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China online lender Dianrong blames government for its woes: memo

Illustration photo of the Dianrong logo
FILE PHOTO: Illustration photo of the Dianrong logo on the company's website April 13, 2017. REUTERS/Thomas White/Illustration

March 18, 2019

By Shu Zhang

SINGAPORE (Reuters) – Dianrong, one of China’s biggest peer-to-peer (P2P) lenders which is laying off staff and shutting stores, blamed the government for its troubles saying the absence of clear-cut policies was proving to be a heavy burden.

“Some people wonder why Dianrong’s growth has slowed in the past two years. It was not because we did not want to or could not grow. It was because we were told not to grow,” Guo Yuhang, Dianrong’s co-founder, said in an internal memo seen by Reuters.

“While the industry has expanded quickly to a large and complex scale over the years, regulatory directions keep changing and different regions have different rules,” Guo said, in rare criticism of policy-making in China.

Dianrong was shutting down 60 of its 90 offline stores and laying off an estimated 2,000 employees, Reuters reported earlier this month.

The Shanghai-based company was co-founded by Soul Htite, who was also behind U.S. online lender LendingClub Corp, and is backed by Singapore sovereign fund GIC Pte Ltd and Standard Chartered Private Equity.

Beijing’s multi-year crackdown on risky lending practices and excessive leverage have caused a wave of P2P collapses and triggered protests by angry investors who lost their savings.

“Grey rhino” risks, or highly obvious yet ignored threats, are on the rise, including risks from internet finance such as P2P lenders, a central bank official wrote in an official publication on Monday.

The industry could face a fresh wave of regulatory scrutiny after several fintech companies were slammed by state-run CCTV during the country’s annual consumer rights day TV show on Friday.

Dianrong, which expanded rapidly in 2017-2018 in a loose regulatory environment, had to cut back in the second half of last year, Guo said in the memo.

He added that many highly promising businesses Dianrong developed as part of its aggressive expansion have turned into “heavy burdens with unbearable high costs” for the company as regulations unexpectedly tightened.

The company’s outstanding transaction volume has shrunk to 10 billion yuan ($1.49 billion) from its peak of 14 billion yuan, Guo said. Some employees were not paid for two months, he said.

China’s central bank has yet to respond to a faxed request seeking comment.

The central bank said earlier this month that it would gradually set up a system of rules to regulate fintech and cultivate conditions conducive to the development of the industry.

“We hope regulators can give the industry a clear, and definite timetable, and give guidance and a ray of hope for companies that stick to compliance,” Guo said in the memo.

“The situation of the industry shows that the one-size-fits-all rule will definitely curb innovative businesses.”

Guo did not comment further when contacted by Reuters.

(Reporting by Shu Zhang; Writing by Samuel Shen and Ryan Woo; Editing by Muralikumar Anantharaman)

Source: OANN

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Rep. Cummings: White House 'Stonewalling' House Panel

Rep. Elijah Cummings, D-Md., says the White House has “engaged in an unprecedented level of stonewalling, delay and obstruction.”

Cummings, who is chairman of the Committee on Oversight and Reform, made his comments in a column posted by The Washington Post on Tuesday evening.

“In November, the American people voted overwhelmingly to put Democrats in charge of the House of Representatives to start serving as a truly independent check and balance on the executive branch,” he said. “Since then, President (Donald) Trump and his allies have complained of “Presidential Harassment,” decrying Democrats for having the audacity to request documents and witnesses to fulfill our constitutional responsibilities.

“The problem is that the White House is engaged in an unprecedented level of stonewalling, delay and obstruction.”

Cummings claimed he has sent 12 letters to the White House on a half-dozen topics. But the administration has refused to turn over any documents and has not produced any witnesses for interviews.

He said his committee is reviewing White House security clearances, “hush money” payments to silence women alleging affairs with Trump, White House officials’ alleged use of personal email in violation of federal law and other issues.

Cummings maintained the refusal to produce any documents or witnesses “to the primary investigative committee in the House reflects a decision at the highest levels to deny congressional oversight altogether.”

And he added: “If our committee must resort to issuing subpoenas, there should be no doubt about why. This has nothing to do with presidential harassment and everything to do with unprecedented obstruction.”

Source: NewsMax Politics

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Trump Posts Edited Video of Ilhan Omar’s 9/11 Comments

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Source: InfoWars

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“Founders Did Not Want A King” – Democrats Vote Unanimously To Overturn Trump Border Emergency Plan

Less than two weeks after President Trump declared a national emergency to fund his border wall, House Democrats have voted unanimously to block Trump’s declaration, marking an unprecedented congressional challenge to a president’s authority to invoke emergency powers.

13 Republicans joined with Democrats to admonish Trump’s move — well short of the number Democrats would need to overturn the president’s promised veto.

As The Hill reports, the vote marks the first time Congress has taken formal action to block a presidential emergency declaration since the power was created in the National Emergencies Act of 1976.

Democrats hinged their opposition on the basic principles of constitutional law, arguing that Trump’s unilateral move marks a clear-cut violation of the separation of powers and the unique authority of Congress to dictate where federal dollars are spent.

“If it were truly an emergency we’d all be there with the president,” Speaker Nancy Pelosi (D-Calif.) said several hours before Tuesday’s vote, during a conference of the American Legion in Washington.

“Our founders had great vision. They did not want a king.”

As a reminder, here’s a list of all the national emergencies…

  1. Nov 14, 1979: Blocking Iranian Government Property (EO12170)
  2. Nov 14, 1994: Proliferation of Weapons of Mass Destruction (EO 12938)
  3. Jan 23, 1995: Prohibiting Transactions With Terrorists Who Threaten To Disrupt the Middle East Peace Process (EO 12947)
  4. Mar 15, 1995: Prohibiting Certain Transactions with Respect to the Development of Iranian Petroleum Resources (EO 12957)
  5. Oct 21, 1995: Blocking Assets and Prohibiting Transactions with Significant Narcotics Traffickers (EO 12978)
  6. Mar 1, 1996: Declaration of a National Emergency and Invocation of Emergency Authority Relating to the Regulation of the Anchorage and Movement of Vessels (Proc. 6867)
  7. Nov 3, 1997: Blocking Sudanese Government Property and Prohibiting Transactions With Sudan (EO 13067)
  8. Jun 26, 2001: Blocking Property of Persons Who Threaten International Stabilization Efforts in the Western Balkans (EO 13219)
  9. Aug 17, 2001: Continuation of Export Control Regulations (EO 13222)
  10. Sep 14, 2001: Declaration of National Emergency by Reason of Certain Terrorist Attacks (Proc. 7463)
  11. Sep 23, 2001: Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism (EO 13224)
  12. Mar 6, 2003: Blocking Property of Persons Undermining Democratic Processes or Institutions in Zimbabwe (EO 13288)
  13. May 22, 2003: Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest (EO 13303)
  14. May 11, 2004: Blocking Property of Certain Persons and Prohibiting the Export of Certain Goods to Syria (EO 13338)
  15. Jun 16, 2006: Blocking Property of Certain Persons Undermining Democratic Processes or Institutions in Belarus (EO 13405)
  16. Oct 27, 2006: Blocking Property of Certain Persons Contributing to the Conflict in the Democratic Republic of the Congo (EO 13413)
  17. 17. Aug 1, 2007: Blocking Property of Persons Undermining the Sovereignty of Lebanon or Its Democratic Processes and Institutions (EO 13441)
  18. Jun 26, 2008: Continuing Certain Restrictions With Respect to North Korea & North Korean Nationals (EO 13466)
  19. Apr 12, 2010: Blocking Property of Certain Persons Contributing to the Conflict in Somalia (EO 13536)
  20. Feb 25, 2011: Blocking Property and Prohibiting Certain Transactions Related to Libya (EO 13566)
  21. Jul 24, 2011: Blocking Property of Transnational Criminal Organizations (EO13581)
  22. May 16, 2012: Blocking Property of Persons Threatening the Peace, Security, or Stability of Yemen (EO 13611)
  23. Mar 6, 2014: Blocking Property of Certain Persons Contributing to the Situation in Ukraine (EO 13660)
  24. Apr 3, 2014: Blocking Property of Certain Persons With Respect to South Sudan (EO 13664)
  25. May 12, 2014: Blocking Property of Certain Persons Contributing to the Conflict in the Central African Republic (EO 13667)
  26. Mar 8, 2015: Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Venezuela (EO 13692)
  27. Apr 1, 2015: Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities (EO 13694)
  28. Nov 22, 2015: Blocking Property of Certain Persons Contributing to the Situation in Burundi (EO 13712)
  29. Dec 20, 2017: Blocking the Property of Persons Involved in Serious Human Rights Abuse or Corruption (EO13818)
  30. Sep 12, 2018: Imposing Certain Sanctions in the Event of Foreign Interference in a United States Election (EO 13848)
  31. Nov 27, 2018: Blocking Property of Certain Persons Contributing to the Situation in Nicaragua (EO 13851)

…and since the National Emergencies Act went into effect in the mid-1970s, a total of 58 have been declared, most of which were in regard to foreign issues (like the War in Iraq).


Jussie Smollett has been charged with a crime after his false report went viral. Erich “Mancow” Muller joins Alex to discuss the real victims of this crime including himself as a Trump supporter living in Chicago.

NE

“People will say, ‘Well, there have been a lot of emergency designations.’ That’s right,” said House Majority Leader Steny Hoyer (D-Md.).

“This is the only one — the only one — that has been used to get around a Congress’s refusal to appropriate money for a particular objective.”

The Hill points out that passage in the upper chamber is not guaranteed, but appears increasingly likely. Three GOP senators — Susan Collins (Maine), Lisa Murkowski (Alaska) and Tom Tillis (N.C.) — are already on record in support of the disapproval resolution, and a handful of others are leaning that way.

The president, for his part, has vowed in no uncertain terms to veto the resolution if it travels that far. Neither chamber is expected to have enough support to win a two-thirds vote to override the promised veto.

“They’re not going to be able to reverse this emergency declaration. But it does show that they’re in denial that there’s a crisis at the border,” House Minority Whip Steve Scalise (R-La.) told The Hill ahead of the vote.

“Pelosi goes to the border and waves a Mexican flag saying there’s no crisis the same week that an illegal alien goes to Napa right in her own backyard and attacks a cop,” he continued.

“I mean it’s it’s happening every day. There’s a real crisis and the president is taking steps to keep our country safe.”

No matter, what, Trump already called the endgame – “we’ll see you in the Supreme Court.”

Source: InfoWars

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Exclusive: Fed’s Williams says new economic outlook necessary for rate hikes

U.S. central banker Williams addresses news conference in Zurich
FILE PHOTO: John Williams, gestures as he addresses a news conference in Zurich, Switzerland September 22, 2017. REUTERS/Arnd Wiegmann

February 19, 2019

By Howard Schneider, Jonathan Spicer and Trevor Hunnicutt

NEW YORK (Reuters) – New York Fed President John Williams on Tuesday said he was comfortable with the level U.S. interest rates are at now, and sees no need to raise them again unless growth or inflation shift to an unexpectedly higher gear.

In an interview with Reuters, Williams said he felt rates had reached his current view of a lower “neutral” level, with growth and unemployment leveling off and inflation, if anything, a bit weaker than hoped for.

Asked if it would take some sort of shock to resume rate increases, he said it would require one or more of those factors to surprise to the upside.

“I don’t think that it would take a big change, but it would be a different outlook either for growth or inflation” to return to hiking rates, Williams, one three Fed vice chairs and a key voice on rate policy, told Reuters.

Williams’ comments, made just weeks after the central bank paused its once quarterly rate hikes, underscore just how high the bar would be for tighter monetary policy, and suggest that such a move may not come any time soon.

The Fed could also keep levels of bank reserves on its books that are far closer to current levels than previously thought, Williams said.

Along with its rate-hike holiday, policymakers are currently finalizing plans on how they would end the reduction of their balance sheet, which includes holdings of bank reserves bulked up in part by the Fed’s need for cash to buy bonds to halt the global financial crisis a decade ago.

Williams estimated the so-called balance sheet rolloff could end when bank reserves get to “maybe $1 trillion of reserves or somewhat more than that,” about $600 billion less than current levels.

The figure is “a guess today of the amount of reserves that will be held in the system in the future – but again we are learning and will get a finer touch on that,” he said.

Williams, who is vice chairman of the rate-setting Federal Open Market Committee and votes whenever that group meets, said policymakers are “in a very good place” on policy, with rates around neutral, the U.S. economy in a strong place and pressures on prices subdued.

“Monetary policy is where it should be,” he said. “It’s around my view of what neutral interest rates are.”

After its most recent meeting, Fed policymakers signaled their three-year drive to tighten monetary policy may be at an end due to a suddenly cloudy outlook for the U.S. economy, a global growth slowdown and impasses over trade and government budget negotiations.

The Fed increased interest rates three times in 2017 and four times last year, pushing them up to 2.25 percent to 2.5 percent at its final 2018 meeting in December.

Further details on that policy meeting at the end of January are expected when the Fed releases records from its deliberations on Wednesday.

In recent days Cleveland Federal Reserve President Loretta Mester and Fed Governor Lael Brainard both said they supported ending the U.S. central bank’s unwinding of its bond holdings this year.

The Fed’s balance sheet ballooned to over $4 trillion in the wake of the 2007-09 recession but policymakers began trimming its bond holdings in the final months of 2017.

Further details on that policy meeting at the end of January are expected when the Fed releases records from its deliberations on Wednesday.

(Reporting by Howard Schneider, Jonathan Spicer and Trevor Hunnicutt; Editing by Chizu Nomiyama)

Source: OANN

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Trump, despite solid U.S. growth, says Fed should fire up crisis-era stimulus

FILE PHOTO: U.S. President Trump declares a national emergency at the southern border during remarks at the White House in Washington
FILE PHOTO: U.S. President Donald Trump pauses during his declaration of a national emergency at the U.S.-Mexico border during remarks about border security in the Rose Garden of the White House in Washington, U.S., February 15, 2019. REUTERS/Carlos Barria/File Photo

April 14, 2019

By Howard Schneider

WASHINGTON (Reuters) – President Donald Trump said on Sunday that actions by the U.S. Federal Reserve have nicked U.S. economic growth and stock market gains by perhaps 30 percent, and that it should begin pumping money into the economy as it did during the 2007-2009 recession.

Trump’s latest broadside against the central bank, delivered by Twitter and without citing any evidence, came as European Central Bank head Mario Draghi and other international officials worried that a Fed politicized by potential Trump nominees would rattle a dollar-based global system.

“If the Fed had done its job properly, which it has not, the Stock Market would have been up 5000 to 10,000 additional points, and GDP would have been well over 4 percent instead of 3 percent…with almost no inflation,” Trump said.

“Quantitative tightening was a killer, should have done the exact opposite,” he said, referring to the Fed’s monthly withdrawal last year of up to $50 billion of the bonds it acquired during the worst economic downturn since the 1930s Great Depression.

Trump’s suggestion the Fed return to quantitative easing would put the central bank in the position of adding monetary stimulus and expanding its presence in debt markets in an economy growing solidly and with historically low unemployment.

No one at the Fed, including three Trump appointees on the board of governors and Trump’s handpicked chairman, Jerome Powell, has suggested the U.S. needs the sort of central bank help launched when the economy was in freefall a decade ago, according to minutes of recent Fed meetings.

The Fed has already decided to halt the drawdown of its security holdings as of September after concluding that the size of its asset holdings, likely around $3.5 trillion by that point, would be adequate given the demand by commercial banks to hold central bank reserves, the public demand for cash, and the other uses to which its assets are put.

The Fed raised interest rates four times in 2018, but also has put that process on hold, leaving the target policy rate at a range of between 2.25 and 2.5 percent, still below historical averages.

Trump was angered last fall when a variety of economic risks, which analysts say included slowing growth abroad, Trump’s own trade policies, and communications missteps by Powell, contributed to a more than 20 percent drop in the Dow Jones Industrial Average from October through December.

That loss has been almost completely erased as the Fed shifted gears, and the Dow is now just about 1.5 percent below the record it set on Oct. 3.

Trump remains peeved with Powell, and indicated he wants to name two political allies, economics commentator Stephen Moore and businessman Herman Cain, to fill two open seats on the Fed’s board of governors.

(Reporting by Howard Schneider; Editing by Lisa Shumaker)

Source: OANN

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New Zealand Mosque Shooter Flashes “White Power” Sign As He Is Charged With Murder

Accused Christchurch mosque shooter Brenton Harrison Tarrant smiled as he flashed an internet-memed “white power” gesture during a brief court appearance on Saturday when he was charged with murder in a shooting rampage that left 49 people dead in two New Zealand mosques. He did not request bail and was ordered to remain in custody until the date of his next hearing, scheduled for April 5. Police said more charges will be filed against him.

Tarrant, 28, originally from Grafton, New South Wales but more recently a resident of Dunedin on New Zealand’s South Island, had his hands chained to his waist as he wore white prison overalls. The police allege that after opening fire inside the Al Noor Mosque Tarrant drove to the Linwood Masjid Mosque across town and continued his rampage.

Tarrant began his shooting rampage at the Al Noor Masjidal Mosque in the city’s east, before driving across town to the Linwood Masjid Mosque and again opening fire

Daniel John Burrough, 18, has also been charged with ‘exciting hostility or ill-will’ in relation to the mosque attacks but he did not appear in court, according to Daily Mail. Police arrested three men – including Tarrant and Burrough – and a woman following Friday’s attack. The unnamed woman remains in custody, while the third man who was arrested is not linked with the attacks and has been released.


Dozens of people in a New Zealand mosque were gunned down by a terrorist who live-streamed the entire massacre. Additionally, at least 48 are suffering injuries ranged from minor to critical. Today’s special guests include regional expert Syrian Girl, SEAL graduate Matt Bracken, and founder of the Oath Keepers Stewart Rhodes breaking down the terror attack. Millie Weaver and Dr. Nick Begich join Alex Jones in the final hour.

The investigation is headed by New Zealand police and assisted by Australian police in New South Wales, according to Reuters. NSW Police Assistant Commissioner Mick Willing told media that the region’s joint counterterrorism unit has joined the investigation. Tarrant’s relatives have been assisting the police as well.

Tarrant was escorted to a heavily-guarded courtroom under unprecedented security measures as angry people flocked to the Christchurch District Court, even though it was closed to the public and only accredited media members were allowed in.

The short stocky man stood squarely in place beside two officers throughout the hearing. He turned around to repeatedly glance at the media, at District Court Judge Paul Kaller and out the windows of the Christchurch District Court, the Mail details:

At the beginning of the hearing he appeared to have a faint smile on his face, but it faded into a neutral expression as the hearing continued.

Security was tight, with about six security guards and police in total, the guards wearing black protective vests.

The hearing, which was closed to the public “in the interest of public safety” was all over in just a few minutes, with Tarrant taking one final look at those gathered and marched away. Some victims’ relatives were waiting at the front doors to the court.

Tarrant was photographed and filmed in court by New Zealand cameras but they have been ordered to pixellate his face in images from inside court.

Just as he was about to be brought into court, a member of the public tried to storm the court to ‘knife’ the attacker before proceedings began, the New Zealand Herald reported. The man reportedly told the paper that he wanted to stab the suspect.

“What the f*** has happened here,” he told reporters. Another man was cited shouting “rot in f****** hell” as he drove by the courthouse.

* * *

Police Commissioner Mike Bush confirmed the death toll stands at 49, with 42 injured. He said that after receiving the initial emergency call at 1.42pm local time, police took 36 minutes to track down and detain Tarrant.

‘That is an incredibly fast response time. You had a mobile offender across large metropolitan city. I am very happy with the response of our staff,’ Bush said.

A surgeon from Christchurch Hospital described Friday’s events as ‘carnage’.

Commissioner Bush said that the third man was spotted carrying a gun by a police officer, but after questioning it was revealed the man was on his way to collect his children from school and took the weapon to protect himself.

* * *

 

Tarrant, who would later go on to become a personal trainer, inherited a love of physical fitness from his father, who reportedly died of an asbestos-related illness.

A woman who claims to have previously known Tarrant through the gym, alleged it was him in the live stream. She told Daily Mail Australia that he followed a strict dietary and exercise regime and worked at the gym after he finished school. The woman, who did not wish to be named, said Tarrant always ‘threw himself into his own personal training’ before he later became a qualified a trainer and started training others. ‘He was in the gym for long periods of time, lifting heaving weights. He pretty much transformed his body,’ she said.

The woman also said she had not spoken to him or heard him talk about his political or religious beliefs. ‘From the conversations we had about life he didn’t strike me as someone who had any interest in that or extremist views,’ she said.

“But I know he’s been travelling since he left Grafton. He has been travelling overseas, anywhere and everywhere. I would say it’s something in the nature of his travels, something he’s been around. I know he’s been to lots of different countries trying to experience lots of different things in life and I would say something’s happened in that time in his travels,” she said.

In a prior Facebook post about a trip to Pakistan on Facebook, he wrote it was ‘an incredible place filled with the most earnest, kindhearted and hospitable people in the world,’ The Sydney Morning Herald reported. ‘The beauty of hunza and nagar valley in autumn cannot be beat,’ he stated.

As ABC reported, Tarrant reportedly hails from the town of Grafton, in northeastern New South Wales, but has been living in Dunedin, New Zealand, for quite some time, according to the reports in the local media.

* * *

In a 74-page manifesto titled “The Great Replacement” that he posted online before the massacre, Tarrant described himself as an ‘ordinary, white man’, who was born into a working class, low income family of Scottish, Irish and English decent. The shooter wrote that he had ‘little interest in education’ growing up, and did not attend university as he had no great interest in anything offered at the schools. He claimed he made some money investing in Bitconnect – a type of digital currency – before he then used the money to travel overseas.

In the manifesto, Tarrant also delves into what had inspired him to carry out the shootings and vows “revenge” against Muslim “invaders.” The manifesto was reportedly written two weeks before the attacks. The manifesto Tarrant drew inspiration from other infamous shooters including Anders Breivik who killed 77 people in Oslo, Norway in 2011. His weapons bore neo-Nazi inscriptions and slogans, names of extremists, as well as historic figures who waged wars against Muslims.

He described himself as ‘just a regular white man’. He said he was born to ‘working class, low-income family… who decided to take a stand to ensure a future for my people’.

‘My parents are of Scottish, Irish and English stock. I had a regular childhood, without any great issues,’ he wrote.

The gunman said he carried out the massacre to ‘directly reduce immigration rates to European lands’.

He said New Zealand was not his ‘original choice’ for the attack but said the location would show ‘that nowhere in the world was safe’.

‘We must ensure the existence of our people, and a future for white children,’ he wrote.

He wrote that the shooting was an ‘act of revenge on the invaders for the hundreds of thousands of deaths caused by foreign invaders in European lands throughout history’.

‘For the enslavement of millions of Europeans taken from their lands by the Islamic slavers… for the thousands of European lives lost to terror attacks throughout European lands,’ the gunman wrote.

He shared photos to his now-removed Twitter account ahead of the attacks, showing weapons and military-style equipment.

In posts online before the attack Tarrant wrote about ‘taking the fight to the invaders myself’. – Daily Mail

Tarrant livestreamed his rampage online on Facebook. The footage in which he goes from room to room gunning down worshippers was promptly taken down on police request. Forty-nine people died in the Al Noor mosque and the Linwood mosque and over 40 were injured, some critically.

In the wake of the attack, New Zealand Prime Minister Jacinda Ardern vowed to overhaul the country’s gun laws banning semi-automatic rifles. The suspected shooter held the “category A” firearms license since 2007.

Source: InfoWars

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Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of
Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of “Avengers: Endgame” in Los Angeles, California, U.S., April 25, 2019. REUTERS/Mike Blake

April 26, 2019

LOS ANGELES (Reuters) – Marvel Studios superhero spectacle “Avengers: Endgame” hauled in a record $60 million at U.S. and Canadian box offices during its Thursday night debut, distributor Walt Disney Co said.

Global ticket sales for the film about Iron Man, Hulk and other popular characters reached $305 million for the first two days, Disney said.

(Reporting by Lisa Richwine; Editing by Chizu Nomiyama)

Source: OANN

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Funeral of journalist Lyra McKee in Belfast
Labour Party leader Jeremy Corbyn attends the funeral service for murdered journalist Lyra McKee at St Anne’s Cathedral in Belfast, Northern Ireland April 24, 2019. Brian Lawless/Pool via REUTERS

April 26, 2019

LONDON (Reuters) – The leader of Britain’s opposition Labour Party, Jeremy Corbyn, said on Friday he had turned down an invitation to a state dinner which will be part of U.S. President Donald Trump’s visit to Britain in June.

“Theresa May should not be rolling out the red carpet for a state visit to honor a president who rips up vital international treaties, backs climate change denial and uses racist and misogynist rhetoric,” Corbyn said in a statement.

He said maintaining the relationship with the United States did not require “the pomp and ceremony of a state visit” and he said he would welcome a meeting with Trump “to discuss all matters of interest.”

(Reporting by Andy Bruce; Writing by William Schomberg)

Source: OANN

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Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli
Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli, Libya April 25, 2019. REUTERS/Hani Amara

April 26, 2019

By Ulf Laessing

TRIPOLI (Reuters) – Libya’s U.N.-recognized government has budgeted up to 2 billion dinars ($1.43 billion) to cover costs of a three-week-old war for control of the capital, such as treatment for the wounded, to be funded without new borrowing, the economy minister said.

Ali Abdulaziz Issawi suggested the government hoped for business to continue more or less as usual despite the assault on Tripoli, in the country’s northwest, by forces tied to a parallel administration based in the eastern city of Benghazi.

Once Africa’s third largest producer of oil, Libya has been riven by factional conflict since the fall of Muammar Gaddafi in 2011, with the country now broadly split between eastern-based forces under Khalifa Haftar and the U.N.-backed government in Tripoli, in the west, under Prime Minister Fayez al-Serraj.

Still, with Haftar’s Libyan National Army forces unable so far to pierce defenses in Tripoli’s southern suburbs, normal life and business activities continue in much of the capital and western coastal towns.

Issawi, in an interview with Reuters in his Tripoli office, also said Libya’s commercial ports and wheat imports were still functioning normally, although some roads have been blocked.

He said the Serraj government estimates it will spend up to 2 billion dinars extra on medical treatment for wounded, aid for displaced people and other “emergency” war costs.

He said this was not military spending but analysts believe that the sum will also cover expenditures such as pay for allied armed groups or food for fighters.

“We could actually spend less,” he added, in comments that gave the first insight into the economic impact of the fighting.

Issawi said the Tripoli government, which controls little territory beyond the greater capital region, would not incur new debt to fund the war costs, sticking to a plan to post a 2019 budget without a deficit.

Tripoli derives revenue largely from oil and natural gas production, interest-free loans from local banks to the central bank, and a 183 percent surcharge on foreign exchange transactions conducted at official rates.

But with centralized tax collection greatly diminished, public debt has piled up – to 68 billion dinars in the west, including unpaid state obligations such as social insurance.

Some analysts expect Serraj’s government will be forced to raise new debt if the war for control of Tripoli drags on.

With much of Libya dominated by armed factions that also act as security forces, the public wage bill for both the western and eastern administrations has soared as fighters have been made public employees in efforts to buy their loyalty.

The east has sold bonds worth 35 billion dinars outside the official financial system as the Tripoli central bank does not fund the parallel government apart from some wages.

Despite its limited reach, the Tripoli government still runs an annual budget of around 46.8 billion dinars, mainly for public salaries and fuel subsidies.

“This year we cannot finance via debt…we will not borrow (by agreement with the central bank),” Issawi said.

According to International Monetary Fund data, Libya’s central government debt-to-GDP ratio is 143 percent, making it one of the most heavily indebted in the world on that measure.

Issawi declined to say what parts of the budget would be trimmed to support the extra outlay for war costs.

However, with some 70 percent of the budget allocated to public wages, fuel subsidies and other welfare benefits, a portion devoted to infrastructure is most likely to be axed.

Widespread lawlessness has meant there have been no major infrastructural projects since 2011, when a NATO-backed uprising overthrew dictator Muammar Gaddafi, leaving schools, hospitals and roads in acute need of restoration.

FOREX SURCHARGE

Issawi said the government planned to raise as much as 30 billion dinars by the end of 2019 from hard currency deals after imposing in September a 183 percent surcharge on commercial and private transactions done on the official rate of 1.4 to the U.S. dollar. That fee has effectively devalued the official rate to 3.9, much closer to the black market equivalent.

Some 17 billion dinars have been raised since then, with hard currency allocated for import credit letters now issued without delays, Issawi said. The forex fee has helped the government forecast a budget in the black for 2019.

Despite the narrowing spread between the two rates, the black market continues to thrive. Dozens of traders remained at their favorite spot behind the central bank headquarters in Tripoli when Reuters reporters visited it last week.

But traders said it could take time for the Serraj government to register the extra forex receipts as official banking channels were taking up to six months to approve import financing, keeping the black market in play for dealers.

Issawi said authorities planned to lower the forex fee from 183 percent, without saying when. The black market rate has dropped from 6 to around 4.1 since September but it has hardly moved of late as demand for black market cash remains high.

The Tripoli government has stopped subsidizing food and bread, which used to be cheaper than drinking water in Libya. Wheat imports are now being arranged by private traders and there are surplus stocks of flour at the moment, Issawi said.

(Reporting by Ulf Laessing in Tripoli with additional reporting by Karin Strohecker in London; Editing by Mark Heinrich)

Source: OANN

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Rep. Gerry Connolly, D-Va., threatened possible jail time for White House officials refusing to comply with subpoenas to testify before the House Oversight Committee.

Connolly, a member of the House panel, made his comments during an interview on CNN on Thursday. He said that “if a subpoena is issued and you’re told you must testify, we will back that up.”

He added: “And we will use any and all power in our command to make sure it’s backed up — whether that’s a contempt citation, whether that’s going to court and getting that citation enforced, whether it’s fines, whether it’s possible incarceration.”

“We will go to the max to enforce the constitutional role of the legislative branch of government.”

His comments came after three officials have refused to comply with congressional requests to testify, CNN noted.

Trump told The Washington Post that his staff should not testify on Capitol Hill, explaining that the White House cooperated fully with special counsel Robert Mueller and “there is no reason to go any further, especially in Congress where it’s very partisan.”

Source: NewsMax Politics

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“Outdated laws” need fixing to deal with the surge in illegal immigrant families crossing the U.S. border with Mexico, a top Border Patrol official said Friday.

Migrant families face no consequences if apprehended trying to cross the border illegally under present law, Border Patrol chief of Operations Brian Hastings claimed during an appearance on “Fox & Friends.”

“We need a change in the current outdated laws that we’re dealing with for this current demographic and this crisis that we have,” he said.

Hastings said as of Thursday there have been 440,000 apprehensions along the southwest border. There were 396,000 apprehensions all of last year.

SOUTHERN BORDER AT ‘BREAKING POINT’ AFTER MORE THAN 76,000 ILLEGAL IMMIGRANTS TRIED CROSSING IN FEBRUARY, OFFICIALS SAY

And those numbers continue to rise, he said.

Historically 70 to 90 percent of apprehensions at the border were quickly returned to Mexico, Hastings said.

Now, 83 percent of those apprehended have come from the Central American northern triangle which includes Guatemala, El Salvador, and Honduras, and of those 63 percent are “family units” and children who cannot be returned, he said.

“There are no consequences that we can apply to this group currently,” Hastings said. “We’re overwhelmed. If you look at agents there doing a tremendous job trying to deal with the flow.”

The law dictates children have to be released after 20 days of detention.

FLORIDA SHERIFF ON BORDER CRISIS AFTER MAJOR DRUG BUST: ‘IT MAKES ME ABSOLUTELY CRAZY’

Sen. Lindsey Graham, R-S.C., says that has forced immigration officials to release entire families because “you don’t want to separate families.”

Recently, he said he is drafting legislation that would allow children to be detained for more than 20 days.

Hastings said agents are frustrated with the situation but are doing the best they can with the resources they have.

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“Up to 40 percent of our agents are processing at any given time,” he said. “That should say that in and of itself is pulling from those border security resources.”

Source: Fox News National

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