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As The Perfect Storm Approaches, Most Americans Are Partying Instead Of Preparing

I can’t think of a time when Americans were more apathetic about getting prepared, and yet this is exactly the time when the urgency to get prepared should be at the highest. 

Earlier today, my wife Meranda and I were discussing the fact that every single element of “the perfect storm” is coming together just as we had anticipated.  One by one, the pieces are all falling into place, and I share the most recent things that my research has uncovered with all of you on a daily basis.  Unfortunately, most Americans are absolutely convinced that there is no reason to get prepared for hard times because everything is going to be just great.  In America today, most people either believe that the future is going to be totally wonderful or that the future will be totally wonderful once we get rid of Trump.  Because so many of us have adopted one of these false narratives, most Americans are partying instead of preparing, and that is going to mean big trouble when things really start going haywire.

Are you familiar with “the rule of three”?  I just looked it up on Google, and this is how it is defined…

“You can survive for 3 Minutes without air (oxygen) or in icy water. You can survive for 3 Hours without shelter in a harsh environment (unless in icy water) You can survive for 3 Days without water (if sheltered from a harsh environment) You can survive for 3 Weeks without food (if you have water and shelter)”

Of course these numbers are not exact.  For example, many have gone without food for more than 3 weeks without serious problems.  But in general, this is a pretty good guideline for survival.

Sadly, if a major emergency were to hit this country tonight, most Americans would be completely unprepared when it comes to even the most basic essentials.  In fact, one survey found that only 39 percent of Americans have any sort of an “emergency kit” whatsoever…

When it comes to being prepared for an emergency, 39% say they have an emergency kit, while another 39% have a non-perishable food stock. A little less than one-third (28%) of people have stockpiles of water, and one in four people (25%) have an evacuation plan.

Of those who have an emergency kit, the most common items to have in the kit are: a first-aid kit (86%), flashlights or other light sources (83%), food (65%), water (63%), and blankets (62%).

Those are depressingly low numbers.


Owen Benjamin riffs about the truest manifestation of freedom in the United States today versus the left’s authoritarian concepts that are sold to the American people as ‘freedom’ but result in dependency and slavery.

So what are all of those people going to do when things hit the fan and the government is not there to rescue them?

Needless to say, a lot of people will really freak out when they can’t get what they need.

But as long as things are relatively “normal”, this astounding lack of preparation will not be a problem.  And right now, Americans are acting as if things will be “normal” for the foreseeable future.  In fact, most of us are partying like it’s 1999 all over again.  According to CNBC, U.S. consumer debt just surpassed the four trillion dollar mark for the first time ever…

As of this month, outstanding consumer debt exceeded $4 trillionfor the first time, according to the Federal Reserve.

Relatively strong holiday spending, particularly in November, and increasing credit card debt added more than $41 billion in outstanding balances at the end of 2018, according to LendingTree, a loan comparison website, which analyzed the data from the Fed.

We are spending money as if there is no tomorrow, and that would be fine if tomorrow never arrived.

Of course we really shouldn’t be spending money so wildly anyway, because many of us are already completely drowning in debt.  For example, auto loan delinquencies are already far higher than they were during the peak of the last recession.  The following comes from NBC News

At least 7 million Americans were in serious delinquency on their car loan — 90 or more days behind — at the end of 2018, according to data released Tuesday by the Federal Reserve Bank of New York.

That’s 1 million more than at the end of 2010, after the recession.

And student loan delinquencies also just shot up to the highest level ever.  We have never seen anything like this before in modern American history, and yet the party continues to roll on.

For now.

Unfortunately, all parties eventually come to an end, and the end of this one is going to be particularly painful.

When disaster strikes, most Americans are going to be out of resources very, very rapidly.  One survey found that 78 percent of all American workers are living paycheck to paycheck.  That number is a little higher than other figures that I have seen, but everyone agrees that a solid majority of the country is barely scraping by each month.

When things get really bad, I honestly don’t know how most people are going to make it.

A number of years ago, a survey asked Americans how long they thought they would survive if the electrical grid went down for an extended period of time.

Nearly 75 percent said that they would be dead before the two month mark.

Hopefully you are more resourceful than that.  But without a doubt all of us are going to stand a better chance of surviving what is ahead if we make some basic preparations.  It’s isn’t rocket science, but if you choose to do nothing because you have blind faith in the system, then you and your entire family could find yourselves in a world of hurt when things start getting really crazy out there.

If we had made different choices as a nation, we could have had a very different future.

Sadly, our self-destructive behavior continues to get even worse, and a day of reckoning for America is fast approaching.

Source: InfoWars

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Union fund adviser CtW questions Lyft’s path to profitability ahead of IPO

The Lyft Driver Hub is seen in Los Angeles
The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson

March 21, 2019

By Joshua Franklin and Ross Kerber

NEW YORK/BOSTON (Reuters) – Union pension fund adviser CtW Investment Group said on Thursday Lyft Inc “faces an all-but-insurmountable barrier” to profitability due to issues with the ride-hailing company’s pricing strategy and new regulations driving costs higher.

The comments come four days into the roadshow for Lyft’s much-anticipated initial public offering (IPO), in which it is seeking to raise around $2 billion at a valuation of up to $23 billion.

Investor demand has been strong so far, with the IPO book oversubscribing after just two days, making it more likely that Lyft will hit or even exceed its valuation target, Reuters reported on Tuesday.

This is despite Lyft not having yet turned a profit, reporting a loss of $911 million in 2018, wider than its $688 million loss in 2017.

In a letter to potential investors in the IPO, CtW argued Lyft can only become profitable by reducing the share of revenue received by its drivers. CtW said Lyft’s larger rival Uber Technologies Inc pursued this strategy.

“Over the past three years, Lyft has mimicked Uber’s pay compression strategy, and IPO investors face the risk that the far smaller company will not be capable of sustaining low pay any longer than the market leader could,” CtW Research Director Richard Clayton wrote in the letter.

CtW said challenges for Lyft would also come from local politicians, including a move by New York City to set a minimum wage for drivers.

CtW works with union pension funds affiliated with Change to Win and which it says collectively manage $250 billion in assets.

Asked why CtW was commenting on Lyft ahead of the IPO, Clayton said in an emailed statement the group wants to make sure decision makers managing workers’ retirement savings take a careful look at Lyft before deciding whether to buy into the IPO. CtW also represents drivers unions which could be affected by the rise of ride-hailing services.

A spokesman for Lyft declined to comment.

In meetings with investors this week, Lyft executives said the company would be profitable much sooner were it not for investments in areas such as its scooter business, Reuters has reported. Lyft executives also said they expect the costs of processing transactions to come down.

Lyft is scheduled to price its IPO on March 28 and begin trading on the Nasdaq the following day.

(Reporting by Joshua Franklin in New York and Ross Kerber in Boston; Editing by Susan Thomas)

Source: OANN

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Wife listened to brutal beating that left Dodgers fan on life support: reports

A 43-year-old father of four was brutally beaten in the Dodger Stadium parking lot on Saturday after a verbal confrontation turned physical and was listed in critical condition early Monday.

The victim was identified by his wife as Rafael Renya. His injuries included a fractured skull and bleeding on the brain. The beating occurred after the team lost to the Arizona Diamondbacks 5-4 after 13 innings, FoxLa.com reported.

Authorities in Los Angeles are searching for the suspect.

“Somebody needs to come forward,” Christel Reyna said. “I know people saw it. I heard them.”

His wife was on Facetime during the fight and listened to the struggle, The Los Angeles Times reported.

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She said she heard the entire assault. The team issued a statement obtained by the paper that read a “witness immediately reported the incident to stadium personnel, and emergency medical technicians were promptly dispatched to provide medical assistance at the scene. The matter is now being investigated by the Los Angeles Police Department, and the Dodgers are cooperating fully with the investigation.”

There has been a GoFundMe page set up for the family.

Source: Fox News National

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NYPD releases video showing hit-and-run driver striking 14-year-old pedestrian

Surveillance cameras from a New York City apartment building captured a harrowing scene: a hit-and-run driver striking a 14-year-old girl, who is sent hurtling into traffic -- before getting back on her feet, lucky to be alive.

The NYPD released footage from the video Saturday, seeking to identify the female driver.

The teen, Xin Yi Wang, only sustained bumps and bruises and says the video is hard to watch.

POLICE HUNT THIEVES IN CHURCH DONATION BOX ROBBERIES CAUGHT ON CAMERA

“I see myself just fly on the ground,” she told WCBS-TV. “In my memory I would say it’s just a short distance, but when [I] see the video, it’s a long distance flying. I was…oh my God, lucky I didn’t get hit by another car.”

Xin Yi Wang, 14, said she is lucky she wasn't hit by another car after being struck by a hit-and-run driver in New York City last month.

Xin Yi Wang, 14, said she is lucky she wasn't hit by another car after being struck by a hit-and-run driver in New York City last month. (NYPD)

Xin was coming home from school March 27 in Borough Park, Brooklyn, when she was hit.

MISSING MOTHER’S ESTRANGED HUSBAND, WOMAN CHARGED WITH MURDER, NEW YORK CITY POLICE SAY

The video shows her walking in a crosswalk at the time, apparently with the right of way based on the traffic flow.

Police said the vehicle that struck her was a Dodge Charger with Georgia license plates.

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The video shows the driver getting out of the Charger, talking to Xin, getting back in and then driving away.

Source: Fox News National

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Stock futures flat ahead of GDP data

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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ADB chief says bank will continue to grant loans to China

FILE PHOTO: Asian Development Bank President Takehiko Nakao attends the Asian Financial Forum in Hong Kong
FILE PHOTO: Asian Development Bank President Takehiko Nakao attends the Asian Financial Forum in Hong Kong, China January 15, 2018. REUTERS/Bobby Yip

April 25, 2019

MANILA (Reuters) – The Asian Development Bank sees value in continuing to lend to China, its president said on Thursday, in response to calls for the institution to stop granting loans to the world’s second-largest economy.

ADB President Takehiko Nakao also said the multilateral financial institution’s lending to China “is not huge” so it will not crowd out borrowers from poorer countries.

“There is merit in lending to China. One we can have influence over such policies like climate change and the environment, which might have a positive impact on developing countries and to the region,” Nakao told reporters.

The Japanese government, which is a founding member of the ADB, has urged the Manila-based lender to stop lending to China on the grounds that it is rich enough to “graduate” from aid, the Nikkei has reported.

But while China’s share in ADB lending has been declining, Nakao said there are no plans of “letting China graduate immediately”.

Nakao said ADB earns from its loans to China and this income could also be used to support its operations in poorer countries.

China has been the bank’s second-largest sovereign borrower and is a major contributor to the institution’s development finance and knowledge sharing initiatives, the ADB said.

ADB’s committed loans to China have fallen to 12 percent of its total in 2018 from 19 percent in 2013, Nakao said.

Founded in 1966 with a mandate to lift hundreds of millions of Asians out of poverty, the Japanese-led ADB has 67 member countries ranging from struggling Bangladesh and Pakistan to booming China and India, with its largest donors Japan and the United States.

(Reporting by Karen Lema; Editing by Jacqueline Wong)

Source: OANN

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Romania’s growing pains just keep coming back

Thousands of crows fly at dusk over the city skyline in Bucharest
FILE PHOTO: Thousands of crows fly at dusk over the city skyline in Bucharest November 27, 2012. REUTERS/Radu Sigheti

March 27, 2019

By Luiza Ilie and Marc Jones

BUCHAREST/LONDON (Reuters) – Almost every former Eastern Bloc country has suffered growing pains at some point over the last few decades. Romania’s just seem to keep coming back.

Fumbling attempts to bring in new bank, energy and telecoms taxes in recent months are the latest example of its struggle to assert itself as a fully functioning economy.

Two years ago, growth outpaced nearly all its European peers, spurring hopes it was finally harnessing the potential of its 20 million population — the second biggest in central Europe behind Poland — and its own oil and gas reserves.

But having been inflated by some potent fiscal stimulus, the expansion is now fading so fast again — to 4 percent last year from 7 percent in 2017 — that some analysts fear another boom and bust is playing out.

Expectations are dimming that equity index provider MSCI might promote Romania to emerging market status alongside peers like Poland and the Czech Republic as soon as this year, which would draw money into its undersized financial markets.

The IPO market is at a standstill and the new taxes worried S&P enough that it threatened to change Romania’s credit rating outlook to negative.

Bucharest averted that by promising to tweak the measures to preserve central bank independence. But the confusion has only added to a view that policymaking has become unpredictable.

“The frequency of legislative changes has been increasing and often seems to come out of the blue,” said Franklin Templeton’s Romania CEO, Johan Meyer, who manages the Fondul Proprietatea fund which has stakes in a slew of state-owned firms.

“Sometimes the decisions do get reversed or watered down, but at that point the reputational damage has been done.”

As the country gears up for four elections in 2019-20, Finance Minister Eugen Teodorovici had said the measures would help the economy “aggressively in the good way” by lowering borrowing costs and energy prices.

A ROAD TO NOWHERE

In the 12 years since it joined the European Union, Romania’s per capita national output has doubled, to roughly 60 percent of the euro zone average, while record low unemployment led to double-digit average wage growth in the last four years.

But income inequalities are among the bloc’s highest. One-third of the population lives in poverty and millions lack sufficient access to healthcare and basic amenities like indoor plumbing.

Its population is both shrinking and aging, while backsliding in the battle against chronic corruption has led to mass street protests.

“Investor confidence is being eroded by persistent legislative instability, unpredictable decision-making, low institutional quality and the continued weakening of the fight against corruption,” the European Commission said in February.

And while Romania is up 16 places on the World Economic Forum’s Global Competitiveness Index since joining the EU, Bulgaria, which also joined in 2007, has leapfrogged it.

Graphic: Poverty levels in EU interactive – https://tmsnrt.rs/2UR8cEa

This month, a businessman from northeastern Romania opened a one-meter-long motorway, built in a day and paid for by him, in protest at the state of the country’s roads.

Romania has only 800 kilometers of motorways, less than half that of Hungary even though it is more than double the size of its neighbor and has almost twice as many people.

Just 75 kilometers have been built in the last three years and none go border-to-border despite years of government promises.

Central Bank Governor Mugur Isarescu routinely uses roads to highlight poor infrastructure that impedes economic development.

“Romania will be ready to join the euro when it has a motorway crossing the Carpathian mountains,” he has said.

Graphic: Romania motorways interactive – https://tmsnrt.rs/2Ol8Abt

PATCHY IMPROVEMENTS

A series of International Monetary Fund-led aid deals in 2009-2015 helped Romania shrink its budget and current account deficits, seen as a key weakness of the economy, and it won back its investment-grade rating in 2014. Its debt to debt-to-GDP is low, in line with the Czech Republic’s at around 38 percent.

But those twin deficits are rising again after tax cuts and wage and pensions hikes that have inflated consumption.

The external shortfall was 4.7 percent of GDP in 2018, a decade high, although the government has kept the budget deficit under the EU’s 3 percent ceiling by postponing investments.

“Policies focused on raising public sector wages and pensions have widened imbalances and at some point their adjustment will be unavoidable,” said the head of Romania’s fiscal watchdog Ionut Dumitru.

“The current account deficit is at a level that can no longer be ignored.”

Graphic: Romania’s boom and bust cycles – https://tmsnrt.rs/2OfoiEO

PROMOTION PROSPECTS

Its financial markets are lagging too. Bucharest’s main stock market has only 16 companies and the tax changes have knocked banking and energy firms, leaving it with the lowest price-to-earnings ratio in the region.

Privatisations of firms like power utility Hidroelectrica, which were supposed to broaden and deepen the market and help its prospects of an MSCI promotion, have not materialized.

“They (Romania) are always remain on our radar screen. But so far it hasn’t reached the market classification framework requirements,” MSCI’s Sebastien Lieblich said, citing the small number of listed stocks.

Franklin Templeton’s Meyer blames government foot-dragging and a system whereby company directors can serve for just a few months, so that turnover at board level can hamper the six-to-nine month process of preparing a firm for the stock market.

He reckons up to five state-owned firms could easily be floated but sees none happening soon.

“It is like any promotion,” Meyer said of MSCI. “If you only do the bare minimum in your job you don’t get it.”

Graphic: Price-to-earnings ratio of Romania’s stock market – https://tmsnrt.rs/2OaW3Hr

(Reporting by Luiza Ilie in Bucharest and Marc Jones in London; Additional reporting by Karin Strohecker in London; Editing by Catherine Evans)

Source: OANN

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The headquarters of Wirecard AG is seen in Aschheim near Munich
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

April 26, 2019

BERLIN (Reuters) – Wulf Matthias will not stand for a second term as Wirecard’s chairman in 2020, German daily Handelsblatt said on Friday, citing sources in the financial industry.

For age reasons alone this would not be an option for Matthias, aged 75, Handelsblatt added.

Matthias will keep his mandate until it ends in 2020, the paper quoted a company spokeswoman as saying.

Wirecard was not immediately available for comment when contacted by Reuters.

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

Source: OANN

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FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva
FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

April 26, 2019

ZURICH (Reuters) – Shareholders approved Credit Suisse’s 2018 compensation report with an 82 percent majority on Friday, overriding frustrations expressed at its annual general meeting over jumps in executive pay during a year its share price plummeted.

Three shareholder advisers had recommended investors vote against Switzerland’s second-biggest bank’s remuneration report, while a fourth backed the report but expressed reservations about whether management pay matched performance.

The approval marked a slight increase over the 80.8 percent support garnered for the bank’s 2017 compensation report.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

Source: OANN

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FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson/File Photo

April 26, 2019

By Simon Jessop and Sinead Cruise

LONDON (Reuters) – Activist investor Edward Bramson is likely to fail in his attempt to get a board seat at Barclays’ annual meeting next week, even though shareholders are dissatisfied with performance of the group’s investment bank.

New York-based Bramson’s Sherborne Investors and the board of the British bank have been sparring for months over Barclays’ strategy.

Bramson wants to scale back Barclays’ investment bank to reduce risk and boost shareholder returns. Barclays Chief Executive Jes Staley remains staunchly committed to growing the business out of trouble.

After failing to persuade Staley to change course since he began building a 5.5 percent stake in the bank in March last year, Bramson hopes a board seat will rachet up the pressure.

Both sides have written to shareholders pitching their case and Bramson has courted investors in one-on-one meetings, although none have publicly backed him yet.

Interviews by Reuters with five institutional investors in Barclays suggest Bramson has failed to persuade them.

Sherborne declined to comment.

Mirza Baig, head of investment stewardship at top-40 shareholder Aviva Investors, said Bramson was welcome on the bank’s register but the boardroom was a step too far.

“He has created a lot of value at other businesses, but, generally, when he has come in as executive chair and taken full control. This would be a different case where he would just be one lone voice on the board,” he said.

A second Barclays shareholder said he backed Bramson’s goal of improving returns but via an “evolutionary” approach.

“If you look at banks that have tried to restructure their operations in investment banking – you look at Natwest Markets, Deutsche Bank – I struggle to think of an example where a roughshod restructuring has been accretive to shareholder value.”

A third, top-30 investor said he had been impressed by incoming Chairman Nigel Higgins’ grasp of the challenge in hand, and felt investors would give him time.

“Management know they have to execute and deliver improved returns… [Higgins] will continue to re-shape the board but obviously he didn’t feel that having someone with a diametrically opposed view on it would be helpful.”

A fourth, top-30 investor agreed: “We voted for the chairman to come in and it would be crazy to allow an activist to join the board (at this time).”

Jupiter Fund Management, the 24th largest investor, said it also planned to vote against Bramson.

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

Since Staley joined Barclays in 2015, the investment bank returns relative to capital invested have increased but are still underperforming the overall business.

Barclays’ first-quarter figures showed the investment bank posted a 6 percent drop in income from its markets business and a 17 percent fall in banking advisory fees.

Returns in the investment bank fell to 9.5 percent from 13.2 percent a year ago.

Famed for successful campaigns against smaller British companies in sectors from chemicals to advertising, Bramson’s board seat pitch has been rebuffed by shareholder advisory firms.

Institutional Shareholder Services, the world’s biggest, said Bramson’s proposal “falls short of what can reasonably be expected from a shareholder trying to address issues at a 28 billion pounds, systemically important bank”.

Glass Lewis also flagged concern about Bramson’s lack of banking experience and “questionable” shareholding structure, referring to Sherborne’s use of derivative contracts to hedge losses should its strategy fail.

Critics said the arrangement meant his interests are not truly aligned with those of other long-term shareholders.

British advisory firm Pirc, however, said it recommended that investors abstain in the vote on Bramson’s proposal as a challenge to the board to do better in the year ahead – or face a similar contest in 2020.

(Editing by Jane Merriman)

Source: OANN

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https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

After an over 15-month pregnancy, “Akuti,” a 7-year-old Greater One Horned Indian Rhinoceros, gave birth as a result of induced ovulation and artificial insemination at Zoo Miami, April 23, 2019.

Ron Magill/Zoo Miami

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

Source: Fox News World

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FILE PHOTO: File photo of a Chevron gas station sign in Del Mar, California
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – U.S. oil and natural gas producer Chevron Corp reported a 27 percent fall in quarterly earnings on Friday, hit by lower crude prices and weaker margins in its refining and chemicals businesses.

Net income attributable to the company fell to $2.65 billion, or $1.39 per share, for the first quarter ended March 31, from $3.64 billion, or $1.90 per share, a year earlier.

Earlier in the day, larger rival Exxon Mobil Corp reported earnings well below analysts’ estimates, as margins in its refining business were hurt by higher Canadian prices and heavy scheduled maintenance.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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