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China first quarter GDP growth seen cooling to 6.3 percent, but March may suggest rebound: Reuters poll

FILE PHOTO: Workers are seen at a construction site in Beijing's central business area
FILE PHOTO: Workers are seen at a construction site in Beijing's central business area, China January 18, 2019. REUTERS/Jason Lee

April 15, 2019

BEIJING (Reuters) – China’s first-quarter economy growth likely cooled to the weakest pace in at least 27 years, a Reuters poll showed, but a flurry of measures to boost domestic demand may have put a floor under slowing activity in March.

Signs of improvement in the world’s second-largest economy would add to growing optimism that Washington and Beijing are nearing a trade deal, reviving business confidence and easing worries of a significant slowdown in global growth.

But analysts do not expect a sharp rebound in China’s economy like recoveries in the past, which created a strong reflationary pulse worldwide, noting its latest stimulus measures have so far been relatively more restrained.

Analysts polled by Reuters expect China to report gross domestic product (GDP) grew 6.3 percent in the January-March quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record.

That would mark a further loss of momentum from the previous quarter’s 6.4 percent, but policymakers and investors are more likely to focus on any signs of a turnaround in March activity data, which will be released at the same time on Wednesday.

Premier Li Keqiang recently said “changes” in the economy in March had exceeded expectations, with the economy operating in a steady manner in the first quarter.

Analysts say unexpectedly strong March credit data on Friday set the stage for a recovery in investment in the second half of the year, though export and import readings were mixed, suggesting domestic demand remains sluggish.

In March, Beijing announced billions of dollars in additional tax cuts and infrastructure spending on top of measures last year.

But top officials have repeatedly vowed not to resort to “flood-like” stimulus like that rolled out in past downturns, which led to a mountain of debt.

China’s economic growth cooled to 6.6 percent in 2018, weighed down by multi-year clampdowns on riskier lending and pollution that have deterred fresh investment, and by escalating U.S. and Chinese tariffs on each others’ goods.

Economists polled by Reuters expected a further pullback to 6.2 percent in 2019 – the slowest in nearly 30 years.

On a sequential basis, economists estimated GDP grew 1.4 percent in the first quarter, easing from 1.5 percent in the fourth quarter.

SIGNS OF SPRING

March data will provide more details on the health of China’s domestic demand, covering industrial output, retail sales, property sales and investment, and fixed asset investment.

Business surveys for March had shown the manufacturing sector unexpectedly return to growth, while service sector activity accelerated, but analysts have cautioned some of the March gains were likely due to seasonal boosts.

Industrial output is expected to have increased 5.9 percent from a year earlier, quickening from 5.3 percent in the first two months, which was the weakest pace in 17 years.

Retail sales are seen growing 8.4 percent, better than the 8.2 percent in the first two months.

China’s auto sales fell for the ninth straight month in March but the pace of decline slowed, industry data showed, as carmakers reduced prices to boost business after Beijing handed out tax cuts to spur consumer spending.

Further evidence of Beijing’s infrastructure spending spree is expected in fixed-asset investment, which is expected to grow 6.3 percent in the first quarter on-year from 6.1 percent in the first two months of the year.

MORE POLICY SUPPORT SEEN NEEDED

While some economists have reduced expectations of further policy easing in light of recent, largely upbeat data, most believe further support is needed to ensure a sustainable recovery.

Support measures will take time to fully kick in, and corporate balance sheets are expected to remain under stress if profits are slow to recover from their worst slump in more than seven years.

The central bank has already slashed banks’ reserve requirement ratio (RRR) five times over the past year and is widely expected to ease policy further in coming quarters to spur lending and reduce borrowing costs, especially for small and private firms vital for growth and job creation.

Economists in the latest Reuters poll released on Friday (ahead of the credit data) forecast three more cuts to RRR of 50 basis points each in this quarter and the next two, but do not expected the central bank to cut its benchmark lending rate this year or next. [ECILT/CN]

The global economy is slowing more than expected and a sharp downturn could require world leaders to coordinate stimulus measures, the International Monetary Fund said on Tuesday as it cut its forecast for 2019 world economic growth for the third time.

(Reporting by Kevin Yao; Polling by Khushboo Mittal in Bangalore and Jing Wang in Shanghai; Editing by Kim Coghill)

Source: OANN

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CAIR warns of increasing Islamophobia after New York arrests

An advocacy group is warning of increased Islamophobia after a New York man was charged with threatening the life of a Muslim Congresswoman.

The Council on American-Islamic Relations said Saturday it welcomes the FBI's arrest this week of Patrick Carlineo Jr. but warned of "normalized hate speech."

Carlineo was charged with placing a threatening call to the Washington office of U.S. Rep. Ilhan Omar of Minnesota. His attorney declined to comment.

Omar is among the first of two Muslim women elected to Congress.

The FBI this week arrested another New York man who authorities say talked online with white supremacists about a reenactment of the New Zealand mosque massacre.

Thomas Alonzo Bolin was charged with lying to federal agents about whether he owned firearms. Bolin's attorney declined to comment.

Source: Fox News National

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In latest inflammatory remarks, Farrakhan warns Israel to stay away from 'black youth'

In his latest inflammatory remarks about Israel, Nation of Islam leader Louis Farrakhan warned the Israeli government to stay away from ‘black youth’ and threatened the country in a provocative video posted on Instagram Wednesday.

“There’s a saying today that Israel sees the black youth as a problem for them,” Farrakhan told his followers. “Israel! A government after black youth.”

“Well let me tell you something Israel, you’re making a very big mistake. And your hastening, you’re doomed,” Farrakhan said while his followers applauded.

“You leave my black brothers and sisters alone because you fear what they are going to become if they listen to Farrakhan,” the controversial leader warned Israel.

Farrakhan, known for his anti-Semitic remarks, appears to have made the comments Feb. 17 during a “Savior’s Day” speech in Chicago. “Savior’s Day” is a Nation of Islam holiday.

During the same speech Farrakhan defended Minnesota congresswoman Omar Ilan and her tweets that were condemned as being anti-Semitic, advising her not to apologize.

“So you’re not lying, so if you’re not lying stop laying down,” Farrakhan shouted.

Farrakhan also said “the wicked Jews want to use me to break up the women’s movement” while addressing the #MeToo movement at the same conference according to reports.

Source: Fox News National

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Watch Live: Covington Catholic Student Files $250 Million Lawsuit Against Washington Post

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More women work in construction that's still a man's world

Tameeka Gwyn is used to schlepping concrete weighing as much as 60 pounds (27 kilograms) around a construction site. For Janna Rojas, it's a cinch to carry metal pipes as heavy as 100 pounds (45 kilograms) going into new plumbing.

"When you first do it, it's quite a shock, but it's reality," says Gwyn, who with Rojas is helping build a Manhattan high-rise for the Memorial Sloan Kettering Cancer Center in Manhattan.

They are some of the new faces of the 21st-century American construction worker — with women slowly making inroads in an industry still dominated by men. While there has been progress thanks to a rebounding economy, the federal Bureau of Labor Statistics found women represent only 3.4 percent, or about 285,000, of the nation's 8.3 million construction workers. Over the last decade, the total number of women in the construction industry has risen by about 31 percent.

One program in New York City addresses the gender gap head-on, kickstarting recruits' training while gaining a promise from unions to try to reserve 15 percent of on-site actual apprenticeships for women. The Building and Construction Trades Council of Greater New York is working with a nonprofit group, Nontraditional Employment for Women (NEW), which runs a pre-apprenticeship program for women who want to become plumbers, electricians, carpenters and members of other trades.

"We've had a real shift in terms of really working with the unions as partners in our work because they recognize that the need for a diverse workforce, a workforce that represents the population of New York City and beyond," said NEW president Kathleen Culhane. She says they recruit trainees by distributing flyers at job fairs, community organizations and unemployment offices in addition to social media outreach.

It's clear the industry has a long road ahead to even out its gender discrepancy — one that is hardly surprising for a job often characterized by male workers whistling at women who walk past job sites — despite a push from the #MeToo movement that is leading to sweeping changes in many occupations around the globe.

"The #MeToo movement has highlighted what's right and what's wrong, and women are being accepted more and more on the job sites," says Gary LaBarbera, president of the Building and Construction Trades Council, an organization of 15 labor union affiliates representing 100,000 workers.

Philip LoMonaco, the foreman of the cancer center project, has seen that happen firsthand. He says he first saw a woman on a construction job about a decade ago. Now, there are 200 female workers, including Gwyn and Rojas, building the high-rise on Manhattan's East Side — representing about 5 percent of all workers on that project, according to the builder, Turner Construction. Jacobson & Company, a large carpentry contractor in metropolitan New York, says 9 percent of its nearly 300 employees are women.

Many of the female workers come from low-income circumstances and some are single mothers used to juggling multiple jobs to pay the bills. But once they break into the trades, these women are better off than those in other lines of work, facing a smaller wage gap compared to men. The Bureau of Labor Statistics says women in construction are paid 96 cents on the dollar compared to their male colleagues, versus only about 80 cents on the dollar in the general workforce.

Gwyn finished her five-year apprenticeship in 2015. The 30-year-old plumber had gone to college to become a teacher, but left school when her student loans mounted. She says she now earns about double what she would have made as a teacher.

Rojas, a 37-year-old plumbing apprentice at the hospital site, is hoping for an eventual six-figure salary after she finishes the program.

Since 2013, about 1,500 apprentices have come out of NEW's tuition-free trade school, housed in a former firehouse in Manhattan. They spend seven weeks being introduced to basics in such skills as carpentry and electrical work, as well as using a measuring tape to execute a design and mathematical equations to accurately match materials into a space. Similar programs have popped up in Illinois, Vermont, Oregon, Wisconsin and Washington state.

"People might say that it's a man's job because it's dominated by men, because women has been frozen out of this industry for so long," said Zakiyyah Askia, a plumbing apprentice in a program run by the nonprofit Chicago Women in Trades. "And now that the opportunities are presenting themselves, then it's time for us as women to seize this opportunity."

The NEW program also puts its workers to the test physically.

"Every day, we had to carry ladders and buckets with, like, 60 pounds of concrete up and down stairs," says Gwyn.

In addition to the physical challenges of their jobs, some of the women in the NEW program say they've encountered social hurdles — what one called "old-school behavior" such as some male co-workers reluctant to ask them to do equal work, or occasional attempts at unwelcome flirtation.

Gwyn says she made sure she looked "stern and serious, because if you smile, they sometimes say, 'Oh, she's cute' and try to pursue you."

"I'd say, 'Thank you, but no thank you!' I came here to work, and the more I'm here, the less it happens," she says.

The program provides sexual harassment workshops during its training and all workers in participating trade unions are given the same training. It also ensures women have access to restrooms as well as safety gear and clothing that fits them.

The modest progress women have made in the industry has not come easily or quickly.

In 1985, 19 women sued a New York City public corporation and a real estate firm in Manhattan federal court, saying they were unfairly denied jobs for which they were qualified because they were female. The court approved a settlement requiring builders to make good-faith efforts to hire women-in-training.

LaBarbera, the union president, calls the women coming in through apprenticeships "trailblazers."

And generally, neither gender nor age is impediments.

For Myrtle Wilson, a 49-year-old laborer who had previously worked multiple jobs and struggled to raise her kids, the past two years working on the Memorial Sloan Kettering project doing "a little bit of everything" have been a game-changer.

"I have watched this job literally come from the ground up, and it's been an amazing experience," she says with a grin.

Source: Fox News National

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AOC Hit With FEC Complaint For Alleged ‘Subsidy Scheme’

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Bomb bunker, war reporters and Charlie Chaplin: Hanoi’s storied Metropole hosts Kim-Trump summit

FILE PHOTO - The Metropole hotel is seen ahead of the North Korea-U.S. summit in Hanoi
FILE PHOTO - The Metropole hotel is seen ahead of the North Korea-U.S. summit in Hanoi, Vietnam, February 25, 2019. REUTERS/Kim Kyung-Hoon/File Photo

February 27, 2019

By Soyoung Kim and Mai Nguyen

HANOI (Reuters) – A storied French colonial-era hotel once used by the North Vietnamese government to house foreign guests during the Vietnam War is set to host U.S. President Donald Trump and North Korean leader Kim Jong Un as they meet for a second nuclear summit on Wednesday.

The Sofitel Legend Metropole Hanoi has hosted dignitaries and celebrities from Charlie Chaplin on his honeymoon in 1936 to “Hanoi Jane” Fonda during her 1970s anti-war campaign and even Trump himself on a recent visit to the Vietnamese capital.

The Metropole could begin a new chapter as a symbol of peace if Trump and Kim, as some officials in Seoul and Washington expect, formally declare an end to the last remaining Cold War conflict after their two-day summit.

The United States and North Korea are technically still at war, because the 1950-53 Korean War ended in a truce, not a peace treaty.

“We hope Trump and Kim make some progress with their denuclearization and hopefully open North Korea to the outside world,” said Stephen Fries, a doctor from Colorado whose long-planned family trip was disrupted by preparations for the summit.

He was among two dozen Metropole guests touring an underground air raid bunker at the hotel used during the Vietnam War that was rediscovered by chance in 2011 while the hotel was renovating its poolside Bamboo bar.

Trump and Kim will meet at the Metropole at 6:30 pm (1130 GMT) on Wednesday, where the two will have a 20-minute one-on-one chat followed by a dinner with aides, the White House said.

“It’s about time there is a deal. Vietnam had been our enemy, now they are kind of a friend. I hope North Korea would become exactly like Vietnam, and maybe use it an example to follow for its own economic development,” Fries said.

SECRETS AND SECURITY

The elegant interior of the 118-year-old Metropole thronged with security personnel and hotel staff on the summit eve as final preparations were made. Nearby street corners were guarded by armed police, while security staff searched pot plants around the pool.

In a letter distributed ahead of the leaders’ arrival, the hotel’s general manager notified guests of the “very strict security measures” expected in the coming days.

All but one entrance to hotel will be blocked during the summit and a temporary checkpoint has been installed to screen guests, who need to show copies of their passports to gain access to the hotel.

Trump and Kim likely chose Metropole for its ability to keep secrets, Nguyen Dinh Thanh, former head of marketing at Metropole, told Reuters.

“When superstars come here, some journalists offered $2,000-$5,000 or more to staff to take a photo of that superstar, but that has never happened,” said Thanh.

“That shows Metropole has a tradition of keeping secrets as well as knowing how to treat VIP guests.”

CELEBRITIES AND CONTROVERSIES

Heads of state from European kings and British royals to U.S. and South American presidents have all chosen the Metropole as their Hanoi abode.

It has attracted celebrities such as Angelina Jolie and Brad Pitt in 2007, but perhaps its most iconic guest is American actress Jane Fonda, who stayed for two weeks in 1972 when visiting then-enemy territory.

A controversial photo of her sitting with North Vietnamese troops atop an anti-aircraft gun used to shoot at American planes earned her the nickname “Hanoi Jane”.

The Metropole also hosted Graham Greene, who wrote part of his seminal 1955 work, “The Quiet American” there, and numerous war correspondents during the 20-year-long Vietnam War that ended in 1975.

Trump, who stayed in the hotel on his last visit to Vietnam in 2017, has chosen the easier-to-secure JW Marriott hotel this time. Kim is staying at the Melia Hanoi hotel.

Despite its long history of hosting VIPs, the Metropole is not an ideal summit venue from a security point of view, said Le Van Cuong, who used to head the strategy institute of the Ministry of Public Security.

“Metropole is definitely more tricky to protect the leaders, especially because of the lack of space. In the protection job, space gives us advantages. Metropole sits right in the center of crowded streets, so it’s difficult to ensure security,” Cuong told Reuters.

“Singapore chose an isolated island and protection on such island is much easier, definitely easier than Metropole.”

Trump and Kim held their first summit at Singapore’s Capella hotel, a refurbished British Royal Artillery mess on the resort island of Sentosa.

(Reporting by Soyoung Kim, James Pearson and Mai Nguyen in HANOI.; Editing by Lincoln Feast.)

Source: OANN

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The headquarters of Wirecard AG is seen in Aschheim near Munich
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

April 26, 2019

BERLIN (Reuters) – Wulf Matthias will not stand for a second term as Wirecard’s chairman in 2020, German daily Handelsblatt said on Friday, citing sources in the financial industry.

For age reasons alone this would not be an option for Matthias, aged 75, Handelsblatt added.

Matthias will keep his mandate until it ends in 2020, the paper quoted a company spokeswoman as saying.

Wirecard was not immediately available for comment when contacted by Reuters.

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

Source: OANN

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FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva
FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

April 26, 2019

ZURICH (Reuters) – Shareholders approved Credit Suisse’s 2018 compensation report with an 82 percent majority on Friday, overriding frustrations expressed at its annual general meeting over jumps in executive pay during a year its share price plummeted.

Three shareholder advisers had recommended investors vote against Switzerland’s second-biggest bank’s remuneration report, while a fourth backed the report but expressed reservations about whether management pay matched performance.

The approval marked a slight increase over the 80.8 percent support garnered for the bank’s 2017 compensation report.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

Source: OANN

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FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson/File Photo

April 26, 2019

By Simon Jessop and Sinead Cruise

LONDON (Reuters) – Activist investor Edward Bramson is likely to fail in his attempt to get a board seat at Barclays’ annual meeting next week, even though shareholders are dissatisfied with performance of the group’s investment bank.

New York-based Bramson’s Sherborne Investors and the board of the British bank have been sparring for months over Barclays’ strategy.

Bramson wants to scale back Barclays’ investment bank to reduce risk and boost shareholder returns. Barclays Chief Executive Jes Staley remains staunchly committed to growing the business out of trouble.

After failing to persuade Staley to change course since he began building a 5.5 percent stake in the bank in March last year, Bramson hopes a board seat will rachet up the pressure.

Both sides have written to shareholders pitching their case and Bramson has courted investors in one-on-one meetings, although none have publicly backed him yet.

Interviews by Reuters with five institutional investors in Barclays suggest Bramson has failed to persuade them.

Sherborne declined to comment.

Mirza Baig, head of investment stewardship at top-40 shareholder Aviva Investors, said Bramson was welcome on the bank’s register but the boardroom was a step too far.

“He has created a lot of value at other businesses, but, generally, when he has come in as executive chair and taken full control. This would be a different case where he would just be one lone voice on the board,” he said.

A second Barclays shareholder said he backed Bramson’s goal of improving returns but via an “evolutionary” approach.

“If you look at banks that have tried to restructure their operations in investment banking – you look at Natwest Markets, Deutsche Bank – I struggle to think of an example where a roughshod restructuring has been accretive to shareholder value.”

A third, top-30 investor said he had been impressed by incoming Chairman Nigel Higgins’ grasp of the challenge in hand, and felt investors would give him time.

“Management know they have to execute and deliver improved returns… [Higgins] will continue to re-shape the board but obviously he didn’t feel that having someone with a diametrically opposed view on it would be helpful.”

A fourth, top-30 investor agreed: “We voted for the chairman to come in and it would be crazy to allow an activist to join the board (at this time).”

Jupiter Fund Management, the 24th largest investor, said it also planned to vote against Bramson.

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

Since Staley joined Barclays in 2015, the investment bank returns relative to capital invested have increased but are still underperforming the overall business.

Barclays’ first-quarter figures showed the investment bank posted a 6 percent drop in income from its markets business and a 17 percent fall in banking advisory fees.

Returns in the investment bank fell to 9.5 percent from 13.2 percent a year ago.

Famed for successful campaigns against smaller British companies in sectors from chemicals to advertising, Bramson’s board seat pitch has been rebuffed by shareholder advisory firms.

Institutional Shareholder Services, the world’s biggest, said Bramson’s proposal “falls short of what can reasonably be expected from a shareholder trying to address issues at a 28 billion pounds, systemically important bank”.

Glass Lewis also flagged concern about Bramson’s lack of banking experience and “questionable” shareholding structure, referring to Sherborne’s use of derivative contracts to hedge losses should its strategy fail.

Critics said the arrangement meant his interests are not truly aligned with those of other long-term shareholders.

British advisory firm Pirc, however, said it recommended that investors abstain in the vote on Bramson’s proposal as a challenge to the board to do better in the year ahead – or face a similar contest in 2020.

(Editing by Jane Merriman)

Source: OANN

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After an over 15-month pregnancy, “Akuti,” a 7-year-old Greater One Horned Indian Rhinoceros, gave birth as a result of induced ovulation and artificial insemination at Zoo Miami, April 23, 2019.

Ron Magill/Zoo Miami

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Source: Fox News World

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FILE PHOTO: File photo of a Chevron gas station sign in Del Mar, California
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – U.S. oil and natural gas producer Chevron Corp reported a 27 percent fall in quarterly earnings on Friday, hit by lower crude prices and weaker margins in its refining and chemicals businesses.

Net income attributable to the company fell to $2.65 billion, or $1.39 per share, for the first quarter ended March 31, from $3.64 billion, or $1.90 per share, a year earlier.

Earlier in the day, larger rival Exxon Mobil Corp reported earnings well below analysts’ estimates, as margins in its refining business were hurt by higher Canadian prices and heavy scheduled maintenance.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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