Federal Budget Deficit Projected to Top $1 Trillion in 2020

Federal Budget Deficit Projected to Top $1 Trillion in 2020 Photo The government’s mounting debt has seemed of little consequence on Capitol Hill in recent months as Republicans in Congress successfully worked to pass a sweeping package of tax cuts. Credit Tom Brenner/The New York Times WASHINGTON — The federal government’s annual budget deficit is set to widen significantly in the next few years, topping $1 trillion in 2020 despite healthy economic growth, according to new projections from the nonpartisan Congressional Budget Office.
The national debt, which has topped $21 trillion, is expected to soar to more than $33 trillion in 2028. By then, debt held by the public will almost match the size of the nation’s economy, reaching 96 percent of gross domestic product, a higher level than any point since just after World War II and well past the level that economists say could court a crisis.
The new C.B.O. projection is the first since President Trump signed a tax cut that is expected t..

Zuckerberg to Tell Congress Facebook Made ‘Big Mistake’ on Multiple Fronts

Zuckerberg to Tell Congress Facebook Made ‘Big Mistake’ on Multiple Fronts Photo Mark Zuckerberg, Facebook’s chief executive, is expected to tell Congress that “it will take some time to work through all of the changes we need to make,” according to a copy of his testimony. Credit Jeff Roberson/Associated Press When he goes before Congress this week, Mark Zuckerberg, Facebook’s chief executive, will issue a broad apology for letting the website be used as a conduit for fake news, election meddling by foreign entities, hate speech and privacy abuses, according to a copy of his testimony released on Monday.
“We didn’t take a broad enough view of our responsibility, and that was a big mistake,” Mr. Zuckerberg said in comments published by the House Committee on Energy and Commerce. “It was my mistake, and I’m sorry. I started Facebook, I run it, and I’m responsible for what happens here.”
Facebook is entering a week of intense scrutiny in Washington, with Mr. Zuckerberg scheduled to testi..

Russia stock market crashes 11% after US imposes sanctions on oligarchs linked to Kremlin

Aluminium giant Rusal, which is controlled by Oleg Deripaska, halved in value on Monday
Russia’s main share index crashed 11 per cent on Monday after the US imposed new sanctions on oligarchs and companies linked to Vladimir Putin.
Aluminium giant Rusal, which is controlled by Oleg Deripaska, halved in value on the Hong Kong stock exchange on Monday, while EN+, a holding company also owned by Mr Deripaska crashed by 40 per cent.
The aluminium tycoon has close ties to Donald Trump’s former campaign manager Paul Manafort as well as Mr Putin.
Read more Russia warns UK it is 'playing with fire and will be sorry' Just two companies on Russia’s moex stock market were in positive territory on Monday. The widespread falls came as investors reacted to news that Washington had extended sanctions on Friday to seven oligarchs and 12 companies controlled by them, as well as 17 Russian government officials.
Alexei Miller, director of state-owned Gazprom, is on the list, as is Kiri..

Adelaide Journal: Elon Musk Likes it Here. Will Other Tech Innovators Follow?

Elon Musk Likes it Here. Will Other Tech Innovators Follow? ADELAIDE, Australia — Tom Hajdu, a globe-trotting entrepreneur with a Ph.D. in music from Princeton, parked his Toyota Camry and walked us toward a former Mitsubishi auto factory that shut down a decade ago.
It has recently been reopened with high-speed broadband, Ping-Pong tables and room for hip start-up companies. Under the old industrial roof, the message was clear: This working-class city is doing everything it can to recast itself as an innovation hub for South Australia and the world.
“There’s a corps of people here who will be driving into the innovation economy,” Mr. Hajdu said. “You get on the bus or you get out of the way.”
Adelaide is the understated capital of South Australia, a mostly rural depopulating state. Like so many rust belt cities worldwide, it is trying to recover from a manufacturing decline by hunting for innovation buzz — that glow of techno-progress that can propel a place from downbeat to in demand..

Carillion latest: More than 10,000 jobs now saved with 1,852 lost so far from contractor's collapse

The government said on Monday that more than 10,000 jobs have been saved in the wake of the Carillion collapse.
According to the UK’s Insolvency Service, 10,125 of Carillion’s pre-liquidation workforce have now found secure ongoing employment, following the transfer of 179 staff to new employers.
Read more Carillion finance directors to be investigated by accountancy watchdog “Regrettably 23 employees whose positions are no longer required as Carillion’s business transfers to new suppliers will leave the business later this week,” said a spokesperson for the Official Receiver.
“I am continuing to talk with potential purchasers for Carillion’s remaining contracts and will keep staff, elected employee representatives and unions to keep them informed as these arrangements are confirmed.”
The total number of roles saved so far represents around half the 20,000-strong workforce employed by Carillion at the time of its collapse in January.
Since then, 1,825 jobs have been made re..

Uber snaps up electric bike company Jump Bikes

The popularity of electric scooters and bikes pushes the ride-hailing firm into a new market
Uber is leaping into the bike-rental industry with the purchase of Jump Bikes, as chief executive Dara Khosrowshahi seeks out new growth areas with his first acquisition.
The ride-hailing giant agreed to pay more than $100m in cash and stock to buy the electric-bicycle provider, a person familiar with the matter said, asking not to be identified because the figure isn’t public.
Technology news site TechCrunch first reported acquisition talks. Uber declined to disclose the terms of the deal, which the companies unveiled in a joint statement Monday.
Read more Denmark demands former Uber drivers pay millions in unpaid taxes With the acquisition of Jump, Uber will now be in the business of owning and operating fleets of electric bikes. Dockless conveyances — electric scooters, traditional bicycles, electric bikes and mopeds — are becoming more prominent in San Francisco and other US cities. ..