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Facebook will introduce ‘clear history’ tool this year: CFO

FILE PHOTO: The entrance sign to Facebook headquarters is seen in Menlo Park
FILE PHOTO: The entrance sign to Facebook headquarters is seen in Menlo Park, California, on Wednesday, October 10, 2018. REUTERS/Elijah Nouvelage/File Photo

February 26, 2019

SAN FRANCISCO (Reuters) – Facebook Inc will introduce a tool allowing users to clear their browsing history this year, which will affect the company’s ability to target advertisements, Chief Financial Officer David Wehner told an investment conference on Tuesday.

Facebook announced plans for a “Clear History” product last year, but technical challenges have delayed its implementation.

(Reporting by Katie Paul; editing by Grant McCool)

Source: OANN

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Despite differences, U.S., German yield curves flash slowdown warnings

FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington
FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid/File Photo

April 9, 2019

By Karen Brettell

NEW YORK (Reuters) – Parts of the U.S. Treasury yield curve have begun moving in opposing directions, but closer scrutiny shows each section is signaling the same warning that the era of expanding economic growth and interest rate hikes is nearing an end.

Analysts say Europe’s yield curve is also signaling economic weakness even as it holds at much steeper levels than the United States, reinforcing the notion that risks of a slowdown on both sides of the Atlantic are growing.

The Federal Reserve’s sudden pivot toward a dovish stance on future rate increases in March stunned the market and prompted a rapid repricing of Treasuries that in less than a week led to an inversion of the 3-month and 10-year Treasury curve.

The inversion, where 3-month bills return at a higher rate than the longer-dated notes, is an anomaly that in the past has preceded economic downturns by around one to two years.

While that section of the curve has since moved back into positive territory, other shorter-dated parts of the curve remain inverted. Longer-dated parts of the yield curve have since steepened, which is also consistent with the end of the economic cycle that precedes interest rate cuts and a recession.

“It’s all part of the same story that there is some anticipation of easier monetary policy in the future,” said Subadra Rajappa, head of U.S. rates strategy at Societe Generale in New York.

The U.S. yield curve gives clues about where bond investors see the economy heading, and has historically been more accurate than not in predicting a recession. Movements between the different maturities typically follow the same pattern before a downturn.

As the Fed hikes rates in a growing economy, the yield curve will flatten, with investors pricing in higher rates in shorter-dated notes, which are the most sensitive to rate increases. Longer-dated note yields rise at a slower pace, reflecting more tepid long-term growth and inflation expectations.

When the yield curve inverts, however, financial conditions are viewed as having gotten too tight. The signal is seen as stronger if the inversion lasts over several weeks or months.

At this point, investors will begin anticipating rate cuts in the short-to-intermediate term, which results in a steeper curve between those maturities and longer-dated debt. Rate cuts in the past have followed inversions, with recessions then starting soon after the rate cuts commence.

For a graphic on Yield Curve Inversions, see – https://tmsnrt.rs/2VDvv4o

Analysts note that the yield curve machinations so far do not mean a recession is a certainty in the near term, and many economists expect we may see some stabilization in the economy before the next downturn.

In that case, the yield curve may begin flattening anew as investors push back expectations on when a downturn will occur.

Steepening in the long-end of the U.S. yield curve contrasts with German government bond yields, where longer-dated debt outperformance is continuing to flatten the yield curve.

But analysts say it would be a mistake to assume that this trend reflects confidence in the euro zone economy, where interest rates remain at zero and benchmark 10-year yields are trading in negative territory.

“The ECB (European Central Bank) has not been able to get off any hikes and only just finished QE, so the euro area looks significantly more exposed to a downturn than the U.S., just in terms of policy space to potentially respond,” said Jon Hill, an interest rate strategist at BMO Capital Markets in New York.

For a graphic on Yield Curves, see – https://tmsnrt.rs/2D7pSUW

Many investors are also focused on the 2-year, 10-year portion of the U.S. curve, which may be the most widely watched recession indicator in the Treasury market. This section has not inverted yet during this cycle, although it remains at historically very flat levels.

The onset of a recession without the inversion of this part of the curve would not be unprecedented. In the 1950s, a time that, like now, was marked by low inflation and low bond yields, there were two recessions that were not preceded by an inversion of this part of the curve, said Rajappa.

“This time around we don’t really think that twos, 10s needs to invert for us to go into a recession,” she said.

(Reporting by Karen Brettell; Editing by Dan Burns)

Source: OANN

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IOC wants new Japan member as soon as possible: Bach

Bach President of the IOC attends a news conference after an Executive Board meeting in Lausanne
Thomas Bach, President of the International Olympic Committee (IOC) attends a news conference after an Executive Board meeting in Lausanne, Switzerland, March 27, 2019. REUTERS/Denis Balibouse

March 27, 2019

By Karolos Grohmann

LAUSANNE, Switzerland (Reuters) – The International Olympic Committee (IOC) is looking to appoint a new member for Japan soon following the departure of Japan Olympic Committee (JOC) chief Tsunekazu Takeda from the global ruling body, IOC President Thomas Bach said on Wednesday.

Takeda, who is under investigation in France for suspected corruption and will step down from his JOC role in June, ceased to be an IOC member on Tuesday after a decision by the IOC executive board. He had initially planned to leave that post in June as well.

Bach said the IOC Executive Board did not want any uncertainty regarding Takeda’s future with Tokyo hosting the Olympics next year.

“I think he (Takeda) also wanted to clear the way in the interest of Japan and also of the IOC,” Bach told a news conference, adding that the IOC would like to identify a successor as soon as possible.

“Japan not only being the host and a very strong member of the Olympic movement, we are interested in having as soon as possible a member in Japan.”

International gymnastics federation president Morinari Watanabe is an IOC member from Japan, though his membership is not individual but linked to the international federation presidency.

Takeda’s IOC departure means he also no longer heads the organization’s marketing commission, a key body in securing deals with major sponsors. The 71-year-old joined the IOC in 2012.

French prosecutors have questioned Takeda in Paris and placed him under formal investigation in December for suspected corruption in Tokyo’s successful bid to host the 2020 Summer Games.

Takeda, who was president of the 2020 bid committee, has been head of the JOC since 2001 and his resignation leaves a cloud hanging over both the national committee and organizers of the Tokyo Games.

French investigators have led a years-long probe into corruption in athletics and in early 2016 extended their inquiry into the bidding and voting processes for the hosting of the 2016 Rio de Janeiro and 2020 Tokyo Olympic Games.

Multi-million dollar payments made by the Tokyo bid committee to a Singapore consulting company are being examined.

Takeda has said there was nothing improper about the contracts made between the committee and the consultancy and that they were for legitimate work.

(Reporting by Karolos Grohmann, editing by Ed Osmond)

Source: OANN

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Democrats Want Their Say on Mueller's Probe

Attorney General William Barr has made his determination about special counsel Robert Mueller's investigation . Now Democrats want to make their own.

The delivery Sunday of Barr's summary to Congress about Mueller's conclusions has opened a new chapter in the battle over the two-year investigation that is likely to consume Capitol Hill in the coming weeks and months. Democratic lawmakers are demanding a full look at Mueller's findings and dismissing Barr's summary as incomplete, at best, and biased, at worst.

They have seized on a line in the summary that says Mueller's report "does not exonerate" President Donald Trump on obstruction of justice — even though Barr concluded the evidence of obstruction is insufficient to find Trump committed a crime.

"The fact that Special Counsel Mueller's report does not exonerate the president on a charge as serious as obstruction of justice demonstrates how urgent it is that the full report and underlying documentation be made public without any further delay," House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer said in a joint statement. "Given Mr. Barr's public record of bias against the Special Counsel's inquiry, he is not a neutral observer and is not in a position to make objective determinations about the report."

Given the report, Democrats seemed more likely to focus on their ongoing investigations, calls for transparency and frustrations with Barr, rather than engaging with the talk of impeachment that has been amplified on Pelosi's left flank. As the release of Mueller's report loomed, Pelosi recently tried to scuttle that talk by saying she's not for impeachment, for now.

House Judiciary Committee Chairman Jerrold Nadler, who would lead any impeachment effort, said he would call Barr to testify soon "in light of the very concerning discrepancies and final decision making at the Justice Department."

Yet while Democrats focused on the obstruction piece, Barr's summary report dealt their investigative efforts an undeniable blow by concluding that Trump's campaign never conspired with Russia. Top Democrats, now leading broad investigations of Trump in the House majority, had long suggested just the opposite.

"After 22 months of a special counsel and 2 years of congressional investigations, it's over," tweeted North Carolina Rep. Mark Meadows, a close ally of Trump. "The clock has finally struck midnight on the 'Russian collusion' fantasy."

In a joint statement, Nadler, House intelligence committee chairman Adam Schiff, D-Calif., and House Oversight and Reform Committee Chairman Elijah Cummings, D-Md., almost seemed to concede that collusion had not been found, saying they have confidence in Mueller, "notwithstanding the very public evidence of Trump campaign contact with and willingness to receive support from Russian agents."

Still, they said, "it will be vital for the country and the Congress to evaluate the full body of evidence collected by the special counsel, including all information gathered of a counterintelligence nature."

Democrats discussed strategy in a flurry of calls over the weekend. Pelosi and Schumer talked repeatedly, including several calls Sunday from her home in San Francisco. As soon as Barr's letter arrived, Pelosi quickly convened a call Sunday with Cummings, Schiff and Nadler to go over its main points. They were on the same page with their response, according to a person familiar with the call. Nadler later held a conference call with Democratic members on the Judiciary panel and reiterated calls for transparency.

People familiar with the calls requested anonymity to discuss them freely.

Republicans unified to call for Congress to move on. "This case is closed," said House Republican Leader Kevin McCarthy in a statement.

Trump celebrated the findings but did not appear ready to let the matter drop, calling the investigation "an illegal takedown that failed." He said that, "hopefully somebody's going to look at the other side," an apparent reference to Democrats.

Democratic calls for transparency on the Mueller report could set up a court battle with the Trump administration that could take months or years to resolve.

It's unclear what else is coming from Barr, though he states in the letter that he is working to make more information public. He said he will be consulting with Mueller to determine what else can be released. But whatever is provided is unlikely to be enough for Democrats, who have said they want all of Mueller's underlying evidence — including interviews, documents and material turned over to the grand jury.

Democrats have said they are willing to subpoena Mueller and Barr, if needed, to push for disclosure.

Though Trump himself has said the report should be made public, it's not clear whether the administration would fight subpoenas for testimony or block the transmission of grand jury material.

If the administration decides to fight, lawmakers could ask federal courts to step in and enforce a subpoena. A court fight could, in theory, reach the Supreme Court.

In the meantime, Democrats will keep the focus on full transparency.

"I don't want a summary of the Mueller report," tweeted Vermont Sen. Bernie Sanders, a Democratic presidential candidate. "I want the whole damn report."

Source: NewsMax America

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The Leftism of Ben Shapiro

Ben Shapiro says it isn’t capitalism that causes alienation and mass depression, but the lack of spirituality and religiosity in the lives of Americans.

But what drives the degradation of religion? Surely capitalism, consumerism, worldly material luxury and its availability plays a big role. When Jesus is in the desert for 40 days, and the devil tempts him, does he not offer endless worldly luxury, kingdoms, riches, and to turn every stone into bread? The devil offers worldly riches to persuade you God is not necessary — he offers to sate your hunger, quench your thirst, to drag you out of poverty, to drag you from ignorance into wisdom — but it’s a poisoned gift.

One does not worship God and Mammon — a society built to be profitable, first and foremost above all else, does not create godly men, it creates Homo Economicus, but also, hikkikimori, the incel, and the school shooter. Capitalism has no incentive not to sell heroin to addicts, it has no disincentive against production of child pornography, or against prostitution — a truly free market would permit a slave auction, and it would permit a child brothel. Without moral authority, effectuated by physical force, the free market serves only to corrupt the spirit of man, and to guide him not toward morality, toward transcendence, or toward God, but toward a hedonic spiral, to the dulling of all sense into complacency, toward addiction, toward exploitation of others, toward self destruction, in a word, to nihilism.

One wonders, how does Ben reconcile the prerogative of the free market toward supplying satisfaction of all demands — including immoral, obscene demands — and the necessity of rekindling genuine spirituality in Americans? To me, he seems to want to worship both God and Mammon. Ben should revisit Genesis — why were there so few good men in Sodom and Gomorrah? Why did they have so much trouble repenting? Well… the men of Sodom enjoyed their self destructive, exploitative lifestyles. They enjoyed the hedonic spiral. They loved their cummies — and they probably had all the luxury of the ancient world in their cities. What do they need a God who demands struggle and sacrifice? Their free market has satisfied their every want, what will God do more? Therefore, they are destroyed.

Turns out, material comfort makes you forget God — and thereby reduces the meaning of life from a quest toward divine transcendence and reconciliation with the Universal Being, toward the shallow satisfaction of wants and lusts. Though you have everything, you want for nothing, you are not happy, and desire only death. Seoul is a city with every comfort, every convenience, access to every product, every service — it is awash in suicide and full of social recluses, and amnesiac of its Confucian tendency, neglectful of filial piety. Do you think these problems are reproduced in Pyongyang? I doubt it.

Man’s spirit, and moral sense, is not an atom in a vacuum. It, like man’s body and his pain sensation, exists in the material world, and responds to material circumstances. Struggle to survive strengthens the spirit like heavy lifting strengthens the body. Provide a man with comfort all his life, and his spirit atrophies. He becomes a small souled bugman. He will not keep a stiff upper lip, he’ll throw a tantrum. He will not develop discipline — he will only seek satisfaction of cravings.

Moral failure of Americans is tied directly to their market conditions. The free market was more effective in killing and mutilating God than any Soviet anti religion campaign. The free market, loosened from moral restraints imposed by force from above, is the Prince of the World, who offers to turn stone into bread. And when you’re spiritually weak, and physically hungry, why would you say no? Christ was God, he resisted all temptation, and lived without sin — but we are men, and sinners, and for us it is difficult to turn down a cigarette, or a piece of cake, or free cash, or a blowjob. How can we become moral men, and not omniconsuming beats, in the free market which offers us its endless, if poisonous, delights?

Courtesy of the Autistic Mercury.

Source: InfoWars

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Rep. Steube on Trump investigations: ‘When is enough enough?’

Rep. Greg Steube, R-Fla., called for the end of investigations into President Trump on Wednesday, saying Americans would not "learn" anything more from such actions.

"When is enough enough? You know, you've had 22 months to investigate, you've had $25 million that was spent with 18 lawyers, 2,800 subpoenas, 500 search warrants and 500 witness interviews. At one point, you say, 'okay, we've done enough investigations,'" Steube said on "Your World with Neil Cavuto," referring to Special Counsel Robert Mueller's probe.

"And, with all that investigation, it comes with no collusion, and the attorney general decides not to have any obstruction charges," he told Neil Cavuto.

TRUMP VOWS HE’D TAKE IMPEACHMENT FIGHT TO SUPREME COURT

Trump on Wednesday vowed to fight back against congressional Democrats issuing subpoenas for administration officials, while calling their latest bid to bring in former White House counsel Don McGahn for testimony “ridiculous.”

Steube said that enough time and effort was spent in the Russia collusion investigation and that it was time for the country to move on.

DEM LEADERS REJECT IMMEDIATE IMPEACHMENT PROCEEDINGS

"What are we going to learn from these hearings from the people that are part of this report that we haven't learned already?" Steube asked.

The congressman also said he had no interest in hearing from McGahn and believed the president had every right to claim executive privilege.

Fox News' Brooke Singman contributed to this report.

Source: Fox News Politics

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Affidavit: Off-duty officer in fatal crash had ‘adult sodas’

An affidavit says an off-duty police officer accused of driving drunk in a crash that killed a New Hampshire woman was seen weaving in and out of traffic and traveling in the wrong direction beforehand.

The affidavit also says Londonderry police officer Tyler Berry told a first responder following the April 5 crash in Amherst that he had been drinking "adult sodas."

State police said Berry crossed the center line in a pickup truck and hit a vehicle on Route 101. Police say 21-year-old Sierra Croteau, of Manchester, was pronounced dead at the scene.

Berry was hospitalized with injuries.

The 27-year-old Berry was scheduled to appear in court Thursday on a charge of aggravated driving while intoxicated. He waived arraignment and entered a not guilty plea.

Source: Fox News National

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

April 26, 2019

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

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

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

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

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

Source: OANN

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

April 26, 2019

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

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

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

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

Source: OANN

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

April 26, 2019

By Simon Jessop and Sinead Cruise

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

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

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

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

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

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

Sherborne declined to comment.

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

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

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

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

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

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

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

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

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

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

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

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

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

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

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

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

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

(Editing by Jane Merriman)

Source: OANN

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https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

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

Ron Magill/Zoo Miami

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

Source: Fox News World

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

April 26, 2019

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

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

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

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

Source: OANN

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