Aug 29, 2018

Trade among G20 nations declines for first time since 2016

Zachary Basu

Turkish President Recep Tayyip Erdogan at the July G20 Summit. Photo: Halil Sagirkaya/Anadolu Agency via Getty Images

Exports of goods among G20 countries shrank 0.6% in the second quarter of 2018, while imports declined 0.9%, according to new data from the OECD.

The big picture: This is the first contraction in international merchandise trade since Q1 of 2016, ending eight consecutive quarters of growth. The slowdown can be attributed in part to the weakening of emerging market currencies against the dollar, including the Argentine peso (down 18%), the Turkish lira (down 15%) and the Brazilian real (down 11%).

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Rebecca Falconer

Acting Navy head apologizes for calling fired captain "stupid"

Acting Secretary of the Navy Thomas Modly testifies on Capitol Hill in December. Photo: Saul Loeb/AFP via Getty Images

Acting Navy Secretary Thomas Modly apologized Monday for calling Capt. Brett Crozier, the ousted commander of the USS Theodore Roosevelt "too naive or too stupid" over his letter pleading for help following a coronavirus outbreak onboard.

The big picture: His apology came after President Trump told a news briefing earlier Monday he would "get involved" following a leak of Modly's remarks on Crozier to the ship's crew, obtained by CNN. Modly said in a statement.

What he's saying: "Let me be clear, I do not think Captain Brett Crozier is naive nor stupid. I think, and always believed him to be the opposite," Modly said in his statement released to news outlets.

Go deeper: Acting Navy head called fired aircraft carrier captain "stupid" in address to crew

Editor's note: This is a developing news story. Please check back for updates.

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Former Vatican treasurer George Pell's sexual abuse convictions overturned

Cardinal George Pell at the County Court in Melbourne, Australia, in 2019. Photo: Michael Dodge/Getty Images

George Pell, the former Vatican treasurer, has won his appeal and had his child sexual abuse convictions overturned by Australia's High Court.

Why it matters: The cardinal became last year the highest-ranking Catholic Church official to go to trial and be convicted for sex abuse. But the High Court's ruling means he can be immediately released from prison, where he was serving a six-year sentence.

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