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India’s top court quashes tough central bank circular on resolving bad debt

A woman checks her mobile phone inside the premises of the Supreme Court in New Delhi
A woman checks her mobile phone inside the premises of the Supreme Court in New Delhi, India, September 28, 2018. REUTERS/Anushree Fadnavis

April 2, 2019

By Suchitra Mohanty and Suvashree Choudhury

NEW DELHI/MUMBAI (Reuters) – India’s Supreme Court on Tuesday quashed a Reserve Bank of India circular on resolving bad debt, providing relief for some major corporate defaulters but throwing India’s nascent bankruptcy regime into question.

The Supreme Court said the RBI’s circular from Feb. 12 last year on how banks should handle defaulters was unconstitutional and “ultra vires”, essentially meaning that the central bank has acted beyond its powers.

A spokesman for the RBI declined to comment, saying it had yet to go see the order.

The circular directed banks unable to agree upon a resolution plan with any defaulter within 180 days to drag the defaulter into a time bound insolvency process.

Several companies had challenged the circular in court arguing the time given by the central bank was insufficient to tackle bad debt.

The ruling gives relief to several companies, especially power companies, who have defaulted on loans due to fuel shortages, or issues tied to power purchase agreements with state governments.

A senior banker and a state-run bank said the ruling would be a positive for banks and companies.

But some bankers fear the ruling may result in increased wrangling between banks and borrowers around soured loans and dent bankruptcy reforms.

“This will once again mean we are back to the old days when banks and companies used to delay debt resolution, with each one trying to buy time,” said one banker handling non-performing accounts at a state-run bank.

(Additional reporting by Aftab Ahmed, Abhirup Roy, Promit Mukherjee, Tanvi Mehta, Sachin Sai and Nidhi Verma; Writing by Euan Rocha and Promit Mukherjee; Editing by Sanjeev Miglani and Nick Macfie)

Source: OANN

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Russian court sides with transgender woman who sued employer

A court in St. Petersburg has sided with a transgender woman who has sued her employer over discrimination.

The ruling marks the first time that a Russian court has recognized workplace discrimination against a transgender person.

The court on Tuesday ordered a printing company to hire back the woman, whom it fired after she changed her ID from male to female in 2017, and pay her damages.

Her lawyer Maks Olenichev said the woman has been reinstated at her job and awarded 10,000 rubles ($155) for emotional distress and 1.85 million rubles ($28,500) for lost income. Olenichev said the verdict "will give a confidence boost to transgender people to defend their rights in Russia."

Source: Fox News World

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Trump spoke with Abu Dhabi crown prince on Thursday: White House

President Trump hosts participants of the Wounded Warrior Project Soldier Ride at the White House in Washington
U.S. President Donald Trump arrives to host participants of the Wounded Warrior Project Soldier Ride, after the release of Special Counsel Robert Mueller's report, in the East Room of the White House in Washington, U.S., April 18, 2019. REUTERS/Lucas Jackson

April 19, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump spoke by phone on Thursday with Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan of the United Arab Emirates, the White House said in a statement.

The two leaders discussed Washington’s “continued support for the United Arab Emirates’ national defense, strengthening alliances in the region, and the impact of the Administration’s crippling sanctions on Iran,” the statement said.

“They also spoke about UAE’s contributions to the global energy markets as a reliable supplier of oil,” it said.

(Reporting by Eric Beech; Editing by Mohammad Zargham)

Source: OANN

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Trump says modern airplanes too complex: 'Don't want Albert Einstein to be my pilot'

President Trump on Tuesday said modern airplanes are too complex, following the deadly crash of a plane in Ethiopia over the weekend, underscoring the need for “great flying professionals,” as opposed to “Albert Einstein.”

“Airplanes are becoming far too complex to fly. Pilots are no longer needed, but rather computer scientists from MIT. I see it all the time in many products. Always seeking to go one unnecessary step further, when often old and simpler is far better,” Trump tweeted.

BRITAIN BECOMES LATEST COUNTRY TO GROUND BOEING 737 MAX JETS AFTER ETHIOPIAN CRASH; FAA SAYS PLANES CAN STILL BE OPERATED

“Split second decisions are needed, and the complexity creates great danger,” he continued. “All of this for great cost yet very little gain. I don’t know about you, but I don’t want Albert Einstein to be my pilot. I want great flying professionals that are allowed to easily and quickly take control of a plane!”

The president’s tweet comes after an Ethiopian Airlines flight crashed minutes after takeoff from Ethiopian Bole Airport Sunday, killing all 157 people on board, including some Americans. The plane was a Boeing 737 Max 8.

The crash prompted aviation authorities from Ethiopia, China, Indonesia, Australia, Singapore, Malaysia and Britain to temporarily suspend the use of the Boeing 737 Max aircraft.

Britain was the latest to make the move on Tuesday, saying that it grounded the aircraft as a precautionary measure and “issued instructions to stop any commercial passenger flights from any operator arriving, departing or overflying UK airspace.”

US AIRLINES 'CLOSELY' MONITORING ETHIOPIAN AIRLINES INVESTIGATIONS AFTER CHINA, INDONESIA GROUND BOEING 737 MAX 8 JETS

At this point, the U.S. Federal Aviation Authority (FAA) has said it will continue to trust and use the aircraft but added it is investigating the crash on Sunday.

“The FAA will issue a Continued Airworthiness Notification to the International Community (CANIC) for Boeing 737 Max operators. The FAA continuously assesses and oversees the safety performance of U.S. commercial aircraft. If we identify an issue that affects safety, the FAA will take immediate and appropriate action,” the FAA said in a statement on Monday.

Meanwhile, Boeing on Tuesday said in a statement that "safety is Boeing's number one priority," and that they have "full confidence in the safety of the MAX."

"We understand that regulatory agencies and customers have made decisions that they believe are most appropriate for their home markets. We’ll continue to engage with them to ensure they have the information needed to have confidence in operating their fleets," the statement continued. "It is also important to note that the Federal Aviation Administration is not mandating any further action at this time, and based on the information currently available, we do not have any basis to issue new guidance to operators."

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In a statement on Monday, Boeing also said that it “has been developing a flight control software enhancement for the 737 MAX, designed to make an already safe aircraft even safer.”

Fox News' Lillian LeCroy, Lukas Mikelionis, Travis Fedschun, and The Associated Press contributed to this report.

Source: Fox News Politics

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Japan exports slump on weak China demand, heaping pressure on economy

FILE PHOTO: Newly manufactured vehicles await export at port in Yokohama
FILE PHOTO: Newly manufactured vehicles await export at a port in Yokohama, Japan, January 16, 2017. REUTERS/Toru Hanai/File Photo

April 17, 2019

By Tetsushi Kajimoto

TOKYO (Reuters) – Japan’s exports fell for a fourth straight month in March as China-bound shipments slumped again, reinforcing growing anxiety that weak external demand is likely to have knocked first quarter economic growth.

Ministry of Finance data out on Wednesday showed exports fell 2.4 percent in March from a year earlier, compared with a 2.7 percent drop predicted by economists in a Reuters poll, and followed a 1.2 percent decline in February.

The data reinforces worries that weak external demand may hurt company profits and in turn curb business expenditures, workers’ wages and consumer spending in a broad hit to growth.

Some analysts expect Japan’s economy likely swung back to a mild contraction in the first quarter as declines in exports and capital expenditure dented private consumption. That would pile pressure on Prime Minister Shinzo Abe to once again delay a planned sales tax hike in October needed to fix the world’s heaviest public debt burden at twice the size of its economy.

The economy grew at an annualized rate of 1.9 percent in the fourth quarter driven by business and consumer spending.

Bank of Japan Governor Haruhiko Kuroda last week stuck to his optimism that Japan’s export-dependent economy will soon climb out of its doldrums as global growth recovers.

Kuroda, however, did warn of lingering risks to the global outlook, including the outcome of U.S.-China trade talks and Britain’s potentially messy departure from the European Union.

Markets expect the BOJ to stand pat at a rate review next week, though some investors say the recent batch of soft indicators may pile pressure on policymakers to add to the central bank’s already massive stimulus later in the year.

Wednesday’s data came on the heels of this week’s bilateral trade talks between Tokyo and Washington.

U.S. President Donald Trump has prodded Japanese automakers to boost more jobs in the United States as the White House has threatened to impose tariffs of up to 25 percent on imported vehicles, on the grounds of national security.

Imports of Japanese cars make up about two-thirds of Japan’s $69 billion annual trade surplus with the United States.

U.S.-bound exports rose 4.4 percent in the year to March, driven by car shipments, which grew 5.1 percent. Imports from the United States declined 0.2 percent, resulting in Japan’s trade surplus with the country rising 9.8 percent year-on-year to 683.6 billion yen.

Exports to China, Japan’s biggest trading partner, fell 9.4 percent year-on-year in March, reversing from a 5.6 percent gain in February.

Asia-bound shipments, which account for more than half of overall exports, fell 5.5 percent, down for a fifth straight month.

Japan’s overall imports rose 1.1 percent in the year to March, undershooting the median estimate for a 2.6 percent annual increase, resulting in a trade surplus of 528.5 billion yen.

(Reporting by Tetsushi Kajimoto; Editing by Shri Navaratnam)

Source: OANN

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Pakistan says Indian aircraft bomb its territory

Pakistan's military spokesman tweeted that Indian aircraft crossed into Pakistan on Tuesday and carried out an airstrike but said there were no casualties from the attack.

Maj. Gen Asif Ghafoor said the Indian "aircrafts" crossed into the Pakistan-controlled Muzafarabad sector of Kashmir. He added that Pakistan scrambled fighter jets and before turning back, the Indian jets they "released payload in haste," near Balakot, on the edge of Pakistani-ruled Kashmir.

There has been no comment from India.

The incursion could have been in retaliation for a deadly Feb. 14 suicide bombing in India's half of Kashmir that killed at least 40 troops. The Pakistan-based militant group Jaish-e-Mohammad claimed responsibility. The bomber who made a video before the attack was a resident of Indian Kashmir.

Pakistan and India both lay claim to a united Kashmir.

Source: Fox News World

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Iranian parliament labels entire US military as terrorist

Iranian media say the parliament has approved a bill that labels all U.S. military forces as terrorist.

The legislation is a step further after Iranian lawmakers last week approved a bill labelling U.S. troops in the Mideast as terrorist, a day after the U.S. terrorism designation for Iran's Revolutionary Guard came into effect.

The report by the semi-official ISNA news agency says 173 out of 215 lawmakers at the session voted for the bill on Tuesday.

The bill also demands the Iranian government take unspecified action against other governments that formally back the U.S. designation. Saudi Arabia, Bahrain and Israel have all supported the Trump administration's designation.

The U.S. on Monday said it will no longer exempt any countries from U.S. sanctions if they continue to buy Iranian oil.

Source: Fox News National

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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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U.S. President Donald Trump hosts Take Our Daughters and Sons to Work Day at the White House in Washington
U.S. President Donald Trump gives a thumbs up to his audience as he hosts Take Our Daughters and Sons to Work Day at the White House in Washington, U.S., April 25, 2019. REUTERS/Kevin Lamarque

April 26, 2019

By Jan Wolfe and Richard Cowan

(Reuters) – The “i word” – impeachment – is swirling around the U.S. Congress since the release of Special Counsel Robert Mueller’s redacted Russia report, which painted a picture of lies, threats and confusion in Donald Trump’s White House.

Some Democrats say trying to remove Trump from office would be a waste of time because his fellow Republicans still have majority control of the Senate. Other Democrats argue they have a moral obligation at least to try to impeach, even though Mueller did not charge Trump with conspiring with Russia in the 2016 U.S. election or with obstruction of justice.

Whether or not the Democrats decide to go down this risky path, here is how the impeachment process works.

WHAT ARE GROUNDS FOR IMPEACHMENT?

The U.S. Constitution says the president can be removed from office by Congress for “treason, bribery, or other high crimes and misdemeanors.” Exactly what that means is unclear.

Before he became president in 1974, replacing Republican Richard Nixon who resigned over the Watergate scandal, Gerald Ford said: “An impeachable offense is whatever a majority of the House of Representatives considers it to be at a given moment in history.”

Frank Bowman, a University of Missouri law professor and author of a forthcoming book on the history of impeachment, said Congress could look beyond criminal laws in defining “high crimes and misdemeanors.” Historically, it can encompass corruption and other abuses, including trying to obstruct judicial proceedings.

HOW DOES IMPEACHMENT PLAY OUT?

The term impeachment is often interpreted as simply removing a president from office, but that is not strictly accurate.

Impeachment technically refers to the 435-member House of Representatives approving formal charges against a president.

The House effectively acts as accuser – voting on whether to bring specific charges. An impeachment resolution, known as “articles of impeachment,” is like an indictment in a criminal case. A simple majority vote is needed in the House to impeach.

The Senate then conducts a trial. House members act as the prosecutors, with senators as the jurors. The chief justice of the U.S. Supreme Court presides over the trial. A two-thirds majority vote is required in the 100-member Senate to convict and remove a president from office.

No president has ever been removed from office as a direct result of an impeachment and conviction by Congress.

Nixon quit in 1974 rather than face impeachment. Presidents Andrew Johnson in 1868 and Bill Clinton in 1998 were impeached by the House, but both stayed in office after the Senate acquitted them.

Obstruction of justice was one charge against Clinton, who faced allegations of lying under oath about his relationship with White House intern Monica Lewinsky. Obstruction was also included in the articles of impeachment against Nixon.

CAN THE SUPREME COURT OVERTURN?

No.

Trump said on Twitter on Wednesday that he would ask the Supreme Court to intervene if Democrats tried to impeach him. But America’s founders explicitly rejected making a Senate conviction appealable to the federal judiciary, Bowman said.

“They quite plainly decided this is a political process and it is ultimately a political judgment,” Bowman said.

“So when Trump suggests there is any judicial remedy for impeachment, he is just wrong.”

PROOF OF WRONGDOING?

In a typical criminal court case, jurors are told to convict only if there is “proof beyond a reasonable doubt,” a fairly stringent standard.

Impeachment proceedings are different. The House and Senate “can decide on whatever burden of proof they want,” Bowman said. “There is no agreement on what the burden should be.”

PARTY BREAKDOWN IN CONGRESS?

Right now, there are 235 Democrats, 197 Republicans and three vacancies in the House. As a result, the Democratic majority could vote to impeach Trump without any Republican votes.

In 1998, when Republicans had a House majority, the chamber voted largely along party lines to impeach Clinton, a Democrat.

The Senate now has 53 Republicans, 45 Democrats and two independents who usually vote with Democrats. Conviction and removal of a president would requires 67 votes. So that means for Trump to be impeached, at least 20 Republicans and all the Democrats and independents would have to vote against him.

WHO BECOMES PRESIDENT IF TRUMP IS REMOVED?

A Senate conviction removing Trump from office would elevate Vice President Mike Pence to the presidency to fill out Trump’s term, which ends on Jan. 20, 2021.

(Reporting by Jan Wolfe and Richard Cowan; Editing by Kevin Drawbaugh and Peter Cooney)

Source: OANN

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