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Washington Hilton attack highlights hotel industry's costly and nagging security issue
The suspect accused of storming a checkpoint on Saturday and firing a gun near the White House Correspondents' Association Dinner mocked the security measures at Washington Hilton that allowed him to be so close to Donald Trump. In a manifesto written before the attack, the hotel guest Cole Allen, identified by law as a 31-year-old man, wrote: "I expected surveillance cameras everywhere, bugged rooms, armed officers every 10 feet and metal detectors to the roof." "What I got," Allen added, "is absolutely nothing." Allen's attack has 'heightened a problem that the hotel industry has been facing for decades: how to maintain a warm and welcoming atmosphere while tightening security. Some security companies are now offering AI-powered monitoring systems, but hotels are reluctant to use anything that might increase costs or invade the privacy of their guests. Security will continue to improve as technology continues to identify strange behavior. "At the end of it all, this is a hospitality industry where the customers must feel welcomed," said Nicolas Graf a professor at New York University. Allen then moved up the building, before charging the checkpoint located on the floor above the dining room where Trump and 2,600 journalists were having dinner with government officials. Trump and his guests were able to escape safely, but this breach shows that the real risks at events like these are inside the hotels. Hotel attackers exploit the same vulnerabilities repeatedly: multiple entry points, guests arriving all hours of the day, uneven screening and blurred boundaries between public and protected areas. Morgan Stevens is the senior vice president of global security operations for Crisis24. She noted that not every guest is screened in the same way. Hotels need to increase security in order to save lives but they also have to be careful with their expenditure. The top nine hotels, casinos and resorts by revenue are expected to generate about $102 billion between 2025 and 2025. However, margins have been squeezed in recent years. Washington Hilton Hotel said that it operated under "stringent Secret Service protocols" after the attack. Hilton Worldwide Holdings refused to comment on this story. However, the steps taken after the attack Saturday were familiar. The hotel was sealed off by law enforcement. Investigators traced the suspect’s steps. Experts in security debated whether anything could have been done better. Allen was accused of attempted assassination and discharging a gun during a violent crime, and illegally transporting firearms and ammunition across state lines. He had taken a train to his hometown in California. He hasn't yet entered a guilty plea. Hard to Secure Hotel rooms are rarely closed for major events, but access is restricted by separate elevators and restricted floors. Experts say that it usually takes a few days or a week to prepare a hotel for a big event. Security teams carry out site surveys, create credential systems and divide the hotel into controlled zones. Other guests can still enter the lobbies and restaurants, as well as the guest floors, alongside those who have been screened. They said that this creates insurmountable security gaps. A spokesperson for the American Hotel and Lodging Association said that hotels employ a multi-layered approach to safety and protection. The spokesperson stated that precautions include trained personnel, surveillance systems and access control, as well as coordination with law enforcement. Robert McDonald, assistant Professor at the University of New Haven, and retired supervisory Secret Service Agent, said that the agency usually works with hotel security, the local police, and the White House administration in order to develop a plan for security rather than shutting down hotels outright. The latest incident has shaken confidence in this model. Trump claimed that the hotel "was not a particularly safe building." Reports said that U.S. officials were reassessing the security of the Washington Hilton. President Ronald Reagan had been shot outside the hotel by John Hinckley in 1981, prompting some to call it the "Hinckley Hilton." McDonald stated that after the shooting, the Hilton installed a garage that allowed presidential motorcades access to the building. It also increased the use of magnetometers, as well as tightened press controls. Other major hotel attacks around the world have led to a change in security. The 2008 attack on the Taj Mahal Palace Hotel, Mumbai, that left 31 people dead in the hotel was a turning point. Graf, from NYU, said that "the industry has improved significantly" since the Mumbai attacks. A man who shot out of the window from a 32nd floor suite in the Mandalay Bay Hotel in Las Vegas in 2017 killed 58 people at a concert nearby. It was the deadliest mass killing in U.S. History. Many more people were injured. Costly Security Upgrades Experts say that implementing AI-powered weapon detection in hotels would be expensive and complex. In December 2024, shortly before the murder of UnitedHealthcare CEO Brian Thompson in front of a Hilton hotel in Midtown Manhattan by a gang of terrorists, AI security company Xtract One received a request from the chief security officer for a major hotel 'chain regarding its weapons detection system. No rollout has yet taken place. Peter Evans, CEO of?XtractOne, said that the problem is complex and cannot be solved by a single device. He noted the large number of people, the multiple entrances and the wide variety of luggage that moved through large hotels. Evans noted that interest has increased in certain international markets. This is especially true in Mexico, where cartel violence and fear of travel have hurt revenues. Anthony Varchetto said that hotels allocate resources to external threats, while underestimating the risks posed by guests. He said that this is a common mistake. "People become complacent and understaff. A lot of this comes down to the budget."
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Mainichi reports that Japan's Taiyo Oil will receive cargoes of oil from Russia’s Sakhalin-2.
The Mainichi?daily?reported?on?Saturday, citing Japan’s Ministry of Economy, Trade and Industry. After the invasion of Ukraine by Russia in 2022, Japan has stopped buying oil from Russia. A?U.S. The Sakhalin-2 Project, which produces?mostly liquefied gas, is exempt from U.S. Tokyo is looking for alternative oil sources after the U.S. Israel war against Iran has largely cut off imports from the Gulf. The Gulf was Tokyo's primary oil source until the Middle East conflict began in late February. Gazprom, the Russian state-owned gas company, is the controlling shareholder of?Sakhalin-2 Oil and Gas Project. Mitsui & Mitsubishi are also shareholders. Mainichi, citing an official from METI, reported that cargo is set to arrive in the Ehime Prefecture, located in western Japan. Japan has also obtained supplies from the U.S., and other destinations that bypassed the Strait of Hormuz. METI and Taiyo Oil did not respond to a request for comment immediately.
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Japan and Vietnam look to deepen partnership in energy and minerals
Sanae Takaichi, the Japanese Prime Minister, pledged on Saturday to strengthen bilateral relations with Vietnam. Energy?cooperation, and vital minerals were at the forefront of his commitments, during a?meeting with Vietnamese Prime Minister Le Minh Hung. According to Vietnamese government data and customs, the pledge was made as "new" Japanese investment in Vietnam dropped 75% on an annual basis to $233 millions in the first three months, while bilateral trade grew 12.3%, to $13.7 billion, over the same time period. The two leaders discussed how to deepen the Comprehensive Strategic Partnership, established in?2023, with a focus on energy, critical mineral, artificial intelligence and semiconductors, as well as space. After the meeting, Takaichi informed reporters that "the two sides have identified economic security as a priority area of bilateral cooperation". She added, "With regards to critical minerals... both parties agreed to strengthen their close coordination in order to ensure stable supply and strengthen supply chains." Vietnam and Japan have signed six agreements in a joint effort that covers infrastructure, agriculture, digitalisation, technology and climate action. Japan is still one of Vietnam's biggest foreign investors. Many Japanese multinationals have large manufacturing plants in the country. Vietnam is seeking assistance from Japan and other nations for oil supply as conflict in the Middle East drives prices up and disrupts supply chain. Hung stated that under the Power Asia Initiative, which is a $10 billion initiative to "support Asian countries in their energy independence", Japan will help arrange crude oil supplies for Vietnam’s Nghi Son Petrochemical Complex and Refinery. Takaichi is also scheduled to meet Vietnam’s Party Secretary and president To Lam on Saturday afternoon. He will also deliver a key note speech at Vietnam National University. This marks a decade since Shinzo Abe, Japan's former prime minister, introduced the "Free and Open Indo-Pacific Strategy". Her speech is expected to focus on?autonomy for regional nations and resilience. Hung stated that Vietnam supported Japan's regional initiative, the Free and Open Indo-Pacific Vision. This vision is aligned to?the ASEAN Outlook for the Indo-Pacific?, and is in accordance with international laws. It also "contributes positively" to peace, stability and cooperation, as well as development, throughout the Indo-Pacific region.
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Takaichi, the Japanese PM, will meet with Vietnamese leaders in Hanoi
Sanae Takaichi, the Japanese prime minister, will meet To Lam, the leader of Vietnam in Hanoi on Saturday. The two countries are trying to strengthen ties in light of a sharp decline in Japanese investment in Vietnam. A Japanese official in the foreign ministry said that both sides will discuss ways to strengthen a Comprehensive Strategic Partnership, established in 2023. The focus of their discussion is on energy, technology and critical minerals, as well as regional stability. Japan is still one of Vietnam's biggest foreign investors.?Many Japanese multinationals operate large manufacturing facilities throughout the country. According to data from the Vietnamese government, new Japanese investment pledges fell by 75% in the first three months of this year, falling to $233 millions. The official stated that Takaichi will discuss with Vietnamese companies the difficulties they face, such as delayed payments for completed work and difficulty gaining access to major infrastructure projects. Last year, Japan announced that it was withdrawing from a nuclear project in?Vietnam due to an excessively strict construction schedule. Days before the trip, Hanoi announced that it would reconsider a ban of?petrol powered motorcycles within its city center, a policy which had been criticized by Honda. According to Vietnamese customs data, despite investment concerns, the bilateral trade has been strong. It grew 12.3% compared to a year ago to $13.7 billion in the first three months. Takaichi will also meet with her Vietnamese counterpart Le Minh Hung and deliver a speech on 'the evolution of Japan's 'Free and Open Indo-Pacific Strategy" at the Vietnam National University before heading to Australia. Reporting by Khanh Vu and Tamiyuki in Tokyo, editing by Tom Hogue.
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IMF: Angola's debt will reach ceiling in the medium term
The International Monetary Fund (IMF) projected on Friday that Angola’s public debt will reach its maximum in the'medium term. They urged the government to use any windfall oil revenues to reduce debt and build buffers, as declining oil production is weighing on its fiscal situation. The recent rise in oil prices improved Angola’s access to the international market and is expected to provide a temporary counterbalance to Angola’s declining oil revenue. The IMF stated that gross financing needs are projected to increase, with the public debt exceeding the limit set by the Fiscal Sustainability Law on the medium-term. The fund concluded its "Article 4" review by saying that Angola must continue to consolidate its finances and manage its debt prudently as the declining oil revenues weigh on the medium-term economic outlook of the country. Due to the U.S. and Israeli war against Iran, Southern Africa will benefit from higher oil prices. Brent crude currently trades above $100 per barrel, despite the fact that its budget for 2026 used a reference oil price of $61. IMF said that Angola’s future growth would depend on its ability to diversify, because a'structurally low oil revenue continues to constrain the public finances and the external balances. Angola does not seek a lending program from the IMF, but it receives 'technical support to improve tax revenues, analyse expenditures, and determine other reforms necessary. The African Development Bank is one of the?sources that could help. Reporting by Abu Sultan from Bengaluru, and Mrinmay dey from Mexico City. Additional reporting by Nilutpal Timsina, Sfundo Parakozov and William Mallard. Editing by Tom Hogue and William Mallard.
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Trump rallies seniors to support Republicans in Florida
Donald Trump, in his first event outside the White House after an apparent assassination, defended the Iran War, attacked Democrats, and deflected critics of?his economy record, all to boost?struggling Republicans election chances. Trump, speaking to seniors in The Villages'?sprawling? and deeply conservative retirement community The Villages, credited the signature tax law passed last summer for lowering Social Security levies. He also praised his administration's plans to make GLP-1 drugs for weight loss available to Medicare patients beginning in July. Trump stated that he wouldn't withdraw military forces "early" from Iran, only to have the issue arise three years later. Trump, despite his naval blockade and more than two months of strikes, has not been able to convince the Islamic Republic of Iran to denuclearize or reopen the Strait of Hormuz. Trump's campaign-style event, held in his adopted state of Florida, comes at a time when his approval rating is at a new low between his two terms. Some Republican congressional candidates, even though he's not on the ballot in November's midterm election, face steep odds. According to an Ipsos survey, more than 6/10 voters disapprove Trump's performance. His 34% approval rate is the same as the low point of his first-term. Trump's second-term is plagued by economic issues. This week, the average U.S. gas price reached its highest level since nearly four years as the U.S. - Iran conflict continued with no end in site. Commerce Department data released on Thursday showed that inflation in March grew at the fastest rate in three years. 'LETS NOT TALK" ABOUT IRAN Trump's speech seemed to acknowledge his need to appeal voters on economic issues. He largely glossed his ongoing war against Iran, even though foreign policy had otherwise dominated Trump's political attention in the past few weeks. Trump said, "Let's wait until the war is over before we talk about anything." His economic claims have misrepresented some of his policies. For example, the president claimed that taxes on Social Security were eliminated, but in reality, his signature legislative package included a new tax break for seniors, which his administration hopes to offset taxes on benefits. According to nonpartisan analyses, the effects were marginal. According to Urban-Brookings Tax Policy Center, less than half of households who receive Social Security benefits still owe taxes on those benefits. Trump's speech in a charter-school gymnasium was based on themes that "lifted" his 2024 campaign. Trump, in addition to discussing immigration and the economy, frequently attacked Democrats personally and raised divisive issues such as the participation by transgender athletes at school sports, and critical race theory. PRESIDENTIAL SECURITIES IN FOCUS Trump only briefly mentioned the attack on Saturday at the White House Correspondents' Association Dinner. The alleged attacker, who was armed with multiple guns and knives, was seated in the ballroom, just yards away from Trump and other senior officials. Security personnel subdued him. Trump joked, "I should have been indoors in a safe facility, where I could quickly, safely and beautifully play out my tenure, destroying all that stands in our path, like bad countries who want nuclear weapons." Trump said that the incident was proof of the need for his controversial new "White House Ballroom", even though it would have been too small for Saturday's event. The new ballroom would not be able to provide the security needed for all the events that presidents host around the globe. Trump's Friday remarks at the retirement community were followed by a speech to civic and business leaders from across?Florida at Palm Beach. He then attended the PGA Cadillac Championship in his Trump National Doral golf resort near Miami. Florida is a Republican state in general, but several of its congressional districts are expected to have a very competitive election this November. Just a few days ago, at Trump's request, the Florida state legislature approved new congressional districts that favored Republican candidates. The new districts will likely give conservatives 24 of Sunshine State's total 28 seats in U.S. House of Representatives. Reporting by Jacob Bogage, Gram Slattery, and Colleen Jenkins; Editing by Trevor Hunnicutt Alistair Bell, Stephen Coates and Colleen Jennicutt
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The yen dominates currency trading, causing global markets to float.
The global shares were stable on Friday. U.S. technology?stocks rallied again and investors remained focused on currency markets, after the yen briefly rose against the dollar for the second consecutive day. In a matter of minutes, the dollar dropped as much as 1% in relation to the yen on Friday. This came a day after Tokyo authorities allegedly intervened to support the currency. The last time it was down on the day, at 157.03, was 0.3%. Mike Brown, Pepperstone's senior research analyst said that the move was "clearly - so far at least - much more modest" than yesterday's dollar-yen movements. Atsushi Mmura's comments and the rise of the yen sparked speculations among currency traders that Japan would be stepping up its intervention. The FTSE 100 closed down by 0.1%. Most of the major European markets were shut for holidays. S&P 500 and Nasdaq both rose 0.3% to close at record highs, Friday. The gains were attributed to strong earnings and a drop in crude oil prices. The indexes had their biggest monthly percentage gains for years in May trading. Apple shares rose by?3.3% Friday after the iPhone manufacturer reported sales growth that exceeded estimates for its third quarter. Earnings optimism boosted global shares to their highest monthly gain since 2020, despite the fact that oil flow remains disrupted through the Strait of Hormuz. Iran said on Thursday that it would retaliate with "long, painful strikes" if Washington re-intensified its?attacks on the strait and reasserted its claim. An?official of the United Arab Emirates said that Tehran cannot be trusted with any unilateral agreements it makes regarding the Strait of Hormuz. This is a sign of the deep mistrust between all parties as the efforts to end war in the Middle East remain at a standstill. Brent crude fell 1.7% to $108.51 per barrel. JAPAN DRAWS LINE FOR YEN Investors remained alert to any further actions from Japan's Ministry of Finance. In a note published on Friday, Saxo's market strategists said that the?market would look for actual interventions rather than stern warnings, and if the U.S. spoke out in support of Japan's action. The euro fell 0.1% to $1.1718, and was a long way from its three-week low of $1.1655. The pound fell 0.2%, to 1.3569, after hitting a 10-week-high earlier. The pound was down 0.2% to 1.3569 after earlier hitting a 10-week high. Christine Lagarde, President of the European Central Bank (ECB), said that board members were debating whether or not to increase rates. She noted that the data collected over the next six week would determine the decision. Analysts at Citi wrote in a report that "the?messages communicated during the?press conference give us a distinct impression that governors are unanimous that they will raise policy rates on the next meeting, scheduled for June 11." We find no reason to change our expectations of consecutive rate increases in June and July." This was after the Federal Reserve made a shift to a more hawkish stance on Wednesday. The markets have since given up hope of a rate reduction in this country. The pivot has left the 10-year Treasury yield up 7 basis points for the week, but down from a high of 4,436%. (Reporting and editing by Wayne Cole, Sam Holmes Thomas Derpinghaus Barbara Lewis Colin Barr Andrew Heavens).
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S&P 500 and Nasdaq finish higher, post weekly gains following earnings-heavy weeks
S&P 500 and Nasdaq closed at record-breaking?highs Friday, helped by strong earnings and a drop in crude oil prices. They also turned the page on the?largest monthly percentage gains for years. Tech?strength?put the Nasdaq ahead, bringing the S&P?500 into positive territory. Both indexes have posted their sixth weekly advance, which is their longest run since October 2024. The stock market is about to embark on a historically weak six-month period. According to Fidelity data, since 1945, the S&P 500 gained on average about 2% between May and October. This compares to an average gain of 7% between November and April. Analysts now expect a 27.8% increase in first-quarter earnings year-over-year. This is according to LSEG. Investors were keen to see if the Magnificent Seven, a group of companies that are related to artificial intelligence, had reported their results this week. They also wanted to know when and to what extent the huge investments made in the new technology have started to pay off. This is an increase of 11.7 percentage points from the previous estimate. It's the largest earnings growth since the fourth quarter 2021. LSEG reports that 83% of the 314 companies who have reported results have beaten their earnings estimates and 78% have reported higher revenues than expected. Ryan Detrick is chief market strategist for Carson Group, Omaha. He said: "Today's actions are really the cherry on top of a solid week for investors. Earnings season continues to come out stronger than expected." "At exactly the same time, the S&P 500 had its second-best month since 1950." Detrick said, "It appears that the upward trend could very well continue in May." GEOPOLISM, CRUDE PRICE AND THE ECONOMY The U.S. and Israel war against Iran appears to be stalling, as the Strait of Hormuz closure has pushed up energy prices and stoked inflation fears. The front-month crude contracts eased when it was reported that Iran had submitted a new proposal for negotiation with Washington. Tom Hainlin is a national investment strategist with U.S. Bank Wealth Management, Minneapolis. The data revealed that the U.S. The Institute for Supply Management reported that factory activity increased in April for the fourth month in a row. However, the price-paid component, which is an inflation indicator, jumped to the highest level it has seen in four years. Preliminary data shows that the S&P 500 rose 20.46 points or 0.28% to 7,229.47, and the Nasdaq Composite increased 217.67 points or 0.87% to 25,109.98. The Dow Jones Industrial Average dropped 155.67 points or 0.31% to 49,496.47. Apple shares rose after the company announced a solid forecast for sales, citing strong demand for the MacBook Neo and its flagship iPhone 17. Atlassian's shares surged after the enterprise software company raised its forecast. Both Salesforce and ServiceNow, who are competitors, have gained ground. Roblox's bookings fell after a reduction in the company's annual forecast. Reddit's stock soared after a positive quarterly revenue forecast. Chevron's overall profit fell to its lowest level since five years, despite beating earnings expectations. Both supermajors ended lower.
China's Commerce Ministry blocks US Sanctions against Five Refineries
According to Xinhua, the Chinese Ministry of Commerce announced on 'Saturday that it had issued a?injunction against U.S. sanctions imposed upon?five Chinese refining companies accused of allegedly buying Iranian oil.
The Ministry named the five refineries as Hengli Petrochemical Refinery (Dalian), and so-called 'teapots' Shandong Jincheng Petrochemical Group Hebei Xinhai Chemical Group Shouguang Luqing Petrochemical, and Shandong Shengxing Chemical.
The U.S. Treasury imposed sanctions in April on Hengli Petrochemical accusing the company of purchasing?billions in dollars of Iranian oil. This was an increase in Washington's ongoing effort to 'curb Tehran's revenue from oil.
The Trump administration,?last year, imposed?sanctions against the other four refineries that were named by the Ministry.
The ministry stated that the U.S. sanctions are in violation of "international law and basic norms" of international relations.
The ministry said that it had issued an injunction as a result.
The Ministry of Foreign Affairs stated that "the injunction specifies that the United States can't recognize, implement or comply with sanctions imposed on?the above?five Chinese firms."
The sanctions caused some difficulties for the refiners, such as difficulty receiving crude oil and having to sell refined products with different names. Teapots make up a quarter of Chinese refinery capacity, but they operate at narrow margins - and sometimes even negative ones - due to a tepid demand.
(source: Reuters)