including the 170 million Americans who use TikTok." "President Trump is uniquely situated to vindicate these interests, because ‘the President and the Vice President of the United States are the only elected officials who represent all the voters in the Nation,’" the brief continues. CLICK HERE TO GET THE FOX NEWS APP This is a developing story. Please check back for updates. Brooke Singman is a political correspondent and reporter for Fox News Digital, Fox News Channel and FOX Business.The ( ) share price was sold off on Thursday. The fund manager's shares ended the session 19% lower at $2.13. The catalyst for this was that Indian billionaire Gautam Adani has been charged with fraud in the United States. The chair of Indian conglomerate Adani Group has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme. This is bad news for GQG as it has made significant investments in the Adani Group in recent years. But is a 19% share price decline an overreaction? Let's find out. Is the GQG share price selloff a buying opportunity? Goldman Sachs has been looking at the news and appears to believe that the fund manager's share price decline has created a buying opportunity. This is due to the limited impact that its investments in the Adani Group could have on is profits. Commenting on the news, Goldman said: GQG shares fell 19% following news that US prosecutors have charged senior Adani executives, including the chairman, in connection with an alleged bribery scheme. GQG, which holds stakes in Adani entities through its funds, said they are monitoring the situation and assessing if any actions will be taken on their portfolios. GQG noted that in aggregate in excess of 90% of client assets are invested in issuers unrelated to Adani Group, implying at most ~10% of FUM is exposed to Adani. The broker estimates that the impact could reduce its profits by as little as 1.3%. It explains: [...] we present a sensitivity analysis for illustration purposes only on possible impact on GQG NPAT from potential changes in the value of the Adani assets held, where a 10-50% drop in the value of Adani assets would lead to a -1.3% to -6.6% impact on FY25E NPAT. Such moves would imply the sell-off has been overdone with the stock now trading at ~8.5x FY25 consensus earnings (albeit on unchanged earnings) v historical average of ~11x. In light of this, the broker has held firm with its buy rating and $3.00 price target on GQG shares. Based on its current share price, this implies potential upside of approximately 41% for investors over the next 12 months. In addition, Goldman is forecasting a sizeable 7.5% dividend yield in FY 2025. If we add this into the equation, a total return of greater than 48% could be possible for investors between now and this time next year.Cardano ADA/USD is back above $1 after rallying over 200% over the past 30 days, significantly outperforming Bitcoin BTC/USD and Ethereum ETH/USD in the process. Cryptocurrency Price Market Cap 24-Hour Trend 7-Day Trend 30-Day Trend Cardano $1.02 $35.6 Billion +8.8% +23.5% +203.9% Bitcoin $96,015.13 $1.9 Trillion +2.4% +2.2% +39.1% Ethereum $3,560.54 $428.8 Billion +7% +15.9% +42% Trader Notes: Crypto trader Dan Gambardello highlights a wave of optimism surrounding ADA, noting that many holders used this level to take profits, while others see the current consolidation as a setup for further gains. He sees current consolidation and redistribution phase as a healthy step, paving the way for potential future growth toward $5 and $10. Statistics: IntoTheBlock data shows large transactions volume and daily active addresses dropped by 12.2% and 10.7%, respectively. Transactions greater than $100,000 decreased from 1,914 to 1,335 in a single day. Around 70% of ADA holders are in profit. Crypto chart analyst Ali Martinez reported that Cardano whales purchased over $130 million worth of ADA during its recent price dip, suggesting strong institutional interest. #Cardano whales bought over 130 million $ADA during the recent price dip! pic.twitter.com/VHg93o3WP5 Community News: Charles Hoskinson , Cardano's co-founder, likened the blockchain's development to Bitcoin’s early vision, praising its alignment with decentralization and innovation in a post on X on Tuesday. He also highlighted the potential of Cardano in building a DeFi-enabled Bitcoin ecosystem with technologies like Babel fees. Hoskinson aims to build a hybrid app ecosystem powered by DeFi-enabled Bitcoin, ensuring it remains free of greed and distractions, and they commend Bitcoin developers for advancements like Taproot. In another notable milestone, Cardano deployed its first zero-knowledge (ZK) smart contract, Halo2, on its mainnet. This advancement aims to reduce costs and improve proof generation and verification speeds, expanding the network's real-world applications. Read Next: Here’s How Much $100 Invested In Cardano Today Could Be Worth If ADA Hits New All-Time Highs Image: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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FBI informants were at Capitol riot but no agents, watchdog findsWASHINGTON, Nov 27 (Reuters) - U.S. President-elect Donald Trump is widely expected to again turn to a favorite legal tool to underpin threatened tariffs on imports from Mexico, Canada and China: the International Emergency Economic Powers Act, one of several legal avenues to impose his broader tariff agenda. Trump this week fired the first trade-related broadside of his second term - eight weeks before taking office - threatening 25% duties on goods from Mexico and Canada and an additional 10% tariffs on Chinese goods to push them to clamp down on the flow of the deadly opioid fentanyl and illegal migrants into the U.S. Trade lawyers and other experts say there is ample authority for him to move quickly without approval from Congress. Here are the key tools he could use in his sweeping tariff agenda: Trump could declare a national emergency over the fentanyl crisis and the southern U.S. border, which would unlock the use of this statute, enacted in 1977 and updated in 2001 to impose tariffs or financial sanctions. Trump invoked that statute a number of times during his first term, including to back up his threat of a 5% tariff on Mexican goods. He dropped the threat after Mexico vowed to deploy security forces to stem the flow of illegal immigrants into the U.S. The then-Republican president also said the statute gave him the authority to "order" U.S. companies to leave China, and towards the end of his term in August 2020 he invoked the law again in an attempt to ban Chinese-owned video platform TikTok. Congress can revoke the use of the statute by passing a joint declaration of disapproval. "But that's a heavy lift, especially for a Republican Congress" at the start of Trump's term, said Stephen Kho, a trade lawyer at Akin Gump and former China trade enforcement counsel at the Office of the U.S. Trade Representative. Courts have generally upheld challenges to the statute and its predecessor, the 1917 Trading with the Enemy Act, which then-President Richard Nixon invoked in 1971 to impose a 10% supplemental duty , opens new tab on all U.S. imports to ease a balance of payments crisis and push Germany and Japan to revalue their currencies against the dollar. Trump has proposed broad 10%-20% tariffs on all U.S. imports. Like Nixon, Trump could invoke the IEEPA for this, but would face a higher standard of defining an "unusual and extraordinary threat" to the national security, foreign policy or economy of the U.S. Trade experts also say Trump could return to the Cold War-era Section 232 statute to underpin broader tariffs, but this would require a new investigation that could take months to complete. Trump invoked Section 232 to impose tariffs of 25% on global steel imports and 10% on aluminum in 2018, but negotiated exemptions for Canada and Mexico a year later that eliminated their retaliatory tariffs on U.S. pork, beef, bourbon and other products. Trump is likely to again turn to Section 301, the backbone of his 2018-2020 trade war against China, as he looks to super-size his tariffs on Chinese imports. The statute, which allows the U.S. to retaliate against trading partners' unfair practices, underpinned punitive duties of up to 25% on some $370 billion worth of Chinese imports, from semiconductors to machinery to toys after a USTR investigation found that China was misappropriating U.S. intellectual property and coercing the transfer of U.S. technology to Chinese firms. Trump's newly nominated U.S. trade representative, Jamieson Greer , may be able to modify the existing China Section 301 findings to justify additional tariffs on Chinese goods, as current USTR Katherine Tai did to back President Joe Biden's sharply higher duties on electric vehicles, batteries, semiconductors and solar products. But Greer may also launch a new Section 301 probe into China's state-driven excess industrial capacity - an increasing concern for the U.S. and market economies - and industry-domination practices. While trade lawyers say there is well-documented evidence of such practices, it would take likely several months for a new Section 301 probe to be completed, given the need for public comment periods and hearings. Trump could invoke this balance-of-payments statute to impose an additional global U.S. tariff for 150 days to restrict imports in the event of balance-of-payments problems, or to prevent a significant depreciation of the dollar. Congress added this authority as a result of Nixon's 10% tariff action in 1971. But the statute limits the tariff action to 150 days, unless extended by Congress. This anti-discrimination statute remains on the books, though it has not appeared in public government correspondence since the late 1940s. At that time, the U.S. and its trading partners agreed to "bound" global tariff rates under the post-war Global Agreement on Tariffs and Trade, the predecessor to today's World Trade Organization. It would allow Trump to impose additional tariffs of up to 50% on goods from any country that discriminates against U.S. products in a way that puts American goods at a "disadvantage" compared to imports from other countries. Sign up here. Reporting by David Lawder; Editing by Paul Simao Our Standards: The Thomson Reuters Trust Principles. , opens new tabAP Sports SummaryBrief at 5:38 p.m. EST
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Crypto entrepreneur Justin Sun on Friday fulfilled a promise he made after spending $6.2 million on an artwork featuring a banana duct-taped to a wall - by eating the fruit. At one of Hong Kong’s priciest hotels, Sun chomped down on a banana in front of dozens of journalists and influencers after giving a speech hailing the work as “iconic” and drew parallels between conceptual art and cryptocurrency. “It’s much better than other bananas,” Sun said after getting his first taste. “It’s really quite good.” Titled “Comedian”, the conceptual work created by Italian artist Maurizio Cattelan was sold at a Sotheby’s auction in New York last week, with Sun among seven bidders. Sun said he felt “disbelief” in the first 10 seconds after he won the bid, before realizing “this could become something big”. In the 10 seconds after that, he decided he would eat the banana. “Eating it at a press conference can also become a part of the artwork’s history,” he said Friday. The debut of the edible creation at the 2019 Art Basel show in Miami Beach sparked controversy and raised questions about whether it should be considered art - Cattelan’s stated aim. And Sun on Friday compared conceptual art like “Comedian” to NFT art and decentralized blockchain technology. “Most of its objects and ideas exist as (intellectual property) and on the internet, as opposed to something physical,” he said. ‘Apolitical’ investment Sun this week also became an advisor to World Liberty Financial, a crypto initiative backed by US president-elect Donald Trump, following a $30 million investment. He earlier wrote on social media platform X that he was “excited to help make crypto great again in the US” with Trump’s leadership. On Friday Sun denied that the investment - which made him the largest investor in the project - was an attempt to influence Trump or American politics. “We are apolitical,” Sun told AFP in an interview. “Me (serving) as advisor also contribute a lot of value... I can be a great bridge for traditional financial and the (decentralized finance) industry.” The 34-year-old crypto businessman was last year charged by the US Securities and Exchange Commission with fraud and securities law violation in relation to his crypto project Tron. Sun has rejected the allegations and the case is ongoing. At a function room at the Peninsula hotel in Hong Kong, two men dressed as auction house staff stood in front of a featureless wall with the yellow banana offering the only splash of color. Sun said he only recently decided to bid for the artwork, adding he had “dumb questions” such as whether the banana had decayed and how to value the work. The artwork owner is given a certificate of authenticity that the work was created by Cattelan as well as instructions about how to replace the fruit when it goes bad. Sun told AFP that his artwork may well benefit from the same kind of speculative craze usually associated with crypto. “I think (the price) probably is going to go up even more in the future, just like Bitcoin,” he said. — AFP