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France to propose new ‘growth contract’ to euro zone partners: minister

FILE PHOTO: French Economy Minister Bruno Le Maire attends the 2018 Women's Forum Global Meeting in Paris
FILE PHOTO: French Economy Minister Bruno Le Maire attends the 2018 Women's Forum Global Meeting in Paris, France, November 15, 2018. REUTERS/Benoit Tessier/File Photo

April 10, 2019

By Leigh Thomas

PARIS (Reuters) – France will propose a new “growth contract” with its euro zone partners to encourage northern countries in the bloc to invest more and for southern countries to undertake further reforms, its finance minister said on Wednesday.

Finance Minister Bruno Le Maire said he would make the proposal to his euro zone counterparts on Thursday on the sidelines of a G7 meeting in Washington.

“We can’t just stand there with our arms crossed in the face of the marked and worrying global slowdown,” Le Maire told a French parliamentary finance commission.

“I think euro zone finance and economy ministers have a responsibility to take action,” he added.

The global economic outlook has dimmed rapidly in recent months amid trade tensions and Brexit worries, the International Monetary Fund warned on Tuesday, downgrading its outlook for the third time since October.

Growth is slowing in regional powerhouse Germany as well as Italy, while it is proving more resilient in France. The IMF forecast growth in Germany this year at 0.8 percent and Italy at only 0.1 percent, while France was seen at 1.3 percent.

Le Maire said the proposed new “growth contract” would consist of reforms in countries with weak competitiveness in exchange for more public investment in countries with less budget strains, like Germany, Finland and the Netherlands.

France has long called for more public investment in northern Europe, but its appeals have largely been ignored.

As economy minister at the time, President Emmanuel Macron urged Germany in 2014 to spend an additional 50 billion euros ($56 billion) on investments to support the European economy.

Le Maire insisted he was not simply reiterating such calls for more spending from Germany, as France was pushing ahead with reforms of its economic model.

“But solidarity requires that they make the necessary public investments so that overall the euro zone does better. If it is everyman for himself, there is no point in being in a monetary union,” he said.

Le Maire said his plan also relied on more efforts to protect the euro zone against a future crisis, such as having a shared budget to reduce economic divergences, finalizing a planned backstop for bad bank loans and better integration of financial markets.

The Organisation for Economic Cooperation and Development has estimated that a co-ordinated package of reforms and fiscal stimulus in the euro zone could boost growth by 0.5 percentage points over the next three years.

(Reporting by Leigh Thomas and Myriam Rivet; Editing by Sudip Kar-Gupta)

Source: OANN

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Ethiopia, France sign military, navy deal, turn ‘new page’ in ties

FILE PHOTO: FILE PHOTO: French President Emmanuel Macron waves as German Chancellor Angela Merkel departs after a meeting at the Elysee Palace in Paris, France
FILE PHOTO: French President Emmanuel Macron waves as German Chancellor Angela Merkel departs after a meeting at the Elysee Palace in Paris, France, February 27, 2019. REUTERS/Gonzalo Fuentes/File Photo

March 12, 2019

By John Irish

ADDIS ABABA (Reuters) – Ethiopia and France agreed their first military cooperation accord on Tuesday, a deal that includes helping the landlocked nation build a navy, as Paris seeks to boost economic ties in Africa’s second-most populous country.

On a four-day visit to the Horn of Africa, President Emmanuel Macron is looking to break from France’s colonial history on the continent and nurture relationships in a region where it has lagged behind in recent years.

Macron wants to leverage a mixture of Paris’ soft power in culture and education and its military know-how to give it a foothold at a time when Ethiopia is opening up.

“This unprecedented defense cooperation agreement provides a framework… and notably opens the way for France to assist in establishing an Ethiopian naval component,” Macron told a news conference alongside Prime Minister Abiy Ahmed.

The accord also provides for air cooperation, joint operations and opportunities for training and equipment purchases.

Abiy, who took over as premier in April last year, has presided over major political and economic changes that have included the pardoning of exiled rebel groups and reconciliation with longtime neighboring foe Eritrea.

The country disbanded its navy in 1991 after its then-province Eritrea, which is on the Red Sea, seceded following a three-decade war for independence.

“We are here in a friendly country where we want to strengthen and build a new page in our common history,” Macron said. “Since you became prime minister our vision (of Ethiopia) has profoundly changed.”

He and Abiy also agreed deals to develop Ethiopia’s cultural heritage, including preserving churches and opening an archaeological dig at a 12th century village. Paris will provide 100 million euros to help the country’s economic transition.

Macron was accompanied by a delegation of businessmen, including the chief executive of telecommunications group Orange, Stephane Richard, who is looking to position the company ahead of Ethiopia’s privatisation of the sector.

Shipper CMA-CGM and family-owned agri-food group Soufflet are among firms signing deals on Wednesday. A 50-strong French business delegation is due in Addis on Friday.

France’s history in Ethiopia dates back to the start of the 20th century. Its largest embassy compound in the world by size – 43 hectares (106 acres) – was given to it by Emperor Menelik II in 1907. In 1917 it built the rail link between former colony Djibouti and Addis. But these days its influence and business deals fail to rival the likes of China.

“The railway between Djibouti and France is 100 years old and the work that we now want to complete with President Macron is for the long-term. Perhaps in 100 years we’ll talk about it again,” Abiy said.

(Reporting by John Irish; Editing by Frances Kerry)

Source: OANN

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Judge orders detention of former Peruvian president

A judge in Peru has ordered the 10-day detention of former President Pedro Pablo Kucyznksi as part of a money laundering probe into his consulting work for the company at the heart of Latin America's biggest graft scandal.

The 80-year-old Kuczynski resigned last year after opposition lawmakers seeking his impeachment revealed that his private consulting firm had received some $782,000 in previously undisclosed payments from Brazilian construction giant Odebrecht more than a decade ago.

Some of those payments overlap with his years as a government minister

The preliminary arrest of the pro-American conservative was ordered Wednesday.

Three of Kuczynski's predecessors have also been charged or are under investigation for alleged ties to Odebrecht.

Source: Fox News World

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NBA roundup: Grizzlies top Rockets in OT despite Harden’s 57

NBA: Houston Rockets at Memphis Grizzlies
Mar 20, 2019; Memphis, TN, USA; Memphis Grizzlies center Jonas Valanciunas (17) defends against Houston Rockets center Clint Cappella (15) at FedExForum. Mandatory Credit: Nelson Chenault-USA TODAY Sports

March 21, 2019

Jonas Valanciunas’ offensive rebound and free throw with 0.1 second left in overtime helped the host Memphis Grizzlies topple the Houston Rockets 126-125 on Wednesday.

Valanciunas paired a career-high 33 points with 15 rebounds and teamed with Mike Conley (35 points, eight assists) to help Memphis fend off James Harden and the rallying Rockets. Valanciunas corralled a miss by Conley before absorbing a foul from Houston center Clint Capela on the game’s deciding play.

That followed an MVP-caliber stretch from Harden, who scored 18 of his game-high 57 points in the fourth quarter before adding eight points during a 28-second stretch in overtime.

Memphis averted a four-game season series sweep against Houston, which lost for just the third time since the All-Star break. Former Rockets forward Chandler Parsons drilled two 3-pointers in overtime to keep the Grizzlies in control despite Harden’s efforts.

76ers 118, Celtics 115

Joel Embiid collected 37 points and a career-high 22 rebounds to go along with a late key block on Kyrie Irving as host Philadelphia averted a season sweep by Boston.

Jimmy Butler scored 15 of his 22 points in the fourth quarter for the 76ers, who have won six in a row overall. Irving scored 16 of his 36 points in the first quarter for the Celtics, who fell short against Philadelphia for just the third time in the teams’ past 20 regular-season meetings.

Al Horford scored 22 points and Terry Rozier added 20 points off the bench for Boston, which saw guard Marcus Smart receive a flagrant-2 foul and an immediate ejection less than a minute into the third quarter following a two-handed shove into the back of Embiid.

Raptors 123, Thunder 114 (OT)

Pascal Siakam scored 33 points and grabbed 13 rebounds to lead Toronto to an overtime win at Oklahoma City.

The Raptors dominated the extra session, outscoring the Thunder 13-4 after letting a 19-point, second-half lead slip away. Oklahoma City didn’t score in the extra period until 31.5 seconds remained. Kawhi Leonard scored five of his 22 points in overtime, and Fred VanVleet finished with 23 points for the Raptors.

Russell Westbrook, returning from a one-game suspension and coming off a 2-for-16 shooting performance Saturday in a loss to the Golden State Warriors, helped lift the Thunder with 42 points and 16-of-29 shooting, including 5-of-10 accuracy from behind the 3-point arc.

Cavaliers 107, Bucks 102

Collin Sexton scored 25 points, and Jordan Clarkson added 23 off the bench to lead host Cleveland over short-handed Milwaukee.

Coming into the game, Sexton had been the first rookie to score at least 23 points in six consecutive games since Tim Duncan did it twice for the San Antonio Spurs in 1998. Sexton now has accomplished the feat in seven straight games.

Milwaukee dressed only nine players and was without Giannis Antetokounmpo and Nikola Mirotic. Antetokounmpo missed his second straight game with an ankle injury. The Bucks announced Wednesday that Mirotic will be out two to four weeks with a thumb injury. Khris Middleton led Milwaukee with 26 points.

Heat 110, Spurs 105

Goran Dragic scored 22 points off the bench, and Dwyane Wade had a big basket and a steal in the final minutes as visiting Miami outlasted San Antonio to snap Spurs’ nine-game winning streak.

After trailing by as many as 18 in the third quarter and by 13 with 9:50 to play, San Antonio charged back, pulling within 106-103 with 2:05 left. With Miami on top 108-105, Wade stole the ball from DeRozan with 9.1 seconds left. Kelly Olynyk then converted a pair of free throws to cement the win for the Heat.

Dion Waiters scored 18 points for the Heat, who hold a 1 1/2-game lead on the Orlando Magic for the Eastern Conference’s final playoff spot. Patty Mills, Marco Belinelli and Aldridge scored 17 points each for the Spurs.

Magic 119, Pelicans 96

Orlando led from start to finish, pounding visiting New Orleans for its third consecutive win.

Evan Fournier scored 22 points for the Magic, and Aaron Gordon had 20. Nikola Vucevic contributed 15 points and 17 rebounds.

Frank Jackson was the only Pelicans starter to score in double figures, netting 14 points. Reserve Stanley Johnson scored a team-high 18 points off the bench. Pelicans star forward Anthony Davis did not play due to a family matter.

Bulls 126, Wizards 120 (OT)

Kris Dunn atoned for a late miss in regulation with a pair of 3-pointers in overtime, and Lauri Markkanen added a back-breaking trey with 32.3 seconds remaining to send Chicago to victory over visiting Washington.

The loss assured the Wizards (30-42) of a losing season and cost them a key game in their desperate quest to move up from 11th place in the Eastern Conference standings.

Markkanen, the game’s leading scorer with 32 points, also collected a game-high 13 rebounds. Dunn had 26 points and 13 assists for the Bulls, who won their second straight after a five-game losing streak. Jabari Parker scored 28 points for the Wizards against his former team.

Trail Blazers 126, Mavericks 118

Damian Lillard scored 33 points and handed out 12 assists as Portland knocked off visiting Dallas.

Six players scored in double figures for the Trail Blazers, including Seth Curry with 20 off the bench. It was the fifth win in six games for Portland.

Luka Doncic scored 24 points and Justin Jackson contributed 21 for the Mavericks, who have lost 14 of their past 16 outings.

Jazz 137, Knicks 116

Donovan Mitchell scored 30 points in three quarters and Utah easily ran its winning streak to five games by rolling over host New York.

Mitchell helped the Jazz get their latest win by shooting 12 of 20 and hitting five 3-pointers. Utah matched a team record by hitting 20 3-pointers.

Rookie Kevin Knox scored 27 points for the Knicks, who lost for the 10th time in 11 games. Mario Hezonja added 23 points for New York, which was without Dennis Smith Jr. (sore back), Allonzo Trier (strained left calf) and Noah Vonleh (ankle).

–Field Level Media

Source: OANN

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Inside SoftBank’s push to rule the road

FILE PHOTO: A journalist raises her hand to ask a question to Japan's SoftBank Group Corp Chief Executive Masayoshi Son during a news conference in Tokyo
FILE PHOTO: A journalist raises her hand to ask a question to Japan's SoftBank Group Corp Chief Executive Masayoshi Son during a news conference in Tokyo, Japan, November 5, 2018. REUTERS/Kim Kyung-Hoon

April 12, 2019

By Heather Somerville and Paul Lienert

(Reuters) – SoftBank Group Corp leader Masayoshi Son has much bigger ambitions for transportation than simply seeing his investment in Uber Technologies Inc turn into more than $13 billion when the company goes public next month.

The Japanese entrepreneur is placing a $60 billion bet in more than 40 companies in a bid to steer the $3 trillion global automotive industry now dominated by vehicles people own and drive to a spectrum of transportation services available at the touch of a smartphone app. Those services range from ride hailing and car sharing to delivery robots and self-driving vehicles.

The extent of those investments, based on a Reuters analysis of publicly available data and interviews with a dozen sources familiar with SoftBank’s investment strategy, has not previously been reported. They show how Son has emerged as one of the power players trying to influence how people and goods move about the world in the coming decades.

Graphic: Softbank’s future mobility investments, click https://tmsnrt.rs/2UQXn4F

Key partners in Son’s quest are Uber, the U.S. ride services leader, and Japan’s Toyota Motor Corp.

Uber’s planned initial public stock offering in May is expected to value the company at $90 billion to $100 billion, representing a potential windfall to SoftBank, which put $8 billion into Uber for a 15 percent stake in January 2018. The rising value of that investment will further supercharge Son’s growing clout in the sector, and eventually provide him with additional capital to invest in mobility.

Closer to home, Toyota approached Son more than a year ago about a partnership, and SoftBank in February 2018 signed a memorandum of understanding with the automaker to consider how they might jointly develop mobility services, according to sources familiar with the document. The agreement was followed by the launch of a joint venture dubbed Monet Technologies, designed to set up automated mobility services.

SoftBank and Toyota are also in talks to co-lead a $1 billion investment in Uber’s self-driving unit, Reuters reported in March. While the deal is close to being finalized, discussions remain ongoing around issues such as how much of the unit SoftBank would control, sources told Reuters.

Toyota declined to comment for this story.

In an interview with Reuters, SoftBank Group Chief Operating Officer Marcelo Claure said that the two Japanese companies “have a lot sessions in which we think and we try to redefine the future of mobility.”

Central to those sessions are discussions about how Toyota and SoftBank can collaborate to bring autonomous vehicles to Japan, he said.

Son has been working since 2014 to weave together a tapestry of diverse transportation bets. His deep portfolio of investments range literally from A to Z: From Arm, a British semiconductor maker that Son acquired in 2016 for $32 billion, to Zume Pizza, a Silicon Valley startup that aims to automate pizza delivery and raised $375 million last year from SoftBank.

A FAMILY AFFAIR

SoftBank has used at least five investment vehicles, including the $100 billion Vision Fund, from which to make its mobility investments, public records show. Its deep pockets, aggressive investing tactics and sweeping vision of the future of transportation give SoftBank and its leader Son an outsized influence in shaping the entire industry.

The Vision Fund has more than 30 investment professionals who work to promote cooperation and integration among the portfolio companies, which they refer to as a “family.”

“We can create this web where companies talk to each other and they help each other because they are part of the same family and they do joint ventures and they do joint investments,” Claure said.

SoftBank and its affiliates have focused some of their biggest investments on self-driving firm Cruise, a unit of GM, and four global ride-services giants — Uber, Didi Chuxing, Ola and Grab. SoftBank is the largest shareholder in the four ride-services companies and the largest outside shareholder in Cruise.

Son “is the true emperor of future mobility,” said Tom De Vleesschauwer, senior director of long-term planning and sustainability at IHS Automotive.

To help implement his vision, Son also allied with General Motors Co and Honda Motor Co, each of which is investing heavily in self-driving vehicles and ride services.

Son laid out his future of transportation vision in an October press conference alongside Toyota, where he talked about building a “cluster” of leading mobility companies in different sectors, which “can collaborate with each other.”

Toyota a year ago introduced e-Palette, an electric shuttle designed for self-driving ride and delivery services, and quickly signed up Uber and Didi as development partners. The e-Palette is also the centerpiece of Monet Technologies, which added Honda as a minority partner in March. All are tied back to SoftBank.

That collaboration is expected to enable some SoftBank companies to become “superapps,” or applications where customers go for a range of services, such as transportation, shopping and payments. Such companies can be much more lucrative than those that offer just one core business or service.

But the fact that many of SoftBank’s companies are rivals can complicate the investor’s ambitions. Uber and Ola, the Indian ride-hailing company, remain fierce competitors and are never in the same room when SoftBank discusses ride-hailing strategies, Claure said.

Traditionally in venture capital, funds do not invest in direct competitors.

“There are tremendous synergies, but on the other hand there is significant risk of tremendous conflicts of interest,” said Paul Asel, managing partner at NGP Capital and a longtime mobility investor.

There are limits to the investor’s influence, however. For example, SoftBank encouraged Cruise to acquire or take a stake in self-driving startup Nuro, but talks between the companies never led to a deal, according to two sources with knowledge of the matter.

So SoftBank made its own, $940 million investment in Nuro.

HUNTING BIG GAME

In his five-year transportation push, Son’s stakes in ride services startups now look like bargains. In late 2014, SoftBank joined Alibaba, China’s internet giant in which SoftBank also has a stake, in a $600 million funding round in Kuaidi Dache, the forerunner of China’s Didi.

That investment has grown to more than $11 billion in Didi, in which SoftBank now holds more than 20 percent.

SoftBank’s partnerships with major automakers are also proving to be a boon to transportation startups. Toyota invested in Uber in 2016, then boosted its stake seven months after SoftBank’s investment. Honda followed SoftBank with an investment into Grab, and last year committed $2.75 billion to Cruise’s self-driving project, aiding SoftBank’s ambitions.

But the SoftBank portfolio is not without risks, particularly for companies dependent on the Japanese firm to sustain them financially for years to come. SoftBank faces financial pressures, including an obligation to pay an annual 7 percent dividend on a portion of the invested capital and has burnt through the majority of the Vision Fund.

And it is compelled by a new U.S. law cracking down on foreign investment in technology to submit many of its mobility investments to a government regulatory agency for approval. Should that regulatory group block a deal, it could be catastrophic to a startup.

But there is some safety for Son given the size of his portfolio.

“He’s shooting for big game,” Roger Lanctot, global automotive practice director at Strategy Analytics, said of Son. “He only needs to bag one or two and he will do just fine.”

(Reporting by Paul Lienert in Detroit and Heather Somerville in San Francisco; editing by Edward Tobin)

Source: OANN

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McConnell Welcomes End to Mueller Probe, Calls for 'Openness and Transparency'

Senate Majority Leader Mitch McConnell expressed relief that special counsel Robert Mueller's investigation has ended, asking for "openness and transparency" moving forward as Department of Justice officials prepare to make the report's findings public.

"I welcome the announcement that the special counsel has finally completed his investigation into Russia's efforts to interfere in the 2016 elections," said McConnell, a Kentucky Republican. "Many Republicans have long believed that Russia poses a significant threat to American interests. I hope the special counsel's report will help inform and improve our efforts to protect our democracy.

"The attorney general has said he intends to provide as much information as possible. As I have said previously, I sincerely hope he will do so as soon as he can, and with as much openness and transparency as possible."

Attorney General William Barr received Mueller's report on Friday, and he wrote to Congressional leaders that he might be able to brief them on the findings as soon as this weekend.

It's still unclear when the report's conclusions will be made public.

"I am grateful we have an experienced and capable attorney general in place to review the special counsel's report," McConnell said. "Attorney General Barr now needs the time to do that."

Source: NewsMax Politics

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SUV careens into California gym, injures man on treadmill in shocking video

This man's workout nearly killed him -- and it had nothing to do with exercise.

Samuel Kiwasz was at an "Anytime Fitness" gym in Culver City, California on March 29 when an SUV smashed through a window and struck him as he was on a treadmill warming up before a group training class.

"It's a miracle that I'm alive," he told FOX11. "All of a sudden there was this loud crash and the glass came flying and I got hit, and I got shoved back and I went flying and rolled to the side so I wouldn't get crushed."

2 ILLEGAL IMMIGRANTS KILLED IN CRASH IN NEW MEXICO AFTER CHASE INVOLVING BORDER PATROL; 9 APPREHENDED

Security cameras at the gym captured the moment that Kiwasz was on a treadmill at 5:49 a.m., before the Mercedes SUV slammed into the building through a window, ramming the treadmill into a back wall.

Samuel Kiwasz was nearly killed after an SUV slammed through a window at a gym as he was on the treadmill.

Samuel Kiwasz was nearly killed after an SUV slammed through a window at a gym as he was on the treadmill. (FOX11)

"All of a sudden there was this loud crash and the glass came flying and I got hit here by the treadmill," he told FOX11. "And I got shoved back. And I went flying. And I rolled to the side so I wouldn't get crushed."

CALIFORNIA MOTORCYCLE OFFICER INVOLVED IN CRASH DIES

Others in the gym, including trainers, rushed to help get Kiwasz off the floor.

The woman behind the wheel claimed her brake pedal didn't work, according to FOX11.

The woman behind the wheel claimed her brake pedal didn't work, according to FOX11. (FOX11)

"I ran over here and saw blood coming out of his mouth. And I remember picking him up and sitting him down, wiping the blood off his face," said trainer Cruz Cueva. "And the first thing he told me was 'I'm sorry for ruining everybody's workout.' And I was like 'you don't get to apologize!'"

CLICK HERE FOR THE FOX NEWS APP

The driver, a woman who wasn't wearing shoes, then got out of the SUV before trying to get back in -- but an undercover police officer who happened to be working out stopped her.

Employees told FOX11 the woman, who has yet to be identified, told police her brake pedal didn't work.

Source: Fox News National

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Britain's Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador's residence in Beijing
Britain’s Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador’s residence in Beijing, China April 26, 2019. REUTERS/Florence Lo/Pool

April 26, 2019

BEIJING (Reuters) – British finance minister Philip Hammond said on Friday that he had a “very constructive meeting” with his counterpart in the opposition Labour Party before leaving for Beijing and that he was optimistic about finding common ground.

Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing, said talks with Labour aimed at finding a way forward on Brexit had not stalled.

“I’m optimistic that we will find common ground,” he said. “Both sides have got clear positions and both sides will have to compromise in order to reach an agreement.”

Hammond added that he absolutely did not favor a no deal exit from the European Union.

(Reporting by Ben Blanchard; editing by Darren Schuettler)

Source: OANN

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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