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Uber’s Kalanick, directors win dismissal of investor lawsuit

FILE PHOTO: Former Uber Chief Executive Officer Travis Kalanick leaves a federal court in San Francisco
FILE PHOTO: Former Uber Chief Executive Officer Travis Kalanick leaves a federal court during a Waymo-Uber autonomous car secrets trial in San Francisco, California, U.S. February 6, 2018 in a still image from video. Picture taken February 6, 2018. REUTERS/Jane Ross

April 1, 2019

By Tom Hals

WILMINGTON, Del. (Reuters) – Travis Kalanick, the co-founder of ride-hailing company Uber, and the company’s directors won the dismissal of an investor lawsuit that sought to hold them liable for a fight over trade secrets that slowed Uber’s push into autonomous vehicles.

The lawsuit by California investor Lenza McElrath sought to pin damages on Kalanick and board members for the cost of its high-profile battle with Google’s parent company Alphabet Inc, which accused Uber of stealing self-driving technology.

The ruling on Monday by Delaware Vice Chancellor Sam Glasscock dismissing the lawsuit closes a difficult chapter for Uber, which paid $245 million to Alphabet in February 2018 to settle their trade secrets fight.

Uber is scheduled for an IPO this month. Its rival Lyft Inc made a soaring stock market debut last week, opening with a share price of $87.24 but it was down 10 percent on Monday.

Michael Barry, a lawyer with Grant & Eisenhofer in Wilmington who represented McElrath, declined to comment.

An Uber spokesman said the company was “pleased with the court’s decision to dismiss this meritless complaint.”

The decision can be appealed to the Delaware Supreme Court.

The dismissed lawsuit accused Kalanick and Uber’s directors of breaching their fiduciary duties to investors by approving Uber’s $680 million deal in 2016 for Ottomotto LLC. The self-driving trucking company was founded and staffed by former employees of Waymo, which is owned by Alphabet.

Uber struck the deal shortly after Otto founder Anthony Levandowski resigned from Waymo.

Just months after the deal closed, Waymo sued Uber in federal court over allegations that Levandowski brought with him thousands of secret files.

The Waymo fight set back Uber’s self-driving development and led to the shuttering of its autonomous trucking efforts.

The lawsuit said the Uber board ignored intellectual property risks from the Otto deal and should have been more skeptical of Kalanick’s judgment.

The Court of Chancery judge, however, said there was no evidence that the board simply rubberstamped a deal.

A due diligence report on the deal had been prepared but directors did not review it in full before the board gave its initial approval, and the board had some discussion of potential legal liability from acquiring Otto.

“Their decision ultimately damaged Uber,” wrote Glasscock. “Nonetheless, a failure to follow best practices is not necessarily a breach of fiduciary duty.”

(Reporting by Tom Hals in Wilmington, Delaware; additional reporting by Heather Somerville in San Francisco; Editing by Noeleen Walder and Bill Trott)

Source: OANN

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POWERFUL! Earth Day Exposed As A Leftist Plan For Authoritarian Global Domination

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Source: InfoWars

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Exclusive: Occidental emerges as heavy hitter in U.S. oil export boom

FILE PHOTO: Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs
FILE PHOTO: Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo

March 11, 2019

By Devika Krishna Kumar and Florence Tan

NEW YORK/HOUSTON (Reuters) – Occidental Petroleum Corp has emerged as one of the biggest exporters of U.S. shale oil, rivaling large trading firms and oil majors, in a market now worth more than $150 million every day.

It is showing no signs of slowing down, with plans to double crude exports to 600,000 barrels per day in 2020, Cynthia Walker, senior vice president midstream and marketing at Occidental, said in an interview.

“As we move into the end of this year and early in 2020 … we’ll probably see a doubling of exports over that period of time,” she said.

In 2017, Occidental was the largest exporter of crude produced in the Permian oilfield of Texas and New Mexico, the largest U.S. oil field, from the U.S. Gulf Coast.

Through 2018, it remained one of the top three exporters of U.S. crude, according to limited customs data on Refinitiv Eikon analyzed by Reuters and exclusive interviews with company executives and employees.

Company-level data on exports is notoriously guarded and kept secret. The U.S. Census Bureau declined to provide data, citing a law which protects confidentiality.

Occidental stands out among the myriad trading houses, oil producers and shippers with operations in the Permian, as it currently exports about 300,000 bpd of oil, roughly 10 percent of U.S. crude exports.

According to limited Customs data available on Refinitiv Eikon, other top shippers included Koch Supply and Trading, BP Plc’s trading arm and Trafigura AG.

Occidental produces significant volumes of oil in the Permian – and its marketing arm buys barrels from other Permian shale producers. In addition, it has contracts for long-term shipments on pipelines and access to storage and export terminals as well.

“We touch anywhere between 20 and 25 percent of every barrel that’s produced in the Permian basin,” Walker said.

EXPORT BOOM BRINGS OPPORTUNITY

U.S. crude exports have skyrocketed after Washington lifted a decades-long ban of exports in late 2015, rising at a rate faster than many anticipated to a record at about 3.6 million bpd last month. (Graphic: https://tmsnrt.rs/2F0CVck)

U.S. oil production has risen by more than 2 million bpd in the last 12 months, also to an all-time high of over 12 million bpd, according to U.S. Energy Department data. Given the country consumes several million barrels more than that daily, many analysts had assumed exports would grow more slowly.

That has not been the case – exports have doubled from the end of 2017, a lucrative opportunity for companies with access to supply and export terminals.

Companies are scrambling to build Gulf Coast ports to handle more than 3 million bpd in new supplies expected over the next five years.

Profits at Occidental’s midstream and marketing segment, which includes exports, surged more than seventeen-fold to $1.9 billion in 2018, excluding items, mostly thanks to moving crude from the Permian to the refining and export hub in the Gulf Coast.

As oil retreated to around $50 a barrel, Occident shares ended 2018 down more than 15 percent, closely tracking the weakness in oil prices.

While Occidental cashed in last year, rivals ran into bottlenecks trying to get barrels from Permian to the Gulf Coast for export due to a lack of adequate pipeline access. That caused regional prices to slump, even as the price of U.S. oil futures rose to more than $75 a barrel at one point. The bottleneck has since eased as companies expanded pipelines.

Oxy has a 10-year service agreement with BridgeTex pipeline, a key conduit to move crude from the Permian. The company secured a deal for 200,000 bpd of space in 2012 and has financed the line’s construction.

Last year, Oxy not only sent its own barrels, but bought those of others. Pioneer Natural Resources Co, a rival Permian producer, sold 17 percent of their production to Occidental Marketing in 2018, according to regulatory filings. Occidental also bought a massive 34 percent of the barrels Pioneer buys from other companies.

The company also had the advantage of owning and operating a terminal in Ingleside, Corpus Christi, where it began testing supertanker export capabilities in 2017. Oxy later sold the terminal to Moda Midstream but has retained a 10-year contract for 450,000 bpd of exports at the oil export terminal.

The company has the ability to send about 470,000 bpd out of the Permian via pipelines and expects to add more capacity in 2019, Chief Executive Vicki Hollub said at an industry conference last year.

The port partially loaded its first supertanker – Nasiriyah chartered by Occidental for Europe – in December which helped slash costs for ship-to-ship transfers, a costly endeavor that has limited U.S. exports because most Gulf terminals are not deep enough to handle the supertankers, known as Very Large Crude Carrier (VLCC) as they can transport 2 million barrels of oil, desired by Asian buyers.

“We don’t worry at all about access,” Walker said, adding that the company has a 75-cent per barrel advantage on loading costs due to the loading efficiencies at the Ingleside terminal.

To boost its export capability, Moda is expanding its storage and considering building a second berth for VLCCs.

“We’re trying to get as much to the Gulf and get it out of there,” a source at Occidental said.

“We have the place that is easily accessible – at Ingleside – that really is what they’re using to market to these foreign players in Asia.”

(Reporting by Devika Krishna Kumar in New York and Florence Tan in Houston; Editing by David Gaffen and Lisa Shumaker)

Source: OANN

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‘Pharma Bro’ in solitary confinement for alleged phone use

Pharmaceutical honcho Martin Shkreli has been banished to solitary confinement amid allegations he was running his drug company from federal prison using a contraband smartphone, a person familiar with the matter told The Associated Press.

Shkreli was moved to solitary confinement at the Fort Dix, New Jersey, facility on March 7 and is likely to remain there while his alleged conduct is being investigated, the person said. The person wasn't authorized to discuss the matter publicly and spoke on condition of anonymity.

The U.S. Bureau of Prisons told the AP on March 8 that it was investigating whether Shkreli, known as the "Pharma Bro," violated prison rules forbidding inmates from conducting business and possessing cellphones.

That inquiry hasn't resulted in any charges within the agency's inmate discipline program, the person said, indicating that the matter may have been referred to federal prosecutors for potential criminal prosecution.

Shkreli's lawyer, Benjamin Brafman, declined to comment.

The Bureau of Prisons said it does not release information on an individual inmate's conditions of confinement.

"The matter you reference is under investigation," the agency said in a statement. "When there are allegations of misconduct, they are thoroughly investigated and appropriate action is taken if allegations are sustained."

The U.S. Attorney's Office in Brooklyn, which prosecuted Shkreli's securities fraud case, declined to comment. The U.S. Attorney's Office in New Jersey also declined to comment.

Shkreli's move to solitary confinement was first reported by Forbes .

Shkreli, 36, is serving a seven-year sentence at a low-security prison complex about 40 miles (65 kilometers) from Philadelphia. He was convicted in August 2017 of lying to investors in two failed hedge funds and cheating them out of millions.

The Wall Street Journal reported last month that Shkreli has used a cellphone to call the shots at his drug company, Phoenixus AG, posting regularly to social media and even firing the company's chief executive.

The punishment for inmates caught with cell phones depends on how the case is handled.

If it's prosecuted in court, a conviction could tack on up to an extra year of prison time. Within the inmate discipline program, having a cellphone is considered a "greatest severity level" offense and carries sanctions ranging from loss to privileges to up to a year in solitary confinement.

In Shkreli's case, he could face more punishment if he's also found to have conducted business while locked up.

Other than the alleged cellphone flap, Shkreli has been pretty well behaved. His only other violations were for refusing an order and being absent from an assignment in May 2018, inmate disciplinary records show.

Shkreli's securities fraud case stemmed from his role managing MSMB Capital Management and MSMB Healthcare between 2009 and 2014. It was unrelated to the 2015 furor he caused when he raised the price by more than 5,000% of a drug used to treat an infection that occurs in some AIDS, malaria and cancer patients.

___

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Source: Fox News National

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G20 countries worry economic weakness could spread: Japan’s Aso

Japanese Finance Minster Taro Aso at the IMF and World Bank Spring Meetings in Washington
Japanese Finance Minster Taro Aso leaves the G-20 Finance Ministers and Central Bank Governors' meeting at the IMF and World Bank's 2019 Annual Spring Meetings, in Washington, April 12, 2019. REUTERS/James Lawler Duggan

April 12, 2019

WASHINGTON (Reuters) – Global policymakers worry that weakness in key economies could spread and cause the world economy to slow more than expected, Japanese Finance Minister Taro Aso said on Friday.

“The balance of risks remains skewed to the downside,” Aso said in a news conference following a meeting of finance ministers and central bankers from the Group of 20 industrialized countries.

“We recognize the risk that growth prospects might deteriorate if weakening in key economies feed into each other.”

(Reporting by David Lawder and Leika Kihara; Writing by Jason Lange; Editing by Paul Simao)

Source: OANN

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APNewsBreak: Ex-governor pardoned late mentor's grandson

Documents obtained by The Associated Press show former Maine Gov. Paul LePage pardoned his late mentor's grandson and people convicted of everything from drug trafficking to embezzlement.

The state released the list of 112 people who were pardoned in response to a request by the AP made under the state's Freedom of Access Act. The state had previously confirmed only one name.

Past Maine governors routinely released the names of individuals pardoned in high-profile cases. But the secretary of state's office this year said a 2017 change in state law prevented the release of pardons made by LePage, a Republican.

The state has since reversed course. Democratic Gov. Janet Mills signed a March 15 executive order allowing for pardons to be made public.

A message was left seeking comment from representatives for LePage, who left office in January.

Source: Fox News National

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Man accused of bringing gas cans to St. Patrick’s Cathedral is college professor, was previously arrested at another cathedral

The man who allegedly brought gas cans and lighter fluid into St. Patrick's Cathedral in New York City has taught philosophy at different colleges in New York and New Jersey, school officials said.

Marc Lamparello, 37, was arrested on Wednesday night and was charged with attempted arson and reckless endangerment. He was taken into custody after a security guard at the cathedral on Fifth Avenue in Manhattan spotted him.

RELATED: MAN CAUGHT WITH 2 GAS CANS ENTERING ST. PATRICK'S CATHEDRAL IN NYC, POLICE SAY

He was cooperative but acted evasively, the New York Police Department said. Lamparello allegedly told officers that he was “cutting through the cathedral to get to Madison Avenue” and that "his car ran out of gas," police said. But when police reportedly checked the man's minivan, it's gas tank wasn't empty.

John Miller, the NYPD's deputy commissioner of intelligence and counterterrorism, said surveillance camera footage showed Lamparello circling St. Patrick's several times in a minivan well over an hour before he parked outside the cathedral on Fifth Avenue, walked around the area, returned to his vehicle, and retrieved the gasoline and lighter fluid.

Marc Lamparello, 37, was arrested on Wednesday after he was caught was gasoline and lighter fluid at St. Patrick's Cathedral in New York.

Marc Lamparello, 37, was arrested on Wednesday after he was caught was gasoline and lighter fluid at St. Patrick's Cathedral in New York. (AP Photo/Seth Wenig)

The incident at the cathedral came two days after Notre Dame Cathedral in Paris was ravaged by a fire that investigators said Thursday was most likely electrical. After Lamparello's arrest, police said there "doesn't appear to be any connection to any terrorist group or any terrorist-related intent here."

Lamparello was also arrested on Monday in Newark, New Jersey after he allegedly wouldn't leave the Cathedral Basilica of the Sacred Heart at closing time after a late Mass.

NOTRE DAME FIRE LIKELY CAUSED BY ELECTRICAL SHORT-CIRCUIT, INVESTIGATORS BELIEVE

The man was calm and respectful to officers but was adamant about not leaving the cathedral, according to the Essex County Sheriff's Office.

"He said, 'This is a house of God, it should be open, I'm not leaving. You'll have to lock me up,'" Sheriff Armando Fontoura said.

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Lamparello has worked as a part-time online instructor at Lehman College in New York, and taught philosophy as a part-time adjunct instructor at Seton Hall University in New Jersey, both schools confirmed to Fox News on Thursday.

Brooklyn College said in a statement that because Lamparello is a PhD student at the College of New York's Graduate Center, he is required to teach a course on campus, and was assigned to the school.

Sarah Ramsey, a spokesperson for Lehman, said the school is aware of what happened at St. Patrick's Cathedral, and is "taking appropriate steps to terminate the individual's employment with the college," while Seton Hall said Lamparella is no longer working with the university, as their "top priority is the education and welfare of our students and the entire campus community."

The Associated Press contributed to this report.

Source: Fox News National

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

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It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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The Dalai Lama has returned to his headquarters in the north Indian hill town of Dharmsala after a brief stay in a hospital in the capital for treatment of a chest infection.

Hundreds of exiled Tibetans lined the streets of Dharmsala carrying ceremonial scarves and incense sticks to welcome the Dalai Lama on Friday.

The 83-year-old Tibetan spiritual leader told reporters that he had fully recovered, but that the illness had been “a little bit serious.” He did not give any details.

The Dalai Lama usually spends several months a year traveling the world to teach Buddhism and highlight Tibetans’ struggle for greater freedom in China. But he has cut down on his travels in the past year to take care of his health.

Source: Fox News World

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