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Pound pauses after UK parliament gives nod to Brexit delay

British five pound banknotes are seen in this picture illustration
British five pound banknotes are seen in this picture illustration taken November 14, 2017. REUTERS/ Benoit Tessier/Illustration

March 15, 2019

By Hideyuki Sano

TOKYO (Reuters) – The British pound paused for breath on Friday after the UK parliament voted overwhelmingly to seek a delay in Britain’s exit from the European Union while the yen looked to the Bank of Japan’s guidance on its policy later in the day.

Sterling fetched $1.3253, having slipped further from Wednesday’s nine-month high of $1.3380, with its fall of 0.76 percent on Thursday.

Against the euro, the pound retreated to 85.25 pence from Wednesday’s 22-month peak at 84.725.

British lawmakers approved a motion setting out the option to ask the EU for a short delay if parliament can agree on a Brexit deal by March 20, or a longer delay if no deal can be agreed in time.

The pound was mostly steady after the motion was passed late on Thursday.

“There has been a soft consensus in the market that the Brexit will be delayed. Things have been moving in line with that,” said Kyosuke Suzuki, director of forex at Societe Generale.

“But tail risk has not completely disappeared yet. The next week’s EU summit will probably be the climax,” he said, noting the fact that all 27 EU members must approve any extension.

Before UK Prime Minister Theresa May meets EU leaders on Wednesday and Thursday, a new vote on her twice-rejected deal is likely next week.

Lawmakers must now decide whether to back a deal they feel does not offer a clean break from the EU, or reject it and accept that Brexit could be watered down or even thwarted by a long delay.

The yen slipped to a one-week low of 111.83 per dollar on Thursday partly on speculation that the BOJ could make a stronger show of its readiness to ease policy further at its review ending later on Friday.

Still, most market players expect the BOJ to refrain from any drastic changes to its policy framework. The yen last stood at 111.77.

The euro eased to $1.1307 from Wednesday’s one-week high of $1.1339, in tandem with sterling.

The Australian dollar traded at $0.7064, off this week’s high of $0.7098 as its recent rebound was dented by reports that a possible summit meeting the United States and China to hammer out a trade deal will be delayed.

U.S. Treasury Secretary Steven Mnuchin said on Thursday that a trade summit between President Donald Trump and his Chinese counterpart Xi Jinping would not happen at the end of March as had been previously suggested because there was still more work to do in trade negotiations.

Trump said whether a trade deal can be reached with China would probably be known in the next three or four weeks.

U.S. data on Thursday underscored growing pressure on the U.S. economy and kept the dollar in check.

The number of Americans filing applications for unemployment benefits increased more than expected last week while new home sales fell more than expected in January.

(Editing by Shri Navaratnam)

Source: OANN

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Estonia shuts Danske Bank branch at heart of money laundering saga

FILE PHOTO: Danske Bank sign is seen on a building in Copenhagen
FILE PHOTO: A Danske Bank sign on a building in Copenhagen, Denmark, September 27, 2018. REUTERS/Jacob Gronholt-Pedersen/File Photo *** Local Caption *** Jacob Gronholt-Pedersen - RC1711E5CAF0

February 19, 2019

By Tarmo Virki and Jacob Gronholt-Pedersen

TALLINN/COPENHAGEN (Reuters) – Danske Bank will pull out of Russia and the neighboring Baltic states, the Danish lender said after Estonia ordered it to close the branch at the center of one of the largest-ever money laundering scandals.

Danske is under investigation in Denmark, Estonia, Britain and the United States over some 200 billion euros ($226 billion) in payments from Russia, ex-Soviet states and elsewhere that were found to have flowed through its Estonian arm.

On Tuesday, Estonia’s financial regulator took the unexpected step of demanding Danske close its local branch and repay customers’ deposits within eight months, overturning the lender’s plan to scale back but keep business in the country.

Danske said last year it hoped to serve subsidiaries of Nordic customers in the Baltics.

It made an about-turn minutes after the announcement from Estonia’s regulator, publishing a statement to say it would close down its business in Latvia, Lithuania, Russia and Estonia.

Danske’s operations in those four countries earned 657 million Danish Crowns ($100 million) of income, according to its 2018 annual report.

It has more than 3,000 staff in those countries, although many will stay because Danske will not close its large administrative back-office operation in Lithuania.

In ordering Danske to leave Estonia, Kilvar Kessler, the head of Estonia’s regulator Finantsinspektsioon, was heavily critical of the bank and deflected blame onto Denmark for mishandling the case.

Kessler said the bank’s alleged flouting of money-laundering rules had “dealt a serious blow” to the reputation of the Estonian financial market.

The Estonian regulator was “the only institution in Estonia or Denmark to react to the activities of Danske Bank”, Kessler said, reflecting rising tensions with Denmark over who is responsible for the scandal.

He said that he was “not convinced that such activities would not continue in Danske”, telling journalists that the Danish regulator had handled the bank with “silk gloves”.

Danske Bank, which saw its profit tumble by more than a quarter last year, said that its decision to close operations in Russia and the Baltics was in line with its refocusing on the Nordics. It said it has stepped up anti money-laundering efforts.

The Danish Financial Authority had no immediate comment.

The Estonian ultimatum was made public as Danish and Estonian regulators found on Tuesday they are being investigated by the European Union’s own banking watchdog over a possible breach of EU law relating to alleged money-laundering at Danske Bank.

The Danske case, which focuses on money moved between 2007 and 2015, has raised questions about supervision of the Danish bank, prompting the EU’s executive European Commission to ask the European Banking Authority (EBA) to investigate.

The EBA’s investigation will take two months. If it finds a breach of EU law, it can make recommendations to the two regulators to address failings.

(Writing by John O’Donnell; Additional reporting by Huw Jones in London; Editing by Rachel Armstrong, Alexander Smith and Jan Harvey)

Source: OANN

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GameStop names George Sherman as CEO

The GameStop store sign is seen at its shop in Westminster
The GameStop store sign is seen at its shop in Westminster, Colorado January 14, 2014. REUTERS/Rick Wilking

March 21, 2019

(Reuters) – GameStop Corp, the world’s largest video game retailer, on Thursday named George Sherman as chief executive officer and member of its board, effective April 15.

Sherman succeeds Shane Kim, who has been interim CEO since May 2018.

Most recently, Sherman served as CEO of Victra, a retailer for Verizon wireless products and services, and has held leadership roles in Best Buy, Target Corp and Home Depot, GameStop said.

In May last year, Michael Mauler stepped down as GameStop’s CEO after just three months on the job, citing personal reasons.

The company then brought on board former Microsoft Xbox executive Kim as interim CEO.

Last week, GameStop received a warning of a proxy fight from two of its shareholders, who collectively own about 1.3 percent, if the company does not hold talks with them about improving the business.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Shailesh Kuber)

Source: OANN

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California GOP picks Latina woman to lead historic 'Republican comeback'

The California Republican Party chose 38-year-old Jessica Patterson as its leader on Monday, and the first-ever woman to chair the state GOP wasted no time in vowing to "take the fight to Democrats" and lead a "Republican comeback" in the liberal stronghold.

Patterson's appointment comes as state Democrats are foundering on a series of high-profile issues on the national stage, with the White House suggesting it will sue the state to reclaim billions of federal dollars wasted on the state's constantly delayed -- and eventually abandoned -- high-speed rail project.

"Let's serve notice to the Democrats in California that we are back and we are ready to deliver on the Republican comeback," Patterson, who also became the first Latina to ever chair the state GOP, said after winning. "Then let's dig in and make it happen."

She added: "We’re going to take the fight to Democrats. We’re going to fight them in the press, at community gatherings ... and we’re going to beat them in elections.”

Patterson has a lengthy career in Republican politics, and previously directed the organization California Trailblazers, which prepares new candidates to run for office. She previously worked for the administrations of former Gov. Arnold Schwarzenegger, as well as the campaign of gubernatorial candidate Meg Whitman, among others.

Jessica Patterson, candidate for chair of the California Republican Party, speaks to delegates after her nomination during the party convention in Sacramento, Calif., Saturday, Feb. 23, 2019. (AP Photo/Steve Yeater)

Jessica Patterson, candidate for chair of the California Republican Party, speaks to delegates after her nomination during the party convention in Sacramento, Calif., Saturday, Feb. 23, 2019. (AP Photo/Steve Yeater)

The state, however, has shifted markedly leftward in recent years. California Democrats hold all statewide offices and a veto-proof supermajority in the state legislature, and Republicans have not won statewide office since 2006. The GOP ranks as third party status in voter registration behind Democrats and independents.

The 2018 election pushed the party further toward the brink of extinction in the nation's most populous state, with Democrats flipping seven U.S. House seats once considered GOP strongholds and Republicans holding less than a quarter of state legislative seats.

"We're going to be about one thing: Winning."

— Jessica Patterson

The results stunned Republicans, with then-House Speaker Paul Ryan calling the outcome "bizarre." Despite holding substantial leads on Election Day, many Republican candidates in California saw their advantage shrink, and then disappear, as late-arriving Democratic votes were counted in the weeks following the election.

HOW A MINOR CHANGE IN CALIFORNIA'S ELECTION LAW MAY HAVE DOOMED REPUBLICANS' CHANCES

Some Republicans blamed a newly legal practice called "ballot harvesting." Two years ago, California Gov. Jerry Brown signed into law AB1921, which legalized the so-called practice of “ballot harvesting.” Previously, only a family member or someone living in the same household was permitted to drop off mail ballots for a voter, but the new allowed anyone – including political operatives – to collect and return them for a voter.

But without substantive evidence of electoral misconduct, the California Republican Party's delegates had to look inward and decide where the party would go next with its leadership. A majority of about 1,200 delegates chose Patterson, who previously headed a Republican candidate recruitment and training program.

Patterson argued bringing the Republican message into new communities would be the key to success and said she would push candidates to focus on California issues rather than the president's message.

Her two rivals, former state Assemblyman Travis Allen and party activist Steve Frank, said energizing the party base that loves President Trump was the key to success. Both are strident backers of the president.

Stephen R. Frank, candidate for chair of the California Republican Party, speaks to delegates after his nomination during the party convention in Sacramento, Calif., Saturday, Feb. 23, 2019. (AP Photo/Steve Yeater)

Stephen R. Frank, candidate for chair of the California Republican Party, speaks to delegates after his nomination during the party convention in Sacramento, Calif., Saturday, Feb. 23, 2019. (AP Photo/Steve Yeater)

But Patterson had the backing of most elected officials, including top Trump supporters like GOP House Minority Leader Kevin McCarthy. She was viewed as the candidate better prepared to raise money and do the grunt work required of a chair.

Her opponents argued she represents more of the same leadership that led the party into decline. Both charged the state party has not advocated for strong conservative values and shied away from full-throated Trump support. Allen came in second and Frank placed third.

CALIFORNIA NEWS CREW SURPRISED AS ROBBERS DRIVE UP, ROB THEM, SHOOT THEIR GUARD IN LEG

"California Republicans are every bit as Republican as Republicans across the country," Allen said in an interview last week. "It's about time we have a Republican party that stands for our values, our ideals and supports our Republican president."

After the vote, Allen said only that he hopes "the Republican party starts fighting again for the good of all Californians."

Patterson said prior to the election she supports Trump. Beyond McCarthy, she had the backing of key Trump supporters such as U.S. Rep. Devin Nunes and the state's two Republican National Committee members.

Jessica Patterson, right, shares a moment with her mother Julie Millan, after being nominated for chair of California Republican Party during their convention in Sacramento, Calif., Saturday, Feb. 23, 2019. (AP Photo/Steve Yeater)

Jessica Patterson, right, shares a moment with her mother Julie Millan, after being nominated for chair of California Republican Party during their convention in Sacramento, Calif., Saturday, Feb. 23, 2019. (AP Photo/Steve Yeater)

But some of Trump's most fervent California supporters were disappointed by the outcome. Stephanie Sporcich, a teacher, said she got involved with the state party because of Trump's election. She cast her vote for Allen, and saw the chairmanship race as a battle between the grassroots and the establishment.

"We're the ones that are the strongest Trump supporters with Trump values," she said, adding she and other new activists have already successfully infiltrated the party structure and will keep working to do so.

ANALYSIS: CALIFORNIA POLITICS WILL GET CRAZY IN 2019. WHAT'S THE SILVER LINING FOR THE GOP?

But Elizabeth Patock, another teacher, liked Patterson's focus on bringing "non-traditional Republicans" into the party. Patock did not vote for Trump and said she dislikes how ugly national politics have become.

She said Patterson "has a positive message."

U,S. Secretary of Housing and Urban Development Ben Carson speaks to delegates during the California Republican Party convention in Sacramento, Calif., Saturday, Feb. 23, 2019. (AP Photo/Steve Yeater)

U,S. Secretary of Housing and Urban Development Ben Carson speaks to delegates during the California Republican Party convention in Sacramento, Calif., Saturday, Feb. 23, 2019. (AP Photo/Steve Yeater)

Patterson is the first Latina to lead the state party. She did not make her personal heritage a major piece of her campaign, but said the party needs to use "new messengers."

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California Republicans have struggled to appeal to the state's growing Latino and Hispanic population because of the party's position on illegal immigration, among other things. Patterson did not provide specifics Sunday on how she will deal with that issue.

As a gesture of goodwill, she named Frank and Allen as co-chairs of a voter registration committee. Both had highlighted the party's outsourcing of voter registration activities as a major flaw. And she called for unity among California Republicans.

"Our success will be a team effort, no egos, no personal agenda, no drama," she said. "We're going to be about one thing: Winning."

Fox News' Alex Pappas and The Associated Press contributed to this report.

Source: Fox News Politics

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Democrats cool toward NAFTA replacement, question labor standards

FILE PHOTO: Rep. Pramila Jayapal (D-WA) speaks at a press conference about a House resolution designed to prevent President Donald Trump from firing Special Counsel Robert Mueller on Capitol Hill in Washington
FILE PHOTO: Rep. Pramila Jayapal (D-WA) speaks at a press conference about a House resolution designed to prevent President Donald Trump from firing Special Counsel Robert Mueller on Capitol Hill in Washington, U.S., July 27, 2017. REUTERS/Aaron P. Bernstein

March 13, 2019

By David Lawder

WASHINGTON (Reuters) – Democrats in the U.S. House of Representatives gave a cool reception to the replacement for the North American Free Trade Agreement on Wednesday as the top U.S. trade negotiator opened a campaign to win broad support for the accord in Congress.

Several Democrats said a closed-door meeting between United States Trade Representative Robert Lighthizer and their caucus failed to ease their concerns about the new U.S.-Mexico-Canada Agreement’s (USMCA) provisions on labor, biologic drugs and some other issues.

A USTR spokeswoman declined to comment on the meeting.

The support of Democrats, who control the House, is considered important to passage of the USMCA, and Wednesday’s meeting at the U.S. Capitol signaled that the Trump administration has a lot of work to do to address the party’s concerns.

Democrats questioned whether new labor standards aimed at ensuring workers have the right to organize can be adequately enforced, as this depends partly on Mexico passing new labor laws.

“What you’re hearing is that a lot of people don’t think it’s good enough,” Representative Pramila Jayapal said of USMCA after the meeting, adding that she was concerned the new pact would not solve the biggest shortcoming of NAFTA, which allowed Mexican wages to stagnate.

“We know that when you don’t have strong enforcement provisions, you are essentially facilitating the outsourcing of jobs and bad worker protections and undercutting of U.S. workers,” said Jayapal.

NAFTA dealt with labor provisions in an unenforceable side-letter, allowing unions in Mexico to remain weak and wages low, drawing factories from the United States and Canada.

While USMCA’s labor chapter is part of the trade agreement itself and requires Mexico to adhere to International Labor Organization standards, Democrats questioned whether this could be adequately enforced through a state-to-state dispute settlement mechanism.

The Mexican government expects its Congress to pass a labor bill by the end of April that it says will strengthen the rights of unionized workers and fulfill its commitments under USMCA.

Mexico “could say they passed the laws, but the laws could be very weak,” said Representative Judy Chu, a Democrat on the House Ways and Means Committee.

She said Lighthizer told Democrats that he believed that Mexico’s labor law would meet the terms of the agreement and that any enforcement issues could be resolved through a subsequent agreement following ratification. Jayapal added that Lighthizer said this could be addressed through implementing legislation.

Some Democrats said that Lighthizer listened closely to their concerns and that he would work to address them.

“He understands the concerns of our caucus and he knows we’re not there yet,” said Representative Bill Pascrell.

Other Democrats raised concerns about the prospect for higher drug prices resulting from the USMCA’s provision for 10 years of data exclusivity for biologic drugs. The United States allows 12 years currently and negotiated a five-year exclusivity period in the Trans-Pacific Partnership trade deal, which President Donald Trump declined to join in 2017.

Representative Rosa DeLauro, a Democrat who opposed several previous trade deals, called this an “absolutely unbelievable giveaway to the pharmaceutical industry.”

House Ways and Means Committee Chairman Richard Neal, whose panel will handle the USMCA legislation, said the meeting did not provide any further clarity on the timing of the Trump administration’s submission of implementing legislation to Congress, or when a vote might occur.

(Reporting by David Lawder; editing by Grant McCool)

Source: OANN

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The Latest: LA archdiocese apologizes for teen sex abuse

The Latest on an $8 million settlement of a sex-abuse lawsuit against the Archdiocese of Los Angeles (all times local):

4:45 p.m.

The Archdiocese of Los Angeles has apologized for what it calls the "serious harm" done to a 15-year-old girl who was sexually abused by the athletic director at her Catholic high school.

The archdiocese released the statement Tuesday.

Under a settlement approved by a court last week, the archdiocese agreed to pay $8 million to settle a negligence lawsuit involving the girl, who is now 18.

The lawsuit said the archdiocese failed to take action against Juan Barajas despite repeated complaints that he had improper conduct with students at the all-girl San Gabriel Mission High School.

In 2016, he began a sexual relationship with the girl and took her to Las Vegas after his wife discovered the abuse. He was later arrested and sentenced to six years in prison for statutory sexual seduction.

___

11:36 a.m.

The Archdiocese of Los Angeles has agreed to pay $8 million to a teenager who was sexually abused by the athletic director at her Catholic high school.

The Los Angeles Times reports Tuesday the award is the highest individual LA archdiocese settlement in a sex abuse case.

Court documents show Juan Barajas repeatedly abused the 15-year-old girl.

He took her to Las Vegas in 2016 after his wife discovered evidence of the abuse on his cellphone.

After five days on the run, authorities rescued the girl and arrested Barajas. He was a health teacher and athletic director at San Gabriel Mission High School.

Barajas pleaded guilty to felony statutory sexual seduction and was sentenced to six years in prison.

The archdiocese did not respond Tuesday to a request for comment.

___

Information from: Los Angeles Times, http://www.latimes.com/

Source: Fox News National

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Source: InfoWars

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A California man who allegedly fatally shot his ex-girlfriend in broad daylight last month before fleeing the country has been returned to the U.S. following his arrest in Mexico on Wednesday, authorities said.

Julio Cesar Rocha, 25, of Montlcair, is accused of shooting his 25-year-old ex-girlfriend Thalia Flores and a second unidentified male victim March 21 around 2:45 p.m. while the two were sitting in a vehicle in the parking lot of a discount store in Chino. Both communities are about 36 miles east of Los Angeles.

ARREST MADE IN DOUBLE HOMICIDE OF EX-PRO HOCKEY PLAYER, COMMUNITY ADVOCATE, POLICE SAY

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores.

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores. (City of Chino Police Department)

Flores died at the scene. The man, whose name was not released, walked to a nearby hospital where he’s recovering from his gunshot wounds.

Rocha allegedly fled the scene and remained at large for more than a month, the Daily Bulletin reported. He was formally arrested at 4:30 p.m. after arriving at Los Angeles International Airport from Mexico, KTLA-TV reported.

The suspect was booked at the West Valley Detention Center in Rancho Cucamonga on murder and attempted murder charges, the City of Chino Police Department said on Facebook.

Flores ended her seven-year relationship with Rocha just two months before her death and still lived in fear of him until that point, a sister of the victim, Bernice Flores, told the Daily Bulletin.

“He said himself so many times to other people, ‘If I can’t have her, no one will.’ ” Flores said, adding that her sister stayed in the relationship longer that she would have liked in fear that Rocha would hurt her or her family if they broke up.

Rocha was convicted on misdemeanor battery in 2016 and sentenced to 60 days in prison. He was originally charged with misdemeanor assault with a deadly weapon, but the charges were lowered in a plea deal, the Daily Bulletin reported.

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Rocha was convicted of misdemeanor resisting or obstructing a peace officer in 2014. A second charge of misdemeanor battery was dropped in a plea deal, and Rocha was ordered to complete a 26-week anger management course, according to San Bernardino County Superior Court records. Rocha was later arrested and sentenced to 10 days behind bars for failing to complete the course.

Source: Fox News National

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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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