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Slovak court considers banning parliamentary far right party

Slovakia's Supreme Court is deciding whether to ban a parliamentary party for the first time in the country's history.

The court listened Tuesday to a request that emanated from the country's prosecutor general to remove the far-right People's Party Our Slovakia party because he considers it a threat to democracy. It is set to issue a verdict on April 29.

The party has 14 lawmakers in the 150-seat parliament and is among the top four strongest parties.

Its members openly admire the Nazi puppet state that the country was during World War II, use Nazi salutes, consider NATO a terror group and want the country out of the European Union.

Source: Fox News World

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Hedge funds hunt for shipping debt in new market push

FILE PHOTO: A container ship crosses the Gulf of Suez towards the Red Sea before entering the Suez Canal
FILE PHOTO: A container ship crosses the Gulf of Suez towards the Red Sea before entering the Suez Canal, near Ismailia port city, northeast of Cairo, Egypt October 27, 2018. REUTERS/Amr Abdallah Dalsh/File Photo

February 20, 2019

By Jonathan Saul and Maiya Keidan

LONDON (Reuters) – A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector.

World economy worries and cost pressures are dampening prospects for a proper recovery in many segments of the shipping

sector, which has struggled with tough markets for a decade.

Meanwhile European banks, particularly German lenders, are trying to offload distressed and performing loans to the industry which attracts high capital requirements.

The European Central Bank’s banking supervisor has flagged troubled non-performing loans in 2019 as “a concern for a significant number of euro area institutions”.

In one of the first deals to have been concluded in recent weeks, finance sources said hedge and private equity firm Avenue Capital together with asset manager King Street Capital Management bought at least $100 million of loans from investment groups Varde Partners and Oak Hill Advisors.

In June last year funds managed by Varde and Oak Hill purchased $1 billion worth of legacy shipping loans – which sources said included mainly performing but also some distressed assets – from Deutsche Bank.

Varde and Oak Hill declined to comment, while Avenue Capital and King Street did not respond to requests for comment.

Hedge funds clocked up hundreds of millions of dollars in losses from investments in mainly equities when the shipping industry first turned sour a decade ago – and have made limited forays for the most part since.

Last year some equity-focused funds bet on a recovery for the global shipping industry through the stock and futures markets but many are now retrenching after heavy losses in the fourth quarter.

Debt-focused funds are hoping for more luck.

“There is more hedge fund buying interest in shipping debt than in equity now. I don’t think anyone believes the (shipping) market will recover any time soon,” said Basil Karatzas of New York based shipping finance advisory firm Karatzas Marine Advisors & Co.

“So, if you buy equities the upside potential is limited. You can more easily make double-digit returns through credit risk investments.”

Deals expected to generate hedge fund interest include a portfolio of distressed shipping loans that Greece’s Piraeus Bank is seeking to sell, finance sources said.

A source close to the Piraeus Bank deal said the portfolio of shipping loans, called Nemo, was made up of non-performing and performing loans with a nominal value of 500 million to 600 million euros. The source said a sale was expected to close in the second quarter of 2019, declining to provide any details on potential bidders.

Other hedge funds looking at distressed loans include York Capital Management and Cross Ocean Partners, the sources said.

A spokesman for York Capital declined to comment, while Cross Ocean Partners did not respond to requests for comment.

Och-Ziff Capital Management was amongst the suitors for a 2.7 billion euro distressed portfolio of shipping loans that was sold this month by ailing German state bank NordLB, which sources said was bought by private equity firm Cerberus.

Och-Ziff did not respond to requests for comment.

NordLB plans to wind down its remaining non-performing shipping loan portfolio of nearly 4 billion euros almost completely by the end of the year, which sources said is still likely to involve some loan sell-offs and expected to generate hedge fund interest.

Germany’s No.2 lender DZ Bank is also trying to offload over one billion euros of toxic shipping loans from its troubled transport financing division DVB Bank, although there have been multiple delays with the sales process, finance sources said.

Others though have opted for other types of investments, viewing toxic debt as too risky now.

“Hedge funds need to step in to shipping but it’s a bit early for the distressed cycle. It’s a question of timing,” said Louis Gargour, chief investment officer at hedge fund firm LNG Capital, which has around 10 to 15 percent of its total exposure focused on bond issuances by shipping companies.

(Additional reporting by George Georgiopoulos in Athens; editing by David Evans)

Source: OANN

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Northern Ireland police release teenagers arrested after journalist killing

Flowers and a candle are left at the exact spot where 29-year-old journalist Lyra McKee was shot dead, in Londonderry
Flowers and a candle are left at the exact spot where 29-year-old journalist Lyra McKee was shot dead, in Londonderry, Northern Ireland April 20, 2019. REUTERS/Clodagh Kilcoyne

April 21, 2019

BELFAST (Reuters) – Police in Northern Ireland on Sunday released without charge two teenagers arrested in relation to the killing of a journalist during a riot in Londonderry.

Lyra McKee, 29, an award-winning journalist who was writing a book on the disappearance of young people during decades of violence in Northern Ireland, was shot dead on Thursday as she watched Irish nationalist youths attack police following a raid.

“Two males, aged 18 and 19 … have been released without charge,” the Police Service of Northern Ireland said in a statement.

(Reporting by Conor Humphries; editing by Emelia Sithole-Matarise)

Source: OANN

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BlackRock quarterly profit falls 3.3 percent

FILE PHOTO: The company logo and trading information for BlackRock is displayed on a screen on the floor of the NYSE
FILE PHOTO: The company logo for BlackRock is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid/File Photo

April 16, 2019

(Reuters) – BlackRock Inc, the world’s largest asset manager, on Tuesday reported a 3.3 percent drop in quarterly profit, as investors shunned its expensive funds and flocked toward low risk, inexpensive funds.

Net income attributable to BlackRock fell to $1.05 billion, or $6.61 per share, in the first quarter ended March 31 from $1.09 billion, or $6.68 per share, a year earlier. (https://bit.ly/2XenIdZ)

(Reporting by Bharath Manjesh in Bengaluru; Editing by Sriraj Kalluvila)

Source: OANN

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Oakland teachers to start strike Thursday

Teachers in Oakland, California, plan to raise picket signs Thursday in the country's latest strike by educators over classroom conditions and pay.

The city's 3,000 teachers are demanding a 12 percent retroactive raise covering 2017 to 2020 to compensate for what they say are among the lowest salaries for public school teachers in the exorbitantly expensive San Francisco Bay Area.

They also want the district to hire more counselors to support students and more full-time nurses.

The walkout will affect 36,000 students at 86 schools.

The Oakland Educators Association called for the strike Wednesday after rejecting a proposal from the district for a 7 percent raise over four years and a one-time 1.5 percent bonus.

Source: Fox News National

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Man charged in Wisconsin kidnapping, killings due in court

A man accused of kidnapping a 13-year-old Wisconsin girl, killing her parents and holding her captive in a cabin for three months is expected to enter a formal plea Wednesday when he appears in court for an arraignment.

Jake Patterson, 21, wrote in a letter to Minneapolis' KARE-TV this month that he intends to plead guilty. His attorneys have not returned repeated messages seeking to confirm that he will do so at the arraignment in western Wisconsin. Prosecutors have said they won't comment. Such hearings are typically procedural affairs, where charges are read to a defendant who enters a formal plea ahead of trial. Sometimes a judge enters a not-guilty plea on the person's behalf.

Patterson told authorities that he decided "to take" Jayme Closs after seeing her getting on a school bus near her home, a criminal complaint says. He's accused of killing her parents, James and Denise Closs on Oct. 15 at the family home near Barron, about 90 miles (145 kilometers) northeast of Minneapolis. He then allegedly threw Jayme into the trunk of his car and drove to a remote cabin, where authorities say he held her for 88 days until she escaped Jan. 10.

Patterson is charged with two counts of intentional homicide and one count each of kidnapping and armed burglary. He faces life in prison if convicted on the homicide counts.

Jayme told police that the night she was abducted, she was asleep in her room when the family dog started barking, the criminal complaint says. She woke her parents as a car came up the driveway.

She and her mother hid in the bathroom, clutching one another in the bathtub with the shower curtain pulled shut. They heard Jayme's father get shot as he went to the front door. Patterson then found Jayme. He told detectives he wrapped tape around her mouth and head, taped her hands behind her back and taped her ankles together, then shot her mother in the head.

During her time in captivity, Patterson forced Jayme to hide under a bed when he had friends over and penned her in with tote boxes and weights, warning that if she moved, "bad things could happen to her." He also turned up the radio so visitors couldn't hear her, according to the complaint.

Authorities searched for Jayme for months and collected more than 3,500 tips. In January, she escaped when Patterson was away from the cabin and flagged down a woman who was walking her dog for help. Patterson was arrested minutes later.

Since her escape, Jayme has been living with an aunt in Barron, out of public view but for a handful of pictures showing a smiling Jayme posted to the aunt's Facebook page.

Patterson wrote in his jailhouse letter to KARE-TV that he intended to plead guilty because he didn't want Jayme's family "to worry about a trial," the station said.

___

Check out AP's complete coverage of Jayme Closs' abduction and her parents' deaths.

Source: Fox News National

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U.S. current account deficit hits 10-year high; firms bring back more foreign profits

FILE PHOTO: Sheets of Lincoln five dollar bill are fanned out at the Bureau of Engraving and Printing in Washington
FILE PHOTO: Sheets of former U.S. President Abraham Lincoln on the five-dollar bill currency are fanned out at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron/File Photo

March 27, 2019

WASHINGTON (Reuters) – The U.S. current account deficit increased more than expected in the fourth quarter amid declining exports, pushing the overall shortfall in 2018 to its highest level in 10 years, and U.S. companies repatriated a record amount of foreign earnings last year following the Republican tax overhaul.

The Commerce Department said on Wednesday the current account deficit, which measures the flow of goods, services and investments into and out of the country, rose 6.1 percent to $134.4 billion. The quarterly current account gap was the largest since the fourth quarter of 2008.

Data for the third quarter was revised to show the deficit rising to $126.6 billion from the previously reported $124.8 billion. Economists polled by Reuters had forecast the current account deficit rising to $130.0 billion in the fourth quarter.

The current account gap represented 2.6 percent of gross domestic product in the fourth quarter, the largest share since the second quarter of 2012. It was up from 2.5 percent in the July-September period.

The deficit increased 8.8 percent in 2018 to $488.5 billion, the highest level since 2008. For all of 2018, the current account deficit averaged 2.4 percent of GDP, the biggest share since 2012, from 2.3 percent in 2017.

The deficit on the current account has shrunk from a peak of 6.2 percent of GDP in the fourth quarter of 2005, in part because of a significant increase in the volume of oil exports.

In the fourth quarter, exports of goods fell 0.9 percent to $416.1 billion, while imports were unchanged at $649.1 billion.

Meanwhile, the flow of foreign profits repatriated by U.S. companies slowed to $85.9 billion in the fourth quarter from an upwardly revised $100.7 billion in the prior period, reflecting a diminishing impact from corporate tax overhaul that went into effect last January.

Earnings repatriation peaked at $294.7 billion in the first quarter immediately after the law took effect but has tailed off each quarter since. Even so, it remains well above pre-tax cut levels.

For the full year, foreign profits brought back to U.S. shores by American companies surged to a record $664.9 billion, more than four times the $155.1 billion logged in 2017 and more than twice the previous record in 2005.

(Reporting By Lucia Mutikani; Editing by Andrea Ricci and Dan Burns)

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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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

Source: OANN

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2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston
2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston, Texas, U.S. April 24, 2019. REUTERS/Loren Elliott

April 26, 2019

By Joshua Schneyer and M.B. Pell

NEW YORK (Reuters) – Senator Elizabeth Warren will introduce a bill Friday that offers new protections for U.S. military families facing unsafe housing, following a series of Reuters reports revealing squalid conditions in privately managed base homes.

The Reuters reports and later Congressional hearings detailed widespread hazards including lead paint exposure, vermin infestations, collapsing ceilings, mold and maintenance lapses in privatized base housing communities that serve some 700,000 U.S. military family members.

(View Warren’s military housing bill here. https://tmsnrt.rs/2Dy5aht)

(Read Reuters’ Ambushed at Home series on military housing here. https://www.reuters.com/investigates/section/usa-military)

The Massachusetts Democrat’s bill would mandate both regular and unannounced spot inspections of base homes by certified, independent inspectors, holding landlords accountable for quickly fixing hazards. The military’s privatization program for years allowed real estate firms to operate base housing with scant oversight, Reuters found, leaving some tenants in unsafe homes with little recourse against landlords.

The bill would also require the Department of Defense and its private housing operators to publish reports annually detailing housing conditions, tenant complaints, maintenance response times and the financial incentives companies receive at each base. The provisions aim to enhance transparency of housing deals whose finances and operations the military had allowed to remain largely confidential under a privatization program since the late 1990s.

The measure would also require private landlords to cover moving costs for at-risk families, and healthcare costs for people with medical conditions resulting from unsafe base housing, ensuring they receive continuing coverage even after they leave the homes or the military.

“This bill will eliminate the kind of corner-cutting and neglect the Defense Department should never have let these private housing partners get away with in the first place,” Warren said in a statement Friday.

The proposed legislation comes after February Senate hearings where Warren, a member of the Senate Armed Services Committee who is seeking the Democratic nomination for the 2020 U.S. presidential election, slammed private real estate firms for endangering service families, and sought answers about why military branches weren’t providing more oversight.

Her legislation would direct the Defense Department to allow local housing code enforcers onto federal bases, following concerns they were sometimes denied access. Warren’s office said a companion bill in the House of Representatives would be introduced by Rep. Deb Haaland, Democrat of New Mexico.

In response to the housing crisis, military branches are developing a tenant bill of rights and hiring hundreds of new housing staff. The branches recently dispatched commanders to survey base housing worldwide for safety hazards, resulting in thousands of work orders and hundreds of tenants being moved. The Defense Department has pledged to renegotiate its 50-year contracts with private real estate firms.

Congress has been quick to take its own measures. Earlier legislation proposed by senators Dianne Feinstein and Kamala Harris of California, along with Mark Warner and Tim Kaine of Virginia, would compel base commanders to withhold rent payments and incentive fees from the private ventures if they allow home hazards to persist.

(Editing by Ronnie Greene)

Source: OANN

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