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Australia to boost funding for banking and corporate regulators

FILE PHOTO: The new Treasurer Josh Frydenberg attends the swearing-in ceremony in Canberra
FILE PHOTO: The new Treasurer Josh Frydenberg attends the swearing-in ceremony in Canberra, Australia August 24, 2018. REUTERS/David Gray

March 23, 2019

MELBOURNE (Reuters) – Australia’s new budget will include an additional A$550 million ($390 million) to boost funding for policing the country’s financial sector, Treasurer Josh Frydenberg said on Saturday.

The funds are to boost implementation of recommendations issued earlier this year by a high-powered inquiry into financial sector greed and malpractice.

The government-appointed inquiry, known as a Royal Commission, recommended among other things for Australia’s corporate regulators to be subjected to a new oversight body and that remuneration structures across the industry be overhauled.

As part of the response to the recommendations, the government will allocate A$400 million in additional funding to the Australian Securities and Investments Commission and A$150 million for the Australian Prudential Regulation Authority over the next four years.

“A strong economy requires a strong, accountable financial sector that Australians can trust,” Frydenberg said in a statement. The financial sector employs 450,000 people and represents nearly 10 per cent of the nation’s GDP, he said.

Australian media reported the money would come from banks and other financial institutions on top of what they already contribute to the government.

Australia’s center-right government will deliver the federal 2019/2020 budget on April 2, making it a launching pad for the general elections, due in May.

It is also expected to announce personal income tax cuts and infrastructure spending ahead of the elections.

(Reporting by Lidia Kelly)

Source: OANN

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Fed proposes blueprint for bank-controlling companies

FILE PHOTO: 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 23, 2019

By Pete Schroeder

WASHINGTON (Reuters) – The U.S. Federal Reserve on Tuesday proposed a framework for determining when a company has taken control of a bank and must face more rigorous oversight and restrictions, a move that could remove hurdles for banks seeking to attract investors and partners.

The new proposal would for the first time establish clear standards for when the central bank considers a company as taking control of a financial institution, which could be a boon for banks and investors who have had to tread cautiously as such determinations previously were made on a case-by-case basis.

A company that gains control of a bank is considered a bank holding company and, as a result, is subject to Fed supervision and a host of restrictions on other business activities.

The Fed’s efforts to clarify its thinking on bank control could help banks looking for new investors or partners, including private equity or fintech firms, without subjecting them to banking regulations and other restrictions, according to analysts.

Randal Quarles, the Fed’s vice chair for supervision, said in a prepared statement the regulator’s prior practice of determining bank control had become “one of the more ad hoc and complicated areas of the board’s regulatory administration.”

“The proposal would improve the transparency of the board’s control framework by placing substantially all of the board’s control positions into a comprehensive public regulation,” Quarles said.

The proposal is largely similar with the Fed’s existing practices on bank control standards, but is now being made formal through a proposed rule, according to Fed officials.

Specifically, the Fed is attempting to write a blueprint for when a company exerts a “controlling influence” over a bank, which can include a combination of factors such as size of investment, number of seats held on the board, and additional business relationships.

Broadly, the proposal requires companies with greater percentages of voting shares in a bank to have less input in other factors.

For example, a company with 15 percent to 24.9 percent of the voting shares in a bank must have business relationships with the bank that amount to less than 2 percent of its revenue or expenses without being considered a controlling interest.

By comparison, a company with just 5 percent to 9.9 percent of voting shares could have a business relationship worth nearly 10 percent of its revenue and expenses.

The Fed board is set to vote on the proposal at an open meeting later on Tuesday.

(Reporting by Pete Schroeder; Editing by Paul Simao)

Source: OANN

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Shock at arrest of deputy’s son in black church fires

No known criminal record. No known history of violence. One friend called him an introverted animal lover. Another said he was a "very sweet guy" with a racially diverse group of friends.

But 21-year-old Holden Matthews is now the lone suspect in the torching of three African American churches in and around Opelousas, Louisiana.

The arrest of the son of a local sheriff's deputy shocked two friends who spoke to The Associated Press.

Meanwhile, pastors of the churches expressed relief that the mystery had apparently been solved.

___

McGill reported from New Orleans and Opelousas. Associated Press writers Stacey Plaisance in Opelousas, and Michael Kunzelman in College Park, Maryland, contributed to this report.

Source: Fox News National

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Colombia: Even Maduro's relatives seeking relief from outage

The blackout engulfing Venezuela is forcing many to seek refuge — even, as it turns out, President Nicolas Maduro's own relatives.

Authorities in neighboring Colombia said the leader's cousin, Argimiro Maduro, along with his spouse, children and extended relatives, approached a border checkpoint leading into Colombia on Monday seeking relief from the power outage.

According to officials, the group of 10 complained that the heat was unbearable as the blackout dragged on and said they wanted to spend five days in Riohacha, a city in northern Colombia with easy access to turquoise beaches along the Caribbean Sea.

But their plans were dashed when migration authorities found their names on a list of over 300 people with close ties to Maduro who should be denied entry.

"While the people of Venezuela die in hospitals because of the lack of electricity, we're not going to allow those close to the Maduro regime to vacation in Colombia, evading the reality of a people in agony," Colombia Migration Director Christian Kruger said.

Photos released by Colombian migration official show the group seeking access in baseball caps and shorts. One man wore a T-shirts with palm trees.

Maduro did not comment on the report that his family was seeking access to Colombia, though he has told Venezuelans in statements broadcast on state television that he has been suffering through the blackout alongside them.

Colombia's government has recognized opposition leader Juan Guaido as Venezuela's rightful president and recently began denying entry to close Maduro associates as a way of increasing pressure on his administration to hold new elections.

Maduro severed diplomatic relations with Colombia in late February after opposition leaders tried to bring international humanitarian aid collected in the Colombian border city of Cucuta across two bridges into Venezuela. The bridges remain closed except for access to students and patients.

Thousands of Venezuelans enter Colombia each day seeking food and medical care and sometimes they come with the goal of leaving permanently. The United Nations estimates at least 3.4 million Venezuelans have fled their homeland in recent years.

A power outage that struck last Thursday at the evening rush hour left almost the entire nation in the dark. Venezuela's information minister said Tuesday that the power grid had been almost completely restored, though there were still some pockets reported without power.

Venezuelan authorities are blaming the outage on a cyberattack, but engineers with knowledge of the grid's operating system say that was essentially impossible because the computers used have no internet connection and communicate only with each other.

Venezuelans have been taking extreme measures to find relief from the outage, parking their cars alongside the road wherever they can find a cellphone signal and collecting buckets of water from the badly polluted Guaire River in capital city Caracas.

Source: Fox News World

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John Delaney: DNC's Fox News Debate Block a 'Bad Decision'

The Democratic National Committee made a "bad decision" in refusing to hold a primary debate on Fox News, presidential candidate and former Rep. John Delaney, D-Md., said Thursday.

Delaney gave an interview on conservative commentator Hugh Hewitt's radio show Thursday, where he said he did not know why his fellow candidates for the Democratic nomination have avoided his show.

"I don't know," Delaney said. "It's the same reason why the DNC made, in my judgment, a bad decision not to allow Fox to do a debate."

DNC Chairman Tom Perez announced earlier this month the party would not hold a debate on Fox News in light of a report from The New Yorker that outlined the close relationship between the network and the Trump administration.

"Because, listen, I think we have to talk to everyone," Delaney said. "And in many ways, we have a much bigger obligation to talk to those who we don't agree with on things, right?"

He added later he thinks abolishing the Electoral College is "such a waste of time," because "it is never going to happen, so why not spend time talking about what we do to lower drug prices, how we improve the healthcare system, what we do to make sure we create jobs in parts of this country that have been left behind with huge concentration of investment in a relatively small number of places."


Related Stories:

Source: NewsMax Politics

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US, Taliban express optimism about latest talks

The United States and the Taliban have expressed optimism about the latest round of talks aimed at ending the 17-year war in Afghanistan.

U.S. envoy Zalmay Khalilzad says the talks, which carried into their second day on Tuesday, represent a "significant moment." The Taliban have also indicated progress, and the presence of Mullah Abdul Ghani Baradar, a co-founder of the movement and veteran battlefield commander, has further raised expectations.

The closed-door discussions in Qatar, where the Taliban maintain a political office, are believed to be focused on a U.S. troop withdrawal from Afghanistan and on launching negotiations between the Taliban and the U.S.-backed government in Kabul.

Source: Fox News World

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Bloomberg may see 2020 opening as Biden faces misconduct allegations, report says

Michael Bloomberg is reportedly having second thoughts about sitting out the 2020 presidential race amid inappropriate conduct allegations against former Vice President Joe Biden that may end Biden's bid before he has a chance to launch it.

Bloomberg, the billionaire former mayor of New York City and a supposedly centrist politician, announced last month that he wouldn’t be running for president in 2020, suggesting instead that Democrats unite behind a moderate candidate to help prevent President Trump's re-election.

BIDEN ACCUSED BY 2 MORE WOMEN OF INAPPROPRIATE TOUCHING

“It’s essential that we nominate a Democrat who will be in the strongest position to defeat Donald Trump and bring our country back together,” Bloomberg wrote in an op-ed. “We cannot allow the primary process to drag the party to an extreme that would diminish our chances in the general election and translate into ‘Four More Years.’”

But with Biden facing controversy after at least four women stepped forward in the last week with accusations of improper physical contact by the nation's former No. 2, Bloomberg sees an opening for a moderate candidate and is likely to revisit his previous decision, Axios reported, citing people who spoke about the issue with Bloomberg.

BLOOMBERG REVEALS HE WON'T RUN FOR PRESIDENT IN 2020, BUT URGES DEMS TO 'DEFEAT TRUMP'

Biden denied the allegations and his spokesman accused "right-wing trolls and others" of conflating images of Biden embracing acquaintances, colleagues and friends in his official capacity during swearing-in ceremonies with uninvited touching.

Bloomberg, valued at nearly $60 billion, would try to lure voters with the promise of moderation, unlike his Democratic opponents who are embracing far-left policies, while appealing to liberal voters with action on gun control and climate change.

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Yet he refrained from running this election cycle, in part due to Biden’s intent to run as well, as Biden would have overshadowed Bloomberg’s pitch to voters, according to the outlet.

Fox News’ Samuel Chamberlain contributed to this report.

Source: Fox News Politics

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Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Sruthi Shankar and Amy Caren Daniel

(Reuters) – U.S. stock index futures were flat on Friday, as investors paused ahead of GDP data, which is expected to show the world’s largest economy maintained a moderate pace of growth in the first quarter.

Gross domestic product probably increased at a 2% annualized rate in the quarter as a burst in exports, strong inventory stockpiling and government investment in public construction projects offset a slowdown in consumer and business spending, according to a Reuters survey of economists.

The Commerce Department report will be published at 8:30 a.m. ET.

The GDP data comes as investors look for fresh catalysts to push the markets higher. The S&P 500 index is about 0.5% below its record high hit in late September, after surging nearly 17% this year.

First-quarter earnings have been largely upbeat, with nearly 78% of the 178 companies that have reported so far surpassing earnings estimates, according to Refinitiv data.

Wall Street now expects S&P 500 earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3% fall expected at the start of April.

Amazon.com Inc rose 0.9% in premarket trading after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.

Ford Motor Co shares surged 8.5% after the automaker posted better-than-expected first-quarter earnings largely due to strong pickup truck sales in its core U.S. market.

Mattel Inc jumped 8% after the toymaker beat analysts’ estimates for quarterly revenue, as a more diverse range of Barbie dolls powered sales in the United States.

At 6:52 a.m. ET, Dow e-minis were down 35 points, or 0.13%. S&P 500 e-minis were down 1.5 points, or 0.05% and Nasdaq 100 e-minis were up 10.75 points, or 0.14%.

Among decliners, Intel Corp slumped 7.7% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business.

Rival Advanced Micro Devices declined 0.8%.

Oil majors Exxon Mobil Corp and Chevron Corp are expected to report results later in the day.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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General view of a destroyed building during World War II is pictured in Warsaw
General view of a destroyed building during World War II is pictured in Warsaw, Poland April 26, 2019. REUTERS/Kacper Pempel

April 26, 2019

By Joanna Plucinska

WARSAW (Reuters) – Germany could owe Poland more than $850 billion in reparations for damages it incurred during World War Two and the brutal Nazi occupation, a senior ruling party lawmaker said.

Some six million Poles, including three million Polish Jews, were killed during the war and Warsaw was razed to the ground following a 1944 uprising in which about 200,000 civilians died.

Germany, one of Poland’s biggest trade partners and a fellow member of the European Union and NATO, says all financial claims linked to World War Two have been settled.

The right-wing Law and Justice (PiS) has revived calls for compensation since it took power in 2015 and has made the promotion of Poland’s wartime victimhood a central plank of its appeal to nationalism.

PiS has yet to make an official demand for reparations but its combative stance towards Germany has strained relations.

“Poland lost not only millions of its citizens but it was also destroyed in an unusually brutal way,” Arkadiusz Mularczyk, who heads the Polish parliamentary committee on reparations, told Reuters in an interview.

“Many (victims) are still alive and feel deeply wronged.”

His comments come a month before European Parliament elections in which populist and nationalist parties are expected to do well. Poland will also hold national elections later this year, with PiS still well ahead of its rivals in opinion polls.

EU LARGESSE

Mularczyk said the reparations figure could amount to more than 10 times the estimated 100 billion euros ($111 billion) that Poland has received so far in European Union funds since it joined the bloc in 2004.

Germany is the biggest net donor to the EU budget and some Germans regard its contributions as generous compensation to recipient countries like Poland which suffered under Nazi rule.

In 1953 Poland’s then-communist rulers relinquished all claims to war reparations under pressure from the Soviet Union, which wanted to free East Germany, also a Soviet satellite, from any liabilities. PiS says that agreement is invalid because Poland was unable to negotiate fair compensation.

Mularczyk said his committee hoped to complete its report on the reparations issue by Sept. 1, the 80th anniversary of Hitler’s invasion.

Accusing Berlin of playing “diplomatic games” over the issue, he said: “The matter is being swept under the rug (by Germany) … until it’ll be wiped from the memory, from people’s awareness.”

His comments come after the Greek parliament voted this month to seek billions of euros in German reparations for the Nazi occupation of their country.

(Additional reporting by Anna Wlodarczak-Semczuk, Editing by Justyna Pawlak and Gareth Jones)

Source: OANN

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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Al-Qaida in Yemen is vowing to avenge beheadings carried out by Saudi Arabia this week — an indication that some of the 37 Saudis executed on terrorism-related charges were members of the Sunni militant group.

Al-Qaida in the Arabian Peninsula, as the branch is called, posted a statement on militant-linked websites on Friday, accusing the kingdom of offering the blood of the “noble children of the nation just to appease America.”

The statement says al-Qaida will “never forget about their blood and we will avenge them.”

U.S. ally Saudi Arabia on Tuesday executed 37 suspects convicted on terrorism-related charges. Most were believed to be Shiites but at least one was believed to be a Sunni militant.

His body was pinned to a pole in public as a warning to others.

Source: Fox News World

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For two friends with checkered pasts it was the luck of a lifetime: a 4 million-pound ($5.2 million) lottery win.

But Mark Goodram and Jon-Ross Watson may see their celebrations cut short.

The Sun newspaper reports that Britain’s National Lottery is withholding the payout as it investigates whether the men, who have a string of criminal convictions, used illicit means to buy the winning ticket.

The Sun said neither man has a bank account, leading lottery organizers to investigate how they obtained the bank-issued debit card that paid for the 10 pound ($13) scratch card.

Camelot, which runs the lottery, said Friday it couldn’t confirm details of the story because of winner-anonymity rules. The firm said it holds a “thorough investigation” if there is any doubt about a claim.

Source: Fox News World

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