a group of people sitting around a living room: President Donald Trump speaks to the press after talking to members of the military via teleconference from his Mar-a-Lago resort in Palm Beach, Florida, on Thanksgiving Day, November 22, 2018. MANDEL NGAN/AFP via Getty Images


© MANDEL NGAN/AFP via Getty Images
President Donald Trump speaks to the press after talking to members of the military via teleconference from his Mar-a-Lago resort in Palm Beach, Florida, on Thanksgiving Day, November 22, 2018. MANDEL NGAN/AFP via Getty Images

  • Individuals, foreign governments, and lobbyists are spending big at Trump’s resorts and hotels and gaining from his administration, a New York Times investigation found. 
  • It found that 60 individuals had spent $12 million in Trump’s businesses and, in some form, saw their interests advanced by his administration. 
  • Trump won the election in 2016 pledging to “drain the swamp,” but is profiting from favor-seekers patronizing his hotels and resorts. 
  • Visit Business Insider’s homepage for more stories.

More than 200 foreign governments, lobbying groups, and individuals spent money in President Donald Trump’s businesses and benefitted from his administration, a New York Times investigation found. 

It documents how foreign government officials, corporate executives, lobbyists, and attorneys patronized Trump businesses and were awarded lucrative federal contracts, ambassadorship, and appointments to federal task forces. Others secured legal changes. For some, the favor granted by the president was a tweet. 

According to the Times investigation, 60 individuals spent $12 million in Trump’s hotels and resorts, and “almost all saw their interests advanced, in some fashion, by the president or his government.” 

The Times based its report on interviews with 250 sources, including executives and lobbyists, members of his clubs and employees at his businesses, and former and current Trump administration officials. 

Individuals identified in the report told the Times that any advantages they had gained from the Trump administration were not linked to the patronage of his businesses. 

Trump won the presidency in 2016, pledging to “drain the swamp” of influence-peddling in Washington DC.

After winning the presidency, Trump stepped back from his business

Wednesday, 30th September 2020, 9:27 am

Updated Wednesday, 30th September 2020, 9:27 am
Travel operator Jet2 has launched a new travel insurance policy which includes cover for travellers if the Foreign, Commonwealth and Development Office (FCDO) changes the travel advice to their holiday destination (Photo: Shutterstock)

Travel operator Jet2 has launched a new travel insurance policy which includes cover for travellers if the Foreign, Commonwealth and Development Office (FCDO) changes the travel advice to their holiday destination.

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Although the company already has policies in place specific to Covid-19, this new addition will mean that holidaymakers are covered if new restrictions come in place.

Travel advice continuously changing

During the Covid-19 pandemic, the FCDO has been changing travel restrictions for different countries, in line with their own coronavirus infection rates.

In some cases, it has changed the advice for a specific country, advising against “all but essential travel” with less than 48 hours’ notice.

However, if this situation arises in the future then Jet2’s new FCDO cover means that travellers will be protected either before they travel or if they are already in the destination.

Jet2’s new travel policy

The new cover will automatically be included in all new Single Trip Travel Insurance policies to Europe, bought on or after 17 September 2020.

This cover will include up to £10 million in medical cover, £5,000 cancellation cover, and £2,000 baggage cover.

It will also be added free of charge to any existing single trip policies to Europe, which were bought between 9 April and 16 September 2020.

However, if you have a policy with Jet2 that doesn’t fall within those dates and you want the new FCDO cover, then you will need to buy a new

SHANGHAI (Reuters) – Chinese commercial banks have made rare cuts to their foreign currency deposit rates in recent weeks to reflect the easier monetary policies of overseas economies grappling with the fallout from the coronavirus pandemic.

The move is expected to encourage Chinese companies and households to covert their often large foreign currency holdings to yuan and dampen speculative purchases of foreign currencies, analysts said.

Bank of Communications <601328.SS> <3328.HK> said on Saturday that it was lowering interest rates on deposits below $3 million in certain foreign currencies.

The one-year dollar deposit rate at all of China’s “big five” state banks now stands at 0.35% which compares with levels of 0.75-0.8% previously, according to data from the lenders.

In contrast, the benchmark one-year yuan deposit rate is much higher at 1.5%. Long betting that the yuan would eventually depreciate, Chinese companies and households have heavily invested in foreign currency assets.

Chinese foreign currency deposits stood at $819.5 billion as of end-August, up $25.8 billion from the previous month, and marking the highest level since March 2018. But as overseas economies embark on aggressive monetary easing, cutting rates to zero or negative, foreign capital has flowed into China – the only major economy expected to show growth this year. As a result, the yuan

has appreciated more than 5% against the dollar since late May.
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(Reporting by Han Xiao, Winni Zhou and Andrew Galbraith; Editing by Edwina Gibbs)

Copyright 2020 Thomson Reuters.

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The yuan is closing out its strongest quarter against the dollar in more than a decade, boosted by optimism over China’s economic outlook and by the country’s comparatively high interest rates.

From the start of July through Friday’s close, the yuan has strengthened 3.7% against the dollar. That puts the yuan on track for its biggest quarterly gain since early 2008, FactSet data shows. The only other bigger quarterly gains on record are from the 1970s and 1980s, long before China began reforming its currency market in 1994.

China’s resilience, as the first country to suffer from the coronavirus and then bring it under control, has helped, said Jason Brady, president and chief executive of Thornburg Investment Management. “What we do see is a strong Chinese economy, which is part of what’s behind the strong renminbi,” he said, using another name for the currency.

Having returned to work, China is doing brisk business abroad. It reported stronger-than-expected growth in exports for August and a widening trade surplus with the U.S. Greater demand for China’s goods also increases demand for its currency.

This month the yuan rallied below 6.8 a dollar to hit its strongest levels since May 2019. It stood at close to 6.82 a dollar on Monday.

Meanwhile, Mr. Brady said he expected the dollar to stay broadly weak as the U.S. seeks to revive its economy with the help of ultralow interest rates, and with fiscal measures.

China’s central bank has been less dovish than major counterparts, and hasn’t cut any of its key policy rates since May. That has helped widen the gap between returns available on Chinese assets such as sovereign bonds, and those in other large economies.

With the yield on Chinese 10-year government bonds above 3%, the yield advantage over U.S. Treasurys has hit