Gold prices tally a gain for the session, end nearly 1% higher for the week
Gold futures climbed on Friday, contributing to a gain of nearly 1% for the week as remarks from Federal Reserve Chairman Jerome Powell this week fed expectations for an interest-rate cut later this month. "There’s no doubt that gold has been in over-bought territory over the past couple of weeks, which has been worrying," said Brien Lundin, editor of Gold Newsletter. However, "there are two ways to rectify this situation: through a price correction, or simply spending time in the current range. Gold is doing the latter right now," he said. August gold GCQ19, +0.79% rose $5.50, or 0.4%, to settle at $1,412.20 on Comex, gaining roughly 0.9% for the week, FactSet data show. Prices have held ground above $1,400 each session since they settled at a more than six-year high at $1,420.90 on July 3.
House approves bill to ensure 9/11 victims fund never runs out of money
- Lawmakers in the House of Representatives approved a measure to ensure a victims compensation fund for the September 11 attacks never runs out of money.
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WASHINGTON (AP) — The House has overwhelmingly approved a bill ensuring that a victims compensation fund for the Sept. 11 attacks never runs out of money.
The 402-12 vote Friday sends the bill to the Senate, where Majority Leader Mitch McConnell has agreed to call it up before the August recess.
Lawmakers from both parties hailed the House vote, which comes a month after comedian Jon Stewart sharply criticized Congress for failing to act.
Stewart, a longtime advocate for 9/11 responders, told lawmakers they were showing “disrespect” to first responders now suffering from respiratory ailments and other illnesses as a result of their recovery work at the former World Trade Center site in New York City.
Stewart said Friday that replenishing the victims fund was “necessary, urgent and morally right.”
Gulf of Mexico oil and natural-gas production sees further declines due to Tropical Storm Barry
Oil production in the Gulf of Mexico saw further declines on Friday, with Tropical Storm Barry expected to become a hurricane when it reaches the Louisiana coast on Saturday. A total of 257 production platforms, or 38% of the manned platforms in the region have been evacuated, the Bureau of Safety and Environmental Enforcement said Friday. Nearly 59% of Gulf oil production and almost 49% of natural-gas production have been shut in, the BSEE said. August West Texas Intermediate oilCLQ19, +0.08% traded flat at $60.20 a barrel, but was on track for a weekly rise of 4.7%. August natural gas NGQ19, +1.45% added 5.1 cents, or 2.1%, to $2.467 per million British thermal units.
NRA Gets Subpoenas From D.C. Attorney General To Hand Over Financial Records
The National Rifle Association is inching closer to the possibility of losing its tax-exempt status after D.C.’s attorney general issued subpoenas Friday demanding financial records from the organization.
The subpoenas, issued by the office of Washington, D.C., Attorney General Karl Racine, seek documents from the NRA and its foundation, the latter of which is chartered in D.C., The Washington Post reported.
“We are seeking documents from these two nonprofits detailing, among other things, their financial records, payments to vendors, and payments to officers and directors,” Racine said in a statement.
In a statement to HuffPost, NRA attorney William Brewer III said the group will “cooperate with any appropriate inquiry into its finances.”
“The NRA has full confidence in its accounting practices and commitment to good governance,” Brewer said.
The New York attorney general’s office opened its own investigation of the NRA in April after a report from The Trace revealed financial mismanagement in the group that apparently allowed top vendors and executives to receive hundreds of millions of dollars in payouts.
In the past year, the gun group has been involved in a messy, failed coup attempt that saw the ousting of top leadership, along with infighting that has pitted the NRA against its longtime advertising firm, Ackerman McQueen. In June, NRATV, the gun group’s propaganda arm, was shut down amid mounting legal fees.
Anheuser-Busch InBev calls off Asia unit IPO
Anheuser-Busch InBev SA called off what would have been the largest initial public offering of the year, saying it wouldn’t proceed with the nearly $10 billion listing of its Asian business because of "prevailing market conditions."
The Hong Kong IPO of the unit, which sells beers such as Budweiser, Stella Artois, Corona and Hoegaarden, had originally aimed to raise between $8.3 billion and $9.8 billion. On Thursday, the unit had guided investors to expect it would price in the lower half of a previously indicated range, people familiar with the matter said.
AB InBev Friday said it would "closely monitor market conditions" while it evaluates its options.
This would have been the third-largest withdrawn IPO on record, according to Dealogic. It would have ranked behind the attempted $10.1 billion listing of Spanish lottery giant Sociedad Estatal de Loterias y Apuestas del Estado SA in 2011 and insurer AIA Group’s first effort to go public in Hong Kong, in 2009, when it sought to raise $10 billion.
The company could try to list again in Hong Kong, or on another exchange, though it would need to resubmit new listing documents with more up-to-date financial data.
For now, however, shelving the fundraising could make it harder for the unit to pursue regional deals, and for the parent to cut its huge debt pile, which stood at more than $100 billion at the end of last year after a string of acquisitions.