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UK businesses see a no-deal Brexit as unlikely to happen: report

A demonstrator holds EU and Union flags during an anti-Brexit protest opposite the Houses of Parliament in London
FILE PHOTO: A demonstrator holds EU and Union flags during an anti-Brexit protest opposite the Houses of Parliament in London, Britain, December 17, 2018. REUTERS/Toby Melville

February 26, 2019

By Andy Bruce

LONDON (Reuters) – Most British businesses and individuals have not prepared for a no-deal Brexit because they do not see it as likely to happen, the government said in a long-awaited analysis published on Tuesday.

But that attitude could heighten the disruption if it does take place, it added.

Lawmakers in London have yet to approve a deal that would smoothe Britain’s divorce with the EU, due on March 29, leaving open the prospect of a disorderly departure.

On Tuesday, Prime Minister Theresa May offered lawmakers the chance to vote next month in favor of a delay.

“Despite communications from the government, there is little evidence that businesses are preparing in earnest for a no-deal scenario, and evidence indicates that readiness of small and medium-sized enterprises in particular is low,” the government analysis said.

“(The) government judges that the reason for this lack of action is often because a no-deal scenario is not seen as a sufficiently credible outcome to take action or outlay expenditure,” it added.

The short time remaining before March 29 would not allow the government to fully compensate for the effects of a no-deal Brexit, it added.

“Even where it can take unilateral action, the lack of preparation by businesses and individuals is likely to add to the disruption experienced in a no-deal scenario,” the report said.

Economists polled by Reuters put the risk of a no-deal Brexit at one-in-four.

In November, the Bank of England published a worst-case no-deal Brexit scenario that showed Britain risks suffering an even bigger economic hit than during the global financial crisis 10 years ago.

Tuesday’s paper focused on the risks to particular industries, individuals and regions from a no-deal Brexit. Northern Ireland would be hit harder and for longer than the rest of the United Kingdom, it concluded.

Proponents of Brexit dismissed the analysis.

“Good progress being made on WTO Brexit arrangements yet deceitful UK (government) refuses to stop the scaremongering,” Richard Tice, co-chairman of the campaign group Leave Means Leave, tweeted.

Chuka Umunna, a lawmaker from parliament’s newly formed Independent Group that had campaigned for publication of the analysis, said the analysis painted a “disastrous picture”.

(Reporting by Andy Bruce and Alistair Smout; editing by Stephen Addison)

Source: OANN

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Rush Limbaugh to Republicans: This is Trump’s party, ‘get on board’

Conservative radio talk show host Rush Limbaugh didn't mince words while addressing multiple issues Tuesday on "The Story with Martha MacCallum" but his strongest hits were aimed at Republicans who had yet to fully jump on the President Trump bandwagon.

"Rush Limbaugh, Sean Hannity, Tucker Carlson, we are not in politics. We are media titans, but we are not in politics. It is the party of Donald Trump right now, and the Republicans that don't realize that had better get on board," Limbaugh said, reacting to a New York Times op-ed by Joe Lockhart, a press secretary to then-President Bill Clinton.

ERIC SWALWELL: NO APOLOGY NECESSARY FOR SURVEILLING TRUMP CAMPAIGN

"Republicans today are the party of Rush Limbaugh, Sean Hannity and Tucker Carlson — a coalition that, in the face of every demographic trend in America, will mean the long-term realignment of the federal government behind the Democrats," Lockhart wrote Monday.

Limbaugh said Lockhart's words were an example of frustration within the Democrats.

"They haven't been able to 'defeat me' in 30 years. They can't defeat Trump. They haven't been able to stop him, and I think they are frustrated. They have thrown every weapon they have in their arsenal at Donald Trump, and nothing's worked. Things they've used over the years that have been readily available to get rid and take out any Republican they want, they have bounced off of Trump," Limbaugh told Martha MacCallum.

Limbaugh criticized the Republican party for not fully standing behind Trump and celebrating his "victory" when the Special Counsel Robert Mueller's report was released. He also noted that Trump wasn't just taking on the Democratis but was battling the Washington establishment -- including Republicans.

"Where's the Republican party with the celebratory emails to their voters? Even fund-raising, or just celebrating the victory, where are they? You don't hear them. The reason is, Martha, because this is a battle not between two parties, this is a battle between the Washington establishment and the deep state, I call them the administrative state, and outsiders and Americans who feel disenfranchised or unattached," Limbaugh said.

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Limbaugh also went after Sen. Mitt Romney, R-Utah, for saying he was "sickened" by the president's actions as documented in the Mueller report.

"There is no reason not to get behind him unless you don't like his voters, and that is where I think the key to understanding this is," Limbaugh said.

Fox News' Martha MacCallum contributed to this report.

Source: Fox News Politics

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Nissan CEO says he has not heard about possible bid for FCA

FILE PHOTO: Nissan Motor Co Ltd Chief Executive Hiroto Saikawa speaks at a news conference in Yokohama
FILE PHOTO: Nissan Motor Co Ltd Chief Executive Hiroto Saikawa speaks at a news conference in Yokohama, in this photo taken by Kyodo February 12, 2019. Mandatory credit Kyodo/via REUTERS

March 28, 2019

TOKYO (Reuters) – Nissan Motor Co CEO Hiroto Saikawa said on Thursday he was not aware of discussions about the possibility that its French partner Renault SA was considering a bid for Fiat Chrysler Automobiles.

When asked by reporters whether he had heard about the talks, cited in a media report the previous day, Saikawa responded: “Not at all”.

The Financial Times reported on Wednesday that Renault intends to restart merger talks with Nissan within 12 months, after which it would set its sights on a bid to buy Fiat Chrysler.

Saikawa also said that the company would “seriously consider” recommendations by an external committee on how to improve Nissan’s governance, after the group announced the findings of its investigation of the company.

(Reporting by Takashi Umekawa; Writing by Naomi Tajitsu; Editing by Chang-Ran Kim)

Source: OANN

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Collins urges DOJ to defend ObamaCare protections

Sen. Susan Collins, R-Maine, sent a letter to Attorney General Bill Barr on Monday asking that the Department of Justice reverse its course and defend the Affordable Care Act against the Trump administration intent on using courts to bypass Congress on the repeal.

Attorneys from the Justice Department last week filed a letter with the U.S. Court of Appeals for the Fifth Circuit in New Orleans asking to effectively strike down the entire law, agreeing with the landmark ruling made by a federal judge in Texas last year.

U.S. District Judge Reed O’Connor ruled last year that Obamacare is no longer constitutional because the tax reform – as enacted by Republicans –eliminated the health care law’s penalty for not having health insurance.

Over 11 million reportedly signed up for Obamacare coverage this year. That’s just slightly less than compared to 2018.

Collins told Barr in the letter that the department's decision not to defend the law "puts at risk not only critical consumer provisions such as those protecting individuals suffering from pre-existing conditions, but also other important provisions of that law, such as the Medicaid expansion, dependent coverage for young adults to age 26, coverage for preventive services, and the regulatory pathway for FDA approval of biosimilars."

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Mick Mulvaney, the White House chief of staff, on Sunday promised that Americans would not lose their health coverage if the law is overturned in courts. Mulvaney told ABC News that “debate about pre-existing conditions is over." He said every replacement plan included protections for people with pre-existing conditions.

Fox News' Lukas Mikelionis contributed to this report

Source: Fox News Politics

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New Comic Book Stars AOC as Socialist Superhero

A new comic book features freshman Congresswoman Alexandria Ocasio-Cortez as a socialist heroine defeating the Republican establishment, in addition to injecting fresh blood into the Democrat party.

The popular New York Democrat who was recently ridiculed over her new Green Deal proposals leads the “Freshman Force” in a comic book from Devil’s Due Publishing, a group which brags about a previous political comic titled, Barack the Barbarian: No F#¢*s Left!

The comic’s cover shows Ocasio-Cortez standing atop a knocked-out Republican elephant, as a nervous donkey “gulps” behind her.

“Comic creators converge to celebrate the election of the most diverse group of freshman congresspersons in history, and spare no-one in this satire that takes aim at Washington,” Devil’s Due describes the new AOC comic.

The publisher says in addition to proceeds from sales going to a military charity, they will also donate a portion to RAICES.org, “a Texas nonprofit that helps families with legal advice and translation services,” according to USA Today.

The title of the comic, New Party, Who Dis?, pays homage to the 29-year-old’s rebuke of Joe Lieberman last month, where she used the phrase to mock the longtime Democrat who said her brand of Democratic socialism was not the future of the party.

Devil’s Due notes Ocasio-Cortez did not endorse and is not affiliated with the comic.


Source: InfoWars

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Student suspended after using toy gun in veterans memorial

Military veterans and students are upset over the suspension of a middle school student in Ohio whose class project creating a memorial to veterans included a toy gun.

About two dozen people in Celina (suh-LEYE'-nuh) in northwest Ohio protested the suspension earlier this week.

The Daily Standard reports eighth-grader Tyler Carlin made a replica of a battlefield cross that included a toy gun painted black.

An attorney for the boy says his teacher gave him permission to bring the project to school.

But the attorney says Tyler was sent to the principal's office when he carried the memorial into school and suspended for bringing something resembling a dangerous weapon to school.

School officials have declined to comment on the suspension, saying they would need permission from the boy's family.

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Information from: The Daily Standard, http://www.dailystandard.com

Source: Fox News National

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UK economy leans on consumers as Brexit drags on business

FILE PHOTO: A river boat cruises down the River Thames as the sun sets behind the Canary Wharf financial district of London
FILE PHOTO: A river boat cruises down the River Thames as the sun sets behind the Canary Wharf financial district of London, Britain, December 7, 2018. REUTERS/Simon Dawson

April 15, 2019

LONDON (Reuters) – Moving slowly in the fog of Brexit and slowing global growth, Britain’s economy is increasingly reliant on consumers and their spending as business investment and exports fade.

The world’s fifth-biggest economy grew 1.4 percent in 2018, the weakest increase in six years, and it looks set to slow further in 2019.

On Wednesday, the European Union delayed Britain’s departure from the bloc until the end of October, but scepticism runs high that lawmakers in London can form a consensus over Brexit.

Below are charts that highlight some of the most notable features of Britain’s economy in early 2019.

CONSUMER SPENDING: HOLDING UP

Household spending grew by the least since 2012 last year. Some of the slowdown was a by-product of the June 2016 Brexit vote, which hammered the value of the pound and pushed up inflation above wage growth through most of 2017.

But pay growth has rebounded in recent months, helping to support consumer spending.

In late 2018, households and the government were the only drivers of Britain’s weak economy. Business investment and net trade dragged on growth.

Bank of England Governor Mark Carney said the world economy was suffering some of the same problems. “Normally when expansions are reliant on the consumer, you start watching the clock, in terms of how much longer it will last,” he said.

Graphic: UK consumer spending: still solid, click https://tmsnrt.rs/2D4Tan9

INVESTMENT? WHAT INVESTMENT?

Businesses have held back on plans for investment ever since it became clear that Britain was going to hold a referendum on its membership of the EU.

The value of business investment lost in Britain’s economy since the June 2016 referendum is roughly 10 billion pounds compared with its simple trend growth from late 2009 to the second quarter of 2016.

Graphic: UK business investment flatlines after Brexit vote, click https://tmsnrt.rs/2D1Ctcs

STOCKPILING

The extent of stockpiling going on among British manufacturers looks likely to limit the extent of any potential rebound in investment.

A survey earlier this month showed manufacturers upped their stocks of materials and parts at a pace never before seen in a Group of Seven advanced economy.

Official data has suggested stockpiling had boosted factories in February, although by how much was unclear.

Economists worry that the recent drive to build inventories has brought forward output, heralding a downturn later.

Graphic: UK factories stockpile at fastest rate in history of G7 PMIs, click https://tmsnrt.rs/2IcsBkr

WILL CONSUMERS KEEP SPENDING?

Public confidence in the economic outlook is weaker in Britain than in any other EU country, according to European Commission data.

Thus far, this has not had a big impact on consumer spending as households’ budgets have benefited from faster wage growth. But it suggests there is a risk that Britons could tighten their belts if the recovery in pay falters.

Graphic: Confidence in UK economy slides, click https://tmsnrt.rs/2I6OyRO

WHAT WILL THE BANK OF ENGLAND DO?

The Bank of England has long signaled that it thinks interest rates should rise in a limited and gradual way, as long as Brexit progresses smoothly.

But with the uncertainty set to last for several more months, the BoE is likely to sit tight, especially with indicators such as the IHS Markit/CIPS purchasing managers’ index – historically a good marker for interest rate moves – a long way from levels typically consistent with a rate hike. Graphic: UK economy stalling ahead of Brexit – PMI, click https://tmsnrt.rs/2D0y4q4

The BoE’s nine rate-setters might want to avoid adding to economic uncertainty by giving different views on the outlook for borrowing costs.

A survey from the BoE showed a record proportion of Britons – more than a quarter – had no idea where rates were heading.

Graphic: Record share of UK public have no idea where interest rates are heading, click https://tmsnrt.rs/2IeGgap

(Reporting by Andy Bruce; Editing by William Schomberg)

Source: OANN

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Britain's Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador's residence in Beijing
Britain’s Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador’s residence in Beijing, China April 26, 2019. REUTERS/Florence Lo/Pool

April 26, 2019

BEIJING (Reuters) – British finance minister Philip Hammond said on Friday that he had a “very constructive meeting” with his counterpart in the opposition Labour Party before leaving for Beijing and that he was optimistic about finding common ground.

Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing, said talks with Labour aimed at finding a way forward on Brexit had not stalled.

“I’m optimistic that we will find common ground,” he said. “Both sides have got clear positions and both sides will have to compromise in order to reach an agreement.”

Hammond added that he absolutely did not favor a no deal exit from the European Union.

(Reporting by Ben Blanchard; editing by Darren Schuettler)

Source: OANN

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

April 26, 2019

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

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

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

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

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

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

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

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

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

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

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

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

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

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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

April 26, 2019

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

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

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

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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

April 26, 2019

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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

April 26, 2019

By Medha Singh and Agamoni Ghosh

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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