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Banking giant, Deutsch Bank to cut ties with President Trump

Deutsch Bank announced that it will cut ties with President Donald Trump following the invasion of the Capitol building.

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President Trump leaves Walter Reed Hospital

Deutsch Bank has announced that it will cut ties with President Donald Trump over events related to the raiding of the Capitol by Trump supporters last week.

The German banking giant which has over €1.2 trillion in assets, will also be joined by another lender, Signature Bank, which says it also close accounts held by Trump valued at $5.3 million, in a report released by Bloomberg on Tuesday.

READ: Elon Musk’s Tesla now worth $834 billion, bigger than Facebook

The report disclosed that Trump’s organizations owe the German lender over $300 million.

Signature Bank said:

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  • “We believe the appropriate action would be the resignation of the President of the United States, which is in the best interests of our nation and the American people.”

READ: Hyundai record biggest daily gains in 33 years, on partnership with Apple

Deutsch Bank announced it will not do business with the outgoing President anymore according to sources, the Trump Organization owes the bank $340 million.

Christiana Riley, Deutsch Bank U.S. Operations Head, condemned the attack on the capitol last week saying:

“Yesterday was a dark day for America and our democracy. We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place.”

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READ: World Bank boss deeply disappointed by the storming of Capitol by Trump supporters

What you should know 

  • Nairametrics reported that 4 people were killed and 52 people arrested over the attempted storming of the Capitol building by Donald Trump supporters.
  • Twitter permanently suspended U.S President, Donald Trump, citing the risk of further incitement of violence.
  • U.S House Speaker, Nancy Pelosi,  said that the House will move to impeach President Trump, adding that they will only be stopped if Vice President Mike Pence initiates the 25th amendment to remove Trump from his role as President.

READ: World Bank set to invest over $5 billion in drylands across 11 African countries

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Around the World

Donald Trump and Joe Biden clash over plans to lift travel ban on UK, EU, Brazil

Joe Biden’s incoming administration has dismissed plans by President Donald Trump to lift the coronavirus-related travel bans for non-American citizens.

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The incoming administration of President-elect Joe Biden has dismissed plans by the outgoing President, Donald Trump to lift the coronavirus-related travel bans for non-American citizens arriving from the European Union, the U.K. and Brazil, which means the curbs will stay in effect.

This follows the announcement from Trump in the White House on Monday that the bans could be lifted because of the administration’s last week’s decision to require international travellers to present either the results of a negative recent coronavirus test or evidence that they had already recovered from the disease. The change would go into effect starting Jan. 26, six days after Biden takes office.

However, the announcement by Donald Trump was rejected as Joe Biden’s Spokeswoman, Jen Psaki, in a tweet post, disclosed that the incoming administration plans to block the outgoing US President’s move according to a report from Bloomberg.

READ: Twitter drops 8.5% in early trading over President Trump ban

What Joe Biden’s spokeswoman is saying

  • Psaki in her statement, tweeted, “On the advice of our medical team, the Administration does not intend to lift these restrictions on 1/26. In fact, we plan to strengthen public health measures around international travel in order to further mitigate the spread of COVID-19.’

She said that with the worsening pandemic and more contagious variant emerging globally, this is not the time to be lifting restrictions on international travel.

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READ: Suspending Trump was the right decision but sets dangerous precedent – Twitter CEO

What President Donald Trump has said

Trump, in a White House announcement, had pointed out that the international travel restrictions could be eased safely.

  • Trump in a proclamation said, “This action is the best way to continue protecting Americans from Covid-19 while enabling travel to resume safely. Under his plan, travel bans would remain in place for China and Iran, the White House said, citing their “lack of cooperation” with the U.S. in fighting the virus.’’

The recent decision by the Centers for Disease Control and Prevention to require a negative Covid-19 test for people arriving in the U.S. from other countries was not directly linked to the travel ban but was seen as a way to impose safety restrictions that would allow for a resumption of travel.

Despite the surge in Covid-19 infections, experts conclude that allowing people into this country from other nations wouldn’t pose a significant risk, especially with new testing requirements.

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READ: US Capitol complex temporarily shut down

What you should know

  • It can be recalled that President Donald Trump had initially announced the restrictions on March 11 in the early days of the pandemic on nearly all non-US citizens who had travelled to 28 EU countries, China and Iran, as part of the bid to curb the spread of the virus.
  • Brazil was later included in the travel ban on May 25 and applies to any foreign nationals who had been in any of those nations within the previous 14 days.

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Around the World

US Capitol complex temporarily shut down

The US Capitol complex was shut down temporarily on Monday as a precautionary measure after a small fire broke out nearby.

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The US Capitol complex was shut down temporarily for about an hour on Monday as a precautionary measure after a small fire broke out nearby, highlighting the security concerns that are being raised days before the inauguration of President-elect Joe Biden.

The security concerns and the lockdown follows the January 6 attack on the US Capital by supporters of the outgoing US President, Donald Trump, after his encouragement and inciting comments, calling the Presidential election a fraud without any proof of evidence.

READ: President Trump says he won’t attend Joe Biden’s inauguration

Some of them even called for the death of the US Vice President, Mike Pence for presiding over the certification of Joe Biden’s November election victory.

While making the disclosure in a statement, the Capitol Police said that the lockdown has been lifted and the nearby fire contained.

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The Acting Chief of the Capitol Police had said that the complex which comprises of the Capitol, its grounds and several buildings were shut down as a precautionary measure.

READ: US Supreme court dismisses Texas bid to overturn presidential election results

The US Secret Service in a tweet post on its official Twitter handle said, “Out of an abundance of caution the U.S. Capitol complex was temporarily shutdown. There is no threat to the public.’’

The city’s fire department in its tweet post said that firefighters put out a fire outside near the Capitol complex.

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The fire department said, “There were no injuries. This accounts for smoke that many have seen.”

READ: Huawei accuses the United States of hacking

What you should know

  • President-elect, Joe Biden is expected to be sworn in at the US Capitol on Wednesday amid an unprecedented cordon of security, with strict physical distancing measures in place due to threats of violent attacks in Washington and the rising cases of coronavirus infections.
  • Donald Trump, who is just fresh from a historic second impeachment from the congress had said he would not attend, although his deputy, Vice President Mike Pence, had given an indication that he would attend.

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Appointments

Joe Biden appoints Nigerian-born Funmi Olorunnipa Badejo as Counsel

Nigerian-American, Funmi Olorunnipa Badejo has been appointed as a member of the office of the White House Counsel.

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U.S President-elect, Joe Biden, announced the appointment of Nigerian-American Funmi Olorunnipa Badejo as a member of the office of the White House Counsel, to serve as an Associate Counsel.

He announced it this week in a statement seen on his transition website.

A part of the statement reads:

  • “The Counsels are experienced and accomplished individuals, have a wide range of knowledge from various fields and will be ready to get to work on day one.”

What you should know about Funmi Badejo

  • Funmi Olorunnipa Badejo, before the announcement, was General Counsel of the House Select Subcommittee on the Coronavirus Crisis, chaired by House Majority Whip, James E. Clyburn.
  • Other government roles she has served include serving as Counsel for Policy to the Assistant Attorney General in the Civil Division of the U.S. Department of Justice, Ethics Counsel at the White House Counsel’s Office, and Attorney Advisor at the Administrative Conference of the United States during the Obama-Biden administration.
  • She started her career as an associate with the law firm of Manatt, Phelps & Phillips, LLP and was also a Legal Counsel at Palantir Technologies Inc.
  • She is a graduate of Political Science from the University of Florida, with a Master of Public Administration (MPA) from Harvard University and holds a Law Doctorate from the University of California School of Law.
  • She becomes the 3rd Nigerian American to be appointed under the Biden Government.

Biden’s transition committee said the new Counsels would work under the direction of White House Counsel, Dana Remus, and “help restore faith in the rule of law and the accountability of government institutions.”

In case you missed it

  • Nairametrics reported last month that United States President-elect, Joe Biden, selected a Nigerian-born attorney, Adewale Adeyemo, as the Deputy Treasury Secretary.
  • Osaremen Okolo, 26, was also appointed as COVID Policy Advisor and a member of the COVID-19 Response Team.

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