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ECB’s Villeroy urges lower capital for EU banks’ European subsidiaries

FILE PHOTO: ECB policymaker Villeroy de Galhau, who is also governor of the French central bank, attends the Paris Europlace International Financial Forum in Tokyo
FILE PHOTO: European Central Bank policymaker Francois Villeroy de Galhau, who is also governor of the French central bank, attends the Paris Europlace International Financial Forum in Tokyo, Japan, November 19, 2018. REUTERS/Toru Hanai/File Photo

April 5, 2019

BUCHAREST (Reuters) – Lower capital requirements for European subsidiaries of EU banks would help encourage the emergence of more cross-border banks, ECB policymaker Francois Villeroy de Galhau said on Friday.

ECB officials have long called for cross-border consolidation among European banks, which they believe would help credit flow to countries needing it most, making their monetary policy more potent.

But such consolidation is slow because bankers say that current regulations tie up to much capital in their European subsidiaries for cross-border mergers to make sense.

“We will not achieve an effective and profitable Banking Union without cross-border consolidation in Europe: there are still too many roadblocks and not enough cross-border restructuring,” Villeroy said in a speech at financial conference in Bucharest.

“A useful step towards forming genuine pan-European banking groups could be to lower capital requirements of European subsidiaries, while safeguarding their financial position through credible cross-border guarantees provided by the parent company,” added Villeroy, who is also head of the French central bank.

(Reporting by Leigh Thomas)

Source: OANN

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Rediscovering America: A Presidents Day Quiz On U.S. Presidents

Presidents Day, which became an official holiday in 1971 after an executive order by then President Richard Nixon, is February 18.

The quiz below, from the Ashbrook Center at Ashland University, Ashland, Ohio, provides an opportunity for you to test your knowledge of the American presidency and its place in the constitutional order.

1. President Thomas Jefferson delivered the president’s annual message to Congress — what we now call the State of the Union Address — in writing, starting a precedent that was followed until this president delivered the message in person to Congress, a practice that continues today.

A: Abraham Lincoln

B: Theodore Roosevelt

C: Woodrow Wilson

D: Franklin D. Roosevelt

2. Which of the three branches of government did early Americans consider to be the most powerful and therefore the “most dangerous”?

A: The legislative branch

B: The executive branch

C: The judicial branch

D: All of the above

3. Which president demonstrated the power of the president to determine foreign policy by declaring that the United States was neutral in the war between France and England?

A: George Washington

B. John Adams

C. Thomas Jefferson

D. James Madison

4. The U.S. Constitution states that the president is “Commander in Chief,” yet gives Congress the power to “declare war.” Which president has argued that the president has the constitutional authority to send American troops to use military force abroad without first getting approval from Congress?

A: Harry Truman

B: George H.W. Bush

C: Barack Obama

D: All of the above

5. Which document is most responsible for laying out the process by which we nominate presidential candidates today?

A: Article II of the U.S. Constitution

B: The Brownlow Committee Report of 1937

C: The 22nd Amendment of the U.S. Constitution

D: The McGovern-Fraser Commission Report of 1971

6. Who was the first vice president to become president by virtue of the death of the elected president?

A: Martin Van Buren

B: John Tyler

C: Andrew Johnson

D: Theodore Roosevelt

7. Who is the only president to have been formally censured by a chamber of Congress?

A: James Madison

B: Andrew Jackson

C: Richard Nixon

D: Bill Clinton

8. Which president was impeached for removing the Secretary of War?

A: John Adams

B: Andrew Jackson

C: Andrew Johnson

D: Grover Cleveland

9. Which Supreme Court case has settled the question of whether the president may initiate a war with another nation?

A: United States vs. Curtiss Wright (1936)

B: Youngstown Sheet & Tube Co. vs. Sawyer (1952)

C: Boumediene v. Bush (2008)

D: None of the above because this has not been settled by the Supreme Court

10: Which president suspended habeas corpus?

A: Abraham Lincoln

B: Franklin D. Roosevelt

C: George W. Bush

D: All of the above

* * *

Answers: 1-C, 2-A, 3-A, 4-D, 5-D, 6-B, 7-B, 8-C, 9-D, 10-A



President Trump has tweeted he believes there was a “planned illegal act” against him.

Source: InfoWars

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Montana trooper's shooting leads to overnight manhunt

A Montana Highway Patrol trooper who was investigating an earlier shooting was himself shot and critically injured early Friday after finding the suspect's vehicle, leading authorities to launch an overnight manhunt that ended in the arrest of a 29-year-old man, officials said.

Another trooper found Wade Palmer, 35, wounded and still buckled into his patrol car outside a bar in the small town of Evaro, a statement from Montana Highway Patrol officials said. The shooter had fled.

Palmer was taken to a Missoula hospital, where he was listed in critical condition. Police shut down that stretch of U.S. Highway 93, warned residents to lock their doors and then spent hours searching before they arrested Johnathan Bertsch at about 6:15 a.m.

Bertsch was being held as a suspect in both Palmer's shooting and the earlier shooting about 10 miles (16 kilometers) away in Missoula, where two men and a woman sitting in a car were wounded late Thursday, said Missoula County Chief Deputy Attorney Jason Marks.

No other suspects were being sought in the shootings. Charges were expected to be filed against Bertsch Friday afternoon, and he was expected to make an initial court appearance on Monday, Marks said. There was no immediate information on whether he has a lawyer to speak on his behalf.

The three people from the first shooting outside a car dealership were taken to a hospital for gunshot wounds, Missoula police Sgt. Travis Welsh told the Missoulian newspaper. Their conditions weren't immediately clear.

Palmer has been a trooper since 2012. He has a wife and two children, and he won the law enforcement agency's highest honor, the Medal of Valor, in 2015.

Bertsch was previously arrested in 2009 for allegedly stealing gas, then leading officers on a chase and ramming his car into a patrol car, the Missoulian reported.

Source: Fox News National

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Virginia Tech ends tenured professor's ban of unclear origin

A Virginia Tech engineering professor who was banned from campus can now return, but the reason for his ban is still publicly unknown.

The Roanoke Times reports 50-year-old Willem "Hardus" Odendaal drew more than $100,000 in salary during the ban, which began Dec. 15, 2017, and ended last week.

Virginia Tech spokesman Mark Owczarski says the tenured electrical and computer engineering associate professor will continue the research he's done in the past, but details of his role haven't been ironed out.

Neither Owczarski nor Odendaal would elaborate on the reason for the ban, but Owczarski says Virginia Tech police no longer believe the professor is a threat. He said Odendaal hadn't been arrested by campus police.

Odendaal's statement says he's working with administrators "in a positive manner to resolve past differences."

___

Information from: The Roanoke Times, http://www.roanoke.com

Source: Fox News National

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Gale force winds sweep across Croatian coast

Gale force winds have swept across much of the Croatian Adriatic coast, toppling trees, damaging cars and shattering windows.

There were no reports of major injuries.

Croatia's weather bureau said Saturday that gusts in the region of the Adriatic port of Split reached 191 kilometers per hour (118 miles per hour.)

Land, air and sea traffic have been disrupted and several small wind-driven fires erupted on the central Dalmatian coast. One firefighter was slightly injured while tackling the blaze.

Some streets in Split and surrounding towns have been closed because of flying glass and tiles.

Emergency services have received hundreds of calls from worried inhabitants seeking help.

Source: Fox News World

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Qualcomm loses bid for Apple iPhone import ban in ITC ruling

FILE PHOTO: People walk by a video display promoting 5G connectivity at the Qualcomm booth during the 2019 CES in Las Vegas
FILE PHOTO: People walk by a video display promoting 5G connectivity at the Qualcomm booth during the 2019 CES in Las Vegas, Nevada, U.S. January 8, 2019. REUTERS/Steve Marcus

March 26, 2019

(Reuters) – Qualcomm Inc on Tuesday lost a bid to have imports of some Apple Inc iPhones banned in a final and binding ruling on one dispute between the two companies by the full U.S. International Trade Commission.

Earlier in a separate but similar case, an administrative judge recommended an import ban on some iPhones, siding with Qualcomm. But that finding is not binding and must be reviewed by the agency.

(Reporting by Stephen Nellis; Editing by Cynthia Osterman)

Source: OANN

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Standard Chartered to cut costs, divest businesses in fresh growth strategy

FILE PHOTO: People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto
FILE PHOTO: People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

February 26, 2019

By Sumeet Chatterjee and Lawrence White

HONG KONG/LONDON (Reuters) – Standard Chartered PLC on Tuesday said it would cut $700 million in costs and exit smaller businesses, as part of the lender’s new three-year strategy overhaul to boost growth.

The bank plans to achieve return on tangible equity of at least 10 percent by 2021, from 5.1 percent last year, and intends to distribute to shareholders surplus capital not deployed to fund additional growth.

Earnings growth and divestment are likely to generate that surplus capital, it said in the earnings statement, adding planned exits and the run-down of low-return businesses include discontinuing ship leasing and completing the sale of its private equity arm.

“We will achieve this through relentlessly focusing on where we have a distinct competitive advantage, attacking the residual causes of lower returns and ramping-up innovation and productivity,” Chief Executive Bill Winters said in a statement.

StanChart shares have fallen 40 percent since Winters, a former JPMorgan Chase & Co banker, took over the bank in June 2015. Last year, the bank’s London shares dropped 22 percent compared with a 15.6 percent fall for rival HSBC Holdings.

The 150-year-old lender’s new strategy comes at a time when its core emerging markets face increasing risk of slowdown due to the impact of the Sino-U.S. trade war as well as economic uncertainties in China and Britain, two of its main markets.

StanChart, which generates the bulk of its revenue in Asia, has seen its fortunes slump in recent years as restructuring under Winters repaired a balance sheet hit by excessive lending in the previous decade, but left the bank struggling to lift profit.

Winters, in additions to cutting risky lending, has also worked to improve senior bankers’ accountability and exit some businesses.

To stimulate growth, StanChart has poured money into retail banking and wealth management technology platforms, a move which led to a surge in costs but has yet to yield significant return.

Chief Financial Officer Andy Halford told staff in October the bank had made “virtually no progress” in meeting cost targets and urged managers to consider cutting jobs, paring back travel expenses and freezing recruitment.

The bank’s costs grew 2 percent in 2018 to $10.1 billion. However, it said, “continued cost discipline” would enable sustained investment.

Hong Kong shares in StanChart extended their morning gains to be up more than 2.6 percent in the afternoon session, while the main Hong Kong market index was trading down 0.6 percent.

Earlier, the bank posted a 5.5 percent rise in 2018 pre-tax profit, pulled down by $900 million in provisions set aside to cover any impact from regulatory investigations in the United States and Britain.

StanChart last week said the provision related to the potential resolution of U.S. investigations into alleged sanctions violations and foreign exchange trades.

The emerging markets-focused bank booked profit of $2.55 billion, versus $2.42 billion in 2017.

Before provision for regulatory matters, restructuring and other items, StanChart reported a profit of $3.9 billion, compared with the $3.9 billion average of 16 analyst estimates compiled by Refinitiv.

(Reporting by Sumeet Chatterjee in HONG KONG and Lawrence White in LONDON; Additional reporting by Alun John; Editing by Christopher Cushing)

Source: OANN

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Logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro
FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

April 26, 2019

(Reuters) – Exxon Mobil Corp on Friday reported first-quarter profit fell sharply on lower oil and gas prices and weakness in its refining and chemicals businesses that offset modest production gains.

The largest U.S. oil producer’s first quarter earnings fell to $2.35 billion, or 55 cents a share, from $4.65 billion, or $1.09 a share, a year ago.

Analysts had expected Exxon to earn 70 cents per share, according to Refinitiv Eikon estimates.

Shares were trading down about 2.7 percent in premarket trading on Friday.

Exxon’s oil equivalent production rose 2 percent to 4 million barrels per day, up from 3.9 million bpd in the same period the year prior. The company said its output in the Permian Basin, the largest U.S. shale basin, rose 140 percent over a year ago.

(Reporting by Jennifer Hiller; Editing by Chizu Nomiyama)

Source: OANN

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A Baha’i advocacy group has expressed concerns over the fate of minority Baha’is at the hands of Yemen’s Houthi rebels ahead of the appeals hearing for one of the community leaders sentenced to death.

The Baha’i International Community said in a statement Friday that the hearing for Hamed bin Haydara, detained in 2013 and sentenced to death last year on espionage and apostasy charges, is due on Tuesday.

The statement quotes Bani Dugal, the Baha’i community representative at the United Nations, as saying the prosecution hasn’t addressed Haydara’s appeal but is instead making “absurd, wide-ranging accusations.”

International rights groups have decried the prosecution of Yemeni Baha’is by the Iran-backed Houthis.

Iran has banned the Baha’i religion, which was founded in 1844 by a Persian nobleman considered a prophet by followers.

Source: Fox News World

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Afghan President Ashraf Ghani speaks during the inauguration of the newly-elected parliament in Kabul
Afghan President Ashraf Ghani speaks during the inauguration of the newly-elected parliament in Kabul, Afghanistan April 26, 2019. REUTERS/Omar Sobhani

April 26, 2019

By Rupam Jain and Hameed Farzad

KABUL (Reuters) – Afghan President Ashraf Ghani encouraged newly-elected lawmakers to participate in the peace process with the Taliban as he opened on Friday the first session of parliament since a controversial election.

Ghani has invited thousands of politicians, religious scholars and rights activists to an assembly known as a loya jirga next week to discuss ways to end the 17-year war.

Several opposition leaders have said they will boycott the four-day assembly in Kabul, saying it was pulled together without their input and is being used by Ghani as he seeks a second term in a September presidential election.

“We have presented the peace plan on a regular basis and we are committed to it,” Ghani said in the first session since parliamentary elections marred by technical problems, militant attacks and accusations of voting fraud last year.

“Based on this plan, there will be no peace deal and negotiation that does not have the green card of the parliament,” he added.

Officials from the United States and the Taliban have held several rounds of talks to end the Afghan war.

U.S. negotiator, Zalmay Khalilzad, has reported some progress toward an accord on a U.S. troop withdrawal and on how the Taliban would prevent extremists from using Afghanistan to launch attacks as al Qaeda did on Sept. 11, 2001.

The insurgents have so far rejected U.S. demands for a ceasefire and talks on the country’s political future that would include Afghan government officials.

The loya jirga, a centuries-old institution used to build consensus among competing tribes, factions and ethnic groups, is an attempt by Ghani to influence the peace talks and cement his position for a second term, Afghan politicians and Western diplomats say.

Amid growing political divisions in Kabul, opposition politicians have demanded that Ghani step down when his mandate ends next month, and give way to an interim government to oversee peace talks with the Taliban. Ghani has ruled that out.

The country’s top court said last week Ghani can stay in office until the presidential election in September.

(Reporting by Hameed Farzad, Rupam Jain, Editing by Darren Schuettler)

Source: OANN

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Deputy Attorney General Rod Rosenstein Thursday defended special counsel Robert Mueller’s investigation while slamming former President Barack Obama’s administration for being slow to take action on Russian interference in U.S. elections and ex-FBI Director James Comey for telling Congress the agency was investigating collusion between the Trump campaign and Russia.

“Our nation is safer, elections are more secure, and citizens are better informed about covert foreign influence schemes,” Rosenstein said in a speech to the Armenian Bar Association, marking his first public remarks after the Mueller report was released, reports CBS News.

He also pointed out that the investigation revealed a pattern of computer hacking and the use of social media to undermine elections as “only the tip of the iceberg of a comprehensive Russian strategy to influence elections, promote social discord, and undermine America, just like they do in many other countries,” reports The Wall Street Journal.

The Obama administration also made “critical decisions,” including choosing not to publicize the full story about Russian hackers and social media trolling, “and how they relate to a broader strategy to undermine America,” said Rosenstein.

He noted that the Mueller probe began after Comey disclosed during a hearing before Congress that President Donald Trump “pressured him to close the investigation and the president denied that the conversation occurred.”

Rosenstein said two years ago, when he was confirmed, he was told by a Republican senator that he would be in charge of the probe and that he’d report the results to the American people.

However, he said he didn’t promise to do that, because it is “not our job to render conclusive factual findings. We just decide whether it is appropriate to file criminal charges.”

Source: NewsMax Politics

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FILE PHOTO: The Huawei logo is pictured outside its Huawei's factory campus in Dongguan, Guangdong province
FILE PHOTO: The Huawei logo is pictured outside its Huawei’s factory campus in Dongguan, Guangdong province, China, March 25, 2019. REUTERS/Tyrone Siu/File Photo

April 26, 2019

By Ben Blanchard

BEIJING (Reuters) – Britain must get to the bottom of the leak of confidential discussions during a top-level security meeting about the role of China’s Huawei Technologies in 5G network supply chains, British finance minister Philip Hammond said on Friday.

News that Britain’s National Security Council, attended by senior ministers and spy chiefs, had agreed on Tuesday to bar Huawei from all core parts of the country’s 5G network and restrict its access to non-core elements was leaked to a national newspaper.

The leak of secret discussions has sparked anger in parliament and amongst Britain’s intelligence community. Britain’s most senior civil servant Mark Sedwill has launched an inquiry and written to ministers who were at the meeting.

“My understanding from London (is) that an investigation has been announced into apparent leaks from the NSC meeting earlier this week,” said Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing.

“To my knowledge there has never been a leak from a National Security Council meeting before and therefore I think it is very important that we get to the bottom of what happened here,” he told Reuters in a pooled interview.

British culture minister Jeremy Wright said on Thursday he could not rule out a criminal investigation. The majority of the ministers at the NSC meeting have said they were not involved, according to media reports.

Hammond said he was unaware of any previous leak from a meeting of the NSC.

“It’s not about the substance of what was apparently leaked. It’s not earth-shattering information. But it is important that we protect the principle that nothing that goes on in national security council meetings must ever be repeated outside the room.”

Allowing Huawei a reduced role in building its 5G network puts Britain at odds with the United States which has told allies not to use its technology at all because of fears it could be a vehicle for Chinese spying. Huawei has categorically denied this.

There have been concerns that the NSC’s conclusion, which sources confirmed to Reuters, could upset other allies in the world’s leading intelligence-sharing network – the Five Eyes alliance of the United States, Britain, Australia, Canada and New Zealand.

However, British ministers and intelligence officials have said any final decision on 5G would not put critical national infrastructure at risk. Ciaran Martin, head of the cyber center of Britain’s main eavesdropping agency, GCHQ, played down any threat of a rift in the Five Eyes alliance.

(Writing by Michael Holden; Editing by Mark Heinrich)

Source: OANN

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