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British, Nigerian nationals shot dead in central Nigeria

Police and the British High Commission say a British woman and a Nigerian citizen have been shot dead in north-central Nigeria.

A High Commission statement says they were killed on Friday when gunmen attacked the Kajuru Castle holiday resort in Kaduna state. The statement identified the British national as Faye Mooney.

The aid group Mercy Corps says Mooney had worked as a communications specialist in Nigeria for almost two years. Its statement says that "we are utterly heartbroken."

Kaduna state police spokesman Yakubu Sabo tells reporters that the gunmen kidnapped three other people. Their nationalities were not immediately clear.

Sabo says Mooney had been in a group of 12 tourists who traveled from Lagos.

Kaduna state has witnessed a spate of kidnappings by armed men in recent months.

Source: Fox News World

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Exiled Thai leader is father of the bride ahead of election

Thailand's exiled former prime minister, Thaksin Shinawatra, won't know until Sunday whether people in his homeland are still fans of his politics, but he was happy as he hosted a wedding reception in Hong Kong for his youngest daughter.

Though ostensibly a family affair with a raft of VIP guests, the ceremony's timing Friday seemed to carry an implicit message to Thaksin's countrymen: Don't forget me and my political allies at Sunday's general election.

Thai Princess Ubolratana Mahidol, who made an abortive attempt last month to be a prime ministerial candidate for a political party allied to Thaksin, was a special guest. Although Thaksin was ousted by a 2006 military coup, the Pheu Thai Party of his loyalists is expected to capture the most seats in Sunday's polls.

Source: Fox News World

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What if Turkey squeezed the London lira market to death?

FILE PHOTO: A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul
FILE PHOTO: A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey, March 29, 2019. REUTERS/Murad Sezer/File Photo

April 9, 2019

By Marc Jones and Karin Strohecker

LONDON (Reuters) – Turkey’s authorities have shown over the past month they are capable of squeezing the life out of the $35 billion-a-day London lira market – but the cost of killing it off completely would be high for country itself.

The lira’s 2018 plunge triggered a deep recession, and President Recep Tayyip Erdogan’s government may see the attraction of suffocating an offshore market it believes to be a hotbed of destabilizing speculation.

Ankara knows that market greases the wheels of the $14 billion a year of foreign direct investment Turkey sucks in on average — nearly 60,000 companies had foreign capital there last year — not to mention helping to cover its $160 billion external funding gap.

Nevertheless, Erdogan frequently blames foreign “speculators” for sending the lira sprawling. That in turn squeezes payments and the refinancing of Turkish companies’ hard currency debts, sends household savings scurrying to dollars, ramps up inflation and interest rates and slams the brakes on the economy.

So pressuring local banks late last month to stop lending lira to overseas counterparts looked like a deliberate ploy and one that had a striking resemblance to a capital control.

The cost of offshore borrowing in the Turkish currency surged by more than 1,000 percent overnight, leading to pain for short sellers but a frozen market.

Some life returned last week, but Societe Generale’s head of emerging market strategy, Jason Daw, thinks the episode shows Ankara would like to nail it shut if only it could without completely choking investment.

“That seems to be the message, considering they squeezed the international positions so much,” he said, adding it was relentless volatility that irked Ankara.

However, the offshore market has existed comfortably for years. Investors like it because it can be easier to get credit lines with a JP Morgan, Barclays or Citi than a smaller Turkish bank in Istanbul or Ankara.

Bank of England analysis shows $35.8 billion worth of daily offshore lira trading was going on late last year. It was even bigger, at $56 billion a day, in April before the lira crashed 40 percent.

Offshore currency and swap markets are typically freer of heavy central bank influence than domestic markets, but they are still vulnerable to the ebb and flow of local currency liquidity. And this — as illustrated last month — is where authorities do retain an element of control.

Simply by shutting off its funding auctions for a while and maybe a bit of behind-the-scenes leaning on the local lenders, the central bank could spike the swap rates and briefly seize the market.

“The lira only stabilized once offshore interest rates rose significantly above onshore rates,” analysts at Goldman Sachs observed a few days afterwards as the recovery began.

For a graphic on Turkish lira in offshore markets, see – https://tmsnrt.rs/2I5F2ya

Interactive graphic on offshore lira trading: https://tmsnrt.rs/2I7ceFq

SHORT MEMORIES

The squeeze may have relented for now, but many countries, both emerging and developed, have periodically tried switching off speculation in offshore currency markets when battling currency runs in decades past. Thailand, Malaysia Argentina and Iceland are just a few examples.

The all tend to boil down to where households and companies are losing confidence in their country’s currency, but authorities don’t have the foreign-exchange reserves to fight the run.

Not only does Turkey need foreign investors to buy its debt and provide FDI, but FX reserves are looking thin, especially as Turks are now stashing away record amounts of dollars.

Aberdeen Standard Investments’ Kieran Curtis says that this hoarding means Turkey’s banks effectively have a surplus of dollars on their books but a shortage of lira.

He thinks for that reason Ankara won’t want to mess too much with the offshore market — it is crucial for balancing the mismatch. By spooking the market, bank transaction costs could easily rise. “It is not a sustainable business model,” he said.

Having a London lira market was also a symbol of “great importance” for Turkey’s free market credentials, said İbrahim Turhan, a former deputy governor of the Turkish central bank.

“The fight against speculative attacks will be made with rational policies and good governance, not bans,” he said.

Ankara would also need to make major improvements to bring more lira trading onshore. Authorities there have opened a local currency swap market under Borsa Istanbul which Turkish banks have started to use. But without foreign investors, traders say, the volumes won’t achieve the necessary scale.

It has backed away from offering non-deliverable forwards and there is no domestic interest rate swap market as there is not only in major markets but also in other emerging markets, such as Russia, Poland and Hungary.

So for now at least it looks like the international market will continue to recover, albeit with nagging worries about what happens next time the lira really lurches.

“It’s too early to say if people that got burned will come back,” said one senior FX trader in London. “But people tend to have very short memories. I am always surprised at how quickly people come back into the market.”

For a graphic on Forex held by Turkish local individuals hits record high, see – https://tmsnrt.rs/2CIv4OS

(Additional reporting by Nevzat Devranoglu in Istanbul and Tommy Wilkes in London; editing by Larry King)

Source: OANN

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Several U.S. states sue Trump administration over school lunch rules

Students eat a healthy lunch at Marston Middle School in San Diego
Students eat a healthy lunch at Marston Middle School in San Diego, California, March 7, 2011. REUTERS/Mike Blake

April 3, 2019

NEW YORK (Reuters) – Several U.S. states sued the Trump administration on Wednesday, seeking to undo its recent decision to relax standards for restricting sodium content and requiring whole grains in school breakfasts and lunches.

In a complaint filed in Manhattan federal court, the states accused the U.S. Department of Agriculture of acting in an “arbitrary and capricious” manner in easing rules championed by former first lady Michelle Obama to make school lunches healthier.

The lawsuit was filed by New York, California, Illinois, Minnesota, New Mexico, Vermont and the District of Columbia.

The Agriculture Department did not immediately respond to requests for comment.

(Reporting by Jonathan Stempel in New York; Editing by Tom Brown)

Source: OANN

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DARPA's 'AI Next' Seeks to Build in 'Common Sense'

The Pentagon's Defense Advanced Research Projects Agency has unveiled some of the details of its "AI Next" artificial intelligence program to Nextgov.

"AI Next" is a $2 billion campaign to research and create new tools for artificial intelligence that exceed current capabilities in areas like common sense reasoning and human-like communication.

"The grand vision for the AI Next campaign is to take machines and move them from being tools — perhaps very valuable tools — but really to be trusted, collaborative partners," said Valerie Browning, the director of DARPA's Defense Sciences Office.

Browning identifies the biggest gap with modern AI and the advances DARPA hopes to achieve as "the fact that AI can fail in ways that humans wouldn't," such as not recognizing a picture that has a few minor changes a human would not notice.

"We need to be able to build AI systems that have that sort of common sense wired in," she added. "We need AI systems that do have some ability for introspection."

The agency's AI Exploration program helps fund a variety of different approaches to improving AI, which allows DARPA to "go after some of the more high-risk, uncertain spaces quickly to find out whether they're on the critical path toward reaching our ultimate vision."

Browning pointed to "the physics of AI," as one of the more promising areas to explore.

"I think we'll know soon whether there are some real clear applications," she said. "I would say within months, not years."

Source: NewsMax America

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Israeli soldiers kill Gaza teenager during border protest

Relative of a Palestinian who was killed at the Israeli-Gaza border fence during a protest, reacts in the northern Gaza Strip
A relative of a Palestinian who was killed at the Israeli-Gaza border fence during a protest, reacts in the northern Gaza Strip April 12, 2019. REUTERS/Mohammed Salem

April 12, 2019

By Nidal al-Mughrabi

GAZA (Reuters) – Israeli troops shot dead a Palestinian teenager taking part in protests along the Gaza border on Friday, Palestinian health officials said, the first fatality since Gazans marked the one-year anniversary of the weekly demonstrations in March.

The Israeli military said about 7,400 Palestinians massed along the frontier, some throwing rocks, and that there were several attempts to approach the fence into Israel.

The Palestinian Health Ministry said a 15-year-old boy died after being shot by Israeli gunfire. An Israeli army spokesman said the troops were responding with riot dispersal means.

Tensions rose after a rocket fired from Gaza wounded seven Israelis north of Tel Aviv on March 25. Israel mounted a wave of air strikes following that attack on targets it said belonged to Hamas, the Islamist group which rules the coastal enclave.

The cross-border violence immediately played into Israel’s election campaign, which concluded earlier this week with Prime Minister Benjamin Netanyahu heading toward a record fifth term in office.

But Egyptian mediators intervened to avoid further escalation by persuading Israel to lift restrictions on the movement of goods and people in and out of Gaza and expand the breadth of Mediterranean waters where Gazans can fish.

The protesters are demanding an end to a blockade imposed on Gaza by Israel and Egypt, and want Palestinians to have the right to return to land from which their families fled or were forced to flee during Israel’s founding in 1948.

Israel rejects any such return, saying it would eliminate its Jewish majority.

More than 200 Gazans have been killed by Israeli troops since the ‘Great March of Return’ started on March 30 last year, according to Gaza health officials. An Israeli soldier was also killed by a Palestinian sniper.

Last month’s anniversary rally was smaller than expected, despite concerns that the event, during which four Palestinians were killed, would see a major escalation.

Israel seized Gaza in the 1967 Middle East War and pulled out its troops and settlers in 2005. It says its blockade is necessary to stop weapons reaching Hamas, which has fought three wars with Israel and fired thousands of rockets at it in the past decade.

Israel’s use of lethal force at the border protests has drawn censure from the United Nations and human rights groups. U.N. investigators in February said Israeli forces might be guilty of war crimes for using excessive force.

Israel says its troops have no choice because they are trying to stop militants breaching the fence and attacking Israeli communities nearby. Palestinians have also launched incendiary balloons and kites into Israel.

(Writing by Nidal al-Mughrabi and Rami Ayyub; Editing by Angus MacSwan)

Source: OANN

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Japan telco shares jump after Docomo announces smaller-than-feared price cuts

FILE PHOTO: Logo of NTT Docomo is seen at its flagship shop in Tokyo
FILE PHOTO: The logo of NTT Docomo is seen at its flagship shop in Tokyo, Japan June 30, 2017. REUTERS/Toru Hanai

April 16, 2019

By Sam Nussey

TOKYO (Reuters) – Shares in Japan’s big telcos jumped on Tuesday after market leader NTT Docomo announced smaller-than-feared price cuts, alleviating concerns about a profit-dampening price war.

NTT Docomo shares were up 3.5 percent in early Tokyo trading, with KDDI Corp up 5.6 percent and SoftBank Corp up 2.7 percent.

Japan’s big three telcos are under government pressure to reduce carrier fees to help stimulate consumer spending in other parts of the economy. The market entry of Rakuten in October is also likely to increase price pressure.

After market close on Monday, NTT Docomo said it would cut carrier fees by as much as 40 percent. Many of its users will not see reductions of that scale and the new price plans, widely seen as complex, do not include handset fees.

“We don’t see a large negative impact on (NTT Docomo’s) earnings and see a low probability of other companies responding with large price cuts,” SMBC Nikko analyst Satoru Kikuchi wrote in a note.

Despite the jump, shares in SoftBank Corp, which listed in December, continue to trade below their IPO price.

By contrast, shares in parent SoftBank Group Corp, which were up 1.9 percent on Tuesday morning, have in recent days been trading at a 19-year high following a share buyback and with growing expectations for the value of its investments in tech firms like Uber Techologies [IPO-UBER.N], which is due to list.

(Reporting by Sam Nussey; Editing by Christopher Cushing)

Source: OANN

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

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

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

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

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

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

Source: Fox News National

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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

April 26, 2019

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

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

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

Source: OANN

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

April 26, 2019

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

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

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

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

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

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

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

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

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

Source: OANN

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

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

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

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

Source: Fox News World

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