Trump asks SEC to look into practicality of corp. reports

Trump asks SEC to look into practicality of corp. reports

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President Donald Trump says he’s asking federal regulators to look into the effectiveness of the quarterly financial reports that publicly traded companies are required to file.

In a tweet early Friday, Trump said that after speaking with “some of the world’s top business leaders,” he’s asked the U.S. Securities and Exchange Commission to determine whether shifting to a six-month reporting regimen would make more sense.

The SEC requires such companies to share profit, revenue and other figures publicly every three months.

Some believe that executives are making decisions based on short-term thinking to satisfy the market at the expense of the long-term viability of their companies.

There are also tremendous expenses tied to preparing quarterly and annual reports.

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Tesla shares fall as Musk says stress takes toll

Tesla shares fall as Musk says stress takes toll

The Latest on Tesla CEO Elon Musk (all times local):

9:35 a.m.

Tesla shares are falling as investors deal with another surprising development surrounding CEO Elon Musk.

Musk admitted in an interview with The New York Times that stress is taking a heavy toll on him. The company has been under pressure to increase production of its Model 3 sedan, and Musk said that he was working up to 120 hours a week and sometimes takes Ambien to get to sleep.

Musk raised a ruckus last week when he tweeted that he might take Tesla private. The tweet reportedly has spurred an investigation by securities regulators.

Tesla shares fell 3.6 percent to $323 in early trading.

Musk is known for odd behavior and controversial statements, but investors have stuck with him and driven Tesla to a higher market value than General Motors.

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4:00 a.m.

Electric car maker Tesla’s CEO Elon Musk has admitted in a wide-ranging interview with The New York Times that stress is taking a heavy toll in what he calls an “excruciating year.”

In the newspaper’s account of the interview, published Friday, Musk said he was working up to 120 hours a week and sometimes takes Ambien to get to sleep.

Musk stood by his tweet last week saying he might take Tesla private.

Reports say government regulators have subpoenaed Tesla as they dig deeper into his disclosure of the potential buyout.

The subpoena signals regulators are investigating if Musk was telling the truth in his tweet about have financing locked up for a deal that analysts have estimated would require $25 billion to $50 billion.

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14-year-old girl stabbed at high school assembly on 1st day of school

14-year-old girl stabbed at high school assembly on 1st day of school

A 14-year-old girl was allegedly stabbed by a fellow student at a high school assembly in Oklahoma, according to local officials.

The victim was stabbed repeatedly in the upper back, head, arm and wrist on Thursday while she was in the auditorium on the first day of school at Luther High School in Luther, near Oklahoma City, according to the Luther Fire Department.

“The Luther High School Staff did a great job with assisting the victim and keeping her calm,” the fire department said.

PHOTO: Police are investigating after a student was stabbed multiple times on the first day of school at Luther High School in Luther, Okla., Aug. 16, 2018.KOCO
Police are investigating after a student was stabbed multiple times on the first day of school at Luther High School in Luther, Okla., Aug. 16, 2018.
PHOTO: Police are investigating after a student was stabbed multiple times on the first day of school at Luther High School in Luther, Okla., Aug. 16, 2018.KOCO
Police are investigating after a student was stabbed multiple times on the first day of school at Luther High School in Luther, Okla., Aug. 16, 2018.

The girl, whose identity was not released, was taken to a hospital, where she is stable, Sgt. Tony Walker of the Luther Police Department told ABC News on Friday.

The unidentified suspect, a 14-year-old boy who is in ninth-grade, was immediately taken into custody and is being held at a juvenile facility, Walker said.

PHOTO: Police are investigating after a student was stabbed multiple times on the first day of school at Luther High School in Luther, Okla., Aug. 16, 2018.KOCO
Police are investigating after a student was stabbed multiple times on the first day of school at Luther High School in Luther, Okla., Aug. 16, 2018.

The motive is unknown, Walker said.

Luther Public Schools wrote on Facebook, “There was an incident at the High School Assembly this morning at the Auditorium. The situation is under control, all students are safe.”

The superintendent did not immediately respond to ABC News’ request for comment.

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University to remove name of Papa John’s founder name from building

University to remove name of Papa John’s founder name from building

Ball State University’s Board of Trustees voted to remove alumnus and Papa John’s founder John Schnatter’s name from a school building and return a multi-million dollar donation after backlash from his use of a racial slur, the school said in a statement.

The decision was a reversal for the board, which had previously stated Schnatter’s name would not be removed from the school’s building.

“The Board of Trustees strongly condemns racism, both implicit and explicit. Our condemnation extends to include John Schnatter’s comments that are the subject of controversy and have no place in our society,” the board said in a statement.

In this Wednesday, Oct. 18, 2017, file photo, Papa Johns founder and CEO John Schnatter attends a meeting in Louisville, Ky. Ball State University said its taking his name off a building.AP
In this Wednesday, Oct. 18, 2017, file photo, Papa John’s founder and CEO John Schnatter attends a meeting in Louisville, Ky. Ball State University said it’s taking his name off a building.

An 8-1 vote resulted in BSU removing Schnatter’s name from the Institute for Entrepreneurship and Free Enterprise building, and offering to return the grant donated by the John H. Schnatter foundation in 2016, according to the statement. The Schnatter foundation, along with the Charles Koch foundation, donated $3.25 million, according to a statement from BSU.

“The Board had hoped that the situation would provide a learning opportunity regarding race relations and critical thinking. We respect and appreciate that John desired to engage with our students and campus community and otherwise continue to be supportive of Ball State,” the board said in its statement.

In a statement from early August, BSU had defended Schnatter’s right to free speech:

“In our experience with John, he has never expressed racist views. He has demonstrated himself to be an individual who is very appreciative of his fortunate situation and cares deeply about creating an environment in which all enterprising individuals have the opportunity to succeed. Based on our current understanding of what transpired, John’s response to the current situation, and our experience with him, the Board will continue our support of the John H. Schnatter Institute for Entrepreneurship and Free Enterprise.”

Schnatter graduated from BSU in 1983 and was the school’s 2015 spring commencement speaker, according to a statement from BSU. He resigned as chairman of the board for Papa John’s in July after Forbes reported that he used the N-word during a May conference call. He now says stepping down was a “mistake.”

In early August, Purdue University announced it would be dropping Schnatter’s name from a school building and returning an $8 million donation to his family foundation.

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Survivor, shaken, describes plunge off bridge in Italy

Survivor, shaken, describes plunge off bridge in Italy

One survivor of the Genoa bridge collapse was in his car as it plunged 45 meters (150 feet) to the ground along with falling sections of highway and concrete. He says he immediately understood that the structure was collapsing.

“It came down, everything, the world came down,” said 33-year-old Davide Capello, a firefighter and soccer player who walked away traumatized but physically unharmed from Tuesday’s disaster.

Excavators on Friday began clearing large sections of the collapsed highway bridge in the Italian port city on the Mediterranean Sea, searching for people still missing three days after the deadly accident that Capello said ended with an “unreal silence.”

The search entered a new phase as heavy equipment removed a large vertical section, clearing a new area to probe. Rescuers have been tunneling through tons of jagged steel, concrete blocks and crushed vehicles that plunged to the ground when the bridge suddenly broke up Tuesday during a downpour.

“It is very difficult to estimate the duration of the … operations as we are going forward at a very slow pace and with a lot of caution,” said firefighter spokesman Stefano Zanut.

Officials say 38 people are confirmed killed and 15 were injured. Prosecutors say 10 to 20 people might still be unaccounted-for, so the death toll is expected to rise.

The first funerals were being held later Friday, ahead of a state funeral in Genoa on Saturday to be celebrated by Cardinal Angelo Bagnasco.

The collapse occurred about midday Tuesday a day before Italy‘s biggest summer holiday, when traffic was particularly busy on the 51-year-old span that links two highways — one leading to France, the other to Milan — from this northwestern port city.

Capello told The Associated Press on Friday that he was at the midpoint of the bridge wearing a seatbelt when it collapsed.

“I heard a noise, a dull noise. I saw the columns of the highway in front of me come down. A car in front of me disappeared into the darkness,” he said.

Capello’s car, a Volkswagen Tiguan, plunged nose first, then suddenly stopped with a crash, air bags releasing around him. He said he saw only gray, as dust covered the windows.

After coming to a halt, he used the touch screen phone in the car to call his colleagues at the Savona dispatch center, who sent help. He then called his girlfriend and his father, a retired firefighter, who told him to get out of the car immediately for fear the car would destabilize or something heavy would fall on top of it.

He said the car’s windows wouldn’t budge, nor would its doors. But part of the car’s rear end had blasted open in the fall, so he climbed out, locating his phone under a seat on the way.

Outside, he said, “there was an unreal silence.”

All around him he saw other cars that had been destroyed and piles of broken concrete and asphalt, but no signs of life. There were no calls for help. Then rescue workers arrived and helped him climb down from the rubble.

“I got out with my own legs. I don’t know if anyone else managed to,” he said. “I was saved by a miracle.”

Capello was released from the hospital Thursday, two days after the collapse. He said had no major injuries, not even scratches.

“The car protected me. Besides God, the car also did its job,” he said.

As the cleanup crews went about their work, authorities are worried about the stability of large remaining sections of the bridge that unites the city. That has prompted an evacuation order that forced about 630 people from nearby apartments, some practically in the shadow of the elevated highway.

Firefighters went inside some of the vacated apartments briefly to retrieve documents and, in at least one home, pet cats.

Officials are also urging the quick removal of tons of debris from the dry riverbed the bridge had spanned so the rubble doesn’t create a makeshift dam if heavy rains fall in the flood-prone city.

Debris also must be cleared from railroad tracks, a vital link especially now that Genoa is largely cut in half by the loss of such a key highway artery.

The loss of the highway means that traffic which would normally bypass the city must now pass through it. Regional officials are working on plans to claim a private industrial road for trucks, while offering free buses to help residents traverse the city more easily.

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Barry reported from Milan.

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This story has been corrected to give the confirmed death toll as 38.

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Midwest tornadoes reported as severe weather heads to Northeast

Midwest tornadoes reported as severe weather heads to Northeast

There were 75 damaging storm reports on Thursday, with tornadoes reported in Illinois, Kansas and Iowa.

Radar estimates showed more than 5 inches of rain fell just south of Tulsa, Oklahoma, over just a few hours, flooding streets and stalling cars.

Strong winds — with gusts of 60 to 70 mph — damaged parts of Kansas and Alabama, where a tent collapsed and injured a dozen folks. Trees were uprooted throughout the Plains and Midwest.

The storm system responsible for that is moving east this morning, nearing the Ohio Valley and Great Lakes.

Severe storms are making their way across the Midwest, heading east.ABC News
Severe storms are making their way across the Midwest, heading east.

Strong to severe storms are expected later this afternoon throughout the Northeast, from Pennsylvania all the way to Vermont. Damaging wind, hail and isolated tornadoes are all possible.

Severe storms are expected tonight in the Northeast.ABC News
Severe storms are expected tonight in the Northeast.

By Saturday, the cold front likely will make its way to the coast, continuing the threat of heavy rain and storms from Washington up to Boston.

Flash flooding is possible is several regions over the next 48 hours, with more than 3 inches possible locally.

Certain spots may see 3 inches of rain over the next 48 hours.ABC News
Certain spots may see 3 inches of rain over the next 48 hours.

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Officer and suspect each in critical condition after exchanging gunshots in Phoenix

Officer and suspect each in critical condition after exchanging gunshots in Phoenix

A Phoenix officer and a suspect accused of opening fire on that officer both were listed in critical condition Thursday night, police said.

Police have not identified the officer or the suspect.

The officer was attempting a traffic stop around 8 p.m. local time near the intersection of Cactus and Cave Creek roads when the suspect fired two shots, witnesses told police.

“I don’t know how many times he was shot,” a police spokesperson said, referring to the officer. “Don’t know anything about the suspect.”

The officer had been on the force for about a year, the spokesperson said.

“It’s one of those things that we say a lot — we don’t know what’s going to happen when you put on the uniform that night,” the spokesperson added. “You come to work, and you hope for the best.”

The officer was fired on after leaving his police cruiser to approach the suspect’s halted vehicle, Phoenix Police Chief Jeri Williams said later at the hospital.

“In my opinion, I believed he was ambushed,” Williams said. “The suspect is in surgery, and our officer is being watched.”

This is a developing story. Please check back for updates.

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US CEOs earned 312 times more than workers in 2017: Study

US CEOs earned 312 times more than workers in 2017: Study

CEOs at the 350 largest U.S. companies received 312 times as much in compensation as typical employees in 2017, according to a study released Thursday.

The average chief executive received $18.9 million last year, a 17.6 percent increase from 2016, as the wages of a typical worker rose just 0.3 percent, according to research by the Economic Policy Institute, a Washington-based think tank.

The highest CEO-to-worker pay ratio ever recorded is 344-to-1, in 2000.

In 1965, it was 20-to-1.

In 1989, it was 58-to-1.

Last year, it was 270-to-1.

“CEO compensation has grown far faster than stock prices or corporate profits,” EPI said in an online summary of the findings. “CEO compensation rose by 979 percent [based on stock options granted] or 1,070 percent [based on stock options realized] between 1978 and 2017.”

“CEO pay continues to be very, very high and has grown far faster in recent decades than typical worker pay,” the summary continued. “Higher CEO pay does not reflect correspondingly higher output or better firm performance. Exorbitant CEO pay therefore means that the fruits of economic growth are not going to ordinary workers.”

The median household income in the U.S. in 2016 was about $59,000, according to a U.S. Census report released last year.

EPI, according to its website, is “an independent, nonprofit think tank that researches the impact of economic trends and policies on working people in the United States.”

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Lara Trump offers Omarosa a $180K salary to rejoin campaign in new recording

Omarosa Manigault Newman, former reality television villain and White House official, released her latest secret recording –- this time, a conversation with Lara Trump about joining the Trump campaign.

In the conversation, which Manigault Newman said was made in the days after she was fired from the White House, the president’s campaign aide and daughter-in-law offered Manigault Newman $15,000 per month to have a public role in the campaign. The tape aligns with what Manigault Newman wrote about in her new tell-all memoir, “Unhinged.”

In the book she writes that the Trump campaign contract would have required her to sign a non-disclosure agreement, but she refused.

In an interview with MSNBC, Manigault Newman said she saw the offer as hush money.

“Absolutely,” Manigault Newman said.

On the recording, which has not been independently verified by ABC News, the younger Trump appears to suggest campaign concerns about Manigault Newman disparaging her former employers.

“It sounds a little like, obviously, that there are some things you’ve got in the back pocket to pull out. Clearly, if you come on board the campaign, like, we can’t have, we got to,” she continues.

Manigault Newman interrupts her to respond, “Oh, God no.”

“Everything, everybody positive, right?” Trump added.

Trump goes on, on the recording, to say that the money offered to Manigault Newman is public.

“All the money that we raise and that pays salaries is directly from donors, small-dollar donors for the most part,” Trump said on the tape.

“So, I know you, you were making 179 at the White House,” she said, referring to Manigault Newman’s $179,000 annual salary. “And I think we can work something out where we keep you right along those lines.”

“Specifically, let me see, I haven’t even added up the numbers,” Trump continued. “But we were talking about, like, 15K a month. Let me see what that adds up to. Times 12. Yeah. So that’s $180,000. Does that sound like, uh, a fair deal for you?”

The former reality star shared four excerpts from a recorded conversation with Trump’s daughter-in-law on MSNBC. The network said that their producers listened to the tape in its entirety to verify the context of the conversation.

Lara Trump responded in a statement calling the latest “bombshell tape” a “fraud.”

“From the beginning of my father-in-law’s campaign, Omarosa was welcomed into our family as a trusted friend and confidant. On the Women for Trump tour, including Omarosa, we formed a sisterhood bond that is unlike any I have experienced in my life. We toured together, laughed together, and worked really hard towards a common goal. We never would have imagined that one of our own was secretly recording all of our private conversations,” Trump said.

“When Omarosa was fired by the White House Chief of Staff in December of 2017, my entire family was concerned for her because we had no idea about the basis of her dismissal. We still wanted her on our team because we cared so much about her personally. That’s why I reached out to offer her a position with the 2020 Trump Campaign before we knew anything about the gross violations of ethics and integrity during her White House tenure. Another one of Omarosa’s ‘bombshell’ tapes is a fraud. The discussions about a position with the campaign took place in numerous phone calls over the course of several weeks.
Woman to woman, I shared a connection with Omarosa as a friend and a campaign sister, and I am absolutely shocked and saddened by her betrayal and violation on a deeply personal level.”

“I hope it’s all worth it for you, Omarosa, because some things you just can’t put a price on,” Trump added.

You have to have your own back, because otherwise you’ll look back and see 17 knives in your back.

It’s the latest incendiary audio to drop in Manigault Newman’s weeklong publicity tour for her tell-all book about life on the Trump campaign and in the West Wing, “Unhinged.”

The roll out of Manigault Newman’s book and some of her critical and unverified observations appear to have rattled the president. He called her a “crazed, crying lowlife” and a “dog” in a tweet.

On Tuesday morning, the Trump campaign filed an arbitration case against Manigault Newman in New York saying she violated her non-disclosure agreement.

In a statement, a senior Trump campaign official confirmed to ABC News that “Donald J. Trump for President, Inc. has filed an arbitration against Manigault-Newman with the American Arbitration Association in New York City, for breach of her 2016 confidentiality agreement with the Trump Campaign.”

“President Trump is well known for giving people opportunities to advance in their careers and lives over the decades, but wrong is wrong, and a direct violation of an agreement must be addressed and the violator must be held accountable,” the statement said.

“Wacky Omarosa already has a fully signed Non-Disclosure Agreement!” the president declared in a tweet earlier this week.

The television-savvy Manigault Newman took a page straight out of Trump’s producer playbook and teased “plenty” of tapes to come.

“There are things that I am going to save to share when the time is right,” Manigault Newman said Wednesday on MSNBC.

“What does Donald Trump have to hide?” Manigault Newman said.

Her media blitz began on Sunday, when she appeared on “Meet the Press” and played a recording of a private conversation she had with Chief of Staff John Kelly in the Situation Room — what it supposed to be the most secure area of the entire White House. Kelly was firing Manigault Newman, and she wanted to record the conversation to protect herself.

“You have to have your own back, because otherwise you’ll look back and see 17 knives in your back,” Manigault Newman said.

Some White House aides are concerned about just how many tapes Manigault Newman has – and what kinds of conversations she recorded.

“She terrified me,” a senior White House official told ABC News.

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Vatican condemns reported sex abuse by Pennsylvania priests

Vatican condemns reported sex abuse by Pennsylvania priests

The Vatican expressed “shame and sorrow” on Thursday about a scathing Pennsylvania grand jury report about clergy who raped and molested children in six dioceses and decried the abuse as “criminally and morally reprehensible.”

In uncharacteristically strong language for the Holy See even in matters like the long running abuse scandals staining the U.S. church, Vatican spokesman Greg Burke said that victims should know “the pope is on their side.”

Pope Francis himself wasn’t quoted in the statement, and there was no mention of demands in the United States among some Catholics for the resignation of Cardinal Donald Wuerl, the archbishop of Washington.

The grand jury report made public this week accused the cardinal of helping to protect some molester priests while he was previously bishop of Pittsburgh, Pennsylania.

Burke, in the statement, described the abuse in the report as “betrayals of trust that robbed survivors of their dignity and their faith. The church must learn hard lessons from its past, and there should be accountability for both abusers and those who permitted abuse to occur.”

Pope Francis had recently accepted the resignation from cardinal’s rank of former Washington archbishop Theodore McCarrick for alleged sexual misconduct. It was the first time a prelate had lost his cardinal’s rank in a sexual abuse scandal, and Francis was stepping up his crackdown on the abuse to include some of the highest ranking churchmen.

Burke said that Francis “understands well how much these crimes can shake the faith and the spirit of believers and reiterates the call to make every effort to create a safe environment for minors and vulnerable adults in the church and in all of society.”

The grand jury report documented how pedophile priests were often protected by church hierarchy or moved to other postings without the faithful being told of the priests’ sexual predatory history.

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