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Oil prices dip as U.S. crude output hits record 12 million barrels per day

FILE PHOTO: A Canadian Natural Resources pump jack pumps oil out of the ground near Dorothy
FILE PHOTO: A Canadian Natural Resources pump jack pumps oil out of the ground near Dorothy, Alberta, Canada, June 30, 2009. REUTERS/Todd Korol/File Photo

February 22, 2019

By Henning Gloystein

SINGAPORE (Reuters) – Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East dominated producer club OPEC to withhold supply and tighten global markets.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.85 per barrel at 0010 GMT, down 11 cents, or 0.2 percent, from their last settlement.

International Brent crude futures had yet to trade.

U.S. crude oil production reached 12 million barrels per day (bpd) for the first time last week, the Energy Information Administration (EIA) said on Thursday in a weekly report.

(GRAPHIC: U.S. oil production & storage levels – https://tmsnrt.rs/2Vanxza)

That means U.S. crude output has soared by almost 2.5 million bpd since the start of 2018, and by a whopping 5 million bpd since 2013. America is the only country to reach 12 million bpd of production.

As output surges, U.S. oil stocks are also rising.

U.S. commercial crude oil inventories rose by 3.7 million barrels in the week ending Feb. 15, to 454.5 million barrels, the EIA said.

Analysts say U.S. oil firms will export more oil to sell off surplus stocks.

“The continued surge in U.S. production stands as a bearish dynamic for market prices, especially as increasing volumes get sold abroad in a direct challenge to Saudi Arabia and Russia,” said John Kilduff, partner at Again Capital in New York.

For now, at least, the price dips have halted a rally that pushed crude to 2019 highs this week amid supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC and some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million bpd to prevent a large supply overhang from growing.

Another price driver has been U.S. sanctions against oil exporters Iran and Venezuela.

(Reporting by Henning Gloystein; Editing by Joseph Radford)

Source: OANN

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U.S. warnings have prompted further talks on Huawei: German government spokeswoman

FILE PHOTO: The Huawei brand logo is seen above a store of the telecoms equipment maker in Beijing
FILE PHOTO: The Huawei brand logo is seen above a store of the telecoms equipment maker in Beijing, China, March 7, 2019. REUTERS/Thomas Peter/File Photo

March 13, 2019

BERLIN (Reuters) – The letter of the United States’s Ambassador to Germany warning Berlin against using Chinese manufacturer Huawei’s equipment to build a next-generation telephone network has stimulated further discussion, a German government spokeswoman said on Wednesday.

Government spokeswoman Ulrike Demmer told a regular news conference that Berlin wanted to ensure that its telecommunications infrastructure met the highest security standards. The U.S. has warned allies that Huawei’s equipment poses a security risk.

“I am not going to list concrete discussions we are having, but we are in close contact with our intelligence partners, and that naturally includes the United States,” Demmer said.

(Reporting by Thomas Escritt; Editing by Riham Alkousaa)

Source: OANN

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Tycoons tell Mexico’s president that unions ‘extorting’ businesses

State police armoured vehicles patrol at an industrial park where employees from some plants are on strike in Matamoros
FILE PHOTO: State police armoured vehicles patrol at an industrial park where employees from some plants are on strike in Matamoros, state of Tamaulipas, Mexico Janaury 29, 2019. REUTERS/Stringer

February 19, 2019

MEXICO CITY (Reuters) – A group representing some of Mexico’s biggest companies told left-wing President Andres Manuel Lopez Obrador on Monday that politicians should resist “extortion” by labor unions after strikes and blockades in recent weeks.

Alejandro Ramirez, president of the Mexican Business Council, said strikes at factories in the northern state of Tamaulipas and blockades of railways by a teachers union had caused more than a billion dollars in losses and could cause businesses to close.

Members of the group, including Mexico’s second-richest man, German Larrea, who controls mining and transport conglomerate Grupo Mexico, were critics of Lopez Obrador before his July 1 election, warning voters should be wary of populism.

“In labor matters, we look favorably on Mexicans starting a new era of union freedom that will allow the end of old protectionist practices for a few unions and companies,” said Ramirez, chief executive of cinema chain Cineopolis.

“Freedom of association and respect of the rule of law should be the axis of this new labor reform. For that reason, we make a respectful call to lawmakers of all parties that it doesn’t just guarantee union freedom but also avoids union extortion.”

Since taking office, Lopez Obrador and members of the ruling party have sought regulation in areas ranging from banking and pensions to mining to make services cheaper for consumers.

The former Mexico City mayor wants to encourage investment to drive growth, but some worry regulation will be heavy handed and unpredictable.

MORENA, the party created by Lopez Obrador, is planning a reform to make it easier for workers to form independent unions. Traditionally, unions have allied with the former party of power, the Institutional Revolutionary Party.

Lopez Obrador brought veteran union leader Napoleon Gomez into his party as a senator. Gomez has a history of conflict with Grupo Mexico, including strikes.

Gomez last week founded a federation called the International Workers Confederation.

Monday’s event was the first time the group met with Lopez Obrador since he took office in December. Earlier in the day, he met the Council for Investment Promotion, Job Creation and Growth, a body he created to advise on economic policy.

Labor strikes in January at manufacturers in the Mexican city of Matamoros on the U.S. border cost about $50 million a day in unfulfilled international contracts.

Teachers from the National Committee of Education Workers blocked railroad tracks for weeks in January to protest labor demands.

(Reporting by Sharay Angulo; Writing by Frank Jack Daniel; Editing by Peter Cooney)

Source: OANN

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EDF shares jump on hopes re-nationalization will unlock value

FILE PHOTO: The logo of EDF is seen on the French state-controlled utility EDF's headquarters in Paris
FILE PHOTO: The logo of EDF (Electricite de France) is seen on the French state-controlled utility EDF's headquarters in Paris, France, February 15, 2019. REUTERS/Charles Platiau/File Photo

April 15, 2019

By Geert De Clercq

PARIS (Reuters) – EDF shares rose as much as 4.3 percent on Monday on hopes that a partial re-nationalization of the French utility will unlock value and ring-fence EDF’s capital-intensive nuclear activities from its renewables and grids.

The strategy committee of EDF’s board will review a restructuring plan for the 83.7 percent state-owned group on May 28, French daily Le Parisien reported, adding that this would be followed by presentations to a group of 200 top managers on June 7 and to union representatives on June 20.

A source familiar with the situation confirmed these dates.

EDF declined to comment.

The French government has for some time been looking at how to restructure EDF to isolate its volatile nuclear business from the pressures of a stock market listing and provide a boost to the rest of the company.

It wants to return EDF’s nuclear operations to the public sector but does not necessarily want to buy out minority shareholders in EDF’s other business activities.

EDF operates 58 nuclear reactors which produce about 75 percent of France’s electricity. But the company has been hit by safety outages at dozens of its nuclear plants and has faced billions of euros of cost overruns on a nuclear construction project.

The company also requires massive investment of some 55 billion of euros to upgrade its aging nuclear plants.

The paper said the plan – codenamed Project Hercules – would be likely to involve the creation of a new holding company owning EDF’s nuclear activities and wholesale power sales, and possibly also its hydropower plants.

This would allow EDF to ring-fence the financial risks associated with nuclear energy from financial markets.

The French government said in November it would consider increasing the state’s stake in EDF and possibly create a new parent company with subsidiaries.

It was not immediately clear whether EDF’s reactor building business Framatome, formerly called Areva, and its nuclear reactors in Britain would also be held in a separate nuclear division.

The paper said the new parent company may not be wholly state-owned, because of the high cost of renationalizing it.

EDF has a market value of 41 billion euros ($46 billion), but trades on a price/book ratio of just 0.82, making it the most undervalued share in the Stoxx European Utilities index by that measure.

The paper quoted an unnamed source as saying that the state would hesitate to buy out minority shareholders, as it would cost “a fortune”, or about 6 to 8 billion euros for 15 percent.

Jefferies wrote in a note that this estimate implied a 12.5-16.6 euro per share buyout price and that the midpoint of this range implied a 20 percent premium to the current share price.

UBS analyst Sam Arie said he expects that a restructuring of EDF will create two balance sheets, with potentially an IPO of a ‘NewCo’ similar to the IPO of innogy from within Germany’s RWE.

“If there is a renationalization of EDF Group, including the nuclear fleet, we expect that would come at a premium for EDF’s minorities,” he said.

The paper said the new parent company would also hold a majority stake in a second holding company which would own some other EDF subsidiaries such as retail power sales, grid units RTE and Enedis. Enedis may partially open its capital to private investors, it said.

EDF chief executive Jean-Bernard Levy said in February the government had asked him to make restructuring proposals by the end of 2019.

Le Parisien said financial institutions including Société Générale, JP Morgan, UBS, Oddo and Natixis were working on several restructuring scenarios,

(Reporting by Geert De Clercq; editing by Richard Lough and Jane Merriman)

Source: OANN

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Trump’s ‘Plan B’ for 2020 may be a pivot from border security to protecting US economy: Jonathan Swan

President Trump is backtracking on his threat to shut down the U.S.-Mexico border over the rising humanitarian crisis and is attempting to develop a “Plan B,” Axios national political reporter Jonathan Swan said Thursday.

There was plenty of outcry last week when Trump threatened to close the border if Mexico failed to crack down on migrants heading toward the U.S. Some within the GOP and the Trump administration feared such a move would negatively impact trade as well as the U.S. economy.

During Thursday's All-Star panel segment of Fox News' "Special Report with Bret Baier," Swan -- along with Real Clear Politics founder Tom Bevan -- weighed in on the messy debate over immigration and the ongoing border crisis.

CLICK HERE TO WATCH THE FULL SHOW

Swan began by saying that President Trump was “trying to formulate a Plan B” after his closest advisers told him a border shutdown would likely backfire.

“Trump doesn’t want to do anything in the year-and-a-half now before his reelection that’s going to hammer the stock markets or have a dampening effect on economic growth. So I think you’re seeing him recalibrate.” Swan told the panel.

“Trump doesn’t want to do anything in the year-and-a-half now before his reelection that’s going to hammer the stock markets or have a dampening effect on economic growth. So I think you’re seeing him recalibrate.”

— Jonathan Swan, Axios national political reporter

CLICK HERE TO GET THE FOX NEWS APP

Bevan insisted that immigration was going to be a major issue in 2020 and expressed his astonishment that some former Obama officials are now declaring that there is a crisis at the border.

“There’s nothing going on in Congress on immigration and Democrats who are running for president in 2020 are talking about just the opposite,” Bevan said. “You’ve got Beto [O'Rourke] talking about tearing down walls. You’ve got Julián Castro talking about decriminalizing crossing the border, so this is an issue that Trump obviously wants to solve, it’s an important issue for his base.

"He’s gonna keep it front and center though, as he heads into 2020 because it’s an issue that I think, quite frankly, probably works for him, given who he going to be running against and their positions.”

Source: Fox News Politics

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HSBC signs deal to use BlackRock’s ‘Aladdin’ software worldwide

FILE PHOTO: FILE PHOTO - The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London
FILE PHOTO: The HSBC bank logo is seen in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause

March 21, 2019

By Lawrence White

LONDON (Reuters) – HSBC has signed a deal to offer BlackRock’s Aladdin investment management software to the bank’s wealthy customers, in a boost to the U.S. asset manager’s plans to squeeze money from technology by selling it to rivals.

Aladdin began as an internal tool at BlackRock before becoming the linchpin of Chief Executive Larry Fink’s plan to increase revenues from technology. It is used by investment managers to help to oversee risks and make investment decisions.

Robert Goldstein, chief operating officer at BlackRock, said HSBC’s scale would mean many more advisers would have access to capabilities previously only available to institutional investors.

The partnership between Europe’s largest bank and the world’s biggest asset manager comes as both industries are battling to use technology to increase profits and improve service.

Guilherme Lima, HSBC’s group head of wealth management, said the software would help investors to understand hidden risks in their portfolios by acting as an ‘X-ray’ that could look through a mix of individual stock holdings, mutual funds and index trackers to reveal that all of them are exposed to a single stock, for example, or macro-economic risk.

That will help HSBC to respond to growing demand from wealthy customers for their banks to offer advice rather than simply selling products.

“It’s about being able to have a detailed conversation with the client and provide more value added advice,” Stuart Parkinson, global head of product, investments and collaboration in HSBC’s private bank, said.

BlackRock’s Fink has said he aims to increase revenues from technology to 30 percent of the firm’s total by 2022, as the broader stockpicking business has come under pressure from lower cost index funds.

More than 200 institutions and around 25,000 investment professionals use Aladdin and its risk analytics, BlackRock says.

Some market participants have questioned whether this presents a systemic risk, as the growing number of firms using the software for investment decisions could make portfolios more correlated and hence exposed to market shocks.

BlackRock executives have downplayed this idea, saying customers use Aladdin in different ways to suit their own purposes.

HSBC has already begun to roll out the platform in the United States and in Hong Kong, the bank said. Over the next 2-3 years Aladdin will eventually be offered to all customers who hold $1 million or more with the bank.

HSBC’s retail bank and its private bank which serves wealthier customers both chose Aladdin independently of each other after running a lengthy procurement process, HSBC’s Parkinson said.

(Reporting By Lawrence White. Editing by Jane Merriman)

Source: OANN

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After Paris violence, pressure mounts on Macron’s post-debate response

French President Emmanuel Macron holds a meeting at the Elysee Palace in Paris
French President Emmanuel Macron holds a meeting at the Elysee Palace in Paris, France March 18, 2019. Ludovic Marin/Pool via REUTERS

March 18, 2019

By Michel Rose

PARIS (Reuters) – Just when Emmanuel Macron thought he had regained the upper hand over the yellow vest protest movement with his “great debate”, the latest flare-up of violence reminded the French leader that putting his reform agenda back on track won’t be easy.

Town hall meetings across France launched two months ago to defuse the unrest helped Macron reconnect with voters, boosting his popularity and lifting the gloom in the Elysee, even if some participants felt the encounters were a pointless talk shop.

But images of burning banks and ransacked restaurants on the famed Champs-Elysees in Paris this past weekend have put Macron back on the defensive – just as he mulls new policies to appease the “yellow vest” protesters.

“Saturday’s images of the Champs-Elysees threaten the early signs of appeasement that national debate seemed to have created,” Bernard Sananes of polling institute Elabe said.

Organizers of Saturday’s protest called it an “ultimatum”, seeking to intensify pressure on the 41-year-old president as he digests hours of facetime with mayors, high school students, workers and stay-at-home mothers, as well as 1.4 million online contributions.

“His debate may be finished but we are still here on the streets,” 43-year old unemployed Agnes told Reuters TV during the yellow vest march in Paris. “And if he does not satisfy our demands, we will take back the roundabouts, we will go and block everything.”

Whether it was a protesters’ swansong, as his interior minister suggested, or sign of an “endless crisis” as newspaper Le Monde put it in its editorial, Saturday’s destruction pointed to the tense environment in which Macron must make decisions that will shape the rest of his five-year mandate.

Aware of the dangers of high expectations and the limited wiggle room French public finances allow, Macron had visibly instructed his ministers to play down the scope of the announcements he said he would make before mid-April.

“Will we be able to implement all the recommendations and meet all expectations? No, because politics is about making choices,” government spokesman Benjamin Griveaux said.

But Macron’s aides acknowledge he will have to change both his style – critics say he is too controlling while voters have been angered by his perceived loftiness and arrogance – and allow for more participatory democracy.

RISK OF DISAPPOINTMENT

The option of a referendum – which has the advantages of appealing to those nostalgic for Charles de Gaulle’s taste for plebiscites while responding to the yellow vests’ key demand for more people’s votes – remains on the table. But the policy issues that could be put to a plebiscite are yet to be decided.

“The worst thing would be to end up with a great disappointment,” one presidential adviser said. “The president was clear, he does not want the post-debate period to be like the one before the debate.”

Less than three months before European elections that anti-establishment nationalists want to use as a show of force across the continent, a lost referendum could also backfire and offer Macron’s opponents an opportunity to challenge his legitimacy.

The anti-government protests have shown the French crave less inequality, between Paris and the poorest parts of the country as much as between the poor and the rich in general.

That’s why the worst violence since November has targeted the Champs-Elysees boulevard and its boutiques, symbols of an opulent, successful, bourgeois Paris that those who struggle to make ends meet in the provinces resent.

Reducing territorial inequalities and “making work pay” for the poorest was an integral part of Macron’s 2017 manifesto, his aides say, and they are confident households will start to feel the benefits of measures put in place in the last 22 months.

He gave priority early in his presidency to pro-business tax cuts over measures to help low-income workers, and that angered left-leaning voters.

With France having one of the world’s highest tax burdens, financing costly measures to reduce the sense of isolation in small towns and the countryside by adding more hospitals or re-opening closed schools would be difficult, Macron’s aides say.

That means his response is more likely to be a mix of symbolic measures meant to give more say to people and changes to education and training systems.

“We’ve reached the limits of spreading wealth,” one adviser said. “But the potential is huge for tackling the roots of inequalities. So we may have lost sight of some of our goals initially, but we’re firmly back on track now and accelerating.”

(Additional reporting by Marine Pennetier, Elizabeth Pineau and Jean-Baptiste Vey; Editing by Mark Heinrich)

Source: OANN

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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.

CLICK HERE TO GET THE FOX NEWS APP

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.

CLICK HERE TO GET THE FOX NEWS APP

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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