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Suppliers Freudenberg, Benteler join forces in electric cars

Batteries are seen in the engine compartment of a VW Beetle 1995, locally called
File photo: Batteries are seen in the engine compartment of a VW Beetle 1995, locally called "Vocho", in Monterrey April 22, 2015. REUTERS/Daniel Becerril

April 12, 2019

FRANKFURT (Reuters) – German car parts makers Benteler and Freudenberg Vibracoustic are joining forces in the development of parts for electric vehicles, the companies said on Thursday, amid a growing trend of companies in the sector cooperating to cope with change.

The car industry is facing multi-billion euros investment crunch as manufacturers shift from developing combustion engined cars toward zero-emission electric and autonomous vehicles.

Benteler will provide know-how on chassis and system integration and Vibracoustic expertise in reducing noise and vibration, the companies said.

Separately, Freudenberg Chief Executive Mohsen Sohi said that the group has for now shelved plans for an initial public offering of Vibracoustic.

“We still consider a stock market flotation of Vibracoustic, but not in the near future as market conditions are unfavorable. In the event of a future listing, Freudenberg will definitely remain an anchor investor of Vibracoustic,” he said.

(Reporting by Arno Schuetze; Editing by Edward Taylor)

Source: OANN

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Exclusive: Brazil’s state bank Caixa close to selling $2.4-billion Petrobras stake – sources

People walk past a Caixa Economica Federal bank in downtown Rio de Janeiro
People walk past a Caixa Economica Federal bank in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares

February 26, 2019

By Tatiana Bautzer and Carolina Mandl

SAO PAULO (Reuters) – Brazilian state-owned bank Caixa Economica Federal is close to selling a 9-billion-real ($2.4 billion) stake it owns in oil company Petroleo Brasileiro SA, two sources with knowledge of the matter said on Tuesday.

The share offering of the 2.3 percent stake owned by Caixa in Petrobras, as the oil company is known, depends on the publication of a new presidential decree authorizing the sale, the sources said, asking for anonymity to discuss private plans.

President Jair Bolsonaro has already signed a first decree authorizing Caixa to sell its Petrobras stake, but the decree had technical mistakes and needed to be republished, they said.

Once the new decree is signed, Caixa will hire investment banks to help manage the secondary share offering.

Press representatives at Caixa Federal declined to comment.

The sale of the Petrobras stake will be the second divestiture led by Caixa since Chief Executive Pedro Guimaraes took the helm at the state bank last month, after the sale of a 2.4 billion reais stake in reinsurer IRB Brasil Resseguros SA. The IRB share offering will be priced later on Tuesday.

These shares in IRB are owned by a government fund responsible for financing education and managed by Caixa.

Caixa owns 3.2 percent of Petrobras common stock directly and 1 percent of non-voting capital.

Both transactions will be led by Caixa’s recently created investment banking unit, with around 30 bankers recruited internally.

Guimaraes recently appointed new senior management officials at Caixa. Andre Laloni, former head of UBS AG in Brazil and the Southern Cone, is the new chief financial officer, while former Banco Santander Brasil SA executive, Luciane Ribeiro, will lead Caixa’s asset management unit.

(Reporting by Tatiana Bautzer; Editing by Bernadette Baum)

Source: OANN

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Decision on car tariffs depends on getting trade deal with Europe: Trump

U.S. President Donald Trump greets Austrian Chancellor Sebastian Kurz at the White House in Washington
U.S. President Donald Trump (L) greets Austrian Chancellor Sebastian Kurz as he arrives at the White House in Washington, U.S., February 20, 2019. REUTERS/Jim Young

February 20, 2019

WASHINGTON (Reuters) – President Donald Trump on Wednesday said a U.S. decision on whether to impose tariffs on car imports depends on reaching a trade deal with Europe.

Speaking to reporters at a White House meeting with Austrian Chancellor Sebastian Kurz, Trump said the auto tariffs are something his administration is thinking about.

Earlier this week, European Commission President Jean-Claude Juncker said the U.S. president, known for a strong protectionist approach to trade, had promised him he would not impose additional import tariffs on European cars for the time being.

(Reporting by Lisa Lambert; editing by Jonathan Oatis)

Source: OANN

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German Greens won’t back any EU chief who woos far right

A leading candidate for Germany's Green party says it won't support anyone hoping to head the European Union's executive branch if that candidate seeks the support of the far right.

Populist and far-right parties critical of the EU are expected to make gains in next month's European parliamentary elections, which are being held in all EU nations.

Sven Giegold said Thursday if the Greens' own candidate for the European Commission presidency fails to win sufficient support — which is likely — the party would seek to form "a clear pro-European majority" in the bloc's parliament.

Giegold told reporters in Berlin that "we won't back anyone who allows themselves to be supported by the far right." The comment was directed toward the center-right European People's Party and its leading candidate, Manfred Weber.

Source: Fox News World

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UCLA soccer coach steps down amid college admission scandal bribery allegations

A UCLA soccer coach resigned Thursday after being accused of accepting a $100,000 bribe to add a real estate developer’s daughter to the university’s women’s soccer team roster despite her having no prior competitive soccer experience.

Jorge Salcedo stepped down from his position as UCLA men’s soccer coach after allegedly taking a bribe to recruit Lauren Isackson onto the women’s soccer team to ensure her acceptance into the university, UCLA athletic department spokesperson Shana Wilson told the New York Post.

Isackson was listed on the UCLA soccer team in 2017 as a midfielder despite never playing the sport competitively and never playing a match while on the UCLA team, prosecutors argued.

LORI LOUGHLIN DAUGHTERS ‘NOT TALKING ABOUT FUTURE PLANS’ AMID ‘NIGHTMARE’ COLLEGE ADMISSIONS SCANDAL: REPORT

Salcedo now faces conspiracy to commit racketeering charges after allegedly being paid $100,000 by a sports marketing company run by Wiliam “Rick” Singer. The alleged mastermind behind the college admission scandal, Singer ran the New Port Beach college prep business, Edge & Career Network, which was accused of creating fake profiles for college applicants.

Salcedo was charged along with nearly 50 other people Tuesday, March 12, 2019, in a scheme in which wealthy parents bribed college coaches and insiders at testing centers to get their children into some of the most elite schools in the country, federal prosecutors said.

Salcedo was charged along with nearly 50 other people Tuesday, March 12, 2019, in a scheme in which wealthy parents bribed college coaches and insiders at testing centers to get their children into some of the most elite schools in the country, federal prosecutors said. (AP Photo/Gerry Broome, File)

Isackson’s father, real-estate developer Bruce Isackson, also allegedly gifted Singer 2,150 shares of Facebook stock valued at $251,249 in 2016 in exchange for his daughter’s admission into UCLA.

Isackson’s father reportedly originally wanted his daughter to attend the University of Southern California. After Isackson’s father allegedly paid the USC coach $25,000, Singer’s contacts at the school accidentally sent her application through the normal admissions process. Singer then passed Isackson’s name to UCLA’s Salcedo, prosecutors allege.

Isackson’s bio on UCLA women’s soccer team website said she was team captain at Woodside Soccer Club from 2012 to 2016, but the club denied those claims when asked by the Los Angeles Times.

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“Nobody remembers this girl’s name,” Zak Ibsen, Woodside Soccer Club’s director of coaching, told the Los Angeles Times. “Smells fishy to me.”

Salcedo originally joined the UCLA soccer team as a ball boy before winning a national championship playing on the team in the 1990s. As coach, he carried the team through 14 NCAA tournaments and national championships in 2006 and 2014.

Source: Fox News National

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Ex-Maryland Gov. Harry R. Hughes dies at 92; served 2 terms

Former Maryland Gov. Harry R. Hughes, who prided himself on restoring public faith in the political process, died Wednesday. He was 92.

His daughter, Elizabeth Hughes, said Hughes' had been in hospice.

"I was holding his hand," she said. "He was a wonderful dad. He was a kind generous man, and he had a great sense of humor."

In a statement on Hughes' passing, Gov. Larry Hogan said Wednesday that flags will be flown at half-staff until sunset of the day of interment. Hogan described Hughes as "a longtime friend and Maryland legend whom I deeply admired."

The two-term Democratic governor, who served from 1979 to 1987, also spent 16 years in the General Assembly and seven as Maryland's first transportation secretary.

Hughes came to the governor's mansion at a time when Maryland had become a national symbol for corruption. Gov. Marvin Mandel had been sentenced to jail on political corruption charges and former Gov. Spiro T. Agnew had pleaded no contest to income tax evasion.

Hughes said in a January 1987 interview with The Associated Press that he was most proud of restoring integrity to state government.

"It's an intangible, but very important," Hughes said at the time.

He left political life after a failed bid for the U.S. Senate, saddled by the public with much of the blame for the 1985 savings and loan debacle.

"Looking back, I wouldn't have done anything differently," he said of the one blot on his record. "I think we handled it well."

Hughes and the legislature moved quickly to create a state agency that took over from the private agency that insured the thrifts. Most depositors got all their money back.

Born in Easton on Nov. 13, 1926, Hughes enlisted in the Navy at age 17 and served a year and a half with the Navy Air Corps in World War II. He graduated in 1949 from the University of Maryland and flirted with a baseball career, spending a summer with the New York Yankees' Class D farm team in Easton, before going on to George Washington University School of Law.

He opened a law practice in his hometown of Denton in 1952.

In 1954, he was elected to represent Caroline County in the House of Delegates and in 1958 was elected to the state Senate, where he served until 1970.

He was appointed to head the newly created state Department of Transportation in 1971, but resigned in May 1977 to protest the award of a large construction management contract.

Hughes' campaign for his party's nomination for governor was beset by financial problems and he was dismissed by political observers early on as "a lost ball in high grass."

His friends often lamented Hughes was too shy to promote himself, too restrained to ask for campaign contributions.

But he shocked the pundits with a Democratic primary upset of Acting Gov. Blair Lee, who moved up from lieutenant governor when Mandel went to prison.

Hughes was elected Maryland's 57th governor in 1978 by a landslide, 71 percent of the vote, the largest margin of victory for a Maryland governor at that time. He was re-elected in 1982 with 62 percent.

During his two terms, he launched an aggressive economic development program, a large tax relief program, an overhaul of the corrections system and the biggest prison construction program in state history.

In 1983, he signed an agreement with the governors of Virginia and Pennsylvania and the mayor of the District of Columbia to work to restore the polluted Chesapeake Bay.

He also cited his programs dealing with child and spousal abuse, drunken driving, increases in school aid and transportation projects that included an interstate from Baltimore to Annapolis.

After eight years as governor, he launched a bid for the U.S. Senate, but was dogged on every step by depositors angered by the savings and loan crisis and he lost the primary.

Hughes left government to become a partner in the Baltimore office of the Washington law firm of Patton, Boggs and Blow, which represents mostly corporate clients before government agencies.

Source: Fox News National

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The Latest: North Korea's Kim gets in limo after train trip

The Latest on the summit in Vietnam between North Korean leader Kim Jong Un and President Donald Trump (all times local):

9:15 a.m.

After barreling through China for three days on his green-and-yellow armored train, North Korean leader Kim Jong Un has switched to another mode of high-security transport after arriving in Vietnam.

He's now traveling in a massive bulletproof Mercedes encircled by bodyguards.

After arriving at Vietnam's Dong Dang Station, Kim shook hands with Vietnamese officials and waved to the crowd before stepping into the limousine. A dozen of crew-cut bodyguards flanked the vehicle and ran in formation as it slowly rolled out of the station and headed to Hanoi, where Kim will meet President Donald Trump for their second summit.

Kim's bodyguards also ran alongside his limousine during his summit with Trump last June in Singapore and his summit with South Korean President Moon Jae-in last April.

____

8:30 a.m.

Kim Jong Un's train has arrived in Vietnam for the North Korean leader's second summit with Donald Trump.

Vietnamese troops in crisp white uniforms and black boots stood at attention Tuesday to welcome Kim on a red carpet beneath large North Korean and Vietnamese flags at the Dong Dang railway station on the China-Vietnam border. A crowd gathered along the road near the station to wave North Korean flags and bouquets of flowers on a cold, drizzling morning.

It wasn't clear if Kim had visited any places in China on his trip from Pyongyang, the North Korean capital, to the border. Press reports speculate that he will drive the 170 kilometers to Hanoi, the Vietnamese capital, ahead of his Wednesday meeting with Trump..

Source: Fox News World

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A worker walks on the roof of a new home under construction in Carlsbad
FILE PHOTO: A worker walks on the roof of a new home under construction in Carlsbad, California September 22, 2014. REUTERS/Mike Blake

April 26, 2019

NEW YORK (Reuters) – The U.S. economy is growing at a 2.08% annualized pace in the second quarter based on upbeat data on durable goods orders and new home sales in March, the New York Federal Reserve’s Nowcast model showed on Friday.

This was faster than the 1.92% growth rate calculated by the N.Y. Fed model the week before.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

Source: OANN

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Extraordinary European Union leaders summit in Brussels
FILE PHOTO: Italian Prime Minister Giuseppe Conte arrives at an extraordinary European Union leaders summit to discuss Brexit, in Brussels, Belgium April 10, 2019. REUTERS/Yves Herman

April 26, 2019

(Reuters) – Italian Prime Minister Giuseppe Conte said on Friday he had assured China’s Huawei Technologies that it would not face discrimination in the rollout of Italy’s 5G telecoms network.

Conte was speaking on a visit to China where he said he met Huawei’s chief executive, Ren Zhengfei. The prime minister’s comments were carried in Italy by TV broadcaster Sky Italia.

“I told him that we have adopted some precautions, some measures to protect our interests that demand very high levels of security … not only from Huawei but any company entering into the 5G arena,” he said.

Huawei, the world’s biggest producer of telecoms equipment, is under intense scrutiny after the United States told allies not to use its technology because of fears it could be a vehicle for Chinese spying. Huawei has categorically denied this.

(Writing by by Mark Bendeich; Editing by Angelo Amante)

Source: OANN

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U.S. President Trump departs for travel to Indianapolis from the White House in Washington
U.S. President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019. REUTERS/Jonathan Ernst

April 26, 2019

WASHINGTON (Reuters) – President Donald Trump on Friday was expected to announce his intention to revoke the United States’ status as a signatory of the Arms Trade Treaty, which was signed in 2013 by then-President Barack Obama but never ratified by Congress, two U.S. officials said.

Trump was expected to announce the decision in a speech in Indianapolis, to the National Rifle Association, the officials said. The NRA, a powerful gun lobby group, has long been opposed to the treaty, which was negotiated at the United Nations.

(Reporting By Steve Holland; Editing by Bill Trott)

Source: OANN

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A remote controlled robot for the 'Isotopium: Chernobyl' game is seen at the game's location in Brovary
A remote controlled robot for the ‘Isotopium: Chernobyl’ game is seen at the game’s location in Brovary, Ukraine April 25, 2019. REUTERS/Valentyn Ogirenko

April 26, 2019

By Margaryta Chornokondratenko

KIEV (Reuters) – A Ukrainian computer game that brings to life a town abandoned after the Chernobyl nuclear disaster may not sound like everyone’s idea of fun but has attracted 60,000 people globally since its launch in October.

Players of “Isotopium: Chernobyl” drive tanks around the ghost town of Prypyat near Chernobyl, knocking out competitors as they search for an energy source called isotopium and collecting points every time they find some.

While the game takes its theme from the nuclear disaster at Chernobyl in northern Ukraine, which marked its 33rd anniversary on Friday, it was also inspired by the 2009 science fiction film “Avatar”.

Newcomers to the game think they have entered a virtual world when in fact they are controlling a real robot, equipped with a camera and computer, which makes its way around a model of the town rendered down to the tiniest detail.

“When playing our game, for the first 5-10 minutes many players don’t understand that it is not fictional,” said the game’s co-founder Sergey Beskrestnov. “They message us saying: ‘You have cool texture, you have good graphics, your designer is good, well done. You have a cool operating system.’

“People then reply: ‘It is not an operating system, it is real,’ and the player can’t believe it is real,” said Beskrestnov, speaking mid-game from Prypyat city square as he towers over surrounding five-storey buildings.

Kiev-born Beskrestnov was just 12 years old when on April 26, 1986 a botched test at the nuclear plant in the then Soviet Union sent clouds of smoldering nuclear material across large swathes of Europe, forced over 50,000 people, including Beskrestnov’s family, to evacuate and poisoned unknown numbers of workers involved in its clean-up.

Beskrestnov and his partner Alexey Fateyev used Google maps and hundreds of pictures from the Chernobyl area to recreate Prypyat landmarks, including residential buildings, a hotel, concert hall, amusement park and a stadium.

The game’s real-scale model occupies a 180 square meter (1,938 sq. ft) basement of a residential building in the Ukraine city of Brovary, just 150 km (93 miles) from the Chernobyl Exclusion Zone and 30 km east of Kiev.

Miniature radioactivity warning signs, graffiti on the walls of abandoned buildings and tables and chairs left scattered inside a small cafe all add to the creepy atmosphere of a once lively town.

“It’s a really neat concept …,” Shaun Prescott wrote in a review of the game published by PC Gamer magazine in January. “Controlling the tanks is kinda cumbersome, but they are tanks, after all.”

An attentive player will notice at least one inaccuracy – the real Chernobyl nuclear power plant is not located in town as it is in the game.

It costs $9 to immerse in the atmosphere of a post-apocalyptic town for an hour but only 20 people at a time can play simultaneously. Beskrestnov’s company, Remote Games, said 62,615 people around the world have registered to play the game, including around 15,000 in France and 10,000 in the United States.

A camera fixed on top of a moving tank broadcasts high quality signal in real time, allowing players from as far apart as Australia and Canada enjoy the game without facing any time delay in delivering video signals.

Its creators next ambition is to devise a game featuring the colonization of Mars in which 1,000 people will be able to simultaneously control robots on different missions involved in the operation.

“Many people advise us to contact Elon Musk directly because it resonates his dreams and ideas,” Beskrestnov jokes.    

(Editing by Susan Fenton)

Source: OANN

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FILE PHOTO: A Starbucks sign is show on one of the companies stores in Los Angeles, California
FILE PHOTO: A Starbucks sign is show on one of the companies stores in Los Angeles, California, U.S. October 19,2018. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – Initial optimism over first-quarter results from Starbucks Corp was waning fast on Wall Street on Friday, as analysts questioned the longer-term prospects of its new sales push given subdued overall customer traffic numbers especially in China.

The company on Thursday beat brokerage estimates for quarterly same-store sales on the back of demand for its new Cloud Macchiato, Matcha tea and cold brews in the United States.

However, BTIG’s Peter Saleh was one of a number of sector analysts who said while customers forking out for higher-priced new drinks had helped drive growth in same-store sales, “anemic” traffic at cafes remained a concern.

He and others pointed to a 1 percent decline in footfall at cafes in the Chinese market, viewed as crucial to the chain’s growth for the foreseeable future.

More broadly, transaction numbers, the substitute analysts use for customer traffic, were unchanged in all three of the company’s global regions.

Shares in the company, which hit a record high after the results on Thursday, fell 1 percent in morning trade.

“We remain cautious given near-term headwinds surrounding China, including cannibalization, increasing competition (and) a slowing economy,” Wedbush analyst Nick Setyan said.

Starbucks has also poured money into beefing up its delivery network in China as it battles with local startup Luckin Coffee, whose speedy growth led it to file for an IPO in the United States earlier this week.

New menu items and partnerships with delivery services, the heart of the company’s strategy to win back customers lost to artisanal coffee shops and cheaper fast-food rivals, did help Starbucks’ sales in its home market.

However, analysts said growth in China may continue to be subdued.

Wells Fargo analyst Bonnie Herzog said she expects store expansion in China to take priority over comparable sales growth.

She downgraded her rating on Starbucks’ to “market perform” from “outperform”, arguing that the company facing tough sales comparisons later on in 2019 from last year and the current rich valuation of shares meant the stock had limited room to rise.

“Investors will be hesitant to invest new money in a stock with a topline that, while still strong, is unlikely to meaningfully accelerate,” Herzog said.

Still, the company’s solid same-store growth in the United States, improving profit margins and a lower tax rate for the rest of the year led at least 6 Wall Street brokerages to raise their price targets on the stock to as high as $81.

11 of 29 brokerages rate Starbucks “buy” or higher, 17 “hold” and 1 “sell” or lower. Their median price target is $75.

(Reporting by Uday Sampath in Bengaluru)

Source: OANN

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