Miranda Kerr hands over $8.1M in jewelry to Justice Department – Fox News

Australian model Miranda Kerr has handed over $8.1 million worth of jewelry to the U.S. Justice Department a week after lawsuits said it was purchased for her by Malaysian financier Jho Low with allegedly misappropriated funds, according to her spokesman.

Kerr transferred the gifts Friday to government agents from her safe-deposit box in Los Angeles, the spokesman said.

“From the start of the inquiry, Miranda Kerr cooperated fully and pledged to turn over the gifts of jewelry to the government,” he said. “Ms. Kerr will continue to assist with the inquiry in any way she can.”

Kerr isn’t a defendant in the lawsuits.

The Justice Department declined to comment.

The department filed civil-forfeiture lawsuits this year and last year seeking assets it alleges were bought with money misappropriated from a Malaysian sovereign-wealth fund called 1Malaysia Development Bhd, or 1MDB.

The jewelry is among more than $1.7 billion worth of assets the Justice Department seeks; the assets also include a $250 million yacht, stakes in companies and luxury real estate in London, New York and Los Angeles.

1MDB has denied any wrongdoing and said it has found no evidence any of its money was misappropriated. 

Click for more from The Wall Street Journal

Police searching for man who stole jewelry from Mount Prospect home – Chicago Sun-Times

Police are continuing to investigate a Monday home invasion in northwest suburban Mount Prospect where a man stole jewelry from inside.

About 10 a.m, officers responded to a home invasion in the 800 block of Partridge Lane, according to a statement from Mount Prospect police.

The two adults and two juveniles living in the home told officers a man knocked on the front door looking for someone, police said. The man was let into the house, took out a knife and demanded jewelry and money from the family.

He took several items of jewelry and then ran out of the house going east, police said. Officers and a canine unit searched the area for the man but were unable to locate him. No one was hurt during the invasion.

The offender is described as a 50-year-old white man between 5-foot-10 and 6-feet tall, weighing about 220 pounds with black and gray facial hair, police said. He was wearing a dark-colored hoodie and blue jeans.

Anyone with information is asked to contact Mount Prospect Police Department’s Investigations Section at (847) 870-5654. Anonymous tips can also be made at Crime Stoppers of Mount Prospect at (847) 590-7867.

Indiana keeps adding breweries as craft beer growth nears ‘fifth inning’ – Indianapolis Star

New craft breweries are still popping up in Indiana, but the pace of growth is slowing.

Indiana last year added 12 new breweries for a total of 127, the 15th most in the U.S., according to a report from the Brewers Association and real estate firm Cushman & Wakefield. 

That 10.4 percent growth in 2016 suggests the state’s craft brewery market is maturing after several years of rapid expansion. During the last five years, Indiana has gone from having 46 breweries to 127, a 176 percent increase.

More: Why Indiana’s craft beer isn’t a bubble

More: These 13 craft beer fests are worth it

More: Craft beer leaders: Offensive labels won’t be praised

The persistent talk of of a craft beer bubble is premature, according to Cushman & Wakefield, which says “growth in the craft brewing trend is in the fourth or fifth inning.” Yet, the firm adds that some breweries are sure to fail as competition continues to increase.

“The double-digit growth of the last six years will likely ease up at some point, and some breweries will close,” Cushman & Wakefield says. “There have already been a handful of closings in the past 10 years, but those closings have had minimal effect on double-digit growth rates.”

Cushman & Wakefield notes that craft beer growth has had a profound effect on commercial real estate, filling old industrial and retail spaces and contributing to new construction.

That trend can be seen throughout the Indianapolis area. Sun King Brewing Co., for instance, is planning to expand into a new $5 million, 15,000-square-foot distribution center in Carmel next year.

Breweries also have filled vacant space across the region. Indiana City Brewing Co., for instance, moved into a 7,000-square-foot historic brewery building on the city’s east side.

As of 2016, there were more than 5,200 breweries nationwide — triple the number of breweries that existed a decade earlier — with another 1,500 in planning, according to the Brewers Association. Craft breweries have taken 45.2 million square feet of industrial space and 10.4 million square feet of retail space across the U.S.

“The space these projects are occupying runs the gamut from rehabbed urban buildings to traditional retail sites in malls or power centers,” the Cushman & Wakefield report says. “A favorite of users of all sizes is converted industrial buildings — many of them retrofitted to accommodate not only production needs but also tasting rooms, full pubs and/or restaurants and perhaps wedding or event space.”

While some brands might come and go, Cushman & Wakefield offers assurance that craft beer snobs will not run out of options — except, perhaps, in Mississippi, which still has only nine craft breweries and 0.4 breweries per capita.

Mississippi is the only state in the U.S. with fewer than 10 breweries. California has 623 breweries, the most in the nation, and far ahead of the next-closest states, Colorado and Washington, which have 334 apiece.

“It is inevitable that many individual markets may face a shakeout in the next 12 to 18 months,” the Cushman & Wakefield says. “However, we certainly do not see the
trend ending soon. Neither do we see it reversing itself, even in those metropolitan areas where competition is fiercest.”

Indiana has 2.7 breweries per capita, which is in the middle of the pack — and well ahead of California’s 2.2 breweries per capita, despite the state’s huge overall lead.

Call IndyStar reporter James Briggs at (317) 444-6307. Follow him on Twitter: @JamesEBriggs.

Huge sell order ‘mistake’ sends gold to six-week low – CNBC

<!– –>



Gold tumbled to its lowest price in nearly six weeks as a large sell order and a stronger dollar hit sentiment on Monday, though losses were limited by political uncertainty around the world.

Spot gold was down 1.06 percent at $1,243.02 an ounce, having dropped as far as $1,236.46, its lowest since May 17. U.S. gold futures settled at $1,246.40.

The sale of 18,500 lots of gold, totalling 1.85 million ounces, and 5,000 ounces of silver in 5,500 lots on Comex in a short space of time was behind falling prices, said Afshin Nabavi, head of trading at MKS in Switzerland.

“Clearly somebody sold it by mistake and bought it back quickly, triggering stops below $1,250,” said MKS trader Bernard Sin. “Fundamentally, there is still a lot of uncertainty in the world, with Italian bank bailouts, Trump’s policies and Brexit. The world is in geopolitical chaos and gold is still good insurance.”

Allegations of ties to Russia have cast a shadow over U.S. President Donald Trump’s first five months in office while looming Brexit negotiations are also fuelling concern about global stability.

In Italy, meanwhile, the state has come to the rescue of Monte dei Paschi di Siena and rival regional lenders Popolare di Vicenza and Veneto Banca, but the Italian banking industry
remains saddled with 300 billion euros ($335 billion) of soured debts. The stronger U.S. currency was also a negative for gold, making the dollar-denominated metal more expensive for holders of other currencies, potentially subduing demand.

On the technical front, Sucden Financial’s Kash Kamal said that gold’s failure to hold above the 50-day moving average, around $1,258, was one reason behind the sell-off. “Combination of sub-$1,250 prices and support at the 200-day moving average (near $1,235) could see prices consolidate around here for the rest of the day.”

Investors’ lack of interest in gold can be seen at SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, where holdings dipped by 0.35 percent to 851.02 tonnes on Friday.

Elsewhere, silver fell 0.60 percent to $16.59 an ounce and platinum slipped by 0.97 percent to $917.00. Palladium edged up 1.79 percent to $867.25 after registering its biggest intraday percentage decline since Jan. 25 on Friday.

WATCH: 

All-America Survey: 64% says it’s good time to invest

How one trader is playing gold after Monday’s drop – CNBC

<!– –>



Following a quiet session for stocks that saw both interest rates and gold prices slide, here’s what Gina Sanchez, CEO of Chantico Global, will be watching for on Tuesday.

1. Eye on Gold

Gold futures tumbled Monday, as the precious metal fell to a one-month low in early morning trade before beating a bit of a comeback.

More generally, Sanchez observed Monday on CNBC’s “Trading Nation” that the commodity “has been in a holding pattern all year after selling off at the end of 2016.”

While Sanchez said that the metal has been clipped by Federal Reserve interest rate hikes, she believes the market will take the view that the central bank “will probably only hike twice in 2018, and that should support gold at current levels.”

However, in the longer term, “gold probably won’t hold up against an eventual economic recovery,” Sanchez warned.

2. Fading confidence

The key data point Sanchez will be watching Tuesday morning is the consumer confidence number, which is set to be released at 10 a.m. ET by the Conference Board.

The number, which measures consumers’ views about the economy, “fell more than expected in May and analysts are expecting a further fall in June,” Sanchez observed.

“Consumer expectations peaked in March and have been falling ever since, and that could raise red flags for the SPY, the S&P 500 index ETF, as well as other broad stock market index ETFs,” she added.

In other words, if optimism is fading, that could be a bad sign for economic growth and for stocks as well.

3. Oil slide

Crude rose mildly Monday, but the commodity is still sharply down over the past month.

“Oil prices have been sliding since the end of May and have edged closer to the lower end of the $40 to $55 trading range,” Sanchez said.

“With supply continuing to remain high and disappointing demand this driving season, oil could continue to trade down to $40 and remain weak all summer until we see real supply cuts or an increase in demand.”

Oil’s recent low is $42.05; the commodity last dropped below $40 in August.

Videos




  • Oppenheimer strategist predicts he’ll raise price target

    The S&P 500 has already hit the bullish price target set by John Stoltzfus of Oppenheimer. The strategist discusses where stocks are heading next with Brian Sullivan.




  • The full interview with Oppenheimer’s John Stoltzfus

    Oppenheimer strategist John Stoltzfus discusses the next move for stocks with Brian Sullivan.




  • Huge comeback for Spain ETF

    After three miserable years, an ETF tracking Spanish stocks is enjoying a great 2017. Gina Sanchez and Matt Maley discuss with Brian Sullivan.

Trades to Watch




  • Crude oil and healthcare: Here's what could drive the market next week

    Max Wolff of 55 Institutional breaks down three key market themes for the week ahead.




  • Oil and Fed speakers: What could move markets Friday

    Bill Baruch of iiTrader breaks down what he’ll be watching for on Friday.




  • Energy and jobless claims: Here's what could drive the market Thursday

    S&P Global portfolio manager Erin Gibbs breaks down three key market themes she is watching for on Thursday.

Trader Bios



  • Stacey Gilbert

    Stacey Gilbert is the head of derivative strategy at Susquehanna.




  • Managing Director, ACG Analytics



  • Rich Ross

    Managing Director, Head of Technical Analysis, Evercore ISI

About

Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Brian Sullivan

Brian Sullivan is co-anchor of CNBC’s “Power Lunch” (M-F,1PM-3PM ET), one of the network’s longest running programs, as well as the host of the daily investing program “Trading Nation.” He is also a frequent guest on MSNBC’s “Morning Joe” and other NBC properties.


Read more

Miranda Kerr hands over jewellery linked to Malaysia corruption case – The Guardian

Australian model Miranda Kerr has handed over $US8.1m (£6.3m) worth of jewellery to the US justice department after prosecutors said the items were bought for her by a Malaysian financier with stolen government money.

Kerr retrieved the gifts — including a $3.8m (£3m) 8.88 carat diamond pendant from New York-based designer Lorraine Schwartz — from a safe-deposit box in Los Angeles, her spokesman said.

“From the start of the inquiry, Miranda Kerr cooperated fully and pledged to turn over the gifts of jewellery to the government,” the spokesman told Dow Jones newswires. “Ms Kerr will continue to assist with the inquiry in any way she can.”

More than $4.5bn has been stolen from a Malaysian state fund, 1MDB, which was set up by the prime minister, Najib Razak, who denies any wrongdoing. Prosecutors allege nearly $30m (£23.8m) misappropriated from the fund was also used to buy jewellery for the wife of “Malaysian Official 1”, which refers to Najib.

Kerr was gifted the jewellery in 2014 by Jho Low, a financier at the heart of the corruption scandal that has engulfed the Malaysian government.

The US justice department is seeking to seize more than a billion pounds in assets, including a luxury mega-yacht owned by Jho Low.

Kerr, who owns her own jewellery line with prices starting at $69 (£54), follows the example of actor Leonardo DiCaprio, who has turned over $3.2m (£2.5m) of artwork, including a Picasso painting, gifted to him by Jho Low.

The rights to two Hollywood films, The Wolf of Wall Street and Dumb and Dumber To, have also been seized. The films were produced by Red Granite, a firm founded by Najib’s stepson, Riza Aziz.

US authorities have not charged Jho Low, Najib or Aziz in the civil complaint, while Kerr and DiCaprio have not been accused of any crime.

1MDB said on Friday that it had never been contacted in relation to the case.

Miranda Kerr Hands Over $8.1 Million in Jewelry to Justice … – Wall Street Journal (subscription)

Australian model Miranda Kerr has handed over $8.1 million worth of jewelry to the U.S. Justice Department a week after lawsuits said it was purchased for her by Malaysian financier Jho Low with allegedly misappropriated funds, according to her spokesman.

Ms. Kerr transferred the gifts Friday to government agents from her safe-deposit box in Los…

Huge sell order ‘mistake’ sends gold to six-week low – CNBC

<!– –>



Gold tumbled to its lowest price in nearly six weeks as a large sell order and a stronger dollar hit sentiment on Monday, though losses were limited by political uncertainty around the world.

Spot gold was down 1.06 percent at $1,243.02 an ounce, having dropped as far as $1,236.46, its lowest since May 17. U.S. gold futures settled at $1,246.40.

The sale of 18,500 lots of gold, totalling 1.85 million ounces, and 5,000 ounces of silver in 5,500 lots on Comex in a short space of time was behind falling prices, said Afshin Nabavi, head of trading at MKS in Switzerland.

“Clearly somebody sold it by mistake and bought it back quickly, triggering stops below $1,250,” said MKS trader Bernard Sin. “Fundamentally, there is still a lot of uncertainty in the world, with Italian bank bailouts, Trump’s policies and Brexit. The world is in geopolitical chaos and gold is still good insurance.”

Allegations of ties to Russia have cast a shadow over U.S. President Donald Trump’s first five months in office while looming Brexit negotiations are also fuelling concern about global stability.

In Italy, meanwhile, the state has come to the rescue of Monte dei Paschi di Siena and rival regional lenders Popolare di Vicenza and Veneto Banca, but the Italian banking industry
remains saddled with 300 billion euros ($335 billion) of soured debts. The stronger U.S. currency was also a negative for gold, making the dollar-denominated metal more expensive for holders of other currencies, potentially subduing demand.

On the technical front, Sucden Financial’s Kash Kamal said that gold’s failure to hold above the 50-day moving average, around $1,258, was one reason behind the sell-off. “Combination of sub-$1,250 prices and support at the 200-day moving average (near $1,235) could see prices consolidate around here for the rest of the day.”

Investors’ lack of interest in gold can be seen at SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, where holdings dipped by 0.35 percent to 851.02 tonnes on Friday.

Elsewhere, silver fell 0.60 percent to $16.59 an ounce and platinum slipped by 0.97 percent to $917.00. Palladium edged up 1.79 percent to $867.25 after registering its biggest intraday percentage decline since Jan. 25 on Friday.

WATCH: 

All-America Survey: 64% says it’s good time to invest

How one trader is playing gold after Monday’s drop – CNBC

<!– –>



Following a quiet session for stocks that saw both interest rates and gold prices slide, here’s what Gina Sanchez, CEO of Chantico Global, will be watching for on Tuesday.

1. Eye on Gold

Gold futures tumbled Monday, as the precious metal fell to a one-month low in early morning trade before beating a bit of a comeback.

More generally, Sanchez observed Monday on CNBC’s “Trading Nation” that the commodity “has been in a holding pattern all year after selling off at the end of 2016.”

While Sanchez said that the metal has been clipped by Federal Reserve interest rate hikes, she believes the market will take the view that the central bank “will probably only hike twice in 2018, and that should support gold at current levels.”

However, in the longer term, “gold probably won’t hold up against an eventual economic recovery,” Sanchez warned.

2. Fading confidence

The key data point Sanchez will be watching Tuesday morning is the consumer confidence number, which is set to be released at 10 a.m. ET by the Conference Board.

The number, which measures consumers’ views about the economy, “fell more than expected in May and analysts are expecting a further fall in June,” Sanchez observed.

“Consumer expectations peaked in March and have been falling ever since, and that could raise red flags for the SPY, the S&P 500 index ETF, as well as other broad stock market index ETFs,” she added.

In other words, if optimism is fading, that could be a bad sign for economic growth and for stocks as well.

3. Oil slide

Crude rose mildly Monday, but the commodity is still sharply down over the past month.

“Oil prices have been sliding since the end of May and have edged closer to the lower end of the $40 to $55 trading range,” Sanchez said.

“With supply continuing to remain high and disappointing demand this driving season, oil could continue to trade down to $40 and remain weak all summer until we see real supply cuts or an increase in demand.”

Oil’s recent low is $42.05; the commodity last dropped below $40 in August.

Videos




  • Oppenheimer strategist predicts he’ll raise price target

    The S&P 500 has already hit the bullish price target set by John Stoltzfus of Oppenheimer. The strategist discusses where stocks are heading next with Brian Sullivan.




  • The full interview with Oppenheimer’s John Stoltzfus

    Oppenheimer strategist John Stoltzfus discusses the next move for stocks with Brian Sullivan.




  • Huge comeback for Spain ETF

    After three miserable years, an ETF tracking Spanish stocks is enjoying a great 2017. Gina Sanchez and Matt Maley discuss with Brian Sullivan.

Trades to Watch




  • Crude oil and healthcare: Here's what could drive the market next week

    Max Wolff of 55 Institutional breaks down three key market themes for the week ahead.




  • Oil and Fed speakers: What could move markets Friday

    Bill Baruch of iiTrader breaks down what he’ll be watching for on Friday.




  • Energy and jobless claims: Here's what could drive the market Thursday

    S&P Global portfolio manager Erin Gibbs breaks down three key market themes she is watching for on Thursday.

Trader Bios



  • Stacey Gilbert

    Stacey Gilbert is the head of derivative strategy at Susquehanna.




  • Managing Director, ACG Analytics



  • Rich Ross

    Managing Director, Head of Technical Analysis, Evercore ISI

About

Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Brian Sullivan

Brian Sullivan is co-anchor of CNBC’s “Power Lunch” (M-F,1PM-3PM ET), one of the network’s longest running programs, as well as the host of the daily investing program “Trading Nation.” He is also a frequent guest on MSNBC’s “Morning Joe” and other NBC properties.


Read more

Huge sell order and strong dollar push gold to six-week low – CNBC

<!– –>



Gold tumbled to its lowest price in nearly six weeks as a large sell order and a stronger dollar hit sentiment on Monday, though losses were limited by political uncertainty around the world.

Spot gold was down 1.06 percent at $1,243.02 an ounce, having dropped as far as $1,236.46, its lowest since May 17. U.S. gold futures settled at $1,246.40.

The sale of 18,500 lots of gold, totalling 1.85 million ounces, and 5,000 ounces of silver in 5,500 lots on Comex in a short space of time was behind falling prices, said Afshin Nabavi, head of trading at MKS in Switzerland.

“Clearly somebody sold it by mistake and bought it back quickly, triggering stops below $1,250,” said MKS trader Bernard Sin. “Fundamentally, there is still a lot of uncertainty in the world, with Italian bank bailouts, Trump’s policies and Brexit. The world is in geopolitical chaos and gold is still good insurance.”

Allegations of ties to Russia have cast a shadow over U.S. President Donald Trump’s first five months in office while looming Brexit negotiations are also fuelling concern about global stability.

In Italy, meanwhile, the state has come to the rescue of Monte dei Paschi di Siena and rival regional lenders Popolare di Vicenza and Veneto Banca, but the Italian banking industry
remains saddled with 300 billion euros ($335 billion) of soured debts. The stronger U.S. currency was also a negative for gold, making the dollar-denominated metal more expensive for holders of other currencies, potentially subduing demand.

On the technical front, Sucden Financial’s Kash Kamal said that gold’s failure to hold above the 50-day moving average, around $1,258, was one reason behind the sell-off. “Combination of sub-$1,250 prices and support at the 200-day moving average (near $1,235) could see prices consolidate around here for the rest of the day.”

Investors’ lack of interest in gold can be seen at SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, where holdings dipped by 0.35 percent to 851.02 tonnes on Friday.

Elsewhere, silver fell 0.60 percent to $16.59 an ounce and platinum slipped by 0.97 percent to $917.00. Palladium edged up 1.79 percent to $867.25 after registering its biggest intraday percentage decline since Jan. 25 on Friday.

WATCH: 

All-America Survey: 64% says it’s good time to invest