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Donald Trump's Business Empire in Peril as Civil Fraud Trial Opens in New York

Former US President Donald Trump arrives at Trump Tower, ahead of his appearance in a civil fraud trial in New York City, US, October 1, 2023. REUTERS/Bing Guan
Former US President Donald Trump arrives at Trump Tower, ahead of his appearance in a civil fraud trial in New York City, US, October 1, 2023. REUTERS/Bing Guan
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Donald Trump's Business Empire in Peril as Civil Fraud Trial Opens in New York

Former US President Donald Trump arrives at Trump Tower, ahead of his appearance in a civil fraud trial in New York City, US, October 1, 2023. REUTERS/Bing Guan
Former US President Donald Trump arrives at Trump Tower, ahead of his appearance in a civil fraud trial in New York City, US, October 1, 2023. REUTERS/Bing Guan

Donald Trump and his family business are set to stand trial in New York on Monday in a civil fraud case that could deal a major blow to the former US president’s real estate empire.
Trump, the frontrunner for the 2024 Republican presidential nomination, is accused by Democratic New York Attorney General Letitia James of inflating the value of his assets by billions of dollars to secure better loan and insurance terms.
Trump plans to attend the first week of trial in state court in Manhattan, according to a court filing in an unrelated case.
The trial comes a week after the judge presiding over the case found Trump liable for fraud and will largely concern the penalties he must face, Reuters said.
James is seeking at least $250 million in fines, a permanent ban against Trump and his sons Donald Jr and Eric from running businesses in New York and a five-year restriction on commercial real estate activities by Trump and his flagship Trump Organization.
Trump has said the case is part of a political witch hunt.
Justice Arthur Engoron ruled last week that James had proven her fraud case against Trump, his two adult sons and 10 of his companies.
Engoron described in scathing terms how they made up valuations. That included Trump calculating the value of his apartment in Trump Tower as if it were three times its actual size.
"A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space for decades, can only be considered fraud," he said.
Engoron canceled business certificates for companies controlling pillars of Trump’s empire -- including Trump Tower and his golf clubs in New York -- and said he would appoint receivers to oversee their dissolution.
The ruling covers only a handful of the roughly 500 entities in Trump's portfolio but includes some of his most valuable properties. The specifics of how that order will be implemented have not been decided, but the loss of those prized assets would be a major blow to Trump's finances. If Engoron tacks on fines and business restrictions, that damage would compound.
The trial is scheduled to run through early December. More than 150 people including Trump are listed as potential witnesses, but much of the trial will likely be a battle of experts opining on financial documents.
James alleges Trump reaped hundreds of millions of dollars in ill-gotten savings by "grossly" inflating the values of his assets to get better deals from lenders and insurers.
That included listing his Mar-a-Lago club and residence in Florida as being worth up to $739 million even though deed restrictions capped it at $28 million, James said.
The case is one of several legal headaches Trump faces as he campaigns to retake the White House in the 2024 election. None have dented his commanding lead over rivals for the Republican nomination, though they have been a financial drain.
Trump, the first sitting or former US president to be criminally charged, is under indictment in four separate cases.
He has been charged in Florida over his handling of classified documents upon leaving office, in Washington D.C. in his efforts to undo his loss in the 2020 presidential election, in Georgia over moves to reverse the election results in that state and in New York in hush money payments he made to a porn star.
Trump has denied wrongdoing and pleaded not guilty in all four cases.

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World

Cuba to Protect Essential Services as US Moves to Cut Off Oil Supply

People wait for transportation as Cubans brace for fuel scarcity measures after US tightens oil supply blockade, in Havana, Cuba, February 6, 2026. (Reuters)
People wait for transportation as Cubans brace for fuel scarcity measures after US tightens oil supply blockade, in Havana, Cuba, February 6, 2026. (Reuters)
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Cuba to Protect Essential Services as US Moves to Cut Off Oil Supply

People wait for transportation as Cubans brace for fuel scarcity measures after US tightens oil supply blockade, in Havana, Cuba, February 6, 2026. (Reuters)
People wait for transportation as Cubans brace for fuel scarcity measures after US tightens oil supply blockade, in Havana, Cuba, February 6, 2026. (Reuters)

Cuba detailed a wide-ranging plan on Friday to protect essential services and ration fuel as the communist-run government dug in its heels in defiance of a US effort to cut off oil supply to the Caribbean island.

The rationing measures are the first to be announced since President Donald Trump threatened to slap tariffs on the US-bound products of any country exporting fuel to Cuba and suggested hard times ahead for Cubans already suffering severe shortages of food, fuel ‌and medicine.

Government ‌ministers said the measures would guarantee ‌fuel supply ⁠for key sectors, ‌including agricultural production, education, water supply, healthcare and defense.

Commerce Minister Oscar Perez-Oliva struck a defiant tone as he laid out details of the government plan.

"This is an opportunity and a challenge that we have no doubt we will overcome," Perez-Oliva told a television news program. "We are not going to collapse."

The government will supply fuel to the ⁠tourism and export sectors, including for the production of Cuba's world-famous cigars, to ensure ‌the foreign exchange necessary to fund other basic ‍programs, Perez-Oliva said, adding, "If we ‍don't have income, then we will not overcome this situation."

Domestic ‍and international air travel will not be immediately affected by the fuel rationing, although drivers will see cutbacks at the pump until supply normalizes, he said.

The government said it would protect ports and ensure fuel for domestic transportation in a bid to protect the island nation's import and export sectors.

Perez-Oliva also announced an ambitious ⁠plan to plant 200,000 hectares (500,000 acres) of rice to guarantee "an important part of our demand," but acknowledged fuel shortfalls would push the country to depend more on renewable energy for irrigation needs and animal-power for tilling fields.

Education Minister Naima Ariatne, appearing on the same program, said infant-care centers and primary schools would remain open and in person, but secondary schools and higher education would implement a hybrid system that would require more "flexibility" and vary by institution and region.

"As a priority, we want to leave (open) our primary schools," Ariatne said.

Top officials said ‌health care would also be prioritized, with special emphasis on emergency services, maternity wards and cancer programs.

World

Trump Signs Order Preparing for Tariffs on Iran’s Trade Partners

A man walks past a mural depicting the US Statue of Liberty with the torch-bearing arm broken, painted on the outer walls of the former US embassy, in Tehran on February 6, 2026. (AFP)
A man walks past a mural depicting the US Statue of Liberty with the torch-bearing arm broken, painted on the outer walls of the former US embassy, in Tehran on February 6, 2026. (AFP)
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Trump Signs Order Preparing for Tariffs on Iran’s Trade Partners

A man walks past a mural depicting the US Statue of Liberty with the torch-bearing arm broken, painted on the outer walls of the former US embassy, in Tehran on February 6, 2026. (AFP)
A man walks past a mural depicting the US Statue of Liberty with the torch-bearing arm broken, painted on the outer walls of the former US embassy, in Tehran on February 6, 2026. (AFP)

US President Donald Trump on Friday signed an executive order threatening tariffs on Iran's trade partners, after he pledged a further round of talks with Tehran next week.

The order, effective from Saturday, called for a fresh "imposition of tariffs" on countries still doing business with Iran.

It comes amid heightened tensions between Washington and Tehran, with an American naval group led by an aircraft carrier in Middle Eastern waters and indirect talks held on Tehran's nuclear program in Oman on Friday.

The levies "may be imposed on goods imported into the United States that are products of any country that directly or indirectly purchases, imports, or otherwise acquires any goods or services from Iran", the order said.

Trump issued a threat of 25 percent tariffs on any country trading with Iran last month.

This order establishes a process for his administration to impose tariffs on goods from those countries.

The rate is to be determined by Secretary of State Marco Rubio, although the order specifies that it could be "for example" 25 percent, the level first mentioned by the US president in mid-January.

Tariffs would affect trade with a number of countries including Russia, Germany, Türkiye and the United Arab Emirates.

More than a quarter of Iran's trade is with China, with $18 billion in imports and $14.5 billion in exports in 2024, according to World Trade Organization data.

The talks on Friday in Muscat, mediated by Oman, were the first between the two foes since the United States joined Israel's war with Iran in June with strikes on nuclear sites.

"We likewise had very good talks on Iran," Trump told reporters on board Air Force One en route to his Mar-a-Lago resort in Florida, adding, "we're going to meet again early next week."

Diplomatic relations between Iran and the US broke down with the 1979 revolution that brought the current government into power after hostages were taken at the US embassy in Tehran for 444 days.

Direct engagement has been rare in the decades since.

Iran remains under an internet blackout amid a harsh government crackdown on economic protests that began in December across the country.

The US-based Human Rights Activists News Agency (HRANA) said Friday it has confirmed 6,505 protesters were killed, as well as 214 members of the security forces and 61 bystanders.

World

Trump Says US Talks with Iran ‘Very Good,’ More Negotiations Expected

US President Donald Trump gaggles with reporters while aboard Air Force One on February 6, 2026 en route to Palm Beach, Florida. (Getty Images via AFP)
US President Donald Trump gaggles with reporters while aboard Air Force One on February 6, 2026 en route to Palm Beach, Florida. (Getty Images via AFP)
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Trump Says US Talks with Iran ‘Very Good,’ More Negotiations Expected

US President Donald Trump gaggles with reporters while aboard Air Force One on February 6, 2026 en route to Palm Beach, Florida. (Getty Images via AFP)
US President Donald Trump gaggles with reporters while aboard Air Force One on February 6, 2026 en route to Palm Beach, Florida. (Getty Images via AFP)

US President Donald Trump said Friday Washington held "very good talks" on Iran after the two sides held an indirect dialogue in Oman.

Iran for its part said it expected to hold more negotiations with the United States, hailing a "positive atmosphere" during a day of talks in the Gulf sultanate.

With an American naval group led by an aircraft carrier in Middle Eastern waters, US and Iranian delegations held talks in Muscat mediated by Oman without publicly meeting face-to-face.

Shortly after the talks concluded, the US announced new sanctions against shipping entities and vessels, aimed at curbing Iran's oil exports. But it was not clear if the move was linked to the talks.

The talks were the first between the two foes since the United States joined Israel's war with Iran in June with strikes on nuclear sites.

"We likewise had very good talks on Iran," Trump told reporters on board Air Force One en route to his Mar-a-Lago resort in Florida, adding, "we're going to meet again early next week."

However, as Iran warned against further threats after Washington raised the specter of new military action, Trump said: "If they don't make a deal, the consequences are very steep."

Foreign Minister Abbas Araghchi, who led Iran's delegation in Muscat, said talks "focused exclusively" on the Iranian nuclear program, which the West believes is aimed at making an atomic bomb but Tehran insists is peaceful.

The US delegation, led by Middle East envoy Steve Witkoff and Trump's influential son-in-law Jared Kushner, had also wanted Tehran's backing for militant groups, its ballistic missile program and treatment of protesters on the agenda.

"In a very positive atmosphere, our arguments were exchanged and the views of the other side were shared with us," Araghchi told Iranian state TV, adding that the two sides had "agreed to continue negotiations."

Speaking to the official IRNA news agency, Araghchi expressed hope that Washington would refrain from "threats and pressure" so that "the talks can continue."

- 'Destabilizing power' -

Admiral Brad Cooper, the commander of US Central Command, was present at the talks, according to images published by the Oman News Agency.

Multiple sessions of talks in the morning and afternoon saw both sides shuttling to and from the residence of Omani Foreign Minister Badr Albusaidi.

The foreign ministry of US ally Qatar expressed hope the talks would "lead to a comprehensive agreement that serves the interests of both parties and enhances security and stability in the region."

The White House has made clear it wants the talks to rein in Tehran's ability to make a nuclear bomb, an ambition the country has always denied.

French Foreign Minister Jean-Noel Barrot said on Friday that Iran should stop being a "destabilizing power," citing its nuclear program and support for "terrorist" groups.

Barrot also called on "groups supported by Iran" to exert "the utmost restraint" in the event of any military escalation involving Iran.

- 'Maximum pressure' -

Trump initially threatened military action against Tehran over its crackdown on protesters last month, which rights groups say killed thousands, and even told demonstrators "help is on its way."

Regional powers urged the United States not to intervene, calling on Washington and Tehran to instead return to talks.

The US-based Human Rights Activists News Agency (HRANA) said Friday it has confirmed 6,505 protesters were killed, as well as 214 members of the security forces and 61 bystanders.

Those numbers are expected to climb because the magnitude of the crackdown has masked by the blanket internet shutdown imposed by the authorities for a fortnight, rights groups say.

Almost 51,000 people are also confirmed to have been arrested amid "the growing use of forced confessions," according to HRANA.

Yet Trump's rhetoric in recent days has focused on reining in the Iranian nuclear program and the US has maneuvered a naval group led by aircraft carrier USS Abraham Lincoln into the region.

Iran has repeatedly vowed it will hit back at US bases in the region if attacked.

The new sanctions to curb Iran's oil exports come with Trump "committed to driving down the Iranian regime's illicit oil and petrochemical exports under the administration's maximum pressure campaign," State Department spokesman Tommy Pigott said in a statement.