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Euro zone budget to support reforms, investment with grants and loans

Eurogroup President Centeno, EU Commissioner Moscovici and Greek Finance Minister Tsakalotos attend a eurozone finance ministers meeting in Brussels
Portugal's Finance Minister and Eurogroup President Mario Centeno, European Economic and Financial Affairs Commissioner Pierre Moscovici and Greek Finance Minister Euclid Tsakalotos attend a eurozone finance ministers meeting in Brussels, Belgium March 11, 2019. REUTERS/Francois Lenoir

March 11, 2019

By Jan Strupczewski

BRUSSELS (Reuters) – A future euro zone budget should support structural reforms and investment in euro zone countries with grants and loans, the chairman of euro zone finance ministers Mario Centeno said on Monday, summing up discussions among European Union ministers.

Finance ministers from the 27 countries that will remain in the European Union after Britain leaves are seeking ways to deepen the economic integration of the single currency area.

A future budget for the 19 countries that share the euro, and those in the waiting room to join it, is their flagship idea that is to be worked out in more detail over the next three months and fully presented in June.

“There is broad agreement that this tool should support both structural reforms and public investment,” Centeno told a news conference.

“Many of us favor an integrated approach, which would allow packages of investment programs and reform measures backed by financial support, to be proposed by members. Overall, the preferred form of delivery is via grants but there is also some support for loans,” he said.

The governance of the budget is to be discussed in April and its size and revenues in the following months. It is also yet to be determined if the budget would be part of the broader long-term European Union budget, or be separate and to what extent.

“There is some support to establish as requirement that member states co-finance a portion of the investment and reform package at the national level,” Centeno said.

“There is also support to explore the possibility of reducing member states’ co-financing rates in case of severe downturns,” he said.

The European Commission and the European Central Bank say that to complete the economic and monetary union it is necessary to have pool of money to play a stabilizing role in case of economic downturns to complement the single monetary policy.

The European Commission, which will ultimately have to prepare the final version of the euro zone budget proposal before it becomes EU law, has so far proposed the euro zone budget should be 55 billion euros ($62 billion).

Of that total, 25 billion euros would come from the EU budget and would be used to support reforms and convergence between economies while the remaining 30 billion would be loans, guaranteed by the EU budget, to support investments in countries facing temporary economic shocks.

($1 = 0.8896 euros)

(Reporting by Jan Strupczewski; Editing by Mark Potter)

Source: OANN

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China March factory activity seen contracting for fourth month

FILE PHOTO: A worker directs a crane lifting steel rails at a steel factory in Handan
FILE PHOTO: A worker directs a crane lifting steel rails at a steel factory in Handan, Hebei province, China November 23, 2018. REUTERS/Stringer/File Photo

March 28, 2019

BEIJING (Reuters) – Factory activity in China likely contracted for a fourth straight month in March, a Reuters poll showed, suggesting the economy is still losing steam and adding to worries about faltering global growth.

A downbeat reading, coming on the heels of the sharpest fall in industrial profits in at least 7 years, would underline the need for more stimulus as Beijing struggles to right the economy and end a bruising trade war with the United States.

The official Purchasing Managers’ Index (PMI) is forecast at 49.5, up slightly from February’s 49.2 but still below the 50 level separating expansion from contraction on a monthly basis, according to the median forecast of 24 economists.

Seasonal factors likely drove the uptick in the factory gauge in March as factories ramped up activity after long Lunar New Year holidays in February, analysts said. Some steel mills have also started increasing output as winter smog restrictions end.

While weakness in the headline reading is widely expected, investors and policymakers are likely to focus on whether there is any improvement in domestic orders in response to a series of growth boosting measures in recent months.

Regulators have fast tracked billions of dollars in infrastructure investment, but construction is only beginning to pick up with the return of warmer weather.

Export orders are likely to remain weak, as China’s trade-oriented neighbors Japan, South Korea and Taiwan have all seen further signs of slackening demand, both in China and elsewhere.

Tit-for-tat tariffs imposed by Washington and Beijing remain in place as they continue negotiations. But eight months into the trade war that has disrupted the flow of billions of dollars of goods between the world’s two largest economies, it is unclear if a deal acceptable to both sides can be done.

U.S. officials told Reuters on Wednesday that the United States and China have made progress in all areas under discussion in trade talks, with unprecedented movement on the touchy issue of forced technology transfers.

MORE SUPPORT MEASURES EXPECTED

Much of the data China reported for the first two months of the year pointed to a further weakening in the economy, though officials have largely attributed the declines to distortions created by the long holidays.

Growth in China’s industrial output slumped to a 17-year low in January-February from a year earlier, while investment in the manufacturing sector cooled. Data on Wednesday showed industrial profits fell 14 percent, the sharpest drop since late 2011.

But Premier Li Keqiang said on Thursday that earlier policy support measures were gaining traction, while adding that China will cut real interest rate levels and lower financing costs for Chinese companies. He did not elaborate on which interest rate he was referring to.

Earlier this month, Li announced more spending on roads, railways and ports, along with tax cuts of nearly 2 trillion yuan ($297.27 billion) to relieve pressure on strained corporate balance sheets and limit job losses.

Still, both analysts and officials have noted the measures will take some time to be felt.

Beijing is targeting economic growth of 6.0-6.5 percent this year. Actual growth cooled to 6.6 percent last year – the slowest in 28 years.

A private business survey – the Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) – which focuses more on small and medium-sized Chinese firms – is expected to show a milder contraction.

The Caixin PMI is forecast to remain at 49.9 for a second month, only marginally below the neutral mark. The private survey is believed to cover smaller, private firms, which have been a key focal point for Beijing’s business support efforts.

The official PMI survey is due out ‪on March 31, along with a sister survey on services. The Caixin manufacturing PMI will come out ‪on April 1 and its services PMI ‪on April 3.

(Reporting by Stella Qiu and Ryan Woo; Editing by Kim Coghill)

Source: OANN

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Fifth Stabbing in Four Days in London Neighborhood

A neighborhood in North London saw its fifth stabbing in the past four days, leaving locals on edge as police increase patrols, according to UK media.

A man in his 30s is reportedly fighting for his life after collapsing in the street, the BBC reports.

Police discovered him suffering from a stab wound at approximately 5:00am on Aberdeen Road in Edmonton – scene of the first of four stabbings that unfolded across 10 hours between Saturday night and Sunday morning.

"The actions of the suspect, the fact that the incidents are in a similar area and the description given means that we are potentially only looking for one perpetrator," said Chief Superintendent Helen Millichap.

Police say the suspect in the latest attack was described similarly as in prior attacks – a "tall, skinny black man, wearing a hoodie."

Three suspects have been arrested in connection with the attacks, but at least one man has been released on bail and it is still unclear if the stabbings are related, although all victims were reportedly knifed in the back in a similar manner and in the same vicinity.

"I am aware that events from the weekend have caused a huge amount of worry and concern among the community, and that this incident will cause further alarm," said Detective Superintendent Luke Marks.

"While at this stage the incident has not yet been formally linked, the location and manner of this attack will be of concern to the public."

Paul Joseph Watson breaks down how the European Union has officially voted to adopt the Article 13 provision into law which would govern the production and distribution of online content under the presumption of copyright protections, but what this really means is no more creative memes.

(PHOTO: Jack Taylor/Getty Images)

Source: InfoWars

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Aviva’s UK insurance boss to step down, management review to begin

FILE PHOTO: A man walks past an AVIVA logo outside the company's head office in the city of London
FILE PHOTO: A man walks past an AVIVA logo outside the company's head office in the city of London March 5, 2009. British life insurer Aviva on Thursday said it was maintaining its dividend, soothing concerns the payout could be cut to conserve capital, and reported annual profits that broadly met forecasts. REUTERS/Stephen Hird

April 24, 2019

LONDON (Reuters) – British insurer Aviva said on Wednesday that Andy Briggs, head of its UK insurance business, was stepping down from the company, just weeks after missing out on its top job to newly installed Chief Executive Maurice Tulloch.

Briggs will remain with the insurer until October 23 to support an orderly transition, Aviva said in a statement.

He joined the Board of Aviva in April 2015 to lead its enlarged UK Life business following the takeover of Friends Life where he served as Group Chief Executive.

Angela Darlington, currently Aviva’s Group Chief Risk Officer, will become interim chief executive of UK Insurance, subject to regulatory approval.

Aviva also said Tulloch would lead a review of the UK businesses to ensure “the appropriate management structure” going forward. 

(Reporting By Sinead Cruise, editing by Huw Jones)

Source: OANN

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Acting appointments help Trump avoid saying ‘You’re hired’

As President Donald Trump looks to reshape the executive branch, he's avoiding the words "You're hired."

Trump's choice of Kevin McAleenan as acting replacement for Homeland Security Secretary Kirstjen Nielsen spotlights the president's increasing reliance on a once-obscure federal statute that governs how to fill vacant federal posts. It also raises fresh questions about his reliance on temporary appointments for key security roles. The reality-star president, who once made staff churn into prime-time television, has overseen massive turnover in just two years in office. But he's shown little concern for creating uncertainty about the leadership of some of the country's most important agencies.

Disordered departures have become the rule in the Trump administration, with aides and even Cabinet officials pushed out at a record pace, often with no clear replacement plan in place. And when he does have a plan, Trump has made a habit of taking the creative route, going around in-place deputies to select other officials he believes are more loyal or amenable to his agenda.

Officials with "acting" titles abound in key roles, from the secretary of defense to the U.S. ambassador to the United Nations, and even the White House chief of staff. And when Linda McMahon's resignation as Small Business Administrator takes effect later this week, that agency will be led by yet another acting official. Trump has announced his intention to nominate Jovita Carranza, the current treasurer of the United States, for the role.

The Federal Vacancies Reform Act of 1998 gives a president wide berth to fill openings across the executive branch and he's used it without restraint to re-jigger the succession plans of the Departments of Justice and Veterans Affairs. But in selecting McAleenan, Trump will have to go even further. The agency's undersecretary of management, Claire Grady, is technically next in line for the job. She will need to resign — or more likely be fired — in order for McAleenan to assume the acting position under the act.

Allowing individuals to fill roles in an acting capacity allows the White House to avoid Senate confirmation battles. Trump has seen several high-profile nominations founder, and others that have become distracting political fights.

"I like acting. It gives me more flexibility. Do you understand that?" Trump said in January, facing questions about acting chief of staff Mick Mulvaney and acting Defense Secretary Patrick Shanahan. "I like acting. So we have a few that are acting. We have a great, great Cabinet."

But it also serves as a "run around Congress," said the Brookings Institution's Darrell West. "He's worried that he would not be able to get all of these people through the U.S. Senate, even though Republicans still control the Senate."

West added: "It makes the administration look chaotic and not really in control of what it is doing, but Trump seems comfortable with that and he seems willing to live with that reality."

White House officials acknowledged that the roster of "actings" was not ideal, saying Trump's haste to make personnel changes, even without establishing succession plans, reflected his experience in the private sector. Some suggested it marked Trump's wariness to hire the wrong people.

But the president has struggled to attract top-tier talent since even before taking office, in part because he has maintained a loyalty test that has kept away many qualified Republicans who were critical of his candidacy during the presidential campaign.

Shanahan assumed the post in December after Defense Secretary Jim Mattis resigned over the president's Syria withdrawal plans and Trump has not named a permanent replacement. Mulvaney has been acting in the role since January, after the departure of chief of staff John Kelly.

At the Interior Department, David Bernhardt is serving in an acting capacity while his nomination to fill the role full time is pending before the Senate. The Office of Management and Budget is led by Russell Vought, while Mulvaney is at the White House.

"White House jobs and administration jobs are uber temporary because they're very difficult," said Matt Schlapp, a White House ally and chairman of the American Conservative Union. That's especially true for those who work for a Republican and especially Trump, Schlapp added, citing negative press and heightened media scrutiny.

Additional "actings" fill posts at the sub-Cabinet level.

Trump last week suddenly rescinded the nomination of acting Immigrations and Customs Enforcement director Ron Vitiello to lead the agency permanently. And the Federal Aviation Administration has been led by an acting administrator, Daniel Elwell, since January 2018. Trump didn't nominate a permanent replacement until last month in the wake of a pair of aviation disasters.

The Senate Judiciary Committee's top Democrat, Sen. Dianne Feinstein of California, said at the Homeland Security Department alone at least 10 top positions are filled in an acting capacity.

"The purge of senior leadership at the Department of Homeland Security is unprecedented and a threat to our national security," she said.

On Capitol Hill Trump's use of acting officials has drawn scrutiny from within his own party as well, both over concerns that Trump was usurping their authority and that the instability could make the nation less safe.

"I don't know what his rationale is, but it's bound to create more challenges," said Texas Sen. John Cornyn, the number two Republican in the chamber. "They're not subject to Senate confirmation when they're in acting, and I think we need some more certainty, more predictability would be good."

___

AP writers Jill Colvin, Lisa Mascaro and Tracy Brown contributed.

Source: Fox News National

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Russia moves to impose fines on drug cheats

FILE PHOTO: A sign is on display outside the office of Russian Anti-Doping Agency (RUSADA) in Moscow
FILE PHOTO: A sign is on display outside the office of Russian Anti-Doping Agency (RUSADA) in Moscow, Russia March 28, 2018. Picture taken March 28, 2018. REUTERS/Maxim Shemetov/File Photo

April 11, 2019

MOSCOW (Reuters) – Russia’s parliament on Thursday approved draft legislation that would impose fines of up to 50,000 rubles ($775) on athletes found to have used banned performance-enhancing drugs.

Russia has been rocked by several sporting bans in recent years after international investigations found evidence of widespread, state-sponsored doping in athletics and a string of other sports.

The amendments, which envisage fines of between 30,000 and 50,000 rubles for drug cheats, must still be approved by the upper chamber of parliament and signed by President Vladimir Putin before they become law.

Russian legislation already considers it a crime for coaches and medical staff to coerce athletes into doping, but there have so far not been any convictions under that law.

There is currently no law in Russia that punishes athletes themselves for doping.

The Russian anti-doping agency RUSADA and Russia’s athletics federation were suspended after a 2015 report commissioned by the World Anti-Doping Agency (WADA) found evidence of state-sponsored doping in Russian athletics.

Russian authorities have denied state-sponsored doping but have accepted that senior officials were involved in providing banned substances to athletes, interfering with anti-doping procedures or covering up positive tests.

RUSADA was reinstated last year by WADA, angering sports bodies and athletes around the world. Russia’s athletics federation remains suspended by the International Association of Athletics Federations, the sport’s global governing body.

Despite the federation’s suspension, some Russian athletes — including twice world champion high jumper Maria Lasitskene and 2015 world champion hurdler Sergey Shubenkov — have been cleared to compete internationally after demonstrating they are training in a doping-free environment.

($1 = 64.4840 rubles)

(Reporting by Gabrielle Tetrault-Farber; Editing by Ken Ferris)

Source: OANN

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FAA meets with U.S. airlines, pilot unions on Boeing 737 MAX

FILE PHOTO: An American Airlines Boeing 737 Max 8, on a flight from Miami to New York City, comes in for landing at LaGuardia Airport in New York
FILE PHOTO: An American Airlines Boeing 737 Max 8, on a flight from Miami to New York City, comes in for landing at LaGuardia Airport in New York, U.S., March 12, 2019. REUTERS/Shannon Stapleton/File Photo

April 12, 2019

By David Shepardson

WASHINGTON (Reuters) – The Federal Aviation Administration met for three hours on Friday with representatives from the three major U.S. airlines that fly now grounded Boeing 737 MAX airplanes and their pilots’ unions to discuss two fatal crashes and the path forward.

More than 300 Boeing 737 MAX jets have been grounded worldwide after 346 people died in two crashes, one in Indonesia in October and one in Ethiopia last month.

Acting FAA Administrator Dan Elwell told participants “he wanted to know what operators and pilots of the 737 MAX think as the agency evaluates what needs to be done before the FAA makes a decision to return the aircraft to service,” the agency said in a statement.

At the meeting with American Airlines, United Airlines and Southwest Airlines Co, the FAA discussed the preliminary reports from both crashes and Boeing’s proposals for a software upgrade and new pilot training, said Dennis Tajer, spokesman for the Allied Pilots Association which represents American’s pilots.

American Airlines said in a statement it was “confident in the direction the FAA is heading. We’ll continue to work collaboratively with the FAA, Boeing and the Allied Pilots Association in this process.”

Tajer said pilots were pleased with the “very good briefing” and said pilots need to be satisfied in the training and software upgrade. He said the FAA sought pilots’ input.

“We have to unground the confidence in this airplane,” Tajer told reporters outside FAA headquarters.

American and United have canceled flights through early June, while Southwest said Thursday it would remove its 34 737 MAX jets from its flying schedule through Aug. 5, leading to around 160 daily flight cancellations during the revised summer schedule.

Tajer said everyone is focused on getting the plane back in service safely. “We take off out watches and put the calendars in the drawer,” he said.

Boeing said it has reprogrammed software on the 737 MAX to prevent erroneous data from triggering an anti-stall system that is under mounting scrutiny following the two deadly nose-down crashes. On April 1, Boeing said it delayed submitting the proposed revisions to the FAA for approval.

The FAA said the meeting covered a review of the publicly available preliminary findings of the investigations into the Lion Air and Ethiopian Airlines accidents; an overview of anticipated software enhancements to an anti-stall system and, an overview of pilot training. Elwell said the meeting participants’ “operational perspective is critical input as the agency welcomes scrutiny on how it can do better.”

The agency is also convening a joint review with aviation regulators from China, Europe, Canada, Brazil, Indonesia, Ethiopia and other countries.

Federal prosecutors, the Transportation Department inspector general’s office and a blue-ribbon panel are also reviewing the plane’s certification.

(Reporting by David Shepardson; Additional reporting by Tracy Rucinski; Editing by Alistair Bell)

Source: OANN

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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U.S. President Donald Trump hosts Take Our Daughters and Sons to Work Day at the White House in Washington
U.S. President Donald Trump gives a thumbs up to his audience as he hosts Take Our Daughters and Sons to Work Day at the White House in Washington, U.S., April 25, 2019. REUTERS/Kevin Lamarque

April 26, 2019

By Jan Wolfe and Richard Cowan

(Reuters) – The “i word” – impeachment – is swirling around the U.S. Congress since the release of Special Counsel Robert Mueller’s redacted Russia report, which painted a picture of lies, threats and confusion in Donald Trump’s White House.

Some Democrats say trying to remove Trump from office would be a waste of time because his fellow Republicans still have majority control of the Senate. Other Democrats argue they have a moral obligation at least to try to impeach, even though Mueller did not charge Trump with conspiring with Russia in the 2016 U.S. election or with obstruction of justice.

Whether or not the Democrats decide to go down this risky path, here is how the impeachment process works.

WHAT ARE GROUNDS FOR IMPEACHMENT?

The U.S. Constitution says the president can be removed from office by Congress for “treason, bribery, or other high crimes and misdemeanors.” Exactly what that means is unclear.

Before he became president in 1974, replacing Republican Richard Nixon who resigned over the Watergate scandal, Gerald Ford said: “An impeachable offense is whatever a majority of the House of Representatives considers it to be at a given moment in history.”

Frank Bowman, a University of Missouri law professor and author of a forthcoming book on the history of impeachment, said Congress could look beyond criminal laws in defining “high crimes and misdemeanors.” Historically, it can encompass corruption and other abuses, including trying to obstruct judicial proceedings.

HOW DOES IMPEACHMENT PLAY OUT?

The term impeachment is often interpreted as simply removing a president from office, but that is not strictly accurate.

Impeachment technically refers to the 435-member House of Representatives approving formal charges against a president.

The House effectively acts as accuser – voting on whether to bring specific charges. An impeachment resolution, known as “articles of impeachment,” is like an indictment in a criminal case. A simple majority vote is needed in the House to impeach.

The Senate then conducts a trial. House members act as the prosecutors, with senators as the jurors. The chief justice of the U.S. Supreme Court presides over the trial. A two-thirds majority vote is required in the 100-member Senate to convict and remove a president from office.

No president has ever been removed from office as a direct result of an impeachment and conviction by Congress.

Nixon quit in 1974 rather than face impeachment. Presidents Andrew Johnson in 1868 and Bill Clinton in 1998 were impeached by the House, but both stayed in office after the Senate acquitted them.

Obstruction of justice was one charge against Clinton, who faced allegations of lying under oath about his relationship with White House intern Monica Lewinsky. Obstruction was also included in the articles of impeachment against Nixon.

CAN THE SUPREME COURT OVERTURN?

No.

Trump said on Twitter on Wednesday that he would ask the Supreme Court to intervene if Democrats tried to impeach him. But America’s founders explicitly rejected making a Senate conviction appealable to the federal judiciary, Bowman said.

“They quite plainly decided this is a political process and it is ultimately a political judgment,” Bowman said.

“So when Trump suggests there is any judicial remedy for impeachment, he is just wrong.”

PROOF OF WRONGDOING?

In a typical criminal court case, jurors are told to convict only if there is “proof beyond a reasonable doubt,” a fairly stringent standard.

Impeachment proceedings are different. The House and Senate “can decide on whatever burden of proof they want,” Bowman said. “There is no agreement on what the burden should be.”

PARTY BREAKDOWN IN CONGRESS?

Right now, there are 235 Democrats, 197 Republicans and three vacancies in the House. As a result, the Democratic majority could vote to impeach Trump without any Republican votes.

In 1998, when Republicans had a House majority, the chamber voted largely along party lines to impeach Clinton, a Democrat.

The Senate now has 53 Republicans, 45 Democrats and two independents who usually vote with Democrats. Conviction and removal of a president would requires 67 votes. So that means for Trump to be impeached, at least 20 Republicans and all the Democrats and independents would have to vote against him.

WHO BECOMES PRESIDENT IF TRUMP IS REMOVED?

A Senate conviction removing Trump from office would elevate Vice President Mike Pence to the presidency to fill out Trump’s term, which ends on Jan. 20, 2021.

(Reporting by Jan Wolfe and Richard Cowan; Editing by Kevin Drawbaugh and Peter Cooney)

Source: OANN

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