Airline passenger allegedly storms cockpit, attacks flight attendant, injures 6 officers - New York Post

Authorities took a man into custody after he allegedly assaulted a flight attendant and attempted to storm the plane’s cockpit last week.

A fellow passenger on the flight described the Jan. 9 incident to news outlets, saying that the plane was about to land when the suspect headed towards the cockpit in a “full sprint.” A flight attendant and six law enforcement agents were injured in the ensuing scuffle.

Matthew Dingley was taken into custody after his flight United Express flight from Dulles International Airport landed at Newark, NBC New York reports. He reportedly began acting erratically during the flight and stormed the cockpit as the plane neared its destination.

“This guy was in a full sprint, right up to the cockpit, hits the cockpit, starts banging on it,” fellow passenger Mike Egbert told NBC New York. According to him, after a flight attendant attempted to intervene, Dingley began to attack her.

Egbert described the flight attendant as, “A slight woman, petite, and this guy was clocking her.”

Another passenger on the plane apparently had law enforcement experience and was able to help get the situation under control. Unfortunately, things didn’t end there.

Port Authority Police took Dingley into custody, but only after he continued to fight with them.

“He picks up a police officer, throws the police officer…his back,” Egbert described. “If he did actually get into that cockpit lord knows what would have happened.”

The flight attendant was taken to a nearby hospital, although she has since been released. Six Port Authority Officers were injured during the incident, although they are reportedly expected to recover.

Dingley has been charged with aggravated assault, criminal trespassing, resisting arrest and interfering with transportation, NJ.com reports.

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2020-01-13 08:45:00Z
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As businesses hold back, U.S. consumers seen boosting big banks' profits - Reuters

NEW YORK (Reuters) - Consumer lending is expected to propel profits for big U.S. banks when they unveil fourth-quarter results this week, though stress in corporate lending and uneven capital markets may cast a shadow over results.

FILE PHOTO: Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. REUTERS/File Photos

Balances for individual borrowers keep reaching new records as the U.S. job market has stayed robust, prompting people to spend, and as interest rates have declined, prompting them to borrow — especially on credit cards.

Overall, U.S. consumer-loan balances at the 25 largest banks reached $1.19 trillion the last week of December, up 13% from a year earlier, according to Federal Reserve data. The biggest annual increase came from cards, where outstanding debt rose 16%.

The banks held another $1.46 trillion in residential mortgage loans.

(GRAPHIC: U.S. consumer leverage declined as incomes rose - here)

That spells good news for quarterly profits at JPMorgan Chase & Co and Citigroup Inc, which have been working to grow their card businesses in recent years. The Fed’s decision to lower rates in 2019 boosted mortgage activity, which will help major home lenders like Wells Fargo & Co. Those three banks are scheduled to report results on Tuesday.

“The consumer-lending business is going to be very profitable for the banks,” RBC Capital Markets analyst Gerard Cassidy said in an interview.

Americans borrowing to buy cars and pay for vacations has been a mainstay for industry profits recently. Consumer strength has helped offset weakness in trading, underwriting or business-loan demand at various points, with bank executives cheering it as a sign that the U.S. economy is not on the brink of recession.

Analysts expect tepid business borrowing to have continued through the fourth quarter. Global trade disputes, political uncertainties and market fluctuations have left CEOs wary of seeking financing to buy competitors or invest in operations, they said.

However, those issues could take a back seat to the thriving U.S. consumer.

As Americans’ loan balances have climbed, their incomes have grown even faster. That debt is now about equal to disposable personal income after climbing to as much as one-third higher in 2007.

Analysts say they are also encouraged that banks appear to be lending more responsibly to consumers, partly due to new regulations. Consumer delinquency rates are low at 2.8%, compared with an average of 4.3% since 2003, according to Fed data. In the recession, the rate reached 8.2%.

However, analysts cautioned that credit mistakes often occur in the best of times and that it is hard to see them with the economy growing for the 11th straight year.

Higher real-estate values have allowed property owners to raise cash by selling or refinancing. As competition has heated up in cards, some borrowers have been transferring zero-interest balances from one bank to another for a small fee, without paying off the debt.

And although unemployment is at a 50-year low and wages are higher, there are still lots of consumers living paycheck-to-paycheck.

A Fed survey last year found 39% of Americans would have a hard time handling an unexpected $400 expense. People with credit cards generally are not at such risk, but still about 16% said they would put the expense on a card.

Slideshow (3 Images)

Fred Cannon, research director at Keefe, Bruyette & Woods, said a rise in unemployment in the next recession would expose bad loans. “There certainly could be some problems,” he said.

(GRAPHIC: Consumers are making timely payments on their debt - here)

Reporting by David Henry in New York. Additional reporting by Imani Moise and Elizabeth Dilts Marshall; Editing by Nick Zieminski

Our Standards:The Thomson Reuters Trust Principles.

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2020-01-13 06:10:00Z
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China and US must not be allowed to bully Southeast Asian nations - South China Morning Post

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China and US must not be allowed to bully Southeast Asian nations  South China Morning PostView full coverage on Google News
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2020-01-13 04:00:14Z
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Ford's vehicle sales in China tumble for third consecutive year - Yahoo Finance

Ford China Chief Executive Officer Anning Chen poses for a picture at Ford's office in Shanghai

By Brenda Goh and Yilei Sun

SHANGHAI (Reuters) - Ford Motor Co's China vehicle sales fell for a third consecutive year, by 26.1%, as it battles a prolonged overall sales decline in its second-biggest market that has hit demand for its mass-market Ford brand and sports utility vehicles.

The U.S. automaker delivered 146,473 vehicles in China in the fourth quarter, down 14.7% year-on-year, Ford said in a statement. In total, it sold 567,854 vehicles over 2019.

Ford has been trying to revive sales in China after its business began slumping in late 2017. Sales sank 37% in 2018, after a 6% decline in 2017.

Anning Chen, president and chief executive of Ford Greater China, said that while 2019 was a "challenging" year for the automaker, it saw its market share in the high-to-premium segment stabilise and its sales decline in the value segment start to narrow in the second-half of the year.

"The pressure from the external environment and downward trend of the industry volume will continue in 2020, and we will put more efforts into strengthening our product lineup with more customer-centric products and customer experiences to mitigate the external pressure and improve dealers' profitability."

The automaker plans to launch more than 30 new models in China over the next three years of which over a third will be electric vehicles. It has also said it would localise management teams by hiring more Chinese staff and aimed to improve relationships with joint venture partners.

New models it launched in the fourth quarter include a new Ford Escape version - for which the automaker said orders received so far have been much higher than expected - and the Lincoln Corsair, the first localized Lincoln model in China.

In China, Ford makes cars through a joint venture with Chongqing Changan Automobile Co Ltd and Jiangling Motors Corp Ltd (JMC). It has also said it would partner Zotye Automobile Co Ltd to sell lower priced cars.

Its larger U.S. rival General Motors Co last week said its sales in China fell 15% from a year earlier to 3.09 million vehicles in 2019, its second year of decline.

China's auto market is set to contract by 2% in 2020 for the third year of decline, the China Association of Automobile Manufacturers (CAAM) forecast, due to a weaker economy and trade dispute with the United States.

Over 28 million vehicles were sold in 2018, down 3% from the prior year, while 2019 sales are likely to have declined 8% from the prior year, CAAM said.

(Reporting by Brenda Goh and Yilei Sun; Editing by Christian Schmollinger and Christopher Cushing)

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2020-01-13 03:06:21Z
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Making Labor Rules Rational Again - Wall Street Journal

By

Mick Mulvaney and

Eugene Scalia

Jan. 12, 2020 4:00 pm ET

Deregulation has been the unsung economic success story of the Trump administration. Today the Labor Department adds its “joint employer” rule to the long list of deregulatory wins. When joint employment exists, two separate companies are responsible for ensuring that workers receive the federally mandated minimum wage and overtime pay. Two companies are responsible for ensuring the proper records are kept. And two companies can be taken to court if it’s alleged that those responsibilities have not been met.

Photo: Getty Images

Joint employment occurs, for instance, when an office contracts for janitorial services with an outside vendor, then closely supervises the workers and their schedules. But when companies are wrongly deemed joint employers, it saddles them with compliance costs that should be borne by only one.

That’s what happened during the Obama administration. A 2016 legal interpretation adopted by the Labor Department and a 2015 ruling by the National Labor Relations Board dramatically expanded joint employment. The White House Council of Economic Advisers estimates that the Obama-era rules threatened annual net costs of $5 billion, and a reduction in real income of about $11 billion.

The new rule we’re introducing updates one from 1958, which said joint employment exists when two employers are “not completely disassociated” from each other. Little explanation was given for that legal test, leading to uncertainty, unnecessary litigation and divergent standards in different federal courts.

The department’s new rule draws on leading court decisions to codify reasonable, familiar standards for determining joint-employer status. Companies will now have greater certainty about the point at which they’re affecting the terms and conditions of employment to such a degree that they’re an employer, responsible for ensuring employees receive the minimum wage and overtime pay.

The new rule also gives companies in traditional contracting and franchising relationships confidence that they can demand certain basic standards from suppliers or franchisees—like effective antiharassment policies and compliance with employment laws—without themselves being deemed the employer of the other company’s workers. That will help companies promote fair working conditions without facing unwarranted regulatory costs.

By removing uncertainty for these businesses and their workers, this rule also benefits the economy more broadly. Every dollar lost by business to vague or unnecessary regulation is a dollar less for creating jobs, increasing wages, funding retirement plans, or lowering prices.

Actions like the new joint-employer rule demonstrate a core conviction of President Trump and his administration: Smart deregulation is good for the American worker, business, families and the economy. When we lift the heavy hand of government and allow businesses to create jobs, enter new markets, and compete at lower prices, every American wins.

Mr. Mulvaney is President Trump’s acting chief of staff. Mr. Scalia is labor secretary.

Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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2020-01-12 21:00:00Z
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4 Reasons to Roll Over Your 401(k) Into an IRA - The Motley Fool

There are a lot of reasons to love 401(k)s: They have higher contribution limits, the money comes right out of your paycheck every month so you don't have to remember to transfer it, and your employer might match some of your contributions. But 401(k)s also have their drawbacks. Here are four reasons you may want to consider rolling over your 401(k) into an IRA.

1. IRAs have more investment choices

Most 401(k)s contain a few investment options selected by your employer. You might be happy with these options, but if you're not, there isn't much you can do about it. You can request that your employer add more investments, but it does not have to comply. Or you could roll over your 401(k) savings into an IRA.

Image source: Getty Images.

IRAs offer a virtually unlimited selection of investments, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and more. You can spread your money among as many of these assets as you choose, and change your asset allocation as often as you like. Not everyone will feel confident enough to choose their own investments from such a broad selection, but if you prefer to have more control over your retirement savings, an IRA is a better choice for you.

2. IRAs often charge lower fees

All retirement accounts, including IRAs, charge fees. Your brokerage will have a fee schedule, and your investments may have their own fees. Mutual funds, for example, charge an annual fee called an expense ratio. This is usually a percentage of your assets. 

401(k)s also have fees, which can be higher than IRA fees, especially for smaller companies. Having fewer employees means that each one has to shoulder a greater portion of the 401(k)'s administrative fees. The investments your employer selects for the plan may also have higher fees than you'd like to pay. These can eat into your profits and slow the growth of your retirement savings over time.

With an IRA, you're free to choose low-cost investments and work with the broker that's most affordable for you, so you can reduce what you're paying in fees and help your savings grow more quickly.

3. Roth IRAs aren't subject to required minimum distributions (RMDs)

Required minimum distributions (RMDs) are mandatory withdrawals from retirement accounts that begin at 72 unless you're still working and own less than 5% of the company you work for. The only accounts not subject to RMDs are Roth IRAs. These accounts are funded with after-tax dollars, and the government doesn't tax distributions, so it has no reason to make you withdraw money from these accounts early.

RMDs may force you to withdraw more money from your retirement accounts than you'd like to, raising your tax bill and hampering the growth of your savings. But stashing some of your money in Roth IRAs can help you avoid this. You're free to draw upon this money as needed, and you don't have to use it at all if you don't want to. 

Roth IRAs aren't the best choice for everyone, though. They make sense if you expect you'll be in the same or a higher tax bracket once you retire, but if you think you'll be in a lower tax bracket once you retire, a traditional IRA might make more sense. You'll pay taxes on your distributions, but you'll lose a smaller percentage of your income to the government. 

4. Rolling over your 401(k) lets you manage all your funds in one place

It's not impossible to manage your retirement savings if they're spread out among several different accounts, but it's definitely easier when they're all in one place. You can see all of your investments and fees together and make changes to your asset allocation without having to log into multiple retirement accounts.

Consider rolling over your 401(k) to an IRA if any of the above benefits appeal to you, but think through the decision carefully. The larger contribution limits and possible 401(k) match might make it worth staying with your 401(k) if you're happy with its investment choices and fees.

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2020-01-12 13:17:00Z
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Ghosn faced 7 hours a day of questioning in Japan: lawyer - Fox Business

Fox News senior legal analyst Judge Andrew Napolitano says former chairman and CEO of Renault Carlos Ghosn will most likely stay in Lebanon and spend a lot of money to protect himself.

By YURI KAGEYAMA AP Business Writer

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TOKYO (AP) — A lawyer for former Nissan Chairman Carlos Ghosn, who fled to Lebanon while awaiting trial in Japan, said his client was questioned an average of seven hours a day without a lawyer present.

Takashi Takano said in a blog post Saturday the questioning continued through weekends, Thanksgiving and Christmas.

Takano has said he told Ghosn he couldn't expect a fair trial in Japan, but his chances of winning were good because the evidence against him was so weak.

Japan's judicial system has come under fire over Ghosn's case. Critics have for years said the prolonged detentions tend to coerce false confessions. Suspects can be detained even without any charges.

CARLOS AND CAROLE GHOSN SPEAK OUT TOGETHER FOR FIRST TIME SINCE BEING REUNITED

Japanese prosecutors and Justice Minister Masako Mori have repeatedly defended the nation's system as upholding human rights, noting Japan boasts a low crime rate. Mori said the system follows appropriate procedures under Japanese law, stressing that every culture is different.

Takano said he recently looked at prosecutors' data and Ghosn's notes to tally the hours of questioning for 70 of the days Ghosn was detained. On three days, Ghosn had been questioned for some 11 hours, according to Takano's tally.

Ghosn was detained under two separate arrests for 130 days. He has been charged with underreporting his future compensation and of breach of trust in diverting Nissan Motor Co. money for alleged personal gain.

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In a news conference in Beirut lasting more than two hours, Ghosn reasserted his innocence, and accused Nissan and Japanese government officials of plotting his removal.

Ghosn, who led Nissan for two decades, has said the compensation was never decided, and the payments were for legitimate business.

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Much of his news conference was devoted to criticizing Japanese justice as rigged and harsh. He said he had been grilled without a lawyer present while held in solitary confinement. He advised all foreigners to leave.

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2020-01-12 11:47:34Z
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