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U.S. heavy equipment makers feeling pain from tariffs, disputes: report

Caterpillar equipment at a retail site in San Diego California
FILE PHOTO: Caterpillar Inc. equipment is on display for sale at a retail site in San Diego, California, U.S., March 3, 2017. REUTERS/Mike Blake

March 18, 2019

By Timothy Aeppel

(Reuters) – U.S. makers of bulldozers and other heavy equipment are raising prices, losing sales and in some cases beginning to trim workers in response to the Trump administration’s protracted trade disputes with various countries, according to a new report.

Advocates of tariffs point to continued job growth and low overall inflation as proof that tariffs are not harming these manufacturers, which include global producers such as Caterpillar Inc, Alamo Group Inc and Terex Corp.

But an economic analysis conducted on behalf the Association of Equipment Manufacturers and set to be released on Monday by IHS Markit, notes that increased costs and the disruption of supply chains will slowly filter through the overall economy, gradually raising prices for finished goods and curbing employment over the next decade.

Scott Hazelton, a co-author of the report, said tariffs will increase the cost of producing off-road equipment in the U.S. between 6 percent to 7 percent over the period.

Caterpillar, a key component of the Dow, has said tariffs cost the company $100 million last year.

The study notes heavy equipment makers are particularly exposed to higher steel prices. Accounting for all steel used – both directly by these manufacturers and the parts they buy from others – the material represents 18.5 percent of the cost of a farm machine and 25.8 percent for mining machines.

“If you’re a domestic producer, you’re caught between eating a cost increase or raising prices and potentially losing business,” Hazelton said.

Gradall Industries Inc is among those getting hit at both ends of their business. The company, a subsidiary of Alamo Group Inc, has seen the price of massive metal castings it imports from China go up by 25 percent due to tariffs, for instance, on top of higher domestic steel prices.

Mike Haberman, president of Gradall, said they raised prices twice last year in response to higher-cost imports and steel.

Meanwhile, “our exports to China are down 30 to 40 percent,” said Haberman, due to retaliatory tariffs China slapped on imports of Gradall’s machines and the economic slowdown in that country.

The Section 232 tariffs imposed by Washington hit most foreign suppliers of metals, which have prompted retaliatory duties from many of those countries.

Haberman said he has not shed workers yet, but stopped hiring last year.

Other companies, however, are beginning to eye job cuts.

John Garrison, chief executive of Terex, said he plans to start reducing headcount in one of his business lines this year, but declined to specify which sector or the number of jobs that might be cut.

The company has three segments – aerial work platforms, cranes and material processing machines.

“I can’t say that it’s all due to tariffs, but the economic uncertainty caused by the trade situation isn’t helping,” Garrison said.

(Reporting by Timothy Aeppel; editing by Joe White and G Crosse)

Source: OANN

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Israel gives Islamic authority deadline in holy site closure

An Israeli court has set a 60-day deadline for the Jordanian-appointed council that oversees Muslim holy sites in Jerusalem to respond to its closure of a disputed structure at the city's most sensitive scared site.

Jordan's Foreign Ministry called on Israel to rescind its "dangerous" court-ordered closure Sunday, saying that the Al-Aqsa mosque compound "is not subject to Israeli jurisdiction" and falls under the "exclusive authority of the Waqf," or Islamic council.

The Waqf says it will continue operating in the structure while Jordan and Israel attempt to reach a settlement in the coming weeks.

Israel shuttered the structure in 2003, claiming it was used by a group connected with Islamic militants. The Waqf re-opened the area recently, leading to tense standoffs between Palestinian worshippers and Israeli police.

Source: Fox News World

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Drugs, mobile phones delivered to UK prison inside dead rats

British officials say dead rats stuffed with drugs and mobile phones have been thrown over prison fences to provide contraband to prisoners.

Officials said Monday that staff had found the rats inside the perimeter fence of a prison in Dorset, 130 miles (210 kilometers) southwest of London.

The staff noticed the bodies appeared to have stitches along their stomachs and opened the rodents.

The three rats contained five mobile phones and chargers, three SIM cards, cigarette papers, marijuana and the drug Spice.

Prisons Minister Rory Stewart said the find "shows the extraordinary lengths to which criminals will go to smuggle drugs into prison.".

Source: Fox News World

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Ex-Trump Official to Will Seek GOP Nod for US Senate

Gavin Clarkson, a former Trump Administration official and former candidate for Congress, has announced he will run for an open U.S. Senate seat in New Mexico.

Clarkson said Tuesday he will seek the Republican nomination in 2020 for Senate and will make immigration and "free speech on public campuses" his center issues.

He made his announcement in an interview with the conservative-leaning blog, NM Politics with John Block . Clarkson is the first Republican to say he will run for the state's open Senate spot.

U.S. Rep. Ben Ray Luján — the No. 4 ranked Democrat in Congress — said earlier this month he would seek the Democratic nomination. Democratic Secretary of State Maggie Toulouse Oliver says she's also considering running.

Source: NewsMax America

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Italy considering compensation claim against EU over bank rescue: Conte

Italian Prime Minister Guiseppe Conte arrives at a European Union leaders summit in Brussels
Italian Prime Minister Guiseppe Conte arrives at a European Union leaders summit in Brussels, Belgium March 22, 2019. Julien Warnand/Pool via REUTERS

March 22, 2019

BRUSSELS (Reuters) – Italy is considering compensation claims against the European Commission for the strict interpretation it gave to EU banking rules, the Italian prime minister said on Friday, after a landmark EU ruling this week over a bank rescue.

On Tuesday the EU general court overturned Brussels’ decision to block a 2014 rescue plan of small Italian lender Tercas, prompting compensation calls from Italian banks which argued that subsequent banking rescues in Italy were more costly because of the Commission’s strict position.

“We have to draw political and juridical conclusions, including about a compensation plan,” Prime Minister Giuseppe Conte told reporters after a summit of EU leaders in Brussels.

Earlier this week Italian Foreign Minister Enzo Moavero Milanesi had also flagged the possibility of a legal action against Brussels.

Conte backed Moavero’s comments but called for a cautious approach as the EU Commission could also appeal the ruling, he told reporters.

Conte, whose eurosceptic government has used public funds to help Italy’s ailing Carige bank and has not ruled out further support, said the Tercas ruling “set a precedent” which could enable a less strict application of EU banking rules.

The European Commission has said it is assessing the judgment and its consequences on future interventions.

Seven banks have been rescued in Italy since the Tercas case, including Banca Monte dei Paschi, the world’s oldest lender still in operation, and a smaller bank in Tuscany whose collapse and the subsequent wipeout of its creditors triggered the suicide of one of them.

The Tercas rescue was orchestrated by Italy’s deposit guarantee fund, which Brussels said could not be used for measures other than its core function of paying back savers hit by a bank failure.

The EU court ruling, labeled “historic” by EU lawmakers, effectively dismissed the Commission’s argument.

(Reporting by Francesco Guarascio; Editing by Mark Heinrich)

Source: OANN

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Japan manufacturers’ mood slumps to 2-1/2-year low – Reuters Tankan

FILE PHOTO: A man cycles past chimneys of facotries at the Keihin Industrial Zone in Kawasaki
FILE PHOTO: A man cycles past chimneys of facotries at the Keihin Industrial Zone in Kawasaki, Japan September 12, 2018. REUTERS/Kim Kyung-Hoon/File Photo

April 17, 2019

By Tetsushi Kajimoto and Izumi Nakagawa

TOKYO (Reuters) – Japanese manufacturers’ business confidence slipped to a 2-1/2-year low in April, a Reuters poll showed on Thursday, underlining growing concerns the economy could slip into a recession in the face of slowing external demand.

The monthly poll, which tracks the Bank of Japan’s (BOJ) closely watched tankan quarterly survey, found the service-sector mood up for the first time in four months, which may help ease some of the pressure on the world’s third-biggest economy.

Manufacturers’ mood is expected to rebound over the coming three months and service-sector morale is also seen edging up slightly, although the pace of recovery appears weak.

Subdued business confidence – on top of weakness in factory output and exports – has raised the specter of a downturn, although BOJ Governor Haruhiko Kuroda has maintained a relatively sanguine view on the economy in a signal that policy will remain steady at next week’s rate-review.

In the Reuters poll of 478 large- and mid-sized companies, in which 241 firms responded on condition of anonymity, many managers voiced concerns about China’s economic slowdown and its trade war with the United States.

“A sense of caution is rising due to the global slowdown amid the U.S.-China trade war and Brexit, which are causing companies to hold off on business investment, curbing orders for capex,” a manager of a machinery maker wrote in the survey.

The Reuters Tankan sentiment index for manufacturers stood at 8 in April, down two points from March, weighed on by manufacturers of processed food, transport equipment machinery and chemicals, the April 3-15 survey showed.

The index posted a sixth straight month of falls and hit the lowest reading since September 2016.

It is expected to rebound to 13 in July.

A bruising Sino-U.S. tariff war and slowing global growth have curbed global trade, in turn hurting Japan’s exporters and manufacturing industry. Some analysts warn of the risk of the economy sliding into a recession.

In the fourth quarter, Japan’s economy managed a modest bounce after a contraction in the previous quarter as floods and an earthquake temporarily halted production. The worry is that the recovery is being stunted by a cooling global economy.

The service-sector index grew to 24 in April from 22 in the previous month, led by industries such as construction/real estate and transport/utility.

The index is expected to inch up to 25 in July.

The BOJ’s last quarterly tankan showed the business mood hit a two-year low in the March quarter, highlighting worries that global trade tensions and weakening world demand were taking a toll on the export-reliant Japanese economy.

The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive figure means optimists outnumber pessimists.

(Reporting by Tetsushi Kajimoto and Izumi Nakagawa; Editing by Shri Navaratnam)

Source: OANN

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European stocks pause after strong rally, Brexit impasse weighs

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, March 22, 2019. REUTERS/Staff

April 2, 2019

(Reuters) – European shares treaded water on Tuesday following their strongest two-day rally since January, as Brexit uncertainty clouded sentiment with parliament deadlocked again over its exit from the European Union.

The pan-European index was up 0.03 percent at 0720 GMT, nudging toward highs from September and March.

Most European bourses posted slight gains and Britain’s exporter-heavy FTSE 100 rose 0.5 percent, helped by a weaker sterling.

Global equities advanced on Monday, with STOXX posting its best gain in six weeks, after investors were encouraged by upbeat manufacturing surveys out of China and the United States.

The strong data from two of the world’s largest economies came on the heels of fresh concerns over the health of the world economy after the U.S. Federal Reserve abandoned plans for interest rates hikes this year in a surprise move last month.

Meanwhile, Britain was no nearer to resolving the chaos surrounding its exit from the EU bloc after parliament failed on Monday to find a majority of its own for any alternative to Prime Minister Theresa May’s divorce deal.

May is due to hold five hours of cabinet meetings with senior ministers on Tuesday to plan the government’s next moves.

Capping gains on the pan-region index were losses in auto stocks and basic resources, which declined for the first time in five sessions.

Mining stocks slid with BHP Group dipping after the company said their initial estimates indicated iron ore production would take a hit of about 6 million to 8 million tonnes from damage caused by cyclone Veronica last week.

Novartis AG shares fell 0.7 percent after a U.S. ruling that the Swiss drugmaker must face a government lawsuit accusing it of paying millions of dollars in kickbacks to doctors so they would prescribe its drugs.

Prosiebensat rose 2.5 percent, leading gains after HSBC upgraded the Germany-based advertising company’s stocks.

Grenke AG rose 1.5 percent after the company reported an increase of 22 percent in the new businesses in the first quarter.

Volvo rose 1.2 percent after Goldman Sachs initiated its rating on the company with “buy.”

Tire-maker Pirelli rose 0.3 percent after the company said it saw a positive impact of 107 million euros in first half from recognition of tax credits in Brazil.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Andrew Cawthorne)

Source: OANN

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

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It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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The Dalai Lama has returned to his headquarters in the north Indian hill town of Dharmsala after a brief stay in a hospital in the capital for treatment of a chest infection.

Hundreds of exiled Tibetans lined the streets of Dharmsala carrying ceremonial scarves and incense sticks to welcome the Dalai Lama on Friday.

The 83-year-old Tibetan spiritual leader told reporters that he had fully recovered, but that the illness had been “a little bit serious.” He did not give any details.

The Dalai Lama usually spends several months a year traveling the world to teach Buddhism and highlight Tibetans’ struggle for greater freedom in China. But he has cut down on his travels in the past year to take care of his health.

Source: Fox News World

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