Trump is reportedly considering Allianz' Mohamed El-Erian for a post at the Fed

• Pedro Nicolaci da Costa
 

• 18h
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REUTERS/Fred Prouser

• President Donald Trump is reportedly considering Allianz chief economic advisor and ex-Pimco CEO Mohamed El-Erian for Fed board governor.
• The news has been reported by Dow Jones/WSJ and CNBC, each citing a single anonymous source.
• El-Erian has plenty of financial sector experience and monetary policy knowledge but could be criticized for being a creature of Wall Street.

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President Donald Trump's economic team is reportedly considering Allianz economist and former CEO of bond fund giant Pimco Mohamed El-Erian for one of four open seats on the Federal Reserve's powerful Washington-based board of governors.

The news was first reported by Dow Jones Newswires, which is part of The Wall Street Journal. They cited a source familiar with the matter. CNBC has also reported El-Erian as a possibility,also citing an anonymous source. 

While El-Erian would bring plenty of financial sector experience and monetary policy knowledge to the Fed, he would likely face criticism about the revolving door between financial sector executives and the central bank.

Trump announced earlier this month he was not reappointing Janet Yellen to a second term as Fed chair, but would instead replace her with central bank governor Jerome Powell. Powell himself hails from the financial sector, having spent much of his career at the private equity firm Carlyle Group.

The Fed board's governors are not only in charge of setting interest rates as permanent members of the Federal Open Market Committee, but also play a major role in financial regulation, particularly the oversight of large Wall Street banks.

SEE ALSO: Trump is getting a historic chance to reshape the world's most powerful central bank

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Trump returns from Asia to turmoil at home

• Alex Lockie
 

• 6h
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President Donald Trump leaving Air Force One. Reuters/Carlos Barria

• President Donald Trump returned home this week from a 12-day Asia trip to a White House and Republican Party embroiled in multiple scandals.
• Republicans are staring down the barrel of losing a crucial Senate seat in Alabama, which should be a GOP stronghold.
• Trump campaign members face renewed scrutiny over their contacts with Russia.
• The Republican tax plan will need Democrats' blessing to avoid massive spending cuts to programs like Medicare and farm subsidies.

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President Donald Trump has returned home after a 12-day marathon trip across Asia to a Republican Party struggling to put out several fires at once.

Roy Moore, the Republican Senate candidate in Alabama whose campaign is in doubt amid allegations of sexual misconduct, has the party's leadership fretting over the possibility of losing a seat in a deep red state.

"He's obviously not fit to be in the United States Senate," Senate Majority Leader Mitch McConnell told reporters on Tuesday, according to Reuters, "and we've looked at all the options to try and prevent that from happening."

One such option, McConnell said, would involve Republicans' backing a write-in candidate to run against Moore and Democrat Doug Jones. McConnell reportedly acknowledged that among those being considered was Attorney General Jeff Sessions, who would be running for the seat he vacated to join the Trump administration.

"He fits the mold of somebody who might be able to pull off a write-in," McConnell said.

Sessions is busy getting grilled by Congress

Attorney General Jeff Sessions testifying before a House Judiciary Committee oversight hearing on Capitol Hill.Thomson Reuters

But Sessions also came under fire before the House Judiciary Committee on Tuesday, when he repeatedly had to defend himself after new revelations in the Russia investigation.

Sessions blamed sleep deprivation, the "chaos" of the Trump campaign, and lapses in his memory for failing to disclose meetings in which a young campaign adviser, George Papadopoulos, pitched a meeting between Trump and Russian President Vladimir Putin.

Trump campaign getting grilled over Russia connections

Trump with his son Donald Trump Jr. REUTERS/Lucas Jackson

Even closer to home for Trump, his son Donald Trump Jr. became the subject of media attention when The Atlantic published messages between Trump Jr. and WikiLeaks, the anti-secrecy agency that dogged Democrat Hillary Clinton's 2016 campaign with wave after wave of damning leaked and pilfered emails.

Though the younger Trump was not very engaged in the messages, the episode prompted questions about the Trump campaign's eagerness to collect damaging information on Clinton; the US believes WikiLeaks' information about Clinton was provided by Russia.

Trump's tax reform vulnerable to Democrats

Senate Majority Leader Mitch McConnell and Sen. John Cornyn arriving to speak with reporters following the party luncheons on Capitol Hill on Tuesday. REUTERS/Aaron P. Bernstein

The biggest Republican legislative push, tax reform, has also hit a setback. A letter from the Congressional Budget Office pointed out that if a handful of Democrats don't vote to waive a statute that requires tax cuts and other types of legislation to pay for themselves, deep cuts in funding to programs like Medicaid and farm subsidies will follow.

Because the Republican tax plan is expected to raise the deficit by $1.5 trillion over 10 years, the statute would require $150 billion in cuts to the budget each year on average. The 52 Senate Republicans would need eight more votes to waive the statute.

The reliance on Democratic support for a conservative tax plan imperils the second major legislative push since the 2016 election ushered in GOP control of Congress and the executive branch.

The first push, an attempt to repeal and replace the Affordable Care Act, failed spectacularly when Republican Sen. John McCain unexpectedly joined Republican Sens. Lisa Murkowski and Susan Collins in voting against it.

Failing again would leave Trump without any major legislative accomplishments in his first year in office ahead of the looming 2018 midterm elections.

SEE ALSO: The Republican tax bill could force billions of dollars in cuts to programs like Medicare

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Muji Canada announces details about forthcoming Robson Street flagship store in Vancouver

by Craig Takeuchi on November 13th, 2017 at 3:00 PM

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• Muji MetrotownCRAIG TAKEUCHI

Take heed, Muji devotees: here's the scoop on the opening date and details of the hotly anticipated Vancouver location of Japan’s Muji.

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Today (November 13), Japanese retailer Muji announced that its Canadian flagship store will open at 1125 Robson Street on December 2, just in time for the holiday giftgiving season.

Although Muji loyalists have had to wait for some time for a Vancouver spot, the good news is that this downtown store, with 14,507 square feet and carrying over 4,500 products (in the former location of the Gap), will be the company’s largest location both in Canada and outside of Asia.

In addition to household goods, clothing, and food items, this location will also feature several special concepts, products, and services that will be new to Canada.

Muji Canada opened its first British Columbian location at Metrotown in August.

CRAIG TAKEUCHI

Muji Labo, a creative product-development project launched in 2005 to explore and experiment with clothing concepts (labomeans laboratory), including materials, manufacturing, and styles. Developments in Muji Labo will become apparel available in their stores. Muji Labo collections are exclusive to select flagship stores around the world. 

Since this is coffee-loving Vancouver, Muji Canada is partnering with Vancouver-based Ethical Bean Coffee (which supplies fairtrade certified, organic coffee) to create Muji Coffee Counter to sell coffee by the cup.

Meanwhile, the customization service Muji Yourself will offer embroidery, stamps, gift-wrapping, and—new to Canada—label printing. Customers will be able to customize products such as stationery, furniture, and more. 

In addition to regular MUJI essential oils, the Aroma Bar will enable patrons to create customized fragrance blends for their homes by selecting from over 40 essential oils.

Muji Metrotown

CRAIG TAKEUCHI

Mujirushi Ryohin, or Muji (which translates as “no-brand quality goods”), was founded in Japan in 1980 and now operates over 800 stores worldwide. Muji first entered into the Canadian marketplace in 2014 with a Toronto location.

Muji expanded into Western Canada with its first British Columbian location at Metrotown in Burnaby on August 25.

You can follow Craig Takeuchi on Twitter at @cinecraig or on Facebook