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Real-time News
November 12th - It was learned on November 11th local time that the Trump administration has formally determined that the Consumer Financial Protection Bureaus (CFPB) current funding sources are illegal, meaning the agency will be shut down after running out of funds in the coming months. Court documents released on the evening of the 10th revealed this decision. The documents show that the Trump administration determined that the law prohibits the CFPB from seeking additional funding from the Federal Reserve, which is the agencys usual source of funding. In its filings, the CFPB stated that its funds could last at least until the end of this year, but "it is expected to run out of funds by early 2026." Unless Congress passes a new appropriations bill, the CFPB will face a funding shortage starting next year, and may even be unable to carry out necessary activities.On November 12, the German Ministry of Economic Affairs stated that SEFE, the European Secure Energy Company, must terminate its gas import agreement with Russia. SEFE, formerly a subsidiary of Gazprom, was nationalized by the German government after the outbreak of the Russia-Ukraine conflict. In a statement released last month but only made public this week, the ministry indicated that one way to terminate this legacy contract for Russian liquefied natural gas (LNG) is to declare "force majeure." This legal provision allows companies to be exempt from contractual obligations and may be applicable in the context of recent EU sanctions against Moscow and the EUs phase-out of Russian energy. SEFE has faced criticism for continuing to fulfill its long-term LNG purchase agreement with the Yamal plant in Siberia, but the cost of canceling the contract is estimated at around €10 billion ($11.6 billion). The company stated last month that it would assess the impact of the latest sanctions on the contract but has yet to take action. According to the German Ministry of Economic Affairs, the import agreement involves 2.9 million tons of LNG annually, runs until 2040, and has no cancellation option.ECB Governing Council member Eskeriva: The Spanish economy will continue to grow at a similar pace.French President Macron: France will establish a joint committee with the Palestinian Authority to consolidate the Palestinian state.According to Politico: The Trump administration has declared the Consumer Financial Protection Bureaus funding illegal.
