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The best contractors aren’t just skilled—they’re hungry, humble, and always leveling up. Going from a profitable business to a leader in the industry takes more than discipline.  In this week’s episode, Mark Matteson, best selling author and TEDx Speaker, sits down with industry titan Paul Kelly, who shares the mindset behind RAISING GOATS; A new program built for contractors who are ready to dominate their market. Learn how to stop taking notes and start taking action that matters. Surround yourself with top performers and learn to lead with the kind of drive that builds $250M+ businesses. Because most know what to do. Few actually do it.  All that and more on the latest episode of Cracking the Code! Streaming now, free for everyone, through August 7: MyContractorUniversity.com/CBS-Show. Read More

The craft of plumbing has a rich and storied tradition going back at least as far as the early Roman Empire. So how much do you know about the History of Plumbing? Take our quiz and find out! You could win a $25 gift card. Read More

WASHINGTON, DC — On July 30th, the White House issued a proclamation imposing a universal 50% tariff on imports of “semi-finished” copper products, including wires, sheets and pipes. The proclamation does not include tariffs on upstream input materials such as copper ores, cathodes, anodes, and scrap. It does include targeted export controls prioritizing US sales of domestically produced copper scrap and input materials. Justifications President Trump justified the action—as the White House has in the past—on Section 232 of the Trade Expansion Act of 1962, a law that give the President the authority to impose tariffs (following a recommendation by the US Secretary of Commerce) if “an article is being imported into the United States in such quantities or under such circumstances as to threaten or impair the national security.” The body of the proclamation notes that for much of the 20th century the US was a world leader in the “value chain” of copper production, however in recent years domestic copper production has plummeted. The administration lays much of the blame for the decline on unfair trade practices abroad and over-regulation at home. The proclamation goes on to say:   In my judgment, the action in this proclamation will, among other things, help increase domestic production of semi-finished copper products and intensive copper derivative products, thereby reducing our Nation’s reliance on foreign sources. Reactions The US imported $17 billion worth of copper last year, according to US Commerce Department data. Chile was the largest foreign supplier of the metal, shipping $6 billion worth of it to the US last year. Tariffs are expected to go into effect August 1st. On Thursday, July 31st, US copper futures sank 20% to around $4.55 per pound, marking the largest intraday fall on record, according Trading Economics. The Copper Development Association is the market development, engineering and information services arm of the copper industry, chartered to enhance and expand markets for copper and its alloys in North America. The CDA President and CEO, Adam Estelle issued a statement of support in the wake of President Trump’s proclamation saying:  The Copper Development Association thanks President Trump for his concerted efforts to ensure a stronger, more resilient and more reliable domestic copper industry. Upon initial review, we believe the Administration has taken decisive, comprehensive and calibrated actions designed to supercharge domestic production.  The forthcoming details will be important to understand full impacts, but the initial framework appears to be highly aligned with the solutions recommended by CDA’s fabricator members. These actions support CDA’s longstanding position that copper is critical to national security, energy dominance, AI supremacy, reshoring manufacturing and restoring America’s standing as an industrial superpower. Now is the time to unleash American copper like never before. CONTRACTOR will continue to report on this story in the coming weeks.  And for those in the electrical trades read about The Quest for Sustainable Components at sister publication ElectronicDesign.  Read More

Copyright &copy HT Digital Streams Limited All Rights Reserved. Alok Singh, chief investment officer at Bank of India Mutual Fund, warns that the country’s failure to reach a “reasonable” agreement with the US in the next few months could lead to a de-rating of the export-heavy sectors that cater to the world’s largest economy. Summary Indian markets are yet to feel the full impact of the US’s 50% tariff move, with hope of a trade deal keeping sentiment afloat, says Bank of India MF’s Alok Singh. He warns of de-rating of export-focussed sectors if talks fail, and backs banking, consumption and power over energy and FMCG. India’s equity market has not yet fully priced in the impact of the 50% tariff announcement by the US, and is holding its nerves on hope of an agreement, says Alok Singh, chief investment officer at Bank of India Mutual Fund. In an interview with Mint, Singh warns that the country’s failure to reach a “reasonable” agreement with the US in the next few months could lead to a de-rating of the export-heavy sectors that cater to the world’s largest economy. On the big picture, he says India may continue to see elevated valuations in Indian equities for some more time, with a gradual correction likely only if earnings growth falters for a sustained period. Edited excerpts: What are the triggers for the markets now? Markets haven’t been doing well primarily because earnings have been a bit of a concern, making valuations seem slightly expensive. That said, EPS (earnings per share) growth has been around 12-13%. But most of this has come from profit margin expansion and very less has come from the revenue growth, which the market doesn’t like. Profit margins have a ceiling. Once you hit that, future EPS growth can only come from topline growth. Revenue growth was struggling earlier due to lack of government spending, but things are now in repair mode. The government has taken measures like tax cuts and the RBI (Reserve Bank of India) has infused liquidity and reduced interest rates. The impact pf these actions usually sees a lag, so the second half of the year should see a demand pickup. If that happens, revenue growth will likely follow. The government is also planning to implement a new pay commission for central government employees next year. Once that’s formalized, spending patterns could improve, which should support revenue growth and in turn support markets. Why have the markets not reacted to the 50% tariff announcement by the US? We think that the market still has a hope of a trade deal in the near future. Therefore, it has not fully reacted to the 50% tariff announcement. If India doesn’t achieve a reasonable deal in the next few months, then markets will derate businesses with a higher US exposure. The main issue with the US is energy trade with Russia. What if India stops importing Russian oil? Non-purchase of Russian oil by India will have an impact on global oil prices, and that will, in turn, push up inflation in India. Do we see valuations in India’s equity market correcting? When you buy anything expensive, you consider three things: stability, growth, and return profile. India offers the best growth, and our market’s ROE (return on equity) profile is second best after the US. In terms of macro stability, we are fiscally stable. With all the three things in place, we are supposed to trade at a premium. Can we sustain it? That’s the key. Growth has slowed, especially as private capex has been subdued. But this does not warrant an immediate de-rating in valuations. We may continue being expensive for some time. If we continue to falter for a long time, especially if revenue growth does not pick up, there might be some disappointments in the market. What are companies saying about capex? Capex is happening, but mostly brownfield and funded via internal accruals or equity, and not large greenfield projects. We are not seeing the big-bang announcements on capex; it is more like adding additional capacity to an existing project. Domestic institutional investors (DIIs) have been buying consistently. Foreign institutional investors (FIIs) were buying since April, but they have been selling… That’s just secondary market data. Look at the total flows, including the primary market. FIIs have been participating actively in IPOs (initial public offerings) and QIPs (qualified institutional placements). We often ignore this. The overall flows aren’t that bad. Like for the month of July, NSDL data showed a cumulative secondary market selling of ₹20,262.95 crore, which when combined with primary market buying of ₹13,759.86 crore resulted in net equity outflow of around ₹6,503 crore. Why are primary markets more attractive for FIIs? Better valuations, newer businesses, and attractive pricing. Some FIIs are booking profits in older investments and reallocating to primary market opportunities. Why are we seeing bankers pricing IPOs at a lower valuation than the grey market, unlike last year? Since January-February, the market and fund managers have become more reasonable in terms of valuation expectations. That’s primarily because these are relatively unknown companies. There has to be a premium for being a known entity versus an unknown one. If you’re a known company, you’ve got better disclosures and a track record. Private companies have different disclosure norms and conduct, which makes them less transparent. So, if I’m buying into something unknown, I’d want a discount, and that’s what the market is reflecting right now. Which are the sectors you see outperforming hereon? Banking and financials should do well. Retail banking, which was struggling because of NPAs (non-performing assets) could start doing well, as we see the NPA cycle bottoming out in the next one quarter. Discretionary consumption should pick up. We like the power sector, as there is significant global capex happening in that space. Over time, the source of power generation has changed. It’s moving from thermal to renewable. On the other side, we need high power generation for data centres,

Copyright &copy HT Digital Streams Limited All Rights Reserved. India MF count jumps after long lull on policy change, growth scope The number of mutual funds, which was stagnant for the last five years, saw a sharp rise to 53 as of 9 August. (iStockphoto) Summary Tax changes, new product rules and a largely untapped investor base are drawing portfolio managers, alternative investment firms and brokers into mutual funds. After being stuck at around 45 for years, the number of MFs has climbed to 53, with assets reaching ₹74.41 lakh crore in June. A mix of tax policy shifts, product innovation and untapped potential is redrawing India’s asset management map, spurring a rush in the mutual fund industry. Interestingly, not all are fresh entrants, but existing players in the ecosystem—portfolio managers, alternate investment funds (AIFs), stock brokers, and even investment bankers—who are now stepping in. The number of mutual funds that were stagnant for the last five years, saw a sharp rise to 53 as of 9 August. As per data from Securities and Exchange Board of India (Sebi), the number of fund houses were hovering around 45 between FY19 and FY24, and saw a sudden rise to 53 in FY25. Key factors include a change in short-term capital gains tax (STCG) bothering the portfolio management system (PMS) and AIF players, a new product launched by Sebi that gave benefit to mutual funds over PMS and AIFs, and shrinking revenues for brokers. And lastly, a very underpenetrated mutual fund market, which everyone wants to tap. On the PMS side, players like Abakkus Asset Managers, Carnelian Asset Management Advisors, Marcellus Investment Managers, ASK, and others are in the process of getting a mutual fund license, according to Sebi. On the broking side, Choice International Ltd, Estee Advisors Pvt Ltd have been there. Pantomath Capital Advisors Ltd, an investment banking company, also got a mutual find licence. In the FY24 Union Budget, the STCG was increased to 20% from 15%, which reduced the post-tax returns for PMS and AIFs, experts said. Unlike mutual funds, PMS and AIFs pay a tax, called a tax on churn, every time they sell a stock. So, whenever they have to sell a stock and buy another, the investor ends up paying either LTCG or STCG on the gains it made on the stock. “Since the STCG was jacked up to 20%, PMS schemes are immediately at a disadvantage to mutual funds in terms of taxation. When the tax was low, PMSes could deal with STCG but the tax now increased it creates a performance lag which no PMS wants,” said Saurabh Mukherjea, founder and chief investment officer (CIO) at Marcellus Investment Managers, stating this to be one of the reasons why PMS players are getting MF licenses. Marcellus Investment has also got an in-principle nod from Sebi to start a mutual fund. PMS and AIFs have captive customers; distribution network in place and with the added benefit of taxation, mutual fund becomes a natural extension of their business to scale AUM, said Juzer Gabajiwala, director at Ventura. New players are trying to tap into the industry on the back of strong inflows in the space. Assets under management (AUM) for the mutual fund industry reached ₹74.41 lakh crore in June, marking a 13.2% on-quarter growth. Also, the quarter ending June 2025 saw a 16% rise in year-on-year (y-o-y) in net inflows. Net inflows in the month of June were at ₹49,095 crore. Disruptor product Earlier this year, Sebi introduced a new product called Specialized Investment Funds (SIFs), with a minimum investment requirement of ₹10 lakh. Positioned as a higher-risk option compared to mutual funds, SIFs are designed to bridge the gap between mutual funds and higher-ticket products like PMS and AIFs, where the minimum investment is ₹50 lakh and ₹1 crore, respectively. One reason why PMS and AIF players are now seeking mutual fund licences is that only mutual funds are permitted to launch SIFs. These funds can employ riskier strategies—such as long-short and sector rotation—that PMS and AIFs traditionally offered. The catch for the alternatives industry is that SIFs are taxed like mutual funds (no tax on churn), which could prompt some investors to choose them over PMS or AIF options, say experts. “PMS and AIFs see an opportunity in managing a SIF business which can be only possible if they have a MF license. They can broaden their target audience and reach by introducing flexible products in SIF as it offers lower ticket size than a PMS or an AIF, targeting the mass-affluent investors who do not classify as HNIs,” said said Debasish Mohanty, chief strategy officer at the Wealth Company Mutual Fund. Edelweiss MF, Mirae Capital Asset Mutual Fund, and SBI MF have so far announced their plans to enter the SIF space. New revenue stream With Sebi’s recent clampdown on the F&O segment squeezing broker revenues, many industry experts see asset management as the next natural extension for broking firms. (LINK STORY) The new Sebi regulations, especially those related to IT infrastructure, apply uniformly to all regulated entities, not just brokers. This means most of the required systems and compliance costs are already in place for brokers, said Jimmy Patel, managing director at Quantum Mutual Fund. He said with these synergies and a need to diversify revenue streams, launching an AMC becomes an attractive next step. “The only major additional expense in starting an asset management company (AMC) is research and fund management itself,” Patel said. Fund management costs can also be lowered at the start by launching passive products. For instance, Zerodha entered the space with passive funds. More recently, Choice AMC Pvt Ltd—whose parent company is a broker—announced plans to begin with passive products such as index funds and ETFs. Importantly, the cost of running an AMC can be kept under control. “Conventional models with active fund management and wide distribution networks require significant spending on research, fund managers, and physical offices,” said Sandeep Bagla, chief executive officer (CEO)

Copyright &copy HT Digital Streams Limited All Rights Reserved. Manish Joshi 3 min read 11 Aug 2025, 05:10 AM IST The country’s largest lender’s NIM is likely to expand from Q3, as the benefits start flowing from the savings and term deposits’ repricing and capital raise. (Mint) Summary SBI has shown resilience with steady margins in the June quarter, and it is set for support from deposits’ repricing, fresh capital, and a lower cash reserve ratio in the latter half of FY26. Fee income growth and stable asset quality boost its outlook, though valuations trail private peers. State Bank of India (SBI) has shown resilience on the margin front in the June quarter, and is confident of maintaining its domestic net interest margin (NIM) at 3% for the fiscal year. This is largely in line with the Q1 reading of 3.02%, which was down 33 basis points year-on-year (y-o-y). This guidance is noteworthy considering the Reserve Bank of India’s recent jumbo repo cut of 50 bps, which could hurt NIM in the current quarter ending September. Of course, the caveat is that there should be no further cut in the repo rate. The country’s largest lender’s NIM is likely to expand from Q3, as the benefits start flowing from the savings and term deposits’ repricing and capital raise. As per the management, SBI’s earning model has built in the benefit from the 100 bps reduction in cash reserve ratio (CRR) to 3% of a bank’s deposits. This will kick-in from September. CRR funds are parked with the RBI and do not earn any interest. The CRR cut should release nearly ₹52,000 crore for SBI, and that should start earning interest income. SBI’s net interest income (NII) was almost unchanged from a year ago at ₹41,072 crore. The benefit of 10% expansion in interest-earning assets—advances, investments and balances with other banks and call money funds to the tune of ₹59.9 trillion—was eroded by the y-o-y NIM decline for the bank from 3.22% to 2.9%. While NII did not grow, the core fee income showed a strong growth of 11% y-o-y to ₹7,677 crore, giving profit a boost. The bank booked huge trading gains with the yield on government securities softening. Its credit cost remained benign at 0.47%, almost unchanged from a year ago and the asset quality was stable. Gross non-performing assets (NPAs) and net NPA ratio were stable sequentially at 1.83% and 0.47%, respectively. SBI raised ₹25,000 crore in July, as fresh equity from qualified institutional placement. The funds have boosted common equity tier (CET)—1 capital of the bank, which allows them to lend more. Does this mean that the bank’s y-o-y growth of 12% in advances to ₹41.96 trillion in Q1 will pick up further? SBI clarified that the growth in loans has been constrained by demand-side factors, rather than the supply side. SBI guided for 12-13% loan growth, depending on the demand. Even before the capital raise, there were no constraints on SBI’s ability to fund growth, both in terms of its capital adequacy ratio and liquidity. In terms of liquidity, SBI’s credit-deposit (CD) ratio at 77% for the whole bank in Q1 is lower than 85% of ICICI Bank (whole bank) and 87% for Kotak Bank. So far in 2025, shares of SBI have fetched 1.4% returns, lagging Nifty Bank’s 8%. Its valuations are facing a constraint too. Motilal Oswal Financial Services values SBI’s subsidiaries and associates at ₹243 a share. If it is deducted from the current market price, the stock is available at ₹561. Considering Motilal estimates SBI’s adjusted book value at ₹566 for FY27, the stock is currently trading below its adjusted book value. Leading private sector banks such as HDFC Bank and ICICI Bank are quoting at least twice of their adjusted book value. The answer for lower valuation of SBI lies in the lower return on its average assets (RoAA) of about 1%, as against the near 2% of its private sector peers. However, SBI is ahead of the private lenders in terms of its return on average equity (RoAE). This indicates the Street has made its preference clear in terms of choosing between RoAA (similar to ROCE, the return on capital employed for non-banking firms) and RoAE, by giving an increased multiple to banks with a higher RoAA. Disclaimer: The author holds a position in SBI shares. Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. more topics #SBI #mark to maket Read Next Story Read More

US Vice President JD Vance acknowledged the challenges of a peace deal between Russia and Ukraine, saying both sides will likely be unhappy but stressed the need for a mutually acceptable settlement. U.S. Vice President JD Vance speaks during a meeting with British Foreign Secretary David Lammy at Chevening House in Sevenoaks, Kent, Britain August 8, 2025. Kin Cheung/Pool via REUTERS(via REUTERS) US Vice President JD Vance acknowledged the difficulty of achieving a peace deal between Russia and Ukraine, saying on Fox News that “both the Russians and the Ukrainians, probably, at the end of the day, are going to be unhappy with it.” He emphasised the goal of finding a settlement “both countries can accept,” though warned it would not make “anybody super happy.” Trump announces summit with Putin President Donald Trump announced on Friday that he will meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine, which has lasted over three and a half years. Trump indicated that Russia and Ukraine were close to a ceasefire deal, which could involve Ukraine surrendering significant territory. Zelensky firm on territorial integrity Contrasting Trump’s comments, Ukrainian President Volodymyr Zelensky asserted on Saturday that Ukraine’s constitution forbids surrendering land. He firmly stated, “Ukrainians will not gift their land to the occupiers,” rejecting any agreement that compromises Ukraine’s sovereignty. Diplomatic talks Vance revealed that efforts are underway to organize talks involving Putin, Zelensky, and Trump, although he expressed skepticism about the productivity of a direct meeting between Putin and Zelensky before the US-Russia summit. “We’re at a point now where we’re trying to figure out, frankly, scheduling and things like that, around when these three leaders could sit down and discuss an end to this conflict,” he explained. White House position on summit format A White House official stated on Saturday that Trump remains open to a summit including both Putin and Zelensky but preparations are currently focused on the bilateral meeting requested by Putin between the US and Russia. Read More

Ukrainian President Volodymyr Zelensky has gained strong support from European leaders and NATO ahead of the upcoming Russia-US summit in Alaska, amid fears that Presidents Putin and Trump might negotiate peace terms without Ukraine’s involvement, potentially forcing territorial concessions. As the Russia-US summit approaches, tensions rise with concerns that Ukrainian President Volodymyr Zelensky could be excluded from critical negotiations. (Photo by Handout / UKRAINIAN PRESIDENTIAL PRESS SERVICE / AFP)(AFP) Ukrainian President Volodymyr Zelenskiy secured strong diplomatic backing from European leaders and NATO on Sunday, as concerns mount ahead of the much-anticipated Russia-US summit scheduled for August 15 in Alaska. Kyiv fears that Presidents Vladimir Putin and Donald Trump may negotiate terms without Ukrainian involvement, potentially pressuring Ukraine to cede territory in the ongoing conflict. Summit sparks fears of exclusion and territorial pressure President Trump, who had previously threatened new sanctions on Russia, surprised many by announcing the summit with Putin, raising alarm in Kyiv. Trump suggested a possible deal involving “some swapping of territories to the betterment of both sides,” a notion that has deeply unsettled Ukrainian officials. Zelensky responded firmly, warning, “Any decisions taken without Ukraine will be stillborn and unworkable.” He emphasised the need for sanctions and continued pressure on Russia following recent strikes in Ukraine’s Zaporizhzhia region, which injured at least 12 people. European and NATO leaders rally behind Ukraine European Union foreign policy chief Kaja Kallas stressed the importance of inclusive diplomacy: “Any deal between the US and Russia must have Ukraine and the EU included, for it is a matter of Ukraine’s and the whole of Europe’s security.” EU foreign ministers planned to meet on Monday to discuss next steps. NATO Secretary General Mark Rutte echoed these sentiments in an interview with ABC News: “It will be about security guarantees, but also about the absolute need to acknowledge that Ukraine decides on its own future, that Ukraine has to be a sovereign nation.” Rutte also ruled out any deal that legally recognizes Russian control over Ukrainian territory, though he noted de facto arrangements could be possible, comparing the situation to the post-World War II status of the Baltic states. Russia and Europe at odds over diplomatic efforts A European official revealed that Europe had prepared a counter-proposal to Trump’s plan but declined to share specifics. Russian officials reacted harshly, with former president Dmitry Medvedev accusing Europe of attempting to sabotage American efforts. Russian Foreign Ministry spokeswoman Maria Zakharova disparaged Ukraine’s relationship with the EU, likening it to “necrophilia.” Pro-Kremlin voices warned that a direct Russia-US deal could sideline Europe and Ukraine, leaving them powerless against the terms imposed. (With Reuters inputs) Stay updated with the latest Trending, India , World and US news. Business NewsNewsWorldZelensky wins Europe, NATO backing ahead of Trump-Putin summit: ‘Any decisions without Ukraine will be unworkable’ MoreLess Read More

Topline President Donald Trump said that homeless people living in the nation’s capital would “have to move out, IMMEDIATELY,” just one day before his planned press conference to address his claims that violent crime is widespread in the nation’s capital, despite federal data indicating crime rates have fallen to historic lows. The president claimed Washington, D.C., had become “one of the most dangerous cities anywhere in the world,” despite federal data indicating crime fell to historic lows. Copyright 2025 The Associated Press. All rights reserved. Key Facts A White House press conference on Monday will “essentially stop violent crime” in Washington, D.C., Trump wrote on Truth Social, claiming the city had become “one of the most dangerous” in the world. Trump said the press conference would take place at 10 a.m. on Monday, and would focus on “ending the Crime, Murder, and Death in our Nation’s Capital.” “The Homeless have to move out, IMMEDIATELY,” Trump wrote in a post on Truth Social accompanied by images of a few tents and refuse scattered on the side of the road and the steps of a building, adding “we will give you places to stay, but FAR from the Capital.” Trump said his plans in D.C. include also “beautification” efforts, and took the opportunity again to lambast the Federal Reserve for their yearslong headquarters renovation and ballooning budget of at least $2.5 billion on the project. Trump has claimed in recent months that violent crime was rampant in Washington, D.C., and has threatened to deploy the National Guard and have the city be taken over by the federal government, writing earlier this week that if “D.C. doesn’t get its act together, we will have no choice but to take Federal control of the city.” Violent Crime Fell To A 30-Year Low In D.c. Last Year—and Rates Are Lower In 2025 Violent crime rates in Washington, D.C., dropped 35% from 2023 to 2024, marking the lowest rates recorded in more than 30 years, according to the Justice Department. According to data released Aug. 8 by the Metropolitan Police Department, violent crime rates have continued to fall in 2025, with violent crime down 26% year-over-year. The MPD said homicide rates have dropped 12% on the year so far, sex abuse by 49%, assault with a dangerous weapon by 20% and robbery by 28%. Property crime rates have also fallen, including burglary (19%), theft from vehicles (4%) and other theft crimes (6%). However, Trump continued to insist Sunday that the crime numbers keep rising. “The Mayor of D.C., Muriel Bowser, is a good person who has tried, but she has been given many chances, and the Crime Numbers get worse, and the City only gets dirtier and less attractive,” the president wrote on Truth Social. “The American Public is not going to put up with it any longer.” Why Does Trump Want A Federal Takeover Of D.c.? Trump previously called for the federal government to take control of Washington, D.C., by falsely claiming violent crime rates were rising in the city. His latest calls follow an attack on a high-ranking member of the Department of Government Efficiency, as Trump wrote on Truth Social that crime in D.C. was “out of control” and the federal government would “put criminals on notice that they’re not going to get away with it anymore.” MPD said two 15-year-old suspects were arrested and charged with unarmed carjacking, after Edward Coristine was assaulted in the early morning of Aug. 3. Bowser said that although the incident was unfortunate, crime in the city was already trending lower for the month. “We had one of the lowest crime levels in shootings in a July in recent history,” the mayor said, later adding that carjackings fell 50% after spiking in 2023, and are still falling this year. Will Trump Deploy The National Guard To D.c.? It’s not immediately clear whether Trump would bring in the National Guard, though the White House said in a statement that agents from some law enforcement agencies, including the FBI, the U.S. Marshals Service, the Drug Enforcement Administration, immigration police and a dozen other offices were deployed early Friday. It’s not immediately clear where or how many agents were deployed, though the White House said deployment was focused on “high traffic areas and other known hotspots.” Officials will be “identified, in marked units, and highly visible.” Bowser said she was concerned that deploying the National Guard would not be the most “efficient” use of their time, explaining Sunday “they’re not law enforcement officials. These are men and women who leave their families to serve our country, and that is just not their primary role—to enforce local laws.” Earlier this year, Trump deployed about 4,000 National Guardsmen to Los Angeles in response to protests against Immigration and Customs Enforcement raids. Could Trump Order A Federal Takeover Of D.c.? Trump could lobby support for federal control of Washington, D.C., though doing so would require approval from Congress, which would need to vote to repeal the 1973 Home Rule Act. The law established a legal framework for city residents to elect local officials, including a mayor and city council, to manage city business. A bill to repeal the Home Rule Act was introduced by Rep. Andrew Ogles, R-Tenn., in February, though the legislation has yet to move forward. Jeanine Pirro, the U.S. attorney for Washington, D.C., told Fox News she would “totally” support Trump if he sought a federal takeover, adding, “If that’s what we need to do to get it done, that’s what he should do.” Trump has said he would support a federal takeover of the MPD, falsely claiming the crime rate in the city was “ridiculous,” though legal experts have said this would likely be challenged in court. On Sunday, Bowser said that the president could only take over the MPD if specific conditions were met. “None of those conditions exist in our city right now. As I mentioned, we are not experiencing a spike in crime, in fact,

Robert Smith committed historic tax crimes. Facing federal scrutiny, he moved next door to the president. IN SEPTEMBER 2020, a month before the Department of Justice revealed one of the biggest tax-evasion cases in U.S. history, the phone rang at the Palm Beach Police Department. The caller was Hope Smith, the wife of private-equity billionaire Robert Smith. Mrs. Smith had taken inventory of her jewelry collection ahead of a planned move and found that a 3.63-carat diamond ring, worth $1.1 million, was missing from a safe. “Smith advised she does not recall where or when it was lost,” explained the police report, which Forbes obtained a week ago through a public-records request. “However, it was last seen in her Palm Beach residence in January or February of 2020.” The police report identified the residence as 1125 South Ocean Boulevard, directly next door to President Trump’s winter White House, Mar-a-Lago. The Smiths did not own 1125 South Ocean Boulevard but rented it, starting around the fall of 2019. Their landlord, who purchased the 10,500-square-foot property a year earlier, was Donald Trump. Smith, worth about $5 billion at the time, could well afford the estimated $65,000-per-month tab. The question is why the private-equity tycoon, who has spent millions buying and renovating homes in locales including Colorado, California and France, rented that particular property from that particular person. According to Smith’s representative, the investor was eager to get to Palm Beach before his kids had their first day of school, and a previous rental had fallen through because of black mold, leading an agent to move quickly to secure Trump’s home. The situation, however, led to an unusual dynamic, with the president renting to a man who had hidden more than $200 million from the government and was embroiled in a historic tax-evasion investigation. Trump’s other white house: 1125 South Ocean Boulevard, pictured top left, stands out next to Mar-a-Lago, the Palm Beach club where the president spends much of the winter. Joe Raedle/Getty Images “The Smiths quickly rented a short-term property that Robert did not visit in advance, and no one knew it was an investment property of Eric Trump,” Smith’s spokesperson said in a statement. The property belongs to Donald Trump, not Eric, who manages his dad’s business. “The family occupied the property for about six months until March 11, 2020, when the Covid pandemic began,” the spokesperson added. “They then went to Colorado and homeschooled their children for two years.” The Smiths may have only “occupied” the property for six months, but it seems likely they rented for closer to 12 months, given that the police report, filed in September 2020, said Hope Smith realized she was missing her ring “prior to moving.” With a possible indictment looming over his head, Smith had vowed during a May 2019 commencement speech that he would wipe out the student debt of the entire graduating class at Morehouse College. That donation caught the eye of Ivanka Trump, who forged a relationship with Smith that continued into the pandemic, when they spoke weekly, according to the Washington Post. Smith also chatted with Treasury Secretary Steven Mnuchin, at times daily, as they worked to ensure Covid relief funds went to underserved communities. Smith also cooperated with investigators as they turned their sites to his billionaire business partner, a software entrepreneur named Robert Brockman, who allegedly hid about $2 billion from tax authorities. A month after his wife contacted the police, Smith signed a non-prosecution agreement with the Justice Department, admitting to tax evasion and agreeing to pay $139 million but avoiding criminal charges. “Smith committed serious crimes,” U.S. Attorney David Anderson noted in an October 15, 2020 press release, “but he also agreed to cooperate. Smith’s agreement to cooperate has put him on a path away from indictment.” He still had plenty of money leftover—Smith purchased two homes in North Palm Beach that exact same day for $48 million. If prosecutors planned to use Smith to convict his partner, they never got what they wanted. Brockman pleaded not guilty to 39 counts that included tax evasion, wire fraud, money laundering, conspiracy and destruction of evidence. About six months before his trial, he died at 81. In the end, neither billionaire went to jail for one of the biggest tax-evasion schemes in American history. More from Forbes ForbesTrump Has Spent About One-Third Of His Presidency Visiting His Own PropertiesBy Dan AlexanderForbesAfter Years Of Lying, Trump Organization Tries To Figure Out How Big Its Properties Actually AreBy Dan AlexanderForbes‘We’d Call That Corruption’: How Trump Used The Presidency To Expand His Global EmpireBy Dan AlexanderForbesTrump Company Reduces Stake In Crypto VentureBy Dan AlexanderForbesCrypto Now Accounts For Most Of Donald Trump’s Net WorthBy Dan Alexander Read More