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Secretary of State Antony Blinken will travel to China this week with a fresh threat regarding Beijing’s support for Russia, as the House greenlit a new $61 billion aid package for Ukraine. 

A senior State Department official previewed Blinken’s upcoming April 24-26 trip to China in call with reporters on Friday, describing how he will meet with senior PRC officials in both Shanghai and Beijing.

‘I don’t have anything specific to announce to you today, but I’ll just underscore that as you’ve seen us demonstrate over the past many weeks and months, we’re committed to taking the steps necessary to defend our national interests, and we’re prepared to take steps when we believe necessary against firms that are taking steps in contravention to our interests and in ways that – as we’ve indicated here – severely undermine security in both Ukraine and Europe,’ the senior State Department official said. ‘And I think we’ve demonstrated our willingness to do so regarding firms from a number of countries, not just China. And at any rate, again, I think this will be a key issue of discussion while we’re in Beijing.’

With his G7 foreign ministerial counterparts, Blinken on Friday discussed concern ‘about the transfers to Russia from businesses in the PRC of a range of dual-use materials and weapons components that Russia is using to advance its military production,’ the official said. ‘The concern there is that through Chinese support, Russia has largely reconstituted its defense industrial base, which has an impact not just on the battlefield in Ukraine but poses a larger threat, we believe, to broader European security.

Blinken and other U.S. diplomats will express those concerns to China and ‘our intent to have China curtail that support,’ which is starting to pose ‘a threat to European security,’ the official said. 

The State Department could not immediately confirm whether Blinken will meet with Chinese President Xi Jinping. The senior State Department official did confirm to reporters that Blinken is expected to meet with his counterpart, Director and Foreign Minister Wang Yi. 

In Shanghai and Beijing, the secretary will focus ‘on implementing the leaders’ commitments in San Francisco to advance cooperation on issues such as counternarcotics, bolster mil-mil communication, and establish talks on artificial intelligence risks and safety,’ the senior State Department official said. 

The State Department outlined three goals for Blinken’s trip: ‘making progress on key issues,’ ‘clearly and directly communicating concerns on bilateral, regional, and global issues’ and third, ‘responsibly managing competition’ so ‘that it does not result in miscalculation or conflict.’

Blinken is expected to ‘raise clearly and candidly our concerns on issues ranging from human rights, unfair economic and trade practices, to the global economic consequences of PRC industrial over-capacity.’ 

The official said the secretary ‘will also reiterate our deep concerns regarding the PRC’s support for Russia’s defense industrial base,’ ‘discuss the crisis in the Middle East’ and ‘challenges in the Indo-Pacific, including PRC provocations in the South China Sea, as well as the DPRK’s threatening rhetoric and reckless actions.’ 

Blinken will ‘discuss the crisis in Burma’ and ‘will also reaffirm the importance of peace and stability across the Taiwan Strait,’ the official told reporters.

At the G7 summit last week, Blinken outlined the type of aid China is sending to Russia.  

‘When it comes to Russia’s defense industrial base, the primary contributor in this moment to that is China,’ Blinken told reporters in Capri, Italy. ‘We see China sharing machine tools, semiconductors, other dual-use items that have helped Russia rebuild the defense industrial base that sanctions and export controls had done so much to degrade. Now, if China purports on the one hand to want good relations with Europe and other countries, it can’t on the other hand be fueling what is the biggest threat to European security since the end of the Cold War.’ 

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Iran’s top foreign affairs official dismissed weapons launched against the country by neighboring Israel as ‘toys’ and said there was no plan to retaliate.

Iranian Foreign Minister Hossein Amir-Abdollahian downplayed the Israeli strike during an interview on Friday, hours after the impact.

‘What happened last night wasn’t a strike,’ Foreign Minister Hossein Amir-Abdollahian told NBC News. ‘They were more like toys that our children play with — not drones.’

‘As long as there is no new adventurism by Israel against our interests, then we are not going to have any new reactions,’ he added.

Amir-Abdollahian also stated that the Iranian regime is not completely convinced the strike came from Israel, though he failed to offer alternative theories.

‘If Israel takes a decisive action against my country and this is proven to us, our response will be immediate and to the maximum and will cause them to regret it,’ the foreign minister said.

Israel carried out limited strikes in Iran early Friday in retaliation for Tehran firing a barrage of missiles and drones at Israel last Saturday. A well-placed military source told Fox News that the strike was ‘limited.’

There have been no reports of large-scale damage or casualties.

Explosions were reported in the Isfahan province, which is where Natanz, one of Iran’s nuclear facilities, is located. 

Following the attack, Iranian state media stated that the nation’s atomic sites were ‘fully safe’ and had not been struck by the missiles.

The International Atomic Energy Agency, a United Nations affiliate watchdog organization, later confirmed ‘there is no damage to Iran’s nuclear sites.’

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The House of Representatives has approved sending $60 billion to Ukraine for its defense against Russia’s invasion, an issue that has roiled Speaker Mike Johnson’s already perilously slim majority.

The aid package passed 311 to 112, with more Democrats voted in favor than Republicans – and just 101 Republicans voted for the bill while 112 voted nay.

In a dramatic moment toward the end of the vote, Democrats began passing around Ukrainian flags — in violation of House protocol, according to the lawmaker presiding over the vote, Rep. Marc Molinaro. The left side of the aisle exploded in cheers when the timer on the vote reached zero, earning admonishment from Molinaro, who told them the flag-waving was in violation of the rules and called it ‘inappropriate,’ to which Democrats jeered.

Rep. Anna Paulina Luna, R-Fla., took to the microphones to chide, ‘Put those d–n flags away,’ earning more verbal backlash from Democrats before the chamber was called to order for the next vote.

House lawmakers are in session on a rare Saturday working to pass Johnson’s $95 billion foreign aid plan, which also includes aid bills for Israel and the Indo-Pacific, as well as a bill with other national security measures. In a decisive victory for the Louisiana Republican, all four bills passed with overwhelming bipartisan support.

The close margins within the GOP alone show what a divisive topic Ukraine funding has become for the right.

A growing number of fiscal conservatives have been skeptical about the U.S.’s continued financial involvement with Ukraine, while others have raised questions about corruption within Kyiv’s government. 

Rep. Marjorie Taylor Greene’s proposal to strip all funding related to Ukraine from the Ukraine funding bill predictably failed Saturday in a 71 to 351 vote.

More traditional Republicans and national security hawks warn that Ukraine’s victory is critical to preventing a wider conflict between NATO and Russia, warning that its President Vladimir Putin is rapidly forming a second ‘axis of evil’ with Iran and China.

Johnson, who like his conservative colleagues was skeptical of Ukraine aid before becoming speaker, gave a sober warning earlier this week. ‘I really do believe the intel and the briefings that we’ve gotten that I believe [Chinese President Xi Jinpimg] and Vladimir Putin and Iran really are an axis of evil. And I think they’re in coordination on this. I think that Vladimir Putin would continue to march through Europe if he were allowed. I think he might go to the Balkans next. I think he might have a showdown with Poland or one of our NATO allies,’ he told reporters. ‘To put it bluntly, I would rather send bullets to Ukraine than American boys,’ he said.

But his support for foreign aid, particularly Ukraine, is also threatening to cut short his tenure as House speaker. Greene filed a resolution for a House-wide vote to oust Johnson, known as a motion to vacate, last month in protest of his work with Democrats on government spending and foreign aid.

Two more House Republicans — Reps. Thomas Massie, R-Ky., and Paul Gosar, R-Ariz., formally backed her resolution this week.

‘[R]ather than spending the resources to secure our southern border and combating the invasion of 11 million illegals and despite repeated promises there would be no additional money going to Ukraine without first securing our border, the United States House of Representatives, under the direction of the Speaker, is on the verge of sending another $61 billion to further draw America into an endless and purposeless war in Ukraine,’ Gosar said in a statement on Friday. ‘I have added my name in support of the motion to vacate the Speaker. Our border cannot be an afterthought.’

Greene told reporters on Saturday after the vote, ‘This is the third betrayal of Mike Johnson,’ citing his earlier government funding agreement and renewal of a key government surveillance tool.

She then added, ‘And then he did this bulls–t in here on the House floor, a foreign war package that does nothing for America. It’s unbelievable. I’m thankful that America gets to see who this man is.’

Meanwhile, Rep. Don Bacon, R-Neb., conceded that Johnson could ‘maybe’ lose his job over pushing his foreign aid package over the line but praised the speaker for doing ‘the right thing’ despite the risk.

‘We…had intelligence that if we didn’t get this done soon, Ukraine was in a bad situation,’ Bacon said.

House leaders do not have to put Greene’s resolution up for a vote unless she files it as ‘privileged,’ at which point it’s required that lawmakers act on it within two legislative days. Greene did not indicate when she might do that.

Several Democrats, however, have indicated that they were open to helping save Johnson’s job if he put the Ukraine aid bill on the House floor.

The bill with roughly $8 billion for the Indo-Pacific overwhelmingly passed 385 to 34 earlier on Saturday.

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The House of Representatives showed overwhelming bipartisan support for a $26 billion foreign aid bill providing funding for Israel and humanitarian aid to Gaza.

The bill predictably polarized the most right and left-wing members of Congress; the former are furious over the $9 billion in aid aimed at the State Department for civilians in Gaza, while the latter are opposed to more lethal aid to Israel. 

The measure passed 366 to 58, and the chamber broke into applause after the bill passed.

In a win for the House GOP’s razor-thin majority, the bill also prohibits funding from going toward the United Nations Relief and Works Agency (UNRWA), a Palestinian refugee agency alleged to have ties to Hamas.

The bill’s passage is a resounding victory for Speaker Mike Johnson, R-La., as he navigates an exceptionally fractured political environment. It’s part of a wider set of bills, totaling roughly $95 billion in foreign aid, that Johnson put on the House floor Saturday. The slate of bills also included aid for Ukraine and the Indo-Pacific as well as a fourth bill containing various national security priorities.

The vote comes as tensions in the Middle East escalate dramatically, particularly between Israel and Iran as Israel fights a war on the Palestinian terror group Hamas. 

Israel carried out limited strikes against Iran on Friday in retaliation for a barrage of airstrikes Tehran fired on Israel, the first such direct attack from the Islamic fundamentalist government. No large-scale damage or casualties were reported in either incident.

The issue of Israel has also been a divisive one for Democrats, as a growing faction of left-wing lawmakers criticize Israel’s invasion in response to Hamas’ Oct. 7 attack. 

Republicans, for the most part, have been united in backing Israel and its conservative government led by Prime Minister Benjamin Netanyahu. Johnson has put two previous Israel funding bills on the House floor, one that offset the funding with cuts to the IRS, and one which provided the funding without any strings attached. Neither was taken up by the Senate.

This time, however, fiscal conservatives decried the lack of offsets and funding for Gaza.

‘I will always stand with our greatest ally in the Middle East, Israel. But I rise today to express my serious concerns with a very flawed supplemental. In November, I supported the first security supplemental for Israel, which was financially paid for and would have provided weapons and equipment for Israel’s fight against Hamas. The cost was offset by rescinding Democrats unprecedented expansion of the IRS. Today, we are considering a vastly different bill, one that is all borrowing another 26 billion of debt with no rescission,’ House Freedom Caucus member Rep. Andrew Clyde, R-Ga., said during debate on the bill.

‘The legislation also contains 400 million for FEMA, which has nothing to do with supporting Israel, and over $9 billion for humanitarian aid in…Gaza and the West Bank.’

Clyde cited a Heritage Foundation report that said Hamas and other terror groups controlled the flow of all international humanitarian aid operating in Gaza.

‘It is therefore highly likely U.S. taxpayer-funded humanitarian aid to Gaza, including some of the aid in this bill, will again be diverted to support further Hamas attacks against Israel,’ he said.

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Whistleblower Edward Snowden called for President Joe Biden to veto the renewal of Section 702 of the Foreign Intelligence Surveillance Act (FISA) on Saturday after the Senate voted to pass the re-authorization on Friday. 

‘The House has voted to approve unconstitutional, warrantless searches of Americans’ communications,’ Snowden wrote on X, formerly Twitter. ‘Now the Senate has too—late on Friday, after the media had gone home. Only the President can stop it from becoming law, and he won’t—because he’s the one that asked for it.’

Snowden’s statements come after the upper chamber voted 60-34 to pass the re-authorization. Section 702 serves as a critical tool used by the government to gather intelligence on foreign subjects using the compelled assistance of electronic communication service providers. 

The measure is now headed to Biden’s desk for his signature. 

Attorney General Merrick Garland issued a statement following the vote, calling Section 702 ‘indispensable to the Justice Department’s work to protect the American people from terrorist, nation-state, cyber, and other threats.’ 

‘In today’s heightened global threat environment, the Justice Department will continue to use Section 702 to ensure that our efforts to keep our country safe are informed by the most valuable and timely intelligence, as we continue to uphold our commitment to protect the rights of all Americans,’ Garland said in the statement. 

The provision lapsed for less than an hour at midnight on Friday. Had the provision expired, companies would not have been forced to comply with government requests for surveillance aid under the bill. The government would then be required to obtain a warrant to compel any such assistance from companies.

Bipartisan coalitions have grown on both sides of Section 702 renewal, with some arguing that the provision is a vital national security necessity, and others expressing concern over its violations of constitutional protections.

Amendments proposed by Sens. Rand Paul, R-Ky., Roger Marshall, R-Kan., Ron Wyden, D-Ore., Josh Hawley, R-Mo., Mike Lee, R-Utah, and Senate Majority Whip Dick Durbin, D-Ill., were voted on prior to the bill’s final consideration. 

‘We cannot continue sacrificing our freedoms in the name of security. Rather than reining in FISA overreach, RISAA expands it dramatically,’ Paul said before voting on his amendments commenced. ‘I urge my colleagues to support meaningful reforms that protect both national security and civil liberties.’

Sen. Mark Warner, D-Va., spoke out against the consideration of the amendments given the short deadline. None of the amendments secured enough votes, however, and were not added to the bill as a result. 

The House of Representatives voted to pass the bill earlier this month, placing Speaker Mike Johnson in a tough spot between privacy and national security hawks within his conference. 

Fox News’ Julia Johnson and Elizabeth Elkind contributed to this report. 

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The Biden administration could announce sanctions against an Israel Defense Forces (IDF) battalion for alleged human rights violations in the West Bank before the Oct. 7 attack on Israel by Hamas-led terrorists, according to reports.

Axios reported that U.S. Secretary of State Antony Blinken could announce the sanctions against IDF battalion ‘Netzah Yehuda’ within days, marking the first time the U.S. will have placed sanctions on military units operated by Israel.

If sanctions are imposed, the battalion and its members would no longer receive any type of training or assistance from the U.S. military, sources reportedly told the publication.

The U.S. is prohibited under the Leahy Law, from providing any sort of foreign aid or defense department training to countries responsible for alleged human rights violations based on credible information.

Fox News Digital reached out to the U.S. State Department and White House but did not immediately hear back.

While speaking to reporters on Friday, Blinken was asked about Israel’s violations of human rights in the West Bank and recommendations made by his department to cut military aid to certain Israeli units.

Blinken started by saying the Leahy Law was important and applied across the board.

‘When we’re doing these investigations, these inquiries, it’s something that takes time, that has to be done very carefully both in collecting the facts and analyzing them – and that’s exactly what we’ve done,’ he said. ‘And I think it’s fair to say that you’ll see results very soon. I’ve made determinations; you can expect to see them in the days ahead.’

On Friday, the U.S. imposed sanctions on an ally of Israel’s national security minister and two entities that raised money for Israeli men who allegedly committed settler violence. The new sanctions came in addition to others placed on five settlers and two unauthorized outposts earlier this year. The increased sanctions also show growing frustration of Israeli Prime Minister Benjamin Netanyahu by the U.S.

Friday’s sanctions will reportedly freeze U.S. assets held by those targeted while also barring Americans from dealing with them.

Right-wing members of Netanyahu’s governing coalition that is pushing to expand Jewish settlements along with the annexation of the West Bank are reportedly upset with the Biden administration for making moves against the Israeli settlers.

Also adding fuel to the fire is the tension between Israel and Washington caused by the latter urging Israel to restrain themselves from attacking Iran.

One of the individuals sanctioned by the U.S. was Ben-Zion Gopstein, the founder and leader of the right-wing group Lehava. The group does not support Jewish assimilation with non-Jews and has about 5,000 members.

‘Under Gopstein’s leadership, Lehava and its members have been involved in acts or threats of violence against Palestinians, often targeting sensitive or volatile areas,’ State Department spokesperson Matthew Miller said in a statement obtained by Reuters.

Miller warned that additional steps would be taken if Israel does not act to prevent extremist attacks as violence continues to escalate in the West Bank.

The European Union also agreed to impose sanctions against Lehava and other groups.

But the U.S. is not just targeting Israel. In fact, last week, White House National Security Advisor Jake Sullivan announced sanctions would be placed against Iran after its regime attacked Israel last Saturday.

The sanctions were announced as Republicans criticized the Biden administration for not being tough enough on Iran, pointing to a waiver extended by the White House in November 2023 that released $10 billion of previously escrowed funds to Iran.

Sullivan said that the actions the U.S. is taking will ‘continue a steady drumbeat of pressure to contain and degrade Iran’s military capacity and effectiveness and confront the full range of its problematic behaviors.’

‘Over the last three years, in addition to missile and drone-related sanctions, the United States has sanctioned over 600 individuals and entities connected to terrorism, terrorist financing and other forms of illicit trade, horrific human rights abuses, and support for proxy terrorist groups, including Hamas, Hezbollah, the Houthis, and Kataib Hezbollah,’ the statement added.

‘The pressure will continue. We will not hesitate to continue to take action, in coordination with allies and partners around the world, and with Congress, to hold the Iranian government accountable for its malicious and destabilizing actions.’

Fox News Digital’s Andrea Vacchiano and Reuters contributed to this report.

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In the truncated week, the markets largely wore a corrective look as the key indices lost ground during the week. In the previous technical note, it was mentioned that on the one hand, no runaway moves should be expected, and on the other hand the support for Nifty exists much below at 20-week MA. The markets ended up trading precisely on the expected lines. Not only they did not move higher but also ended up testing the mentioned support level. The trading range got wider as the Nifty oscillated in a 649.80-point range during the truncated week. The volatility spiked; India Vix surged by 16.69% to 13.46. The headline index Nifty closed the week with a net weekly loss of 372.40 points (-1.65%).

From a technical perspective, the markets have dragged their resistance points lower. While the high point of 22775 has become an intermediate top for the Nifty, the immediate resistance has been dragged lower to 22427 which is the high of the previous week. On the other hand, the 20-week MA which is placed at 21921 can be considered immediate support on a closing basis. The 100-DMA also falls in the close vicinity; it currently stands at 21729. Over the coming days, we can largely expect the Nifty to remain in a broad trading range with 22450-22500 working as strong resistance points.

The coming week will likely see a stable start with the levels of 22450 and 22700 acting as potential resistance points. The supports come in at 22000 and 21780.

The weekly RSI is at 61.78; it has marked a new 14-period low which is bearish. It however stays neutral and does not show any divergence against the price. The weekly MACD is bearish and trades below its signal line.

The pattern analysis of the weekly chart shows that the last phase of the upmove on Nifty had come with a strong bearish divergence of the RSI against the price. While the Index moved higher forming higher highs, the RSI was seen forming lower tops which led to the emergence of the bearish divergence.

All in all, the coming week may see some continued technical pullback; however, at the same time, the markets continue to remain prone to face selling pressure at a higher level. It is also likely that apart from short-covering led bounces in the markets, it largely continues to display a risk-off sentiment. This could lead to defensive pockets like IT, Pharma, FMCG, etc., trying and display a better relative strength. Overall, it is strongly recommended that one must curtail leveraged exposures. While staying extremely selective, a highly cautious approach is advised for the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show that the Consumption Index has rolled inside the leading quadrant. The Nifty Auto and Metal sectors are firmly placed inside the leading quadrant. Besides this, the Pharma and PSU Bank indices are also placed inside the leading quadrant but they are seen giving up sharply on their relative momentum. These groups are likely to relatively outperform the broader markets.

The Nifty Infrastructure and Commodities have rolled inside the weakening quadrant. The Nifty Energy, Midcap 100, PSE, and Realty Indices are also inside the weakening quadrant.

The Nifty IT and Media groups continue to languish inside the lagging quadrant. The Nifty FMCG index is also inside the lagging quadrant but it is seen improving on its relative momentum.

The Nifty Services Sector Index has rolled inside the improving quadrant. The Financial Services Sector Index and Banknifty are also inside the improving quadrant and may see improving relative strength over the coming days.

Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

The United Auto Workers said late Friday that Volkswagen employees in Chattanooga, Tennessee, have overwhelmingly voted to join the union — marking a major milestone for the labor organization and its first successful organizing drive of an automaker outside of Detroit’s Big Three.

Union organizing passed with 73% of the vote, or 2,628 workers, in support for the UAW, according to the National Labor Relations Board, which oversaw the election. A total of roughly 3,620, or about 84%, of the 4,326 eligible VW workers voted in the election, the NLRB said. Seven ballots were challenged and three were voided.

“In a historic victory, an overwhelming majority of Volkswagen workers in Chattanooga, Tennessee, have voted to join the UAW,” the union said in a release Friday night before official results were released by the National Labor Relations Board, or NLRB. “While votes continue to be tallied, the outcome is clear: Volkswagen workers in Chattanooga are the first Southern autoworkers outside of the Big Three to win their union.”

The NLRB still must certify the result, but barring any unexpected issues or challenges, the company is required to bargain in good faith with the union. The talks can be direct or go first through a mediator.

The sides have five business days to file objections to the election, according to the NLRB. If no objections are filed, the result will be certified.

Volkswagen confirmed the UAW’s win in a release Friday night but offered little additional comment.

“We will await certification of the results by the NLRB,” the company said. “Volkswagen thanks its Chattanooga workers for voting in this election.”

UAW leaders and supporters are expected to use the win as a launching point for the union’s unprecedented organizing campaign of 13 automakers in the U.S. following major contract wins last year with General Motors, Ford Motor and Chrysler parent Stellantis.

President Joe Biden, who has heavily supported organized labor and the UAW, congratulated the union on its “historic vote.”

“Across the country, union members have logged major wins and large raises, including auto workers, actors, port workers, Teamsters, writers, warehouse and health care workers, and more. Together, these union wins have helped raise wages and demonstrate once again that the middle-class built America and that unions are still building and expanding the middle class for all workers,” Biden said in a statement.

UAW President Shawn Fain and others saw this week’s vote as the union’s best shot at organizing the Volkswagen plant following the strikes and record contracts at the Detroit automakers. Those agreements included significant wage increase, reinstatement of cost-of-living adjustments and other benefits.

The successful organizing drive comes days after six Republican governors of Southern states, including Tennessee Gov. Bill Lee, released a joint statement condemning the UAW’s push to organize in their states.

“We have worked tirelessly on behalf of our constituents to bring good-paying jobs to our states. These jobs have become part of the fabric of the automotive manufacturing industry. Unionization would certainly put our states’ jobs in jeopardy — in fact, in this year already, all of the UAW automakers have announced layoffs,” the statement said.

The UAW previously failed to organize the Volkswagen plant in 2014 and 2019 as it faced greater outside political pressure and worker opposition. Workers rejected union membership by just 833 to 776 votes five years ago.

The union will now set its sights on negotiating with VW. It will also look to an anticipated organizing vote of Mercedes-Benz workers at an SUV plant in Vance, Alabama.

Workers at the facility earlier this month filed NLRB paperwork for a formal election to join the UAW. The vote for 5,200 workers will occur from May 13 through May 17, the NLRB announced Thursday.

“The first thing you need to do to win is to believe that you can win,” Fain told Mercedes-Benz workers last month. “That this job can be better. That your life can be better. And that those things are worth fighting for. That is why we stand up. That’s why you’re here today. Because deep down, you believe it’s possible.”

Fain previously vowed to move beyond the Big Three and expand to the “Big Five or Big Six” by the time its four-and-a-half-year contracts with the Detroit automakers expire in 2028.

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Trump Media is making a point of telling its shareholders how to prevent their stock from being loaned to short sellers — who bet the price of the shares will drop.

The short-selling-prevention tips posted Wednesday on Trump Media’s website come as its DJT stock has sharply fallen in price since it began being public trading on March 26 — and as short sellers have taken a keen interest in the owner of the Truth Social app despite relatively high fees to finance such trades.

Trump Media’s share price rose sharply on Wednesday, by more than 15%, its closing price of $26.40 was still a whopping 63% lower than the price it opened at on March 26.

The stock slumped by 20% last week alone, and then plummeted by more than 18% on Monday and another more than 14% on Tuesday.

The share price Wednesday was nearly 46% lower than its closing price on April 1, the same day Trump Media disclosed it had booked a $58 million loss for 2023, with just $4.1 million in revenue for that year.

Former President Donald Trump is by far the biggest shareholder in Trump Media, owning nearly 60% of its shares. And his 78.75 million shares could soon grow by 36 million shares if DJT’s price stays above $17 per share in the coming days due to an earnout provision in the merger deal that took the company public.

But Trump, who is the presumptive Republican presidential nominee, and Trump Media since late March seen billions of dollars in share value evaporate from share price declines.

On Wednesday, following two straight days of sharp price drops, the company included a supplement to its frequently asked questions list on its website, which it detailed in an 8-K filing on Thursday morning with the Securities and Exchange Commission.

The supplement offers detailed instructions to shareholders on: ” How do I prevent my shares from being loaned for a short interest position?”

Short selling is the practice of borrowing shares of a company’s stock, and then quickly selling those shares for a certain amount of money. The short seller then waits, hoping that the share price will drop over some period of time, so that they can then repurchase the same number of shares and give them back to the lender, pocketing the difference between what they first sold the shares for as profit after paying brokers’ fees.

“For long-term shareholders who believe in the Company’s future, the Company is highlighting the following actions you can take with your brokerage firm to prevent the lending of your shares for short selling,” Trump Media said in its supplement to its FAQ Wednesday.

The tips include holding DJT shares in a cash account at a brokerage firm as opposed to a margin account, “opting out of any securities lending program,” moving Trump Media shares to the company’s designated transfer agent, and transferring shares to a bank and “holding them in your retirement account.”

The instructions include a helpful form letter that shareholder can send to their brokers.

The letter says: “Please accept this written instruction to make sure that the following securities are held in my cash account only and accordingly are not available for any stock loan activities.”

“I hereby expressly opt-out of any securities lending programs and instruct you to not loan out any of my shares,” the letter says, before a section that the sender can fill out with their number of shares.

A spokeswoman for Trump Media did not immediately respond to a request for comment on the new instructions regarding preventing short selling.

Short selling is particularly risky because it is markedly different than a “long position” in a stock — in which a person can only lose the amount of money they paid for shares if their price falls to zero.

In contrast, a short position in a stock can in theory see its price rise without stopping, leaving the short seller responsible for paying exponentially more money to buy back the shares to return to the lender.

Trump Media in its update FAQ nodded to that risk in noting that brokerage firms loan shares “to sophisticated and institutional investors” to do short sales. Brokers often insist that customers who do short sales with them are experienced investors, and have sufficient cash or collateral on hand that can insure that if the short trade goes bad they can cover their losses.

Trump Media also pointed out that lending shares to short sellers can earn brokerage firms “an alternative source of revenue.”

“If the price of the stock in fact decreases, then the brokerage firm and the sophisticated and institutional investors will have made a profit, while the ultimate retail investor has not,” Trump Media told its shareholders.”

Only about 5 million shares of DJT have been available to short out of more than 136 million company shares. And much of the 5 million shares were already locked up in short positions earlier this month.

But Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, told CNBC in early April, “What I’m hearing on the Street is that if [an amount] of stock becomes available, shorts are taking it down.”

This post appeared first on NBC NEWS

Car insurance costs are pretty brutal at the moment — they’re up more than 22% since this time last year. There’s plenty you can do to lower your bill, but some of the best advice out there still requires a certain amount of upfront cash.

For example, paying your annual premium all in one go could eliminate the extra fees some insurers charge customers for paying month by month. But that may not be an option if your budget is tight and your premium has surged.

Insurers have been playing catch-up since the pandemic, said Stephen Crewdson, senior director of insurance intelligence at J.D. Power. They were late to raise rates when auto prices were ticking up, and now their hikes are setting in even as vehicle prices cool. Nearly 14% of consumers reported shopping for new insurance last month, a recent J.D. Power survey found — the highest monthly rate since it started tracking the figure in 2020.

“We should hopefully see these premium increases taper off as time goes by,” Crewdson said.

In the meantime, there are still some ways to lower your bill this year. Here’s where to start.

Auto insurance customers this year are “gonna have to be more aggressive” to find savings, said Lee Baker, an Atlanta-based financial planner and founder of Apex Financial. “You might need to cast a wider net.”

That means checking all the discounts on offer, starting with your current carrier. From military discounts to bundling opportunities, policyholders often leave money on the table simply by not picking up the phone. When J.D. Power surveys consumers, it finds many aren’t fully aware what savings are out there, Crewdson said.

Your benefits package, at least for large employers — there’s a lot of little nuggets in there that people gloss over.

Preston Cherry, founder of Concurrent Financial Planning

“Ask somebody at your insurer. If you have an agent, ask your agent,” he said. “If you don’t have an agent, call in to the insurer, visit the website, look at the app and look at what discounts they offer.”

Experts also suggest considering the organizations in your orbit. Many professional and trade associations, alumni groups and even fraternity and sorority associations often negotiate discounts with insurers.

But your employer may be the best place to start hunting for perks. 

“Your benefits package, at least for large employers — there’s a lot of little nuggets in there that people gloss over,” said Preston Cherry, founder of Concurrent Financial Planning in Green Bay, Wisconsin.

While employers typically work with only a single insurer and any discounts probably won’t be drastic, experts said, they can help you start chipping away at your monthly costs.

Financial experts say this is one of the easiest strategies. Many insurance companies offer considerable savings when policyholders complete defensive driving courses — most of which are online — from organizations such as the National Safety Council or Defensive Driving by IMPROV.

“I always recommend taking defensive driving every year,” said Cherry. “The discount is worth it.”

Carriers in at least 34 states and Washington, D.C., typically offer discounts of up to 10% for course completion, according to I Drive Safely, a defensive driving course proctor.

Many carriers also offer their own programs for good driving behavior — though some require agreeing to a measure of surveillance. Progressive’s Snapshot, for example, offers policyholders a mobile app or a plug-in device for their vehicles that track, among other things, your braking patterns and the times of day you get behind the wheel, then use that information to determine your discount eligibility.

One caveat: Risky behavior can trigger a higher rate when it’s time to renew your policy, said Jude Boudreaux, a certified financial planner and partner at the Planning Center in New Orleans. But “if you’re trying to drive pretty conservatively and around town, using those can be a way to save some additional costs,” he said.

For those who work remotely or don’t drive much, Boudreaux also suggests pay-per-mile plans. These also rely on mileage- and behavior-tracking devices that may entail privacy trade-offs but could be a boon for some. Nationwide’s SmartMiles program, for example, offers a low base rate plus a variable one that depends on mileage. And for periodic longer road trips, it counts only the first 250 miles per day.

For consumers with kids who drive or are about to start, there’s a lot to consider that can affect your bill.

While it’s generally cheaper to add a teen driver to an existing policy or bundle than it is to buy a new one, repeated infractions (tickets, fender benders) can drive up your household’s costs, so weigh the trade-offs carefully.

“Sometimes bringing them inside the bundled package works, sometimes not,” said Cherry. “That’s always a tricky one.”

He advises starting any young drivers in your family on an inexpensive or mostly paid-off car. Since it has become more expensive to repair vehicles lately, consider how much cash you’re willing to risk on your kid’s behalf.

“It’s really trying to save costs by placing them in a vehicle that’s not much to insure and counterbalances their inexperience risk level to insure,” Cherry said.

Baker said academic achievements can also help trim your insurance costs. Many carriers offer “good student” discounts, typically for high-school or college students under age 25. Maintaining a B average or performing well on the SAT or ACT could net substantial savings. State Farm, for example, offers up to 30% off for high marks.

“There’s no guarantee that a student with good grades won’t get behind the wheel and do something crazy,” Baker conceded, but insurers are betting — for better or worse — that “if they’re doing right in school, they’re probably less risky.”

Sometimes savings are staring up at you from your current insurance plan, experts said. 

Check your policy for redundancies and areas of overlap, said Cherry. For example, if you pay for AAA roadside assistance, you may be able to shave similar coverage off your auto insurance policy. Some newer cars already include some form of roadside assistance, he added.

A common tactic for lowering monthly premiums is to choose a policy with a higher deductible. Marcus Miller, a Jacksonville, Fla.-based financial planner at Mainstay Capital, urged caution here. Some clients, he said, “go in and just start slashing” line items from their policies and end up underinsured.

Instead, it’s smart to first build up an emergency fund for a potentially high deductible — and then make the switch, he advised.

Customers “could reasonably increase their deductible, as long as they have that cash set aside,” Miller said. “That will reduce their premium.”

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