More Companies Announce Halt to Shipments Passing Through Red Sea

Jones Act repeal pushed | Nippon Steel to acquire U.S. Steel | Drought slows Brazilian fertilizer demand | PARP

MARKET FOCUS

• Atlanta Fed President Bostic doesn’t see cuts starting until third quarter
• Japanese steelmaker Nippon Steel to acquire U.S. Steel for $55 a share in cash
• About 58% of U.S. households owned stocks in 2022, up from 53% in 2019
• Goldman Sachs raises S&P 500 forecast to 5,100 points
• Study: Jones Act repeal could save East Coast $802 million in fuel costs
• Rich countries experiencing era of increased taxation to fund state spending initiatives
• Fed analysis: wealth persistence at upper end of income distribution scale
• Japanese yen expected to see uptick in 2024
• Atlantic Council introduced ‘Dollar Dominance Monitor’
• Ag markets today
• Drought slows Brazilian fertilizer demand
• Ag trade update
• NWS weather outlook
• Pro Farmer First Thing Today items

CONGRESS

• Senate talks fail to secure border policy framework

ISRAEL/HAMAS CONFLICT 

• CIA Director Burns in Warsaw to meet with Israeli and Qatari officials re: hostages
• Shipping companies suspend journeys through Red Sea
• Israel’s foreign minister: cease-fire with Hamas would be ‘prize for terrorism’
• Israel's military reveals long tunnel built by Hamas for a large-scale attack
   

RUSSIA & UKRAINE

• Ukraine conducts drone attacks on Crimea and certain areas of Russia
• Russian ag minister: Russia not interested in resuming Black Sea Grain Deal
   

POLICY

• Tax specialist Paul Neiffer comments on initial PARP payments

PERSONNEL

• Senate to vote on President Biden's nominee to lead Social Security Administration
   

CHINA

• China’s Nov. corn imports record large
• China’s Nov. pork imports down sharply from year-ago
• China’s economic conditions to improve in 2024
• U.S. concerned over Mexico attracting Chinese electric vehicle factories
• Beleaguered China feed giant to sell poultry stake to raise cash
• Asian fertilizer buyers turn away from key exporter China amid growing curbs
   

TRADE POLICY

• President Joe Biden abandons plans for comprehensive trade pact with Britain
   

ENERGY & CLIMATE CHANGE

• Canada to mandate all new cars must be zero-emission by 2035
   

LIVESTOCK, NUTRITION & FOOD INDUSTRY

• Sysco questioned over alleged forced labor issues in seafood supply chain
• Hong Kong suspends some U.S., Canadian poultry meat imports due to HPAI
• EPA proposes new wastewater rules for meat and poultry processing plants

POLITICS & ELECTIONS

• Robert F. Kennedy Jr. gains traction as dissatisfaction with major parties spurs interest
• Egyptian President Abdel-Fattah El-Sisi re-elected for a third term by landslide
   

OTHER ITEMS OF NOTE

• Supreme Court Justice Thomas complains about not making enough money
   

— Equities today: Asian and European stock markets were mixed overnight. U.S. Dow opened around 20 points higher. In Asia, Japan -0.6%. Hong Kong -1%. China -0.4%. India -0.2%. In Europe, at midday, London +0.6%. Paris -0.3%. Frankfurt -0.3%.

     U.S. equities for the week and Friday: The major indices put in a mixed session Friday, but scored gains for another week with the Dow managing its third record close of the week. On Friday, the Dow rose 56.81 points, 0.15%, at 37,305.16. The Nasdaq gained 52.36 points, 0.35%, at 14,813.92. The S&P 500 was down 0.36 point, 0.01%, at 4,719.19.

     Overall, stocks registered their seventh straight week of gains, which was the best winning streak for the S&P 500 since 2017 and the best streak for the Dow since 2019. For the week, the Dow gained 2.9%, the S&P 500 Index was up 2.5%, and the Nasdaq rose 2.9%.

     Of note: More Americans than ever own stocks, according to Federal Reserve data that shows how the Covid-era explosion in investing has reshaped personal finances.

— The two-year Treasury yield ended the week at 4.45% after big drops earlier in the week.

— Goldman Sachs raises S&P 500 forecast to 5,100 points, citing Federal Reserve's rate cut signals and joins other banks in predicting record highs in 2024. Goldman Sachs has revised its forecast for U.S. stocks upward following signals from the Federal Reserve suggesting a shift towards interest rate cuts. The bank now anticipates that the S&P 500, a major stock index, will reach 5,100 points. This revised forecast is approximately 8% higher than the closing value of the S&P 500 on the preceding Friday. It's worth noting that just one month ago, Goldman Sachs had set a target of 4,700 points for the same stock index. This adjustment in their outlook aligns with the predictions of other financial institutions like Bank of America and Oppenheimer Asset Management, all of which are now anticipating that U.S. stocks will reach record levels in the year 2024. This change in outlook reflects the belief that the Federal Reserve's willingness to consider rate cuts may positively impact the performance of the stock market.

— Study: Jones Act repeal could save East Coast $802 million in fuel costs. A new study suggests that a small legislative change could result in significant savings for the East Coast, reducing the region's annual fuel costs by $802 million. This change would also cut gasoline imports by 36% and jet fuel imports by 96%. The focus of the study is on the Jones Act, a 1920 law officially known as the Merchant Marine Act, which mandates that ships transporting cargo between U.S. points must be predominantly built, owned, and crewed by Americans. Despite being framed as an "America First" policy, the Jones Act raises the costs of domestic coastal shipping, giving imported goods a competitive advantage.

     The study argues that repealing the Jones Act would have had substantial economic benefits, particularly in terms of reducing fuel prices. According to the study, eliminating the Jones Act would have lowered East Coast gasoline, jet fuel, and diesel prices by $0.63, $0.80, and $0.82 per barrel, respectively, during 2018-2019. It would also enable more efficient use of Gulf Coast oil by allowing it to be shipped to the Eastern Seaboard profitably.

     The impact of the Jones Act is more significant the closer one is to the Gulf Coast, meaning that southeastern states would benefit more from a freer domestic oil trade than New England. However, the study notes that protectionist policies often result in smaller benefits for some industries or regions, making the politics surrounding Jones Act reform challenging.

     A commentary article in the Wall Street Journal (link) argues that Congress should prioritize overcoming parochial interests and removing inefficient policies, such as the Jones Act. Repealing the Jones Act could have broad positive implications for various industries, including liquefied natural gas, Alaskan seafood, offshore wind energy, and more, ultimately reducing the cost of waterborne shipping and alleviating strain on highways, the opinion item notes. The study concludes that reducing protectionist policies like the Jones Act would be a true "America First" policy by lowering costs and increasing efficiency.

— Agriculture markets Friday:

• Corn: March corn futures notched a 3 3/4 cent gain on a session, settling at $4.83, but fell 2 1/2 cents on the week.
• Soy complex: January soybeans rose 1 3/4 cents to $13.15 3/4 and gained 11 3/4 cents on the week. January soymeal rose $1.90 to $405.60 and rose 90 cents week over week, while January soyoil rose 48 points to 49.99 cents, but is down 21 points from a week ago.   
• Wheat: March SRW wheat rose 13 1/3 cents at $6.29 1/4 and near the session high. For the week, March SRW fell 2 1/2 cents. March HRW wheat futures gained 6 1/4 cents to $6.42 3/4 and near the daily high. For the week, March HRW fell 18 1/4 cents. March spring wheat rose 13 1/2 cents to $7.30 3/4 and gained 1 1/4 cents on the week.
• Cotton: March cotton fell 88 points to 79.93 cents and gave up 151 points on the week.
• Cattle: February live cattle rose $1.425 to $169.35 and near the daily high. For the week, Feb. live cattle rose $3.625. January feeder cattle futures gained $1.55 to $220.90 and near the daily high. For the week, January feeders rose $5.60.
• Hogs: After dipping in early trading, hog futures powered higher again Friday. Nearby February futures ended the week at $71.90, up $1.425 on the day and up $2.925 from last Friday.  
   

— Ag markets today: Corn modestly favored the downside overnight, while soybeans and wheat failed to sustain early price strength and have weakened this morning. As of 7:30 a.m. ET, corn futures were trading 1 to 2 cents lower, soybeans were 2 to 3 cents lower, SRW wheat was 6 to 7 cents lower, HRW wheat was 10 to 11 cents lower and HRS wheat was mostly 8 cents lower. Front-month crude oil futures were around 50 cents higher, and the U.S. dollar index was trading just below unchanged.

     Cattle market still searching for a low. Cattle futures posted modest corrective gains last week but remain in the steep downtrend from the September highs. Cash cattle prices fell for a sixth consecutive week. With packers facing upcoming holiday-shortened kill schedules, they aren’t expected to be active with bids, though they have increased slaughter rates the past couple weeks.

     Cash hog index continues seasonal slide. The CME lean hog index is down another 60 cents to $67.15 (as of Dec. 14) and now $14.73 below last year at this time. February lean hog futures posted strong gains late last week and finished Friday $4.75 above today’s cash quote. While that suggests traders anticipate a seasonal bottom soon, it also likely limits near-term upside potential until the cash market signals a low is in place.  

— Quotes of note:

• Fedspeak. This weekend, Atlanta Fed President Raphael Bostic told Reuters that he doesn’t see cuts starting until the third quarter, and Chicago Fed President Austan Goolsbee said it’s an overstatement to consider rate cuts until officials are convinced inflation is on a path lower to its target. New York Fed President John Williams on Friday said it’s too early to begin thinking about lowering borrowing costs.
   
• Sysco questioned over alleged forced labor issues in seafood supply chain. A California congressman wrote to the food service company Thursday, recounting a meeting between the company and his office but demanding more information on Sysco’s efforts to address the problem. A copy of the letter was obtained by the Wall Street Journal. “Because Sysco holds a large share of federal government contracts, I want to ensure that Sysco will demonstrate its commitment to upholding the law by severing ties with any entity that violates human rights standards,” Rep. Jared Huffman, a Democrat, wrote. He said the company hasn’t addressed its relationship with processing plants “that can be linked to forced labor of workers from Xinjiang,” the region of China that is home to the Uyghur people and other minority groups.
   
• “There is no point in having an entity if I haven’t got any money to put into it.” — Former UNICEF U.K. director Mike Penrose, who is setting up a foundation to distribute $3 billion in frozen proceeds from Russian oligarch Roman Abramovich's sale of his soccer club Chelsea FC. Roman Abramovich, a Russian oligarch, initially announced his intention to sell his soccer club, Chelsea FC, and donate the proceeds, which amounted to $3 billion, to the victims of the war in Ukraine shortly after Russian forces entered Ukraine. This move appeared as a means for the billionaire to address the increasing scrutiny he faced in Western countries due to his connections with Russian leader Vladimir Putin. However, over a year and a half later, the $3 billion donation remains in a U.K. bank account, frozen due to an ongoing dispute between Roman Abramovich and the British government regarding the appropriate allocation and utilization of this substantial sum.
   

— Federal Reserve Bank of St. Louis analysis (link) reveals a significant degree of wealth persistence at the upper end of the income distribution scale. Individuals born into wealthy households, specifically those in the top 0.1%, are strikingly more likely to come from the same top 0.1% group than the average across all age groups. The analysis spanned a 23-year period, tracking individuals' wealth at ages 50 to 54 and comparing it to their initial average wealth when they were in their late 20s.

     The findings indicate that individuals in the top 0.1% are 292 times more likely to have their origins within the same top 0.1% group. Furthermore, the analysis shows that only about 15.4% of individuals who eventually attain the top 0.1% of wealth distribution started their wealth journey below the 50th percentile. This suggests a high level of wealth concentration and continuity among the wealthiest individuals, with limited upward mobility from lower income levels to the very top.

— In the current economic landscape, rich countries are experiencing an era of increased taxation to fund substantial state spending initiatives. This trend is emerging as rising interest rates make borrowing less appealing as an option for financing government operations, the Wall Street Journal reports (link). According to the Organization for Economic Cooperation and Development (OECD), tax revenues have reached record levels as a proportion of economic output in several major economies, including France, Japan, and South Korea.

     These elevated levels of taxation signify a broader shift towards larger government involvement, a trend that has been amplified by factors such as the Covid-19 pandemic, national security concerns in a world marked by geopolitical tensions, the necessity of supporting aging populations, and the imperative to combat climate change. The combination of these factors has driven governments to increase their tax collections to address a range of pressing challenges and policy priorities.

Market perspectives:

— Outside markets: The U.S. dollar index was slightly lower, with the euro and yen stronger against the greenback. The yield on the 10-year U.S. Treasury was lower, trading around 3.91%, with a mostly negative tone in global government bond yields. Crude oil futures were seeing gains, with U.S. crude at around $72.90 per barrel and Brent at around $78.05 per barrel. Gold and silver futures were up, with gold around $2,038 per troy ounce and silver around $24.22 per troy ounce.

— In 2023, the Japanese yen faced a challenging year, experiencing an 8% decline against the U.S. dollar and ranking as the weakest major currency. However, according to a Bloomberg poll of market participants, this trend is expected to change in 2024. This shift is anticipated as the Bank of Japan prepares to exit the world's final negative interest rate policy while other central banks reduce borrowing costs. The median forecast among experts is for the yen to strengthen, with an estimated rally to 135 against the U.S. dollar in the coming year, compared to its current value of around 142 yen to the dollar.

     All eyes will be on the Bank of Japan when it sets policy on Tuesday, as Governor Kazuo Ueda continues to inch toward ending the world’s last negative interest-rate regime.

— Atlantic Council introduced the "Dollar Dominance Monitor," which tracks the global dominance of the U.S. dollar in terms of reserves, trade settlements, and exchange transactions. This effort (link) comes amid growing interest in alternatives to the dollar, particularly highlighted during the BRICS summit, where nations like Brazil, Russia, India, China, and South Africa explored such options. Interest in de-dollarization has been on the rise since Russia's invasion of Ukraine and subsequent economic sanctions. While creating a viable alternative to the U.S. dollar remains challenging, the demand for de-dollarization is stronger than ever, according to Josh Lipsky, senior director of the Atlantic Council's GeoEconomics Center. This trend is significant, particularly in the context of national security and economic statecraft.

     Although the yuan has seen increased usage in China's global trade, it's unlikely to replace the dollar anytime soon, especially in advanced economies. However, the expanding use of the yuan by China's trading partners could reduce the impact of dollar-based sanctions, thereby weakening the U.S. economic leverage. In an interview with Bloomberg, Lipsky also emphasized the importance of the payment systems, or "pipes," used for trade settlement, suggesting that building alternative networks to dollar-based systems could impact the dollar's influence on the global stage.

     Bottom line: The Atlantic Council's Dollar Dominance Monitor reflects the growing interest in reducing reliance on the US dollar in global transactions, driven by various geopolitical factors and economic considerations. The yuan's increasing role in international trade, though not a replacement for the dollar, could have consequences for the dollar's dominance, especially if alternative payment systems gain traction.

— Drought slows Brazilian fertilizer demand. Drought in central Brazil is causing farmers to delay fertilizer purchases for the safrinha corn-planting season, executives told Reuters. Also, Brazil’s soybean harvest will be delayed and that will push a portion of safrinha corn planting past the ideal window. As of early December, farmers had purchased only 60% of their estimated fertilizer needs in the safrinha corn-producing states of Parana and Mato Grosso, compared with the normal 80% at this time of year, said a market development director at Oslo-based Yara’s Brazil unit.

— Ag trade update: Saudi Arabia purchased 1.353 MMT of optional origin milling wheat. Algeria tendered to buy 200,000 MT of Argentine corn and 70,000 MT of optional origin soymeal.

— NWS weather outlook: There is a Slight Risk of excessive rainfall over parts of Northern New England on Monday... ...Lake-effect snow downwind of the Great Lakes and upslope snow over parts of the Northern/Central Appalachians... ...Rain for most of the West Coast.

Items in Pro Farmer's First Thing Today include:

     • Grains weaker to start the week
     • Crop stress to continue in Brazil early this week before expected relief
     • Russia not interested in restarting Black Sea grain deal

— Senate negotiators failed Sunday to reach a deal on a framework for border-security measures that Republicans have tied to new funding for Ukraine, further slimming the chances of any vote before Christmas. Negotiations continue today in the Senate. Even if a framework accord is reached, the House will not return until Jan. 9 unless called back.

— Shipping companies suspend journeys through Red Sea. Two shipping companies, including Maersk, a Danish freight giant, told customers that they were suspending journeys through the Red Sea after missile attacks by the Houthis, an Iran-backed Yemeni militant group. The attacks are a mark of the group’s intensifying assaults on the shipping lane. The Houthis claim to target ships heading towards Israel. Fully 10% of globally traded seaborne oil transits through the Bab al-Mandeb strait, a narrow waterway between Yemen and the Horn of Africa.

     Bottom line: The Houthis are a militant group considered part of Iran’s “Axis of Resistance” around Israel, which also includes Hamas and Lebanon-based Hezbollah. Their Red Sea disruption could have a big economic impact.

— Israel’s foreign minister said a cease-fire with Hamas would be a “prize for terrorism,” dismissing such calls from Europe. Meanwhile, pressure is on Benjamin Netanyahu after his forces mistakenly killed three Israeli hostages.

— Israel's military revealed a 2-1/2-mile-long tunnel it says was built by Hamas for a large-scale attack. It is large enough that large vehicles can drive through it, and yet, until recently, Israel didn’t know the tunnel reached right up to its border. Israeli officials believe it took years and millions of dollars to build.

— Ukraine conducted a series of drone attacks on Crimea and certain areas of Russia. Russian authorities stated that their air defense systems successfully intercepted and downed approximately 38 drones, marking one of the most significant Ukrainian drone attacks in recent months. These attacks reportedly resulted in explosions at military facilities in Crimea, a region that was annexed by Russia in 2014.

— Russian Agriculture Minister Dmitry Patrushev said Russia is not interested in resuming the Black Sea Grain Deal, which he characterized as a political decision. He emphasized that Russia's grain export volumes have not declined, and they have even seen a slight increase despite their withdrawal from the grain agreement earlier this year. This stance from Russia is unsurprising, as it aligns with their assertion that they are successfully managing their grain exports independently without the need for the grain deal. The Black Sea Grain Deal was a voluntary export restraint agreement between Russia and Ukraine aimed at stabilizing global grain markets. Russia's decision to exit this agreement suggests their confidence in their ability to manage their grain exports without international constraints.
 

— Tax specialist Paul Neiffer comments on initial PARP payments. Neiffer says USDA has initiated the release of 2022 ERP Track 1 Payments, starting last week, in accordance with a new progressive payment plan. Neiffer in his daily report (Farm CPA Report, a reader-supported publication) says some payments have been reviewed, and it was observed that they were reduced by 25% after factoring in the reduction and following the new USDA payment plan.

— Senate will convene at 3 p.m. ET to hold a vote on President Biden's nominee to lead the Social Security Administration, former Maryland Gov. Martin O'Malley. The vote for O'Malley's confirmation is scheduled for 5:30 p.m. ET. Tomorrow, at 11:30 a.m. ET, the Senate will vote on the motion to invoke cloture, which limits debate, for Christopher Fonzone's nomination as an assistant attorney general. Votes on Fonzone's confirmation and Sara Hill's nomination as a judge for the Northern District of Oklahoma may also take place tomorrow.

— China’s Nov. corn imports record large. China imported a record 3.59 MMT of corn during November, customs data showed, despite this year’s record domestic crop. The November import volumes were higher than expected, mainly because of quick loading from Brazil and some from Ukraine, according to Shanghai JC Intelligence Co. In the first 11 months of this year, China’s corn imports totaled 22.18 MMT, up 12.3% from the same period last year.

— China’s Nov. pork imports down sharply from year-ago. China imported 90,000 MT of pork during November, unchanged from the previous month but 48.1% less than last year. During the first 11 months of this year, China imported 1.46 MMT of pork, down 6.3% from the same period last year.

— China’s economic conditions to improve in 2024. China’s economy is expected to see more favorable conditions and more opportunities than challenges in 2024, state media said citing officials of the Chinese Communist Party’s finance and economy office. Macroeconomic policies will continue to provide support for economic recovery, Xinhua news reported in a detailed readout of the annual Central Economic Work Conference held Dec. 11-12, during which top leaders set economic targets for the following year. Still, headwinds persist in the domestic economic cycle as demand, consumption and enterprise investment remain weak. Next year, party officials said China will look to shift from a post-pandemic recovery to sustained consumption growth. The effects of this year’s treasury bond issuance, cuts in interest rates, tax and fee cuts and other policies will continue into next year, the report said. China would also continue to monitor its battered real estate market and meet the reasonable financing needs of real estate companies.

— U.S. concerned over Mexico attracting Chinese electric vehicle factories. Three of China’s biggest EV manufacturers in talks to find sites for plants in Latin American country. Link/paywall for details via Financial Times.

— Beleaguered China feed giant to sell poultry stake to raise cash. New Hope Liuhe Co., China’s top animal feed maker and leading meat producer, is selling controlling stakes worth 4.2 billion yuan ($590 million) in two core operations to raise cash after heavy losses this year. Link to details via Bloomberg.

— Asian fertilizer buyers turn away from key exporter China amid growing curbs. Asian fertilizer buyers are seeking alternatives to Chinese supplies on concerns the world's top exporter has become an increasingly unreliable supplier after curbs on shipments to protect its domestic market, buyers and analysts said. Link to details via Reuters.

— President Joe Biden abandons plans for a comprehensive trade pact with Britain, which could have laid the groundwork for a full post-Brexit trade deal. The move comes in response to opposition from Biden's own party in the Senate, where Senate Democrats argued that the proposed agreement did not offer sufficient protection for American workers. This decision has effectively dashed the U.K.'s hopes of securing a free trade agreement (FTA) with the United States.

     Background. The U.K.'s desire for a free trade agreement with the U.S. dates back to before the Brexit referendum, and it faced early setbacks when former President Barack Obama suggested that Britain would be at the back of the queue for a trade deal if it left the EU. Although there was some support for an FTA during Donald Trump's presidency in 2016, the likelihood of such an agreement has now plummeted to "zero" under President Biden's administration.

— Canada to mandate all new cars must be zero-emission by 2035. Canada is taking steps to accelerate its electrification plans by introducing new regulations set to be issued, which will mandate that all new passenger cars sold in the country must be zero-emission vehicles (ZEVs) by 2035. These regulations are designed to reduce wait times for electric vehicles (EVs) and ensure that there are enough affordable ZEVs available to meet the growing demand. Canada has set ambitious targets for the adoption of ZEVs, aiming for them to constitute 20% of all new car sales by 2026, 60% by 2030, and 100% by 2035. These goals align with the country's commitment to reduce emissions and combat climate change.

     Concerns have developed. Brian Kingston, CEO of the Canadian Vehicle Manufacturers' Association, representing companies like Ford, Stellantis, and GM, has expressed concerns about the affordability of ZEVs. He believes that stronger incentives are needed to make electric vehicles more accessible to consumers, rather than imposing a mandate on the types of vehicles Canadians can purchase.

— Hong Kong suspends some U.S., Canadian poultry meat imports due to HPAI. Hong Kong suspended imports of poultry meat and products from areas in the U.S. and Canada affected by highly pathogenic avian influenza (HPAI).

— EPA proposes new wastewater rules for meat and poultry processing plants, which could lead to a reduction of 100 million pounds of water pollutants like nitrogen and phosphorus annually. This marks the first update of effluent limitation guidelines for this industry in a generation. The proposed guidelines aim to achieve the maximum feasible reduction in pollution using proven technology, considering economic viability. EPA plans to open the proposed regulations for public comment after their publication in the Federal Register. As part of a court agreement, the EPA is obligated to finalize the standards by August 2025, following a lawsuit filed by environmental law firm Earthjustice during the Trump administration when the EPA had decided against updating the regulations. Link for details. 

— Robert F. Kennedy Jr. gains traction as dissatisfaction with major parties spurs interest in third-party candidates for 2024 election. A recent Wall Street Journal poll (link) has found that nearly one in five Americans express a willingness to vote for a third-party candidate in the 2024 presidential election. One prominent figure who appears to be benefiting from this dissatisfaction with the major parties is Robert F. Kennedy Jr., a member of the renowned Democratic Kennedy family who is also known for promoting conspiracy theories. Kennedy's candidacy is garnering support from individuals who had previously voted for one of the two major party candidates in the 2020 election but are now disenchanted with both options. While it remains uncertain whether Kennedy can secure victory in the election, his candidacy has the potential to disrupt electoral dynamics, particularly in crucial swing states that are essential for both the Democratic and Republican candidates, Joe Biden and Donald Trump, to secure the presidency.

— Egypt’s election: Egyptian President Abdel-Fattah El-Sisi was re-elected for a third term by a landslide, extending to 2030 his rule over the North African nation that’s mired in its worst economic plight in decades.
 

— SCOTUS update. Supreme Court Justice Clarence Thomas's complaints about not making enough money sparked worries among some people that he would resign. Link for more.

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